Avis 2010 Annual Report Download - page 112

Table of Contents
In 2008, a $1,262 million charge was recorded for the impairment of goodwill, intangible assets and investments (see Note 2—Summary of
Significant Accounting Policies).
Provided below is a reconciliation of Adjusted EBITDA to income (loss) before income taxes.
The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.
The following consolidating financial information presents Consolidating Condensed Statements of Operations for the years ended
December 31, 2010, 2009 and 2008, Consolidating Condensed Balance Sheets as of December 31, 2010 and December 31, 2009 and
Consolidating Condensed Statements of Cash Flows for the years ended December 31, 2010, 2009 and 2008 for: (i) Avis Budget Group, Inc.
(the “Parent”); (ii) Avis Budget Car Rental and Avis Budget Finance, Inc. (the “Subsidiary Issuers”); (iii) the guarantor subsidiaries; (iv) the
non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent with the Subsidiary Issuers, the guarantor and non-
guarantor subsidiaries; and (vi) the Company on a consolidated basis. The Subsidiary Issuers and the guarantor and non-guarantor
subsidiaries are 100% owned by the Parent, either directly or indirectly. All guarantees are full and unconditional and joint and several. This
financial information is being presented in relation to the Company’
s guarantee of the payment of principal, premium (if any) and interest on
the Senior Notes. See Note 14—Long-term Debt and Borrowing Arrangements for additional description of these Senior Notes. The Senior
Notes have separate investors than the equity investors of the Company and are guaranteed by the Parent and certain subsidiaries.
F
-
48
Year Ended December 31,
2010
2009
2008
Adjusted EBITDA
$
384
$
205
$
136
Less: Non
-
vehicle related depreciation and amortization
90
96
88
Interest expense related to corporate debt, net
170
153
129
Early extinguishment of debt
52
-
-
Impairment
-
33
1,262
Income (loss) before income taxes
$
72
$
(77
)
$
(1,343
)
United
States
All Other
Countries
Total
2010
Net revenues
$
4,263
$
922
$
5,185
Segment assets exclusive of assets under vehicle programs
2,949
513
3,462
Assets under vehicle programs
5,899
966
6,865
Property and equipment, net
382
43
425
2009
Net revenues
$
4,323
$
808
$
5,131
Segment assets exclusive of assets under vehicle programs
3,068
503
3,571
Assets under vehicle programs
5,542
980
6,522
Property and equipment, net
400
42
442
2008
Net revenues
$
5,080
$
904
$
5,984
Segment assets exclusive of assets under vehicle programs
3,007
485
3,492
Assets under vehicle programs
7,046
780
7,826
Property and equipment, net:
445
40
485
22.
Guarantor and Non
-
Guarantor Consolidating Financial Statements