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Form 8-K AVIS BUDGET GROUP, INC. For: Apr 06

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April 6, 2015 4:37 PM EDT


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________

FORM 8-K
_________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 6, 2015 (April 6, 2015)
_________________
Avis Budget Group, Inc.
(Exact Name of Registrant as Specified in its Charter)
_________________

Delaware
001-10308
06-0918165
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification Number)

6 Sylvan Way
Parsippany, NJ
07054
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code (973) 496-4700
N/A
(Former name or former address if changed since last report)
_________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 







Item 2.02. Results of Operations and Financial Condition.

In conjunction with a change in the Company’s management structure in first quarter of 2015 which resulted in a change to our reportable segments, the financial results of the Company’s North America, South America, Central America and Caribbean operations are now included in the Company’s Americas reportable segment. The Company's consolidated results for the years ended December 31, 2014 and 2013 are not affected by such changes.

The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by Avis Budget Group, Inc., under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed as part of this report:
Exhibit No.
Description
99.1
Revised Segment Results and Segment Revenue Driver Analysis dated April 6, 2015.







SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
AVIS BUDGET GROUP, INC.
By:
/s/ David T. Calabria
 
David T. Calabria
Vice President and Chief Accounting Officer
Date: April 6, 2015





EXHIBIT INDEX
Exhibit No.
Description
99.1
Revised Segment Results and Segment Revenue Driver Analysis dated April 6, 2015.





Ex-99.1
Table 1
Avis Budget Group, Inc.
SEGMENT RESULTS
($ in millions)

In conjunction with a change in the Company's reportable segments, the financial results of the Company’s North America, South America, Central America and Caribbean operations will now be reported in the Company's Americas reportable segment. The Company's consolidated results for the years ended December 31, 2014 and 2013 are not affected by such changes. The table below illustrates the impact of these changes to Revenue and Adjusted EBITDA for 2014 and 2013.
FOR THE YEAR ENDED DECEMBER 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As Previously Reported
 
Revenue
 
Adjusted EBITDA
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
North America
$
1,236

 
$
1,427

 
$
1,623

 
$
1,247

 
$
5,533

 
$
114

 
$
157

 
$
255

 
$
81

 
$
607

International
551

 
667

 
815

 
555

 
2,588

 
17

 
57

 
160

 
56

 
290

Truck Rental
75

 
100

 
104

 
85

 
364

 
(2
)
 
13

 
18

 
10

 
39

Corporate and Other
—

 
—

 
—

 
—

 
—

 
(12
)
 
(14
)
 
(16
)
 
(18
)
 
(60
)
Total
1,862

 
2,194

 
2,542

 
1,887

 
8,485

 
117

 
213

 
417

 
129

 
876

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments for Segment Reclassification
 
Revenue
 
Adjusted EBITDA
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
Americas
$
1,330

 
$
1,542

 
$
1,742

 
$
1,347

 
$
5,961

 
$
115

 
$
172

 
$
275

 
$
94

 
$
656

North America
(1,236
)
 
(1,427
)
 
(1,623
)
 
(1,247
)
 
(5,533
)
 
(114
)
 
(157
)
 
(255
)
 
(81
)
 
(607
)
International
(19
)
 
(15
)
 
(15
)
 
(15
)
 
(64
)
 
(3
)
 
(2
)
 
(2
)
 
(3
)
 
(10
)
Truck Rental
(75
)
 
(100
)
 
(104
)
 
(85
)
 
(364
)
 
2

 
(13
)
 
(18
)
 
(10
)
 
(39
)
Corporate and Other
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As Adjusted
 
Revenue
 
Adjusted EBITDA
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
Americas
$
1,330

 
$
1,542

 
$
1,742

 
$
1,347

 
$
5,961

 
$
115

 
$
172

 
$
275

 
$
94

 
$
656

International
532

 
652

 
800

 
540

 
2,524

 
14

 
55

 
158

 
53

 
280

Corporate and Other
—

 
—

 
—

 
—

 
—

 
(12
)
 
(14
)
 
(16
)
 
(18
)
 
(60
)
Total
$
1,862

 
$
2,194

 
$
2,542

 
$
1,887

 
$
8,485

 
$
117

 
$
213

 
$
417

 
$
129

 
$
876

FOR THE YEAR ENDED DECEMBER 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As Previously Reported
 
Revenue
 
Adjusted EBITDA
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
North America
$
1,098

 
$
1,279

 
$
1,500

 
$
1,165

 
$
5,042

 
$
93

 
$
115

 
$
226

 
$
74

 
$
508

International
517

 
621

 
786

 
599

 
2,522

 
17

 
58

 
149

 
48

 
272

Truck Rental
76

 
102

 
109

 
85

 
373

 
(5
)
 
17

 
19

 
5

 
36

Corporate and Other
—

 
—

 
—

 
—

 
—

 
(12
)
 
(11
)
 
(11
)
 
(13
)
 
(47
)
Total
1,691

 
2,002

 
2,395

 
1,849

 
7,937

 
93

 
179

 
383

 
114

 
769

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments for Segment Reclassification
 
Revenue
 
Adjusted EBITDA
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
Americas
$
1,192

 
$
1,399

 
$
1,625

 
$
1,264

 
$
5,481

 
$
96

 
$
136

 
$
248

 
$
80

 
$
560

North America
(1,098
)
 
(1,279
)
 
(1,500
)
 
(1,165
)
 
(5,042
)
 
