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) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, Par Value $0.01 | CAR | The NASDAQ Global Select Market |
Exhibit No. | Description |
99.1 | Press Release dated August 5, 2019. |
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 SECOND QUARTER 2019 RESULTS |
• | Record second quarter revenues of $2.3 billion, including the negative impact of $46 million, or 2%, from currency exchange rate movements |
• | Net income increased to $62 million, a $36 million increase from prior year, for diluted earnings of $0.81 per share |
• | Adjusted EBITDA increased to $175 million, up 9% from prior year |
• | Adjusted diluted earnings of $0.79 per share increased by 39% |
• | Reaffirm projected full-year 2019 guidance |
• | Increased share repurchase authorization by $100 million to a total of $250 million, or 9% of shares outstanding |
$ millions * | 2019 Estimates | |||
Revenues | $9,200 - $9,500 | |||
Adjusted EBITDA | $750 - $850 | |||
Non-vehicle related depreciation and amortization | $200 - $215 | |||
Interest expense related to corporate debt, net | $180 - $190 | |||
Adjusted pretax income | $350 - $450 | |||
Adjusted net income | $260 - $320 | |||
Adjusted diluted earnings per share | $3.35 - $4.20 | |||
Capital expenditures | $230 - $250 | |||
Cash taxes, vehicle programs and other | $70 - $120 | |||
Adjusted free cash flow | $250 - $300 |
$ change millions (better)/worse | vs prior year | |||
Vehicle interest expense (rate impact) | $25 - $35 | |||
Adjusted EBITDA net currency translation | $15 - $25 |
% change | vs prior year | |||
Rental Days | 0.0% - 2.0% | |||
Revenue per Day | 0.0% - 1.5% | |||
Per-Unit Fleet Costs per Month | (3.0%) - (7.0%) |
% change | vs prior year | |||
Rental Days | 3.0% - 6.0% | |||
Revenue per Day | (1.0%) - (4.0%) | |||
Per-Unit Fleet Costs per Month | 0.0% - 2.0% |
Contacts | |
Media Contact: | Investor Contact: |
Katie McCall | David Calabria |
PR@avisbudget.com | IR@avisbudget.com |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||||
Income Statement and Other Items | |||||||||||||||||||||||
Revenues | $ | 2,337 | $ | 2,328 | 0 | % | $ | 4,257 | $ | 4,296 | (1 | %) | |||||||||||
Income (loss) before income taxes | 81 | 38 | n/m | (55 | ) | (91 | ) | 40 | % | ||||||||||||||
Net income (loss) | 62 | 26 | n/m | (29 | ) | (61 | ) | 52 | % | ||||||||||||||
Earnings (loss) per share - diluted | 0.81 | 0.32 | n/m | (0.39 | ) | (0.75 | ) | 48 | % | ||||||||||||||
Adjusted Earnings Measures (non-GAAP) (A) | |||||||||||||||||||||||
Adjusted EBITDA | 175 | 161 | 9 | % | 174 | 163 | 7 | % | |||||||||||||||
Adjusted pretax income (loss) | 75 | 64 | 17 | % | (18 | ) | (28 | ) | 36 | % | |||||||||||||
Adjusted net income (loss) | 61 | 46 | 33 | % | 2 | (14 | ) | n/m | |||||||||||||||
Adjusted earnings (loss) per share - diluted | 0.79 | 0.57 | 39 | % | 0.01 | (0.17 | ) | n/m | |||||||||||||||
As of | |||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
Balance Sheet Items | |||||||||||||||||||||||
Cash and cash equivalents | $ | 534 | $ | 615 | |||||||||||||||||||
Vehicles, net | 14,278 | 11,474 | |||||||||||||||||||||
Debt under vehicle programs | 12,456 | 10,232 | |||||||||||||||||||||
Corporate debt | 3,535 | 3,551 | |||||||||||||||||||||
Stockholders' equity | 376 | 414 |
