The following discussion should be read in conjunction with our Consolidated
Condensed Financial Statements and accompanying Notes included in this Quarterly
Report on Form 10-Q, and with our 2021 Form 10-K. Our actual results of
operations may differ materially from those discussed in forward-looking
statements as a result of various factors, including those discussed in
"Forward-Looking Statements". See "Forward-Looking Statements" for additional
information. Unless otherwise noted, all dollar amounts in tables are in
millions.


 OVERVIEW


Our Company

We operate three of the most globally recognized brands in mobility solutions,
Avis, Budget and Zipcar, together with several other brands well recognized in
their respective markets. We are a leading vehicle rental operator in North
America, Europe, Australasia and certain other regions we serve, with an average
rental fleet of over 590,000 vehicles in first quarter 2022. We also license the
use of our trademarks to licensees in the areas in which we do not operate
directly. We and our licensees operate our brands in approximately 180 countries
throughout the world.

Our Segments

We categorize our operations into two reportable business segments: Americas,
consisting primarily of our vehicle rental operations in North America, South
America, Central America and the Caribbean, car sharing operations in certain of
these markets, and licensees in certain areas in which we do not operate
directly; and International, consisting primarily of our vehicle rental
operations in Europe, the Middle East, Africa, Asia and Australasia, car sharing
operations in certain of these markets, and licensees in certain areas in which
we do not operate directly.

Business and Trends

Over the past year, we have seen a number of encouraging developments, such as a
significant increase in global travel demand, which generated an increase in
demand for rental vehicles and improved pricing across the industry, suggesting
a steady return to historic travel trends. Our strategy continues to focus on
cost optimization, core revenue growth and capital investments aimed to allow us
to maximize our infrastructure to capitalize on what we believe will be a
continued surge in travel demand. During the quarter ended March 31, 2022, we
generated revenues of $2.4 billion, net income of $527 million and Adjusted
EBITDA of $810 million. These results were driven by increased demand for rental
vehicles, improved pricing across the industry, disciplined cost management and
continued fleet management.

The full extent of the ongoing impact of the COVID-19 pandemic on our long-term
operational and financial performance will depend on future developments,
including those outside of our control, such as the spread of new variants of
the virus and the implementation of new or continued travel restrictions and the
overall economic environment. These variants could cause prolonged impacts on
the economy, our industry and on us, with reductions in available staffing and
increasing inflation, among other impacts. We will continue to monitor these and
other impacts and take action in connection with it, by leveraging our
technology and reviewing cost mitigating actions, among other actions.
Significant events affecting travel have historically had an impact on vehicle
rental volumes, with the full extent of the impact generally determined by the
length of time the event influences travel decisions. As a consequence, we
cannot estimate the impact on our business, financial condition or forecast
financial or operational results with reasonable certainty.

The global semiconductor shortage is impacting fleet supply, resulting in
tighter fleets throughout the industry and causing us to hold cars longer
compared to periods prior to the COVID-19 pandemic. We have historically
navigated through significant vehicle recalls and worked with our vehicle
manufacturers, and believe we have the logistics in place to effectively manage
our fleet during this disruption in supply. We continue to purchase new vehicles
and believe we can increase our fleet utilization efficiency to capture
increased demand.

                                       25

--------------------------------------------------------------------------------

Table of Contents


                             RESULTS OF OPERATIONS

We measure performance principally using the following key metrics: (i) rental
days, which represent the total number of days (or portion thereof) a vehicle
was rented, (ii) revenue per day, which represents revenues divided by rental
days, (iii) vehicle utilization, which represents rental days divided by
available rental days, with available rental days defined as average rental
fleet times the number of days in the period, and (iv) per-unit fleet costs,
which represent vehicle depreciation, lease charges and gain or loss on vehicle
sales, divided by average rental fleet. Our rental days, revenue per day and
vehicle utilization metrics are all calculated based on the actual rental of the
vehicle during a 24-hour period. We believe that this methodology provides
management with the most relevant metrics in order to effectively manage the
performance of the business. Our calculation may not be comparable to the
calculation of similarly-titled metrics by other companies. We present currency
exchange rate effects to provide a method of assessing how our business
performed excluding the effects of foreign currency rate fluctuations. Currency
exchange rate effects are calculated by translating the current-year results at
the prior-period average exchange rate plus any related gains and losses on
currency hedges.

