Hertz 2012 Annual Report Download - page 232

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Non-GAAP Reconciliations (Continued)
(In millions)
EBITDA, Corporate EBITDA, Unlevered Pre-Tax Cash Flow, Levered After-Tax Cash Flow Before
Fleet Growth, Corporate Cash Flow and Corporate Cash Flow Excluding Acquisitions
Years Ended December 31,
2012 2011 2010 2009
Income (loss) before income taxes ............................ $ 450.6 $ 324.3 $ (14.6) $ (176.9)
Depreciation, amortization and other purchase accounting ............ 2,405.7 2,136.0 2,092.3 2,164.9
Interest, net of interest income ............................. 645.0 694.2 761.1 664.3
Noncontrolling interest .................................. — (19.6) (17.4) (14.7)
EBITDA ............................................ 3,501.3 3,134.9 2,821.4 2,637.6
Adjustments:
Car rental fleet interest .................................. (297.4) (306.2) (384.4) (319.0)
Car rental fleet depreciation ............................... (1,876.1) (1,651.4) (1,594.6) (1,616.7)
Non-cash expenses and charges(a) ........................... 68.5 60.8 172.3 167.0
Extraordinary, unusual or non-recurring gains and losses(b) ............ 239.3 151.4 85.6 105.1
Corporate EBITDA ...................................... 1,635.6 1,389.5 1,100.3 974.0
Non-fleet capital expenditures, net ........................... (175.1) (227.9) (140.3) (77.0)
Changes in working capital
Receivables, excluding car rental fleet receivables ................ (165.1) (64.9) (32.0) 63.5
Accounts payable and capital leases ........................ 214.9 (58.6) 383.6 (335.3)
Accrued liabilities and other ............................. (201.8) (192.6) (142.9) (155.8)
Acquisition and other investing activities ........................ (1,831.6) (259.4) (41.4) (79.1)
Other financing activities, excluding debt ....................... (92.0) (109.3) (93.4) 474.2
Foreign exchange impact on cash and cash equivalents ............. 5.7 3.8 (10.3) 35.2
Unlevered pre-tax cash flow ................................ (609.4) 480.6 1,023.6 899.7
Corporate net cash interest ............................... (324.3) (390.1) (328.9) (343.4)
Corporate cash taxes ................................... (71.7) (49.6) (50.7) (31.3)
Levered after-tax cash flow before fleet growth ..................... (1,005.4) 40.9 644.0 525.0
Equipment rental revenue earning equipment expenditures,
net of disposal proceeds ............................... (588.0) (359.8) (145.0) 101.1
Car rental fleet equity requirement ........................... (590.0) 15.9 (184.0) (529.7)
Corporate cash flow ..................................... (2,183.4) (303.0) 315.0 96.4
Acquisitions, net of cash acquired(d) .......................... 1,942.6 227.1 47.6 76.4
Dollar Thrifty acquisition costs expensed ....................... 129.6———
Restricted cash acquired ................................. 306.5———
Dollar Thrifty deferred financing fees .......................... 30.6 — — —
Corporate cash flow excluding acquisitions ....................... $ 225.9 $ (75.9) $ 362.6 $ 172.8
(a) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of certain non-cash
expenses and charges. The adjustments reflect the following:
NON-CASH EXPENSES AND CHARGES
Years Ended December 31,
2012 2011 2010 2009
Non-cash amortization of debt costs included in car rental fleet interest . . . $ 37.3 $ 43.0 $ 132.5 $ 130.1
Non-cash stock-based employee compensation charges ............ 30.3 31.0 36.6 34.3
Derivative (gains) losses ................................ 0.9 (0.1) 3.2 2.6
Pension adjustment .................................. — (13.1) — —
Total non-cash expenses and charges ....................... $ 68.5 $ 60.8 $ 172.3 $ 167.0