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and its subsidiaries.
−Removed: “Avis,” “Budget,” “Budget Truck,” “Zipcar,” “Payless,” “Apex,” “Maggiore,” “Morini Rent,” “Turiscar,” “FranceCars” and “ACL Hire” refer to our Avis Rent A Car System, LLC, Budget Rent A Car System, Inc., Budget Truck Rental, LLC, Zipcar, Inc., Payless Car Rental, Inc., Apex Car Rentals, Avis Budget Italia S.P.A., Morini S.p.A., Turiscar Rent A Car, S.A., AAA France Cars SAS and ACL Hire Ltd.
−Removed: operations, respectively, and, unless the context otherwise requires, do not include the operations of our licensees, as further discussed below.
−Removed: We are a leading global provider of mobility solutions through our three most recognized brands, Avis, Budget and Zipcar, together with several other brands, well recognized in their respective markets.
+Added: Unless the context requires otherwise, these references and references to our brands do not include the operations of our licensees, as further discussed below.
+Added: We are a leading global provider of mobility solutions through our three most recognized brands, Avis, Budget and Zipcar, as well as several other brands, well recognized in their respective markets.
Our brands offer a range of options, from car and truck rental to car sharing.
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We and our licensees operate our brands in approximately 180 countries throughout the world.
−Removed: We generally maintain a leading share of airport car rental revenues in North America, Europe and Australasia, and we operate a leading car sharing network, as well as one of the leading commercial truck rental businesses in the United States.
+Added: We generally maintain a leading share of airport car rental revenues in North America, Europe and Australasia, and we operate a leading car sharing network, and one of the leading commercial truck rental businesses in the United States.
We believe the range of options from our diversified brands enjoy complementary demand patterns with mid-week commercial demand balanced by weekend leisure demand.
−Removed: The impact to our business from the COVID-19 pandemic subsided during 2021, as global travel demand improved.
−Removed: On average, our global rental fleet totaled over 590,000 vehicles in fourth quarter 2021.
−Removed: We completed more than 28 million vehicle rental transactions worldwide and generated total revenues of $9.3 billion during 2021.
+Added: On average, our global rental fleet totaled approximately 655,000 vehicles in 2022.
+Added: We completed more than 36 million vehicle rental transactions worldwide and generated total revenues of approximately $12 billion during 2022.
Our brands and mobility solutions have an extended global reach with nearly 10,250 rental locations throughout the world, including approximately 3,900 locations operated by our licensees.
We categorize our operations into two reportable business segments:
−Removed: • Americas , which provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates the Company’s car sharing business in certain of these markets;
−Removed: • International , which provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia and Australasia, and operates the Company’s car sharing business in certain of these markets.
−Removed: Additional discussion of our reportable segments is included in the Item 7.
−Removed: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Note 21 to the Consolidated Financial Statements included in this Annual Report on Form 10-K.
−Removed: For 2022, we expect our strategy to drive a lower cost structure over the longer-term while maximizing revenue opportunities through continued focus on cost, revenue growth and investment.
−Removed: Cost Optimization
−Removed: By designing new processes and implementing new systems, we seek to provide enhanced visibility and accountability for fixed and variable costs in our operations, with particular focus on a number of cost categories, including, among others, fleet.
−Removed: Core Revenue Growth
−Removed: By focusing on fleet acquisition, the customer experience, contract signings with corporate accounts and partnerships, we seek to increase our revenue.
−Removed: Our customer experience strategy is expected to focus on omni-
−Removed: channel service and sales, and a personalized experience utilizing QUICKPASS, the Company’s branded customer experience, which includes, for the locations in which it is offered, an enhanced booking experience, vehicle choice, express exit and a self-service on rent experience, among other features.
−Removed: Capital Investments
−Removed: Investments in 2022 are expected to allow us to maximize our infrastructure to further revenue growth and cost efficiencies.
−Removed: Investments for 2022 are expected to include investments in our systems, operations, customer experience and electric vehicle capabilities.
+Added: • Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly.
+Added: • International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly.
+Added: Additional discussion of our reportable segments is included in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Note 21 – Segment Information to the Consolidated Financial Statements included in this Annual Report on Form 10-K.
+Added: For 2023, we expect our strategy to continue to primarily focus on costs and customer experience to strengthen our Company, enable resilience and deliver stakeholder value.
+Added: To execute our strategy, we expect to leverage marketing and technology, increase the electric vehicles in our fleet, and invest in related infrastructure.
