Avis Price range Group Experiences File Revenues, Internet Earnings and


PARSIPPANY, N.J., Feb. 14, 2022 (GLOBE NEWSWIRE) — Avis Price range Group, Inc. (NASDAQ: CAR) at the moment introduced monetary outcomes for fourth quarter and full yr ended December 31, 2021.

We ended 2021 with fourth quarter revenues 90% above prior yr and 19% above fourth quarter of 2019, at $2.6 billion. Our revenues had been pushed by elevated income per day and rental days as demand continued from the third quarter. Internet earnings was $381 million and Adjusted EBITDA was $683 million, our greatest fourth quarter Adjusted EBITDA in Firm historical past. Utilization for the quarter was 68.2%, displaying that our fleet was effectively positioned to fulfill demand.

Full yr revenues elevated 72% in comparison with the prior yr and a couple of% above 2019, at $9.3 billion. Internet earnings was $1.3 billion and Adjusted EBITDA was $2.4 billion, each new full yr information for the Firm. The numerous improve in revenues suggests a gentle return to historic journey ranges.

Our liquidity place on the finish of the quarter was roughly $757 million with a further $2.6 billion of fleet funding capability. We have now well-laddered company debt and no significant maturities till 2024.

“Our robust efficiency continued within the fourth quarter with all of our key metrics beating pre-pandemic ranges within the Americas,” stated Joe Ferraro, Avis Price range Group Chief Government Officer. “We had been capable of obtain these outcomes and ship the perfect yr in our Firm’s historical past regardless of the emergence of Omicron. This would not have been potential with out the tireless effort of our total group and I wish to thank the workforce for serving to us obtain these milestones.”

This fall and Full 12 months Highlights

  • Complete Firm revenues for the fourth quarter elevated by 90% and 19% in comparison with fourth quarter 2020 and 2019, respectively.
  • Adjusted EBITDA within the Americas was $670 million for the fourth quarter and $2.4 billion for the yr ended 2021 pushed by robust pricing, elevated demand and sustained value self-discipline.
  • Adjusted EBITDA in Worldwide was $32 million for the fourth quarter and $118 million for the yr ended 2021 pushed by robust pricing, continued recovering quantity and robust value mitigating actions.
  • We repurchased roughly 2.6 million shares of frequent inventory within the fourth quarter at a median value of $170, bringing our complete repurchases to roughly 14.3 million shares of frequent inventory for 2021.

Investor Convention Name

We’ll host a convention name to debate fourth quarter and full yr ended December 31, 2021 outcomes on February 15, 2022, at 8:30 a.m. (ET). Traders could entry the decision at ir.avisbudgetgroup.com or by dialing (877) 407-2991 and a replay will obtainable on our web site and at (877) 660-6853 utilizing convention code 13726207.

About Avis Price range Group

Avis Price range Group, Inc. is a number one international supplier of mobility options, each by its Avis and Price range manufacturers, which have greater than 10,000 rental places in roughly 180 international locations all over the world, and thru its Zipcar model, which is the world’s main automotive sharing community with multiple million members. Avis Price range Group operates most of its automotive rental workplaces in North America, Europe and Australasia instantly, and operates primarily by licensees in different components of the world. Avis Price range Group is headquartered in Parsippany, N.J. Extra info is out there at avisbudgetgroup.com.

