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Last10K.com | 10-K Annual Report Wed Feb 29 2012
| Press Release | Exhibit 99.1 |
AVIS BUDGET GROUP REPORTS RECORD 2011 RESULTS
| • | For the year, revenue grew to $5.9 billion, a 14% increase from 2010. |
| • | Adjusted EBITDA increased 49% to $610 million in 2011, excluding certain items, the highest level in the Company’s history. |
| • | Full-year pretax income was $324 million, excluding certain items, and $36 million on a reported basis. |
| • | Diluted earnings per share increased 83%, excluding certain items, to $1.65. |
Parsippany, N.J., February 15, 2012 - Avis Budget Group, Inc. (NASDAQ: CAR) today reported results for its fourth quarter and year ended December 31, 2011. The Company reported full-year revenue of $5.9 billion, an increase of 14% compared with 2010. Excluding certain items, Adjusted EBITDA increased 49% to $610 million and pretax income increased to $324 million. Reported pretax income of $36 million was impacted by acquisition-related charges. The Company’s Adjusted EBITDA margin expanded by 240 basis points to 10.3% in 2011, excluding certain items, with all three of the Company’s operating segments reporting double-digit growth in Adjusted EBITDA.
For the fourth quarter, the Company reported revenue of $1.6 billion, a 33% increase compared with the prior-year fourth quarter. Excluding certain items, Adjusted EBITDA increased 19% to $64 million. The Company reported a pretax loss of $35 million in the traditionally slower fourth quarter, excluding certain items, and a GAAP pretax loss of $200 million primarily due to acquisition-related charges.
As previously announced, the Company completed its acquisition of Avis Europe plc on October 3, 2011. For the quarter and year ended December 31, 2011, the acquisition of Avis Europe contributed revenue of $359 million and Adjusted EBITDA of $5 million, excluding certain items. Excluding revenue from Avis Europe, the Company’s revenue grew 4% in the fourth quarter and 7% in the year compared to 2010.
“We are very proud of the results we delivered in 2011, with significant organic revenue growth and Adjusted EBITDA and earnings per share reaching record levels, excluding certain items,” said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. “Our integration of Avis Europe is progressing as planned, and we are confident that we will realize substantial benefits in 2012 from integration-related synergies and from the strategic initiatives that accelerated our organic growth in 2011.”
The following information was filed by Avis Budget Group, Inc. (CAR) on Thursday, February 16, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Avis Budget Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Document And Entity Information
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Accounts Payable And Other Current Liabilities
Accounts Payable And Other Current Liabilities (schedule Of Accounts Payable And Other Current Liabilities) (details)
Accounts Payable And Other Current Liabilities (tables)
Acquisition
Acquisition (narrative) (details)
Acquisition (pro Forma Summary Of Acquisition For Avis Europe) (details)
Acquisition (summary Of Purchase Price Allocation) (details)
Acquisition (tables)
Basis Of Presentation
Basis Of Presentation (policy)
Commitments And Contingencies
Commitments And Contingencies (future Minimum Lease Payments) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Rent Expense) (details)
Commitments And Contingencies (tables)
Debt Under Vehicle Programs And Borrowing Arrangements
Debt Under Vehicle Programs And Borrowing Arrangements (narrative) (details)
Debt Under Vehicle Programs And Borrowing Arrangements (schedule Of Available Funding Under The Vehicle Program) (details)
Debt Under Vehicle Programs And Borrowing Arrangements (schedule Of Contractual Maturities) (details)
Debt Under Vehicle Programs And Borrowing Arrangements (schedule Of Debt Under Vehicle Programs) (details)
Debt Under Vehicle Programs And Borrowing Arrangements (tables)
Earnings Per Share
Earnings Per Share (computation Of Basic And Diluted Earnings Per Share) (details)
Earnings Per Share (outstanding Common Stock Equivalents That Were Anti-dilutive) (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (narrative) (details)
Employee Benefit Plans (summary Of Assumptions Used To Determine Pension Obligations And Pension Costs) (details)
Employee Benefit Plans (summary Of Defined Benefit Pension Plans' Assets Fair Value) (details)
Employee Benefit Plans (summary Of Funded Status Of The Pension Plans) (details)
Employee Benefit Plans (summary Of Net Periodic Benefit Cost) (details)
Employee Benefit Plans (tables)
Financial Instruments
Financial Instruments (fair Values Of Derivative Instruments) (details)
Financial Instruments (narrative) (details)
Financial Instruments (schedule Of Carrying Amounts And Estimated Fair Values) (details)
Financial Instruments (schedule Of Effect Of Derivatives Recognized) (details)
Financial Instruments (tables)
