Delaware
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1-13647
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73-1356520
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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ITEM 2.02
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS
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99. 1
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News release of Dollar Thrifty Automotive Group, Inc. dated April 23, 2012: Dollar Thrifty Automotive Group Provides Preliminary Guidance On Expected First Quarter Results
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DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.
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(Registrant)
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April 23, 2012
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By:
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/s/ H. CLIFFORD BUSTER III
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H. Clifford Buster III
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||
Senior Executive Vice President, Chief Financial
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||
Officer and Principal Financial Officer
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99. 1
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News release of Dollar Thrifty Automotive Group, Inc. dated April 23, 2012: Dollar Thrifty Automotive Group Provides Preliminary Guidance On Expected First Quarter Results
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Dollar Thrifty Automotive Group, Inc.
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Non-GAAP Measures
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Corporate Adjusted EBITDA means earnings, excluding the impact of the (increase) decrease in fair value of derivatives, before non-vehicle interest expense, income taxes, non-vehicle depreciation, amortization, and certain other items as shown below. The Company believes Corporate Adjusted EBITDA is important as it provides a supplemental measure of the Company's liquidity by adjusting earnings to exclude certain non-cash items, taxes and corporate-level capital structure decisions (i.e. non-vehicle interest), thus, allowing the Company's management, including the chief operating decision maker, as well as investors and analysts, to evaluate the Company's operating cash flows based on the core operations of the Company. Additionally, the Company believes Corporate Adjusted EBITDA is a relevant measure of operating performance in providing a measure of profitability that focuses on the core operations of the Company while excluding certain items that do not directly reflect ongoing operating performance. The Company's management, including the chief operating decision maker, uses Corporate Adjusted EBITDA to evaluate the Company's performance and in preparing monthly operating performance reviews and annual operating budgets. The items excluded from Corporate Adjusted EBITDA, but included in the calculation of the Company's reported net income, are significant components of its consolidated statements of income, and must be considered in performing a comprehensive assessment of overall financial performance. Corporate Adjusted EBITDA is not defined under GAAP and should not be considered as an alternative measure of the Company's net income, cash flow or liquidity. Corporate Adjusted EBITDA amounts presented may not be comparable to similar measures disclosed by other companies.
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Quarter Ended
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Full Year Ended
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March 31,
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December 31,
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|||||||||||||
2012
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2011
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2012
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2011
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(in millions)
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(in millions)
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(forecasted) | (actual) | (forecasted) | (actual) | |||||||||||
Reconciliation of Pretax Income to
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||||||||||||||
Corporate Adjusted EBITDA
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||||||||||||||
Pretax income
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$65-$70 | $ | 29 | $246-$271 | $ | 261 | ||||||||
(Increase) decrease in fair value of derivatives (a)
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- | (3 | ) | - | (3 | ) | ||||||||
Non-vehicle interest expense
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3 | 2 | 7 | 11 | ||||||||||
Non-vehicle depreciation
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4 | 5 | 19 | 19 | ||||||||||
Amortization
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2 | 2 | 7 | 7 | ||||||||||
Non-cash stock incentives
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2 | 1 | 7 | 3 | ||||||||||
Other
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(1 | ) | - | (1 | ) | - | ||||||||
Corporate Adjusted EBITDA
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$75-$80 | $ | 36 | $285-$310 | $ | 298 | ||||||||
(a) |
The (increase) decrease in fair value of derivatives for 2011 represents impacts as previously reported. As the Company cannot estimate changes in fair value of derivatives for future periods, no amounts are included in either the pretax income or the reconciling line item for periods that have not yet been reported. Accordingly, no amounts have been included for the first quarter or full year of 2012.
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