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Zipcar Reports Fourth Quarter And Full Year 2012 Results

Additional Information about the Proposed Transaction with Avis Budget and Where You Can Find It

Zipcar filed with the SEC a definitive proxy statement on February 4, 2013 and has filed and may file with the SEC other relevant materials in connection with the proposed acquisition of Zipcar by Avis Budget. The definitive proxy statement was mailed to Zipcar stockholders on February 5, 2013. Before making any voting or investment decisions with respect to the transaction, investors and security holders of Zipcar are urged to read the proxy statement and the other relevant materials because they contain important information about the transaction and Zipcar. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC at the SEC's website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by accessing Zipcar's website at www.zipcar.com by clicking on the "Investor Relations" link, then clicking on the "Financial Information" link, and then clicking on the "SEC Filings" link, or by writing to Zipcar at 25 First Street, 4th Floor, Cambridge, Massachusetts 02141, Attention: Secretary.

ZIP-F

Contacts:

Investor Relations: Jonathan Schaffer, The Blueshirt Group Phone: 212-871-3953 Email: ir@zipcar.com          Media Relations: Karen CK Drake, Vice President of Communications, Zipcar Phone: 617-336-4323 Email: pr@zipcar.com

Zipcar, Inc
Condensed Consolidated Statements of Operations
(Unaudited)
  Three Months Ended Year Ended
  December 31, December 31,
  2012 2011 2012 2011
(in thousands, except share and per share data)        
         
Revenue $ 70,694 $ 62,898 $ 278,868 $ 241,649
Cost and expenses        
Fleet operations  44,141 40,329 173,613 159,185
Member services and fulfillment (1) 5,237 4,779 20,007 19,460
Research and development (1) 1,251 893 4,522 3,948
Selling, general and administrative (1) 16,208 13,904 71,558 57,117
Amortization of acquired intangible assets 689 869 3,070 3,892
Total operating expenses 67,526 60,774 272,770 243,602
Income (loss) from operations 3,168 2,124 6,098 (1,953)
Other income (expense)        
Interest income 119 63 367 128
Interest expense (1,146) (839) (4,385) (8,634)
Other, net 594 2,513 1,170 3,041
Income (loss) before income taxes 2,735 3,861 3,250 (7,418)
Provision (benefit) for income taxes (10,881) (6) (10,937) (270)
Net income (loss) 13,616 3,867 14,187 (7,148)
Less: net (income) loss attributable to redeemable noncontrolling interest 210 (5) 489 (4)
Net income (loss) attributable to Zipcar, Inc.  $ 13,826  $ 3,862  $ 14,676  $ (7,152)
         
Net income (loss) attributable to common stockholders per share:      
Basic  $ 0.35  $ 0.10  $ 0.37  $ (0.24)
Diluted  $ 0.34  $ 0.09  $ 0.35  $ (0.24)
Weighted average number of common shares outstanding used in computing per share amounts:        
Basic  40,051,721  39,292,172  39,852,035  29,379,940
Diluted  41,201,893  42,150,756  41,545,494  29,379,940
         
(1) Stock-based compensation is included in above line items      
         
  Three Months Ended Year Ended
  December 31, December 31,
  2012 2011 2012 2011
         
         
Member services and fulfillment $ 58 $ 24 $ 209 $ 93
Research and development 49 45 205 165
Selling, general, and administrative 1,260 970 5,147 3,850
  $ 1,367 $ 1,039 $ 5,561 $ 4,108
         
Zipcar, Inc
Reconciliation of adjusted EBITDA
(Unaudited)
         
