Ex-99.1
Table 1
Avis Budget Group, Inc.
SEGMENT RESULTS
($ in millions)
In conjunction with a change in the Company's reportable segments, the financial results of the Company’s North America, South America, Central America and Caribbean operations will now be reported in the Company's Americas reportable segment. The Company's consolidated results for the years ended December 31, 2014 and 2013 are not affected by such changes. The table below illustrates the impact of these changes to Revenue and Adjusted EBITDA for 2014 and 2013.
FOR THE YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||||||||||||||||||||
As Previously Reported | |||||||||||||||||||||||||||||||||||||||
Revenue | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||||
North America | $ | 1,236 | $ | 1,427 | $ | 1,623 | $ | 1,247 | $ | 5,533 | $ | 114 | $ | 157 | $ | 255 | $ | 81 | $ | 607 | |||||||||||||||||||
International | 551 | 667 | 815 | 555 | 2,588 | 17 | 57 | 160 | 56 | 290 | |||||||||||||||||||||||||||||
Truck Rental | 75 | 100 | 104 | 85 | 364 | (2 | ) | 13 | 18 | 10 | 39 | ||||||||||||||||||||||||||||
Corporate and Other | — | — | — | — | — | (12 | ) | (14 | ) | (16 | ) | (18 | ) | (60 | ) | ||||||||||||||||||||||||
Total | 1,862 | 2,194 | 2,542 | 1,887 | 8,485 | 117 | 213 | 417 | 129 | 876 | |||||||||||||||||||||||||||||
Adjustments for Segment Reclassification | |||||||||||||||||||||||||||||||||||||||
Revenue | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||||
Americas | $ | 1,330 | $ | 1,542 | $ | 1,742 | $ | 1,347 | $ | 5,961 | $ | 115 | $ | 172 | $ | 275 | $ | 94 | $ | 656 | |||||||||||||||||||
North America | (1,236 | ) | (1,427 | ) | (1,623 | ) | (1,247 | ) | (5,533 | ) | (114 | ) | (157 | ) | (255 | ) | (81 | ) | (607 | ) | |||||||||||||||||||
International | (19 | ) | (15 | ) | (15 | ) | (15 | ) | (64 | ) | (3 | ) | (2 | ) | (2 | ) | (3 | ) | (10 | ) | |||||||||||||||||||
Truck Rental | (75 | ) | (100 | ) | (104 | ) | (85 | ) | (364 | ) | 2 | (13 | ) | (18 | ) | (10 | ) | (39 | ) | ||||||||||||||||||||
Corporate and Other | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
As Adjusted | |||||||||||||||||||||||||||||||||||||||
Revenue | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||||
Americas | $ | 1,330 | $ | 1,542 | $ | 1,742 | $ | 1,347 | $ | 5,961 | $ | 115 | $ | 172 | $ | 275 | $ | 94 | $ | 656 | |||||||||||||||||||
International | 532 | 652 | 800 | 540 | 2,524 | 14 | 55 | 158 | 53 | 280 | |||||||||||||||||||||||||||||
Corporate and Other | — | — | — | — | — | (12 | ) | (14 | ) | (16 | ) | (18 | ) | (60 | ) | ||||||||||||||||||||||||
Total | $ | 1,862 | $ | 2,194 | $ | 2,542 | $ | 1,887 | $ | 8,485 | $ | 117 | $ | 213 | $ | 417 | $ | 129 | $ | 876 |
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||||||||||||||||
As Previously Reported | |||||||||||||||||||||||||||||||||||||||
Revenue | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||||
North America | $ | 1,098 | $ | 1,279 | $ | 1,500 | $ | 1,165 | $ | 5,042 | $ | 93 | $ | 115 | $ | 226 | $ | 74 | $ | 508 | |||||||||||||||||||
International | 517 | 621 | 786 | 599 | 2,522 | 17 | 58 | 149 | 48 | 272 | |||||||||||||||||||||||||||||
Truck Rental | 76 | 102 | 109 | 85 | 373 | (5 | ) | 17 | 19 | 5 | 36 | ||||||||||||||||||||||||||||
Corporate and Other | — | — | — | — | — | (12 | ) | (11 | ) | (11 | ) | (13 | ) | (47 | ) | ||||||||||||||||||||||||
Total | 1,691 | 2,002 | 2,395 | 1,849 | 7,937 | 93 | 179 | 383 | 114 | 769 | |||||||||||||||||||||||||||||
Adjustments for Segment Reclassification | |||||||||||||||||||||||||||||||||||||||
Revenue | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||||
Americas | $ | 1,192 | $ | 1,399 | $ | 1,625 | $ | 1,264 | $ | 5,481 | $ | 96 | $ | 136 | $ | 248 | $ | 80 | $ | 560 | |||||||||||||||||||
North America | (1,098 | ) | (1,279 | ) | (1,500 | ) | (1,165 | ) | (5,042 | ) | (93 | ) | (115 | ) | (226 | ) | (74 | ) | (508 | ) | |||||||||||||||||||
International | (18 | ) | (18 | ) | (16 | ) | (14 | ) | (66 | ) | (8 | ) | (4 | ) | (3 | ) | (1 | ) | (16 | ) | |||||||||||||||||||
Truck Rental | (76 | ) | (102 | ) | (109 | ) | (85 | ) | (373 | ) | 5 | (17 | ) | (19 | ) | (5 | ) | (36 | ) | ||||||||||||||||||||
Corporate and Other | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
As Adjusted | |||||||||||||||||||||||||||||||||||||||
Revenue | Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||||
Americas | $ | 1,192 | $ | 1,399 | $ | 1,625 | $ | 1,264 | $ | 5,481 | $ | 96 | $ | 136 | $ | 248 | $ | 80 | $ | 560 | |||||||||||||||||||
International | 499 | 603 | 770 | 585 | 2,456 | 9 | 54 | 146 | 47 | 256 | |||||||||||||||||||||||||||||
Corporate and Other | — | — | — | — | — | (12 | ) | (11 | ) | (11 | ) | (13 | ) | (47 | ) | ||||||||||||||||||||||||
Total | $ | 1,691 | $ | 2,002 | $ | 2,395 | $ | 1,849 | $ | 7,937 | $ | 93 | $ | 179 | $ | 383 | $ | 114 | $ | 769 |
_______
The sum of the quarters does not necessarily equal the full year due to rounding.
