Avis 2013 Annual Report Download - page 60
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50
• amended our senior revolving credit facility to extend its maturity to 2018, expand its borrowing capacity
to $1.65 billion, and reduce its borrowing spread by 75 basis points;
and used proceeds from these borrowings, as well as cash generated from our operations, to:
• fund our acquisitions of Zipcar and Payless;
• retire the entire $450 million principal amount outstanding of our Senior Notes due 2018;
• repay the entire $250 million principal amount outstanding of our Floating Rate Senior Notes due 2014;
• repurchase $62 million of our 3½% Convertible Notes due 2014;
• repay all $49 million of our Floating Rate Term Loan due 2016;
• repay $39 million of our 8¼% Senior Notes due 2019;
• repay approximately $27 million principal amount outstanding of our 9¾% Senior Notes due 2020; and
• repurchase approximately 1.6 million shares of our outstanding common stock.
During 2013, we also increased our borrowings under vehicle programs to fund the seasonal increase in our
rental fleet and completed a three-year, €500 million (approximately $687 million) European securitization
program, which matures in 2016 and will be used to finance fleet purchases for a portion of our European
operations.
Cash Flows
Year Ended December 31, 2013 vs. Year Ended December 31, 2012
The following table summarizes our cash flows:
Year Ended December 31,
2013 2012 Change
Cash provided by (used in):
Operating activities $ 2,253 $ 1,889 $ 364
Investing activities (2,234) (2,073) (161)
Financing activities 76 250 (174)
Effects of exchange rate changes (8) 6 (14)
Net change in cash and cash equivalents 87 72 15
Cash and cash equivalents, beginning of period 606 534 72
Cash and cash equivalents, end of period $ 693 $ 606 $ 87
The increase in cash provided by operating activities during 2013 compared to 2012 is principally due to
increased revenues and our continued cost reduction efforts.
The increase in cash used in investing activities during 2013 compared with 2012 is primarily due to the
acquisitions of Zipcar and Payless, partially offset by an increase in proceeds from the sale of vehicles and a
decrease in our investment in vehicles.
The decrease in cash provided by financing activities in 2013 compared with 2012, primarily reflects an increase
in net payments on vehicle borrowings in 2013, partially offset by an increase in net proceeds from corporate
borrowings to fund the acquisition of Zipcar.
We anticipate that our non-vehicle capital expenditures will be approximately $190 million in 2014. As of
December 31, 2013, we had approximately $150 million of authorized share repurchase capacity, and we
currently anticipate that we will utilize substantially all such capacity to repurchase common stock in 2014.