Although Zipcar was very well received by investors through its selling at $30 a or 66% than its $18 a share IPO ricing, analysts are concerned about the company's financial performance. Despite revenue growth achieved through member additions and acquisitions of other car sharing opera- 'immtions, Zipcar's net loss continues to grow: prior to its IPO, Zipcar had accumulated $65 million in debt with no cash available to pay it down, and even a 48% leap in 2011 first quarter revenues did not preclude a net loss for the period of $6.1 million. Concern has also been raised over the potential for profitability as annual oper ational cost per vehicle was reported to be approximately $15,500 in 2010-almost double the annual estimated cost of car ownership in the US, indicating that Zipcar is not yet enjoying economies of scale (see Exhibits 3, 4, and 5 for Zipcar financial data).