(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
(Address of Principal Executive Offices) | (Zip Code) | ||||
Registrant’s telephone number, including area code |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |
Par Value $0.01 | |||
N/A | The NASDAQ Global Select Market |
Exhibit No. | Description |
99.1 | Press Release dated February 19, 2020. |
AVIS BUDGET GROUP, INC. | ||
By: | /s/ Cathleen DeGenova | |
Cathleen DeGenova Vice President and Chief Accounting Officer |
Exhibit No. | Description |
99.1 | |
104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL. |
AVIS BUDGET GROUP DELIVERS RECORD FOURTH QUARTER REVENUE DRIVEN BY OVERPERFORMANCE IN THE AMERICAS |
• | Revenues increased to a record $2.2 billion, up 6% excluding currency exchange rate movements |
• | Net income was $142 million or $1.90 per diluted share and Adjusted net income was $54 million or $0.73 per diluted share |
• | Adjusted EBITDA increased to a record $143 million |
• | Per-Unit Fleet Costs improved 3% excluding exchange rate effects |
• | Utilization improved by 100 basis points |
• | Revenues increased to a record $9.2 billion, up 2% excluding currency exchange rate movements, for a tenth consecutive year of revenue growth |
• | Net income was $302 million or $3.98 per diluted share and Adjusted net income was $279 million or $3.68 per diluted share |
• | Adjusted EBITDA increased to $788 million, up 4% excluding currency exchange rate movements |
• | Per-Unit Fleet Costs improved 5% excluding exchange rate effects |
• | Repurchased approximately 2.2 million shares for a total of $62 million |
$ millions * | 2020 Estimates | |||
Revenues | $9,400 - $9,600 | |||
Adjusted EBITDA | $750 - $850 | |||
Adjusted pretax income | $375 - $475 | |||
Adjusted net income | $250 - $350 | |||
Adjusted diluted earnings per share | $3.75 - $4.75 | |||
Adjusted free cash flow | $275 - $325 |
% change | vs prior year | |||
Rental Days | 2% - 5% | |||
Revenue per Day | 0% - 2% | |||
Per-Unit Fleet Costs per Month | 0% - 3% |
% change | vs prior year | |||
Rental Days | 0% - 3% | |||
Revenue per Day | 0% - 2% | |||
Per-Unit Fleet Costs per Month | 1% - 4% |
Contacts | |
Media Contact: | Investor Contact: |
Katie McCall | David Calabria |
PR@avisbudget.com | IR@avisbudget.com |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||||
Income Statement and Other Items | |||||||||||||||||||||||
Revenues | $ | 2,162 | $ | 2,050 | 5 | % | $ | 9,172 | $ | 9,124 | 1 | % | |||||||||||
Income before income taxes | 14 | 3 | n/m | 287 | 267 | 7 | % | ||||||||||||||||
Net income | 142 | 13 | n/m | 302 | 165 | 83 | % | ||||||||||||||||
Earnings per share - diluted | 1.90 | 0.16 | n/m | 3.98 | 2.06 | 93 | % | ||||||||||||||||
Adjusted Earnings Measures (non-GAAP) (A) | |||||||||||||||||||||||
Adjusted EBITDA | 143 | 142 | 1 | % | 788 | 781 | 1 | % | |||||||||||||||
Adjusted pretax income | 48 | 42 | 14 | % | 403 | 398 | 1 | % | |||||||||||||||
Adjusted net income | 54 | 41 | 32 | % | 279 | 292 | (4 | %) | |||||||||||||||
Adjusted earnings per share - diluted | 0.73 | 0.53 | 38 | % | 3.68 | 3.65 | 1 | % | |||||||||||||||
As of | |||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Balance Sheet Items | |||||||||||||||||||||||
Cash and cash equivalents | $ | 686 | $ | 615 | |||||||||||||||||||
Vehicles, net | 12,177 | 11,474 | |||||||||||||||||||||
Debt under vehicle programs | 11,068 | 10,232 | |||||||||||||||||||||
Corporate debt | 3,435 | 3,551 | |||||||||||||||||||||
