Hertz 2012 Annual Report Download - page 135

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
statements of operations. The allocation of the purchase price to the tangible and intangible net assets
acquired is complete.
Actual and Pro forma Impact of Acquisitions
The pro forma information for December 31, 2012 and 2011 assumes that the Dollar Thrifty acquisition
occurred on January 1, 2011.
The pro forma information for December 31, 2011 and 2010 assumes that the acquisition of Donlen
occurred on January 1, 2010.
The unaudited pro forma financial information for the years ended December 31, 2012, 2011 and 2010
was as follows (in millions):
Revenue Earnings
Actual from 09/01/11 - 12/31/11 (Donlen only)(1) ......... $ 142.7 $ 2.0
Actual from 11/19/12 - 12/31/12 (Dollar Thrifty only)(2) ..... 170.6 (25.9)
2012 supplemental pro forma from 1/1/12 - 12/31/12
(combined entity)(3) ............................ 10,193.3 409.1
2011 supplemental pro forma from 1/1/11 - 12/31/11
(combined entity)(4) ............................ 9,920.3 200.7
2010 supplemental pro forma from 1/1/10 - 12/31/10
(combined entity)(5) ............................ 7,904.3 (48.6)
(1) Donlen’s actual earnings for the four months ended December 31, 2011 was impacted by certain charges related to
the amortization expense associated with the acquired intangible assets and the fair value adjustment related to
acquired software, as well as, the write-off of certain unamortized debt costs.
(2) Dollar Thrifty’s actual earnings for the 43 days ended December 31, 2012 was impacted by certain charges related
to the amortization expense associated with the acquired intangible assets and non-recurring compensation costs
in connection with the merger.
(3) The unaudited pro forma financial information for the year ended December 31, 2012 combines the historical results
of Hertz Holdings and Dollar Thrifty for the year ended December 31, 2012, and the effects of the pro forma
adjustments listed below.
(4) The unaudited pro forma financial information for the year ended December 31, 2011 combines the historical results
of Hertz Holdings, Donlen and Dollar Thrifty for the year ended December 31, 2011, and the effects of the pro forma
adjustments listed below.
(5) The unaudited pro forma financial information for the year ended December 31, 2010 combines the historical results
of Hertz Holdings and Donlen for the year ended December 31, 2010, and the effects of the pro forma adjustments
listed below.
The unaudited pro forma consolidated results do not purport to project the future results of operations of
the combined entity nor do they reflect the expected realization of any cost savings associated with the
acquisitions. The unaudited pro forma consolidated results reflect the historical financial information of
Hertz Holdings, Donlen and Dollar Thrifty, adjusted for the following pre-tax amounts:
Pro forma adjustments—Dollar Thrifty acquisition
• Additional amortization expense (approximately $38.9 million in 2012 and $44.4 million in 2011)
related to the fair value of identifiable intangible assets acquired.
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