Hertz 2011 Annual Report Download - page 210

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Non-GAAP Reconciliations
(In millions)
Condensed Consolidated Statements of Operations
Year Ended December 31, 2011 Year Ended December 31, 2010
As As As As
Reported Adjustments Adjusted Reported Adjustments Adjusted
Total revenues ................. $8,298.4 $ — $8,298.4 $7,562.5 $ — $7,562.5
Expenses:
Direct operating ............... 4,566.4 (122.1)(a) 4,444.3 4,283.4 (128.6)(a) 4,154.8
Depreciation of revenue earning
equipment and lease charges ..... 1,905.7 (10.7)(b) 1,895.0 1,868.1 (14.3)(b) 1,853.8
Selling, general and administrative . . . 745.3 (30.6)(c) 714.7 664.5 (36.2)(c) 628.3
Interest expense ............... 699.7 (130.4)(d) 569.3 773.4 (182.6)(d) 590.8
Interest income ............... (5.5) — (5.5) (12.3) — (12.3)
Other (income) expense, net ....... 62.5 (62.4)(e) 0.1 — — —
Total expenses ................. 7,974.1 (356.2) 7,617.9 7,577.1 (361.7) 7,215.4
Income (loss) before income taxes .... 324.3 356.2 680.5 (14.6) 361.7 347.1
Provision for taxes on income ....... (128.5) (102.8)(f) (231.3) (16.7) (101.3)(f) (118.0)
Net income (loss) ............... 195.8 253.4 449.2 (31.3) 260.4 229.1
Less: Net income attributable to
noncontrolling interest ........... (19.6) — (19.6) (17.4) — (17.4)
Net income (loss) attributable to Hertz
Global Holdings, Inc. and Subsidiaries’
common stockholders ........... $ 176.2 $ 253.4 $ 429.6 $ (48.7) $ 260.4 $ 211.7
Year Ended December 31, 2007
As As
Reported Adjustments Adjusted
Total revenues ................. $8,685.6 $ — $8,685.6
Expenses:
Direct operating ............... 4,644.4 (85.0)(a) 4,559.4
Depreciation of revenue earning
equipment and lease charges ..... 2,007.4 (19.6)(b) 1,987.8
Selling, general and administrative . . . 775.9 (63.4)(c) 712.5
Interest expense ............... 916.7 (105.9)(d) 810.8
Interest income ............... (41.3) — (41.3)
Total expenses ................. 8,303.1 (273.9) 8,029.2
Income before income taxes ........ 382.5 273.9 656.4
Provision for taxes on income ....... (106.5) (123.2)(f) (229.7)
Net income ................... 276.0 150.7 426.7
Less: Net income attributable to
noncontrolling interest ........... (19.7) — (19.7)
Net income attributable to Hertz Global
Holdings, Inc. and Subsidiaries’
common stockholders ........... $ 256.3 $ 150.7 $ 407.0
(a) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of
certain revalued liabilities relating to purchase accounting. For the years ended December 31, 2011, 2010 and 2007, also
includes restructuring and restructuring related charges of $52.5 million, $52.6 million and $41.2 million, respectively. For the
year ended December 31, 2007, also includes a vacation accrual adjustment of $29.8 million.
(b) Represents the increase in depreciation of revenue earning equipment based upon its revaluation relating to purchase
accounting.
(c) Represents an increase in depreciation of property and equipment relating to purchase accounting. For the years ended
December 31, 2011, 2010 and 2007, also includes restructuring and restructuring related charges of $13.7 million,
$15.3 million and $55.2 million, respectively. For all periods presented, also includes other adjustments which are detailed in
the ‘‘Adjusted Pre-Tax Income (Loss), Adjusted Net Income (Loss) and Adjusted Earnings Per Share’’ reconciliations.