XML 49 R23.htm IDEA: XBRL DOCUMENT
v3.25.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Our chief executive officer, who also serves as our chief operating decision-maker (“CODM,”) assesses performance and allocates resources based upon the separate financial information of our operating segments. We aggregate certain of our operating segments into our reportable segments. In identifying our reportable segments, we also consider the management structure of the organization, the nature of services provided by our operating segments, the geographical areas and economic characteristics in which the segments operate, and other relevant factors. Our CODM evaluates the operating results of each of our reportable segments based upon revenues and Adjusted EBITDA, which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; long-lived asset impairment and other related charges; other fleet charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, net, which includes amounts recorded in excess of $5 million, related primarily to unprecedented self-insurance reserves for allocated loss adjustment expense, class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; severe weather-related damages in excess of $5 million, net of insurance proceeds; and income taxes. We have revised our definition of Adjusted EBITDA to exclude other fleet charges. We did not revise prior years' Adjusted EBITDA amounts because there were no other charges similar in nature to these. We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with U.S. GAAP. Provided below is information about our revenues, significant segment expenses, reportable segment Adjusted EBITDA, and a reconciliation of reportable segment Adjusted EBITDA to loss before income taxes. Three Months Ended March 31, 2025
| Americas |  | International |  | Total
Revenues | $ | 1,907 |  |  | $ | 523 |  |  | $ | 2,430 |
Significant segment expenses: |  |  |  |  |
Operating (a) | 1,064 |  |  | 274 |  |  |
Vehicle depreciation and lease charges, net (b) | 533 |  |  | 132 |  |  |
Selling, general and administrative | 200 |  |  | 87 |  |  |
Vehicle interest, net | 177 |  |  | 33 |  |  |
Reportable segment Adjusted EBITDA | $ | (67) |  |  | $ | (3) |  |  | $ | (70) |
Reconciliation of reportable segment Adjusted EBITDA to loss before income taxes: |  |  |  |  |
Non-vehicle related depreciation and amortization |  |  |  |  | 55 |
Interest expense related to corporate debt, net |  |  |  |  | 2 |
Other fleet charges |  |  |  |  | 390 |
Restructuring and other related charges |  |  |  |  | 22 |
Other (income) expense, net |  |  |  |  | 6 |
Cloud computing costs |  |  |  |  | 1 |
Corporate and other (c) |  |  |  |  | 131 |
Loss before income taxes |  |  |  |  | $ | (677) |
__________ (a)Excludes cloud computing costs. (b)Excludes other fleet charges related to the accelerated disposal of certain fleet in our Americas reportable segment. These costs relate to vehicles that were not included in the long-lived asset impairment and other related charges recorded in the year ended December 31, 2024. (c)Includes unallocated corporate expenses, including $95 million in interest expense, which are not attributable to a particular reportable segment. Three Months Ended March 31, 2024
| Americas |  | International |  | Total
Revenues | $ | 1,993 |  |  | $ | 558 |  |  | $ | 2,551 |
Significant segment expenses: |  |  |  |  |
Operating (a) | 1,052 |  |  | 289 |  |  |
Vehicle depreciation and lease charges, net | 487 |  |  | 149 |  |  |
Selling, general and administrative | 207 |  |  | 99 |  |  |
Vehicle interest, net | 203 |  |  | 36 |  |  |
Reportable segment Adjusted EBITDA | $ | 44 |  |  | $ | (15) |  |  | $ | 29 |
Reconciliation of reportable segment Adjusted EBITDA to loss before income taxes: |  |  |  |  |
Non-vehicle related depreciation and amortization |  |  |  |  | $ | 57 |
Interest expense related to corporate debt, net |  |  |  |  | 2 |
Restructuring and other related charges |  |  |  |  | 3 |
Transaction-related costs, net |  |  |  |  | 1 |
Other (income) expense, net |  |  |  |  | 1 |
Legal matters, net and cloud computing costs |  |  |  |  | (3) |
Corporate and other (b) |  |  |  |  | 110 |
Loss before income taxes |  |  |  |  | $ | (142) |
__________ (a)Excludes legal matters, net and cloud computing costs. (b)Includes unallocated corporate expenses, including $81 million in interest expense, which are not attributable to a particular reportable segment. Provided below is information about our segment assets.
| Americas |  | International |  | Unallocated Assets (a) |  | Total
Three Months Ended March 31, 2025 |  |  |  |  |  |  |
Property and equipment additions | $ | 14 |  |  | $ | 6 |  |  | $ | 14 |  |  | $ | 34 |
As of March 31, 2025 |  |  |  |  |  |  |
Assets exclusive of assets under vehicle programs | 6,876 |  |  | 2,608 |  |  | 346 |  |  | 9,830 |
Assets under vehicle programs | 15,851 |  |  | 3,363 |  |  | — |  |  | 19,214 |
Net long-lived assets | 1,458 |  |  | 753 |  |  | 164 |  |  | 2,375 |
Year Ended December 31, 2024 |  |  |  |  |  |  |
Property and equipment additions | $ | 109 |  |  | $ | 40 |  |  | $ | 53 |  |  | $ | 202 |
As of December 31, 2024 |  |  |  |  |  |  |
Assets exclusive of assets under vehicle programs | 6,785 |  |  | 2,539 |  |  | 344 |  |  | 9,668 |
Assets under vehicle programs | 16,058 |  |  | 3,315 |  |  | — |  |  | 19,373 |
Net long-lived assets | 1,474 |  |  | 733 |  |  | 162 |  |  | 2,369 |
__________ (a)Includes unallocated corporate assets which are not attributable to a particular reportable segment.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration