Avis 2011 Annual Report Download - page 108

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F-54
24. Selected Quarterly Financial Data—(unaudited)
Provided below are selected unaudited quarterly financial data for 2011 and 2010.
The earnings per share information is calculated independently for each quarter based on the weighted average common
stock and common stock equivalents outstanding, which may fluctuate, based on quarterly income levels and market
prices. Therefore, the sum of the quarters’ per share information may not equal the annual amount presented on the
Consolidated Statements of Operations.
2011
First (b) Second (c)
Third (d) Fourth
(a) (e)
Net revenues $ 1,235 $ 1,412 $ 1,623 $ 1,630
Net income (loss) 7 52 82 (170)
Per share information:
Basic
Net income (loss) $ 0.07 $ 0.49 $ 0.78 $ (1.62)
Weighted average shares 104.6 105.4 105.4 105.5
Diluted
Net income (loss) $ 0.06 $ 0.42 $ 0.65 $ (1.62)
Weighted average shares 106.8 129.0 128.9 105.5
2010
First (a) (f) Second (g)
Third (h) Fourth
(a) (i)
Net revenues $ 1,153 $ 1,294 $ 1,512 $ 1,226
Net income (loss) (38) 26 90 (24)
Per share information:
Basic
Net income (loss) $ (0.37) $ 0.25 $ 0.88 $ (0.23)
Weighted average shares 102.6 103.1 103.2 103.3
Diluted
Net income (loss) $ (0.37) $ 0.22 $ 0.73 $ (0.23)
Weighted average shares 102.6 126.6 126.6 103.3
__________
(a) As the Company incurred a loss from continuing operations for this period, all outstanding stock options, restricted stock units,
stock warrants and issuable shares underlying the convertible notes issued in 2009 are anti-dilutive for such period. Accordingly,
basic and diluted weighted average shares outstanding are equal for such period.
(b) Net income for first quarter 2011 includes $7 million ($4 million, net of tax) of interest expense and $2 million ($1 million, net of
tax) of transaction-related costs related to the Company’s previous efforts to acquire Dollar Thrifty.
(c) Net income for second quarter 2011 includes $11 million ($9 million, net of tax) of due-diligence, advisory and other expenses,
and $7 million ($4 million, net of tax) of interest expense, both related to the Avis Europe Acquisition and the Company’s
previous efforts to acquire Dollar Thrifty, and $23 million ($14 million, net of taxes) of losses on foreign-currency hedges related
to the Avis Europe Acquisition purchase price.
(d) Net income for third quarter 2011 includes $47 million ($31 million, net of tax) related to due-diligence, advisory and other
expenses related to the Avis Europe Acquisition and the Company’s previous efforts to acquire Dollar Thrifty, and $26 million
($16 million, net of taxes) of losses on foreign-currency hedges related to the Avis Europe purchase price.
(e) Net income for fourth quarter 2011 includes charges of $160 million ($153 million, net of tax) related primarily to the Avis
Europe Acquisition, including a $117 million ($117 million, net of tax) non-cash charge related to the unfavorable license rights
acquired by the Company, $39 million ($33 million, net of tax) related to due-diligence, advisory and other expenses, and $4
million ($3 million, net of tax) for amortization expense related to intangible assets recognized in the Avis Europe acquisition;
and $5 million ($3 million, net of tax) related to the Company’s restructuring initiatives (see Note 4—Restructuring Charges).
(f) Net income for first quarter 2010 includes charges of $40 million ($24 million, net of tax) related to the early extinguishment of
corporate debt and $1 million ($1 million, net of tax) related to the Company’s restructuring initiatives.
(g) Net income for second quarter 2010 includes a $2 million charge ($1 million, net of tax) related to restructuring initiatives, $2
million ($1 million, net of tax) of expenses related to the Company’s previous efforts to acquire of Dollar Thrifty and $1 million
($1 million, net of tax) of expense related to a charge recorded in 2009 for an adverse litigation judgment.
(h) Net income for third quarter 2010 includes $6 million ($4 million, net of tax) in restructuring charges and $5 million ($3 million,
net of tax) of expenses related to the Company’s previous efforts to acquire Dollar Thrifty.
(i) Net income for fourth quarter 2010 includes charges of $12 million ($8 million, net of tax) related to the early extinguishment of
corporate debt, $15 million ($9 million, net of tax) of transaction-related costs and interest expense related to the Company’s
previous efforts to acquire Dollar Thrifty and $2 million ($1 million, net of tax) related to the Company’s restructuring initiatives.