XML 448 R243.htm IDEA: XBRL DOCUMENT v2.4.0.8
GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - DOLLAR THRIFTY (Tables)
 3 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Dollar Thrifty Automotive Group Inc.
Dec. 31, 2011
Dollar Thrifty Automotive Group Inc.
GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS        
Schedule of condensed consolidating balance sheet
CONDENSED CONSOLIDATING BALANCE SHEET
March 31, 2013
(In Thousands of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
237,487

 
$
23,806

 
$
392,479

 
$
—

 
$
653,772

Restricted cash and cash equivalents
52,629

 
15,892

 
356,640

 
—

 
425,161

Receivables, less allowance for doubtful accounts
453,072

 
448,096

 
677,783

 
(23,431
)
 
1,555,520

Due from Hertz affiliate
947,560

 
2,105,430

 
3,623,523

 
(6,662,776
)
 
13,737

Inventories, at lower cost or market
29,087

 
40,550

 
40,316

 
—

 
109,953

Prepaid expenses and other assets
2,773,720

 
260,833

 
168,120

 
(2,654,680
)
 
547,993

Revenue earning equipment, net
178,584

 
1,784,593

 
12,006,047

 
—

 
13,969,224

Property and equipment, net
874,364

 
322,651

 
260,182

 
—

 
1,457,197

Investment in subsidiaries, net
7,053,579

 
1,314,027

 
—

 
(8,367,606
)
 
—

Other intangible assets, net
75,352

 
3,872,441

 
54,253

 
—

 
4,002,046

Goodwill
106,210

 
1,032,640

 
213,844

 
—

 
1,352,694

Total assets
$
12,781,644

 
$
11,220,959

 
$
17,793,187

 
$
(17,708,493
)
 
$
24,087,297

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
2,407,240

 
$
2,432,035

 
$
1,823,500

 
$
(6,662,775
)
 
$
—

Accounts payable
215,964

 
287,227

 
801,658

 
—

 
1,304,849

Accrued liabilities
659,056

 
231,590

 
338,368

 
(23,431
)
 
1,205,583

Accrued taxes
66,745

 
30,817

 
1,199,016

 
(1,104,285
)
 
192,293

Debt
6,874,447

 
71,574

 
8,930,088

 
—

 
15,876,109

Public liability and property damage
96,178

 
51,767

 
173,058

 
—

 
321,003

Deferred taxes on income
—

 
2,217,649

 
2,058,173

 
(1,550,395
)
 
2,725,427

Total liabilities
10,319,630

 
5,322,659

 
15,323,861

 
(9,340,886
)
 
21,625,264

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,462,014

 
5,898,300

 
2,469,307

 
(8,367,607
)
 
2,462,014

Noncontrolling interest
—

 
—

 
19

 
—

 
19

Total equity
2,462,014

 
5,898,300

 
2,469,326

 
(8,367,607
)
 
2,462,033

Total liabilities and equity
$
12,781,644

 
$
11,220,959

 
$
17,793,187

 
$
(17,708,493
)
 
$
24,087,297



CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2012
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
24,602

 
$
6,552

 
$
502,081

 
$
—

 
$
533,235

Restricted cash and cash equivalents
32,681

 
17,162

 
521,791

 
—

 
571,634

Receivables, less allowance for doubtful accounts
544,454

 
444,056

 
924,721

 
(26,635
)
 
1,886,596

Due from Hertz affiliate
1,047,986

 
2,023,451

 
3,491,740

 
(6,550,368
)
 
12,809

Inventories, at lower cost or market
24,422

 
41,253

 
40,053

 
—

 
105,728

Prepaid expenses and other assets
2,570,539

 
277,707

 
173,330

 
(2,560,074
)
 
461,502

Revenue earning equipment, net
104,207

 
1,678,568

 
11,125,561

 
—

 
12,908,336

Property and equipment, net
865,694

 
321,917

 
248,775

 
—

 
1,436,386

Investment in subsidiaries, net
6,964,916

 
1,260,941

 
—

 
(8,225,857
)
 
—

Other intangible assets, net
74,606

 
3,893,288

 
64,217

 
—

 
4,032,111

Goodwill
106,210

 
1,018,825

 
216,837

 
—

 
1,341,872

Total assets
$
12,360,317

 
$
10,983,720

 
$
17,309,106

 
$
(17,362,934
)
 
$
23,290,209

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
2,254,223

 
$
2,421,512

 
$
1,874,633

 
$
(6,550,368
)
 
$
—

Accounts payable
239,247

 
193,867

 
565,947

 
—

 
999,061

Accrued liabilities
605,680

 
45,085

 
554,330

 
(26,635
)
 
1,178,460

Accrued taxes
54,357

 
29,142

 
1,049,281

 
(965,466
)
 
167,314

Debt
6,190,040

 
67,662

 
8,756,772

 
—

 
15,014,474

Public liability and property damage
99,261

 
52,850

 
180,121

 
—

 
332,232

Deferred taxes on income
—

 
2,205,669

 
2,070,078

 
(1,594,607
)
 
2,681,140

Total liabilities
9,442,808

 
5,015,787

 
15,051,162

 
(9,137,076
)
 
20,372,681

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,917,509

 
5,967,933

 
2,257,925

 
(8,225,858
)
 
2,917,509

Noncontrolling interest
—

 
—

 
19

 
—

 
19

Total equity
2,917,509

 
5,967,933

 
2,257,944

 
(8,225,858
)
 
2,917,528

Total liabilities and equity
$
12,360,317

 
$
10,983,720

 
$
17,309,106

 
$
(17,362,934
)
 
$
23,290,209
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2012
(In Thousands of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
24,602

 
$
2,578

 
$
506,055

 
$
—

 
$
533,235

Restricted cash and cash equivalents
32,681

 
14,535

 
524,418

 
—

 
571,634

Receivables, less allowance for doubtful accounts
544,454

 
292,467

 
1,049,675

 
—

 
1,886,596

Due from Hertz affiliate
1,047,986

 
59,181

 
2,199,247

 
(3,293,605
)
 
