Our revenues are derived principally from car and truck rentals in our Company-owned operations and include:
• time and mileage (“T&M”) fees charged to our customers for vehicle rentals;
• payments from our customers with respect to certain operating expenses we incur, including gasoline and
vehicle licensing fees, as well as concession fees, which we pay in exchange for the right to operate at
airports and other locations;
• sales of loss damage waivers and insurance and rentals of navigation units and other items in conjunction
with vehicle rentals; and
• royalty revenue from our licensees in conjunction with their vehicle rental transactions