Thrifty Car Rental 2011 Annual Report Download - page 5

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FACTORS AFFECTING FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” about our expectations, plans and performance,
including those under “Management’s Discussion and Analysis of Financial Condition and Results of
Operations – 2012 Outlook” and “Liquidity and Capital Resources.” These statements use such
words as “may,” “will,” “expect,” “believe,” “intend,” “should,” “could,” “anticipate,” “estimate,”
“forecast,” “project,” “plan” and similar expressions. These statements do not guarantee future
performance and Dollar Thrifty Automotive Group, Inc. assumes no obligation to update them. Risks
and uncertainties relating to our business that could materially affect our future results include:
• constraints on our growth and profitability given the challenges we face in increasing our
market share in the key airport and local markets we serve, high barriers to entry in the
insurance replacement market, capital and other constraints on expanding company-owned
stores internationally and the challenges we would face in further reducing our expenses;
• the impact of the continuing volatility in the global financial and credit markets, particularly in
certain countries in the European Union, and concerns about global economic prospects
that could materially adversely affect consumer discretionary spending, including for
international inbound travel to the United States and for leisure travel more generally, on
which we are substantially dependent;
• the impact of pending and future U.S. governmental action to address budget deficits
through reductions in spending and similar austerity measures, which could materially
adversely affect unemployment rates and consumer spending levels;
• the continuing significant political unrest and other concerns involving certain oil-producing
countries, which has contributed to price volatility for petroleum products, and in recent
periods higher average gasoline prices, which could affect both broader economic
conditions and consumer spending levels;
• the impact of pricing and other actions by competitors;
• our ability to manage our fleet mix to match demand and meet our target for vehicle
depreciation costs, particularly in light of the significant level of risk vehicles (i.e., those
vehicles not acquired through a guaranteed residual value program) in our fleet and our
exposure to wholesale used vehicle prices;
• the cost and other terms of acquiring and disposing of automobiles and the impact of
conditions in the used vehicle market on our vehicle cost, including the impact on vehicle
depreciation costs in 2012 based on pricing volatility in the used vehicle market;
• our ability to reduce our fleet capacity as and when projected by our plans;
• the continuing strength of the U.S. automotive industry on which we depend for vehicle
supply;
• airline travel patterns, including disruptions or reductions in air travel resulting from capacity
reductions, pricing actions, severe weather conditions, industry consolidation or other
events, particularly given our dependence on leisure travel;
• access to reservation distribution channels, particularly as the role of the Internet and
mobile applications increases in the marketing and sale of travel-related services;
• the effectiveness of actions we take to maintain a low cost structure and to manage liquidity;
• the impact of repurchases of our common stock pursuant to our share repurchase program;
• our ability to obtain cost-effective financing as needed without unduly restricting our
operational flexibility;
• our ability to comply with financial covenants, and the impact of those covenants on our
operating and financial flexibility;
• whether our preliminary expectations about our federal income tax position, after giving
effect to the impact of the Tax Relief, Unemployment Insurance Reauthorization and Job
Creation Act of 2010, are affected by changes in our expected fleet size or operations or
further legislative initiatives relating to taxes in the United States or elsewhere;
• our ability to continue to defer the reversal of prior period tax deferrals and the availability of
accelerated depreciation payments in future periods, the lack of either of which could result
in material cash federal income tax payments in future periods;
3