Hertz 2012 Annual Report Download - page 184

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 17—Quarterly Financial Information (Unaudited)
Provided below is a summary of the quarterly operating results during 2012 and 2011 (in millions of
dollars, except per share data).
Earnings per share amounts are computed independently each quarter. As a result, the sum of each
quarter’s per share amount may not equal the total per share amount for the respective year.
First Second Third Fourth
Quarter Quarter Quarter Quarter
2012 2012 2012 2012
Revenues ................................. $1,960.9 $2,225.1 $2,516.2 $2,318.6
Income (loss) before income taxes ............... (36.8) 158.7 368.9 (40.3)
Net income (loss) attributable to Hertz Global
Holdings, Inc. and Subsidiaries’ common
stockholders .............................. (56.3) 92.9 242.9 (36.4)
Earnings (loss) per share, basic ................. $ (0.13) $ 0.22 $ 0.58 $ (0.09)
Earnings (loss) per share, diluted ................ $ (0.13) $ 0.21 $ 0.55 $ (0.09)
First Second Third Fourth
Quarter Quarter Quarter Quarter
2011 2011 2011 2011
Revenues ................................. $1,780.0 $2,072.3 $2,432.3 $2,013.8
Income (loss) before income taxes ............... (158.9) 94.6 295.7 92.8
Net income (loss) attributable to Hertz Global
Holdings, Inc. and Subsidiaries’ common
stockholders .............................. (132.6) 55.0 206.7 47.0
Earnings (loss) per share, basic ................. $ (0.32) $ 0.13 $ 0.50 $ 0.11
Earnings (loss) per share, diluted ................ $ (0.32) $ 0.12 $ 0.47 $ 0.11
Note 18—Subsequent Events
On January 23, 2013, Hertz Vehicle Financing LLC, or ‘‘HVF,’’ an insolvency remote, direct, wholly-
owned, special purpose subsidiary of Hertz, completed the issuance of $950.0 million in aggregate
principal amount of three year and five year Series 2013-1 Rental Car Asset Backed Notes, Class A and
Class B. The $282.75 million of three year Class A notes carry a 1.12% coupon, the $42.25 million of
three year Class B notes carry a 1.86% coupon, the $543.75 million of five year Class A notes carry a
1.83% coupon, and the $81.25 million of five year Class B notes carry a 2.48% coupon. The three year
notes and five year notes have expected final payment dates in August 2016 and August 2018,
respectively. The Class B notes are subordinated to the Class A notes.
The net proceeds from the sale of the notes will be, to the extent permitted by the applicable agreements,
(i) used to pay the purchase price of vehicles acquired by HVF pursuant to HVF’s U.S. ABS Program (as
defined herein), (ii) used to pay the principal amount of other HVF U.S. ABS Program indebtedness that
is then permitted or required to be paid or (iii) released to HVF to be distributed to Hertz or otherwise
used by HVF for general purposes.
In February 2013, Hertz caused its Brazilian operating subsidiary to amend the Brazilian Fleet Financing
Facility to extend the maturity date from February 2013 to October 2013.
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