Delaware | 001-10308 | 06-0918165 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
6 Sylvan Way Parsippany, NJ | 07054 |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit No. | Description |
99.1 | Press Release dated February 21, 2018. |
AVIS BUDGET GROUP, INC. | ||
By: | /s/ David T. Calabria | |
David T. Calabria Senior Vice President and Chief Accounting Officer |
Exhibit No. | Description |
99.1 |
AVIS BUDGET GROUP REPORTS FOURTH QUARTER AND FULL-YEAR 2017 RESULTS |
• | Revenue increased 7% in the fourth quarter to $2.0 billion and was $8.8 billion for the full year |
• | Net income of $220 million, including a one-time benefit of $213 million related to U.S. tax reform, and diluted earnings per share of $2.65 in the quarter |
• | Full-year net income of $361 million and diluted earnings per share of $4.25, including the one-time benefit related to U.S. tax reform |
• | Adjusted EBITDA increased 16% to $140 million and Adjusted diluted earnings per share increased to $0.45 in the quarter |
• | Full year Adjusted EBITDA of $735 million and Adjusted diluted earnings per share of $2.85 |
• | Company provides 2018 revenues, Adjusted earnings and Adjusted free cash flow projections |
$ millions * | 2017 | 2016 | % change | ||||
Revenues | 1,382 | 1,343 | 3 | % | |||
Adjusted EBITDA | 107 | 101 | 6 | % | |||
Per-unit fleet costs | 309 | 308 | 0 | % |
$ millions * | 2017 | 2016 | % change | ||||
Revenues | 637 | 536 | 19 | % | |||
Adjusted EBITDA | 45 | 36 | 25 | % | |||
Per-unit fleet costs | 239 | 236 | 1 | % |
$ millions * | 2018 Estimates | |||
Revenues | $9,200 - $9,450 | |||
Adjusted EBITDA | $740 - $820 | |||
Adjusted pretax income | $330 - $410 | |||
Adjusted net income | $240 - $310 | |||
Adjusted diluted earnings per share | $2.90 - $3.75 | |||
Adjusted free cash flow | $325 - $375 |
% change | vs prior year | |||
Rental days | 1.0% - 3.0% | |||
Total revenue per day (A) | 0.0% - 2.0% | |||
Per-unit fleet costs | (1.0%) - 1.0% |
% change | vs prior year | |||
Rental days | 5.0% - 7.0% | |||
Total revenue per day (A) | (2.0%) - 0.0% | |||
Per-unit fleet costs | 0.0% - 2.0% |
Contacts | |
Media Contact: | Investor Contact: |
Alice Pereira | Neal Goldner |
(973) 496-3916 | (973) 496-5086 |
PR@avisbudget.com | IR@avisbudget.com |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||
Income Statement and Other Items | |||||||||||||||||||||||
Net revenues | $ | 2,019 | $ | 1,879 | 7 | % | $ | 8,848 | $ | 8,659 | 2 | % | |||||||||||
Income (loss) before income taxes | 1 | (43 | ) | * | 211 | 279 | (24 | %) | |||||||||||||||
Net income (loss) | 220 | (31 | ) | * | 361 | 163 | * | ||||||||||||||||
Earnings (loss) per share - Diluted | 2.65 | (0.35 | ) | * | 4.25 | 1.75 | * | ||||||||||||||||
Adjusted Earnings Metrics (non-GAAP) (A) | |||||||||||||||||||||||
Adjusted EBITDA | 140 | 121 | 16 | % | 735 | 838 | (12 | %) | |||||||||||||||
Adjusted pretax income | 42 | 25 | 68 | % | 346 | 441 | (22 | %) | |||||||||||||||
Adjusted net income | 38 | 13 | * | 242 | 273 | (11 | %) | ||||||||||||||||
Adjusted earnings per share - Diluted | 0.45 | 0.15 | * | 2.85 | 2.93 | (3 | %) | ||||||||||||||||
As of | |||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Balance Sheet Items | |||||||||||||||||||||||
Cash and cash equivalents | $ | 611 | $ | 490 | |||||||||||||||||||
Vehicles, net | 10,626 | 10,464 | |||||||||||||||||||||
Debt under vehicle programs | 9,221 | 8,878 | |||||||||||||||||||||
Corporate debt | 3,599 | 3,523 | |||||||||||||||||||||
