Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.


			Three Months Ended September 30,
			2021				2020
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	2,403	$	952	$	1,114	$	222
International			598		128		420		6
Corporate and Other (a)			—		(23)		—		(8)
	Total Company		$	3,001	$	1,057	$	1,534	$	220

Reconciliation of Adjusted EBITDA to income before income taxes:
					2021				2020
Adjusted EBITDA					$	1,057			$	220
Less:		Non-vehicle related depreciation and amortization			69				74
		Interest expense related to corporate debt, net:
		Interest expense			47				64
		Early extinguishment of debt			7				2
		Restructuring and other related charges			5				17
		Transaction-related costs, net			1				—
		COVID-19 charges (b)			(6)				10


		Unprecedented personal-injury and other legal matters, net (c)			5				—
Income before income taxes					$	929			$	53

__________

(a)Includes unallocated corporate overhead which is not attributable to a particular segment.

(b)The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic:


	2021		2020
Minimum annual guaranteed rent in excess of concession fees, net	$	(4)	$	11
Vehicles damaged in overflow parking lots, net of insurance proceeds	(3)		(19)
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles	—		18
Other charges	1		—
Operating expenses	$	(6)	$	8
Vehicle depreciation and lease charges	$	—	$	1
Selling, general and administrative expenses	$	—	$	1

(c)Reported within operating expenses.


			Nine Months Ended September 30,
			2021				2020
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	5,457	$	1,694	$	2,936	$	(41)
International			1,287		86		1,111		(174)
Corporate and Other (a)			—		(52)		—		(34)
	Total Company		$	6,744	$	1,728	$	4,047	$	(249)

Reconciliation of Adjusted EBITDA to income (loss) before income taxes:
					2021				2020
Adjusted EBITDA					$	1,728			$	(249)
Less:		Non-vehicle related depreciation and amortization (b)			204				214
		Interest expense related to corporate debt, net:
		Interest expense			167				163
		Early extinguishment of debt			136				9
		Restructuring and other related charges			47				89
		COVID-19 charges (c)			12				90
		Transaction-related costs, net			3				3
		Non-operational charges related to shareholder activist activity (d)			—				4

		Unprecedented personal-injury and other legal matters, net (e)			(6)				—
Income (loss) before income taxes					$	1,165			$	(821)

__________

(a)Includes unallocated corporate overhead which is not attributable to a particular segment.

(b)For the nine months ended September 30, 2021 consists of $5 million within operating expenses related to cloud computing costs.

(c)The following table presents the unusual, direct and incremental costs due to the COVID-19 pandemic:


	2021		2020
Minimum annual guaranteed rent in excess of concession fees, net	$	12	$	41
Vehicles damaged in overflow parking lots, net of insurance proceeds	(7)		14
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles	—		35
Other charges	7		—
Operating expenses	$	11	$	87
Vehicle depreciation and lease charges	$	—	$	1
Selling, general and administrative expenses	$	1	$	2

(d)Reported within selling, general and administrative expenses.

(e)Reported within operating expenses.