Delaware
|
1-13647
|
73-1356520
|
(State or other jurisdiction
|
(Commission
|
(I.R.S. Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
99.1
|
News release of Dollar Thrifty Automotive Group, Inc. dated February 21, 2012: Dollar Thrifty Automotive Group Reports Record Fourth Quarter and Full Year Profit
|
DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.
|
|
(Registrant)
|
February 21, 2012
|
By:
|
/s/ H. CLIFFORD BUSTER III
|
H. Clifford Buster III
|
||
Senior Executive Vice President, Chief Financial
|
||
Officer and Principal Financial Officer
|
99.1
|
News release of Dollar Thrifty Automotive Group, Inc. dated February 21, 2012: Dollar Thrifty Automotive Group Reports Record Fourth Quarter and Full Year Profit
|
·
|
Vehicle rental revenues are projected to be up 3 – 5 percent compared to 2011.
|
·
|
Vehicle depreciation costs for the full year of 2012 are expected to be within a range of $220 to $240 per vehicle per month.
|
o
|
The Company is utilizing a Manheim index of 124 for the full year of 2012 for purposes of estimating residual values and depreciation rates.
|
o
|
Gains on sales of risk vehicles in 2012 are expected to moderate significantly on both an aggregate dollar and per unit basis compared to vehicle gains recorded in 2011. This decrease is the result of continued refinements of residual value assumptions to more closely align with market conditions at the time of sale.
|
·
|
Interest expense is expected to decline significantly on a year-over-year basis, primarily as a result of lower overall interest rates on the Company’s fleet financing facilities as compared to the fixed rates on matured and maturing financing facilities, and the repayment of all of the Company’s corporate debt in 2011. These decreases will be partially offset by higher rates on the newly completed revolver and the expected re-leveraging of our Canadian fleet.
|
·
|
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 the used vehicle market;
|
·
|
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;
|
·
|
the cost of regulatory compliance, costs and other effects of potential future initiatives, including those directed at climate change and its effects, and the costs and outcome of pending litigation;
|
·
|
disruptions in the operation or development of information and communication systems that we rely on, including those relating to methods of payment;
|
·
|
local market conditions where we and our franchisees do business, including whether franchisees will continue to have access to capital as needed; and
|
·
|
the impact of other events that can disrupt consumer travel, such as natural and man-made catastrophes, pandemics, social unrest and actual and perceived threats or acts of terrorism.
|
Table 1
|
||||||||||||||||
Dollar Thrifty Automotive Group, Inc.
|
||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||
(In thousands, except share and per share data)
|
||||||||||||||||
Unaudited
|
||||||||||||||||
Three months ended
|
As % of
|
|||||||||||||||
December 31,
|
|
Total revenues
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues:
|
||||||||||||||||
Vehicle rentals
|
$ | 338,283 | $ | 334,994 | 95.6% | 96.0% | ||||||||||
Other
|
15,447 | 14,065 | 4.4% | 4.0% | ||||||||||||
Total revenues
|
353,730 | 349,059 | 100.0% | 100.0% | ||||||||||||
Costs and Expenses:
|
||||||||||||||||
Direct vehicle and operating
|
167,669 | 168,105 | 47.4% | 48.2% | ||||||||||||
Vehicle depreciation and lease charges, net
|
66,974 | 91,140 | 18.9% | 26.1% | ||||||||||||
Selling, general and administrative
|
45,402 | 46,500 | 12.8% | 13.3% | ||||||||||||
Interest expense, net
|
18,563 | 23,911 | 5.3% | 6.9% | ||||||||||||
Long-lived asset impairment
|
- | 115 | 0.0% | 0.0% | ||||||||||||
Total costs and expenses
|
298,608 | 329,771 | 84.4% | 94.5% | ||||||||||||
(Increase) decrease in fair value of derivatives
|
123 | (7,356 | ) | 0.0% | (2.1% | ) | ||||||||||
Income before income taxes
|
54,999 | 26,644 | 15.6% | 7.6% | ||||||||||||
Income tax expense
|
21,098 | 14,148 | 6.0% | 4.0% | ||||||||||||
Net income
|
$ | 33,901 | $ | 12,496 | 9.6% | 3.6% | ||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$ | 1.16 | $ | 0.44 | ||||||||||||
Diluted
|
$ | 1.08 | $ | 0.41 | ||||||||||||
Weighted average number
|
||||||||||||||||
of shares outstanding:
|
||||||||||||||||
Basic
|
29,239,530 | 28,699,875 | ||||||||||||||
Diluted
|
31,311,764 | 30,369,270 | ||||||||||||||
|
Table 1 (Continued) | ||||||||||||||||
Dollar Thrifty Automotive Group, Inc.
