Hertz Reports Record Quarterly Income

PARK RIDGE, N.J., Nov. 1, 2011 /PRNewswire/ --

(Logo:  http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )

  • Worldwide revenues for the quarter up 11.3%, year-over-year, including worldwide equipment rental revenues up 14.4%, and record quarterly worldwide car rental revenues of $2.1 billion.
  • GAAP and adjusted pre-tax and net income, as well as the adjusted pre-tax and net income margins, were the highest in the Company's history.
  • GAAP pre-tax income for the third quarter of $295.7 million, an increase of $139.6 million from the third quarter of 2010, and a margin of 12.2%.
  • Adjusted pre-tax income(1) of $346.9 million for the quarter, 38.0% higher than $251.4 million of adjusted pre-tax income generated in the prior year period, and a record adjusted pre-tax margin of 14.3%.
  • U.S. car rental adjusted pre-tax income for the third quarter up 28.4% over the prior year period, with a 360 basis point margin improvement.
  • Worldwide equipment rental adjusted pre-tax income for the third quarter up 65.9% over the prior year period, with a 540 basis point margin improvement, on a third consecutive quarter of double-digit  revenue growth.
  • GAAP diluted earnings per share for the quarter of $0.47 versus $0.36 in the prior year. Adjusted diluted earnings per share(1) for the quarter of $0.51 versus $0.39 in the prior year period.

Hertz Global Holdings, Inc. (NYSE: HTZ) (with its subsidiaries, the "Company" or "we") reported third quarter 2011 worldwide revenues of $2.4 billion, an increase of 11.3% year-over-year (a 7.6% increase excluding the effects of foreign currency).  Worldwide car rental revenues for the quarter increased 10.8% year-over-year (a 7.0% increase excluding the effects of foreign currency) to $2.1 billion.  Revenues from worldwide equipment rental for the third quarter were $321.7 million, up 14.4% year-over-year (a 11.9% increase excluding the effects of foreign currency).    

Third quarter 2011 adjusted pre-tax income was $346.9 million, versus $251.4 million in the same period in 2010, and income before income taxes ("pre-tax income"), on a GAAP basis, was $295.7 million, versus $156.1 million in the third quarter of 2010.  Corporate EBITDA(1) for the third quarter of 2011 was $525.7 million, an increase of 20.8% from the same period in 2010.  

Third quarter 2011 adjusted net income(1) was $223.2 million, versus $161.2 million in the same period of 2010, resulting in adjusted diluted earnings per share for the quarter of $0.51, compared with $0.39 for the third quarter of 2010.  Third quarter 2011 net income attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, or "net income," on a GAAP basis, was $206.7 million or $0.47 per share on a diluted basis, compared with a $155.3 million, or $0.36 per share on a diluted basis, for the third quarter of 2010.

Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, "In the third quarter, we delivered our highest revenues ever for worldwide car rental; and both on a consolidated basis, and for worldwide car rental, we generated record GAAP and adjusted pre-tax and net income, as well as the highest adjusted pre-tax and net income margins in the company’s history.  These record results were driven by a number of factors: 21.1% volume growth in U.S. insurance replacement; 30.9% volume growth in U.S. Advantage Rent-a-Car; and 14.4% revenue growth in worldwide equipment rental which helped HERC generate a Corporate EBITDA margin of 42.1% for the quarter."

INCOME MEASUREMENTS, THIRD QUARTER 2011 & 2010




Q3 2011


Q3 2010*


(in millions, except per share amounts)


Pre-tax

Income


 Net

Income


Diluted

Earnings

Per Share


Pre-tax

Income



 Net

Income


Diluted Earnings

Per Share


Earnings Measures, as reported  (EPS based on 440.9M and 430.4M diluted shares, respectively)


$

295.7


$

206.7


$

0.47


$

156.1


$

155.3


$

0.36


Adjustments:





















Purchase accounting



19.1









23.8









Non-cash debt charges



21.0









46.4









Restructuring and related charges



5.1









15.2









Acquisition related costs



4.6









9.7









Management transition costs



1.5









-









Derivative (gains) losses



(0.1)









0.2








Adjusted pre-tax income



346.9



346.9






251.4



251.4





Assumed provision for income taxes at 34%






(117.9)









(85.5)





Noncontrolling interest






(5.8)









(4.7)





Earnings Measures, as adjusted (EPS based on 440.9 and 410.0M diluted shares, respectively)


$

346.9


$

223.2


$

0.51


$

251.4


$

161.2


$

0.39























* During the third quarter of 2011, management identified adjustments to previously issued financial statements as of and for the years ended December 31, 2010, 2009 and 2008 and certain interim periods. We have concluded that these adjustments to previously issued financial statements are not material. These adjustments and revised balances will be more fully described in our Form 10-Q.



The Company ended the third quarter of 2011 with total debt of $12.51 billion and net corporate debt(1) of $4.4 billion, compared with total debt of $11.69 billion and net corporate debt of $4.0 billion as of June 30, 2011. Total debt increased in the third quarter of 2011 primarily due to the assumption of Donlen Corporation's variable fleet debt funding note facility in connection with the acquisition.  Net corporate debt increased primarily due to increased borrowings under our Senior ABL Facility and a decrease in cash and cash equivalents.  Net cash provided by operating activities was $961.6 million in the third quarter of 2011, compared to $713.3 million in the same period last year, an increase of $248.3 million.  The increase was primarily due to an increase in net income before non-cash expenses.

WORLDWIDE CAR RENTAL

Worldwide car rental revenues were $2.1 billion for the third quarter of 2011, an increase of 10.8% (a 7.0% increase excluding the effects of foreign currency) from the prior year period. Transaction days for the quarter increased 10.4% over the third quarter of 2010 [11.9% U.S.; 7.7% International]. U.S. off-airport total revenues for the third quarter increased 11.2% year-over-year, and transaction days increased 14.8% from the prior year period. Worldwide rental rate revenue per transaction day(1) ("RPD") for the quarter decreased 5.2% [(6.3)% U.S.; (3.3)% International] from the prior year period.  