Stockholders’ equity | 573 | 221 |
Segment Results | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||
Net Revenues | |||||||||||||||||||||||
Americas | $ | 1,382 | $ | 1,343 | 3 | % | $ | 6,100 | $ | 6,121 | — | % | |||||||||||
International | 637 | 536 | 19 | % | 2,748 | 2,538 | 8 | % | |||||||||||||||
Corporate and Other | — | — | * | — | — | * | |||||||||||||||||
Total Company | $ | 2,019 | $ | 1,879 | 7 | % | $ | 8,848 | $ | 8,659 | 2 | % | |||||||||||
Adjusted EBITDA (A) | |||||||||||||||||||||||
Americas | $ | 107 | $ | 101 | 6 | % | $ | 486 | $ | 633 | (23 | %) | |||||||||||
International | 45 | 36 | 25 | % | 305 | 273 | 12 | % | |||||||||||||||
Corporate and Other | (12 | ) | (16 | ) | * | (56 | ) | (68 | ) | * | |||||||||||||
Total Company | $ | 140 | $ | 121 | 16 | % | $ | 735 | $ | 838 | (12 | %) | |||||||||||
_______ | ||||
* | Not meaningful. | |||
(A) | See Table 5 for definitions and reconciliations of non-GAAP measures. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues | ||||||||||||||||
Vehicle rental | $ | 1,421 | $ | 1,309 | $ | 6,219 | $ | 6,081 | ||||||||
Other | 598 | 570 | 2,629 | 2,578 | ||||||||||||
Net revenues | 2,019 | 1,879 | 8,848 | 8,659 | ||||||||||||
Expenses | ||||||||||||||||
Operating | 1,059 | 1,001 | 4,472 | 4,382 | ||||||||||||
Vehicle depreciation and lease charges, net | 504 | 476 | 2,221 | 2,047 | ||||||||||||
Selling, general and administrative | 245 | 238 | 1,120 | 1,134 | ||||||||||||
Vehicle interest, net | 71 | 69 | 286 | 284 | ||||||||||||
Non-vehicle related depreciation and amortization | 65 | 64 | 259 | 253 | ||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||
Interest expense | 46 | 46 | 188 | 203 | ||||||||||||
Early extinguishment of debt | — | 17 | 3 | 27 | ||||||||||||
Restructuring and other related charges | 11 | 3 | 63 | 29 | ||||||||||||
Transaction-related costs, net | 15 | 8 | 23 | 21 | ||||||||||||
Impairment | 2 | — | 2 | — | ||||||||||||
Total expenses | 2,018 | 1,922 | 8,637 | 8,380 | ||||||||||||
Income (loss) before income taxes | 1 | (43 | ) | 211 | 279 | |||||||||||
Provision for (benefit from) income taxes | (219 | ) | (12 | ) | (150 | ) | 116 | |||||||||
Net income (loss) | $ | 220 | $ | (31 | ) | $ | 361 | $ | 163 | |||||||
Earnings (loss) per share | ||||||||||||||||
Basic | $ | 2.70 | $ | (0.35 | ) | $ | 4.32 | $ | 1.78 | |||||||
Diluted | $ | 2.65 | $ | (0.35 | ) | $ | 4.25 | $ | 1.75 | |||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 81.3 | 87.4 | 83.4 | 92.0 | ||||||||||||
Diluted | 82.7 | 87.4 | 84.8 | 93.3 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||||||
Americas | ||||||||||||||||||||||||
Rental Days (000’s) | 23,430 | 22,786 | 3 | % | 102,541 | 100,793 | 2 | % | ||||||||||||||||
Time & Mileage Revenue per Day (A) | $ | 39.32 | $ | 38.32 | 3 | % | $ | 40.03 | $ | 40.38 | (1 | %) | ||||||||||||
Average Rental Fleet | 365,102 | 354,697 | 3 | % | 391,966 | 384,914 | 2 | % | ||||||||||||||||
International | ||||||||||||||||||||||||
Rental Days (000’s) | 11,853 | 10,288 | 15 | % | 51,702 | 46,280 | 12 | % | ||||||||||||||||
Time & Mileage Revenue per Day (B) | $ | 32.13 | $ | 30.08 | 7 | % | $ | 31.52 | $ | 32.01 | (2 | %) | ||||||||||||
Average Rental Fleet | 186,811 | 163,034 | 15 | % | 198,511 | 176,770 | 12 | % | ||||||||||||||||
Total | ||||||||||||||||||||||||
Rental Days (000’s) | 35,283 | 33,074 | 7 | % | 154,243 | 147,073 | 5 | % | ||||||||||||||||
Time & Mileage Revenue per Day | $ | 36.90 | $ | 35.76 | 3 | % | $ | 37.18 | $ | 37.74 | (1 | %) | ||||||||||||
Average Rental Fleet | 551,913 | 517,731 | 7 | % | 590,477 | 561,684 | 5 | % | ||||||||||||||||
_______ | ||||||||||||||||||||||||
Rental days and time & mileage revenue per day are calculated based on the actual rental of the vehicle during a 24-hour period. Our calculation of rental days and time & mileage revenue per day may not be comparable to the calculation of similarly-titled statistics by other companies. Amounts exclude U.S. truck rental and Zipcar transactions. | ||||||||||||||||||||||||
(A) | Changes in currency exchange rates had a 1% favorable effect and no effect in the three months and year ended December 31, 2017, respectively. | |||||||||||||||||||||||
(B) | Changes in currency exchange rates had a 6% and 1% favorable effect in the three months and year ended December 31, 2017, respectively. |
Year Ended December 31, 2017 | |||||
Operating Activities | |||||
Net cash provided by operating activities | $ | 2,648 | |||
Investing Activities | |||||
Net cash used in investing activities exclusive of vehicle programs | (205 | ) | |||
Net cash used in investing activities of vehicle programs | (1,999 | ) | |||
Net cash used in investing activities | (2,204 | ) | |||
Financing Activities | |||||
Net cash provided by (used in) financing activities exclusive of vehicle programs | (235 | ) | |||
Net cash provided by (used in) financing activities of vehicle programs | (73 | ) | |||
Net cash provided by (used in) financing activities | (308 | ) | |||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 45 | ||||
Net change in cash and cash equivalents, program and restricted cash | 181 | ||||
Cash and cash equivalents, program and restricted cash, beginning of period | 720 | ||||
Cash and cash equivalents, program and restricted cash, end of period | $ | 901 |
Year Ended December 31, 2017 | |||||
Income before income taxes | $ | 211 | |||
Add-back of non-vehicle related depreciation and amortization | 259 | ||||
Add-back of debt extinguishment costs | 3 | ||||
Add-back of transaction-related costs | 23 | ||||
Working capital and other | (11 | ) | |||
Capital expenditures | (198 | ) | |||
Tax payments, net of refunds | (58 | ) | |||
Vehicle programs and related (B) | 125 | ||||
Adjusted Free Cash Flow | 354 | ||||
Acquisition and related payments, net of acquired cash | (21 | ) | |||
Borrowings, net of debt repayments | (16 | ) | |||
Transaction-related payments | (15 | ) | |||
Repurchases of common stock | (210 | ) | |||
Change in program cash | 46 | ||||
Foreign exchange effects, financing costs and other | 43 | ||||
Net change in cash and cash equivalents, program and restricted cash (per above) | $ | 181 |
_______ | |
(A) | See Table 5 for a description of Free Cash Flow. |
(B) | Includes vehicle-backed borrowings (repayments) that are incremental to amounts required to fund incremental (reduced) vehicle and vehicle-related assets. |
Year Ended December 31, 2017 | |||||
Net cash provided by operating activities (per above) | $ | 2,648 | |||
Investing activities of vehicle programs | (1,999 | ) | |||
Financing activities of vehicle programs | (73 | ) | |||
Capital expenditures | (198 | ) | |||
Proceeds received on asset sales | 8 | ||||
Change in program cash | (46 | ) | |||
Change in restricted cash | (1 | ) | |||
Acquisition-related payments | — | ||||
Transaction-related payments | 15 | ||||
Adjusted Free Cash Flow (per above) | $ | 354 |
Three Months Ended December 31, | |||||||||