|
||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||
(In thousands, except share and per share data)
|
||||||||||||||||
Unaudited
|
||||||||||||||||
Year ended
|
As % of
|
|||||||||||||||
December 31,
|
|
Total revenues
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues:
|
||||||||||||||||
Vehicle rentals
|
$ | 1,484,324 | $ | 1,473,023 | 95.8% | 95.8% | ||||||||||
Other
|
64,604 | 64,137 | 4.2% | 4.2% | ||||||||||||
Total revenues
|
1,548,928 | 1,537,160 | 100.0% | 100.0% | ||||||||||||
Costs and Expenses:
|
||||||||||||||||
Direct vehicle and operating
|
751,468 | 745,535 | 48.5% | 48.5% | ||||||||||||
Vehicle depreciation and lease charges, net
|
270,957 | 299,200 | 17.5% | 19.5% | ||||||||||||
Selling, general and administrative
|
191,043 | 209,341 | 12.3% | 13.6% | ||||||||||||
Interest expense, net
|
77,462 | 89,303 | 5.0% | 5.8% | ||||||||||||
Long-lived asset impairment
|
- | 1,057 | 0.0% | 0.1% | ||||||||||||
Total costs and expenses
|
1,290,930 | 1,344,436 | 83.3% | 87.5% | ||||||||||||
(Increase) decrease in fair value of derivatives
|
(3,244 | ) | (28,694 | ) | (0.2% | ) | (1.9% | ) | ||||||||
Income before income taxes
|
261,242 | 221,418 | 16.9% | 14.4% | ||||||||||||
Income tax expense
|
101,692 | 90,202 | 6.6% | 5.9% | ||||||||||||
Net income
|
$ | 159,550 | $ | 131,216 | 10.3% | 8.5% | ||||||||||
Earnings per share: (a)
|
||||||||||||||||
Basic
|
$ | 5.51 | $ | 4.58 | ||||||||||||
Diluted
|
$ | 5.11 | $ | 4.34 | ||||||||||||
Weighted average number
|
||||||||||||||||
of shares outstanding:
|
||||||||||||||||
Basic
|
28,965,187 | 28,623,108 | ||||||||||||||
Diluted
|
31,241,241 | 30,245,281 | ||||||||||||||
(a) The underlying diluted per share information is calculated from the weighted average common and common stock equivalents outstanding during each quarter, which may fluctuate based on quarterly income levels and market prices. Therefore, the sum of the quarters’ per share information may not equal the total year amounts.
|
Table 2
|
||||||||||||
Dollar Thrifty Automotive Group, Inc.
|
||||||||||||
Selected Operating and Financial Data
|
||||||||||||
Three months ended
December 31, 2011
|
|
Year ended
December 31, 2011
|
||||||||||
OPERATING DATA:
|
||||||||||||
Vehicle Rental Data:
|
||||||||||||
Average number of vehicles operated
|
101,175 | 107,154 | ||||||||||
% change from prior year
|
3.4% | 4.8% | ||||||||||
Number of rental days
|
7,552,240 | 31,482,339 | ||||||||||
% change from prior year
|
5.2% | 3.8% | ||||||||||
Vehicle utilization
|
81.1% | 80.5% | ||||||||||
Percentage points change from prior year
|
1.4 p.p.
