Financials

“In 2011, with only moderate improvement in the economy, we delivered significantly higher, double-digit growth in both revenue and earnings which demonstrates the improvements made in the business over recent years as well as the strong operating leverage in our business model. We also continued to invest in the business to support long-term growth including new and replacement equipment, acquisitions, technology, and sales and marketing.”

ART GARCIA
Executive Vice President and Chief Financial Officer

 

Dollars in millions 2011  2010   Change
OPERATING OVERVIEW
Revenue $6,051 $5,136 18%
Operating revenue(1) $4,815 $4,158 16%
Earnings from continuing
operations before income taxes
$279 $186 50%
Comparable earnings
from continuing operations
before income taxes(1)
$285 $189 51%
Earnings from continuing
operations
$171 $125 38%
Comparable earnings
from continuing operations(1)
$181 $117 54%
Net earnings $170 $118 44%
Dollars in millions      
FINANCIAL DATA
Total assets $7,618 $6,652 15%
Total debt $3,382 $2,747 23%
Shareholders equity $1,318 $1,404 -6%
Return on average
shareholders equity
11.9% 8.4% 3.5 pts
Adjusted return on capital(1) 5.7% 4.8% 0.9 pts
Debt to equity 257% 196% 61 pts
Free cash flow(1) $(257) $258 -200%
Capital expenditures paid $1,699 $1,070 59%
PER COMMON SHARE DATA
Earnings from continuing
operations – Diluted
$3.31 $2.37 40%
Comparable earnings from
continuing operations – Diluted(1)
$3.49 $2.22 57%
Net earnings – Diluted $3.28 $2.25 46%
Book value $25.77 $27.44 -6%
Cash dividends $1.12 $1.04 8%
OTHER DATA
Common shareholders of
record as of January
8,926 9,192 -3%
Common shares outstanding 51,143,946 51,174,757 0%
Number of vehicles managed(2) 205,200 182,100 13%
Number of employees 27,500 25,900 6%
1 Represents a non-GAAP financial measure – for details of this measure and a reconciliation to the GAAP measure, please refer to “Overview”,”Financial Resources and Liquidity” and “Non-GAAP Financial Measures” discussion presented in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Form 10-K which can be accessed by the link above.

2 Includes our global fleet of owned and leased vehicles, as well as vehicles under contract maintenance agreements.