+Added: With respect to costs, we aim to achieve operational excellence and invest strategically to lower costs over the long term.
+Added: For customer experience, we seek to enhance the customer journey by leveraging technology to, among other things, streamline reservations, modernize pick-up and exit, and digitize the on-rent experience to continue to offer value and convenience.
OUR BRANDS AND OPERATIONS
Our Avis, Budget and Zipcar brands are three of the most recognized brands in our industry.
−Removed: We believe that each of our brands are positioned to be embraced by different target customers, and we see benefits and savings from our brands sharing some of the same maintenance facilities, fleet management systems, technology and administrative infrastructure.
−Removed: In addition, we are able to recognize benefits and savings by combining our car rental and car sharing maintenance activities and fleets at times to increase our fleet utilization efficiency and to meet demand peaks.
−Removed: These benefits have historically been further enhanced by complementary demand patterns balancing our business customers’ utilization during weekdays and our leisure and urban customers’ utilization on evenings and weekends.
−Removed: We also operate the Payless and Apex brands, which operate in the value segment of the car rental industry, augmenting our Avis, Budget and Zipcar brands.
−Removed: In addition, our Maggiore and Morini Rent brands in Italy, FranceCars brand in France and Turiscar brand in Portugal further extend the range of vehicle use occasions we are able to serve.
+Added: We believe that each of our brands is positioned to be embraced by different target customers, and we see benefits and savings from our brands sharing some of the same facilities, systems, and administrative infrastructure.
+Added: In addition, we are able
+Added: to recognize benefits as a result of complementary demand patterns with commercial rentals occurring primarily on business days and leisure rentals occurring primarily on holidays and weekends.
+Added: We also operate the Payless and Apex brands in the value segment of the car rental industry, augmenting our Avis, Budget and Zipcar brands.
+Added: In addition, our Maggiore and Morini Rent brands in Italy, FranceCars brand in France and Turiscar brand in Portugal further extend our offerings.
The following graphs present the approximate composition of our revenues in 2022.
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* Certain locations support multiple brands.
−Removed: In 2021, our Company-operated Avis locations generated total revenues of approximately $4.9 billion, of which approximately $2.2 billion was derived from commercial customers and approximately $3.3 billion was derived from customers renting at airports.
+Added: In 2022, our Company-operated Avis locations generated total revenues of approximately $6.5 billion.
The following graphs present the approximate composition of our Avis revenues in 2022.
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The Avis mobile application also allows customers to track Avis shuttle buses to rental locations, find their vehicle, and locate nearby gas stations and parking facilities;
−Removed: • Avis Preferred , an award-winning frequent renter rewards program that offers counter-bypass at major airport locations and reward points for every dollar spent on vehicle rentals and related products.
−Removed: Avis QuickPass, the newest feature on the Avis mobile application, allows Avis Preferred customers to select their specific car via their mobile device upon arrival, proceed directly to the vehicle, and utilize a unique code to exit via our automated Express Exit for a completely contactless rental experience;
−Removed: • the Avis Signature Series , a selection of luxury vehicles including Mercedes, Jaguars, Corvettes, and others;
+Added: • Avis Preferred , an award-winning frequent renter rewards program that offers counter-bypass at major airport locations.
+Added: Avis QuickPass, a feature on the Avis mobile application, allows Avis Preferred customers to choose, exchange or upgrade their car in the mobile application upon arrival, proceed straight to the vehicle, and utilize a unique code to exit via our automated Express Exit for a completely contactless rental experience;
+Added: • the Avis Signature Series , a selection of luxury vehicles;
• invited or earned customer status levels allowing for upgrades and counter bypass;
−Removed: • availability of premium, sport and performance vehicles as well as eco-friendly vehicles, including gasoline/electric hybrids;
+Added: • availability of premium, sport and performance vehicles as well as eco-friendly vehicles, including hybrids and full electric;
• access to portable navigation units, tablets and satellite radio service;
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• Curbside Delivery , a service that provides customers at select airport locations in the United States with the added convenience of being dropped off at the airport terminal in the same car that they rented;
−Removed: • for our corporate customers, Avis Budget Group Business Intelligence , a proprietary customer reporting solution that provides a centralized reporting tool and customer reporting portal for all corporate clients around the globe, enabling them to easily view and analyze their rental activity, permitting them to better manage their travel budgets and monitor employee compliance with applicable travel policies.
