Avis 2013 Annual Report Download - page 49

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39
ITEM 6. SELECTED FINANCIAL DATA
As of or For the Year Ended December 31,
2013 2012 2011 2010 2009
(In millions, except per share data)
Results of Operations
Net revenues $ 7,937 $ 7,357 $ 5,900 $ 5,185 $ 5,131
Net income (loss) $ 16 $ 290 $ (29) $ 54 $ (47)
Adjusted EBITDA (a) (b) $ 708 $ 802 $ 605 $ 398 $ 205
Earnings (loss) Per Share
Basic $ 0.15 $ 2.72 $ (0.28) $ 0.53 $ (0.46)
Diluted 0.15 2.42 (0.28) 0.49 (0.46)
Financial Position
Total assets $ 16,284 $ 15,218 $ 12,938 $ 10,327 $ 10,093
Assets under vehicle programs 10,452 10,099 9,090 6,865 6,522
Corporate debt 3,394 2,905 3,205 2,502 2,131
Debt under vehicle programs (c) 7,337 6,806 5,564 4,515 4,374
Stockholders’ equity 771 757 412 410 222
__________
(a) The following table reconciles Adjusted EBITDA to Net income (loss) within our Selected Financial Data, which we define as income
from continuing operations before non-vehicle related depreciation and amortization, any impairment charge, early extinguishment of
debt, non-vehicle related interest, transaction-related costs and income taxes. Our presentation of Adjusted EBITDA may not be
comparable to similarly-titled measures used by other companies.
For the Year Ended December 31,
2013 2012 2011 2010 2009
Adjusted EBITDA $ 708 $802 $605 $398 $205
Less: Non-vehicle related depreciation and amortization 152 125 95 90 96
Interest expense related to corporate debt, net 228 268 219 170 153
Early extinguishment of debt 147 75 — 52 —
Transaction-related costs 51 34 255 14 —
Impairment 33 — — — 33
Income (loss) before income taxes 97 300 36 72 (77)
Provision for (benefit from) income taxes 81 10 65 18 (30)
Net income (loss) $ 16 $ 290 $(29)$ 54 $ (47)
__________
(b) Adjusted EBITDA includes restructuring costs of $61 million, $38 million, $5 million, $11 million and $20 million for the years ended
December 31, 2013, 2012, 2011, 2010 and 2009, respectively.
(c) Includes related-party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”). See Note 14 to
our Consolidated Financial Statements.
In presenting the financial data above in conformity with GAAP, we are required to make estimates and
assumptions that affect the amounts reported. See “Critical Accounting Policies” under Item 7 of this Annual
Report for a detailed discussion of the accounting policies that we believe require subjective and complex
judgments that could potentially affect reported results.
TRANSACTION RELATED-COSTS, RESTRUCTURING AND OTHER ITEMS
During 2013, 2012, 2011 and 2010, we recorded $51 million, $34 million, $255 million and $14 million,
respectively, of transaction-related costs, primarily related to our acquisition of Avis Europe and Zipcar, the
integration of acquired businesses with our operations and expenses related to our previous efforts to acquire
Dollar Thrifty Automotive Group, Inc. (“Dollar Thrifty”). In 2013, these costs were primarily related to the
acquisition of Zipcar and the integration of acquired businesses. During 2012, these costs were primarily related
to the integration of Avis Europe’s operations with the Company’s. In 2011, these costs included (i) a $117 million