Segment Results | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Americas | $ | 1,627 | $ | 1,590 | 2 | % | $ | 2,954 | $ | 2,938 | 1 | % | |||||||||||
International | 710 | 738 | (4 | %) | 1,303 | 1,358 | (4 | %) | |||||||||||||||
Corporate and Other | — | — | n/m | — | — | n/m | |||||||||||||||||
Total Company | $ | 2,337 | $ | 2,328 | 0 | % | $ | 4,257 | $ | 4,296 | (1 | %) | |||||||||||
Adjusted EBITDA | |||||||||||||||||||||||
Americas | $ | 152 | $ | 107 | 42 | % | $ | 187 | $ | 122 | 53 | % | |||||||||||
International | 39 | 71 | (45 | %) | 18 | 74 | (76 | %) | |||||||||||||||
Corporate and Other | (16 | ) | (17 | ) | n/m | (31 | ) | (33 | ) | n/m | |||||||||||||
Total Company | $ | 175 | $ | 161 | 9 | % | $ | 174 | $ | 163 | 7 | % | |||||||||||
_______ | ||||
n/m | Not meaningful. | |||
(A) | See Table 5 for reconciliations of non-GAAP measures and Appendix I for definitions. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues | $ | 2,337 | $ | 2,328 | $ | 4,257 | $ | 4,296 | ||||||||
Expenses | ||||||||||||||||
Operating | 1,172 | 1,175 | 2,243 | 2,267 | ||||||||||||
Vehicle depreciation and lease charges, net | 543 | 591 | 1,028 | 1,106 | ||||||||||||
Selling, general and administrative | 313 | 321 | 597 | 617 | ||||||||||||
Vehicle interest, net | 90 | 80 | 171 | 152 | ||||||||||||
Non-vehicle related depreciation and amortization | 66 | 67 | 133 | 128 | ||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||
Interest expense | 48 | 49 | 90 | 95 | ||||||||||||
Early extinguishment of debt | — | — | — | 5 | ||||||||||||
Restructuring and other related charges | 23 | 4 | 44 | 10 | ||||||||||||
Transaction-related costs, net | 1 | 3 | 6 | 7 | ||||||||||||
Total expenses | 2,256 | 2,290 | 4,312 | 4,387 | ||||||||||||
Income (loss) before income taxes | 81 | 38 | (55 | ) | (91 | ) | ||||||||||
Provision for (benefit from) income taxes | 19 | 12 | (26 | ) | (30 | ) | ||||||||||
Net income (loss) | $ | 62 | $ | 26 | $ | (29 | ) | $ | (61 | ) | ||||||
Earnings (loss) per share - diluted | ||||||||||||||||
Basic | $ | 0.81 | $ | 0.33 | $ | (0.39 | ) | $ | (0.75 | ) | ||||||
Diluted | $ | 0.81 | $ | 0.32 | $ | (0.39 | ) | $ | (0.75 | ) | ||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 76.0 | 80.7 | 75.9 | 80.8 | ||||||||||||
Diluted | 76.4 | 81.5 | 75.9 | 80.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||||
Americas | ||||||||||||||||||||||||
Rental Days (000’s) | 29,166 | 28,729 | 2 | % | 53,875 | 53,671 | 0 | % | ||||||||||||||||
Revenue per Day, excluding exchange rate effects (A) | $ | 55.90 | $ | 55.35 | 1 | % | $ | 55.00 | $ | 54.74 | 0 | % | ||||||||||||
Average Rental Fleet | 454,608 | 452,526 | 0 | % | 425,808 | 425,578 | 0 | % | ||||||||||||||||
Vehicle Utilization | 70.5 | % | 69.8 | % | 70 bps | 69.9 | % | 69.7 | % | 20 bps | ||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects (A) | $ | 289 | $ | 322 | (10 | %) | $ | 293 | $ | 322 | (9 | %) | ||||||||||||
International | ||||||||||||||||||||||||
Rental Days (000’s) | 14,877 | 14,375 | 3 | % | 27,333 | 25,889 | 6 | % | ||||||||||||||||
Revenue per Day, excluding exchange rate effects (A) | $ | 50.62 | $ | 51.31 | (1 | %) | $ | 51.07 | $ | 52.44 | (3 | %) | ||||||||||||
Average Rental Fleet | 228,561 | 222,826 | 3 | % | 213,127 | 203,816 | 5 | % | ||||||||||||||||
