Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

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


			Three Months Ended June 30,
			2021				2020
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	1,974	$	634	$	565	$	(233)
International			397		8		195		(140)
Corporate and Other (a)			—		(18)		—		(9)
	Total Company		$	2,371	$	624	$	760	$	(382)

Reconciliation of Adjusted EBITDA to income (loss) before income taxes:
					2021				2020
Adjusted EBITDA					$	624			$	(382)
Less:		Non-vehicle related depreciation and amortization (b)			67				71
		Interest expense related to corporate debt, net:
		Interest expense			59				51
		Early extinguishment of debt			—				3
		Restructuring and other related charges			22				28
		Transaction-related costs, net			1				1
		COVID-19 charges (c)			—				73


		Unprecedented personal-injury and other legal matters, net (d)			(11)				—
Income (loss) before income taxes					$	486			$	(609)

__________

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

(b)For the three months ended June 30, 2021 consists of $3 million within operating expenses and $2 million within selling, general and administrative 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	$	(3)	$	30
Vehicles damaged in overflow parking lots, net of insurance proceeds	2		28
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles	—		15
Other charges	1		—
Operating expenses	$	—	$	72
Selling, general and administrative expenses	$	—	$	1

(d)Reported within operating expenses.


			Six Months Ended June 30,
			2021				2020
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	3,054	$	742	$	1,822	$	(263)
International			689		(42)		691		(180)
Corporate and Other (a)			—		(29)		—		(26)
	Total Company		$	3,743	$	671	$	2,513	$	(469)

Reconciliation of Adjusted EBITDA to income (loss) before income taxes:
					2021				2020
Adjusted EBITDA					$	671			$	(469)
Less:		Non-vehicle related depreciation and amortization (b)			135				140
		Interest expense related to corporate debt, net:
		Interest expense			120				99
		Early extinguishment of debt			129				7
		Restructuring and other related charges			42				72
		COVID-19 charges (c)			18				80
		Transaction-related costs, net			2				3
		Non-operational charges related to shareholder activist activity (d)			—				4

		Unprecedented personal-injury and other legal matters, net (e)			(11)				—
Income (loss) before income taxes					$	236			$	(874)

__________

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

(b)For the three and six months ended June 30, 2021 consists of $3 million within operating expenses and $2 million within selling, general and administrative 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	$	16	$	30
Vehicles damaged in overflow parking lots, net of insurance proceeds	(4)		33
Incremental cleaning supplies to sanitize vehicles and facilities, and over flow parking for idle vehicles	—		17
Other charges	6		—
Operating expenses	$	17	$	79
Selling, general and administrative expenses	$	1	$	1

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

(e)Reported within operating expenses.