Hertz 2012 Annual Report Download - page 229

Non-GAAP Reconciliations (Continued)
(In millions)
Condensed Consolidated Statements of Operations
Year Ended December 31, 2010
As As
Reported Adjustments Adjusted
Total revenues ............................................ $7,562.5 $ — $7,562.5
Expenses:
Direct operating .......................................... 4,283.4 (128.6)(a) 4,154.8
Depreciation of revenue earning equipment and lease charges ............ 1,868.1 (14.3)(b) 1,853.8
Selling, general and administrative .............................. 664.5 (36.2)(c) 628.3
Interest expense ......................................... 773.4 (182.6)(d) 590.8
Interest income .......................................... (12.3) — (12.3)
Total expenses ............................................ 7,577.1 (361.7) 7,215.4
Income (loss) before income taxes ............................... (14.6) 361.7 347.1
Provision for taxes on income .................................. (16.7) (101.3)(e) (118.0)
Net income (loss) .......................................... (31.3) 260.4 229.1
Less: Net income attributable to noncontrolling interest .................. (17.4) — (17.4)
Net income (loss) attributable to Hertz Global Holdings, Inc. and Subsidiaries’
common stockholders ...................................... $ (48.7) $ 260.4 $ 211.7
Year Ended December 31, 2009
As As
Revised Adjustments Adjusted
Total revenues ............................................. $7,101.5 $ — $7,101.5
Expenses:
Direct operating .......................................... 4,086.8 (170.6)(a) 3,916.2
Depreciation of revenue earning equipment and lease charges ............. 1,933.8 (14.3)(b) 1,919.5
Selling, general and administrative ............................... 642.0 (61.6)(c) 580.4
Interest expense .......................................... 680.3 (171.9)(d) 508.4
Interest income ........................................... (16.0) — (16.0)
Other (income) expense, net .................................. (48.5) 48.5(f) —
Total expenses ............................................ 7,278.4 (369.9) 6,908.5
Income (loss) before income taxes ................................ (176.9) 369.9 193.0
(Provision) benefit for taxes on income ............................. 62.1 (127.7)(e) (65.6)
Net income (loss) ........................................... (114.8) 242.2 127.4
Less: Net income attributable to noncontrolling interest ................... (14.7) — (14.7)
Net income (loss) attributable to Hertz Global Holdings, Inc. Inc. and Subsidiaries’
common stockholders ...................................... $(129.5) $ 242.2 $ 112.7
(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, 2010 and 2009, also includes
restructuring and restructuring related charges of $52.6 million, $99.6 million, respectively.
(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, 2010 and 2009, also includes restructuring and restructuring related charges of $15.3 million and
$53.7 million, respectively. Also includes other adjustments which are detailed in the ‘‘Adjusted Pre-Tax Income (Loss),
Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share’’ reconciliations.
(d) Represents non-cash debt charges relating to the amortization and write off of deferred debt financing costs and debt
discounts of $182.6 million and $171.9 million for the years ended December 31, 2010 and 2009, respectively. Those
amounts include $68.9 million and $74.6 million, respectively, of amortization expense associated with the de-designation of
our interest rate swaps as effective hedging instruments.
(e) Represents a provision for income taxes derived utilizing a normalized income tax rate of 34%.
(f) Represents a gain (net of transaction costs) recorded in connection with the buyback of portions of our Senior Notes and
Senior Subordinated Notes during the year ended December 31, 2009.