+Added: • for our corporate customers, Avis Budget Group Business Intelligence , a proprietary customer reporting solution that provides a centralized reporting tool and customer reporting portal for corporate clients in North America and Europe, enabling them to easily view and analyze their rental activity, permitting them to better manage their travel budgets and monitor employee compliance with applicable travel policies.
The Budget brand is a leading supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers.
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* Certain locations support multiple brands.
−Removed: We also license the Budget brand to independent commercial owners who operate approximately half of our locations worldwide and generally pay royalty fees to us based on a percentage of applicable revenues.
+Added: We also license the Budget brand to independent commercial owners who generally pay royalty fees to us based on a percentage of applicable revenues.
In 2022, these royalty fees totaled approximately 1% of our Budget revenues.
Budget offers its customers several products and services similar to Avis, such as refueling options, roadside assistance, electronic toll collection, curbside delivery and other supplemental rental products, emailed receipts and special rental rates for frequent renters.
−Removed: In addition, Budget’s mobile application allows customers to reserve, modify and cancel reservations on their mobile device, and its Fastbreak service expedites rental service for frequent travelers.
+Added: In addition, Budget’s mobile application allows customers to reserve,
+Added: modify and cancel reservations on their mobile device, and its Fastbreak or QuickPass service expedites rental service for frequent travelers.
Our Budget Truck rental business is one of the largest local and one-way truck and cargo van rental businesses in the United States.
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The consumer sector consists primarily of individuals who rent trucks to move household goods on either a one-way or local basis.
−Removed: In 2021, our Company-operated Budget vehicle rental operations generated total revenues of approximately $3.7 billion, of which approximately $2.9 billion was derived from leisure customers and $2.4 billion was derived from customers renting at airports.
+Added: In 2022, our Company-operated Budget vehicle rental operations generated total revenues of approximately $4.7 billion.
The following graphs present the approximate composition of our Budget revenues in 2022.
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Zipcar provides its members on-demand, self-service vehicles in reserved parking spaces located in neighborhoods, business districts, office complexes and college campuses, as an alternative to car ownership.
−Removed: Members can reserve vehicles online or on a mobile device, by the minute, hour or by the day, at rates that include gasoline, secondary insurance and other costs associated with vehicle ownership.
We continue to offer our Zipcar Flex product in London providing for one-way rentals, including to and from Heathrow airport, which can be parked in public on-street spots in designated areas of the city.
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Payless’ rental fees are often lower than those of larger, more established vehicle rental brands.
−Removed: ◦ The Payless business model allows the Company to extend the life-cycle of a portion of our rental fleet, as we “cascade” certain vehicles that exceed certain Avis and Budget age or mileage thresholds to be used by Payless.
−Removed: • Apex, which operates in approximately 30 rental locations at, or near, major airports and in several metropolitan cities in New Zealand and Australia.
−Removed: ◦ Apex generates reservations through proprietary websites as well as a contact center and online travel agencies and has typically had a greater-than-average length of rental.
−Removed: • Maggiore, a leading vehicle rental brand in Italy, where we operate or license in approximately 150 rental locations throughout the country.
+Added: ◦ The Payless business model allows us to extend the life-cycle of a portion of our rental fleet, as we “cascade” certain vehicles that exceed certain Avis and Budget age or mileage thresholds to be used by Payless.
+Added: • Maggiore and Morini Rent, leading vehicle rental brands in Italy.
◦ Maggiore has a strong local reputation and benefits from a strong presence at airport, off-airport and railway locations and from the integration of our existing operations and rental fleet management expertise.
−Removed: • Morini Rent, a leading vehicle rental brand in Italy, which offers rental of cars, vans and refrigerated vehicles and which we operate in approximately 50 rental locations throughout the country.
+Added: We operate or license in approximately 135 rental locations throughout the country.
+Added: ◦ Morini Rent offers rental of cars, vans, and refrigerated vehicles.
+Added: We operate in approximately 45 rental locations throughout the country.
• FranceCars, which operates one of the largest light commercial vehicle rental fleets in France in approximately 75 rental locations and leverages our existing operational processes and local customer base.
+Added: • Apex, which operates in approximately 30 rental locations at, or near, major airports and in several metropolitan cities in New Zealand and Australia.
• Turiscar, a leading vehicle rental brand in Portugal, which operates primarily in the corporate market, including light commercial vehicles, at approximately 25 rental locations throughout the country.
