Hertz 2012 Annual Report Download - page 231

Non-GAAP Reconciliations (Continued)
(In millions, except per share amounts)
Adjusted Pre-Tax Income (Loss), Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per
Share
Year Ended December 31, 2010
Other
Car Equipment Reconciling
Rental Rental Items Total
Income (loss) before income taxes .......................... $ 441.8 $ (14.6) $(441.8) $ (14.6)
Adjustments:
Purchase accounting(a) ................................ 37.0 50.1 3.2 90.3
Non-cash debt charges(b) ............................... 133.3 7.5 41.8 182.6
Restructuring charges(c) ................................ 18.1 34.7 1.9 54.7
Restructuring related charges(c) ........................... 11.9 0.3 1.0 13.2
Derivative (gains) losses(c) .............................. (0.2) — 3.4 3.2
Acquisition related costs(d) .............................. — — 17.7 17.7
Adjusted pre-tax income (loss) ............................. 641.9 78.0 (372.8) 347.1
Assumed (provision) benefit for income taxes of 34% ............... (218.3) (26.5) 126.8 (118.0)
Noncontrolling interest .................................. — — (17.4) (17.4)
Adjusted net income (loss) ............................... $ 423.6 $ 51.5 $(263.4) $ 211.7
Adjusted diluted number of shares outstanding ................... 410.0
Adjusted diluted earnings per share .......................... $ 0.52
Year Ended December 31, 2009
Other
Car Equipment Reconciling
Rental Rental Items Total
Income (loss) before income taxes .......................... $ 184.2 $ (20.7) $(340.4) $(176.9)
Adjustments:
Purchase accounting(a) ................................ 38.2 49.6 2.5 90.3
Non-cash debt charges(b) ............................... 131.7 9.0 31.2 171.9
Restructuring charges(c) ................................ 58.7 38.2 9.9 106.8
Restructuring related charges(c) ........................... 42.3 0.3 3.9 46.5
Derivative (gains) losses(c) .............................. — — (2.4) (2.4)
Third party bankruptcy reserve(d) .......................... 4.3 — — 4.3
Management transition costs(d) ........................... — — 1.0 1.0
Gain on debt buyback(e) ............................... — — (48.5) (48.5)
Adjusted pre-tax income (loss) ............................. 459.4 76.4 (342.8) 193.0
Assumed (provision) benefit for income taxes of 34% ............... (156.2) (26.0) 116.6 (65.6)
Noncontrolling interest .................................. — — (14.7) (14.7)
Adjusted net income (loss) ............................... $ 303.2 $ 50.4 $(240.9) $ 112.7
Adjusted diluted number of shares outstanding ................... 407.7
Adjusted diluted earnings per share .......................... $ 0.28
(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.
(b) Represents non-cash debt charges relating to the amortization and write-off of deferred debt financing costs and debt discounts.
For the years ended December 31, 2010 and 2009, also includes $68.9 million and $74.6 million, respectively, associated with the
the amortization of amounts pertaining to the de-designation of our interest rate swaps as effective hedging instruments.
(c) Amounts are included within direct operating and selling, general and administrative expense in our statement of operations.
(d) Amounts are included within selling, general and administrative expense in our statement of operations.
(e) Amounts are included within other (income) expense, net in our statement of operations.