12,809

Inventories, at lower cost or market
24,422

 
34,101

 
47,205

 
—

 
105,728

Prepaid expenses and other assets
2,570,539

 
183,573

 
203,678

 
(2,496,288
)
 
461,502

Revenue earning equipment, net
104,207

 
1,734,325

 
11,069,804

 
—

 
12,908,336

Property and equipment, net
865,694

 
206,332

 
364,360

 
—

 
1,436,386

Investment in subsidiaries, net
6,964,916

 
506,123

 
—

 
(7,471,039
)
 
—

Other intangible assets, net
74,606

 
2,352,342

 
1,605,163

 
—

 
4,032,111

Goodwill
106,210

 
133,923

 
1,101,739

 
—

 
1,341,872

Total assets
$
12,360,317

 
$
5,519,480

 
$
18,671,344

 
$
(13,260,932
)
 
$
23,290,209

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
2,254,223

 
$
628,275

 
$
411,107

 
$
(3,293,605
)
 
$
—

Accounts payable
239,247

 
157,742

 
602,072

 
—

 
999,061

Accrued liabilities
605,680

 
84,992

 
487,788

 
—

 
1,178,460

Accrued taxes
54,357

 
11,511

 
1,003,127

 
(901,681
)
 
167,314

Debt
6,190,040

 
49,445

 
8,774,989

 
—

 
15,014,474

Public liability and property damage
99,261

 
10,390

 
222,581

 
—

 
332,232

Deferred taxes on income
—

 
1,776,199

 
2,499,548

 
(1,594,607
)
 
2,681,140

Total liabilities
9,442,808

 
2,718,554

 
14,001,212

 
(5,789,893
)
 
20,372,681

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,917,509

 
2,800,926

 
4,670,113

 
(7,471,039
)
 
2,917,509

Noncontrolling interest
—

 
—

 
19

 
—

 
19

Total equity
2,917,509

 
2,800,926

 
4,670,132

 
(7,471,039
)
 
2,917,528

Total liabilities and equity
$
12,360,317

 
$
5,519,480

 
$
18,671,344

 
$
(13,260,932
)
 
$
23,290,209



CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2011
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
565,002

 
$
7,385

 
$
358,821

 
$
—

 
$
931,208

Restricted cash and cash equivalents
44,663

 
28,130

 
235,246

 
—

 
308,039

Receivables, less allowance for doubtful accounts
297,292

 
218,754

 
1,100,336

 
—

 
1,616,382

Due from Hertz affiliate
655,411

 
65,972

 
1,194,041

 
(1,915,424
)
 
—

Inventories, at lower cost or market
22,440

 
26,541

 
34,997

 
—

 
83,978

Prepaid expenses and other assets
2,088,579

 
32,974

 
137,189

 
(1,842,608
)
 
416,134

Revenue earning equipment, net
167,304

 
1,505,867

 
8,432,238

 
—

 
10,105,409

Property and equipment, net
824,381

 
170,874

 
256,599

 
—

 
1,251,854

Investment in subsidiaries, net
4,413,289

 
460,201

 
—

 
(4,873,490
)
 
—

Other intangible assets, net
94,682

 
2,363,617

 
103,935

 
—

 
2,562,234

Goodwill
100,221

 
67,228

 
224,645

 
—

 
392,094

Total assets
$
9,273,264

 
$
4,947,543

 
$
12,078,047

 
$
(8,631,522
)
 
$
17,667,332

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 

Due to Hertz affiliate
$
1,251,347

 
$
266,604

 
$
397,885

 
$
(1,915,424
)
 
$
412

Accounts payable
188,695

 
165,258

 
543,536

 
—

 
897,489

Accrued liabilities
607,673

 
209,263

 
309,402

 
—

 
1,126,338

Accrued taxes
54,559

 
134,186

 
(13,889
)
 
(11,872
)
 
162,984

Debt
4,434,274

 
4,237

 
6,469,338

 
—

 
10,907,849

Public liability and property damage
107,881

 
14,025

 
159,628

 
—

 
281,534

Deferred taxes on income
—

 
1,449,171

 
2,043,437

 
(1,830,736
)
 
1,661,872

Total liabilities
6,644,429

 
2,242,744

 
9,909,337

 
(3,758,032
)
 
15,038,478

Equity:
 
 
 
 
 
 
 
 

The Hertz Corporation and Subsidiaries stockholder's equity
2,628,835

 
2,704,799

 
2,168,691

 
(4,873,490
)
 
2,628,835

Noncontrolling interest
—

 
—

 
19

 
—

 
19

Total equity
2,628,835

 
2,704,799

 
2,168,710

 
(4,873,490
)
 
2,628,854

Total liabilities and equity
$
9,273,264

 
$
4,947,543

 
$
12,078,047

 
$
(8,631,522
)
 
$
17,667,332

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2012
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

ASSETS

                          

Cash and cash equivalents

  
$
402,243		  
$
54,626		  
$
—		  
$
456,869		  

Restricted cash and investments

     6,185     243,959     —     250,144  

Receivables, net

     86,835     69,618     (28,236 )   128,217  

Intercompany

     (92,323 )   147,270     (54,947 )   —  

Prepaid expenses and other assets

     59,770     13,409     (1,199 )   71,980  

Revenue-earning vehicles, net

     24,629     1,850,978     —     1,875,607  

Property and equipment, net

     76,208     1,679     —     77,887  

Investment in subsidiaries

     825,502     —     (825,502 )   —  

Income taxes receivable

     4,364     89     —     4,453  

Software, net

     19,438     —     —     19,438  
                   

Total assets

   $ 1,412,851   $ 2,381,628   $ (909,884 ) $ 2,884,595  
                   

LIABILITIES AND EQUITY

                          