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RESERVATIONS, MARKETING AND SALES
−Removed: Our customers can make vehicle rental reservations through our brand-specific websites and toll-free reservation centers, by calling a specific location directly, through our brand-specific mobile applications, online travel agencies, travel agents or through selected partners, including many major airlines, associations and retailers.
+Added: Our customers can make vehicle rental reservations through our brand-specific websites and toll-free reservation centers, through our brand-specific mobile applications, online travel agencies, travel agents or through selected partners, including many major airlines, associations and retailers.
Travel agents can access our reservation systems through all major global distribution systems, which provide information with respect to rental locations, vehicle availability and applicable rate structures.
−Removed: Our Zipcar members may reserve cars by the minute, hour or by the day through Zipcar’s reservation system, which is accessible through the Zipcar website or through the Zipcar application on their smartphone.
−Removed: We also use two-way SMS texting, enabling us to proactively reach out to members during their reservation via their mobile device to manage their reservation, including reservation extension.
+Added: Our Zipcar members can reserve vehicles through Zipcar’s reservation system, which is accessible online or on a mobile device, by the minute, hour, or day, at rates that include gasoline, secondary insurance and other costs associated with vehicle ownership.
Marketing and Sales
−Removed: We support our brands through a range of marketing channels and campaigns, including traditional media as well as Internet and email marketing, social media and mobile device applications.
−Removed: We market through sponsorships of major sports entities such as the PGA Tour and the New York Yankees.
+Added: We support our brands through a range of marketing channels and campaigns, including traditional media as well as digital media, including Internet and email marketing, social media, streaming services, and mobile device applications.
+Added: We market through sponsorships of major sports entities.
We also market through sponsorships of charitable organizations.
−Removed: We utilize a customer relationship management system that enables us to deliver more targeted and relevant offers to customers across online and offline channels and allows our customers to benefit through better and more relevant marketing, improved service delivery, including an expedited and contactless rental process, and loyalty programs that reward frequent renters with free rental days and car class upgrades.
+Added: We utilize a customer relationship management system that enables us to deliver more targeted and relevant offers to customers across online and offline channels, including an expedited and contactless rental process, and loyalty programs that reward frequent renters with free rental days and car class upgrades.
We maintain strong links to the travel industry including marketing alliances with numerous marketing partners, such as airlines and major hotel companies.
In addition, we have developed relationships that provide brand exposure and access to new customers, including deals to provide vehicles to ride-hail drivers in cities across North America.
−Removed: In 2021, approximately 60% of vehicle rental transactions originating from our Company-operated Avis locations were generated by travelers who rented from Avis under contracts between Avis and their employers or through membership in an organization with which Avis has a contractual affiliation (such as AARP and Costco Wholesale).
−Removed: The Company offers Business Intelligence, an online portal complete with rental summary dashboards, visualizations and detailed reports that provides our corporate customers with insight into their program’s performance, giving them direct access to more data in a customer-facing portal offering useful data insights, including options to customize and schedule reports.
−Removed: Avis also maintains marketing relationships with other organizations such as Amazon, American Express, MasterCard International and others, through which we are able to provide their customers with incentives to rent from Avis.
−Removed: Generally, Avis licensees also have the option to participate in these affiliations.
+Added: In 2022, approximately 60% of vehicle rental transactions originating from our Company-operated Avis locations were generated by travelers who rented from Avis under contracts between Avis and their employers or through membership in an organization with which Avis has a contractual affiliation.
+Added: We offer Business Intelligence, an online portal complete with rental summary dashboards, visualizations and detailed reports that provides our corporate customers with insight into their program’s performance, giving them direct access to more data in a customer-facing portal offering useful data insights, including options to customize and schedule reports.
+Added: maintains marketing relationships with other organizations through which we are able to provide their customers with incentives to rent from Avis.
Additionally, we offer “Unlimited Rewards,” an award-winning loyalty incentive program for travel agents, and Avis and Budget programs for small businesses that offer discounted rates, central billing options and rental credits to members.
−Removed: We have contractual arrangements with American Express, MasterCard International and other organizations, which offer members incentives to rent.
Our Zipcar brand utilizes a diverse set of marketing and sales strategies to acquire and engage members, including digital marketing, email and in-app messaging, and social media engagement.
Zipcar maintains close relationships with universities that provide access to campuses and various marketing channels to attract students who, upon graduation, may continue their relationship with us.
