Avis 2015 Annual Report Download - page 52

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44
International
2015 2014 % Change
Revenue $ 2,433 $ 2,524 (4%)
Adjusted EBITDA 277 280 (1%)
Revenues decreased 4% during 2015 compared with 2014, primarily due to a $385 million (15%) negative impact
on revenues from currency exchange rate changes and a 4% decrease in pricing in constant currency (3%
excluding Maggiore) and partially offset by an 18% increase in rental volumes (9% excluding Maggiore).
Excluding Maggiore, total revenue per rental day decreased 1% in constant currency.
Adjusted EBITDA declined 1% in 2015 compared with 2014, due to lower pricing and a $42 million (15%)
negative impact from currency exchange rate changes, partially offset by an increase in rental volumes, 23%
lower per-unit fleet costs (9% in constant currency) and the acquisitions of Maggiore and Scandinavia.
In the year ended December 31, 2015:
• Operating expenses increased to 52.7% of revenue compared to 52.0% in 2014, primarily due to lower
pricing and higher insurance costs, partially offset by increased rental volumes.
• Vehicle depreciation and lease charges decreased to 18.7% of revenue from 20.0% compared to the prior
year, driven by lower per-unit fleet costs.
• Selling, general and administrative costs decreased to 14.9% of revenue compared to 15.0% in the prior
year.
• Vehicle interest costs increased to 2.2% of revenue compared to 1.9% in the prior year.
Corporate and Other
2015 2014 % Change
Revenue $ — $ — *
Adjusted EBITDA (56) (60) *
__________
* Not meaningful
Adjusted EBITDA increased $4 million in 2015 compared with 2014, primarily due to lower selling, general and
administrative expenses which are not attributable to a particular segment.