$CAR
AVIS BUDGET GROUP, INC.

2012 Q2 Form 10-Q Financial Statement

#000119312512344028 Filed on August 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $1.866B $1.412B
YoY Change 32.15% 9.12%
Cost Of Revenue $953.0M $725.0M
YoY Change 31.45% 13.46%
Gross Profit $913.0M $687.0M
YoY Change 32.9% 4.89%
Gross Profit Margin 48.93% 48.65%
Selling, General & Admin $233.0M $169.0M
YoY Change 37.87% 16.55%
% of Gross Profit 25.52% 24.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $393.0M $379.0M
YoY Change 3.69% 5.57%
% of Gross Profit 43.04% 55.17%
Operating Expenses $233.0M $169.0M
YoY Change 37.87% -66.73%
Operating Profit $680.0M $518.0M
YoY Change 31.27% 252.38%
Interest Expense $69.00M $7.000M
YoY Change 885.71% -105.98%
% of Operating Profit 10.15% 1.35%
Other Income/Expense, Net
YoY Change
Pretax Income $129.0M $89.00M
YoY Change 44.94% 206.9%
Income Tax $50.00M $37.00M
% Of Pretax Income 38.76% 41.57%
Net Earnings $79.00M $52.00M
YoY Change 51.92% 100.0%
Net Earnings / Revenue 4.23% 3.68%
Basic Earnings Per Share $0.74 $0.49
Diluted Earnings Per Share $0.66 $0.42
COMMON SHARES
Basic Shares Outstanding 106.7M shares 105.4M shares
Diluted Shares Outstanding 121.9M shares 129.0M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $454.0M $645.0M
YoY Change -29.61% 40.83%
Cash & Equivalents $454.0M $645.0M
Short-Term Investments
Other Short-Term Assets $557.0M $844.0M
YoY Change -34.0% -16.6%
Inventory
Prepaid Expenses
Receivables $638.0M $417.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.766B $1.906B
YoY Change -7.35% 7.44%
LONG-TERM ASSETS
Property, Plant & Equipment $487.0M $8.590B
YoY Change -94.33% 6.33%
Goodwill $344.0M
YoY Change
Intangibles $707.0M
YoY Change
Long-Term Investments $361.0M $316.0M
YoY Change 14.24% 23.44%
Other Assets $292.0M $990.0M
YoY Change -70.51% 8.79%
Total Long-Term Assets $14.22B $10.54B
YoY Change 34.95% 6.16%
TOTAL ASSETS
Total Short-Term Assets $1.766B $1.906B
Total Long-Term Assets $14.22B $10.54B
Total Assets $15.98B $12.44B
YoY Change 28.47% 6.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $338.0M $237.0M
YoY Change 42.62% 21.54%
Accrued Expenses $470.0M $209.0M
YoY Change 124.88% -12.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $39.00M $6.000M
YoY Change 550.0% -25.0%
Total Short-Term Liabilities $1.595B $1.012B
YoY Change 57.61% -26.24%
LONG-TERM LIABILITIES
Long-Term Debt $2.972B $8.779B
YoY Change -66.15% 8.61%
Other Long-Term Liabilities $941.0M $688.0M
YoY Change 36.77% -8.14%
Total Long-Term Liabilities $3.913B $9.467B
YoY Change -58.67% 7.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.595B $1.012B
Total Long-Term Liabilities $3.913B $9.467B
Total Liabilities $5.508B $11.91B
YoY Change -53.75% 3.8%
SHAREHOLDERS EQUITY
Retained Earnings -$2.610B
YoY Change
Common Stock $1.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.230B
YoY Change
Treasury Stock Shares 30270B shares
Shareholders Equity $478.0M $532.0M
YoY Change
Total Liabilities & Shareholders Equity $15.98B $12.44B
YoY Change 28.47% 6.35%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $79.00M $52.00M
YoY Change 51.92% 100.0%
Depreciation, Depletion And Amortization $393.0M $379.0M
YoY Change 3.69% 5.57%
Cash From Operating Activities $469.0M $425.0M
YoY Change 10.35% 11.84%
INVESTING ACTIVITIES
Capital Expenditures -$3.914B -$2.930B
YoY Change 33.58% -10.04%
Acquisitions
YoY Change
Other Investing Activities $1.916B $1.101B
YoY Change 74.02% -27.8%
Cash From Investing Activities -$1.998B -$1.829B
YoY Change 9.24% 5.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.379B 1.130B
YoY Change 22.04% -16.17%
NET CHANGE
Cash From Operating Activities 469.0M 425.0M
Cash From Investing Activities -1.998B -1.829B
Cash From Financing Activities 1.379B 1.130B
Net Change In Cash -150.0M -274.0M
YoY Change -45.26% 6750.0%
FREE CASH FLOW
Cash From Operating Activities $469.0M $425.0M
Capital Expenditures -$3.914B -$2.930B
Free Cash Flow $4.383B $3.355B
YoY Change 30.64% -7.75%

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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-49000000
CY2012Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4000000
CY2012Q2 us-gaap Interest Expense
InterestExpense
69000000
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
80000000
CY2012Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-2000000
CY2012Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-23000000
CY2012Q2 car Vehicle Interest Net
VehicleInterestNet
80000000
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-47000000
CY2012Q2 us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
2000000
CY2012Q2 car Vehicle Lease Charges
VehicleLeaseCharges
30000000
CY2012Q2 car Vehicle Depreciation And Lease Charges Net
VehicleDepreciationAndLeaseChargesNet
334000000
CY2012Q2 car Vehicle Depreciation Expense
VehicleDepreciationExpense
363000000
CY2012Q2 car Vehicle Rental
VehicleRental
1334000000
CY2012Q2 car Transaction Related Costs
TransactionRelatedCosts
4000000
CY2012Q2 car Transaction Related Costs Of Segments
TransactionRelatedCostsOfSegments
-4000000
CY2012Q2 car Adjusted Earnings Before Income Depreciation And Amortization
AdjustedEarningsBeforeIncomeDepreciationAndAmortization
254000000
CY2012Q2 car Gain Loss On Sale Of Vehicles Net And Cost Of Vehicle Disposition
GainLossOnSaleOfVehiclesNetAndCostOfVehicleDisposition
59000000
CY2012Q2 car Other Revenue
OtherRevenue
532000000
CY2012Q2 car Net Unrealized Gain Or Loss Of Foreign Currency Transactions On Intercompany Loan Hedges
NetUnrealizedGainOrLossOfForeignCurrencyTransactionsOnIntercompanyLoanHedges
3000000
CY2012Q2 car Non Vehicle Related Depreciation And Amortization
NonVehicleRelatedDepreciationAndAmortization
29000000
CY2012Q2 car Early Debt Extinguishment
EarlyDebtExtinguishment
23000000
CY2010Q4 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
600000000

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