Thrifty Car Rental 2009 Annual Report Download - page 33

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Corporate Adjusted EBITDA means earnings, excluding the impact of the (increase) decrease in fair
value of derivatives, before non-vehicle interest expense, income taxes, non-vehicle depreciation,
amortization, and certain other items as recapped below. The Company believes Corporate Adjusted
EBITDA is important as it provides investors with a supplemental measure of the Company's liquidity by
adjusting earnings to exclude non-cash items. The items excluded from Corporate Adjusted EBITDA but
included in the calculation of the Company’s reported net income are significant components of the
accompanying consolidated statements of operations, and must be considered in performing a
comprehensive assessment of overall financial performance. EBITDA is not defined under GAAP and
should not be considered as an alternative measure of the Company's net income, operating
performance, cash flow or liquidity. Corporate Adjusted EBITDA amounts presented may not be
comparable to similar measures disclosed by other companies. See table below for a reconciliation of
non-GAAP to GAAP results.
2009 2008 2007
(in thousands)
Reconciliation of net income (loss) to
Corporate Adjusted EBITDA
Net income (loss) - as reported 45,022$ (346,718)$ 1,215$
(Increase) decrease in fair value of derivatives (28,848) 36,114 38,990
Non-vehicle interest expense 12,797 17,620 16,068
Income tax expense (benefit) 35,986 (110,083) 11,593
Non-vehicle depreciation 19,200 22,722 21,704
Amortization 7,994 7,355 6,386
Non-cash stock incentives 4,698 3,917 7,682
Goodwill and long-lived asset impairment 2,592 366,822 3,719
Other (6) - 178
Corporate Adjusted EBITDA 99,435$ (2,251)$ 107,535$
Reconciliation of Corporate Adjusted EBITDA
to Cash Flows From Operating Activities
Corporate Adjusted EBITDA 99,435$ (2,251)$ 107,535$
Vehicle depreciation, net of gains/losses from disposal 425,574 538,250 474,967
Non-vehicle interest expense (12,797) (17,620) (16,068)
Change in assets and liabilities, net of acquisitions, and other 23,712 (11,224) (10,115)
Net cash provided by operating activities 535,924$ 507,155$ 556,319$
Memo:
Net cash provided by (used in) investing activites 278,955$ (198,366)$ (465,318)$
Net cash used in financing activities (644,111)$ (180,178)$ (181,957)$
Year Ended December 31,
32