Worldwide car rental adjusted pre-tax income for the third quarter of 2011 was $375.3 million, an increase of $68.2 million from $307.1 million in the prior year period.  The result was driven by increased volume, strong residual values and strong cost management performance. As a result, worldwide car rental achieved an adjusted pre-tax margin of 17.8% for the quarter, versus 16.1% in the prior year period.

The worldwide average number of Company-operated cars, largely as a result of the Donlen acquisition, for the third quarter of 2011 was 667,800 an increase of 37.1% over the prior year period.  

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $321.7 million for the third quarter of 2011, a 14.4% increase (an 11.9% increase excluding the effects of foreign currency) from the prior year period.

Adjusted pre-tax income for worldwide equipment rental for the third quarter of 2011 was $55.9 million, an improvement of $22.2 million from $33.7 million in the prior year period, primarily attributable to the effects of increased volume and pricing and cost management initiatives.  Worldwide equipment rental achieved an adjusted pre-tax margin of 17.4%, and a Corporate EBITDA margin of 42.1% for the quarter.

The average acquisition cost of rental equipment operated during the third quarter of 2011 increased by 5.1% year-over-year and net revenue earning equipment as of September 30, 2011 was $1,779.1 million, a 4.5% increase from June 30, 2011.

OUTLOOK    

The Company reaffirms its full year 2011 revenues, Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share guidance provided on August 2, 2011.  The Company expects to generate worldwide revenues in the range of $8.15 billion to $8.25 billion, Corporate EBITDA in the range of $1.360 billion to $1.395 billion, adjusted pre-tax income in the range of $635 million to $670 million, adjusted net income in the range of $401 million to $424 million and adjusted diluted earnings per share in the range of $0.91 to $0.96 (based on 440 million shares). (2)

RESULTS OF THE HERTZ CORPORATION

The Company's operating subsidiary, The Hertz Corporation ("Hertz"), posted the same revenues for the third quarter of 2011 as the Company.  Hertz's third quarter 2011 pre-tax income was $308.2 million versus the Company's pre-tax income of $295.7 million.  The difference between Hertz's and the Company's results is primarily due to additional interest expense recognized by the Company on its 5.25% Convertible Senior Notes issued in May and September 2009.

(1) Adjusted pre-tax income, Corporate EBITDA, adjusted net income, adjusted diluted earnings per share, net corporate debt and rental rate revenue per transaction day are non-GAAP measures.  See the accompanying Tables and Exhibit for the reconciliations and definitions for each of these non-GAAP measures and the reason the Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations.

(2) Management believes that Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share are useful in measuring the comparable results of the Company period-over-period.  The GAAP measures most directly comparable to Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share are (i) pre-tax income and cash flows from operating activities, (ii) pre-tax income, (iii) net income, and (iv) diluted earnings per share, respectively.  Because of the forward-looking nature of the Company's forecasted Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share, specific quantifications of the amounts that would be required to reconcile forecasted cash flows from operating activities, pre-tax income and net income are not available.  The Company believes that there is a degree of volatility with respect to certain of the Company's GAAP measures, primarily related to fair value accounting for its financial assets (which includes the Company's derivative financial instruments), its income tax reporting and certain adjustments made to arrive at the relevant non-GAAP measures, which preclude the Company from providing accurate forecasted GAAP to non-GAAP reconciliations.   Based on the above, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share to forecasted cash flows from operating activities, pre-tax income, net income and diluted earnings per share would imply a degree of precision that would be confusing or misleading to investors for the reasons indentified above.

CONFERENCE CALL INFORMATION

The Company's third quarter 2011 earnings conference call will be held on Wednesday, November 2, 2011, at 10:00 a.m. (EDT). To access the conference call live, dial 800-230-1074 in the U.S. and 612-288-0329 for international callers using the passcode: 220468 or listen via webcast at www.hertz.com/investorrelations. The conference call will be available for replay one hour following the conclusion of the call until November 16, 2011 by calling 800-475-6701 in the U.S. or 320-365-3844 for international callers with the passcode: 220468.   The press release and related tables containing the reconciliations of non-GAAP measures will be available on our website, www.hertz.com/investorrelations.

ABOUT THE COMPANY

Hertz is the world's largest general use car rental brand, operating from approximately 8,400 locations in approximately 150 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 94 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, Sirius XM Satellite Radio, and unique cars and SUVs offered through the Company's Adrenaline, and Green Traveler Collections, set Hertz apart from the competition. In 2008, the Company entered the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 315 branches in the United States, Canada, China, France, Spain, Italy and Saudi Arabia, as well as through its international licensees.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release and in related comments by our management include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning the Company's outlook, anticipated revenues and results of operations, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative.