LIABILITIES:

                          

Accounts payable

   $ 44,288   $ 3,484   $ (3 ) $ 47,769  

Accrued liabilities

     161,841     4,157     (29,432 )   136,566  

Income tax payable / (receivable)

     —     —     —     —  

Deferred income taxes

     391,431     1,093     —     392,524  

Vehicle insurance reserves

     71,050     11,308     —     82,358  

Debt and other obligations

     —     1,536,084     (54,947 )   1,481,137  
                   

Total liabilities

     668,610     1,556,126     (84,382 )   2,140,354  
                   

COMMITMENTS AND CONTINGENCIES

                          

EQUITY

    
744,241		    
825,502		    
(825,502
)		  
744,241		  
                   

Total liabilities and equity

   $ 1,412,851   $ 2,381,628   $ (909,884 ) $ 2,884,595  
                   


DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2011
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

ASSETS

                          

Cash and cash equivalents

  
$
446,239		  
$
62,409		  
$
—		  
$
508,648		  

Restricted cash and investments

     1,355     351,910     —     353,265  

Receivables, net

     86,184     34,294     (25,118 )   95,360  

Intercompany

     (100,436 )   154,999     (54,563 )   —  

Prepaid expenses and other assets

     49,163     20,503     (3,707 )   65,959  

Revenue-earning vehicles, net

     33,057     1,434,778     —     1,467,835  

Property and equipment, net

     82,588     1,690     —     84,278  

Investment in subsidiaries

     581,003     —     (581,003 )   —  

Income taxes receivable

     18,702     84     —     18,786  

Software, net

     21,535     —     —     21,535  
                   

Total assets

   $ 1,219,390   $ 2,060,667   $ (664,391 ) $ 2,615,666  
                   

LIABILITIES AND EQUITY

                          

LIABILITIES:

                          

Accounts payable

   $ 45,827   $ 8,573   $ (23 ) $ 54,377  

Accrued liabilities

     148,820     4,167     (28,802 )   124,185  

Income tax payable / (receivable)

     —     —     —     —  

Deferred income taxes

     341,408     1,554     —     342,962  

Vehicle insurance reserves

     75,663     10,852     —     86,515  

Debt and other obligations

     —     1,454,518     (54,563 )   1,399,955  
                   

Total liabilities

     611,718     1,479,664     (83,388 )   2,007,994  
                   

COMMITMENTS AND CONTINGENCIES

                          

EQUITY:

    
607,672		    
581,003		    
(581,003
)		  
607,672		  
                   

Total liabilities and equity

   $ 1,219,390   $ 2,060,667   $ (664,391 ) $ 2,615,666  
                   

CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2011
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

ASSETS

                          

Cash and cash equivalents

  
$
446,239		  
$
62,409		  
$
—		  
$
508,648		  

Restricted cash and investments

     1,355     351,910     —     353,265  

Receivables, net

     86,184     34,294     (25,118 )   95,360  

Intercompany

     (100,436 )   154,999     (54,563 )   —  

Prepaid expenses and other assets

     49,163     20,503     (3,707 )   65,959  

Revenue-earning vehicles, net

     33,057     1,434,778     —     1,467,835  

Property and equipment, net

     82,588     1,690     —     84,278  

Investment in subsidiaries

     581,003     —     (581,003 )   —  

Income taxes receivable

     18,702     84     —     18,786  

Software, net

     21,535     —     —     21,535  
                   

Total assets

   $ 1,219,390   $ 2,060,667   $ (664,391 ) $ 2,615,666  
                   

LIABILITIES AND EQUITY

                          

LIABILITIES:

                          

Accounts payable

   $ 45,827   $ 8,573   $ (23 ) $ 54,377  

Accrued liabilities

     148,820     4,167     (28,802 )   124,185  

Income tax payable / (receivable)

     —     —     —     —  

Deferred income taxes

     341,408     1,554     —     342,962  

Vehicle insurance reserves

     75,663     10,852     —     86,515  

Debt and other obligations

     —     1,454,518     (54,563 )   1,399,955  
                   

Total liabilities

     611,718     1,479,664     (83,388 )   2,007,994  
                   

COMMITMENTS AND CONTINGENCIES

                          

EQUITY:

    
607,672		    
581,003		    
(581,003
)		  
607,672		  
                   

Total liabilities and equity

   $ 1,219,390   $ 2,060,667   $ (664,391 ) $ 2,615,666  
                   
Schedule of condensed consolidating statement of income
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2013
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
1,054,476

 
$
622,087

 
$
1,503,266

 
$
(743,321
)
 
$
2,436,508

Expenses:
 
 
 
 
 
 
 
 

Direct operating
612,924

 
352,931

 
385,569

 
(234
)
 
1,351,190

Depreciation of revenue earning equipment and lease charges
661,302

 
152,462

 
516,206

 
(742,943
)
 
587,027

Selling, general and administrative
107,284

 
59,701

 
84,683

 
(144
)
 
251,524

Interest expense
81,279

 
10,233

 
71,736

 
—

 
163,248

Interest income
(8
)
 
(1,383
)
 
(443
)
 
—

 
(1,834
)
Other (income) expense, net
(48
)
 
(31
)
 
(519
)
 
—

 
(598
)
Total expenses
1,462,733

 
573,913

 
1,057,232

 
(743,321
)
 
2,350,557

Income (loss) before income taxes and equity in earnings (losses) of subsidiaries
(408,257
)
 
48,174

 
446,034

 
—

 
85,951

(Provision) benefit for taxes on income
148,353

 
(17,870
)
 
(189,951
)
 
—

 
(59,468
)
Equity in earnings (losses) of subsidiaries (net of tax)
286,387

 
54,784

 
—

 
(341,171
)
 
—

Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
26,483

 
$
85,088

 
$
256,083

 
$
(341,171
)
 
$
26,483


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2012
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
967,967