−Removed: Through our Zipcar for Business program, we also offer direct-bill accounts and employee benefit programs to companies, federal agencies and local governments that support the use of Zipcars.
+Added: Through our Zipcar for Business program, we also offer direct-bill accounts and employee benefit programs to companies and governments that support the use of Zipcars.
We have licensees in approximately 175 countries throughout the world.
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We continue to optimize the Avis and Budget brands by issuing new license agreements and periodically acquiring licensees to grow our revenues and expand our global presence.
−Removed: Discussion of our recent acquisitions is included in Note 6 to the Consolidated Financial Statements included in this Annual Report on Form 10-K.
+Added: Discussion of our acquisitions is included in Note 6 – Acquisitions to the Consolidated Financial Statements included in this Annual Report on Form 10-K.
OTHER REVENUES
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In addition, we collect membership fees in connection with our car sharing business.
−Removed: We offer a wide variety of vehicles in our rental fleet, including luxury cars, specialty-use vehicles and light commercial vehicles.
+Added: We offer a wide variety of vehicles in our rental fleet, including luxury cars, electric, hybrid and fuel efficient vehicles, specialty-use vehicles and light commercial vehicles.
Our fleet consists primarily of vehicles from the current and immediately preceding model year.
We maintain a single fleet of vehicles for Avis and Budget in countries where we operate both brands.
−Removed: The substantial majority of Zipcar’s fleet is dedicated to use by Zipcar.
+Added: A substantial majority of Zipcar’s fleet is dedicated to use by Zipcar.
Fleet Purchases
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We participate in a variety of vehicle purchase programs with major vehicle manufacturers.
−Removed: In 2021, we purchased vehicles from Toyota Motor Corporation, Stellantis N.V., Kia Motor Corporation, Volkswagen Group, Ford Motor Company, Nissan Motor Company and General Motors Company.
+Added: In 2022, we primarily purchased vehicles from Stellantis N.V., Toyota Motor Corporation, Hyundai Motor Group, General Motors Company, Ford Motor Company, Volkswagen Group and Renault-Nissan-Mitsubishi Alliance.
Fleet costs represented approximately 10% of our aggregate expenses in 2022.
Fleet costs can vary from year to year based on the prices at which we are able to purchase and dispose of rental vehicles, the mix of risk and program vehicles, holding periods, and overall fleet mix.
−Removed: In 2021, approximately 22% of our average rental fleet was comprised of the following:
−Removed: • vehicles subject to agreements requiring automobile manufacturers to repurchase vehicles at a specified price during a specified time period or guarantee our rate of depreciation on the vehicles during a specified period of time;
−Removed: • vehicles subject to operating leases, which are subject to a fixed lease period and interest rate.
+Added: In 2022, approximately 12% of our average rental fleet was comprised of vehicles subject to agreements requiring automobile manufacturers to repurchase vehicles at a specified price during a specified time period or guarantee our rate of depreciation on the vehicles during a specified period of time;
+Added: or vehicles subject to operating leases with a fixed lease period and interest rate.
We refer to vehicles subject to these agreements as “program” vehicles and vehicles not subject to these agreements as “risk” vehicles because we retain the risk associated with such vehicles’ residual values at the time of their disposition.
−Removed: The following graphs present the approximate percentage of program vehicles in both our average rental fleet and purchases within each of our reporting segments in the last three years.
Our agreements with automobile manufacturers typically require that we pay more for program vehicles and maintain them in our fleet for a minimum number of months and impose certain return conditions, including vehicle condition and mileage requirements.
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In 2022, approximately 24% of the vehicles we disposed of were sold pursuant to repurchase or guaranteed depreciation programs.
+Added: Over the past several years, program vehicles have comprised of a decreasing proportion of our fleet.
+Added: The approximate percentage of program vehicles in our average rental fleet within each of our reporting segments in 2022 was 44% for International and less than 1% for the Americas, respectively.
The future percentages of program and risk vehicles in our fleet will depend on several factors, including our expectations for future used vehicle prices, our seasonal needs and the availability and attractiveness of manufacturers’ repurchase and guaranteed depreciation programs.
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Alternative disposition channels provide the opportunity to increase vehicle sales prices and reduce relevant fleet costs compared to selling vehicles at auctions.
−Removed: We have continued to expand the scope of our direct-to-consumer vehicle sales program, growing sales of our risk vehicles directly to consumers through our Ultimate Test Drive (UTD) online program and our 16 physical retail locations.
