Segment Information

The Company’s chief operating decision maker assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company considered the nature of services provided, the geographical areas in which the segments operated and other relevant factors. The Company aggregates certain of its operating segments into its reportable segments.

Management evaluates the operating results of each of its reportable segments based upon revenue and “Adjusted EBITDA,” which the Company defines as income from continuing operations before non-vehicle related depreciation and amortization, any impairment charges, restructuring and other related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs, net charges for an unprecedented personal-injury legal matters, non-operational charges related to shareholder activist activity and income taxes. Net charges for unprecedented personal-injury legal matters are recorded within operating expenses in the Company’s Consolidated Statements of Operations. The Company has revised its definition of Adjusted EBITDA to exclude non-operational charges related to shareholder activist activity. Non-operational charges related to shareholder activist activity include third-party advisory, legal and other professional service fees and are recorded within selling, general and administrative expenses in the Company’s Consolidated Statements of Operations. The Company did not revise prior years’ Adjusted EBITDA amounts because there were no costs similar in nature to these items. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Year Ended December 31, 2018



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,186	$	2,938	$	—		$	9,124
Vehicle depreciation and lease charges, net	1,568		611		—			2,179
Vehicle interest, net	252		62		—			314
Adjusted EBITDA	558		287		(64		)	781
Non-vehicle depreciation and amortization	152		104		—			256
Assets exclusive of assets under vehicle programs	3,782		2,495		93			6,370
Assets under vehicle programs	9,670		3,109		—			12,779
Capital expenditures (excluding vehicles)	134		76		21			231

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^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Year Ended December 31, 2017



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,100	$	2,748	$	—		$	8,848
Vehicle depreciation and lease charges, net	1,671		550		—			2,221
Vehicle interest, net	226		60		—			286
Adjusted EBITDA	486		305		(56		)	735
Non-vehicle depreciation and amortization	168		91		—			259
Assets exclusive of assets under vehicle programs	3,388		2,353		79			5,820
Assets under vehicle programs	9,017		2,862		—			11,879
Capital expenditures (excluding vehicles)	122		62		13			197

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^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Year Ended December 31, 2016



	Americas		International		Corporate and Other ^(a)			Total
Revenues	$	6,121	$	2,538	$	—		$	8,659
Vehicle depreciation and lease charges, net	1,559		488		—			2,047
Vehicle interest, net	226		58		—			284
Adjusted EBITDA	633		273		(68		)	838
Non-vehicle depreciation and amortization	165		88		—			253
Assets exclusive of assets under vehicle programs	4,017		1,990		58			6,065
Assets under vehicle programs	9,210		2,368		—			11,578
Capital expenditures (excluding vehicles)	121		62		7			190

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^(a)	Primarily represents unallocated corporate expenses and receivables from our former subsidiaries.

Provided below is a reconciliation of Adjusted EBITDA to income before income taxes.



		For the Year Ended December 31,
		2018		2017			2016
Adjusted EBITDA		$	781	$	735		$	838
Less: Non-vehicle related depreciation and amortization ^(a)		256		259			253
	Interest expense related to corporate debt, net	188		188			203
	Early extinguishment of corporate debt	19		3			27
	Restructuring and other related charges	22		63			29
	Transaction-related costs, net	20		23			21
	Non-operational charges related to shareholder activist activity ^(b)	9		—			—
	Impairment	—		2			—
	Charges for legal matter, net ^(c)	—		(14		)	26
Income before income taxes		$	267	$	211		$	279

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^(a)	Includes amortization of intangible assets recognized in purchase accounting of $61 million in 2018, $58 million in 2017 and $59 million in 2016.


^(b)	Reported within selling, general and administrative expenses in our Consolidated Statements of Operations.


^(c)	Reported within operating expenses in our Consolidated Statements of Operations.

The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.



	United States		All Other Countries		Total
2018
Revenues	$	5,708	$	3,416	$	9,124
Assets exclusive of assets under vehicle programs	3,494		2,876		6,370
Assets under vehicle programs	9,021		3,758		12,779
Net long-lived assets	1,476		1,177		2,653

2017
Revenues	$	5,629	$	3,219	$	8,848
Assets exclusive of assets under vehicle programs	3,069		2,751		5,820
Assets under vehicle programs	8,192		3,687		11,879
Net long-lived assets	1,451		1,176		2,627

2016
Revenues	$	5,674	$	2,985	$	8,659
Assets exclusive of assets under vehicle programs	3,699		2,366		6,065
Assets under vehicle programs	8,552		3,026		11,578
Net long-lived assets	1,489		1,073		2,562