Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.


			Three Months Ended June 30,
			2023				2022
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	2,428	$	631	$	2,567	$	1,041
International			695		126		677		183
Corporate and Other (a)			—		(20)		—		(19)
	Total Company		$	3,123	$	737	$	3,244	$	1,205

Reconciliation of Adjusted EBITDA to income before income taxes:
					2023				2022
Adjusted EBITDA					$	737			$	1,205
Less:		Non-vehicle related depreciation and amortization			52				51
		Interest expense related to corporate debt, net			68				64


		Restructuring and other related charges			1				6
		Transaction-related costs, net			—				1
		Other (income) expense, net (b)			4				—
		Reported within operating expenses:
		Cloud computing costs			9				2
		COVID-19 charges			—				(2)
		Legal matters, net			5				—


Income before income taxes					$	598			$	1,083

__________

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

(b)Primarily consists of losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.


			Six Months Ended June 30,
			2023				2022
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	4,444	$	1,147	$	4,567	$	1,851
International			1,236		176		1,109		206
Corporate and Other (a)			—		(51)		—		(42)
	Total Company		$	5,680	$	1,272	$	5,676	$	2,015

Reconciliation of Adjusted EBITDA to income before income taxes:
					2023				2022
Adjusted EBITDA					$	1,272			$	2,015
Less:		Non-vehicle related depreciation and amortization			108				109
		Interest expense related to corporate debt, net			141				117


		Restructuring and other related charges			5				14
		Transaction-related costs, net			—				1
		Other (income) expense, net (b)			2				—
		Reported within operating expenses:
		Cloud computing costs			16				4
		COVID-19 charges			—				(9)
		Legal matters, net			5				1


Income before income taxes					$	995			$	1,778

__________

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

(b)Primarily consists of losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.