Avis 2012 Annual Report Download - page 99

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F-43
Year Ended December 31, 2011
North
America
International
Truck
Rental
Corporate
and Other (a)
Total
Net revenues
$
4,495
$
1,028
$
376
$
1
$
5,900
Vehicle depreciation and lease charges, net
969
209
45
-
1,223
Vehicle interest, net
263
11
12
-
286
Adjusted EBITDA
442
127
49
(13)
605
Non-vehicle depreciation and amortization
80
14
1
-
95
Segment assets exclusive of assets under vehicle
programs
2,112
1,464
88
184
3,848
Assets under vehicle programs
6,674
2,109
307
-
9,090
Capital expenditures (excluding vehicles)
54
10
1
-
65
__________
(a) Includes the results of operations of the Company’s investments, unallocated corporate overhead and the elimination of
transactions between segments.
Year Ended December 31, 2010
North
America
International
Truck
Rental
Corporate
and Other (a)
Total
Net revenues
$
4,260
$
555
$
367
$
3
$
5,185
Vehicle depreciation and lease charges, net
1,124
103
60
-
1,287
Vehicle interest, net
288
1
15
-
304
Adjusted EBITDA
266
114
34
(16)
398
Non-vehicle depreciation and amortization
85
3
2
-
90
Segment assets exclusive of assets under vehicle
programs
2,515
321
99
527
3,462
Assets under vehicle programs
5,925
580
360
-
6,865
Capital expenditures (excluding vehicles)
57
4
-
-
61
__________
(a) Includes the results of operations of the Company’s investments, unallocated corporate overhead and the elimination of
transactions between segments.
Provided below is a reconciliation of Adjusted EBITDA to income (loss) before income taxes.
For the Year Ended December 31,
2012
2011
2010
Adjusted EBITDA (a)
$
802
$
605
$
398
Less: Non-vehicle related depreciation and amortization
125
95
90
Interest expense related to corporate debt, net
268
219
170
Early extinguishment of debt
75
-
52
Transaction-related costs
34
255
14
Income before income taxes
$
300
$
36
$
72
(a) Adjusted EBITDA includes restructuring costs of $38 million, $5 million and $11 million for the years ended December 31,
2012, 2011 and 2010, respectively.