Segment Information (Tables)

9 Months Ended

Sep. 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 September 30,
			2023				2022
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	2,736	$	740	$	2,703	$	1,185
International			828		196		844		291
Corporate and Other (a)			—		(29)		—		(16)
	Total Company		$	3,564	$	907	$	3,547	$	1,460

Reconciliation of Adjusted EBITDA to income before income taxes:
					2023				2022
Adjusted EBITDA					$	907			$	1,460
Less:		Non-vehicle related depreciation and amortization			55				59
		Interest expense related to corporate debt, net
		Interest expense			80				64
		Early extinguishment of debt			1				—
		Restructuring and other related charges			2				2
		Transaction-related costs, net			3				—
		Other (income) expense, net (b)			1				(9)
		Reported within operating expenses:
		Cloud computing costs			8				2




Income before income taxes					$	757			$	1,342

__________

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

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


			Nine Months Ended September 30,
			2023				2022
			Revenues		Adjusted EBITDA		Revenues		Adjusted EBITDA
Americas			$	7,180	$	1,887	$	7,270	$	3,036
International			2,064		372		1,953		497
Corporate and Other (a)			—		(80)		—		(58)
	Total Company		$	9,244	$	2,179	$	9,223	$	3,475

Reconciliation of Adjusted EBITDA to income before income taxes:
					2023				2022
Adjusted EBITDA					$	2,179			$	3,475
Less:		Non-vehicle related depreciation and amortization			163				168
		Interest expense related to corporate debt, net
		Interest expense			221				181
		Early extinguishment of debt			1				—
		Restructuring and other related charges			7				16
		Transaction-related costs, net			3				1
		Other (income) expense, net (b)			3				(9)
		Reported within operating expenses:
		Cloud computing costs			24				6
		COVID-19 charges			—				(9)
		Legal matters, net			5				1


Income before income taxes					$	1,752			$	3,120

__________

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

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