Revenue increased 4% in fourth quarter 2012 compared to fourth quarter 2011 primarily due to a 6% increase in rental day volume and a 2% decrease in pricing. Ancillary revenues, excluding gas and customer recoveries, increased 8% driven by higher sales of insurance products and emergency roadside protection. Fourth quarter Adjusted EBITDA, excluding certain items, increased 22% to $78 million driven by strong growth in North America.
Full-year revenue increased 25% to $7.4 billion, primarily due to the acquisition of Avis Europe in October 2011. The increase was driven by 26% growth in rental days and a 33% increase in ancillary revenues, partially offset by a 3% decline in pricing. Excluding the acquisition of Avis Europe, revenues increased 3% during 2012, primarily due to a 5% increase in rental days.
Business Segment DiscussionThe following discussion of fourth quarter operating results focuses on revenue and Adjusted EBITDA for each of our operating segments. Revenue and Adjusted EBITDA are expressed in millions.
|(Consisting of the Company's U.S. car rental and Canadian vehicle rental operations)|
|Revenue||$ 1,060||$ 1,011||5%|
|Adjusted EBITDA||$ 47||$ 16||194%|
|(Consisting of the Company's international vehicle rental operations)|
|Revenue||$ 550||$ 532||3%|
|Adjusted EBITDA||$ 24||$ 37||(35%)|
|(Consisting of the Company's U.S. truck rental operations)|
|Revenue||$ 87||$ 86||1%|
|Adjusted EBITDA||$ 1||$ 9||(89%)|