Thrifty Car Rental 2007 Annual Report Download - page 38

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Year Ended December 31, 2007 Compared with Year Ended December 31, 2006
Operating Results
The Company had income before income taxes of $12.8 million for 2007 as compared to $88.4 million in
2006.
Revenues
$ Increase/ % Increase/
2007 2006 (decrease) (decrease)
Vehicle rentals 1,676.4$ 1,538.7$ 137.7$ 8.9%
Other 84.4 122.0 (37.6) (30.8%)
Total revenues 1,760.8$ 1,660.7$ 100.1$ 6.0%
Vehicle rental metrics:
Number of rental days (including 37,231,340 36,642,026 589,314 1.6%
franchise aquisitions)
Number of rental days (excluding 35,290,629 36,642,026 (1,351,397) (3.7%)
franchise aquisitions)
Average revenue per day $45.03 $41.99 $3.04 7.2%
Vehicle leasing metrics:
Average number of vehicles leased 5,384 9,886 (4,502) (45.5%)
Average monthly lease revenue per unit $555 $479 $76 15.9%
(in millions)
Vehicle rental revenue increased 8.9% due to a 7.2% increase in revenue per day totaling $113.1 million
coupled with a 1.6% increase in rental days totaling $24.6 million. Rental days grew by 5.3% due to 2006
franchisee acquisitions, 2007 franchisee acquisitions and greenfield locations that had not yet annualized,
but decreased 3.7% on a same store basis.
Other revenue decreased $37.6 million. This decrease was due to a $30.1 million decline in vehicle
leasing revenue and fees and services revenue primarily due to the shift of several locations from
franchised operations to corporate operations. Additionally, there was a decrease in the market value of
investments in the Company’s deferred compensation and retirement plans of $13.9 million. 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. These decreases in other revenue were partially offset by an
increase in parking revenues of $5.7 million.
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