Avis 2011 Annual Report Download - page 35

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29
ITEM 6. SELECTED FINANCIAL DATA
At or For the Year Ended
December 31,
2011
2010 2009 2008 2007
(In millions, except per share data)
Results of Operations
Net revenues $ 5,900 $ 5,185 $ 5,131 $ 5,984 $ 5,986
Income (loss) from continuing operations $ (29) $ 54 $ (47) $ (1,124) $ (947)
Income from discontinued operations, net of tax - - - - 31
Net income (loss) $ (29) $ 54 $ (47) $ (1,124) $ (916)
Per Share Data
Income (loss) from continuing operations:
Basic $ (0.28) $ 0.53 $ (0.46) $ (11.04) $ (9.18)
Diluted (0.28) 0.49 (0.46) (11.04) (9.18)
Income from discontinued operations:
Basic $ - $ - $ - $ - $ 0.30
Diluted - - - - 0.30
Net income (loss):
Basic $ (0.28) $ 0.53 $ (0.46) $ (11.04) $ (8.88)
Diluted (0.28) 0.49 (0.46) (11.04) (8.88)
Cash dividends declared $ - $ - $ - $ - $ -
Financial Position
Total assets $ 12,938 $ 10,327 $ 10,093 $ 11,318 $ 12,474
Assets under vehicle programs 9,090 6,865 6,522 7,826 7,981
Corporate debt 3,205 2,502 2,131 1,789 1,797
Debt under vehicle programs (a) 5,564 4,515 4,374 6,034 5,596
Stockholders’ equity 412 410 222 93 1,465
__________
(a) Includes related-party debt due to Avis Budget Rental Car Funding (AESOP), LLC. See Note 16 to our Consolidated Financial
Statements.
In presenting the financial data above in conformity with generally accepted accounting principles, we are required to make
estimates and assumptions that affect the amounts reported. See “Critical Accounting Policies” under Item 7 included
elsewhere herein for a detailed discussion of the accounting policies that we believe require subjective and complex
judgments that could potentially affect reported results.
Restructuring, Transaction-related Costs and Other Items
During 2011 and 2010, we recorded $255 million and $14 million, respectively, of transaction-related costs related to our
acquisition of Avis Europe plc (“Avis Europe”) and our previous efforts to acquire Dollar Thrifty Automotive Group, Inc.
(“Dollar Thrifty”). During 2011, these costs included a $117 million non-cash charge related to the unfavorable license rights
reacquired by the Company, that provided Avis Europe with royalty-free license rights within certain territories, $49 million
for losses on foreign-currency transactions related to the Avis Europe Acquisition purchase price, and $89 million of
expenses related to due-diligence, advisory and other costs. See Notes 1 and 6 to our Consolidated Financial Statements. In
2010, these costs related to due-diligence and other cost for our previous efforts to acquire Dollar Thrifty.
During 2011, we began to integrate the operations of Avis Europe and incurred $3 million in related charges. We recorded
charges related to other restructuring initiatives of $2 million in 2011, $11 million in 2010, $20 million in 2009, and $28
million in 2008. See Note 4 to our Consolidated Financial Statements.
In 2010, we recorded $52 million of expense related to the early extinguishment of a portion of our corporate debt and
associated interest rate swaps.