Hertz 2012 Annual Report Download - page 87

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (Continued)
RESULTS OF OPERATIONS
In the following discussion, comparisons are made between the years ended December 31, 2012, 2011
and 2010. The following table sets forth for each of the periods indicated, the percentage of total
revenues represented by the various line items in our consolidated statements of operations (in millions
of dollars):
Percentage of Revenues
Years Ended December 31, Years Ended December 31,
2012 2011 2010 2012 2011 2010
Revenues:
Car rental .................... $7,456.1 $6,929.6 $6,355.2 82.7% 83.5% 84.0%
Equipment rental ............... 1,383.2 1,208.8 1,069.8 15.3 14.6 14.2
Other ....................... 181.5 160.0 137.5 2.0 1.9 1.8
Total revenues ............... 9,020.8 8,298.4 7,562.5 100.0 100.0 100.0
Expenses:
Direct operating ................ 4,795.8 4,566.4 4,283.4 53.2 55.0 56.7
Depreciation of revenue earning
equipment and lease charges .... 2,148.2 1,905.7 1,868.1 23.8 23.0 24.7
Selling, general and administrative . . 945.7 745.3 664.5 10.5 9.0 8.8
Interest expense ................ 649.9 699.7 773.4 7.1 8.4 10.2
Interest income ................ (4.9) (5.5) (12.3) (0.1) (0.1) (0.2)
Other (income) expense, net ....... 35.5 62.5 — 0.4 0.8 —
Total expenses ............... 8,570.2 7,974.1 7,577.1 94.9 96.1 100.2
Income (loss) before income taxes .... 450.6 324.3 (14.6) 5.1 3.9 (0.2)
Provision for taxes on income ....... (207.5) (128.5) (16.7) (2.3) (1.6) (0.2)
Net income (loss) ................ 243.1 195.8 (31.3) 2.8 2.3 (0.4)
Less: Net income attributable to
noncontrolling interest ........... — (19.6) (17.4) — (0.2) (0.2)
Net income (loss) attributable to Hertz
Global Holdings, Inc. and
Subsidiaries’ common stockholders . . $ 243.1 $ 176.2 $ (48.7) 2.8% 2.1% (0.6)%
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