Vehicle Utilization | 71.5 | % | 70.9 | % | 60 bps | 70.9 | % | 70.2 | % | 70 bps | ||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects (A) | $ | 230 | $ | 230 | 0 | % | $ | 235 | $ | 231 | 2 | % | ||||||||||||
Total | ||||||||||||||||||||||||
Rental Days (000’s) | 44,043 | 43,104 | 2 | % | 81,208 | 79,560 | 2 | % | ||||||||||||||||
Revenue per Day, excluding exchange rate effects (A) | $ | 54.12 | $ | 54.00 | 0 | % | $ | 53.68 | $ | 53.99 | (1 | %) | ||||||||||||
Average Rental Fleet | 683,169 | 675,352 | 1 | % | 638,935 | 629,394 | 2 | % | ||||||||||||||||
Vehicle Utilization | 70.8 | % | 70.1 | % | 70 bps | 70.2 | % | 69.8 | % | 40 bps | ||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects (A) | $ | 269 | $ | 292 | (8 | %) | $ | 274 | $ | 293 | (6 | %) | ||||||||||||
_______ | ||||||||||||||||||||||||
Refer to Table 6 for key metrics calculations and Appendix I for key metrics definitions. | ||||||||||||||||||||||||
(A) | The following metrics include changes in currency exchange rates: | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||||
Americas | ||||||||||||||||||||||||
Revenue per Day | $ | 55.77 | $ | 55.35 | 1 | % | $ | 54.83 | $ | 54.74 | 0 | % | ||||||||||||
Per-Unit Fleet Costs per Month | $ | 289 | $ | 322 | (10 | %) | $ | 292 | $ | 322 | (9 | %) | ||||||||||||
International | ||||||||||||||||||||||||
Revenue per Day | $ | 47.70 | $ | 51.31 | (7 | %) | $ | 47.65 | $ | 52.44 | (9 | %) | ||||||||||||
Per-Unit Fleet Costs per Month | $ | 217 | $ | 230 | (6 | %) | $ | 220 | $ | 231 | (5 | %) | ||||||||||||
Total | ||||||||||||||||||||||||
Revenue per Day | $ | 53.04 | $ | 54.00 | (2 | %) | $ | 52.42 | $ | 53.99 | (3 | %) | ||||||||||||
Per-Unit Fleet Costs per Month | $ | 265 | $ | 292 | (9 | %) | $ | 268 | $ | 293 | (9 | %) |
Six Months Ended June 30, 2019 | |||||
Operating Activities | |||||
Net cash provided by operating activities | $ | 965 | |||
Investing Activities | |||||
Net cash used in investing activities exclusive of vehicle programs | (84 | ) | |||
Net cash used in investing activities of vehicle programs | (3,062 | ) | |||
Net cash used in investing activities | (3,146 | ) | |||
Financing Activities | |||||
Net cash provided by (used in) financing activities exclusive of vehicle programs | (31 | ) | |||
Net cash provided by (used in) financing activities of vehicle programs | 2,058 | ||||
Net cash provided by (used in) financing activities | 2,027 | ||||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 4 | ||||
Net change in cash and cash equivalents, program and restricted cash | (150 | ) | |||
Cash and cash equivalents, program and restricted cash, beginning of period (A) | 735 | ||||
Cash and cash equivalents, program and restricted cash, end of period (B) | $ | 585 |
_______ | |
(A) | Consists of cash and cash equivalents of $615 million, program cash of $115 million and restricted cash of $5 million. |
(B) | Consists of cash and cash equivalents of $534 million, program cash of $48 million and restricted cash of $3 million. |
Six Months Ended June 30, 2019 | |||||
Loss before income taxes | $ | (55 | ) | ||
Add-back of non-vehicle related depreciation and amortization | 133 | ||||
Add-back of restructuring and other related costs | 44 | ||||
Add-back of transaction-related costs | 6 | ||||
Working capital and other | (78 | ) | |||
Capital expenditures | (117 | ) | |||
Tax payments, net of refunds | (47 | ) | |||