Reconciliation of net income (loss) to Adjusted EBITDA: | 2017 | 2016 | |||||||
Net income (loss) | $ | 220 | $ | (31 | ) | ||||
Benefit from income taxes | (219 | ) | (12 | ) | |||||
Income (loss) before income taxes | 1 | (43 | ) | ||||||
Add certain items: | |||||||||
Transaction-related costs, net | 15 | 8 | |||||||
Acquisition-related amortization expense | 13 | 14 | |||||||
Restructuring and other related charges | 11 | 3 | |||||||
Impairment | 2 | — | |||||||
Early extinguishment of debt | — | 17 | |||||||
Charges for legal matter, net (A) | — | 26 | |||||||
Adjusted pretax income | 42 | 25 | |||||||
Add: | Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense) | 52 | 50 | ||||||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | 46 | 46 | |||||||
Adjusted EBITDA | $ | 140 | $ | 121 | |||||
Reconciliation of net income (loss) to Adjusted net income: | |||||||||
Net income (loss) | $ | 220 | $ | (31 | ) | ||||
Add certain items, net of tax: | |||||||||
Transaction-related costs, net | 13 | 6 | |||||||
Acquisition-related amortization expense | 9 | 10 | |||||||
Restructuring and other related charges | 8 | 2 | |||||||
Impairment | 1 | — | |||||||
Early extinguishment of debt | — | 10 | |||||||
Charges for legal matter, net | — | 16 | |||||||
Income tax benefit from the Tax Act (B) | (213 | ) | — | ||||||
Adjusted net income | $ | 38 | $ | 13 | |||||
Earnings per share - Diluted | $ | 2.65 | $ | (0.35 | ) | ||||
Adjusted diluted earnings per share | $ | 0.45 | $ | 0.15 | |||||
Shares used to calculate Adjusted diluted earnings per share | 82.7 | 88.9 |
Year Ended December 31, | |||||||||
Reconciliation of net income to Adjusted EBITDA: | 2017 | 2016 | |||||||
Net income | $ | 361 | $ | 163 | |||||
Provision for (benefit from) income taxes | (150 | ) | 116 | ||||||
Income before income taxes | 211 | 279 | |||||||
Add certain items: | |||||||||
Restructuring and other related charges | 63 | 29 | |||||||
Acquisition-related amortization expense | 58 | 59 | |||||||
Transaction-related costs, net | 23 | 21 | |||||||
Early extinguishment of debt | 3 | 27 | |||||||
Impairment | 2 | — | |||||||
Charges for legal matter, net (A) | (14 | ) | 26 | ||||||
Adjusted pretax income | 346 | 441 | |||||||
Add: | Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense) | 201 | 194 | ||||||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | 188 | 203 | |||||||
Adjusted EBITDA | $ | 735 | $ | 838 | |||||
Reconciliation of net income to Adjusted net income: | |||||||||
Net Income | $ | 361 | $ | 163 | |||||
Add certain items, net of tax: | |||||||||
Restructuring and other related charges | 41 | 22 | |||||||
Acquisition-related amortization expense | 39 | 40 | |||||||
Transaction-related costs, net | 19 | 16 | |||||||
Early extinguishment of debt | 2 | 16 | |||||||
Impairment | 1 | — | |||||||
Charges for legal matter, net | (8 | ) | 16 | ||||||
Income tax benefit from the Tax Act (B) | (213 | ) | — | ||||||
Adjusted net income | $ | 242 | $ | 273 | |||||
Earnings per share - Diluted | $ | 4.25 | $ | 1.75 | |||||
Adjusted diluted earnings per share | $ | 2.85 | $ | 2.93 | |||||
Shares used to calculate Adjusted diluted earnings per share | 84.8 | 93.3 |
(A) | Reported within operating expenses in our Consolidated Statement of Operations. |
(B) | As a result of the Tax Act, the adjustment of deferred taxes due to the change in corporate tax rates and recognition of incremental tax expense related to cumulative foreign earnings were a benefit of $317 million and a provision of $104 million, respectively, representing the estimated impact. This estimate will be finalized in a subsequent measurement period during 2018. |