Ahead-Wanting Statements

Sure statements on this press launch represent “forward-looking statements.” Any statements that seek advice from outlook, expectations or different characterizations of future occasions, circumstances or outcomes, together with all statements associated to our future outcomes, influence from the COVID-19 outbreak, future journey ranges, cost-saving actions, the worldwide semiconductor scarcity and money flows are forward-looking statements. Varied dangers that might trigger future outcomes to vary from these expressed by the forward-looking statements included on this press launch embody, however usually are not restricted to, the severity and length of the COVID-19 outbreak, which is anticipated to proceed to have a major influence on our operations, and ensuing financial circumstances and associated restrictions, the excessive stage of competitors within the mobility business, modifications in our fleet prices, together with because of a change in the price of new autos, producer recollects and/or the worth of used autos, disruption within the provide of recent autos, disposition of autos not coated by producer repurchase applications, our potential to understand our estimated value financial savings on a well timed foundation, or in any respect, the monetary situation of the producers that provide our rental autos, together with because of the worldwide semiconductor scarcity, which may have an effect on their potential to carry out their obligations underneath our repurchase and/or assured depreciation preparations, the numerous decline in journey demand because of COVID-19, together with the present and any additional disruptions in airline passenger site visitors, the absence of an enchancment in or any additional deterioration in financial circumstances usually, significantly throughout our peak season and/or in key market segments, any prevalence or risk of terrorism, the present and any future pandemic ailments or different pure disasters, any modifications to the price or provide of gasoline, dangers associated to acquisitions or integration of acquired companies, dangers related to litigation, together with class motion lawsuits, governmental or regulatory inquiries or investigations, dangers associated to the safety of our info know-how programs, disruptions in our communication networks, modifications in tax or different rules, a major improve in rates of interest or borrowing prices, our potential to acquire financing for our international operations, together with the funding of our car fleet by way of asset-backed securities markets, any fluctuations associated to the mark-to-market of derivatives which hedge our publicity to change charges, rates of interest and gasoline prices, our potential to fulfill the covenants contained within the agreements governing our indebtedness, and our potential to precisely estimate our future outcomes and implement our value financial savings actions. Different unknown or unpredictable elements may even have materials opposed results on the Firm’s efficiency or achievements. Necessary assumptions and different essential elements that might trigger precise outcomes to vary materially from these within the forward-looking statements are laid out in Avis Price range Group’s Annual Report on Type 10-Ok for the yr ended December 31, 2020, Quarterly Report on Type 10-Q for the three and 9 months ended September 30, 2021 and in different filings and furnishings made by the Firm with the Securities and Alternate Fee (the “SEC”) once in a while. The Firm undertakes no obligation to publicly replace any forward-looking statements to replicate subsequent occasions or circumstances.

Non-GAAP Monetary Measures and Key Metrics

This launch consists of monetary measures resembling Adjusted EBITDA, Adjusted web earnings and Adjusted free money stream, in addition to different monetary measures that aren’t thought-about usually accepted accounting rules (“GAAP”) measures as outlined underneath SEC guidelines. Necessary info concerning such measures is contained within the monetary tables to this launch and in Appendix I, together with the definitions of those measures and reconciliations to the closest comparable GAAP measures. The Firm and its administration imagine that these non-GAAP measures are helpful to traders in measuring the comparable outcomes of the Firm period-over-period. The GAAP measures most instantly corresponding to Adjusted EBITDA, Adjusted free money stream, Adjusted pretax earnings (loss), Adjusted web earnings (loss) and Adjusted diluted earnings (loss) per share are web earnings (loss), web money supplied by working actions, earnings (loss) earlier than earnings taxes, web earnings (loss) attributable to Avis Price range Group, Inc. and diluted earnings (loss) per share, respectively. International foreign money translation results on the Firm’s outcomes are quantified by translating the present interval’s non-U.S. dollar-denominated outcomes utilizing the foreign money change charges of the prior interval of comparability together with any associated good points and losses on foreign money hedges. Per-unit fleet prices, which characterize car depreciation, lease costs and achieve or loss on car gross sales, divided by common rental fleet, are calculated on a per-month foundation.

Contact
David Calabria
IR@avisbudget.com
PR@avisbudget.com

Tables Comply with

 
Desk 1
Avis Price range Group, Inc.
SUMMARY DATA SHEET
(In hundreds of thousands, besides per share knowledge)
         
    Three Months Ended December 31,   12 months Ended December 31,
      2021       2020     % Change     2021     2020     % Change
Earnings Assertion and Different Objects                      
  Revenues $ 2,569     $ 1,355     90 %   $ 9,313   $ 5,402     72 %
  Earnings (loss) earlier than earnings taxes   543       (135 )   502 %     1,708     (956 )   279 %
  Internet earnings (loss)   381       (90 )   523 %     1,283     (684 )   288 %
  Earnings (loss) per share – diluted   6.63       (1.29 )   614 %     19.44     (9.71 )   300 %
                           
