Thrifty Car Rental 2011 Annual Report Download - page 2

ToOurShareholders:
DollarThriftyAutomotiveGroup,Inc.(DTG)reportedrecordearningsin2011andaGAAPandNon‐
GAAP(excludingmerger‐relatedexpenses)earningspersharecompoundedannualgrowthrateof64.9
percentand103.4percent,respectively,from2009to2011.OurcorethemeofReturnonAssetshas
servedtheCompanywell.Disciplinedfleetandrevenuemanagementcombinedwiththeaggressive
pursuitofcostefficienciesinallareasofouroperationscontinuetobeourtoolsofchoice.
Withthehelpofarecoveringtravelmarket,astrongusedcarmarket,lowerfinancingandoperating
costsandhealthydemandforDTG’svalue‐orientedproductofferings,theCompanywasabletodeliver
onourmissiontodriveshareholdervalue.In2011,DTGreportednetincomeof$159.6million,or$5.11
perdilutedshare,comparedto$131.2million,or$4.34perdilutedshare,in2010.DTGalsoproduced
$303.2millioninCorporateAdjustedEBITDA(excludingmerger‐relatedexpenses)for2011,anincrease
ofapproximately$45millionfromtheprioryear.
Withover$500millioninunrestrictedcashatyearend,nocorporateindebtedness,twowell‐
establishedvaluebrandsandastrongusedcarmarketfortheforeseeablefuture,theroadaheadlooks
clear.Wewillworktowardsmaximizingshareholdervaluethroughprofitablegrowth,costcontrol,
productivityinitiativesandexceptionalcustomerservice.
Wehavetwonewtoolsinstorefor2012:asharerepurchaseplanandnewstoreopenings.InFebruary
2012,weclosedontherepurchaseofabout5percentoftheCompany’ssharesoutstanding,andwe
fullyexpecttoreturnmorecashtoourshareholdersinthefuture.Additionally,weareplanningto
expandthroughtheadditionofbothnewfranchiseelocationsandnewcorporatestores.Wewillonly
pursuegrowthinmarketswherewecanachievehighreturns.
TheCompany’srecentsuccesscancertainlybeattributedtoour5,900dedicatedemployees,ourtravel
industrypartners,OEMpartners,lendersandshareholderswhoseloyaltyandhardworkweresteadfast
throughouttheyear.Weremainwell‐positionedforthefuturewiththehelpofthesepartners,andIam
proudtostandalongsidethem.
Weappreciateyourcontinuedsupportandtrust,andthankyouforbeingashareholderaswestrive
eachandeverydaytodelivervaluetoourcustomersandresultstoourshareholders.

Respectfully,

ScottThompson
ChairmanoftheBoard,CEOandPresident

Tulsa,Oklahoma
March2012