Avis 2014 Annual Report Download - page 70
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F-3
Avis Budget Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
Year Ended December 31,
2014 2013 2012
Revenues
Vehicle rental $ 6,026 $ 5,707 $ 5,297
Other 2,459 2,230 2,060
Net revenues 8,485 7,937 7,357
Expenses
Operating 4,251 4,074 3,824
Vehicle depreciation and lease charges, net 1,996 1,811 1,471
Selling, general and administrative 1,080 1,019 925
Vehicle interest, net 282 264 297
Non-vehicle related depreciation and amortization 180 152 125
Interest expense related to corporate debt, net:
Interest expense 209 228 268
Early extinguishment of debt 56 147 75
Restructuring expense 26 61 38
Transaction-related costs, net 13 51 34
Impairment — 33 —
Total expenses 8,093 7,840 7,057
Income before income taxes 392 97 300
Provision for income taxes 147 81 10
Net income $ 245 $ 16 $ 290
Earnings per share
Basic $ 2.32 $ 0.15 $ 2.72
Diluted $ 2.22 $ 0.15 $ 2.42
See Notes to Consolidated Financial Statements.