  Adjusted Earnings Measures (non-GAAP) (A)                        
  Adjusted EBITDA $ 683     $ 74     823 %   $ 2,411   $ (175 )   n/m  
  Adjusted pretax earnings (loss)   578       (46 )   n/m       1,980     (626 )   416 %
  Adjusted web earnings (loss)   408       (26 )   n/m       1,486     (438 )   439 %
  Adjusted earnings (loss) per share – diluted   7.08       (0.36 )   n/m       22.49     (6.21 )   462 %
                         
    As of                
    December
31, 2021
  December
31, 2020
               
Steadiness Sheet Objects                      
  Money and Money Equivalents $ 534     $ 692                  
  Automobiles, web   12,866       8,153                  
  Debt underneath car applications   11,390       6,857                  
  Company debt   4,009       4,210                  
  Stockholders’ fairness attributable to Avis Price range Group, Inc.   (220 )     (155 )                
Phase Outcomes                      
  Three Months Ended December 31,   12 months Ended December 31,
    2021       2020     % Change     2021       2020     % Change
Revenues                      
Americas $ 2,100     $ 1,029     104 %   $ 7,557     $ 3,965     91 %
Worldwide   469       326     44 %     1,756       1,437     22 %
Company and Different             n/m                 n/m  
Complete Firm $ 2,569     $ 1,355     90 %   $ 9,313     $ 5,402     72 %
                             
Adjusted EBITDA                        
Americas $ 670     $ 113     493 %   $ 2,364     $ 72     n/m  
Worldwide   32       (28 )   214 %     118       (202 )   158 %
Company and Different   (19 )     (11 )   n/m       (71 )     (45 )   n/m  
Complete Firm $ 683     $ 74     823 %   $ 2,411     $ (175 )   n/m  
_______
n/m Not significant.
(A) See Desk 5 for reconciliations of non-GAAP measures and Appendix I for definitions.
Desk 2
Avis Price range Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In hundreds of thousands, besides per share knowledge)
 
    Three Months Ended
December 31,
  12 months Ended
December 31,
      2021       2020       2021       2020  
Revenues $ 2,569     $ 1,355     $ 9,313     $ 5,402  
                 
Bills              
  Working   1,166       817       4,255       3,322  
  Car depreciation and lease costs, web   328       279       1,197       1,368  
  Promoting, normal and administrative   308       154       1,145       703  
  Car curiosity, web   81       71       313       318  
  Non-vehicle associated depreciation and amortization   73       72       272       286  
  Curiosity expense associated to company debt, web:              
  Curiosity expense   51       68       218       231  
  Early extinguishment of debt               136       9  
  Restructuring and different associated costs   17       29       64       118  
  Transaction-related prices, web   2             5       3  
Complete bills   2,026       1,490       7,605       6,358  
                 
Earnings (loss) earlier than earnings taxes   543       (135 )     1,708       (956 )
Provision for (profit from) earnings taxes   162       (45 )     425       (272 )
Internet earnings (loss)   381       (90 )     1,283       (684 )
Much less: web loss attributable to non-controlling pursuits   (1 )           (2 )      
Internet earnings (loss) attributable to Avis Price range Group, Inc. $ 382     $ (90 )   $ 1,285     $ (684 )
                 
Earnings (loss) per share              
  Fundamental $ 6.78     $ (1.29 )   $ 19.79     $ (9.71 )
  Diluted $ 6.63     $ (1.29 )   $ 19.44     $ (9.71 )
                 
Weighted common shares excellent              
  Fundamental   56.4       69.7       64.9       70.5  
  Diluted   57.7       69.7       66.1       70.5  
Desk 3
Avis Price range Group, Inc.
KEY METRICS SUMMARY
 
        Three Months Ended December 31,   12 months Ended December 31,
          2021       2020     % Change     2021       2020     % Change
                             