Among other items, such factors could include: our ability to consummate our contemplated acquisition of Dollar Thrifty Automotive Group, within the timeframe and upon the terms contemplated by our management; the risk that expected synergies, operational efficiencies and cost savings from the Dollar Thrifty acquisition may not be fully realized or realized within the expected time frame; the operational and profitability impact of divestitures that may be required to be undertaken to secure regulatory approval of the Dollar Thrifty acquisition; levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets, including on our pricing policies or use of incentives; occurrences that disrupt rental activity during our peak periods; our ability to achieve cost savings and efficiencies and realize opportunities to increase productivity and profitability; an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs; our ability to accurately estimate future levels of rental activity and adjust the size of our fleet accordingly; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing indebtedness; safety recalls by the manufacturers of our vehicles and equipment; a major disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles and equipment; any impact on us from the actions of our licensees, franchisees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; our ability to successfully integrate acquisitions and complete dispositions; our ability to maintain favorable brand recognition; costs and risks associated with litigation; risks related to our indebtedness, including our substantial amount of debt and our ability to incur substantially more debt and increases in interest rates or in our borrowing margins; our ability to meet the financial and other covenants contained in our senior credit facilities, our outstanding unsecured senior notes and certain asset-backed and asset-based funding arrangements; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on earnings; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost thereof or applicable tax rates; changes to our senior management team; the effect of tangible and intangible asset impairment charges; the impact of our derivative instruments, which can be affected by fluctuations in interest rates and commodity prices; and our exposure to fluctuations in foreign exchange rates.  Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The Company therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Tables and Exhibit:



Table 1:  

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2011 and 2010

Table 2:  

Condensed Consolidated Statements of Operations As Reported and As Adjusted for the Three and Nine Months Ended September 30, 2011 and 2010

Table 3:  

Segment and Other Information for the Three and Nine Months Ended September 30, 2011 and 2010

Table 4:  

Selected Operating and Financial Data as of or for the Three and Nine Months Ended September 30, 2011 compared to September 30, 2010 and Selected Balance Sheet Data as of September 30, 2011 and December 31, 2010

Table 5:  

Non-GAAP Reconciliations of Adjusted Pre-Tax Income (Loss), Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share for the Three and Nine Months Ended September 30, 2011 and 2010

Table 6:  

Non-GAAP Reconciliations of EBITDA, Corporate EBITDA, Unlevered Pre-Tax Cash Flow, Levered After-Tax Cash Flow Before Fleet Growth and Corporate Cash Flow for the Three and Nine Months Ended September 30, 2011 and 2010

Table 7:  

Non-GAAP Reconciliations of Operating Cash Flows to EBITDA for Three and Nine Months Ended September 30, 2011 and 2010, Net Corporate Debt, Net Fleet Debt and Total Net Debt as of September 30, 2011, 2010 and 2009, June 30, 2011 and 2010 and December 31, 2010 and 2009, Car Rental Rate Revenue per Transaction Day and Equipment Rental and Rental Related Revenue for the Three and Nine Months Ended September 30, 2011 and 2010



Exhibit 1: Non-GAAP Measures: Definitions and Use/Importance









 Table 1

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

Unaudited



Three Months Ended  


As a Percentage


September 30,


of Total Revenues


2011


2010*


2011


2010

Total revenues

$    2,432.3


$    2,186.3


100.0

%


100.0

%











Expenses:










Direct operating

1,247.6


1,159.6


51.2

%


53.0

%

Depreciation of revenue earning










equipment and lease charges

523.3


501.0


21.5

%


22.9

%

Selling, general and administrative    

197.6


168.7


8.1

%


7.7

%

Interest expense

169.3


202.2


7.0

%


9.3

%

Interest income

(1.2)


(1.3)


-

%


-

%

Total expenses

2,136.6


2,030.2


87.8

%


92.9

%

Income before income taxes

295.7


156.1


12.2

%


7.1

%

(Provision) benefit for taxes on income

(83.2)


3.9


(3.4)

%


0.2

%

Net income

212.5


160.0


8.8

%


7.3

%

Less: Net income attributable to noncontrolling interest

(5.8)


(4.7)


(0.3)

%


(0.2)

%

Net income attributable to Hertz Global Holdings,










Inc. and Subsidiaries' common stockholders

$       206.7


$       155.3


8.5

%


7.1

%











Weighted average number of  










shares outstanding:










    Basic

416.6


412.2







    Diluted

440.9


430.4

















Earnings per share attributable to Hertz Global










Holdings, Inc. and Subsidiaries' common stockholders:










    Basic

$         0.50


$         0.38







    Diluted

$         0.47


$         0.36




























Nine Months Ended  


As a Percentage


September 30,


of Total Revenues


2011


2010*


2011



2010


Total revenues

$    6,284.6


$    5,726.8


100.0

%


100.0

%











Expenses:










Direct operating

3,508.6


3,248.4


55.8

%


56.7

%

Depreciation of revenue earning










equipment and lease charges

1,379.0


1,416.9


21.9

%


24.8

%

Selling, general and administrative

575.4


508.4


9.2

%


8.9

%

Interest expense

532.1


572.1


8.5

%


10.0

%

Interest income

(4.7)


(10.4)


(0.1)

%


(0.2)

%

Other (income) expense,  net

62.7


-


1.0

%


-

%

Total expenses

6,053.1


5,735.4


96.3

%


100.2

%

Income (loss) before income taxes

231.5


(8.6)


3.7

%


(0.2)

%

(Provision) benefit for taxes on income

(87.9)


0.9


(1.4)

%


-

%

Net loss  

143.6


(7.7)


2.3

%


(0.2)

%

Less: Net income attributable to noncontrolling interest

(14.5)


(12.9)


(0.2)

%


(0.2)

%

Net income (loss) attributable to Hertz Global Holdings,










Inc. and Subsidiaries' common stockholders

$       129.1


$       (20.6)


2.1

%


(0.4)

%











Weighted average number of  










shares outstanding:










    Basic

415.6


411.6







    Diluted

447.3


411.6

















Earnings (loss) per share attributable to Hertz Global










Holdings, Inc. and Subsidiaries' common stockholders:










    Basic

$         0.31


$       (0.05)







    Diluted

$         0.29


$       (0.05)



























* During the third quarter of 2011, we indentified certain adjustments that should have been recorded in our

previously prepared consolidated financial statements. Direct operating expenses increased for the

three and nine months ended September 30, 2010, by $2.1 million and $2.8 million, respectively,

($1.3 million and $1.7 million, net of tax, respectively).