Stockholders' equity | 656 | 414 |
Segment Results | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Americas | $ | 1,530 | $ | 1,404 | 9 | % | $ | 6,352 | $ | 6,186 | 3 | % | |||||||||||
International | 632 | 646 | (2 | %) | 2,820 | 2,938 | (4 | %) | |||||||||||||||
Corporate and Other | — | — | n/m | — | — | n/m | |||||||||||||||||
Total Company | $ | 2,162 | $ | 2,050 | 5 | % | $ | 9,172 | $ | 9,124 | 1 | % | |||||||||||
Adjusted EBITDA | |||||||||||||||||||||||
Americas | $ | 144 | $ | 123 | 17 | % | $ | 652 | $ | 558 | 17 | % | |||||||||||
International | 16 | 35 | (54 | %) | 203 | 287 | (29 | %) | |||||||||||||||
Corporate and Other | (17 | ) | (16 | ) | n/m | (67 | ) | (64 | ) | n/m | |||||||||||||
Total Company | $ | 143 | $ | 142 | 1 | % | $ | 788 | $ | 781 | 1 | % | |||||||||||
_______ | ||||
n/m | Not meaningful. | |||
(A) | See Table 5 for reconciliations of non-GAAP measures and Appendix I for definitions. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues | $ | 2,162 | $ | 2,050 | $ | 9,172 | $ | 9,124 | ||||||||
Expenses | ||||||||||||||||
Operating | 1,164 | 1,078 | 4,698 | 4,639 | ||||||||||||
Vehicle depreciation and lease charges, net | 484 | 486 | 2,063 | 2,179 | ||||||||||||
Selling, general and administrative | 290 | 267 | 1,237 | 1,220 | ||||||||||||
Vehicle interest, net | 83 | 77 | 344 | 314 | ||||||||||||
Non-vehicle related depreciation and amortization | 68 | 66 | 263 | 256 | ||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||
Interest expense | 39 | 49 | 178 | 188 | ||||||||||||
Early extinguishment of debt | 2 | 14 | 12 | 19 | ||||||||||||
Restructuring and other related charges | 14 | 8 | 80 | 22 | ||||||||||||
Transaction-related costs, net | 4 | 2 | 10 | 20 | ||||||||||||
Total expenses | 2,148 | 2,047 | 8,885 | 8,857 | ||||||||||||
Income before income taxes | 14 | 3 | 287 | 267 | ||||||||||||
Provision for (benefit from) income taxes | (128 | ) | (10 | ) | (15 | ) | 102 | |||||||||
Net income | $ | 142 | $ | 13 | $ | 302 | $ | 165 | ||||||||
Earnings per share - diluted | ||||||||||||||||
Basic | $ | 1.92 | $ | 0.16 | $ | 4.01 | $ | 2.08 | ||||||||
Diluted | $ | 1.90 | $ | 0.16 | $ | 3.98 | $ | 2.06 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 73.9 | 76.9 | 75.2 | 79.3 | ||||||||||||
Diluted | 74.4 | 77.6 | 75.7 | 80.1 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||||
Americas | ||||||||||||||||||||||||
Rental Days (000’s) | 26,509 | 24,648 | 8 | % | 111,758 | 108,732 | 3 | % | ||||||||||||||||
Revenue per Day, excluding exchange rate effects (A) | $ | 57.70 | $ | 56.93 | 1 | % | $ | 56.94 | $ | 56.89 | 0 | % | ||||||||||||
Average Rental Fleet | 416,801 | 395,607 | 5 | % | 434,570 | 425,957 | 2 | % | ||||||||||||||||
Vehicle Utilization | 69.1 | % | 67.7 | % | 140 bps | 70.5 | % | 69.9 | % | 60 bps | ||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects (A) | $ | 271 | $ | 288 | (6 | %) | $ | 281 | $ | 307 | (8 | %) | ||||||||||||
International | ||||||||||||||||||||||||
Rental Days (000’s) | 13,772 | 13,692 | 1 | % | 59,161 | 57,797 | 2 | % | ||||||||||||||||
Revenue per Day, excluding exchange rate effects (A) | $ | 47.25 | $ | 47.22 | 0 | % | $ | 50.26 | $ | 50.84 | (1 | %) | ||||||||||||
Average Rental Fleet | 213,887 | 213,719 | 0 | % | 225,891 | 221,823 | 2 | % | ||||||||||||||||
Vehicle Utilization | 70.0 | % | 69.6 | % | 40 bps | 71.8 | % | 71.4 | % | 40 bps | ||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects (A) | $ | 232 | $ | 223 | 4 | % | $ | 234 | $ | 229 | 2 | % | ||||||||||||