Americas                        
                             
    Rental Days (000’s)     27,996       17,314     62 %     99,763       72,029     39 %
    Income per Day, excluding change price results (A)   $ 74.92     $ 59.41     26 %   $ 75.61     $ 55.05     37 %
    Common Rental Fleet     435,403       310,676     40 %     385,610       372,222     4 %
    Car Utilization     69.9 %     60.6 %   9.3 pps     70.9 %     52.9 %   18.0 pps
    Per-Unit Fleet Prices per Month, excluding change price results (A)   $ 170     $ 216     (21 )%    $ 183     $ 217     (16 )%
                             
Worldwide                        
                             
    Rental Days (000’s)     9,251       7,764     19 %     34,931       34,397     2 %
    Income per Day, excluding change price results (A)   $ 52.07     $ 41.97     24 %   $ 48.38     $ 41.76     16 %
    Common Rental Fleet     157,883       129,861     22 %     143,300       160,439     (11 )%
    Car Utilization     63.7 %     65.0 %   -1.3  pps     66.8 %     58.6 %   8.2 pps
    Per-Unit Fleet Prices per Month, excluding change price results (A)   $ 232     $ 200     16 %   $ 195     $ 208     (6 )%
                             
Complete                        
                             
    Rental Days (000’s)     37,247       25,078     49 %     134,694       106,426     27 %
    Income per Day, excluding change price results (A)   $ 69.25     $ 54.01     28 %   $ 68.55     $ 50.75     35 %
    Common Rental Fleet     593,286       440,537     35 %     528,910       532,661     (1 )%
    Car Utilization     68.2 %     61.9 %   6.3 pps     69.8 %     54.6 %   15.2 pps
    Per-Unit Fleet Prices per Month, excluding change price results (A)   $ 186     $ 211     (12 )%   $ 187     $ 214     (13 )%
_______            
Consult with Desk 6 for key metrics calculations and Appendix I for key metrics definitions.
(A) The next metrics embody modifications in foreign money change charges:
                             
        Three Months Ended December 31,   12 months Ended December 31,
          2021       2020     % Change     2021       2020     % Change
                             
Americas                        
                             
    Income per Day   $ 75.02     $ 59.41     26 %   $ 75.75     $ 55.05     38 %
    Per-Unit Fleet Prices per Month   $ 170     $ 216     (21 )%   $ 184     $ 217     (15 )%
                             
Worldwide                        
                             
    Income per Day   $ 50.69     $ 41.97     21 %   $ 50.27     $ 41.76     20 %
    Per-Unit Fleet Prices per Month   $ 225     $ 200     13 %   $ 201     $ 208     (3 )%
                             
Complete                        
                             
    Income per Day   $ 68.97     $ 54.01     28 %   $ 69.14     $ 50.75     36 %
    Per-Unit Fleet Prices per Month   $ 185     $ 211     (12 )%   $ 189     $ 214     (12 )%
Desk 4 (web page 1 of two)
Avis Price range Group, Inc.
CONSOLIDATED CONDENSED SCHEDULES OF CASH FLOWS AND ADJUSTED FREE CASH FLOWS
(In hundreds of thousands)
 
CONSOLIDATED CONDENSED SCHEDULE OF CASH FLOWS
 
  12 months Ended
December 31, 2021
Working Actions  
Internet money supplied by working actions $ 3,491  
   
Investing Actions  
Internet money utilized in investing actions unique of auto applications $ (154 )
Internet money utilized in investing actions of auto applications   (6,152 )
Internet money utilized in investing actions $ (6,306 )
   
Financing Actions  
Internet money utilized in financing actions unique of auto applications $ (1,699 )
Internet money supplied by financing actions of auto applications   4,386  
Internet money supplied by financing actions $ 2,687  
   
Impact of modifications in change charges on money and money equivalents, program and restricted money   (11 )
Internet change in money and money equivalents, program and restricted money   (139 )
Money and money equivalents, program and restricted money, starting of interval (A)   765  
Money and money equivalents, program and restricted money, finish of interval (B) $ 626  
 CONSOLIDATED SCHEDULE OF ADJUSTED FREE CASH FLOWS (C)
 