Table 2

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions)

Unaudited
















Three Months Ended September 30, 2011


Three Months Ended September 30, 2010


As




As


As




As



Reported


Adjustments


Adjusted


Reported


Adjustments


Adjusted

Total revenues


$     2,432.3


$             -


$      2,432.3


$      2,186.3


$             -


$         2,186.3














Expenses:













Direct operating


1,247.6


(21.2)

(a)

1,226.4


1,159.6


(31.0)

(a)

1,128.6

Depreciation of revenue earning













equipment and lease charges


523.3


(0.6)

(b)

522.7


501.0


(4.9)

(b)

496.1

Selling, general and administrative


197.6


(8.4)

(c)

189.2


168.7


(13.0)

(c)

155.7

Interest expense


169.3


(21.0)

(d)

148.3


202.2


(46.4)

(d)

155.8

Interest income


(1.2)


-


(1.2)


(1.3)


-


(1.3)

Total expenses


2,136.6


(51.2)


2,085.4


2,030.2


(95.3)


1,934.9

Income before income taxes


295.7


51.2


346.9


156.1


95.3


251.4

(Provision) benefit for taxes on income


(83.2)


(34.7)

(e)

(117.9)


3.9


(89.4)

(e)

(85.5)

Net income


212.5


16.5


229.0


160.0


5.9


165.9

Less: Net income attributable to noncontrolling interest      


(5.8)


-


(5.8)


(4.7)


-


(4.7)

Net income attributable to Hertz Global Holdings, Inc.

and Subsidiaries' common stockholders      


$        206.7


$       16.5


$         223.2


$         155.3


$         5.9


$            161.2
















Nine Months Ended September 30, 2011


Nine Months Ended September 30, 2010


As




As


As




As



Reported


Adjustments


Adjusted


Reported


Adjustments


Adjusted

Total revenues


$     6,284.6


$             -


$      6,284.6


$      5,726.8


$             -


$         5,726.8














Expenses:













Direct operating


3,508.6


(86.8)

(a)

3,421.8


3,248.4


(100.8)

(a)

3,147.6

Depreciation of revenue earning













equipment and lease charges


1,379.0


(6.5)

(b)

1,372.5


1,416.9


(10.6)

(b)

1,406.3

Selling, general and administrative


575.4


(20.1)

(c)

555.3


508.4


(29.6)

(c)

478.8

Interest expense


532.1


(108.0)

(d)

424.1


572.1


(144.9)

(d)

427.2

Interest income


(4.7)


-


(4.7)


(10.4)


-


(10.4)

Other (income) expense,  net


62.7


(62.4)

(f)

0.3


-


-


-

Total expenses


6,053.1


(283.8)


5,769.3


5,735.4


(285.9)


5,449.5

Income (loss) before income taxes


231.5


283.8


515.3


(8.6)


285.9


277.3

(Provision) benefit for taxes on income


(87.9)


(87.3)

(e)

(175.2)


0.9


(95.2)

(e)

(94.3)

Net income (loss)  


143.6


196.5


340.1


(7.7)


190.7


183.0

Less: Net income attributable to noncontrolling interest    


(14.5)


-


(14.5)


(12.9)


-


(12.9)

Net income (loss) attributable to Hertz Global Holdings, Inc.

and Subsidiaries' common stockholders    


$        129.1


$     196.5


$         325.6


$         (20.6)


$     190.7


$            170.1





























(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.  For the three months ended September 30, 2011 and 2010, also includes restructuring and restructuring

related charges of $2.8 million and $12.2 million, respectively.   For the nine months ended September 30, 2011 and 2010, also includes restructuring

and restructuring related charges of $38.1 million and $43.2 million.  

(b)  Represents the increase in depreciation of revenue earning equipment based upon its revaluation relating to purchase accounting.

(c)  Represents an increase in depreciation of property and equipment relating to purchase accounting. For the three months ended September 30, 2011

and 2010, also includes restructuring and restructuring related charges of $2.2 million and $3.0 million, respectively.  For the nine months

ended September 30, 2011 and 2010, also includes restructuring and restructuring related charges of $8.7 million and $10.2 million, respectively.

For all periods presented, also includes other adjustments which are detailed in Table 5.    

(d)  Represents non-cash debt charges relating to the amortization and write off of deferred debt financing costs and debt discounts.  For the three and nine months

ended September 30, 2010, also includes $18.0 million and $56.9 million, respectively, associated with the amortization of amounts pertaining to the

de-designation of our interest rate swaps as effective hedging instruments.  

(e)  Represents a provision for income taxes derived utilizing a normalized income tax rate (34% for 2011 and 2010).

(f)  Represents premiums paid to redeem our 10.5% Senior Subordinated Notes and a portion of our 8.875% Senior Notes.  










Table 3

HERTZ GLOBAL HOLDINGS, INC.

SEGMENT AND OTHER  INFORMATION

(In millions, except per share amounts)

Unaudited


















Three Months Ended


Nine Months Ended


September 30,


September 30,


2011


2010


2011


2010

Revenues:








Car rental

$      2,109.1


$       1,903.5


$      5,388.3


$       4,938.2

Equipment rental

321.7


281.2


891.6


784.1

Other reconciling items

1.5


1.6


4.7


4.5


$      2,432.3


$       2,186.3


$      6,284.6


$       5,726.8









Depreciation of property and equipment:








Car rental

$           29.9


$            27.4


$           86.6


$            84.6

Equipment rental

8.8


8.3


25.4


26.0

Other reconciling items

2.0


2.0


5.8


5.6


$           40.7


$            37.7


$         117.8


$          116.2









Amortization of other intangible assets:








