Avis 2011 Annual Report Download - page 2

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2
successfully focused on profitable growth, we grew our Adjusted EBTIDA excluding certain
items2, by 49%, to $610 million, the highest level in the Company’ s history.
2012 and Beyond. We believe strongly that our strategic growth initiatives provide further
opportunities for profitable growth. Accordingly, we will continue to pursue rental
transactions arising from cross-border travel, dual-branding our off-airport locations, winning
small-business customers, and enhancing our brand perception and value proposition. Our
process-improvement efforts now are under way on a global basis. And we will continue to
strengthen our brands’ presence throughout the world, in both high-growth countries as well
as areas where our brands have relatively untapped growth potential.
__________
Our record financial results in 2011 demonstrate both that our strategic plan is on target and
what our business is capable of. We are proud of the tremendous effort put forth by our
talented and hard-working employees to deliver our results. We remain confident that as we
continue to generate profitable growth, coupled with ongoing vigilance in controlling costs
and improvement in the global economy over time, our stock price will move to levels
commensurate with our results.
We are excited to be investing for growth and accelerating our strategic initiatives to
capitalize on profitable opportunities. On behalf of the more than 28,000 Avis Budget
Group employees around the world, we appreciate your continued support of our efforts.
Yours sincerely,
Ronald L. Nelson
Chairman and Chief Executive Officer
1For information regarding our pro forma results, including assumptions and adjustments, please see the accompanying
Annual Report on Form 10-K for 2011.
2 A reconciliation of Adjusted EBITDA, excluding certain items, to the most comparable financial measure calculated and
presented in accordance with GAAP can be found in our earnings release issued on February 15, 2012 and on our website at
www.avisbudgetgroup.com.
This letter contains forward-looking statements that are subject to known and unknown risks and
uncertainties that could cause actual results to differ materially from those expressed or implied
by such statements. Important assumptions and other important factors that could cause actual
results to differ materially from those in the forward-looking statements are specified in our 2011
Annual Report on Form 10-K including under headings such as “Risk Factors” and “Management’ s
Discussion and Analysis of Financial Condition and Results of Operations.”