  12 months Ended
December 31, 2021
Earnings earlier than earnings taxes $ 1,708  
Add-back of non-vehicle associated depreciation and amortization (D)   279  
Add-back of debt extinguishment prices   136  
Add-back of restructuring and different associated prices   64  
Add-back of transaction-related prices, web   5  
Add-back of unprecedented personal-injury and different authorized issues, web   3  
Add-back of COVID-19 costs, web   (2 )
Working capital and different   390  
Capital expenditures (E)   (165 )
Tax funds, web of refunds   (75 )
Car applications and associated (F)   (632 )
Adjusted free money stream $ 1,711  
   
Acquisition and associated funds, web of acquired money (G)   (24 )
Borrowings, web of debt repayments   (253 )
Restructuring and different associated funds   (46 )
COVID-19 funds, web   (39 )
Unprecedented personal-injury and different authorized matter funds, web   (8 )
Transaction-related funds   (5 )
Repurchases of frequent inventory   (1,460 )
Change in program money   21  
Change in restricted money   2  
International change results, financing prices and different   (38 )
Internet change in money and money equivalents, program and restricted money (per above) $ (139 )
Desk 4 (web page 2 of two)
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
 
  12 months Ended
December 31, 2021
Internet money supplied by working actions (per above) $ 3,491  
Investing actions of auto applications   (6,152 )
Financing actions of auto applications   4,386  
Capital expenditures   (108 )
Proceeds obtained on sale of property and nonmarketable fairness securities   3  
Change in program money   (21 )
Change in restricted money   (2 )
Acquisition and disposition-related funds   (22 )
Non-controlling curiosity contributions (distributions), web   38  
Restructuring and different associated funds   46  
COVID-19 funds, web   39  
Unprecedented personal-injury and different authorized matter funds, web   8  
Transaction-related funds   5  
Adjusted free money stream (per above) $ 1,711  
  _______
(A) Consists of money and money equivalents of $692 million, program money of $72 million and restricted money of $1 million.
(B) Consists of money and money equivalents of $534 million, program money of $89 million and restricted money of $3 million.
(C) See Appendix I for the definition of Adjusted free money stream.
(D) Contains $7 million of cloud computing prices.
(E) Contains $57 million of cloud computing implementation prices.
(F) Contains vehicle-backed borrowings (repayments) which are incremental to quantities required to fund incremental (diminished) car and vehicle-related property.
(G) Excludes $22 million of autos bought as part of North America licensee acquisitions, which had been financed by incremental vehicle-backed borrowings.
   

Desk 5

Avis Price range Group, Inc.
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP MEASURES
(In hundreds of thousands, besides per share knowledge)

The accompanying press launch consists of sure non-GAAP (usually accepted accounting rules) monetary measures as outlined underneath SEC guidelines. To the extent not supplied within the press launch or accompanying tables, we now have supplied the explanations we current these non-GAAP monetary measures and an outline of what they characterize in Appendix I. For every non-GAAP monetary measure a reconciliation to probably the most comparable GAAP monetary measure is calculated and offered beneath with reconciliations of web earnings (loss), earnings (loss) earlier than earnings taxes and diluted earnings (loss) per share to Adjusted EBITDA and our Adjusted earnings measures.

      Three Months Ended December 31,   12 months Ended December 31,
Reconciliation of Internet earnings (loss) to Adjusted EBITDA:   2021       2020       2021       2020  
                 
  Internet earnings (loss) $ 381     $ (90 )   $ 1,283     $ (684 )
  Add: Provision for (profit from) earnings taxes   162       (45 )     425       (272 )
  Earnings (loss) earlier than earnings taxes   543       (135 )     1,708       (956 )
  Add sure objects:              
  Acquisition-related amortization expense   21       20       66       66  
  Transaction-related prices, web   2             5       3  
  Restructuring and different associated costs   17       29       64       118  
  Early extinguishment of debt               136       9  
  COVID-19 costs, web (A)   (14 )     32       (2 )     122  
  Non-operational costs associated to shareholder activist exercise (B)                     4  
  Unprecedented personal-injury and different authorized issues, web (C)   9       8       3       8  
  Adjusted pretax earnings (loss)   578       (46 )     1,980       (626 )
  Add: Non-vehicle associated depreciation and amortization (excluding acquisition-related amortization expense) (D)   54       52       213       220  
    Curiosity expense associated to company debt, web (excluding early extinguishment of debt)   51       68       218       231  
  Adjusted EBITDA $ 683     $ 74     $ 2,411     $ (175 )
                   