Car rental

$             8.2


$              7.6


$           23.3


$            23.3

Equipment rental

8.9


8.4


26.8


24.9

Other reconciling items

0.4


0.3


1.1


0.8


$           17.5


$            16.3


$           51.2


$            49.0









Income (loss) before income taxes:








Car rental

$         352.0


$          259.0


$         625.1


$          352.4

Equipment rental

45.2


7.6


24.2


(31.6)

Other reconciling items

(101.5)


(110.5)


(417.8)


(329.4)


$         295.7


$          156.1


$         231.5


$            (8.6)









Corporate EBITDA (a):








Car rental

$         412.6


$          337.5


$         782.0


$          592.0

Equipment rental

135.5


112.5


339.8


286.9

Other reconciling items

(22.4)


(14.9)


(67.6)


(46.1)


$         525.7


$          435.1


$      1,054.2


$          832.8









Adjusted pre-tax income (loss) (a):



Car rental

$         375.3


$          307.1


$         678.8


$          509.9

Equipment rental

55.9


33.7


99.5


43.0

Other reconciling items

(84.3)


(89.4)


(263.0)


(275.6)


$         346.9


$          251.4


$         515.3


$          277.3









Adjusted net income (loss) (a):



Car rental

$         247.7


$          202.7


$         448.0


$          336.5

Equipment rental

36.9


22.2


65.7


28.4

Other reconciling items

(61.4)


(63.7)


(188.1)


(194.8)


$         223.2


$          161.2


$         325.6


$          170.1









Adjusted diluted number of shares outstanding (a)    

440.9


410.0


447.3


410.0









Adjusted diluted earnings per share (a)    

$           0.51


$            0.39


$           0.73


$            0.41



















(a)  Represents a non-GAAP measure, see the accompanying reconciliations and definitions.

Note:  "Other Reconciling Items" includes general corporate expenses, certain interest expense (including net interest on corporate debt), as well as other business activities such as our third-party claim management services.  See Tables 5 and 6.










 Table 4

HERTZ GLOBAL HOLDINGS, INC.

SELECTED OPERATING AND FINANCIAL DATA

Unaudited




















Three


Percent


Nine


Percent



Months


change


Months


change



Ended, or as


from


Ended, or as


from



of Sept. 30,


prior year


of Sept. 30,


prior year



2011


period


2011


period




















Selected Car Rental Operating Data













Worldwide number of transactions (in thousands)    

7,401


6.2

%

20,575


4.7

%

Domestic (Hertz)

5,368


7.0

%

15,102


4.6

%

International (Hertz)

2,033


4.1

%

5,473


5.0

%










Worldwide transaction days (in thousands)    

40,240


10.4

%

104,715


8.2

%

Domestic (Hertz)

26,452


11.9

%

71,162


8.4

%

International (Hertz)

13,788


7.7

%

33,553


7.8

%










Worldwide rental rate revenue per transaction day (a)    

$           42.50


(5.2)

%

$              41.98


(3.6)

%

Domestic (Hertz)

$           41.44


(6.3)

%

$              40.70


(4.2)

%

International (Hertz) (b)

$           44.52


(3.3)

%

$              44.70


(2.5)

%










Worldwide average number of company-operated cars during period    

667,800


37.1

%

613,700


36.0

%

Domestic (Hertz)

352,700


12.9

%

325,500


7.8

%

International (Hertz)

186,000


6.5

%

159,100


6.7

%

Donlen

129,100


N/A


129,100


N/A











Worldwide revenue earning equipment, net (in millions)    

$        9,859.4


21.7

%

$           9,859.4


21.7

%










Selected Worldwide Equipment Rental Operating Data












Rental and rental related revenue (in millions) (a) (b)    

$           292.3


12.5

%

$              803.2


12.3

%

Same store revenue growth, including initiatives (a) (b)    

11.3

%

N/M


10.1

%

N/M


Average acquisition cost of revenue earning equipment operated    









during period (in millions)    

$        2,830.3


5.1

%

$           2,791.7


2.3

%

Worldwide revenue earning equipment, net (in millions)    

$        1,779.1


5.8

%

$           1,779.1


5.8

%










Other Financial Data (in millions)    











Cash flows provided by operating activities

$           961.6


34.8

%

$           1,648.5


(4.7)

%

Corporate cash flow (a)  

(429.6)


(519.0)

%

(1,024.7)


(963.0)

%

EBITDA (a)  

1,040.1


14.5

%

2,294.2


7.9

%

Corporate EBITDA (a)  

525.7


20.8

%

1,054.2


26.6

%










Selected Balance Sheet Data (in millions)



September 30,




December 31,





2011




2010




Cash and cash equivalents  

$           385.8




$           2,374.2




Total revenue earning equipment, net*

11,638.5




8,923.7




Total assets*

19,090.0




17,345.0




Total debt    

12,506.3




11,306.4




Net corporate debt (a)    

4,439.4




3,364.5




Net fleet debt (a)    

7,348.3




5,360.1




Total net debt (a)    

11,787.7




8,724.6




Total equity*

2,265.6




2,118.5






















(a)    Represents a non-GAAP measure, see the accompanying reconciliations and definitions.

(b)    Based on 12/31/10 foreign exchange rates.

N/M Percentage change not meaningful.

* During the third quarter of 2011, we indentified certain adjustments that should have been recorded in our

previously prepared consolidated financial statements. Total revenue earning equipment, net decreased as of December 31, 2010

by $15.7 million and total equity as of December 31, 2010 decreased by $12.8  million.