 
$
209,801

 
$
1,341,215

 
$
(558,058
)
 
$
1,960,925

Expenses:
 
 
 
 
 
 
 
 
 
Direct operating
571,851

 
133,269

 
409,038

 
—

 
1,114,158

Depreciation of revenue earning equipment and lease charges
538,717

 
44,488

 
489,959

 
(558,058
)
 
515,106

Selling, general and administrative
104,123

 
25,542

 
78,071

 
—

 
207,736

Interest expense
63,637

 
9,847

 
76,005

 
—

 
149,489

Interest income
(113
)
 
(157
)
 
(822
)
 
—

 
(1,092
)
Other (income) expense, net
—

 
(5
)
 
(452
)
 
—

 
(457
)
Total expenses
1,278,215

 
212,984

 
1,051,799

 
(558,058
)
 
1,984,940

Income (loss) before income taxes noncontrolling interest and equity in earnings (losses) of subsidiaries
(310,248
)
 
(3,183
)
 
289,416

 
—

 
(24,015
)
(Provision) benefit for taxes on income (loss)
111,243

 
657

 
(136,126
)
 
—

 
(24,226
)
Equity in earnings (losses) of subsidiaries (net of tax)
150,764

 
11,256

 
—

 
(162,020
)
 
—

Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
(48,241
)
 
$
8,730

 
$
153,290

 
$
(162,020
)
 
$
(48,241
)


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Year Ended December 31, 2012
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
4,259,049

 
$
975,500

 
$
6,255,039

 
$
(2,468,781
)
 
$
9,020,807

Expenses:
 
 
 
 
 
 
 
 
 
Direct operating
2,384,829

 
553,099

 
1,857,860

 
—

 
4,795,788

Depreciation of revenue earning equipment and lease charges
2,402,032

 
198,322

 
2,016,585

 
(2,468,781
)
 
2,148,158

Selling, general and administrative
448,100

 
123,300

 
374,181

 
—

 
945,581

Interest expense, net of interest income
253,437

 
39,679

 
299,770

 
—

 
592,886

Other (income) expense, net
(10,656
)
 
(19
)
 
46,217

 
—

 
35,542

Total expenses
5,477,742

 
914,381

 
4,594,613

 
(2,468,781
)
 
8,517,955

Income (loss) before income taxes and equity in earnings (losses) of subsidiaries
(1,218,693
)
 
61,119

 
1,660,426

 
—

 
502,852

(Provision) benefit for taxes on income
476,444

 
(44,846
)
 
(658,671
)
 
—

 
(227,073
)
Equity in earnings (losses) of subsidiaries (net of tax)
1,018,028

 
45,922

 
—

 
(1,063,950
)
 
—

Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
275,779

 
$
62,195

 
$
1,001,755

 
$
(1,063,950
)
 
$
275,779


CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Year Ended December 31, 2011
(In Thousands of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Total revenues
$
4,068,310

 
$
809,093

 
$
5,733,827

 
$
(2,312,850
)
 
$
8,298,380

Expenses:
 
 
 
 
 
 
 
 


Direct operating
2,262,371

 
497,053

 
1,806,954

 
—

 
4,566,378

 Depreciation of revenue earning equipment and lease charges
1,996,733

 
180,807

 
2,041,049

 
(2,312,850
)
 
1,905,739

Selling, general and administrative
326,794

 
85,414

 
332,909

 
—

 
745,117

Interest expense, net of interest income
299,099

 
27,226

 
318,378

 
—

 
644,703

Other (income) expense, net
62,396

 
(18
)
 
170

 
—

 
62,548

Total expenses
4,947,393

 
790,482

 
4,499,460

 
(2,312,850
)
 
7,924,485

Income (loss) before income taxes, noncontrolling interest and equity in earnings (losses) of subsidiaries
(879,083
)
 
18,611

 
1,234,367

 
—

 
373,895

(Provision) benefit for taxes on income (loss)
342,469

 
(10,016
)
 
(476,299
)
 
—

 
(143,846
)
Equity in earnings (losses) of subsidiaries (net of tax)
747,103

 
26,215

 
—

 
(773,318
)
 
—

Net income (loss)
210,489

 
34,810

 
758,068

 
(773,318
)
 
230,049

Less: Net income attributable to noncontrolling interest
—

 
—

 
(19,560
)
 
—

 
(19,560
)
Net income (loss) attributable to The Hertz Corporation and Subsidiaries' common stockholder
$
210,489

 
$
34,810

 
$
738,508

 
$
(773,318
)
 
$
210,489

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Total revenues

   $ 1,151,812   $ 346,437   $ (285,999 ) $ 1,212,250  
                   

COSTS AND EXPENSES:

                          

Direct vehicle and operating

     558,350     40,861     (2,748 )   596,463  

Vehicle depreciation and lease charges, net

     302,648     168,446     (282,726 )   188,368  

Selling, general and administrative

     143,258     4,719     (498 )   147,479  

Interest expense, net

     11,156     33,472     (27 )   44,601  
                   

Total costs and expenses

     1,015,412     247,498     (285,999 )   976,911  
                   

(Increase) decrease in fair value of derivatives

     —     525     —     525  

INCOME / (LOSS) BEFORE INCOME TAXES and EQUITY IN EARNINGS OF SUBS

    
136,400		    
98,414		    
—		    
234,814		  

INCOME TAX EXPENSE

    
89,212		    
304		    
—		    
89,516		  
                   

NET INCOME / (LOSS) BEFORE EQUITY IN EARNINGS OF SUBS

     47,188     98,110     —     145,298  

EQUITY IN EARNINGS OF SUBSIDIARIES

    
98,110		    
—		    
(98,110
)		  
—		  
                   

NET INCOME / (LOSS)

   $ 145,298   $ 98,110   $ (98,110 ) $ 145,298  
                   

COMPREHENSIVE INCOME / (LOSS)