Reconciliation of Internet earnings (loss) attributable to Avis Price range Group, Inc. to Adjusted web earnings (loss):              
                   
  Internet earnings (loss) attributable to Avis Price range Group, Inc. $ 382     $ (90 )   $ 1,285     $ (684 )
  Add sure objects, web of tax:              
  Acquisition-related amortization expense   17       14       50       48  
  Transaction-related prices, web   1             3       2  
  Restructuring and different associated costs   12       21       47       90  
  Early extinguishment of debt               101       7  
  COVID-19 costs, web   (10 )     23       (2 )     90  
  Non-operational costs associated to shareholder activist exercise                     3  
  Unprecedented personal-injury and different authorized issues, web   6       6       2       6  
  Adjusted web earnings (loss) $ 408     $ (26 )   $ 1,486     $ (438 )
                   
  Earnings (loss) per share – diluted $ 6.63     $ (1.29 )   $ 19.44     $ (9.71 )
  Adjusted diluted earnings (loss) per share $ 7.08     $ (0.36 )   $ 22.49     $ (6.21 )
  Shares used to calculate Adjusted diluted earnings (loss) per share   57.7       69.7       66.1       70.5  
_______              
(A) The next desk presents the weird, direct and incremental prices as a result of COVID-19 pandemic:
    Three Months Ended December 31,   12 months Ended December 31,
      2021       2020     2021       2020
  Minimal annual assured lease in extra of concession charges, web $ (14 )   $ 19   $ (2 )   $ 60
  Automobiles broken in overflow parking heaps, web of insurance coverage proceeds             (7 )     14
  Incremental cleansing provides to sanitize autos and services, and over stream parking for idle autos         13           48
  Different costs             7      
  Working bills   (14 )     29     (3 )     116
  Car depreciation and lease costs                   1
  Promoting, normal and administrative bills         3     1       5
  COVID-19 costs, web $ (14 )   $ 32   $ (2 )   $ 122
                 
(B) Reported inside promoting, normal and administrative bills in our Consolidated Statements of Operations.
(C) Reported inside working bills in our Consolidated Statements of Operations.
(D) For the quarter and yr ended December 31, 2021 consists of $2 million and $7 million, respectively, inside working bills in our Consolidated Statements of Operations associated to cloud computing prices.
Desk 6
Avis Price range Group, Inc.
KEY METRICS CALCULATIONS
($ in hundreds of thousands, besides as famous)
 
    Three Months Ended December 31, 2021   Three Months Ended December 31, 2020
    Americas   Worldwide   Complete   Americas   Worldwide   Complete
Income per Day (RPD)                      
  Income $ 2,100     $ 469     $ 2,569     $ 1,029     $ 326     $ 1,355  
  Forex change price results   (3 )     13       10                    
  Income excluding change price results   2,097       482       2,579       1,029       326       1,355  
  Rental days (000’s)   27,996       9,251       37,247       17,314       7,764       25,078  
  RPD excluding change price results
(in $’s)
$ 74.92     $ 52.07     $ 69.25     $ 59.41     $ 41.97     $ 54.01  
                         
Car Utilization                      
  Rental days (000’s)   27,996       9,251       37,247       17,314       7,764       25,078  
  Common rental fleet   435,403       157,883       593,286       310,676       129,861       440,537  
  Variety of days in interval   92       92       92       92       92       92  
  Obtainable rental days (000’s)   40,057       14,525       54,582       28,582       11,947       40,529  
  Car utilization   69.9 %     63.7 %     68.2 %     60.6 %     65.0 %     61.9 %
                         
