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Enterprise Holdings Announces Fiscal 2010 HighlightsOctober 1, 2010 By: Staff
For its fiscal year ended July 31, 2010, Enterprise Holdings posted $12.6 billion in worldwide revenues, up 4 percent from $12.1 billion in 2009. Growth was consistent across all lines of business.
"Like many other companies, we have fought through difficult economic conditions during the past several years," stated Chairman and Chief Executive Officer Andrew C. Taylor, whose family owns and operates Enterprise Holdings. "But thanks to our disciplined management and consistent focus on customer service and costs, we delivered strong results in fiscal 2010."
The company's solid operating performance helped to strengthen its balance sheet and leadership role. In February, Standard & Poor's (S&P) Ratings Services raised long-term ratings for Enterprise Holdings to 'BBB+' from 'BBB' based on the company's improved financial profile. S&P said the rating action "reflects Enterprise's improved financial profile, with stronger credit ratios due to continued strong cash flow ... and substantial debt reduction."
The company's improved results over the prior year reflect the successful integration of the Alamo and National brands into the company's regional subsidiaries, and the continued strong performance of its flagship brand, Enterprise Rent-A-Car. Enterprise Holdings acquired Alamo and National three years ago. "Our 2007 acquisition continues to pay off long-term, and the seamless integration of all three car rental brands is providing positive momentum as we move into fiscal 2011," said Taylor.
Today, the company not only is able to strategically leverage the expertise of the Alamo Rent A Car, Enterprise Rent-A-Car and National Car Rental brands, but also deliver a network of more than 6,000 neighborhood and airport branch offices located within 15 miles of 90 percent of the U.S. population.
Financial and Operational Strengths
Enterprise Holdings offers a total transportation solution that includes local and airport car rental, WeCar car sharing, Enterprise Rideshare vanpooling programs, and affiliated business lines Enterprise Fleet Management, Enterprise Car Sales and Enterprise Commercial Trucks. In addition, Enterprise Holdings, through its regional subsidiaries, owns and operates more than 1 million cars and trucks, the largest fleet of passenger vehicles in the world.
Enterprise Holdings' revenues for fiscal 2010 would place it 23rd among the largest private companies in the United States. Furthermore, if Enterprise Holdings were publicly traded, it would rank at number 185 on Fortune's list of the 500 largest public companies in the U.S. In comparison, the next largest rental car company is ranked 318th on the Fortune list.
Enterprise Holdings does not disclose specifics on its net income, but the company achieved record growth in profitability in its recently completed fiscal year. For instance, the company realized:
* Net book value of revenue equipment (vehicles) increased $1.88 billion, while debt decreased $305 million.
* Year-over-year reduction of 6.8 percent in total expenses.
* Average fleet growth for the year of 3 percent, with rental fleet at the end of the fiscal year up 11 percent, a record high.
* Sales of more than 61,000 used vehicles directly to consumers through the company's referral car sales division, now operating more than 140 car sales locations across the country.
* Growth in total worldwide assets to $19.8 billion, an increase of $800 million from a year ago.
Enterprise Holdings also announced its 20/20 Vision a commitment to reduce both energy use and energy costs by 20 percent over the next five years for an estimated savings of $50 million in energy costs. Through an upfront investment in energy-saving technologies and conservation practices, the company expects this sustainability initiative to decrease the environmental impact of neighborhood car rental branches and airport facilities it owns and operates through its regional subsidiaries.
Enterprise Holdings' public commitment to economic and environmental sustainability - for its business and the world it touches - became even more integrated from an operational perspective during fiscal 2010. For example, Enterprise Holdings began using at least 5 percent biodiesel fuel (B5) in more than 600 Alamo, Enterprise and National airport shuttle buses across more than 50 North American markets. The company's subsidiaries also converted buses in nine markets to 20 percent biodiesel (B20) as a first step toward converting all buses to B20 over the next five years.
After the 2007 acquisition of the Alamo and National brands, Enterprise Holdings began researching and exchanging best practices across all three brands to drive complete customer satisfaction and build long-term loyalty. That ongoing effort resulted in noteworthy achievements and recognition during fiscal 2010:
* 2009 North American airport car rental survey: Three of the top four rankings went to the Enterprise Holdings portfolio of brands - Enterprise Rent-A-Car (ranking highest), National Car Rental (ranking second) and Alamo Rent A Car (ranking fourth). This marked the sixth year in a row that the Enterprise Rent-A-Car brand has led the car rental industry in the annual survey, which includes both leisure and business travelers in North America
* Market Metrix Hospitality Index (second quarter of 2010): Enterprise Rent-A-Car ranked number one in the rental car industry, recognition it has received 28 out of 30 times. In addition,
National Car Rental ranked number two and received top ratings for its Emerald Club loyalty program for the second quarter in a row. Alamo Rent A Car rounded out the top three slots, and all three brands received customer satisfaction ratings above the industry average.
* Customer Service Champs: Enterprise Rent-A-Car once again was named to BusinessWeek magazine's annual roster that also includes such leading brands as The Ritz-Carlton, Nordstrom and Apple. The announcement marked Enterprise's fourth straight year as one of the top 20 brands, and the only car rental brand listed.
* Fleet News Rental Company of the Year: Enterprise Rent-A-Car (UK) was selected
for its innovation of service, understanding of customer needs and positive impact on corporate customers.
* Virgin Holidays: Alamo UK became the preferred car rental supplier for Virgin Holidays, the United Kingdom's leading worldwide holiday company and world's largest transatlantic tour operator and market leader for inbound travel to the U.S. and Caribbean.
* WeCar car sharing: A natural extension of the local Enterprise Rent-A-Car business rental program, WeCar car sharing now provides totally automated, membership-based service for college campuses, universities and municipal governments in 17 states.
* SmarterTravel Editors' Choice Award: National Car Rental's Emerald Club was singled out as the "Best Rental Car Loyalty Program."
* 2010 Business Traveler Innovation Award (sponsored by the National Business Travel Association and The Wall Street Journal): National's Emerald Club was honored for expediting the
travel process and enhancing convenience and efficiency. In addition, Enterprise Rent-A-Car's new rental transaction technology, which will reduce annual carbon dioxide emissions by 6.5 million pounds, was noted as an outstanding and original sustainable practice.
* TheStreet.com: Emerald Club was named as one of the five best loyalty programs, along with Starbucks Rewards, Neiman Marcus InCircle, BestBuy Reward Zone, and Intercontinental Hotels Priority Club Rewards.