“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.