Per-Unit Fleet Prices                      
  Car depreciation and lease costs, web $ 222     $ 106     $ 328     $ 201     $ 78     $ 279  
  Forex change price results         3       3                    
    $ 222     $ 109     $ 331     $ 201     $ 78     $ 279  
  Common rental fleet   435,403       157,883       593,286       310,676       129,861       440,537  
  Per-unit fleet prices (in $’s) $ 509     $ 697     $ 559     $ 647     $ 600     $ 633  
  Variety of months in interval   3       3       3       3       3       3  
  Per-unit fleet prices monthly excluding change price results (in $’s) $ 170     $ 232     $ 186     $ 216     $ 200     $ 211  
    12 months Ended December 31, 2021   12 months Ended December 31, 2020
    Americas   Worldwide   Complete   Americas   Worldwide   Complete
Income per Day (RPD)                      
  Income $ 7,557     $ 1,756     $ 9,313     $ 3,965     $ 1,437     $ 5,402  
  Forex change price results   (14 )     (66 )     (80 )                  
  Income excluding change price results   7,543       1,690       9,233       3,965       1,437       5,402  
  Rental days (000’s)   99,763       34,931       134,694       72,029       34,397       106,426  
  RPD excluding change price results
(in $’s)
$ 75.61     $ 48.38     $ 68.55     $ 55.05     $ 41.76     $ 50.75  
                         
Car Utilization                      
  Rental days (000’s)   99,763       34,931       134,694       72,029       34,397       106,426  
  Common rental fleet   385,610       143,300       528,910       372,222       160,439       532,661  
  Variety of days in interval   365       365       365       366       366       366  
  Obtainable rental days (000’s)   140,748       52,304       193,052       136,233       58,721       194,954  
  Car utilization   70.9 %     66.8 %     69.8 %     52.9 %     58.6 %     54.6 %
                         
Per-Unit Fleet Prices                      
  Car depreciation and lease costs, web $ 851     $ 346     $ 1,197     $ 968     $ 400     $ 1,368  
  Forex change price results   (3 )     (11 )     (14 )                  
    $ 848     $ 335     $ 1,183     $ 968     $ 400     $ 1,368  
  Common rental fleet   385,610       143,300       528,910       372,222       160,439       532,661  
  Per-unit fleet prices (in $’s) $ 2,201     $ 2,338     $ 2,238     $ 2,599     $ 2,493     $ 2,567  
  Variety of months in interval   12       12       12       12       12       12  
  Per-unit fleet prices monthly excluding change price results (in $’s) $ 183     $ 195     $ 187     $ 217     $ 208     $ 214  
_______      
Our calculation of rental days and income per day might not be corresponding to the calculation of similarly-titled metrics by different corporations. Forex change price results are calculated by translating the current-year outcomes on the prior-period common change charges plus any associated good points and losses on foreign money hedges.

Appendix I

Avis Price range Group, Inc.
DEFINITIONS OF NON-GAAP MEASURES AND KEY METRICS

Adjusted EBITDA
The accompanying press launch presents Adjusted EBITDA, which represents earnings (loss) from persevering with operations earlier than non-vehicle associated depreciation and amortization, any impairment costs, restructuring and different associated costs, early extinguishment of debt prices, non-vehicle associated curiosity, transaction-related prices, web, costs for unprecedented personal-injury and different authorized issues, web, which incorporates quantities recorded in extra of $5 million associated to class motion lawsuits, non-operational costs associated to shareholder activist exercise, which embody third get together advisory, authorized and different skilled service charges, achieve on sale of fairness technique funding in China, COVID-19 costs and earnings taxes. COVID-19 costs embody uncommon, direct and incremental prices as a result of COVID-19 pandemic, resembling minimal annual assured lease in extra of concession charges for the interval, overflow parking for idle autos and associated shuttling prices, incremental cleansing provides to sanitize autos and services, and losses related to autos broken in overflow parking heaps, web of insurance coverage proceeds. We have now revised our definition of Adjusted EBITDA to exclude quantities recorded in extra of $5 million associated to class motion lawsuits. We didn’t revise prior years’ Adjusted EBITDA as a result of there have been no prices comparable in nature to those prices. Adjusted EBITDA consists of stock-based compensation expense and deferred financing payment amortization totaling $11 million and $9 million in fourth quarter 2021 and 2020, respectively and totaling $52 million and $31 million within the yr ended December 31, 2021 and 2020, respectively.