  For the Three Months Ended For the Year Ended
(in thousands) December 31, December 31,
  2012 2011 2012 2011
Reconciliation of Adjusted EBITDA        
Net income (loss) attributable to Zipcar, Inc. $ 13,826 $ 3,862 $ 14,676 $ (7,152)
Non-vehicle depreciation 1,052 595 3,225 2,376
Amortization 689 869 3,070 3,892
Non-vehicle interest expense 61 29 162 5,098
Interest income (119) (63) (367) (128)
Preferred stock warrant liability adjustment  --   --   --   724
Stock compensation 1,367 1,039 5,561 4,108
Acquisition and integration cost 227 2,090 1,766 5,626
Merger related cost 751  -- 751  --
Taxes (10,881) (6) (10,937) (270)
Zero Emission Vehicle credits (1,296) (2,500) (3,028) (3,361)
Hurricane Sandy 952 -- 952 --
Loss of equity-method investee 624 -- 1,325 --
Adjusted EBITDA  $ 7,253  $ 5,915  $ 17,156  $ 10,913
         
Zipcar, Inc
Condensed Consolidated Balance Sheets
(Unaudited)
  December 31, December 31,
  2012 2011
(in thousands, except share and per share data)  
     
Assets    
Current assets    
Cash and cash equivalents $ 45,255 $ 61,658
Short-term marketable securities 22,238 24,788
Accounts receivable, net of allowance for doubtful accounts 6,613 7,452
Restricted cash 2,253 381
Deferred tax asset 4,190 --
Prepaid expenses and other current assets 13,728 13,665
Total current assets 94,277 107,944
Long-term marketable securities 16,258 13,809
Property and equipment, net 159,350 103,789
Goodwill 107,523 99,696
Intangible assets 2,887 4,754
Restricted cash 13,532 7,277
Noncurrent deferred tax asset 18,632 --
Deposits and other noncurrent assets 16,682 7,269
Total assets $ 429,141 $ 344,538
Liabilities and Equity    
Current liabilities    
Accounts payable $ 6,472 $ 6,069
Accrued expenses 26,223 20,003
Deferred revenue 21,182 19,369
Deferred tax liability 150 --
Current portion of capital lease obligations and other debt 14,424 11,367
Total current liabilities 68,451 56,808
Capital lease obligations and other debt, net of current portion 94,716 58,908
Deferred tax liability, net of current portion 11,698 --
Deferred revenue, net of current portion 4,925 4,659
Other liabilities 778 2,313
Total liabilities 180,568 122,688
     
Commitments and contingencies    
     
Non-controlling interest 1,073 400
Stockholders' equity:    
Common stock, $0.001 par value 40 40
Additional paid-in capital 302,635 294,107
Accumulated deficit (57,975) (72,651)
Accumulated other comprehensive (loss) gain 2,800 (46)
Total stockholders' equity 247,500 221,450
Total liabilities and equity $ 429,141 $ 344,538
     
Zipcar, Inc
Key financial and operating metrics
(Unaudited)
         
  For the Three Months Ended For the Year Ended
  December 31, December 31,
  2012 2011 2012 2011
Key Financial and Operating Metrics:        
Ending members  777,689  673,257  777,689  673,257
Ending vehicles  9,763  8,904  9,763  8,904
Usage revenue per vehicle per day  $ 64  $ 63  $ 63  $ 63
Total revenue per member per period  $ 91  $ 94  $ 377  $ 392
Cost per new account  $ 54  $ 54  $ 71  $ 58
Average monthly member retention 97.6% 97.8% 97.6% 97.8%
Adjusted EBITDA (in thousands)  $ 7,253  $ 5,915  $ 17,156  $ 10,913
         
  For the Three Months Ended For the Year Ended
  December 31, December 31,
  2012 2011 2012 2011
         
         
Established Markets:        
 Ending members  395,868  350,253  395,868  350,253
 Ending vehicles  4,807  4,581  4,807  4,581
 Usage revenue per vehicle per day  $ 69  $ 70  $ 69  $ 69
 Revenue (in thousands)  $ 38,313  $ 35,595  $ 155,878  $ 136,426
 Income before tax (in thousands)  $ 10,397  $ 9,932  $ 38,893  $ 31,013
         

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