Vehicle programs and related (D) | 55 | ||||
Adjusted free cash flow | (59 | ) | |||
Acquisition and related payments, net of acquired cash (E) | (38 | ) | |||
Dispositions, net of tax payments (F) | 64 | ||||
Borrowings, net of debt repayments | (10 | ) | |||
Restructuring and other related payments | (18 | ) | |||
Transaction-related payments | (8 | ) | |||
Repurchases of common stock | (4 | ) | |||
Change in program cash | (67 | ) | |||
Change in restricted cash | (2 | ) | |||
Foreign exchange effects, financing costs and other | (8 | ) | |||
Net change in cash and cash equivalents, program and restricted cash (per above) | $ | (150 | ) |
_______ | |
(C) | The Company has revised its definition of Adjusted free cash flow to exclude payments for restructuring and other related charges. Our calculation of Adjusted free cash flow may not be comparable to the calculation of similarly-titled measures used by other companies. See Appendix I for the definition of Adjusted free cash flow. |
(D) | Includes vehicle-backed borrowings (repayments) that are incremental to amounts required to fund incremental (reduced) vehicle and vehicle-related assets. |
(E) | Excludes $19 million of vehicles purchased as a part of a North America licensee acquisition, which was financed through incremental vehicle-backed borrowings, and includes equity method investment of $3 million in our licensee in Greece. |
(F) | Proceeds received on the sale of our equity method investment in Anji Car Rental & Leasing Company Limited ("Anji"), net of cross-border withholding taxes of $4 million. |
Six Months Ended June 30, 2019 | |||||
Net cash provided by operating activities (per above) | $ | 965 | |||
Investing activities of vehicle programs | (3,062 | ) | |||
Financing activities of vehicle programs | 2,058 | ||||
Capital expenditures | (117 | ) | |||
Proceeds received on sale of assets and nonmarketable equity securities | 18 | ||||
Change in program cash | 67 | ||||
Change in restricted cash | 2 | ||||
Acquisition and disposition-related payments | (16 | ) | |||
Restructuring and other related payments | 18 | ||||
Transaction-related payments | 8 | ||||
Adjusted free cash flow (per above) | $ | (59 | ) |
Three Months Ended June 30, | |||||||||
Reconciliation of net income to Adjusted EBITDA: | 2019 | 2018 | |||||||
Net income | $ | 62 | $ | 26 | |||||
Provision for income taxes | 19 | 12 | |||||||
Income before income taxes | 81 | 38 | |||||||
Add certain items: | |||||||||
Restructuring and other related charges | 23 | 4 | |||||||
Acquisition-related amortization expense | 14 | 19 | |||||||
Transaction-related costs, net | 1 | 3 | |||||||
Gain on sale of equity method investment in Anji (A) | (44 | ) | — | ||||||
Adjusted pretax income | 75 | 64 | |||||||
Add: | Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense) | 52 | 48 | ||||||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | 48 | 49 | |||||||
Adjusted EBITDA | $ | 175 | $ | 161 | |||||
Reconciliation of net income to adjusted net income: | |||||||||
Net income | $ | 62 | $ | 26 | |||||
Add certain items, net of tax: | |||||||||
Restructuring and other related charges | 18 | 4 | |||||||
Acquisition-related amortization expense | 10 | 13 | |||||||
Transaction-related costs, net | 1 | 3 | |||||||
Gain on sale of equity method investment in Anji | (30 | ) | — | ||||||