Table 2 (page 1 of 2)
Avis Budget Group, Inc.
SEGMENT REVENUE DRIVER ANALYSIS
In conjunction with a change in the Company's reportable segments, the key operating statistics of the Company’s North America, South America, Central America and Caribbean operations will now be reported in the Company's Americas reportable segment. The table below illustrates the impact of these changes to rental days, time and mileage revenue per day and average rental fleet for 2014 and 2013. Rental days and time and mileage revenue per day are calculated based on the actual rental of the vehicle during a 24-hour period. Our calculation of rental days and time and mileage revenue per day may not be comparable to the calculation of similarly-titled statistics by other companies. Amounts exclude U.S. truck rental and Zipcar transactions.
FOR THE YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||
As Previously Reported | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||
North America | |||||||||||||||||||||
Rental Days (000’s) | 21,129 | 24,801 | 26,973 | 22,174 | 95,078 | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 41.77 | $ | 40.61 | $ | 43.05 | $ | 39.60 | $ | 41.33 | |||||||||||
Average Rental Fleet | 328,230 | 391,707 | 411,955 | 344,169 | 369,015 | ||||||||||||||||
International | |||||||||||||||||||||
Rental Days (000’s) | 7,754 | 9,485 | 11,697 | 8,460 | 37,395 | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 42.86 | $ | 41.91 | $ | 42.15 | $ | 38.17 | $ | 41.34 | |||||||||||
Average Rental Fleet | 123,866 | 148,853 | 171,406 | 133,184 | 144,329 | ||||||||||||||||
As Adjusted | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||
Americas | |||||||||||||||||||||
Rental Days (000’s) | 21,418 | 25,036 | 27,214 | 22,408 | 96,075 | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 41.70 | $ | 40.57 | $ | 42.99 | $ | 39.54 | $ | 41.27 | |||||||||||
Average Rental Fleet | 332,500 | 395,706 | 416,029 | 348,129 | 373,091 | ||||||||||||||||
International | |||||||||||||||||||||
Rental Days (000’s) | 7,465 | 9,250 | 11,456 | 8,226 | 36,398 | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 43.12 | $ | 42.06 | $ | 42.28 | $ | 38.30 | $ | 41.49 | |||||||||||
Average Rental Fleet | 119,596 | 144,854 | 167,332 | 129,224 | 140,253 |
_______
The sum of the quarters does not necessarily equal the full year due to rounding.
Table 2 (page 2 of 2)
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
As Previously Reported | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||
North America | |||||||||||||||||||||
Rental Days (000’s) | 19,723 | 23,016 | 25,511 | 20,836 | 89,086 | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 41.34 | $ | 39.26 | $ | 42.07 | $ | 39.38 | $ | 40.55 | |||||||||||
Average Rental Fleet | 312,604 | 358,943 | 380,964 | 317,210 | 342,430 | ||||||||||||||||
International | |||||||||||||||||||||
Rental Days (000’s) | 7,500 | 9,312 | 11,950 | 8,638 | 37,400 | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 43.89 | $ | 41.79 | $ | 42.11 | $ | 42.50 | $ | 42.48 | |||||||||||
Average Rental Fleet | 122,250 | 146,538 | 173,955 | 138,303 | 145,263 | ||||||||||||||||
As Adjusted | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||
Americas | |||||||||||||||||||||
Rental Days (000’s) | 20,012 | 23,273 | 25,771 | 21,075 | 90,131 | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 41.30 | $ | 39.24 | $ | 42.01 | $ | 39.34 | $ | 40.52 | |||||||||||
Average Rental Fleet | 316,942 | 363,005 | 385,182 | 321,153 | 346,570 | ||||||||||||||||
International | |||||||||||||||||||||
Rental Days (000’s) | 7,211 | 9,055 | 11,690 | 8,399 | 36,355 | ||||||||||||||||
Time and Mileage Revenue per Day | $ | 44.11 | $ | 41.91 | $ | 42.24 | $ | 42.67 | $ | 42.63 | |||||||||||
Average Rental Fleet | 117,912 | 142,476 | 169,737 | 134,360 | 141,123 |
_______
The sum of the quarters does not necessarily equal the full year due to rounding.