   $ 159,277   $ 103,277   $ (103,277 ) $ 159,277  
                   


DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Total revenues

   $ 1,140,588   $ 332,591   $ (277,981 ) $ 1,195,198  
                   

COSTS AND EXPENSES:

                          

Direct vehicle and operating

     549,971     40,151     (6,323 )   583,799  

Vehicle depreciation and lease charges, net

     288,433     186,677     (271,127 )   203,983  

Selling, general and administrative

     140,345     5,810     (514 )   145,641  

Interest expense, net

     29,552     29,364     (17 )   58,899  
                   

Total costs and expenses

     1,008,301     262,002     (277,981 )   992,322  
                   

(Increase) decrease in fair value of derivatives

     (5,634 )   2,267     —     (3,367 )

INCOME / (LOSS) BEFORE INCOME TAXES and EQUITY IN EARNINGS OF SUBS

    
137,921		    
68,322		    
—		    
206,243		  

INCOME TAX EXPENSE

    
80,270		    
324		    
—		    
80,594		  
                   

NET INCOME / (LOSS) BEFORE EQUITY IN EARNINGS OF SUBS

     57,651     67,998     —     125,649  

EQUITY IN EARNINGS OF SUBSIDIARIES

    
67,998		    
—		    
(67,998
)		  
—		  
                   

NET INCOME / (LOSS)

   $ 125,649   $ 67,998   $ (67,998 ) $ 125,649  
                   

COMPREHENSIVE INCOME / (LOSS)

   $ 127,358   $ 60,093   $ (60,093 ) $ 127,358  
                   

CONDENSED CONSOLIDATING STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2011
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Total revenues

   $ 1,480,660   $ 436,441   $ (368,173 ) $ 1,548,928  
                   

COSTS AND EXPENSES:

                          

Direct vehicle and operating

     708,477     51,008     (8,017 )   751,468  

Vehicle depreciation and lease charges, net

     378,898     251,526     (359,467 )   270,957  

Selling, general and administrative

     184,769     6,937     (663 )   191,043  

Interest expense, net

     36,003     41,485     (26 )   77,462  
                   

Total costs and expenses

     1,308,147     350,956     (368,173 )   1,290,930  
                   

(Increase) decrease in fair value of derivatives

     (5,634 )   2,390     —     (3,244 )

INCOME / (LOSS) BEFORE INCOME TAXES and EQUITY IN EARNINGS OF SUBS

    
178,147		    
83,095		    
—		    
261,242		  

INCOME TAX EXPENSE

    
100,772		    
920		    
—		    
101,692		  
                   

NET INCOME / (LOSS) BEFORE EQUITY IN EARNINGS OF SUBS

     77,375     82,175     —     159,550  

EQUITY IN EARNINGS OF SUBSIDIARIES

    
82,175		    
—		    
(82,175
)		  
—		  
                   

NET INCOME / (LOSS)

   $ 159,550   $ 82,175   $ (82,175 ) $ 159,550  
                   
Schedule of condensed consolidating statement of cash flows
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2013
(In Thousands of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities
$
(16,676
)
 
$
141,861

 
$
839,311

 
$
(226,134
)
 
$
738,362

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in restricted cash and cash equivalents
(19,948
)
 
1,271

 
161,319

 
—

 
142,642

Revenue earning equipment expenditures
(53,781
)
 
(132,612
)
 
(3,066,587
)
 
—

 
(3,252,980
)
Proceeds from disposal of revenue earning equipment
33,717

 
48,321

 
2,155,840

 
—

 
2,237,878

Property and equipment expenditures
(48,897
)
 
(8,422
)
 
(22,741
)
 
—

 
(80,060
)
Proceeds from disposal of property and equipment
12,193

 
2,316

 
8,947

 
—

 
23,456

Capital contributions to subsidiaries
(283,100
)
 
—

 
—

 
283,100

 
—

Return of capital from subsidiaries
356,274

 
—

 
—

 
(356,274
)
 
—

Loan to Parent/Guarantor from Non-Guarantor
—

 
—

 
9,077

 
(9,077
)
 
—

Acquisitions, net of cash acquired
—

 
(2,784
)
 
—

 
—

 
(2,784
)
Proceeds from disposal of business
—

 
—

 
—

 
—

 
—

Other investing activities
—

 
—

 
(469
)
 
—

 
(469
)
Net cash used in investing activities
(3,542
)
 
(91,910
)
 
(754,614
)
 
(82,251
)
 
(932,317
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 


Proceeds from issuance of long-term debt
250,000

 
—

 
951,582

 
—

 
1,201,582

Payment of long-term debt
(5,606
)
 
(5
)
 
(293,017
)
 
—

 
(298,628
)
Short-term borrowings:
 
 
 
 
 
 
 
 

Proceeds
—

 
—

 
128,785

 
—

 
128,785

Payments
—

 
—

 
(195,326
)
 
—

 
(195,326
)
Proceeds (payments) under the revolving lines of credit, net
440,000

 
(2,589
)
 
(469,397
)
 
—

 
(31,986
)
Capital contributions received from parent
—

 
—

 
283,100

 
(283,100
)
 
—

Loan to Parent/Guarantor from Non-Guarantor
20,923

 
(30,000
)
 
—

 
9,077

 
—

Payment of dividends and return of capital
—

 
—

 
(582,408
)
 
582,408

 
—

Dividends paid to Parent
(467,248
)
 
—

 
—

 
—

 
(467,248
)
Proceeds from employee stock purchase plan
1,202

 
—

 
—

 
—

 
1,202

Loan with Hertz Global Holdings, Inc.
(929
)
 
—

 
—

 
—

 
(929
)
Payment of financing costs
(5,239
)
 
(103
)
 
(10,060
)
 
—

 
(15,402
)
Net cash provided by (used in) financing activities
233,103

 
(32,697
)
 
(186,741
)
 
308,385

 
322,050

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
(7,558
)
 