−Removed: Both our UTD program and retail locations offer customers the ability to purchase well-maintained, late-model rental vehicles from our fleet.
+Added: Ultimate Test Drive program, retail locations, and RubyCar, our online retail sales platform, offer customers the ability to purchase well-maintained, late-model rental vehicles from our fleet.
We dispose of our program vehicles in accordance with repurchase or guaranteed depreciation programs with major vehicle manufacturers.
Fleet Utilization
−Removed: In 2021, our average quarterly vehicle rental fleet size ranged from a low of approximately 412,000 vehicles in first quarter to a high of approximately 600,000 vehicles in third quarter.
−Removed: Average fleet utilization for 2021, which is based on the number of rental days (or portion thereof) that vehicles are rented compared to the total amount of time that vehicles are available for rent, ranged from approximately 67% in first quarter to approximately 72% in third quarter.
−Removed: Our average car rental fleet size and utilization are typically highest during the third quarter of each year.
+Added: In 2022, our average quarterly vehicle rental fleet size ranged from a low of approximately 594,000 vehicles in the first quarter to a high of approximately 707,000 vehicles in the third quarter.
+Added: Average fleet utilization for 2022, which is based on the number of rental days (or portion thereof) that vehicles are rented compared to the total amount of time that vehicles are available for rent, ranged from approximately 67% to approximately 71%.
+Added: Our average car rental fleet size and utilization are typically highest in the summer months.
Our calculation of utilization may not be comparable to other companies’ calculation of similarly titled metrics.
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We place a strong emphasis on the quality of our vehicle maintenance for customer safety and customer satisfaction reasons, and because quick and proper repairs are critical to fleet utilization.
−Removed: To accomplish this task, we developed specialized training programs for our technicians.
−Removed: Our Supply Chain Department prepares technical service bulletins that can be retrieved electronically at our repair locations.
−Removed: In addition, we have implemented policies and procedures to promptly address manufacturer recalls as part of our ongoing maintenance and repair efforts.
+Added: To accomplish this task, we have developed and continue to evolve specialized training programs for our technicians.
+Added: Our Supply Chain Department reviews, distributes, and makes accessible OEM technical service bulletins that can be retrieved electronically at our repair locations.
+Added: In addition, we have implemented policies and procedures to promptly address manufacturer recalls as part of our ongoing maintenance and repair efforts to maximize the customer experience.
CUSTOMER SERVICE
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We also continuously track customer-satisfaction levels by sending location-specific surveys to recent customers and utilize detailed reports and tracking to assess and identify ways that we can improve our customer service delivery and the overall customer experience.
−Removed: Our location-specific surveys ask customers to evaluate their overall satisfaction with their rental experience and the likelihood that they will recommend our
−Removed: brands, as well as key elements of the rental experience.
+Added: Our location-specific surveys ask customers to evaluate their overall satisfaction with their rental experience and the likelihood that they will recommend our brands, as well as key elements of the rental experience.
Results are analyzed in aggregate and by location to help further enhance our service levels to our customers.
−Removed: In 2020, as a response to COVID-19, we launched the “Avis Safety Pledge” and “Budget Worry-Free Promise,” designed to keep our customers and employees safe through a partnership with RB, the maker of Lysol, to enhance the cleanliness and disinfection of our rental facilities and vehicles.
−Removed: RB is also part of a coalition we formed with Hip Hop Public Health, a national nonprofit organization that creates engaging content to drive behavioral change and supplements our employee training for consistent, responsible habits and to optimize the effectiveness of our cleaning protocols.
−Removed: Our facilities are also utilizing plexiglass shields along with signage and floor markings to encourage safety habits and social distancing, and we have provided our staff with masks, hand sanitizer and gloves and we make this protective equipment available to our customers.
We also offer rental options that provide greater control, self-service and contactless capabilities.
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We generally operate our vehicle rental and car sharing services at airports under concession agreements with airport authorities, pursuant to which we typically make airport concession payments and/or lease payments.
−Removed: In general, concession fees for on-airport locations are based on a percentage of total commissionable revenues (as defined by each airport authority), often subject to minimum annual guaranteed amounts.
+Added: In general, concession fees for on-airport locations are based on a percentage of total commissionable revenues (as
+Added: defined by each airport authority), often subject to minimum annual guaranteed amounts.
Concessions are typically awarded by airport authorities every three to ten years based upon competitive bids.
