Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.


			Three Months Ended June 30,
			2022				2021
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	2,567	$	1,041	$	1,974	$	634
International			677		183		397		8
Corporate and Other (a)			—		(19)		—		(18)
	Total Company		$	3,244	$	1,205	$	2,371	$	624

Reconciliation of Adjusted EBITDA to income before income taxes:
					2022				2021
Adjusted EBITDA					$	1,205			$	624
Less:		Non-vehicle related depreciation and amortization (b)			53				67
		Interest expense related to corporate debt, net:
		Interest expense			64				59

		Restructuring and other related charges			6				22
		Unprecedented personal-injury and other legal matters, net (c)			—				(11)
		Transaction-related costs, net			1				1


		COVID-19 charges (d)			(2)				—
Income before income taxes					$	1,083			$	486

__________

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

(b)For the three months ended June 30, 2022, includes operating expenses in our Consolidated Condensed Statements of Comprehensive Income related to cloud computing costs of $2 million. For the three months ended June 30, 2021, includes operating expenses and selling, general and administrative expenses related to cloud computing costs of $3 million and $2 million, respectively, in our Consolidated Condensed Statements of Comprehensive Income.

(c)Reported within operating expenses.

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


	2022		2021
Minimum annual guaranteed rent in excess of concession fees, net	$	(2)	$	(3)
Vehicles damaged in overflow parking lots, net of insurance proceeds	—		2

Other charges	—		1
Operating expenses	$	(2)	$	—


COVID-19 charges, net	$	(2)	$	—


			Six Months Ended June 30,
			2022				2021
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	4,567	$	1,851	$	3,054	$	742
International			1,109		206		689		(42)
Corporate and Other (a)			—		(42)		—		(29)
	Total Company		$	5,676	$	2,015	$	3,743	$	671

Reconciliation of Adjusted EBITDA to income before income taxes:
					2022				2021
Adjusted EBITDA					$	2,015			$	671
Less:		Non-vehicle related depreciation and amortization (b)			113				135
		Interest expense related to corporate debt, net:
		Interest expense			117				120
		Early extinguishment of debt			—				129
		Restructuring and other related charges			14				42
		Unprecedented personal-injury and other legal matters, net (c)			1				(11)
		Transaction-related costs, net			1				2


		COVID-19 charges (d)			(9)				18
Income before income taxes					$	1,778			$	236

__________

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

(b)For the six months ended June 30, 2022, includes operating expenses in our Consolidated Condensed Statements of Operations related to cloud computing costs of $4 million. For the six months ended June 30, 2021, includes operating expenses and selling, general and administrative expenses related to cloud computing costs of $3 million and $2 million, respectively, in our Consolidated Condensed Statements of Comprehensive Income.

(c)Reported within operating expenses.

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


	2022		2021
Minimum annual guaranteed rent in excess of concession fees, net	$	(9)	$	16
Vehicles damaged in overflow parking lots, net of insurance proceeds	—		(4)

Other charges	—		6
Operating expenses	$	(9)	$	17

Selling, general and administrative expenses	$	—	$	1
COVID-19 charges, net	$	(9)	$	18