—

 
(7,558
)
Net change in cash and cash equivalents during the period
212,885

 
17,254

 
(109,602
)
 
—

 
120,537

Cash and cash equivalents at beginning of period
24,602

 
6,552

 
502,081

 
—

 
533,235

Cash and cash equivalents at end of period
$
237,487

 
$
23,806

 
$
392,479

 
$
—

 
$
653,772



CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2012
(In Thousands of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities
$
(85,386
)
 
$
209,743

 
$
526,814

 
$
(159,137
)
 
$
492,034

Cash flows from investing activities:
 
 
 
 
 
 
 
 


Net change in restricted cash and cash equivalents
(12,892
)
 
5,647

 
104,884

 
—

 
97,639

Revenue earning equipment expenditures
(44,339
)
 
(132,572
)
 
(2,471,784
)
 
—

 
(2,648,695
)
Proceeds from disposal of revenue earning equipment
32,664

 
88,322

 
1,888,350

 
—

 
2,009,336

Property and equipment expenditures
(39,489
)
 
(18,816
)
 
(15,917
)
 
—

 
(74,222
)
Proceeds from disposal of property and equipment
39,597

 
3,215

 
4,819

 
—

 
47,631

Capital contributions to subsidiaries
(1,362,719
)
 
—

 
—

 
1,362,719

 
—

Return of capital from subsidiaries
1,340,884

 
—

 
—

 
(1,340,884
)
 
—

Acquisitions, net of cash acquired
—

 
(147,314
)
 
—

 
—

 
(147,314
)
Loan to Parent from Non-Guarantor
—

 
—

 
165,110

 
(165,110
)
 
—

Other investing activities
—

 
—

 
(140
)
 
—

 
(140
)
Net cash used in investing activities
(46,294
)
 
(201,518
)
 
(324,678
)
 
(143,275
)
 
(715,765
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
260,000

 
—

 
4,599

 
—

 
264,599

Payment of long-term debt
(451,104
)
 
(4
)
 
(2,171
)
 
—

 
(453,279
)
Short-term borrowings:
 
 
 
 
 
 
 
 

Proceeds
—

 
—

 
40,650

 
—

 
40,650

Payments
(14,949
)
 
—

 
(228,327
)
 
—

 
(243,276
)
Proceeds (payments) under the revolving lines of credit, net
145,000

 
(1,135
)
 
181,382

 
—

 
325,247

Purchase of noncontrolling interest
(38,000
)
 
—

 
—

 
—

 
(38,000
)
Capital contributions received from parent
—

 
—

 
1,362,719

 
(1,362,719
)
 
—

Payment of dividends and return of capital
—

 
—

 
(1,500,021
)
 
1,500,021

 
—

Repayment of Loan to Parent from Non-Guarantor
(165,110
)
 
—

 
—

 
165,110

 
—

Proceeds from employee stock purchase plan
985

 
—

 
—

 
—

 
985

Loan from Hertz Global Holdings, Inc.
(13,553
)
 
—

 
—

 
—

 
(13,553
)
Payment of financing costs
(3,554
)
 
(319
)
 
(344
)
 
—

 
(4,217
)
Net cash provided by (used in) financing activities
(280,285
)
 
(1,458
)
 
(141,513
)
 
302,412

 
(120,844
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
7,953

 
—

 
7,953

Net decrease in cash and cash equivalents during the period
(411,965
)
 
6,767

 
68,576

 
—

 
(336,622
)
Cash and cash equivalents at beginning of period
565,002

 
7,385

 
358,821

 
—

 
931,208

Cash and cash equivalents at end of period
$
153,037

 
$
14,152

 
$
427,397

 
$
—

 
$
594,586
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2012
(In Thousands of Dollars)
 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities
$
1,677,648

 
$
690,292

 
$
1,155,789

 
$
(775,317
)
 
$
2,748,412

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in restricted cash and cash equivalents
11,981

 
13,596

 
(287,182
)
 
—

 
(261,605
)
Revenue earning equipment expenditures
(88,120
)
 
(763,610
)
 
(8,761,509
)
 
—

 
(9,613,239
)
Proceeds from disposal of revenue earning equipment
79,390

 
276,342

 
6,769,364

 
—

 
7,125,096

Property and equipment expenditures
(173,053
)
 
(32,022
)
 
(107,711
)
 
—

 
(312,786
)
Proceeds from disposal of property and equipment
67,370

 
11,839

 
58,485

 
—

 
137,694

Capital contributions to subsidiaries
(4,267,118
)
 
—

 
—

 
4,267,118

 
—

Return of capital from subsidiaries
1,829,256

 
—

 
—

 
(1,829,256
)
 
—

Loan to Parent From Non-Guarantor
—

 
—

 
(385,108
)
 
385,108

 
—

Acquisitions, net of cash acquired
(1,708,520
)
 
(196,648
)
 
—

 
—

 
(1,905,168
)
Proceeds from disposal of business
—

 
—

 
84,497

 
—

 
84,497

Other investing activities
—

 
—

 
(1,779
)
 
—

 
(1,779
)
Net cash provided by (used in) investing activities
(4,248,814
)
 
(690,503
)
 
(2,630,943
)
 
2,822,970

 
(4,747,290
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 


Proceeds from issuance of long-term debt
2,210,000

 
—

 
27,280

 
—

 
2,237,280

Payment of long-term debt
(650,407
)
 
(18
)
 
(301,719
)
 
—

 
(952,144
)
Short-term borrowings:
 
 
 
 
 
 
 
 


Proceeds
—

 
—

 
438,387

 
—

 
438,387

Payments
(26,775
)
 
—

 
(1,253,368
)
 
—

 
(1,280,143
)
Proceeds (payments) under the revolving lines of credit, net
220,000

 
(1,262
)
 
1,054,426

 
—

 
1,273,164

Capital contributions received from parent
—

 
—

 
4,267,118

 
(4,267,118
)
 