FOR THE YEAR ENDED DECEMBER 31, 2017 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Americas | |||||||||||||||||||
Net revenue | $ | 1,314 | $ | 1,565 | $ | 1,839 | $ | 1,382 | $ | 6,100 | |||||||||
Currency exchange rate effects | (3 | ) | 3 | (6 | ) | (3 | ) | (9 | ) | ||||||||||
Net revenue excluding exchange rate effects | $ | 1,311 | $ | 1,568 | $ | 1,833 | $ | 1,379 | $ | 6,091 | |||||||||
Rental days (000's) | 24,271 | 28,047 | 30,256 | 24,774 | 107,348 | ||||||||||||||
RPD (in $'s) | $ | 54.13 | $ | 55.79 | $ | 60.78 | $ | 55.78 | $ | 56.82 | |||||||||
RPD excluding exchange rate effects (in $'s) | $ | 53.99 | $ | 55.91 | $ | 60.60 | $ | 55.64 | $ | 56.74 | |||||||||
International | |||||||||||||||||||
Net revenue | $ | 525 | $ | 673 | $ | 913 | $ | 637 | $ | 2,748 | |||||||||
Currency exchange rate effects | 8 | 17 | (36 | ) | (38 | ) | (49 | ) | |||||||||||
Net revenue excluding exchange rate effects | $ | 533 | $ | 690 | $ | 877 | $ | 599 | $ | 2,699 | |||||||||
Rental days (000's) | 10,578 | 13,574 | 17,061 | 12,311 | 53,524 | ||||||||||||||
RPD (in $'s) | $ | 49.65 | $ | 49.60 | $ | 53.52 | $ | 51.71 | $ | 51.35 | |||||||||
RPD excluding exchange rate effects (in $'s) | $ | 50.43 | $ | 50.80 | $ | 51.38 | $ | 48.68 | $ | 50.43 | |||||||||
Total | |||||||||||||||||||
Net revenue | $ | 1,839 | $ | 2,238 | $ | 2,752 | $ | 2,019 | $ | 8,848 | |||||||||
Currency exchange rate effects | 5 | 20 | (42 | ) | (41 | ) | (58 | ) | |||||||||||
Net revenue excluding exchange rate effects | $ | 1,844 | $ | 2,258 | $ | 2,710 | $ | 1,978 | $ | 8,790 | |||||||||
Rental days (000's) | 34,849 | 41,621 | 47,317 | 37,085 | 160,872 | ||||||||||||||
RPD (in $'s) | $ | 52.77 | $ | 53.78 | $ | 58.16 | $ | 54.43 | $ | 55.00 | |||||||||
RPD excluding exchange rate effects (in $'s) | $ | 52.91 | $ | 54.25 | $ | 57.28 | $ | 53.33 | $ | 54.64 |
FOR THE YEAR ENDED DECEMBER 31, 2016 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Americas | |||||||||||||||||||
Net revenue | $ | 1,364 | $ | 1,593 | $ | 1,821 | $ | 1,343 | $ | 6,121 | |||||||||
Rental days (000's) | 24,218 | 27,513 | 30,004 | 24,171 | 105,906 | ||||||||||||||
RPD (in $'s) | $ | 56.34 | $ | 57.87 | $ | 60.70 | $ | 55.57 | $ | 57.80 | |||||||||
International | |||||||||||||||||||
Net revenue | $ | 517 | $ | 650 | $ | 835 | $ | 536 | $ | 2,538 | |||||||||
Rental days (000's) | 9,806 | 12,169 | 15,136 | 10,717 | 47,828 | ||||||||||||||
RPD (in $'s) | $ | 52.68 | $ | 53.45 | $ | 55.17 | $ | 50.05 | $ | 53.07 | |||||||||
Total | |||||||||||||||||||
Net revenue | $ | 1,881 | $ | 2,243 | $ | 2,656 | $ | 1,879 | $ | 8,659 | |||||||||
Rental days (000's) | 34,024 | 39,682 | 45,140 | 34,888 | 153,734 | ||||||||||||||
RPD (in $'s) | $ | 55.28 | $ | 56.51 | $ | 58.84 | $ | 53.87 | $ | 56.33 |
FOR THE YEAR ENDED DECEMBER 31, 2017 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Americas | |||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 396 | $ | 461 | $ | 445 | $ | 369 | $ | 1,671 | |||||||||
Currency exchange rate effects | 1 | (1 | ) | 1 | 1 | 2 | |||||||||||||
Vehicle depreciation and lease charges, net excluding exchange rate effects | $ | 397 | $ | 460 | $ | 446 | $ | 370 | $ | 1,673 | |||||||||
Average fleet (in units) | 394,712 | 446,104 | 451,817 | 393,509 | 421,536 | ||||||||||||||
Per-unit fleet cost (in $'s) | $ | 1,005 | $ | 1,034 | $ | 985 | $ | 937 | $ | 3,965 | |||||||||