Adjusted net income | $ | 61 | $ | 46 | |||||
Earnings per share - Diluted | $ | 0.81 | $ | 0.32 | |||||
Adjusted diluted earnings per share | $ | 0.79 | $ | 0.57 | |||||
Shares used to calculate Adjusted diluted earnings per share | 76.4 | 81.5 |
_______ | ||||
(A) | Reported within operating expenses in our Consolidated Statements of Operations. |
Six Months Ended June 30, | |||||||||
Reconciliation of net loss to Adjusted EBITDA: | 2019 | 2018 | |||||||
Net loss | $ | (29 | ) | $ | (61 | ) | |||
Benefit from income taxes | (26 | ) | (30 | ) | |||||
Loss before income taxes | (55 | ) | (91 | ) | |||||
Add certain items: | |||||||||
Restructuring and other related charges | 44 | 10 | |||||||
Acquisition-related amortization expense | 31 | 32 | |||||||
Transaction-related costs, net | 6 | 7 | |||||||
Non-operational charges related to shareholder activist activity (A) | — | 9 | |||||||
Early extinguishment of debt | — | 5 | |||||||
Gain on sale of equity method investment in Anji (B) | (44 | ) | — | ||||||
Adjusted pretax loss | (18 | ) | (28 | ) | |||||
Add: | Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense) | 102 | 96 | ||||||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | 90 | 95 | |||||||
Adjusted EBITDA | $ | 174 | $ | 163 | |||||
Reconciliation of net loss to adjusted net income (loss): | |||||||||
Net loss | $ | (29 | ) | $ | (61 | ) | |||
Add certain items, net of tax: | |||||||||
Restructuring and other related charges | 34 | 8 | |||||||
Acquisition-related amortization expense | 22 | 22 | |||||||
Transaction-related costs, net | 5 | 6 | |||||||
Non-operational charges related to shareholder activist activity | — | 7 | |||||||
Early extinguishment of debt | — | 4 | |||||||
Gain on sale of equity method investment in Anji | (30 | ) | — | ||||||
Adjusted net income (loss) | $ | 2 | $ | (14 | ) | ||||
Loss per share - Diluted | $ | (0.39 | ) | $ | (0.75 | ) | |||
Adjusted diluted earnings (loss) per share | $ | 0.01 | $ | (0.17 | ) | ||||
Shares used to calculate Adjusted diluted earnings (loss) per share | 76.4 | 80.8 | |||||||
_______ | ||||
(A) | Reported within selling, general and administrative expenses in our Consolidated Statements of Operations. | |||
(B) | Reported within operating expenses in our Consolidated Statements of Operations. |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | ||||||||||||||||||||||||
Americas | International | Total | Americas | International | Total | ||||||||||||||||||||
Revenue per Day (RPD) | |||||||||||||||||||||||||
Revenue | $ | 1,627 | $ | 710 | $ | 2,337 | $ | 1,590 | $ | 738 | $ | 2,328 | |||||||||||||
Currency exchange rate effects | 3 | 43 | 46 | — | — | — | |||||||||||||||||||
Revenue excluding exchange rate effects | $ | 1,630 | $ | 753 | $ | 2,383 | $ | 1,590 | $ | 738 | $ | 2,328 | |||||||||||||
Rental days (000's) | 29,166 | 14,877 | 44,043 | 28,729 | 14,375 | 43,104 | |||||||||||||||||||
RPD excluding exchange rate effects (in $'s) | $ | 55.90 | $ | 50.62 | $ | 54.12 | $ | 55.35 | $ | 51.31 | $ | 54.00 | |||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||
Rental days (000's) | 29,166 | 14,877 | 44,043 | 28,729 | 14,375 | 43,104 | |||||||||||||||||||
Average rental fleet | 454,608 | 228,561 | 683,169 | 452,526 | 222,826 | 675,352 | |||||||||||||||||||
Number of days in period | 91 | 91 | 91 | 91 | 91 | 91 | |||||||||||||||||||