Total | ||||||||||||||||||||||||
Rental Days (000’s) | 40,281 | 38,340 | 5 | % | 170,919 | 166,529 | 3 | % | ||||||||||||||||
Revenue per Day, excluding exchange rate effects (A) | $ | 54.13 | $ | 53.46 | 1 | % | $ | 54.63 | $ | 54.79 | 0 | % | ||||||||||||
Average Rental Fleet | 630,688 | 609,326 | 4 | % | 660,461 | 647,780 | 2 | % | ||||||||||||||||
Vehicle Utilization | 69.4 | % | 68.4 | % | 100 bps | 70.9 | % | 70.4 | % | 50 bps | ||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects (A) | $ | 258 | $ | 265 | (3 | %) | $ | 265 | $ | 280 | (5 | %) | ||||||||||||
_______ | ||||||||||||||||||||||||
Refer to Table 6 for key metrics calculations and Appendix I for key metrics definitions. | ||||||||||||||||||||||||
(A) | The following metrics include changes in currency exchange rates: | |||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||||
Americas | ||||||||||||||||||||||||
Revenue per Day | $ | 57.70 | $ | 56.93 | 1 | % | $ | 56.84 | $ | 56.89 | 0 | % | ||||||||||||
Per-Unit Fleet Costs per Month | $ | 271 | $ | 288 | (6 | %) | $ | 280 | $ | 307 | (9 | %) | ||||||||||||
International | ||||||||||||||||||||||||
Revenue per Day | $ | 45.86 | $ | 47.22 | (3 | %) | $ | 47.66 | $ | 50.84 | (6 | %) | ||||||||||||
Per-Unit Fleet Costs per Month | $ | 225 | $ | 223 | 1 | % | $ | 222 | $ | 229 | (3 | %) | ||||||||||||
Total | ||||||||||||||||||||||||
Revenue per Day | $ | 53.65 | $ | 53.46 | 0 | % | $ | 53.66 | $ | 54.79 | (2 | %) | ||||||||||||
Per-Unit Fleet Costs per Month | $ | 255 | $ | 265 | (4 | %) | $ | 260 | $ | 280 | (7 | %) |
Year Ended December 31, 2019 | |||||
Operating Activities | |||||
Net cash provided by operating activities | $ | 2,586 | |||
Investing Activities | |||||
Net cash used in investing activities exclusive of vehicle programs | (235 | ) | |||
Net cash used in investing activities of vehicle programs | (2,517 | ) | |||
Net cash used in investing activities | (2,752 | ) | |||
Financing Activities | |||||
Net cash provided by (used in) financing activities exclusive of vehicle programs | (182 | ) | |||
Net cash provided by (used in) financing activities of vehicle programs | 500 | ||||
Net cash provided by (used in) financing activities | 318 | ||||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 13 | ||||
Net change in cash and cash equivalents, program and restricted cash | 165 | ||||
Cash and cash equivalents, program and restricted cash, beginning of period (A) | 735 | ||||
Cash and cash equivalents, program and restricted cash, end of period (B) | $ | 900 |
_______ | |
(A) | Consists of cash and cash equivalents of $615 million, program cash of $115 million and restricted cash of $5 million. |
(B) | Consists of cash and cash equivalents of $686 million, program cash of $211 million and restricted cash of $3 million. |
Year Ended December 31, 2019 | |||||
Income before income taxes | $ | 287 | |||
Add-back of non-vehicle related depreciation and amortization | 263 | ||||
Add-back of restructuring and other related costs | 80 | ||||
Add-back of debt extinguishment costs | 12 | ||||
Add-back of transaction-related costs | 10 | ||||
Add-back of non-operational charges related to shareholder activist activity | 2 | ||||
Working capital and other | 66 | ||||
Capital expenditures | (250 | ) | |||
Tax payments, net of refunds | (89 | ) | |||
Vehicle programs and related (D) | (104 | ) | |||
Adjusted free cash flow | 277 | ||||