|
(0.8) p.p. | ||||||||||
Average revenue per day
|
$44.79 | $47.15 | ||||||||||
% change from prior year
|
(4.0% | ) | (2.9% | ) | ||||||||
Monthly average revenue per vehicle
|
$1,115 | $1,154 | ||||||||||
% change from prior year
|
(2.3% | ) | (3.8% | ) | ||||||||
Average depreciable fleet
|
102,195 | 108,127 | ||||||||||
% change from prior year
|
3.6% | 4.8% | ||||||||||
Monthly average depreciation (net) per vehicle
|
$218 | $209 | ||||||||||
% change from prior year
|
(29.2% | ) | (13.6% | ) | ||||||||
FINANCIAL DATA: (in millions) (unaudited)
|
||||||||||||
Non-vehicle depreciation and amortization
|
$ | 7 | $ | 27 | ||||||||
Non-vehicle interest expense
|
2 | 11 | ||||||||||
Non-vehicle interest income
|
- | (1 | ) | |||||||||
Non-vehicle capital expenditures
|
6 | 17 | ||||||||||
Cash paid for/(refund of) income taxes
|
1 | (32 | ) | |||||||||
Table 2 (Continued) | |||||||||||||
Selected Balance Sheet Data
|
|||||||||||||
(In millions)
|
|||||||||||||
December 31,
|
|||||||||||||
2011 | 2010 | ||||||||||||
(unaudited)
|
|||||||||||||
Cash and cash equivalents (b)
|
$ | 509 | $ | 563 | |||||||||
Restricted cash and investments
|
353 | 277 | |||||||||||
Revenue-earning vehicles, net
|
1,468 | 1,342 | |||||||||||
Vehicle debt
|
1,400 | 1,249 | |||||||||||
Non-vehicle debt (corporate debt)
|
- | 148 | |||||||||||
Stockholders' equity
|
608 | 539 | |||||||||||
Tangible Net Worth Calculation
|
|||||||||||||
(In millions)
|
|||||||||||||
December 31,
|
|||||||||||||
2011 | 2010 | ||||||||||||
(unaudited)
|
|||||||||||||
Stockholders' equity
|
$ | 608 | $ | 539 | |||||||||
Less: Software, net
|
(22 | ) | (24 | ) | |||||||||
Tangible net worth
|
$ | 586 | $ | 515 | |||||||||
(b) Under the terms of certain of its financing arrangements, the Company was required to maintain a minimum cash balance of $100 million at all times. For the 2010 reporting period, such minimum balance is included in cash and cash equivalents herein. In February 2011, the requirement to maintain such minimum cash balance was eliminated.
|
|||||||||||||
Table 3 | ||||||||||||||||
Dollar Thrifty Automotive Group, Inc.
|
||||||||||||||||
Non-GAAP Measures
|
||||||||||||||||
Non-GAAP pretax income, Non-GAAP net income and Non-GAAP EPS exclude the impact of the (increase) decrease in fair value of derivatives and the impact of long-lived asset impairments, net of related tax impact (as applicable), from the reported GAAP measures and are further adjusted to exclude merger-related expenses. Due to volatility resulting from the mark-to-market treatment of the derivatives and the non-operating nature of the non-cash impairments and merger-related expenses, the Company believes these non-GAAP measures provide an important assessment of year-over-year operating results. See tables below for a reconciliation of non-GAAP to GAAP results.
|
||||||||||||||||
The following table reconciles reported GAAP pretax income per the income statement to non-GAAP pretax income:
|
||||||||||||||||
Three months ended
|
Year ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Income before income taxes - as reported
|
$ | 54,999 | $ | 26,644 | $ | 261,242 | $ | 221,418 | ||||||||
(Increase) decrease in fair value of derivatives
|
123 | (7,356 | ) | (3,244 | ) | (28,694 | ) | |||||||||
Long-lived asset impairment | - | 115 | - | 1,057 | ||||||||||||
Pretax income - non-GAAP
|
$ | 55,122 | $ | 19,403 | $ | 257,998 | $ | 193,781 | ||||||||
Merger-related expenses | - | 2,146 | 4,600 | 22,605 | ||||||||||||
Non-GAAP pretax income, excluding merger-related expenses | $ | 55,122 | $ | 21,549 | $ | 262,598 | $ | 216,386 | ||||||||
The following table reconciles reported GAAP net income per the income statement to non-GAAP net income:
|
||||||||||||||||
Three months ended
|
Year ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Net income - as reported
|
$ | 33,901 | $ | 12,496 | $ | 159,550 | $ | 131,216 | ||||||||
(Increase) decrease in fair value of derivatives, net of tax (c)
|
163 | (4,313 | ) | (1,811 | ) | (16,826 | ) | |||||||||
Long-lived asset impairment, net of tax (d) | - | 70 | - | 645 | ||||||||||||
Net income - non-GAAP
|
$ | 34,064 | $ | 8,253 | $ | 157,739 | $ | 115,035 | ||||||||
Merger-related expenses, net of tax (e) | - | 1,251 | 2,679 | 13,172 | ||||||||||||
Non-GAAP net income, excluding merger-related expenses | $ | 34,064 | $ | 9,504 | $ | 160,418 | $ | 128,207 |