We imagine that Adjusted EBITDA is beneficial to traders as a supplemental measure in evaluating the combination efficiency of our working companies and in evaluating our outcomes from interval to interval. Adjusted EBITDA is the measure that’s utilized by our administration, together with our chief working choice maker, to carry out such analysis. Adjusted EBITDA can also be a part within the dedication of administration’s compensation. Adjusted EBITDA shouldn’t be thought-about in isolation or as an alternative choice to web earnings or different earnings assertion knowledge ready in accordance with GAAP and our presentation of Adjusted EBITDA might not be corresponding to similarly-titled measures utilized by different corporations. A reconciliation of Adjusted EBITDA from web earnings (loss) acknowledged underneath GAAP is supplied on Desk 5.

Adjusted Earnings Non-GAAP Measures
The accompanying press launch and tables current Adjusted pretax earnings (loss), Adjusted web earnings (loss) and Adjusted diluted earnings (loss) per share, which exclude sure objects. We imagine that these measures referred to above are helpful to traders as supplemental measures in evaluating the combination efficiency of the Firm. We exclude restructuring and different associated costs, transaction-related prices, prices associated to early extinguishment of debt and sure different objects as such objects usually are not consultant of the outcomes of operations of our enterprise much less a provision for earnings taxes derived using relevant statutory tax charges for every merchandise. A reconciliation of our Adjusted earnings Non-GAAP measures from the suitable measures acknowledged underneath GAAP is supplied on Desk 5.

Adjusted Free Money Movement
Represents Internet Money Supplied by Working Actions adjusted to replicate the money inflows and outflows regarding capital expenditures, the investing and financing actions of our car applications, asset gross sales, if any, and to exclude debt extinguishment prices, transaction-related prices, restructuring and different associated costs, costs for unprecedented personal-injury and different authorized issues, COVID-19 costs and non-operational costs associated to shareholder activist exercise. We have now revised our definition of Adjusted Free Money Movement to exclude quantities recorded in extra of $5 million associated to class motion lawsuits and haven’t revised prior years’ Adjusted Free Money Movement quantities as there have been no different costs comparable in nature to those. We imagine this transformation is significant to traders because it brings the measurement in keeping with our different non-GAAP measures. We imagine that Adjusted Free Money Movement is beneficial to administration and traders in measuring the money generated that’s obtainable for use to repay debt obligations, repurchase inventory, pay dividends and put money into future development by new enterprise growth actions or acquisitions. Adjusted Free Money Movement shouldn’t be construed as an alternative in measuring working outcomes or liquidity, and our presentation of Adjusted Free Money Movement might not be corresponding to similarly-titled measures utilized by different corporations. A reconciliation of Adjusted Free Money Movement to the suitable measure acknowledged underneath GAAP is supplied on Desk 4.

Adjusted EBITDA Margin
Represents Adjusted EBITDA as a proportion of revenues.

Obtainable Rental Days
Outlined as Common Rental Fleet instances the numbers of days in a given interval.

Common Rental Fleet
Represents the typical variety of autos in our fleet throughout a given time frame.

Forex Alternate Fee Results
Represents the distinction between current-period outcomes as reported and current-period outcomes translated on the prior-period common change charges plus any associated foreign money hedges.

Internet Company Debt
Represents company debt minus money and money equivalents.

Internet Company Leverage
Represents Internet Company Debt divided by Adjusted EBITDA for the twelve months previous to the date of calculation.

Per-Unit Fleet Prices
Represents car depreciation, lease costs and achieve or loss on autos gross sales, divided by Common Rental Fleet.

Rental Days
Represents the whole variety of days (or portion thereof) a car was rented throughout a 24-hour interval.

Income per Day
Represents revenues divided by Rental Days.

Car Utilization
Represents Rental Days divided by Obtainable Rental Days.



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