Acquisition and related payments, net of acquired cash (E) | (54 | ) | |||
Dispositions, net of tax payments (F) | 64 | ||||
Borrowings, net of debt repayments | (108 | ) | |||
Restructuring and other related payments | (35 | ) | |||
Transaction-related payments | (15 | ) | |||
Repurchases of common stock | (67 | ) | |||
Change in program cash | 94 | ||||
Change in restricted cash | (2 | ) | |||
Foreign exchange effects, financing costs and other | 11 | ||||
Net change in cash and cash equivalents, program and restricted cash (per above) | $ | 165 |
_______ | |
(C) | The Company has revised its definition of Adjusted free cash flow to exclude payments for restructuring and other related charges. Our calculation of Adjusted free cash flow may not be comparable to the calculation of similarly-titled measures used by other companies. See Appendix I for the definition of Adjusted free cash flow. |
(D) | Includes vehicle-backed borrowings (repayments) that are incremental to amounts required to fund incremental (reduced) vehicle and vehicle-related assets. |
(E) | Excludes $26 million of vehicles purchased as a part of North America licensee acquisitions, which were financed through incremental vehicle-backed borrowings, and includes an equity method investment of $3 million in our licensee in Greece. |
(F) | Proceeds received on the sale of our equity method investment in China, net of cross-border withholding taxes of $4 million. |
Year Ended December 31, 2019 | |||||
Net cash provided by operating activities (per above) | $ | 2,586 | |||
Investing activities of vehicle programs | (2,517 | ) | |||
Financing activities of vehicle programs | 500 | ||||
Capital expenditures | (250 | ) | |||
Proceeds received on sale of assets and nonmarketable equity securities | 23 | ||||
Change in program cash | (94 | ) | |||
Change in restricted cash | 2 | ||||
Acquisition and disposition-related payments | (23 | ) | |||
Restructuring and other related payments | 35 | ||||
Transaction-related payments | 15 | ||||
Adjusted free cash flow (per above) | $ | 277 |
December 31, 2019 | |||||||||
Reconciliation of net income to Adjusted EBITDA: | Three Months Ended | Year Ended | |||||||
Net income | $ | 142 | $ | 302 | |||||
Benefit from income taxes | (128 | ) | (15 | ) | |||||
Income before income taxes | 14 | 287 | |||||||
Add certain items: | |||||||||
Restructuring and other related charges | 14 | 80 | |||||||
Acquisition-related amortization expense | 12 | 56 | |||||||
Early extinguishment of debt | 2 | 12 | |||||||
Transaction-related costs, net | 4 | 10 | |||||||
Non-operational charges related to shareholder activist activity (A) | 2 | 2 | |||||||
Gain on sale of equity method investment in China (B) | — | (44 | ) | ||||||
Adjusted pretax income | 48 | 403 | |||||||
Add: | Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense) | 56 | 207 | ||||||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | 39 | 178 | |||||||
Adjusted EBITDA | $ | 143 | $ | 788 | |||||
Reconciliation of net income to adjusted net income: | |||||||||
Net income | $ | 142 | $ | 302 | |||||
Add certain items, net of tax: | |||||||||
Restructuring and other related charges | 11 | 62 | |||||||
Acquisition-related amortization expense | 9 | 41 | |||||||
Early extinguishment of debt | 2 | 9 | |||||||
Transaction-related costs, net | 2 | 7 | |||||||
Non-operational charges related to shareholder activist activity | 1 | 1 | |||||||