Table 3 (Continued)
|
||||||||||||||||
The following table reconciles reported GAAP diluted earnings per share ("EPS") to non-GAAP diluted EPS:
|
||||||||||||||||
Three months ended
|
Year ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
EPS, diluted - as reported
|
$ | 1.08 | $ | 0.41 | $ | 5.11 | $ | 4.34 | ||||||||
EPS impact of (increase) decrease in fair value of derivatives, net of tax
|
0.01 | (0.14 | ) | (0.06 | ) | (0.56 | ) | |||||||||
EPS impact of long-lived asset impairment, net of tax | - | - | - | 0.02 | ||||||||||||
EPS, diluted - non-GAAP (f)
|
$ | 1.09 | $ | 0.27 | $ | 5.05 | $ | 3.80 | ||||||||
EPS impact of merger-related expenses, net of tax | - | 0.04 | 0.09 | 0.44 | ||||||||||||
Non-GAAP diluted EPS, excluding merger-related expenses (f) | $ | 1.09 | $ | 0.31 | $ | 5.13 | $ | 4.24 | ||||||||
(c) The tax effect of the (increase) decrease in fair value of derivatives is calculated using the entity-specific, U.S. federal and blended state tax rate applicable to the derivative instruments which amounts are ($40,000) and ($3,043,000) for the three months ended December 31, 2011 and 2010, respectively, and ($1,433,000) and ($11,868,000) for the year ended December 31, 2011 and 2010, respectively. The three months ended December 31, 2011, includes $91,000 related to a cumulative tax rate adjustment.
|
||||||||||||||||
(d) The tax effect of the long-lived asset impairment is calculated using the tax-deductible portion of the impairment and applying the entity-specific, U.S. federal and blended state tax rate which amounts are $45,000 and $412,000 for the three months and year ended December 31, 2010, respectively. | ||||||||||||||||
(e) Merger-related expenses include legal, litigation, advisory and other fees related to a potential merger transaction. The tax effect of the merger-related expenses is calculated using the entity-specific, U.S. federal and blended state tax rate applicable to the merger-related expenses which amounts are $895,000 for the three months ended December 31, 2010, and $1,921,000 and $9,433,000 for the year ended December 31, 2011 and 2010, respectively. | ||||||||||||||||
(f) Since each category of EPS is computed independently for each period, total per share amounts may not equal the sum of the respective categories. |
Table 4
|
||||||||||||||||
Dollar Thrifty Automotive Group, Inc.
|
||||||||||||||||
Non-GAAP Measures
|
||||||||||||||||
Corporate Adjusted EBITDA means earnings, excluding the impact of the (increase) decrease in fair value of derivatives, before non-vehicle interest expense, income taxes, non-vehicle depreciation, amortization, and certain other items as shown below. The Company believes Corporate Adjusted EBITDA is important as it provides a supplemental measure of the Company's liquidity by adjusting earnings to exclude certain non-cash items, taxes and corporate-level capital structure decisions (i.e. non-vehicle interest), thus, allowing the Company's management, including the chief operating decision maker, as well as investors and analysts, to evaluate the Company's operating cash flows based on the core operations of the Company. Additionally, the Company believes Corporate Adjusted EBITDA is a relevant measure of operating performance in providing a measure of profitability that focuses on the core operations of the Company while excluding certain items that do not directly reflect ongoing operating performance. The Company's management, including the chief operating decision maker, uses Corporate Adjusted EBITDA to evaluate the Company's performance and in preparing monthly operating performance reviews and annual operating budgets. The items excluded from Corporate Adjusted EBITDA, but included in the calculation of the Company's reported net income, are significant components of its consolidated statements of income, and must be considered in performing a comprehensive assessment of overall financial performance. Corporate Adjusted EBITDA Margin provides a measure of the Company's operating profitability. Corporate Adjusted EBITDA is not defined under GAAP and should not be considered as an alternative measure of the Company's net income, cash flow or liquidity. Corporate Adjusted EBITDA and Corporate Adjusted EBITDA Margin amounts presented may not be comparable to similar measures disclosed by other companies.
