Hertz 2011 Annual Report Download - page 83
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (Continued)
equipment and lease charges. See Note 2 to the Notes to our Consolidated Financial Statements
included in this Report.
In the following discussion, comparisons are made between the years ended December 31, 2011, 2010
and 2009. The following table sets forth for each of the periods indicated, the percentage of total
revenues represented by the various line items in our consolidated statements of operations (in millions
of dollars):
Percentage of Revenues
Years Ended December 31, Years Ended December 31,
2011 2010 2009 2011 2010 2009
Revenues:
Car rental .................... $6,929.6 $6,355.2 $5,872.9 83.5% 84.0% 82.7%
Equipment rental ............... 1,208.8 1,069.8 1,110.2 14.6 14.2 15.6
Other ....................... 160.0 137.5 118.4 1.9 1.8 1.7
Total revenues ............... 8,298.4 7,562.5 7,101.5 100.0 100.0 100.0
Expenses:
Direct operating ................ 4,566.4 4,283.4 4,086.8 55.0 56.7 57.6
Depreciation of revenue earning
equipment and lease charges .... 1,905.7 1,868.1 1,933.8 23.0 24.7 27.2
Selling, general and administrative . . 745.3 664.5 642.0 9.0 8.8 9.0
Interest expense ................ 699.7 773.4 680.3 8.4 10.2 9.6
Interest income ................ (5.5) (12.3) (16.0) (0.1) (0.2) (0.2)
Other (income) expense, net ....... 62.5 — (48.5) 0.8 — (0.7)
Total expenses ............... 7,974.1 7,577.1 7,278.4 96.1 100.2 102.5
Income (loss) before income taxes .... 324.3 (14.6) (176.9) 3.9 (0.2) (2.5)
(Provision) benefit for taxes on income . (128.5) (16.7) 62.1 (1.6) (0.2) 0.9
Net income (loss) ................ 195.8 (31.3) (114.8) 2.3 (0.4) (1.6)
Noncontrolling interest ............. (19.6) (17.4) (14.7) (0.2) (0.2) (0.2)
Net income (loss) attributable to Hertz
Global Holdings, Inc. and
Subsidiaries’ common stockholders . . $ 176.2 $ (48.7) $ (129.5) 2.1% (0.6)% (1.8)%
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