Table 5

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES

(In millions, except per share amounts)

Unaudited

















ADJUSTED PRE-TAX INCOME (LOSS) AND  ADJUSTED NET INCOME (LOSS)


























Three Months Ended September 30, 2011


Three Months Ended September 30, 2010






Other








Other




Car


Equipment


Reconciling




Car


Equipment


Reconciling




Rental


Rental


Items


Total


Rental


Rental


Items


Total

Total revenues:

$  2,109.1


$     321.7


$         1.5


$  2,432.3


$   1,903.5


$      281.2


$          1.6


$   2,186.3

Expenses:
















Direct operating and selling, general and administrative

1,205.7


203.9


35.6


1,445.2


1,099.2


196.1


33.0


1,328.3

Depreciation of revenue earning equipment and lease charges

461.3


62.0


-


523.3


432.7


68.3


-


501.0

Interest expense

91.2


10.7


67.4


169.3


113.7


9.1


79.4


202.2

Interest income

(1.1)


(0.1)


-


(1.2)


(1.1)


0.1


(0.3)


(1.3)

Total expenses

1,757.1


276.5


103.0


2,136.6


1,644.5


273.6


112.1


2,030.2

Income (loss) before income taxes

352.0


45.2


(101.5)


295.7


259.0


7.6


(110.5)


156.1

Adjustments:
















Purchase accounting (a):
















Direct operating and selling, general and administrative

8.0


9.6


0.9


18.5


9.1


9.0


0.8


18.9

Depreciation of revenue earning equipment

-


0.6


-


0.6


-


4.9


-


4.9

Non-cash debt charges (b)

11.1


0.6


9.3


21.0


34.4


1.6


10.4


46.4

Restructuring charges (c)

2.8


(0.9)


-


1.9


4.0


10.6


-


14.6

Restructuring related charges (c)

1.5


0.8


0.9


3.2


0.6


-


-


0.6

Derivative (gains) losses (c)

(0.1)


-


-


(0.1)


-


-


0.2


0.2

Acquisition related costs (d)

-


-


4.6


4.6


-


-


9.7


9.7

Management transition costs (d)

-


-


1.5


1.5


-


-


-


-

Adjusted pre-tax income (loss)

375.3


55.9


(84.3)


346.9


307.1


33.7


(89.4)


251.4

Assumed (provision) benefit for income taxes of 34%

(127.6)


(19.0)


28.7


(117.9)


(104.4)


(11.5)


30.4


(85.5)

Noncontrolling interest

-


-


(5.8)


(5.8)


-


-


(4.7)


(4.7)

Adjusted net income (loss)

$     247.7


$       36.9


$      (61.4)


$     223.2


$      202.7


$        22.2


$      (63.7)


$      161.2

















Adjusted diluted number of shares outstanding







440.9








410.0

















Adjusted diluted earnings per share







$       0.51








$        0.39


































Nine Months Ended September 30, 2011


Nine Months Ended September 30, 2010






Other








Other




Car


Equipment


Reconciling




Car


Equipment


Reconciling




Rental


Rental


Items


Total


Rental


Rental


Items


Total

Total revenues:

$  5,388.3


$     891.6


$         4.7


$  6,284.6


$   4,938.2


$      784.1


$          4.5


$   5,726.8

Expenses:
















Direct operating and selling, general and administrative

3,336.0


639.6


108.4


4,084.0


3,083.7


579.9


93.2


3,756.8

Depreciation of revenue earning equipment and lease charges

1,185.3


193.7


-


1,379.0


1,210.7


206.2


-


1,416.9

Interest expense

245.7


34.1


252.3


532.1


301.4


29.6


241.1


572.1

Interest income

(3.8)


(0.3)


(0.6)


(4.7)


(10.0)


-


(0.4)


(10.4)

Other (income) expense, net

-


0.3


62.4


62.7


-


-


-


-

Total expenses

4,763.2


867.4


422.5


6,053.1


4,585.8


815.7


333.9


5,735.4

Income (loss) before income taxes

625.1


24.2


(417.8)


231.5


352.4


(31.6)


(329.4)


(8.6)

Adjustments:
















Purchase accounting (a):
















Direct operating and selling, general and administrative

24.6


28.4


2.6


55.6


28.6


26.8


2.4


57.8

Depreciation of revenue earning equipment

-


6.6


-


6.6


-


10.6


-


10.6

Non-cash debt charges (b)

31.9


4.5


71.6


108.0


107.8


5.7


31.4


144.9

Restructuring charges (c)

7.3


32.7


0.4


40.4


13.4


31.4


0.7


45.5

Restructuring related charges (c)

2.4


3.1


0.9


6.4


7.7


0.1


0.1


7.9

Derivative (gains) losses (c)

0.6


-


(0.7)


(0.1)


-


-


2.5


2.5

Pension adjustment (c)

(13.1)


-


-


(13.1)


-


-


-


-

Acquisition related costs (d)

-


-


13.6


13.6


-


-


16.7


16.7

Management transition costs (d)

-


-


4.0


4.0


-


-


-


-

Premiums paid on debt (e)

-


-


62.4


62.4


-


-


-


-

Adjusted pre-tax income (loss)

678.8


99.5


(263.0)


515.3


509.9


43.0


(275.6)


277.3

Assumed (provision) benefit for income taxes of 34%

(230.8)


(33.8)


89.4


(175.2)


(173.4)


(14.6)


93.7


(94.3)

Noncontrolling interest

-


-


(14.5)


(14.5)


-


-


(12.9)


(12.9)

Adjusted net income (loss)    

$     448.0


$       65.7


$    (188.1)


$     325.6


$      336.5


$        28.4


$    (194.8)


$      170.1

















Adjusted diluted number of shares outstanding







447.3








410.0

















Adjusted diluted earnings per share







$       0.73








$        0.41

































(a)    Represents the purchase accounting effects of the acquisition of all of Hertz's common stock on December 21, 2005 on our results of operations relating to

increased depreciation and amortization of tangible and intangible assets and accretion of workers' compensation and public liability and property damage liabilities.  

