Avis 2009 Annual Report Download - page 4

Table of Contents
FORWARD-LOOKING STATEMENTS
The forward-looking statements contained herein are subject to known and unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied
by such forward-looking statements. These forward-
looking statements are based on various facts and were derived utilizing numerous important
assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements.
Forward-looking statements include the information concerning our future financial performance, business strategy, projected plans and
objectives. Statements preceded by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”,
“estimates”, “plans”, “may increase”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”, “would”,
“may” and “could” are generally forward-looking in nature and not historical facts. You should understand that the following important factors
and assumptions could affect our future results and could cause actual results to differ materially from those expressed in such forward-looking
statements:
•
the high level of competition in the vehicle rental industry and the impact such competition may have on pricing and rental volume;
•
an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of
used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs;
•
the results of operations or financial condition of the manufacturers of our cars, which could impact their ability to perform their
payment obligations under repurchase and/or guaranteed depreciation arrangements they have with us, and/or their willingness or
ability to make cars available to us or the rental car industry as a whole on commercially reasonable terms or at all;
• weakness in travel demand, including reduced airline passenger traffic in the United States and in the other international locations in
which we operate;
•
the effects of the economic recession and weakness in the housing market, which continued to contribute to a decline in rental activity,
and the impact such decline may continue to have on us, particularly during our peak season or in key market segments;
•
our ability to obtain financing for our operations, including the funding of our vehicle fleet via the asset
-
backed securities and lending
market at the same or similar cost, and the financial condition of financial-guaranty firms that have insured a portion of our
outstanding vehicle
-
backed debt;
•
an occurrence or threat of terrorism, pandemic disease, natural disasters or military conflict in the locations in which we operate;
•
our dependence on third
-
party distribution channels;
• our ability to control costs through our cost-savings and efficiency improvement initiatives or otherwise and successfully implement
our business strategy;
•
the impact of our derivative instruments, which can be affected by fluctuations in interest rates and other factors;
•
our ability to accurately estimate our future results;
•
a major disruption in our communication or centralized information networks;
•
our exposure to uninsured claims in excess of historical levels;