Avis 2014 Annual Report Download - page 53

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46
International
2013 2012 % Change
Revenue $ 2,522 $ 2,342 8%
Adjusted EBITDA 272 270 1%
Revenues increased 8% during 2013 compared with 2012, primarily due to a 4% increase in rental days and a
10% increase in ancillary revenues (excluding acquisitions), the March 2013 acquisition of Zipcar, October 2012
acquisition of Apex Car Rentals (“Apex”), and a $14 million increase related to currency exchange rates, partially
offset by a 2% decrease in pricing (excluding acquisitions).
Adjusted EBITDA increased 1% in 2013 compared with 2012. Apex contributed $42 million to revenue and $9
million to Adjusted EBITDA in 2013, compared to $8 million of revenue and $2 million of Adjusted EBITDA in
fourth quarter 2012. Zipcar contributed $41 million to revenue and an insignificant amount to Adjusted EBITDA in
2013.
In the year ended December 31, 2013:
• Operating expenses, at 52.9% of revenue, remained level compared to the prior year.
• Vehicle depreciation and lease costs decreased to 20.2% of revenue from 20.6% in the prior year,
principally due to an increase in fleet utilization.
• Selling, general and administrative costs increased to 14.2% of revenue from 13.3% in the prior-year,
primarily due to increased marketing commissions and the acquisition of Zipcar.
• Vehicle interest costs increased to 1.9% of revenue compared to 1.6% in the prior year, due to lower cash
balances in 2013.
Truck Rental
2013 2012 % Change
Revenue $ 373 $ 374 0%
Adjusted EBITDA 36 34 6%
Revenues decreased $1 million as the effects on volume of having an 8% smaller fleet were largely offset by a
7% increase in pricing.
Adjusted EBITDA increased $2 million in 2013 compared with 2012.
Corporate and Other
2013 2012 % Change
Revenue $ — $ 1 *
Adjusted EBITDA (47) (21) *
__________
* Not meaningful
Revenue and Adjusted EBITDA decreased $1 million and $26 million, respectively, in 2013 compared with 2012.
Adjusted EBITDA decreased in 2013 primarily due to greater selling, general and administrative expenses which
are not attributable to a particular segment.