Also represents the purchase accounting effects of subsequent acquisitions on our results of operations relating to increased amortization of intangible assets.

(b)  Represents non-cash debt charges relating to the amortization and write off of deferred debt financing costs and debt discounts.  For the three and nine months

ended September 30, 2010, also includes $18.0 million and $56.9 million, respectively, associated with 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)     Represents premiums paid to redeem our 10.5% Senior Subordinated Notes and a portion of our 8.875% Senior Notes.  These costs

are included within other (income) expense, net in our statement of operations.


















Table 6

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES

(In millions)

Unaudited

















EBITDA, CORPORATE EBITDA, UNLEVERED PRE-TAX CASH FLOW,









LEVERED AFTER-TAX CASH FLOW BEFORE  FLEET GROWTH AND CORPORATE CASH FLOW


























Three Months Ended September 30, 2011


Three Months Ended September 30, 2010






Other








Other




Car


Equipment


Reconciling




Car


Equipment


Reconciling




Rental


Rental


Items


Total


Rental


Rental


Items


Total





Income (loss) before income taxes

$     352.0


$       45.2


$    (101.5)


$     295.7


$      259.0


$          7.6


$    (110.5)


$      156.1

Depreciation, amortization and other purchase accounting

499.6


79.8


2.7


582.1


468.6


85.1


2.6


556.3

Interest, net of interest income

90.1


10.6


67.4


168.1


112.6


9.2


79.1


200.9

Noncontrolling interest

-


-


(5.8)


(5.8)


-


-


(4.7)


(4.7)

EBITDA

941.7


135.6


(37.2)


1,040.1


840.2


101.9


(33.5)


908.6

Adjustments:
















Car rental fleet interest

(83.0)


-


-


(83.0)


(108.8)


-


-


(108.8)

Car rental fleet depreciation

(461.3)


-


-


(461.3)


(432.7)


-


-


(432.7)

Non-cash expenses and charges (a)

10.9


-


7.8


18.7


34.2


-


8.9


43.1

Extraordinary, unusual or non-recurring gains and losses (b)

4.3


(0.1)


7.0


11.2


4.6


10.6


9.7


24.9

Corporate EBITDA

$     412.6


$     135.5


$      (22.4)


525.7


$      337.5


$      112.5


$      (14.9)


435.1

Non-fleet capital expenditures, net







(57.1)








(32.0)

Changes in working capital:
















Receivables, excluding car rental fleet receivables







36.6








(0.7)

Accounts payable and capital leases







(578.6)








(589.1)

Accrued liabilities and other







103.6








53.1

Acquisition and other investing activities







(212.5)








(11.0)

Other financing activities, excluding debt







(4.6)








(30.0)

Foreign exchange impact on cash and cash equivalents







(17.6)








41.5

Unlevered pre-tax cash flow







(204.5)








(133.1)

Corporate net cash interest







(64.2)








(128.1)

Corporate cash taxes







(7.2)








(10.8)

Levered after-tax cash flow before fleet growth







(275.9)








(272.0)

Equipment rental revenue earning equipment expenditures, net of disposal proceeds




(157.7)








(82.4)

Car rental fleet equity requirement







4.0








285.0

Corporate cash flow







$    (429.6)








$       (69.4)


















Nine Months Ended September 30, 2011


Nine Months Ended September 30, 2010






Other








Other




Car


Equipment


Reconciling




Car


Equipment


Reconciling




Rental


Rental


Items


Total


Rental


Rental


Items


Total





Income (loss) before income taxes

$     625.1


$       24.2


$    (417.8)


$     231.5


$      352.4


$      (31.6)


$    (329.4)


$         (8.6)

Depreciation, amortization and other purchase accounting

1,295.8


246.0


8.0


1,549.8


1,321.4


257.4


7.4


1,586.2

Interest, net of interest income

241.9


33.8


251.7


527.4


291.4


29.6


240.7


561.7

Noncontrolling interest

-


-


(14.5)


(14.5)


-


-


(12.9)


(12.9)

EBITDA

2,162.8


304.0


(172.6)


2,294.2


1,965.2


255.4


(94.2)


2,126.4

Adjustments:
















Car rental fleet interest

(223.9)


-


-


(223.9)


(290.8)


-


-


(290.8)

Car rental fleet depreciation

(1,185.3)


-


-


(1,185.3)


(1,210.7)


-


-


(1,210.7)

Non-cash expenses and charges (a)

18.7


-


23.7


42.4


107.2


-


30.6


137.8

Extraordinary, unusual or non-recurring gains and losses (b)

9.7


35.8


81.3


126.8


21.1


31.5


17.5


70.1

Corporate EBITDA

$     782.0


$     339.8


$      (67.6)


1,054.2


$      592.0


$      286.9


$      (46.1)


832.8

Non-fleet capital expenditures, net







(154.1)








(108.8)

Changes in working capital:
















Receivables, excluding car rental fleet receivables







(137.1)








(111.7)

Accounts payable and capital leases







45.9








403.5

Accrued liabilities and other







(107.6)








(25.8)

Acquisition and other investing activities







(255.1)








(7.2)

Other financing activities, excluding debt







(94.5)








(64.7)

Foreign exchange impact on cash and cash equivalents







14.0








(34.3)

Unlevered pre-tax cash flow







365.7








883.8

Corporate net cash interest







(294.8)








(298.3)

Corporate cash taxes







(32.5)








(41.5)

Levered after-tax cash flow before fleet growth







38.4








544.0

Equipment rental revenue earning equipment expenditures, net of disposal proceeds




(290.7)








(68.1)

Car rental fleet equity requirement







(772.4)








(572.3)

Corporate cash flow







$ (1,024.7)








$       (96.4)
































































Table 6 (pg. 2)