—

Loan to Parent From Non-Guarantor
385,108

 
—

 
—

 
(385,108
)
 
—

Payment of dividends and return of capital
—

 
—

 
(2,604,573
)
 
2,604,573

 
—

Dividends paid
(25,000
)
 
—

 
—

 
—

 
(25,000
)
Proceeds from employee stock purchase plan
4,275

 
—

 
—

 
—

 
4,275

Loan with Hertz Global Holdings, Inc.
(13,220
)
 
—

 
—

 
—

 
(13,220
)
Purchase of noncontrolling interest
(38,000
)
 
—

 
—

 
—

 
(38,000
)
Payment of financing costs
(35,215
)
 
(3,316
)
 
(10,902
)
 
—

 
(49,433
)
Net cash provided by (used in) financing activities
2,030,766

 
(4,596
)
 
1,616,649

 
(2,047,653
)
 
1,595,166

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
5,739

 
—

 
5,739

Net change in cash and cash equivalents during the period
(540,400
)
 
(4,807
)
 
147,234

 
—

 
(397,973
)
Cash and cash equivalents at beginning of period
565,002

 
7,385

 
358,821

 
—

 
931,208

Cash and cash equivalents at end of period
$
24,602

 
$
2,578

 
$
506,055

 
$
—

 
$
533,235

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2011
(In Thousands of Dollars)

 
Parent
(The Hertz
Corporation)
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
The Hertz
Corporation &
Subsidiaries
Net cash provided by (used in) operating activities
$
1,000,597

 
$
773,170

 
$
1,038,124

 
$
(553,370
)
 
$
2,258,521

Cash flows from investing activities:
 
 
 
 
 
 
 
 


Net change in restricted cash and cash equivalents
(28,570
)
 
(2,662
)
 
(70,534
)
 
—

 
(101,766
)
Revenue earning equipment expenditures
(142,134
)
 
(670,056
)
 
(8,642,121
)
 
—

 
(9,454,311
)
Proceeds from disposal of revenue earning equipment
163,330

 
170,522

 
7,516,590

 
—

 
7,850,442

Property and equipment expenditures
(189,562
)
 
(29,696
)
 
(62,437
)
 
—

 
(281,695
)
Proceeds from disposal of property and equipment
23,952

 
9,263

 
20,599

 
—

 
53,814

Capital contributions to subsidiaries
(3,549,088
)
 
—

 
—

 
3,549,088

 
—

Return of capital from subsidiaries
2,590,025

 
—

 
—

 
(2,590,025
)
 
—

Loan to Parent from Non-Guarantor
—

 
—

 
(490,273
)
 
490,273

 
—

Acquisitions, net of cash acquired
(214,384
)
 
(2,100
)
 
(10,597
)
 
—

 
(227,081
)
Purchase of short-term investments, net
(32,891
)
 
—

 
—

 
—

 
(32,891
)
Other investing activities
—

 
(13,602
)
 
14,188

 
—

 
586

Net cash provided by (used in) investing activities
(1,379,322
)
 
(538,331
)
 
(1,724,585
)
 
1,449,336

 
(2,192,902
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
2,455,309

 
—

 
607,170

 
—

 
3,062,479

Payment of long-term debt
(3,596,295
)
 
(17
)
 
(52,988
)
 
—

 
(3,649,300
)
Short-term borrowings:
 
 
 
 
 
 
 
 


Proceeds
—

 
—

 
460,890

 
—

 
460,890

Payments
(29,224
)
 
—

 
(1,164,832
)
 
—

 
(1,194,056
)
Proceeds (payments) under the revolving lines of credit, net
(29,128
)
 
(229,778
)
 
201,577

 
—

 
(57,329
)
Distributions to noncontrolling interest
—

 
—

 
(23,100
)
 
—

 
(23,100
)
Capital contributions received from parent
—

 
—

 
3,549,088

 
(3,549,088
)
 
—

Payment of dividends and return of capital
(22,950
)
 
—

 
(3,143,395
)
 
3,143,395

 
(22,950
)
Proceeds from employee stock purchase plan
3,577

 
—

 
—

 
—

 
3,577

Loan to Parent from Non-Guarantor
490,273

 
—

 
—

 
(490,273
)
 
—

Loan from Hertz Global Holdings, Inc.
(984
)
 
—

 
—

 
—

 
(984
)
Payment of financing costs
(81,229
)
 
(2,817
)
 
(7,436
)
 
—

 
(91,482
)
Net cash provided by (used in) financing activities
(810,651
)
 
(232,612
)
 
426,974

 
(895,966
)
 
(1,512,255
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
3,838

 
—

 
3,838

Net decrease in cash and cash equivalents during the period
(1,189,376
)
 
2,227

 
(255,649
)
 
—

 
(1,442,798
)
Cash and cash equivalents at beginning of period
1,754,378

 
5,158

 
614,470

 
—

 
2,374,006

Cash and cash equivalents at end of period
$
565,002

 
$
7,385

 
$
358,821

 
$
—

 
$
931,208

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Net cash provided by operating activities

   $ 206,985   $ 319,585   $ (91,800 ) $ 434,770  

CASH FLOWS FROM INVESTING ACTIVITIES:

                          

Revenue-earning vehicles—Purchases

     (38,350 )   (1,342,267 )   —     (1,380,617 )

Revenue-earning vehicles—Proceeds from sales

     26,623     730,468     —     757,091  

Net change in restricted cash and investments

     (4,817 )   108,462     —     103,645  

Property, equipment and software—Purchases

     (13,817 )   (84 )   —     (13,901 )

Property, equipment and software—Proceeds from sales

     3,491     —     —     3,491  

Dividends received

     79,000     —     (79,000 )   —  

Investment in subsidiary

     (231,600 )   —     231,600     —  

Intercompany

     (35,029 )   (56,793 )   91,822     —  
                   

Net cash provided by/(used in) investing activities            

     (214,499 )   (560,214 )   244,422     (530,291 )
                   