We assess performance and allocate resources based upon the separate financial
information of our operating segments. In identifying our reportable segments,
we also consider the nature of services provided by our operating segments, the
geographical areas in which our segments operate and other relevant factors.
Management evaluates the operating results of each of our reportable segments
based upon revenues and "Adjusted EBITDA," which we define as income from
continuing operations before non-vehicle related depreciation and amortization,
any impairment charges, restructuring and other related charges, early
extinguishment of debt costs, non-vehicle related interest, transaction-related
costs, net, charges for unprecedented personal-injury and other legal matters,
net, which includes amounts recorded in excess of $5 million related to class
action lawsuits, non-operational charges related to shareholder activist
activity, which include third party advisory, legal and other professional fees,
COVID-19 charges, net and income taxes. Net charges for unprecedented
personal-injury and other legal matters are recorded within operating expenses
in our consolidated results of operations. Non-operational charges related to
shareholder activist activity include third party advisory, legal and other
professional service fees and are recorded within selling, general and
administrative expenses in our consolidated results of operations. COVID-19
charges include unusual, direct and incremental costs due to the COVID-19
pandemic, such as minimum annual guaranteed rent in excess of concession fees
for the period, overflow parking for idle vehicles and related shuttling costs,
incremental cleaning supplies to sanitize vehicles and facilities and other
charges, and losses associated with vehicles damaged in overflow parking lots,
net of insurance proceeds, and are primarily recorded within operating expenses
in our consolidated results of operations. We believe Adjusted EBITDA is useful
as a supplemental measure in evaluating the performance of our operating
businesses and in comparing our results from period to period. We also believe
that Adjusted EBITDA is useful to investors because it allows them to assess our
results of operations and financial condition on the same basis that management
uses internally. Adjusted EBITDA is a non-GAAP measure and should not be
considered in isolation or as a substitute for net income or other income
statement data prepared in accordance with U.S. GAAP. Our presentation of
Adjusted EBITDA may not be comparable to similarly-titled measures used by other
companies.

During the three months ended March 31, 2022:



•Our revenues totaled $2.4 billion, an increase of 77% compared to the similar
period in 2021, primarily due to a significant increase in pricing and increased
demand for rental vehicles. The significant increase in revenues was a direct
result of the global effort to combat the incidence and spread of the COVID-19
virus, which led to a significant increase in global travel demand, suggesting a
steady return to historic travel levels.

•Our net income was $527 million, representing an increase of $697 million
year-over-year, primarily due to significantly higher revenues, as described
above, in addition to disciplined cost management.

•Our Adjusted EBITDA was $810 million, representing a significant increase of
$763 million year-over-year, primarily due to significantly higher revenues and
disciplined cost management.

•We repurchased approximately $1.3 billion of our common stock, reducing our shares outstanding by approximately 6.4 million shares.


                                       26

--------------------------------------------------------------------------------

Table of Contents

Three Months Ended March 31, 2022 vs. Three Months Ended March 31, 2021

Our consolidated condensed results of operations comprised the following:


                                                                                                          Three Months Ended March 31,
                                                                                         2022                 2021           $ Change             % Change
Revenues                                                                           $    2,432              $ 1,372          $  1,060                    77  %

Expenses
          Operating                                                                     1,147                  832               315                    38  %
          Vehicle depreciation and lease charges, net                                     111                  254              (143)                  (56  %)
          Selling, general and administrative                                             283                  182               101                    55  %
          Vehicle interest, net                                                            77                   75                 2                     3  %
          Non-vehicle related depreciation and amortization                                58                   68               (10)                  (15  %)
          Interest expense related to corporate debt, net:
          Interest expense                                                                 53                   61                (8)                  (13  %)
          Early extinguishment of debt                                                      -                  129              (129)                      n/m
          Restructuring and other related charges                                           8                   20               (12)                  (60  %)
          Transaction-related costs, net                                                    -                    1                (1)                      n/m
Total expenses                                                                          1,737                1,622               115                     7  %

Income (loss) before income taxes                                                         695                 (250)              945                    

n/m


Provision for (benefit from) income taxes                                                 168                  (80)              248                       n/m
Net income (loss)                                                                         527                 (170)              697                       n/m
Less: net loss attributable to non-controlling interests                                   (2)                   -                (2)                   

n/m


Net income (loss) attributable to Avis Budget Group, Inc.                          $      529              $  (170)         $    699                       n/m


___________
n/m - Not Meaningful

Revenues increased $1.1 billion, or 77%, during the three months ended March 31,
2022 compared to the similar period in 2021, primarily due to a 45% increase in
volume as the mobility industry recovers from the pandemic and a 24% increase in
revenue per day, excluding exchange rate effects, partially offset by a $29
million negative impact from currency exchange rate movements. Total expenses
increased 7% during the three months ended March 31, 2022, compared to the
similar period in 2021, primarily due to increased demand, partially offset by
cost discipline as volume returned. Our effective tax rates were a provision
(benefit) of 24.2% and (32.0)% for the three months ended March 31, 2022 and
2021, respectively. As a result of these items, our net income increased by $697
million compared to the similar period in 2021. For the three months ended March
31, 2022 and 2021, we reported earnings (losses) per diluted share of $9.71 and
$(2.43), respectively.