Gain on sale of equity method investment in China | — | (30 | ) | ||||||
One-time tax benefit arising from implementation of tax planning strategies | (113 | ) | (113 | ) | |||||
Adjusted net income | $ | 54 | $ | 279 | |||||
Earnings per share - Diluted | $ | 1.90 | $ | 3.98 | |||||
Adjusted diluted earnings per share | $ | 0.73 | $ | 3.68 | |||||
Shares used to calculate Adjusted diluted earnings per share | 74.4 | 75.7 |
_______ | ||||
(A) | Reported within selling, general and administrative in our Consolidated Statements of Operations. | |||
(B) | Reported within operating expenses in our Consolidated Statements of Operations. |
December 31, 2018 | |||||||||
Reconciliation of net income to Adjusted EBITDA: | Three Months Ended | Year Ended | |||||||
Net income | $ | 13 | $ | 165 | |||||
Provision for (benefit from) income taxes | (10 | ) | 102 | ||||||
Income before income taxes | 3 | 267 | |||||||
Add certain items: | |||||||||
Acquisition-related amortization expense | 15 | 61 | |||||||
Restructuring and other related charges | 8 | 22 | |||||||
Transaction-related costs, net | 2 | 20 | |||||||
Early extinguishment of debt | 14 | 19 | |||||||
Non-operational charges related to shareholder activist activity (A) | — | 9 | |||||||
Adjusted pretax income | 42 | 398 | |||||||
Add: | Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense) | 51 | 195 | ||||||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | 49 | 188 | |||||||
Adjusted EBITDA | $ | 142 | $ | 781 | |||||
Reconciliation of net income to adjusted net income: | |||||||||
Net income | $ | 13 | $ | 165 | |||||
Add certain items, net of tax: | |||||||||
Acquisition-related amortization expense | 10 | 43 | |||||||
Income tax provision from the Tax Act (B) | — | 30 | |||||||
Restructuring and other related charges | 6 | 17 | |||||||
Transaction-related costs, net | 2 | 16 | |||||||
Early extinguishment of debt | 10 | 14 | |||||||
Non-operational charges related to shareholder activist activity | — | 7 | |||||||
Adjusted net income | $ | 41 | $ | 292 | |||||
Earnings per share - Diluted | $ | 0.16 | $ | 2.06 | |||||
Adjusted diluted earnings per share | $ | 0.53 | $ | 3.65 | |||||
Shares used to calculate Adjusted diluted earnings per share | 77.6 | 80.1 |
_______ | ||||
(A) | Reported within selling, general and administrative expenses in our Consolidated Statements of Operations. | |||
(B) | In 2018, as a result of the Tax Act, the adjustment of incremental tax expense related to cumulative foreign earnings initially recorded in the fourth quarter of 2017. |
Three Months Ended December 31, 2019 | Three Months Ended December 31, 2018 | ||||||||||||||||||||||||
Americas | International | Total | Americas | International | Total | ||||||||||||||||||||
Revenue per Day (RPD) | |||||||||||||||||||||||||
Revenue | $ | 1,530 | $ | 632 | $ | 2,162 | $ | 1,404 | $ | 646 | $ | 2,050 | |||||||||||||
Currency exchange rate effects | — | 19 | 19 | — | — | — | |||||||||||||||||||
Revenue excluding exchange rate effects | $ | 1,530 | $ | 651 | $ | 2,181 | $ | 1,404 | $ | 646 | $ | 2,050 | |||||||||||||
Rental days (000's) | 26,509 | 13,772 | 40,281 | 24,648 | 13,692 | 38,340 | |||||||||||||||||||
RPD excluding exchange rate effects (in $'s) | $ | 57.70 | $ | 47.25 | $ | 54.13 | $ | 56.93 | $ | 47.22 | $ | 53.46 | |||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||
Rental days (000's) | 26,509 | 13,772 | 40,281 | 24,648 | 13,692 | 38,340 | |||||||||||||||||||