Number of months in period | 3 | 3 | 3 | 3 | 12 | ||||||||||||||
Per-unit fleet cost per month (in $'s) | $ | 335 | $ | 345 | $ | 328 | $ | 312 | $ | 330 | |||||||||
Per-unit fleet cost per month excluding exchange rate effects (in $'s) | $ | 336 | $ | 344 | $ | 329 | $ | 313 | $ | 331 | |||||||||
International | |||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 108 | $ | 136 | $ | 171 | $ | 135 | $ | 550 | |||||||||
Currency exchange rate effects | (3 | ) | (3 | ) | 7 | 8 | 9 | ||||||||||||
Vehicle depreciation and lease charges, net excluding exchange rate effects | $ | 105 | $ | 133 | $ | 178 | $ | 143 | $ | 559 | |||||||||
Average fleet (in units) | 170,535 | 210,734 | 247,743 | 193,297 | 205,577 | ||||||||||||||
Per-unit fleet cost (in $'s) | $ | 628 | $ | 648 | $ | 691 | $ | 697 | $ | 2,672 | |||||||||
Number of months in period | 3 | 3 | 3 | 3 | 12 | ||||||||||||||
Per-unit fleet cost per month (in $'s) | $ | 209 | $ | 216 | $ | 230 | $ | 232 | $ | 223 | |||||||||
Per-unit fleet cost per month excluding exchange rate effects (in $'s) | $ | 205 | $ | 210 | $ | 239 | $ | 247 | $ | 226 | |||||||||
Total | |||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 504 | $ | 597 | $ | 616 | $ | 504 | $ | 2,221 | |||||||||
Currency exchange rate effects | (2 | ) | (4 | ) | 8 | 9 | 11 | ||||||||||||
Vehicle depreciation and lease charges, net excluding exchange rate effects | $ | 502 | $ | 593 | $ | 624 | $ | 513 | $ | 2,232 | |||||||||
Average fleet (in units) | 565,247 | 656,838 | 699,560 | 586,806 | 627,113 | ||||||||||||||
Per-unit fleet cost (in $'s) | $ | 891 | $ | 910 | $ | 881 | $ | 858 | $ | 3,541 | |||||||||
Number of months in period | 3 | 3 | 3 | 3 | 12 | ||||||||||||||
Per-unit fleet cost per month (in $'s) | $ | 297 | $ | 303 | $ | 294 | $ | 286 | $ | 295 | |||||||||
Per-unit fleet cost per month excluding exchange rate effects (in $'s) | $ | 296 | $ | 301 | $ | 297 | $ | 291 | $ | 297 |
FOR THE YEAR ENDED DECEMBER 31, 2016 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
Americas | |||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 363 | $ | 413 | $ | 424 | $ | 359 | $ | 1,559 | |||||||||
Average fleet (in units) | 387,874 | 437,024 | 454,618 | 385,662 | 416,295 | ||||||||||||||
Per-unit fleet cost (in $'s) | $ | 936 | $ | 944 | $ | 933 | $ | 931 | $ | 3,745 | |||||||||
Number of months in period | 3 | 3 | 3 | 3 | 12 | ||||||||||||||
Per-unit fleet cost per month (in $'s) | $ | 312 | $ | 315 | $ | 311 | $ | 310 | $ | 312 | |||||||||
International | |||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 100 | $ | 119 | $ | 152 | $ | 117 | $ | 488 | |||||||||
Average fleet (in units) | 154,844 | 189,176 | 219,195 | 170,006 | 183,305 | ||||||||||||||
Per-unit fleet cost (in $'s) | $ | 647 | $ | 633 | $ | 692 | $ | 689 | $ | 2,666 | |||||||||
Number of months in period | 3 | 3 | 3 | 3 | 12 | ||||||||||||||
Per-unit fleet cost per month (in $'s) | $ | 216 | $ | 211 | $ | 231 | $ | 230 | $ | 222 | |||||||||
Total | |||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 463 | $ | 532 | $ | 576 | $ | 476 | $ | 2,047 | |||||||||
Average fleet (in units) | 542,718 | 626,200 | 673,813 | 555,668 | 599,600 | ||||||||||||||
Per-unit fleet cost (in $'s) | $ | 853 | $ | 850 | $ | 855 | $ | 857 | $ | 3,415 | |||||||||
Number of months in period | 3 | 3 | 3 | 3 | 12 | ||||||||||||||
Per-unit fleet cost per month (in $'s) | $ | 284 | $ | 283 | $ | 285 | $ | 286 | $ | 285 |
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