Avis 2013 Annual Report Download - page 126

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F-54
22. Selected Quarterly Financial Data—(unaudited)
Provided below are selected unaudited quarterly financial data for 2013 and 2012.
The earnings per share information is calculated independently for each quarter based on the weighted
average number of 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.
2013
First (a) (b) Second (a) (c) Third (d) Fourth (a) (e)
Net revenues $ 1,691 $ 2,002 $ 2,395 $ 1,849
Net income (loss) (46) (28) 118 (28)
Per share information:
Basic
Net income (loss) $ (0.43) $ (0.26) $ 1.09 $ (0.26)
Weighted average shares 107.7 108.4 108.3 107.1
Diluted
Net income (loss) $ (0.43) $ (0.26) $ 1.02 $ (0.26)
Weighted average shares 107.7 108.4 116.2 107.1
2012
First (a) (f) Second (g) Third (h) Fourth (a) (i)
Net revenues $ 1,623 $ 1,866 $ 2,170 $ 1,698
Net income (loss) (23) 79 280 (46)
Per share information:
Basic
Net income (loss) $ (0.22) $ 0.74 $ 2.62 $ (0.43)
Weighted average shares 105.9 106.7 106.8 106.9
Diluted
Net income (loss) $ (0.22) $ 0.66 $ 2.38 $ (0.43)
Weighted average shares 105.9 121.9 118.0 106.9
___________
(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 convertible notes are anti-dilutive for such
period. Accordingly, basic and diluted weighted average shares outstanding are equal for such period.
(b) Net income (loss) for first quarter 2013 includes $40 million ($39 million, net of tax) for costs related to the early
extinguishment of corporate debt, $10 million ($7 million, net of tax) in restructuring expenses, $8 million ($6
million, net of tax) for transaction-related costs primarily related to the integration of Avis Europe and the
acquisition of Zipcar, and $4 million ($3 million, net of tax) for amortization expense related to intangible assets
recognized in the acquisitions of Avis Europe and Zipcar.
(c) Net income (loss) for second quarter 2013 includes $91 million ($56 million, net of tax) for costs related to the
early extinguishment of corporate debt, $19 million ($16 million, net of tax) for transaction-related costs primarily
related to the integration of Avis Europe and the acquisition and integration of Zipcar, $15 million ($10 million, net
of tax) in restructuring expenses and $6 million ($4 million, net of tax) for amortization expense related to
intangible assets recognized in the acquisitions of Avis Europe and Zipcar.
(d) Net income (loss) for third quarter 2013 includes a $10 million ($7 million, net of tax) for transaction-related costs
primarily related to the integration of Avis Europe and the acquisition of Payless, $14 million ($9 million, net of
tax) in restructuring expenses, $6 million ($4 million, net of tax) for amortization expense related to intangible