Avis 2008 Annual Report Download - page 114
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Year Ended December 31, 2007
In 2007, a $1,195 million charge was recorded for the impairment of goodwill (see Note 2—Summary of Significant Accounting Policies).
Year Ended December 31, 2006
Domestic
Car Rental
International
Car Rental
Truck
Rental
Corporate
and Other
(a)
Total
Net revenues
$
4,679
$
873
$
416
$
18
$
5,986
Vehicle depreciation and lease charges, net
1,270
205
96
-
1,571
Vehicle interest, net
259
28
28
-
315
EBITDA
265
131
17
1
414
Non
-
vehicle depreciation and amortization
74
7
2
1
84
Segment assets exclusive of assets under vehicle
programs
2,528
717
192
1,056
4,493
Assets under vehicle programs
6,421
1,043
517
-
7,981
Capital expenditures (excluding vehicles)
79
12
3
-
94
Domestic
Car Rental
International
Car Rental
Truck
Rental
Corporate
and Other
(a)
Total
Net revenues
(b)
$
4,395
$
761
$
472
$
61
$
5,689
Vehicle depreciation and lease charges, net
1,145
178
93
-
1,416
Vehicle interest, net
272
22
26
-
320
EBITDA
214
111
45
(393
)
(23
)
Non
-
vehicle depreciation and amortization
78
6
2
19
105
Segment assets exclusive of assets under vehicle
programs
3,096
919
314
1,242
5,571
Assets under vehicle programs
6,400
798
502
-
7,700
Capital expenditures (excluding vehicles)
63
18
2
12
95
(a)
Includes the results of operations of the Company’s non-strategic businesses, investments, unallocated corporate overhead and the
elimination of transactions between segments.
Provided below is a reconciliation of EBITDA to loss before income taxes.
F
-
51
(b)
Inter-segment net revenues were not significant to the net revenues of any one segment.
Year Ended December 31,
2008
2007
2006
EBITDA
$
136
$
414
$
(23
)
Less: Non
-
vehicle related depreciation and amortization
88
84
105
Interest expense related to corporate debt, net
129
127
236
Impairment
1,262
1,195
-
Early extinguishment of debt
-
-
313
Loss before income taxes
$
(1,343
)
$
(992
)
$
(677
)