Available rental days (000's) | 41,369 | 20,799 | 62,168 | 41,180 | 20,277 | 61,457 | |||||||||||||||||||
Vehicle utilization | 70.5 | % | 71.5 | % | 70.8 | % | 69.8 | % | 70.9 | % | 70.1 | % | |||||||||||||
Per-Unit Fleet Costs | |||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 394 | $ | 149 | $ | 543 | $ | 437 | $ | 154 | $ | 591 | |||||||||||||
Currency exchange rate effects | — | 9 | 9 | — | — | — | |||||||||||||||||||
$ | 394 | $ | 158 | $ | 552 | $ | 437 | $ | 154 | $ | 591 | ||||||||||||||
Average rental fleet | 454,608 | 228,561 | 683,169 | 452,526 | 222,826 | 675,352 | |||||||||||||||||||
Per-unit fleet costs (in $'s) | $ | 867 | $ | 690 | $ | 808 | $ | 967 | $ | 690 | $ | 876 | |||||||||||||
Number of months in period | 3 | 3 | 3 | 3 | 3 | 3 | |||||||||||||||||||
Per-unit fleet costs per month excluding exchange rate effects (in $'s) | $ | 289 | $ | 230 | $ | 269 | $ | 322 | $ | 230 | $ | 292 |
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | ||||||||||||||||||||||||
Americas | International | Total | Americas | International | Total | ||||||||||||||||||||
Revenue per Day (RPD) | |||||||||||||||||||||||||
Revenue | $ | 2,954 | $ | 1,303 | $ | 4,257 | $ | 2,938 | $ | 1,358 | $ | 4,296 | |||||||||||||
Currency exchange rate effects | 9 | 93 | 102 | — | — | — | |||||||||||||||||||
Revenue excluding exchange rate effects | $ | 2,963 | $ | 1,396 | $ | 4,359 | $ | 2,938 | $ | 1,358 | $ | 4,296 | |||||||||||||
Rental days (000's) | 53,875 | 27,333 | 81,208 | 53,671 | 25,889 | 79,560 | |||||||||||||||||||
RPD excluding exchange rate effects (in $'s) | $ | 55.00 | $ | 51.07 | $ | 53.68 | $ | 54.74 | $ | 52.44 | $ | 53.99 | |||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||
Rental days (000's) | 53,875 | 27,333 | 81,208 | 53,671 | 25,889 | 79,560 | |||||||||||||||||||
Average rental fleet | 425,808 | 213,127 | 638,935 | 425,578 | 203,816 | 629,394 | |||||||||||||||||||
Number of days in period | 181 | 181 | 181 | 181 | 181 | 181 | |||||||||||||||||||
Available rental days (000's) | 77,071 | 38,576 | 115,647 | 77,029 | 36,891 | 113,920 | |||||||||||||||||||
Vehicle utilization | 69.9 | % | 70.9 | % | 70.2 | % | 69.7 | % | 70.2 | % | 69.8 | % | |||||||||||||
Per-Unit Fleet Costs | |||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 747 | $ | 281 | $ | 1,028 | $ | 823 | $ | 283 | $ | 1,106 | |||||||||||||
Currency exchange rate effects | 1 | 20 | 21 | — | — | — | |||||||||||||||||||
$ | 748 | $ | 301 | $ | 1,049 | $ | 823 | $ | 283 | $ | 1,106 | ||||||||||||||
Average rental fleet | 425,808 | 213,127 | 638,935 | 425,578 | 203,816 | 629,394 | |||||||||||||||||||
Per-unit fleet costs (in $'s) | $ | 1,758 | $ | 1,412 | $ | 1,642 | $ | 1,935 | $ | 1,388 | $ | 1,758 | |||||||||||||
Number of months in period | 6 | 6 | 6 | 6 | 6 | 6 | |||||||||||||||||||
Per-unit fleet costs per month excluding exchange rate effects (in $'s) | $ | 293 | $ | 235 | $ | 274 | $ | 322 | $ | 231 | $ | 293 |
_______ | ||||
Our calculation of rental days and revenue per day may not be comparable to the calculation of similarly-titled metrics by other companies. Currency exchange rate effects are calculated by translating the current-year results at the prior-period average exchange rates plus any related gains and losses on currency hedges. |
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