(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

Three Months Ended September 30, 2011


Three Months Ended September 30, 2010






Other








Other




Car


Equipment


Reconciling




Car


Equipment


Reconciling




Rental


Rental


Items


Total


Rental


Rental


Items


Total

















Non-cash amortization of debt costs included
















in car rental fleet interest

$       11.0


$            -


$            -


$       11.0


$        34.2


$            -


$            -


$        34.2

Non-cash stock-based employee
















compensation charges

-


-


7.8


7.8


-


-


8.7


8.7

Derivative (gains) losses

(0.1)


-


-


(0.1)


-


-


0.2


0.2

Total non-cash expenses and charges

$       10.9


$            -


$         7.8


$       18.7


$        34.2


$            -


$          8.9


$        43.1

















NON-CASH EXPENSES AND CHARGES

Nine Months Ended September 30, 2011


Nine Months Ended September 30, 2010






Other








Other




Car


Equipment


Reconciling




Car


Equipment


Reconciling




Rental


Rental


Items


Total


Rental


Rental


Items


Total

















Non-cash amortization of debt costs included
















in car rental fleet interest

$       31.2


$            -


$            -


$       31.2


$      107.2


$            -


$            -


$      107.2

Non-cash stock-based employee
















compensation charges

-


-


24.4


24.4


-


-


28.1


28.1

Derivative (gains) losses

0.6


-


(0.7)


(0.1)


-


-


2.5


2.5

Pension adjustment

(13.1)


-


-


(13.1)


-


-


-


-

Total non-cash expenses and charges

$       18.7


$            -


$       23.7


$       42.4


$      107.2


$            -


$        30.6


$      137.8



































(b) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of extraordinary, unusual or non-recurring gains or losses or charges or credits.   The adjustments reflect the following: 


EXTRAORDINARY, UNUSUAL OR




NON-RECURRING ITEMS

Three Months Ended September 30, 2011


Three Months Ended September 30, 2010






Other








Other




Car


Equipment


Reconciling




Car


Equipment


Reconciling




Rental


Rental


Items


Total


Rental


Rental


Items


Total

















Restructuring charges

$         2.8


$        (0.9)


$            -


$         1.9


$          4.0


$        10.6


$            -


$        14.6

Restructuring related charges

1.5


0.8


0.9


3.2


0.6


-


-


0.6

Acquisition related costs

-


-


4.6


4.6


-


-


9.7


9.7

Management transition costs

-


-


1.5


1.5









Total extraordinary, unusual or non-recurring items

$         4.3


$        (0.1)


$         7.0


$       11.2


$          4.6


$        10.6


$          9.7


$        24.9

















EXTRAORDINARY, UNUSUAL OR
















NON-RECURRING ITEMS

Nine Months Ended September 30, 2011


Nine Months Ended September 30, 2010






Other








Other




Car


Equipment


Reconciling




Car


Equipment


Reconciling




Rental


Rental


Items


Total


Rental


Rental


Items


Total

















Restructuring charges

$         7.3


$       32.7


$         0.4


$       40.4


$        13.4


$        31.4


$          0.7


$        45.5

Restructuring related charges

2.4


3.1


0.9


6.4


7.7


0.1


0.1


7.9

Acquisition related costs

-


-


13.6


13.6


-


-


16.7


16.7

Premiums paid on debt

-


-


62.4


62.4


-


-


-


-

Management transition costs

-


-


4.0


4.0


-


-


-


-

Total extraordinary, unusual or non-recurring items

$         9.7


$       35.8


$       81.3


$     126.8


$        21.1


$        31.5


$        17.5


$        70.1

















Table 7

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES

(In millions, except as noted)

Unaudited














Three Months Ended


Nine Months Ended







RECONCILIATION FROM OPERATING


September 30,


September 30,







CASH FLOWS TO EBITDA:


2011


2010


2011


2010


















Net cash provided by operating activities


$          961.6


$          713.3


$       1,648.5


$       1,729.6







Amortization and write-off of debt costs    


(21.0)


(28.4)


(107.9)


(88.0)







Provision for losses on doubtful accounts    


(6.9)


(4.9)


(21.2)


(15.2)







Derivative gains (losses)


12.1


(11.4)


14.3


(16.4)







Gain on sale of property and equipment    


0.5


0.5


5.2


2.7







Amortization of cash flow hedges    


-


(18.0)


-


(56.8)







Stock-based compensation charges    


(7.8)


(8.7)


(24.4)


(28.0)







Asset writedowns    


0.5


(5.3)


(22.8)


(19.5)







Lease charges


26.1


22.7


72.4


57.0







Noncontrolling interest    


(5.8)


(4.7)


(14.5)


(12.9)







Deferred income taxes    


(57.0)


26.6


(27.8)


30.7







Provision for taxes on income    


83.2


(3.9)


87.9


(0.9)







Interest expense, net of interest income  


168.1


200.9


527.4


561.7







Changes in assets and liabilities  


(113.5)


29.9


157.1


(17.6)







EBITDA


$       1,040.1


$          908.6


$       2,294.2


$       2,126.4
























NET CORPORATE DEBT, NET FLEET DEBT


September 30,


June 30,


December 31,


September 30,


June 30,


December 31,


September 30,

AND TOTAL NET DEBT

2011


2011


2010


2010


2010


2009


2009
















Total Corporate Debt


$       4,942.4


$       4,846.8


$       5,830.7


$       5,334.7


$       4,605.6


$       4,689.4


$       4,687.8

Total Fleet Debt


7,563.9


6,846.8


5,475.7


6,712.2


7,088.2


5,675.0


5,660.6

Total Debt


$     12,506.3


$     11,693.6


$     11,306.4


$     12,046.9


$     11,693.8


$     10,364.4


$     10