CASH FLOWS FROM FINANCING ACTIVITIES:

                          

Debt and other obligations:

                          

Proceeds from vehicle debt and other obligations

     —     581,169     —     581,169  

Payments of vehicle debt and other obligations

     —     (500,000 )   —     (500,000 )

Issuance of common shares

     1,694     —     —     1,694  

Net settlement of employee withholding taxes on share-based awards

     (1,215 )   —     —     (1,215 )

Purchases of common stock for the treasury

     (29,136 )   —     —     (29,136 )

Financing issue costs

     (7,825 )   (945 )   —     (8,770 )

Dividends paid

     —     (79,000 )   79,000     —  

Capital contribution from Parent

     —     231,622     (231,622 )   —  
                   

Net cash provided by/(used in) financing activities            

     (36,482 )   232,846     (152,622 )   43,742  
                   

CHANGE IN CASH AND CASH EQUIVALENTS

     (43,996 )   (7,783 )   —     (51,779 )

CASH AND CASH EQUIVALENTS:

                          

Beginning of Period

     446,239     62,409     —     508,648  
                   

End of Period

   $ 402,243   $ 54,626   $ —   $ 456,869  
                   

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Net cash provided by operating activities

   $ 268,555   $ 262,206   $ (72,151 ) $ 458,610  

CASH FLOWS FROM INVESTING ACTIVITIES:

                          

Revenue-earning vehicles—Purchases

     (46,155 )   (937,724 )   —     (983,879 )

Revenue-earning vehicles—Proceeds from sales

     31,135     460,873     —     492,008  

Net change in cash & cash equivalents required minimum balance

     100,000     —     —     100,000  

Net change in restricted cash and investments

     270     76,036     —     76,306  

Property, equipment and software—Purchases

     (11,108 )   (88 )   —     (11,196 )

Property, equipment and software—Proceeds from sales

     324     29     —     353  

Dividends received

     191,675     —     (191,675 )   —  

Investment in subsidiary

     (249,389 )   —     249,389     —  

Intercompany

     (119,298 )   5,583     113,715     —  
                   

Net cash provided by/(used in) investing activities            

     (102,546 )   (395,291 )   171,429     (326,408 )
                   

CASH FLOWS FROM FINANCING ACTIVITIES:

                          

Debt and other obligations:

                          

Proceeds from vehicle debt and other obligations

     —     1,192,226     (54,323 )   1,137,903  

Payments of vehicle debt and other obligations

     —     (1,081,350 )   9,277     (1,072,073 )

Payments—non-vehicle debt

     (148,125 )   —     —     (148,125 )

Issuance of common shares

     2,921     —     —     2,921  

Net settlement of employee withholding taxes on share-based awards

     (3,205 )   —     —     (3,205 )

Financing issue costs

     (1,997 )   (11,306 )   —     (13,303 )

Dividends paid

     —     (191,675 )   191,675     —  

Capital contribution from Parent

     —     245,907     (245,907 )   —  
                   

Net cash provided by/(used in) financing activities            

     (150,406 )   153,802     (99,278 )   (95,882 )
                   

CHANGE IN CASH AND CASH EQUIVALENTS

     15,603     20,717     —     36,320  

CASH AND CASH EQUIVALENTS:

                          

Beginning of Period

     450,007     13,146     —     463,153  
                   

End of Period

   $ 465,610   $ 33,863   $ —   $ 499,473  
                   

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2011
(In Thousands of Dollars)

 
   Guarantor
Subsidiaries		   Non-
Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Net cash provided by operating activities

   $ 306,521   $ 347,234   $ (86,461 ) $ 567,294  

CASH FLOWS FROM INVESTING ACTIVITIES:

                          

Revenue-earning vehicles—Purchases

     (58,522 )   (1,110,010 )   —     (1,168,532 )

Revenue-earning vehicles—Proceeds from sales

     42,746     715,020     —     757,766  

Net change in cash & cash equivalents required minimum balance

     100,000     —     —     100,000  

Net change in restricted cash and investments

     16     (75,477 )   —     (75,461 )

Property, equipment and software—Purchases

     (16,543 )   (90 )   —     (16,633 )

Property, equipment and software—Proceeds from sales

     330     29     —     359  

Dividends received

     266,675     —     (266,675 )   —  

Investment in subsidiary

     (247,713 )   —     247,713     —  

Intercompany

     (139,869 )   8,993     130,876     —  
                   

Net cash provided by/(used in) investing activities

     (52,880 )   (461,535 )   111,914     (402,501 )
                   

CASH FLOWS FROM FINANCING ACTIVITIES:

                          

Debt and other obligations:

                          

Proceeds from vehicle debt and other obligations

     —     1,592,466     (54,563 )   1,537,903  

Payments of vehicle debt and other obligations

     —     (1,396,350 )   9,277     (1,387,073 )

Payments—non-vehicle debt

     (148,125 )   —     —     (148,125 )

Issuance of common shares

     4,774     —     —     4,774  

Net settlement of employee withholding taxes on share-based awards

     (3,205 )   —     —     (3,205 )

Early termination of interest rate swap

     (8,815 )   —     —     (8,815 )

Forward stock repurchase agreement

     (100,000 )   —     —     (100,000 )

Financing issue costs

     (2,038 )   (12,719 )   —     (14,757 )

Dividends paid

     —     (266,675 )   266,675     —  

Capital contribution from Parent

     —     246,842     (246,842 )   —  
                   

Net cash provided by/(used in) financing activities

     (257,409 )   163,564     (25,453 )   (119,298 )
                   

CHANGE IN CASH AND CASH EQUIVALENTS

     (3,768 )   49,263     —     45,495  

CASH AND CASH EQUIVALENTS:

                          

Beginning of Period

     450,007     13,146     —     463,153  
                   

End of Period

   $ 446,239   $ 62,409   $ —   $ 508,648