Dollar Rent A Car 2011 Annual Report Download - page 40
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Operating Results
The Company had income before income taxes of $261.2 million in 2011 compared to income before income taxes of $221.4 million in 2010.
Year Ended December 31, 2010 Compared with Year Ended December 31, 2009
Revenues
$ Increase/ % Increase/
2010 2009 (decrease) (decrease)
(in millions)
Vehicle rentals $ 1,473.0 $ 1,472.9 $ 0.1 0.0%
Other 64.2 73.3 (9.1) (12.5%)
Total revenues $ 1,537.2 $ 1,546.2 $ (9.0) (0.6%)
Vehicle rental metrics:
Average number of vehicles operated 102,291 102,948 (657) (0.6%)
Average revenue per day $48.55 $48.11 $0.44 0.9%
Number of rental days 30,338,815 30,616,395 (277,580) (0.9%)
Vehicle utilization 81.3% 81.5% (0.2) p.p. N/M
Vehicle rental revenue remained basically flat with a 0.9% increase in revenue per day, offset by a 0.9% decrease in rental days. On a same store basis,
vehicle rental revenue was up 1.6% in 2010 compared to 2009, due to company-owned store closures in 2009.
Other revenue decreased $9.1 million. This decrease was primarily due to a $9.5 million decline in leasing revenue, primarily due to the termination of a
substantial portion of the licensee vehicle leasing program during 2009 and a $1.8 million decrease in the market value of investments in the Company’s
deferred compensation and retirement plans, partially offset by an increase of $1.8 million in fees and services revenue derived from franchisees. The revenue
relating to the deferred compensation and retirement plans is attributable to the mark-to-market valuation of the corresponding investments and is offset in
selling, general and administrative expenses and, therefore, has no impact on net income.
Expenses
$ Increase/ % Increase/
2010 2009 (decrease) (decrease)
(in millions)
Direct vehicle and operating $ 745.5 $ 768.5 $ (23.0) (3.0%)
Vehicle depreciation and lease charges, net 299.2 426.1 (126.9) (29.8%)
Selling, general and administrative 209.3 200.3 9.0 4.5%
Interest expense, net of interest income 89.3 96.6 (7.3) (7.5%)
Long-lived asset impairment 1.1 2.6 (1.5) 59.2%
Total expenses $ 1,344.4 $ 1,494.1 $ (149.7) (10.0%)
(Increase) decrease in fair value of derivatives $ (28.7) $ (28.8) $ 0.1 (0.5%)
Direct vehicle and operating expense decreased $23.0 million, primarily due to lower transaction levels, as well as an ongoing focus on cost reduction
initiatives. As a percent of revenue, direct vehicle and operating expenses were 48.5% in 2010, compared to 49.7% in 2009.
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