(93
)
 
(115
)
 
(226
)
 
(74
)
 
(508
)
International
(18
)
 
(18
)
 
(16
)
 
(14
)
 
(66
)
 
(8
)
 
(4
)
 
(3
)
 
(1
)
 
(16
)
Truck Rental
(76
)
 
(102
)
 
(109
)
 
(85
)
 
(373
)
 
5

 
(17
)
 
(19
)
 
(5
)
 
(36
)
Corporate and Other
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As Adjusted
 
Revenue
 
Adjusted EBITDA
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
Americas
$
1,192

 
$
1,399

 
$
1,625

 
$
1,264

 
$
5,481

 
$
96

 
$
136

 
$
248

 
$
80

 
$
560

International
499

 
603

 
770

 
585

 
2,456

 
9

 
54

 
146

 
47

 
256

Corporate and Other
—

 
—

 
—

 
—

 
—

 
(12
)
 
(11
)
 
(11
)
 
(13
)
 
(47
)
Total
$
1,691

 
$
2,002

 
$
2,395

 
$
1,849

 
$
7,937

 
$
93

 
$
179

 
$
383

 
$
114

 
$
769

_______
The sum of the quarters does not necessarily equal the full year due to rounding.


Table 2 (page 1 of 2)
Avis Budget Group, Inc.
SEGMENT REVENUE DRIVER ANALYSIS

In conjunction with a change in the Company's reportable segments, the key operating statistics of the Company’s North America, South America, Central America and Caribbean operations will now be reported in the Company's Americas reportable segment. The table below illustrates the impact of these changes to rental days, time and mileage revenue per day and average rental fleet for 2014 and 2013. Rental days and time and mileage revenue per day are calculated based on the actual rental of the vehicle during a 24-hour period. Our calculation of rental days and time and mileage revenue per day may not be comparable to the calculation of similarly-titled statistics by other companies. Amounts exclude U.S. truck rental and Zipcar transactions.
FOR THE YEAR ENDED DECEMBER 31, 2014
 
 
 
 
As Previously Reported
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
North America
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental Days (000’s)
21,129

 
24,801

 
26,973

 
22,174

 
95,078

 
 
Time and Mileage Revenue per Day
$
41.77

 
$
40.61

 
$
43.05

 
$
39.60

 
$
41.33

 
 
Average Rental Fleet
328,230

 
391,707

 
411,955

 
344,169

 
369,015

 
 
 
 
 
 
 
 
 
 
 
 
International
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental Days (000’s)
7,754

 
9,485

 
11,697

 
8,460

 
37,395

 
 
Time and Mileage Revenue per Day
$
42.86

 
$
41.91

 
$
42.15

 
$
38.17

 
$
41.34

 
 
Average Rental Fleet
123,866

 
148,853

 
171,406

 
133,184

 
144,329

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As Adjusted
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
Americas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental Days (000’s)
21,418

 
25,036

 
27,214

 
22,408

 
96,075

 
 
Time and Mileage Revenue per Day
$
41.70

 
$
40.57

 
$
42.99

 
$
39.54

 
$
41.27

 
 
Average Rental Fleet
332,500

 
395,706

 
416,029

 
348,129

 
373,091

 
 
 
 
 
 
 
 
 
 
 
 
International
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental Days (000’s)
7,465

 
9,250

 
11,456

 
8,226

 
36,398

 
 
Time and Mileage Revenue per Day
$
43.12

 
$
42.06

 
$
42.28

 
$
38.30

 
$
41.49

 
 
Average Rental Fleet
119,596

 
144,854

 
167,332

 
129,224

 
140,253

_______
The sum of the quarters does not necessarily equal the full year due to rounding.





















Table 2 (page 2 of 2)
FOR THE YEAR ENDED DECEMBER 31, 2013
 
 
 
 
As Previously Reported
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
North America
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental Days (000’s)
19,723

 
23,016

 
25,511

 
20,836

 
89,086

 
 
Time and Mileage Revenue per Day
$
41.34

 
$
39.26

 
$
42.07

 
$
39.38

 
$
40.55

 
 
Average Rental Fleet
312,604

 
358,943

 
380,964

 
317,210

 
342,430

 
 
 
 
 
 
 
 
 
 
 
 
International
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental Days (000’s)
7,500

 
9,312

 
11,950

 
8,638

 
37,400

 
 
Time and Mileage Revenue per Day
$
43.89

 
$
41.79

 
$
42.11

 
$
42.50

 
$
42.48

 
 
Average Rental Fleet
122,250

 
146,538

 
173,955

 
138,303

 
145,263

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As Adjusted
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
Americas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental Days (000’s)
20,012

 
23,273

 
25,771

 
21,075

 
90,131

 
 
Time and Mileage Revenue per Day
$
41.30

 
$
39.24

 
$
42.01

 
$
39.34

 
$
40.52

 
 
Average Rental Fleet
316,942

 
363,005

 
385,182

 
321,153

 
346,570

 
 
 
 
 
 
 
 
 
 
 
 
International
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental Days (000’s)
7,211

 
9,055

 
11,690

 
8,399

 
36,355

 
 
Time and Mileage Revenue per Day
$
44.11

 
$
41.91

 
$
42.24

 
$
42.67

 
$
42.63

 
 
Average Rental Fleet
117,912

 
142,476

 
169,737

 
134,360

 
141,123

_______
The sum of the quarters does not necessarily equal the full year due to rounding.



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