Avis 2014 Annual Report Download - page 119
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F-52
21. Selected Quarterly Financial Data—(unaudited)
Provided below are selected unaudited quarterly financial data for 2014 and 2013.
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.
2014
First Second Third Fourth
Net revenues $ 1,862 $ 2,194 $ 2,542 $ 1,887
Net income 426 192 23
Per share information:
Basic
Net income $ 0.03 $ 0.25 $ 1.84 $ 0.22
Weighted average shares 106.6 105.1 103.9 106.2
Diluted
Net income $ 0.03 $ 0.24 $ 1.74 $ 0.21
Weighted average shares 108.6 111.0 109.9 108.3
2013
First Second Third Fourth
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
22. Subsequent Events
In January 2015, the Company completed the acquisition of its Avis and Budget licensee for Norway,
Sweden and Denmark for approximately $50 million.
In January 2015, the Company’s Avis Budget Rental Car Funding subsidiary issued $650 million in five-year
asset backed notes with a weighted average interest rate of 2.7%. The proceeds from the borrowings will
provide funds for the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the
United States.