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Our Zipcar brand also competes with various local and regional mobility companies, including mobility services sponsored by several auto manufacturers, ride-hailing and car sharing companies and other technology players in the mobility industry.
−Removed: Our Budget Truck operations in the United States competes with several other local, regional and nationwide truck rental companies including U-Haul International, Inc., Penske Truck Leasing Corporation, Ryder Systems, Inc.
−Removed: and Enterprise Truck Rental.
+Added: Our Budget Truck operations in the United States competes with several other local, regional
+Added: and nationwide truck rental companies including U-Haul International, Inc., Penske Truck Leasing Corporation, Ryder System, Inc., Enterprise Truck Rental, and Hertz.
INSURANCE AND RISK MANAGEMENT
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We retain a share of property damage risk through local deductibles.
−Removed: AEGIS Motor Insurance Limited reinsures certain risks through an unaffiliated company, which limits its liabilities.
+Added: AEGIS Motor Insurance Limited reinsures certain risks through unaffiliated companies, which limits its liabilities.
We offer our U.S.
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Additional personal accident insurance offered to our customers in Europe is provided by a third-party insurer, and primarily reinsured by our Avis Budget Europe International Reinsurance Limited subsidiary.
−Removed: We also maintain excess insurance coverage through unaffiliated carriers to help mitigate our potential exposure to large liability losses.
−Removed: bear these and other risks, except to the extent that the risks are transferred through insurance or contractual arrangements.
+Added: We otherwise bear these and other risks, except to the extent that the risks are transferred through insurance or contractual arrangements.
OUR INTELLECTUAL PROPERTY
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We are driving the efficiencies needed to reduce our environmental impact and enhance the sustainability of our operations.
−Removed: These are mainly driven by improvements in vehicle preventive maintenance, the incorporation of green building practices and by complying with all environmental regulations.
+Added: These are mainly driven by improvements in vehicle preventive maintenance, the incorporation of green building practices and by complying with environmental regulations.
• Carbon Offset Program:
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We are actively anticipating and driving changes in mobility.
−Removed: Connected and autonomous vehicles are likely to become a common feature worldwide, along with an increase use of electric and shared vehicles, which is why we are building on our core experience, data intelligence and technology to develop entirely new lines of business and extend our offering and capabilities for our customers, businesses and cities.
+Added: Connected and autonomous vehicles are likely to become a common feature worldwide, along with an increased use of electric and shared vehicles, which is why we are building on our core experience, data intelligence and technology to develop entirely new lines of business and extend our offering and capabilities for our customers, businesses and cities.
Our efforts include:
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We offer our customers the opportunity to choose from a wide variety of vehicles, including hybrids, electric or fuel-efficient vehicles at almost all of our locations.
−Removed: fleet consists primarily of vehicles from the current and immediately preceding model year - this ensures the highest possible standards of air emissions control.
+Added: Our fleet consists primarily of vehicles from the current and immediately preceding model year - this ensures the highest possible standards of air emissions control.
We believe that our success has its foundation in how we treat our employees.
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We also seek to support the well-being and development of the people we employ and the communities in which they work.
+Added: Our efforts include:
• Giving Back:
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We have also developed longstanding partnerships with leading national disaster response agencies, which strengthen our ability to provide support to affected customers, employees and communities.
−Removed: Our most recent ESG Report is available on the Company’s website.
+Added: Our Board of Directors monitors the effectiveness of our policy and decision making, including with respect to ESG, on the current and long-term value of our company.
+Added: Our most recent Corporate Governance documents are available on the Company’s website.
The information contained on the Company’s website is not included in, or incorporated by reference into, this Annual Report on Form 10-K.
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Global Gender Pay Equity
−Removed: To ensure we are compensating both men and women employees fairly and equitably, we transitioned to a global Center of Excellence total rewards function five years ago with the aim to standardize and harmonize our rewards programs across all countries.
+Added: To ensure we are compensating both men and women employees fairly and equitably, we utilize a global Center of Excellence total rewards function which standardizes and harmonizes our rewards programs across all countries.
As a result, we have established pay programs that provide for equal incentive pay opportunity for all employees in same or similar positions across the globe.
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We believe that our employees possess a wealth of knowledge that could and should be shared with others.
−Removed: We have a wealth of established learning and talent programs that we make available to our employees, including a digital learning platform that has transformed the way we produce, manage and share learning resources.
+Added: have a wealth of established learning and talent programs that we make available to our employees, including a digital learning platform that has transformed the way we produce, manage and share learning resources.
