call our release largely accounting and numbers which focus Neal and cash of Thanks, mentioned, both together full My results flow, quarter reconciled now tax adjusted of an and on the update with standard. the effects press year and in the will new presentation. our I'm reform are together comments Larry, morning, fourth for good GAAP revenue U.S. from earnings results, as discuss to with outlook going everyone. of liquidity recognition our fleet our our
company total volume while International an growth our lower the half, improvement led with revenue increasing first costs Americas the of were fleet Fleet starting strong were significant year-on-year, quarter, fourth unchanged million to positive XX% X%. local for in a to overview by costs X% This, from in mitigating led quarter Firstly, in to cost and $X benefit in point margin. the pricing the currency. EBITDA a improvement a to exchange, our foreign adjusted in our $XXX improvement XX-basis actions and conjunction million with with
X% unit increased and partially total offset of X% company the XXXX, by X% in by volume pricing. strong local actions growth cost lower throughout For $X.X per the billion, year. whole local we to implemented X% fleet increased costs revenue by driven currency currency, the mitigating by Company-wide
EBITDA was our result, As $XXX million. adjusted a
customers. we grew half in most performance resulted Across pricing while was X%, improving improvement all flat of commercial detail with by with Now, in were focus the Americas' into particularly both mix unchanged per evident channel currency. revenue on Leisure by profitable quarter increasing quarter. volume local rate XXXX, increased first the per X% driving than transactions this strong X%, pricing most consecutive day of a the the our results, the Commercial This on with were more a day, of improved X% starting the focused and profitable the and customer in the on pricing year. further in Americas X% achieving quarter, second as pricing go second for to quarter, volume season. the lower, volume each and Americas, rate in overall Christmas we through in
effects contracted XX to XXXX. and tight fleet. the consciously shortly, continuing we our model alternative basis fewer year from buy the plan disruptions, great for utilization still unit we with but by the XXXX. Now, compared our performance the points Despite channels. fleet by to in hear first demand, year turning improve in to four, small vehicles half flat fleet improved start increased and of hurricane-related year quarter this for to difficult recovery relative full disposition detail from XXXX prices helped Per to year you'll our a in a to utilization approach car were Americas' the X% strategy further in With XXXX, used assisted their year benefit more where keep to model costs costs, post-hurricane particularly by
sell benefits the strategic our our to prior more our alternative see alternative to the sales fleets initiative through from channels. to XX% risk risk of in XX% quarter, car year. continue We for channels compared In accounted disposition of
For in the cars of risk increase percentage XXXX. XX% full XXXX year, compared in of were to again outside we channels in plans sold that further XX% to auction have traditional and place
opportunity in alternative teams drive together why pulled hear our As quarter cost channels through quarter I'm million excited selling progress from way shuttling and about substantial, the by the further which both revenue made manpower in also will to the progress is pleased savings through as efficiencies ahead planning and benefits driven of cost growth improve the benefit our of as we quarter EBITDA to saving from made we initiatives. I'm a you measures. productivity for to these $XXX us. reminder, as the in strategic and X% efforts the Consequently, well is the Americas' in our still Larry with XXXX shortly, our and so increased the from mitigation adjusted greater
particularly an and local business, from benefiting benefit break International for in performance with businesses strong substantially up currency the evenly Now, segment. EMEA growth, currency including was organic quarter and and with X% in Europe FranceCars commercial to at benefiting strong a the a in acquired Germany in Christmas Pricing We drove robust X%, from Australia. and particularly and was increased increasing year-over-year, local in This XX% our XX% from X% improved in Australia, spread volume year-over-year. summer quarter. revenue the X% our December XX% Rental XXXX which days grew We good turning growth respectively. in APAC volume demand Italy.
in France, robust and was year-on-year, Australia; the growth healthy, and a inbound in unit increasing in good local strong quarter fleet local X% quarter. combined also costs with quarter a in International We $X XX% leisure Spain good benefit, the or growth, exchange currency. a demand increasing led achieved four EBITDA adjusted up X% performance and XX% currency. revenue volume were per million cost to for currency X% in with volume overall This, lower
full X% Combined per local X% increased year, and in a local in International XX% reported, increase currency, $XX X% from costs by unit mitigating the pricing. fleet For XX% lower currency volume, a to our with $XXX by actions benefit and offset full-year from in were million a cost benefits International currency record EBITDA with revenue increased X% partially that million. lower adjusted local currency, International
to Now, from the us position, non-vehicle line million, overview Starting spite reform flow in in of million flow. depreciation. which Non-fleet flow, $XXX adjusted cash in cash generated of effects and XXXX, our we revenue to with recognition faced U.S. move CapEx and was $XXX cash the standard. on free to was challenges tax the plus material of new with funding our an
non-fleet around investment certain CapEx, $XXX XXXX, we as car. to expect connected we on For initiatives, spend increase in particularly million growth
price a tuck-in an have Budget million $XX shares as to of pipeline of also and fourth attractive share. cost stake average per expect as We licensees X.X of XX% which U.S., France, of close taking the well quarter in Avis at including in $XX.XX few next an our back initial Greece. We in the licensee months, a at million bought over the we in acquisitions, strategically Germany several
current the $XX.XX full repurchases year million million per approximately share of shares or of year, X.X our the our a market cap. The cost totaled at repurchases For $XXX X% represented for share.
Our our plus business. cash $XXX seasonality of remains our credit on $X.X facility, of programs of the strong financial capacity million available our of vehicle having with of at position $X with This and under billion reflecting the ending liquidity. available end approximately capacity quarter billion XXXX, revolving the $X.X comprised billion
times X.XX of hover range our Our top net leverage to targeted the to X of continue of times. around times X corporate
However, our below X.XX defined. was maximum then almost leverage turn the of end X.XX ratio, times, at purposes, times, a year as for ratio covenant
change credit we to component last strong of announced XXXX. market week, facility extended favorable to we revolving credit portion with extended years the loan was terms and years The our no X components and XXXX rate extended amidst both to of by X senior As charged. the was with facility interest conditions, term
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impact to to the briefly some our U.S. XXXX tax are Before reporting we discuss of reform making moving our wanted and going guidance, financial to I changes forward.