|
||||||||||||||||
Three months ended
|
Year ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Reconciliation of Net Income to
|
||||||||||||||||
Corporate Adjusted EBITDA
|
||||||||||||||||
Net income - as reported
|
$ | 33,901 | $ | 12,496 | $ | 159,550 | $ | 131,216 | ||||||||
(Increase) decrease in fair value of derivatives
|
123 | (7,356 | ) | (3,244 | ) | (28,694 | ) | |||||||||
Non-vehicle interest expense
|
1,646 | 2,346 | 10,699 | 9,647 | ||||||||||||
Income tax expense
|
21,098 | 14,148 | 101,692 | 90,202 | ||||||||||||
Non-vehicle depreciation
|
4,822 | 5,082 | 19,381 | 20,190 | ||||||||||||
Amortization
|
1,802 | 1,818 | 7,505 | 7,290 | ||||||||||||
Non-cash stock incentives
|
110 | 1,531 | 3,234 | 4,785 | ||||||||||||
Long-lived asset impairment | - | 115 | - | 1,057 | ||||||||||||
Other
|
(6 | ) | (3 | ) | (249 | ) | (25 | ) | ||||||||
Corporate Adjusted EBITDA
|
$ | 63,496 | $ | 30,177 | $ | 298,568 | $ | 235,668 | ||||||||
Reconciliation of Corporate Adjusted EBITDA
|
||||||||||||||||
to Cash Flows From Operating Activities
|
||||||||||||||||
Corporate Adjusted EBITDA
|
$ | 63,496 | $ | 30,177 | $ | 298,568 | $ | 235,668 | ||||||||
Vehicle depreciation, net of gains/losses from disposal
|
66,971 | 91,131 | 270,927 | 299,149 | ||||||||||||
Non-vehicle interest expense
|
(1,646 | ) | (2,346 | ) | (10,699 | ) | (9,647 | ) | ||||||||
Change in assets and liabilities and other
|
(20,011 | ) | (24,724 | ) | 8,498 | (63,229 | ) | |||||||||
Net cash provided by operating activities
|
$ | 108,810 | $ | 94,238 | $ | 567,294 | $ | 461,941 | ||||||||
Memo:
|
||||||||||||||||
Net cash provided by / (used in) investing activites
|
$ | (76,093 | ) | $ | 88,441 | $ | (402,501 | ) | $ | (59,094 | ) | |||||
Net cash used in financing activities
|
$ | (23,542 | ) | $ | (138,533 | ) | $ | (119,298 | ) | $ | (340,098 | ) |
Table 4 (Continued) | |||||||||||||||
First Quarter |
Full Year
|
||||||||||||||
2012 | 2011 |
2012
|
2011
|
2010
|
|||||||||||
(in millions) |
(in millions)
|
||||||||||||||
Reconciliation of Pretax Income to
|
(forecasted) | (actual) | (forecasted) | (actual) | (actual) | ||||||||||
Corporate Adjusted EBITDA
|
|||||||||||||||
Pretax income
|
$60 - $70 | $29 | $231 - $256 | $261 | $221 | ||||||||||
(Increase) decrease in fair value of derivatives (amounts not forecasted for 2012)
|
- | (3 | ) | - | (3 | ) | (29 | ) | |||||||
Non-vehicle interest expense
|
2 | 2 | 10 | 11 | 10 | ||||||||||
Non-vehicle depreciation
|
4 | 5 | 19 | 19 | 20 | ||||||||||
Amortization
|
2 | 2 | 7 | 7 | 7 | ||||||||||
Non-cash stock incentives
|
2 | 1 | 8 | 3 | 5 | ||||||||||
Long-lived asset impairment
|
- | - | - | - | 1 | ||||||||||
Merger-related expenses (g) | - | - | - | 5 | 23 | ||||||||||
Corporate Adjusted EBITDA, excluding merger-related expenses | $70 - $80 | $36 | $275 - $300 | $303 | $258 | ||||||||||
Three months ended | Year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Corporate Adjusted EBITDA | $ | 63,496 | $ | 30,177 | $ | 298,568 | $ | 235,668 | ||||||||
Total Revenues | 353,730 | 349,059 | 1,548,928 | 1,537,160 | ||||||||||||
Corporate Adjusted EBITDA Margin | 18.0% | 8.6% | 19.3% | 15.3% | ||||||||||||
(g) Merger-related expenses include legal, litigation, advisory and other fees related to a potential merger transaction. | ||||||||||||||||