Dollar Rent A Car 2011 Annual Report Download - page 4

FACTORS AFFECTING FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” about our expectations, plans and performance, including those under “Management’s Discussion and
Analysis of Financial Condition and Results of Operations - 2012 Outlook” and “Liquidity and Capital Resources.” These statements use such words as
“may,” “will,” “expect,” “believe,” “intend,” “should,” “could,” “anticipate,” “estimate,” “forecast,” “project,” “plan” and similar expressions. These
statements do not guarantee future performance and Dollar Thrifty Automotive Group, Inc. assumes no obligation to update them. Risks and uncertainties
relating to our business that could materially affect our future results include:
· constraints on our growth and profitability given the challenges we face in increasing our market share in the key airport and local markets we
serve, high barriers to entry in the insurance replacement market, capital and other constraints on expanding company-owned stores internationally
and the challenges we would face in further reducing our expenses;
· the impact of the continuing volatility in the global financial and credit markets, particularly in certain countries in the European Union, and
concerns about global economic prospects that could materially adversely affect consumer discretionary spending, including for international
inbound travel to the United States and for leisure travel more generally, on which we are substantially dependent;
· the impact of pending and future U.S. governmental action to address budget deficits through reductions in spending and similar austerity
measures, which could materially adversely affect unemployment rates and consumer spending levels;
· the continuing significant political unrest and other concerns involving certain oil-producing countries, which has contributed to price volatility for
petroleum products, and in recent periods higher average gasoline prices, which could affect both broader economic conditions and consumer
spending levels;
· the impact of pricing and other actions by competitors;
· our ability to manage our fleet mix to match demand and meet our target for vehicle depreciation costs, particularly in light of the significant level
of risk vehicles (i.e., those vehicles not acquired through a guaranteed residual value program) in our fleet and our exposure to wholesale used
vehicle prices;
· the cost and other terms of acquiring and disposing of automobiles and the impact of conditions in the used vehicle market on our vehicle cost,
including the impact on vehicle depreciation costs in 2012 based on pricing volatility in the used vehicle market;
· our ability to reduce our fleet capacity as and when projected by our plans;
· the continuing strength of the U.S. automotive industry on which we depend for vehicle supply;
· airline travel patterns, including disruptions or reductions in air travel resulting from capacity reductions, pricing actions, severe weather
conditions, industry consolidation or other events, particularly given our dependence on leisure travel;
· access to reservation distribution channels, particularly as the role of the Internet and mobile applications increases in the marketing and sale of
travel-related services;
· the effectiveness of actions we take to maintain a low cost structure and to manage liquidity;
· the impact of repurchases of our common stock pursuant to our share repurchase program;
· our ability to obtain cost-effective financing as needed without unduly restricting our operational flexibility;
· our ability to comply with financial covenants, and the impact of those covenants on our operating and financial flexibility;
· whether our preliminary expectations about our federal income tax position, after giving effect to the impact of the Tax Relief, Unemployment
Insurance Reauthorization and Job Creation Act of 2010, are affected by changes in our expected fleet size or operations or further legislative
initiatives relating to taxes in the United States or elsewhere;
· our ability to continue to defer the reversal of prior period tax deferrals and the availability of accelerated depreciation payments in future periods,
the lack of either of which could result in material cash federal income tax payments in future periods;
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