Guarantor And Non-guarantor Consolidating Condensed Financial Statements (consolidating Condensed Balance Sheets) (details)
Guarantor And Non-guarantor Consolidating Condensed Financial Statements (consolidating Condensed Statements Of Cash Flows) (details)
Guarantor And Non-guarantor Consolidating Condensed Financial Statements (consolidating Condensed Statements Of Operations) (details)
Guarantor And Non-guarantor Consolidating Condensed Financial Statements (tables)
Guarantor And Non-guarantor Consolidating Financial Statements
Income Taxes
Income Taxes (changes In Gross Unrecognized Tax Benefits) (details)
Income Taxes (deferral Income Tax Assets And Liabilities) (details)
Income Taxes (narrative) (details)
Income Taxes (pretax Income (loss) For Domestic And Foreign Operations) (details)
Income Taxes (provision For (benefit From) Income Taxes) (details)
Income Taxes (reconciliation Of U.s Federal Income Tax Statutory Rate And Effective Income Tax Rate) (details)
Income Taxes (tables)
Income Taxes (unrecognized Tax Benefits) (details)
Intangible Assets
Intangible Assets (narrative) (details)
Intangible Assets (schedule Of Goodwill) (details)
Intangible Assets (schedule Of Intangible Assets Amortization Expense) (details)
Intangible Assets (schedule Of Intangible Assets) (details)
Intangible Assets (tables)
Licensing Activities
Licensing Activities (details)
Long-term Debt And Borrowing Arrangements
Long-term Debt And Borrowing Arrangements (contractual Maturities Of Company's Corporate Debt) (details)
Long-term Debt And Borrowing Arrangements (narrative) (details)
Long-term Debt And Borrowing Arrangements (schedule Of Committed Credit Facilities) (details)
Long-term Debt And Borrowing Arrangements (schedule Of Long-term Debt) (details)
Long-term Debt And Borrowing Arrangements (tables)
Other Current Assets
Other Current Assets (details)
Other Current Assets (tables)
Other Non-current Assets
Other Non-current Assets (schedule Of Other Noncurrent Assets) (details)
Other Non-current Assets (tables)
Other Non-current Liabilities
Other Non-current Liabilities (schedule Of Other Non-current Liabilities) (details)
Other Non-current Liabilities (tables)
Property And Equipment, Net
Property And Equipment, Net (narrative) (details)
Property And Equipment, Net (schedule Of Property And Equipment, Net) (details)
Property And Equipment, Net (tables)
Restructuring Charges
Restructuring Charges (narrative) (details)
Restructuring Charges (summary Of Changes To Restructuring-related Liabilities) (details)
Restructuring Charges (tables)
Segment Information
Segment Information (reconciliation Of Adjusted Ebitda To Income (loss)) (details)
Segment Information (summary Of Geographic Segment Information) (details)
Segment Information (summary Of Operating Segments) (details)
Segment Information (tables)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (schedule Of Selected Quarterly Financial Data) (details)
Selected Quarterly Financial Data (tables)
Stock-based Compensation
Stock-based Compensation (annual Activity Of Stock Option Plans) (details)
Stock-based Compensation (narrative) (details)
Stock-based Compensation (stock Based Compensation Activity) (details)
Stock-based Compensation (summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range) (details)
Stock-based Compensation (summary Of Share Based Payment Other Than Options Valuation Assumptions) (details)
Stock-based Compensation (summary Of Share-based Payment Award Stock Options Valuation Assumptions) (details)
Stock-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (accumulated Other Comprehensive Income) (details)
Stockholders' Equity (narrative) (details)
Stockholders' Equity (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (tables)
Vehicle Rental Activities
Vehicle Rental Activities (components Of The Company's Vehicles) (details)
Vehicle Rental Activities (components Of Vehicle Depreciation And Lease Charges) (details)
Vehicle Rental Activities (narrative) (details)
Vehicle Rental Activities (tables)
Material Contracts, Statements, Certifications & more
Avis Budget Group, Inc. provided additional information to their SEC Filing as exhibits
Exhibit 10.10.(D): Amendment To 1997 Stock Option Plan
Exhibit 10.17.(A): Form Of Award Agreement - Restricted Stock Units
Exhibit 10.18.(C): Second Amendment To The Avis Budget Group, Inc.
Exhibit 10.89.(B): First Amendment And Restatement Agreement, Dated December 5, 2011
Exhibit 12: Statement Re: Computation Of Ratio Of Earnings To Fixed Charges
Exhibit 21: Subsidiaries Of Registrant
Exhibit 23.1: Consent Of Deloitte &Amp; Touche Llp
Exhibit 31.1: Certification Of Ceo Pursuant To Rules 13(A)-14(A) And 15(D)-14(A)
Exhibit 31.2: Certification Of Cfo Pursuant To Rules 13(A)-14(A) And 15(D)-14(A)
Exhibit 32: Certifications Pursuant To 18 U.S.C. Section 1350
Ticker: CAR
CIK: 723612
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-089534
Submitted to the SEC: Wed Feb 29 2012 5:08:02 PM EST
Accepted by the SEC: Wed Feb 29 2012
Period: Saturday, December 31, 2011
Industry: Auto Rental And Leasing No Drivers
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