Diversity, Inclusion and Belonging
6 unchanged sentences
These ERGs provide a space where employees can foster connections and develop in a supportive environment.
−Removed: As of the end of 2021, we had three ERGs:
−Removed: Power of Women;
−Removed: Power of Veterans;
−Removed: and Power of Color.
+Added: As of the end of 2022, we had the following ERGs:
+Added: Power of Women, Power of Veterans, Power of Pride, and Power of Color.
Health and Safety
2 unchanged sentences
We currently collect incident rates to track safety performance for our United States operations, which represents our largest employee population.
−Removed: Our focus is also evident in our response to the COVID-19 pandemic, including the launch of the Avis Safety Pledge and the Budget Worry-Free Promise to help provide a safe and convenient rental experience by enhancing our cleaning protocols and training on safety procedures related to the pandemic.
−Removed: We have also added work-from-home flexibility for employees who can work remotely;
−Removed: implemented temperature screening of employees at the majority of our locations in the United States;
−Removed: established new physical distancing procedures;
−Removed: provided additional personal protective equipment and cleaning supplies;
−Removed: modified certain work spaces with plexiglass dividers;
−Removed: implemented protocols to address actual and suspected COVID-19 cases and potential exposure;
−Removed: and required masks to be worn in all locations where allowed by local law.
−Removed: We will continue to provide our staff with hand sanitizer, gloves and masks and conduct daily health self-assessments before shifts where we are permitted to do so.
We take a holistic approach to well-being.
We understand that to deliver our best performance, our employees need to be healthy and happy in all areas of their lives.
−Removed: Our Live Well program focuses on helping our people achieve all aspects of well-being through habits and activities that promote physical, financial and emotional well-being.
+Added: Our Connecting You to Well-Being program focuses on helping our people achieve all aspects of wellness through encouraging habits that promote physical, emotional, and financial well-being.
We are subject to a wide variety of laws and regulations in the countries in which we operate, including those relating to, among others, consumer protection, insurance products and rates, franchising, customer privacy and data protection, securities and public disclosure, competition and antitrust, environmental matters, taxes, automobile-related liability, corruption and anti-bribery, labor and employment matters, health and safety, claims management, automotive retail sales, currency-exchange and other various banking and financial industry regulations, cost and fee recovery, the protection of our trademarks and other intellectual property, and local ownership or investment requirements.
−Removed: Additional information about the regulations that we are subject to can be found in Item 1A.
−Removed: “Risk Factors” in this Annual Report on Form 10-K.
+Added: Additional information about the regulations that we are subject to can be found in Part I, Item 1A, “Risk Factors” in this Annual Report on Form 10-K.
COMPANY INFORMATION
Our principal executive office is located at 6 Sylvan Way, Parsippany, New Jersey 07054 (our telephone number is 973-496-4700).
−Removed: The Company files electronically with the Securities and Exchange Commission (the “SEC”) required reports on Form 8-K, Form 10-Q, Form 10-K and Form 11-K;
+Added: The Company files electronically with the Securities and Exchange Commission (the “SEC”) required reports on Form 8-K, Form 10-Q and Form 10-K;
proxy materials;
2 unchanged sentences
Such materials may be accessed electronically on the SEC’s Internet site (sec.gov).
−Removed: The Company maintains a website (avisbudgetgroup.com) and copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, Section 16 reports, proxy materials and any amendments to these reports filed or furnished with the SEC are available free of charge in the Investor Relations section of our website, as soon as reasonably practicable after filing with the SEC.
+Added: The Company maintains a website (avisbudgetgroup.com) and copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, Section 16 reports, proxy materials and any amendments to these reports filed or furnished with the SEC are available free of charge in the Investor Relations section of our website (ir.avisbudgetgroup.com), as soon as reasonably practicable after filing with the SEC.
Copies of our board committee charters, Codes of Conduct and Ethics, Corporate Governance Guidelines and other corporate governance information are also available on our website.
−Removed: If the Company should decide to amend any of its board committee charters, Codes of Conduct and Ethics or other corporate governance documents, copies of such amendments will be made available to the public through the Company’s website.
+Added: If the Company should decide to amend any of its board committee charters, Codes of Conduct and Ethics or other corporate governance documents, copies of
+Added: such amendments will be made available to the public through the Company’s website.
The information contained on the Company’s website is not included in, or incorporated by reference into, this Annual Report on Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.