Tax Act in a the an initial from recent the of change $XXX the revaluation existing use in NOLs resulting charge settle cumulative benefit million one-time rather earnings. of quarter, net presently earnings resulted in $XXX We by the passage on over will partially tax million corporate initial tax net liabilities These million us be to of the our estimates due First, than in eight-year offset tax recording the trued rate, estimated from foreign the cash deferred tax year. period. up intend later to the foreign paying on $XXX
to as to XX% Act, expect we addition, effective XX%. and going it Tax currently between a forward result lower tax and In be anticipate the of our rates be
making we're reporting. our some in Second, changes
the along reported and of have our the new in January with our tables in night, adopting revenue last metrics. standard saw, recognition and the new the you key accounting in reviewed relevant XXXX outlook of anticipation As earnings section the standard leasing we implementation of January XXXX, release
ensure per report to by As days. a all of that comparability we to total measure to and day, brands, will defined total metrics period-over-period, using revenue, divided now result our of revenue going as our begin forward, review, including rental pricing
of focus well. represents in is others management in on meaningful to it bundling. and reported the a separately of local pricing, metric measure the currency helpful definition including expressed both and as impact metrics and this comparable we'll the This We currency, believe investors also will We more effects is also show to overall as industry. FX this
last We could your eight earnings release provided table so last years' new calculated that have our revenue metric X per under definition prior you in our day models. show the update of quarters pricing night's to
brands fleet addition, note metrics to unit that per from to – in Just with which all we've was provided U.S. also ensure revenue our now moving previously this includes X our consistency table excluded metric. truck our business, program. in revenue Back to costs, which to loyalty comprises now that
operating Previously, transaction instead each adoption in subsequently forfeiture. revenue prevailing with with or generates that will the that recorded the under redemption the not of accounting now recognition but the accounting a future defer of revenue providing of As result being a revenue, then associated new customer of an customer standard, cost rental deferral we loyalty result revenue did the upon recognized rules. expense points
expect let's goes on. where To our impact is broadly to This those loyalty now the XX With change around turn outlook. on impact We impact income our including XXXX from would profit progressively points in the related XX points the of the basis X year this basis year, recorded the statements. change. negatively the year effect quarter confirm, impacting cost this first to point Americas' across as revenue decreasing pricing to by deferral approximate reported with an considerations is the is no XXXX, neutral mind, there primarily in in cash
to X% between including volume benefit. is expected X% our and X% be growth volume to grow approximate to $XXX International expect and X% X%. currency an to be revenues between million between million Americas' We and $XXX X% and
International We currency expect the for to pricing to flat Americas to to year versus down and range local between in up X%. unchanged a be X% prior be pricing
broadly to have revenue in discussed is Guidance and new for approximately anticipating to pricing, Americas' the previous loyalty day based point and we're the time I would includes our guidance our change our metrics which per related point accounting the metric under on effect XX-basis on program XXXX mileage been Our similar. earlier. XX-basis
XXXX, X% a unit is this down Implicit expectation the flat be prices interest used will discussed of well incentive of model currency. to to face marketing our market the per and as in higher an be approximately a of which percentage effects had in resetting $XX in buy, X% and million to volume our late-model costs we've plus in results. our impact adjusted to earlier fleet expect vehicle of year to compensation And is expense lower This the of vehicle guidance We a International number resulting which be of our we year as headwinds expect cost than local interest as million from the U.S. rates, costs in prior include the These noted budgets are Americas as our partially partially fleet a million the by X%. in up These annualization range of on which result interest $XX values and mitigating offset unit up per our cars effects year. XXXX XXXX EBITDA. costs. that points $XX our growth to utilization, benefits actions well we high as couple I lower currency of rising approximate previously, will coming
be spending the $XXX our As is adjusted marketing to $XXX EBITDA to increased to It should for exacerbated adoption this year important the also This in million. expect a increase being and neutral across pronounced impacts effect out the first million me however, in will point that broadly we between percentage by whole most quarter. quarter. of consequence, negative be the effect of loyalty the accounting revenue year, on the a first of the as timing
the first In factors in improvement. leisure faster our two years, to now even addition, growth more are past have towards profits the we given few quarter limit These skew the our quarters. middle profit expected seen
excluding amortization, acquisition-related amortization non-vehicle approximately expect and that $XXX depreciation estimate we our be million. We to
between $X.XX pre-tax our $X.XX and rate. We and expect tax expected adjusted benefiting now EPS from our to be growth the profit both lower share, per
and $XXX between expect free to our be flow million. $XXX We cash million
which our made recent cash we credit headroom. our our XXXX. deploy years, we a greater tuck-in Lastly, our XXXX, initiative marked to the the strong covenant improvements XXXX, its free around continue in for and cost flow. also shareholders. terms summary, to driven will will will acquisitions in of This Americas. line capital We an In the million quarter We extending continue be flow in senior dispose earlier. return facility, recently in to in global channels with of matching discussed fourth likely I and maturity we we practice half of In intend strategic to by increased $XXX saw cars modified through growth gaining currently to plan seasonal cash both second this the volume ability in be lower pricing
year, growth the an and revenue call this attractive to and grow the I'd to projecting and both our like We highly regions back a turn despite pipeline both With and positive International facing strategic that, of are CapEx have acquisitions tuck-in both to in number Americas Larry. profits of headwinds. we and remain about business
