Thrifty Car Rental 2010 Annual Report Download - page 37

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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 shown 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 certain non-cash items, in addition to its relevance as a measure of
operating performance. 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. Corporate Adjusted EBITDA is not defined under
GAAP and should not be considered as an alternative measure of the Company's net income, 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.
2010 2009 2008
(in thousands)
Reconciliation of net income (loss) to
Corporate Adjusted EBITDA
Net income (loss) - as reported 131,216$ 45,022$ (346,718)$
(Increase) decrease in fair value of derivatives (28,694) (28,848) 36,114
Non-vehicle interest expense 9,647 12,797 17,620
Income tax expense (benefit) 90,202 35,986 (110,083)
Non-vehicle depreciation 20,190 19,200 22,722
Amortization 7,290 7,994 7,355
Non-cash stock incentives 4,785 4,698 3,917
Goodwill and long-lived asset impairment 1,057 2,592 366,822
Other (25) (6) -
Corporate Adjusted EBITDA 235,668$ 99,435$ (2,251)$
Reconciliation of Corporate Adjusted EBITDA
to Cash Flows From Operating Activities
Corporate Adjusted EBITDA 235,668$ 99,435$ (2,251)$
Vehicle depreciation, net of gains/losses from disposal 299,149 425,574 538,250
Non-vehicle interest expense (9,647) (12,797) (17,620)
Change in assets and liabilities, net of acquisitions, and other (63,229) 23,712 (11,224)
Net cash provided by operating activities 461,941$ 535,924$ 507,155$
Memo:
Net cash provided by (used in) investing activites (59,094)$ 278,955$ (198,366)$
Net cash used in financing activities (340,098)$ (644,111)$ (180,178)$
Year Ended December 31,
36