Avis 2015 Annual Report Download - page 109

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F-40
___________
The carrying values of long-term debt, vehicle-backed debt due to Avis Budget Rental Car Funding and vehicle-backed debt as of
December 31, 2014 have been retrospectively adjusted by $67 million, $44 million and $16 million, respectively, to include debt
issuance costs, which are presented as a reduction of the corresponding liability.
(a) Derivatives in liability position.
19. Segment Information
The Company’s chief operating decision maker assesses performance and allocates resources based upon
the separate financial information from the Company’s operating segments. In identifying its reportable
segments, the Company considered the nature of services provided, the geographical areas in which the
segments operated and other relevant factors. The Company aggregates certain of its operating segments
into its reportable segments.
Management evaluates the operating results of each of its reportable segments based upon revenue and
“Adjusted EBITDA,” which the Company defines as income from continuing operations before non-vehicle
related depreciation and amortization, any impairment charge, restructuring expense, early extinguishment
of debt costs, non-vehicle related interest, transaction-related costs and income taxes. The Company’s
presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other
companies.
Year Ended December 31, 2015
Americas International Corporate
and Other (a) Total
Net revenues $ 6,069 $ 2,433 $ — $ 8,502
Vehicle depreciation and lease charges,
net 1,478 455 — 1,933
Vehicle interest, net 234 55 — 289
Adjusted EBITDA 682 277 (56) 903
Non-vehicle depreciation and amortization 143 75 — 218
Assets exclusive of assets under vehicle
programs 3,940 1,901 77 5,918
Assets under vehicle programs 9,440 2,276 — 11,716
Capital expenditures (excluding vehicles) 131 68 — 199
__________
(a) Primarily represents unallocated corporate overhead and receivables from our former subsidiaries.
Year Ended December 31, 2014
Americas International Corporate
and Other (a) Total
Net revenues $ 5,961 $ 2,524 $ — $ 8,485
Vehicle depreciation and lease charges,
net 1,492 504 — 1,996
Vehicle interest, net 234 48 — 282
Adjusted EBITDA 656 280 (60) 876
Non-vehicle depreciation and amortization 122 58 — 180
Assets exclusive of assets under vehicle
programs 3,946 1,730 108 5,784
Assets under vehicle programs 9,162 1,896 — 11,058
Capital expenditures (excluding vehicles) 113 69 — 182
__________
(a) Primarily represents unallocated corporate overhead and receivables from our former subsidiaries.