Average rental fleet | 416,801 | 213,887 | 630,688 | 395,607 | 213,719 | 609,326 | |||||||||||||||||||
Number of days in period | 92 | 92 | 92 | 92 | 92 | 92 | |||||||||||||||||||
Available rental days (000's) | 38,346 | 19,677 | 58,023 | 36,396 | 19,662 | 56,058 | |||||||||||||||||||
Vehicle utilization | 69.1 | % | 70.0 | % | 69.4 | % | 67.7 | % | 69.6 | % | 68.4 | % | |||||||||||||
Per-Unit Fleet Costs | |||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 339 | $ | 145 | $ | 484 | $ | 342 | $ | 144 | $ | 486 | |||||||||||||
Currency exchange rate effects | — | 3 | 3 | — | — | — | |||||||||||||||||||
$ | 339 | $ | 148 | $ | 487 | $ | 342 | $ | 144 | $ | 486 | ||||||||||||||
Average rental fleet | 416,801 | 213,887 | 630,688 | 395,607 | 213,719 | 609,326 | |||||||||||||||||||
Per-unit fleet costs (in $'s) | $ | 813 | $ | 696 | $ | 773 | $ | 864 | $ | 670 | $ | 796 | |||||||||||||
Number of months in period | 3 | 3 | 3 | 3 | 3 | 3 | |||||||||||||||||||
Per-unit fleet costs per month excluding exchange rate effects (in $'s) | $ | 271 | $ | 232 | $ | 258 | $ | 288 | $ | 223 | $ | 265 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||||||||||||||||||||
Americas | International | Total | Americas | International | Total | ||||||||||||||||||||
Revenue per Day (RPD) | |||||||||||||||||||||||||
Revenue | $ | 6,352 | $ | 2,820 | $ | 9,172 | $ | 6,186 | $ | 2,938 | $ | 9,124 | |||||||||||||
Currency exchange rate effects | 11 | 154 | 165 | — | — | — | |||||||||||||||||||
Revenue excluding exchange rate effects | $ | 6,363 | $ | 2,974 | $ | 9,337 | $ | 6,186 | $ | 2,938 | $ | 9,124 | |||||||||||||
Rental days (000's) | 111,758 | 59,161 | 170,919 | 108,732 | 57,797 | 166,529 | |||||||||||||||||||
RPD excluding exchange rate effects (in $'s) | $ | 56.94 | $ | 50.26 | $ | 54.63 | $ | 56.89 | $ | 50.84 | $ | 54.79 | |||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||
Rental days (000's) | 111,758 | 59,161 | 170,919 | 108,732 | 57,797 | 166,529 | |||||||||||||||||||
Average rental fleet | 434,570 | 225,891 | 660,461 | 425,957 | 221,823 | 647,780 | |||||||||||||||||||
Number of days in period | 365 | 365 | 365 | 365 | 365 | 365 | |||||||||||||||||||
Available rental days (000's) | 158,618 | 82,450 | 241,068 | 155,474 | 80,966 | 236,440 | |||||||||||||||||||
Vehicle utilization | 70.5 | % | 71.8 | % | 70.9 | % | 69.9 | % | 71.4 | % | 70.4 | % | |||||||||||||
Per-Unit Fleet Costs | |||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 1,462 | $ | 601 | $ | 2,063 | $ | 1,568 | $ | 611 | $ | 2,179 | |||||||||||||
Currency exchange rate effects | 2 | 32 | 34 | — | — | — | |||||||||||||||||||
$ | 1,464 | $ | 633 | $ | 2,097 | $ | 1,568 | $ | 611 | $ | 2,179 | ||||||||||||||
Average rental fleet | 434,570 | 225,891 | 660,461 | 425,957 | 221,823 | 647,780 | |||||||||||||||||||
Per-unit fleet costs (in $'s) | $ | 3,368 | $ | 2,804 | $ | 3,175 | $ | 3,682 | $ | 2,751 | $ | 3,363 | |||||||||||||
Number of months in period | 12 | 12 | 12 | 12 | 12 | 12 | |||||||||||||||||||
Per-unit fleet costs per month excluding exchange rate effects (in $'s) | $ | 281 | $ | 234 | $ | 265 | $ | 307 | $ | 229 | $ | 280 |
_______ | ||||
Our calculation of Rental Days and Revenue per Day may not be comparable to the calculation of similarly-titled metrics by other companies. Currency exchange rate effects are calculated by translating the current-year results at the prior-period average exchange rates plus any related gains and losses on currency hedges. |