Operating expenses decreased to 47.2% of revenue during the three months ended
March 31, 2022 compared to 60.6% during the similar period in 2021, primarily
due to the increased revenues and cost discipline as volume returned. Vehicle
depreciation and lease charges decreased to 4.5% of revenue during the three
months ended March 31, 2022 compared to 18.5% during the similar period in 2021,
primarily due to increased revenues and a 68% lower per unit fleet cost,
excluding exchange rate effects, driven by the continued favorable trend in the
used-vehicle market. Selling, general and administrative costs decreased to
11.6% of revenue during the three months ended March 31, 2022 compared to 13.3%
during the similar period in 2021, primarily due to increased revenues and cost
discipline as volume returned. Vehicle interest costs decreased to 3.2% of
revenue during the three months ended March 31, 2022 compared to 5.5% during the
similar period in 2021, primarily due to increased revenues.

                                       27

--------------------------------------------------------------------------------

Table of Contents

Following is a more detailed discussion of the results of each of our reportable segments and reconciliation of net income (loss) to Adjusted EBITDA:


                                                                                              Three Months Ended March 31,
                                                                                   2022                                          2021
                                                                    Revenues            Adjusted EBITDA           Revenues            Adjusted EBITDA
Americas                                                         $    2,000            $           810          $    1,080          $            108
International                                                           432                         23                 292                       (50)
Corporate and Other (a)                                                   -                        (23)                  -                       (11)
                 Total Company                                   $    2,432            $           810          $    1,372          $             47

                                                                                                                      Reconciliation to Adjusted EBITDA
                                                                                                                    2022                   2021
Net income (loss)                                                                                               $      527          $           (170)
Provision for (benefit from) income taxes                                                                              168                       (80)
Income (loss) before income taxes                                                                                      695                      (250)

Add:                         Non-vehicle related depreciation and amortization (b)                                      60                        68
                             Interest expense related to corporate debt, net:
                             Interest expense                                                                           53                        61
                             Early extinguishment of debt                                                                -                       129
                             Restructuring and other related charges                                                     8                        20
                             Unprecedented personal-injury and other legal matters, net (c)                              1                         -
                             Transaction-related costs, net                                                              -                         1
                             COVID-19 charges (d)                                                                       (7)                       18
Adjusted EBITDA                                                                                                 $      810          $             47

(a)Includes unallocated corporate overhead which is not attributable to a particular segment.

(b)Includes cloud computing costs of $2 million within expenses.

(c)Reported within operating expenses in our consolidated condensed results of operations.



(d)The following table presents the unusual, direct and incremental costs due to
the COVID-19 pandemic:

                                                                        2022      2021
Minimum annual guaranteed rent in excess of concession fees, net       $ (7)     $ 19
Vehicles damaged in overflow parking lots, net of insurance proceeds      -        (6)

Other charges                                                             -         5
Operating expenses                                                       (7)       17

Selling, general and administrative expenses                              -         1
COVID-19 charges, net                                                  $ (7)     $ 18



Americas
                                   Three Months Ended March 31,
                                 2022                   2021        % Change
Revenues             $        2,000                   $ 1,080           85  %
Adjusted EBITDA                 810                       108          650  %



Revenues increased 85% during the three months ended March 31, 2022 compared to
the similar period in 2021, primarily due to a 52% increase in volume and a 21%
increase in revenue per day.

Operating expenses decreased to 44.8% of revenue during the three months ended
March 31, 2022 compared to 57.9% during the similar period in 2021, primarily
due to increased revenues and cost discipline as volume returned. Vehicle
depreciation and lease charges decreased to 1.3% of revenue during the three
months ended March 31, 2022 compared to 17.0% during the similar period in 2021,
primarily due to increased revenues and a 90% decrease in per-unit fleet costs,
driven by the continued favorable trend in the used-vehicle market. Selling,
general and administrative costs decreased to 9.8% of revenue during the three
months ended March 31, 2022 compared to 10.6% during the similar period in 2021,
primarily due to increased revenues and cost discipline as volume returned.
Vehicle interest costs decreased to 3.3% of revenue during the three months
ended March 31, 2022 compared to 5.8% during the similar period in 2021,
primarily due to increased revenues.
                                       28

--------------------------------------------------------------------------------

Table of Contents




Adjusted EBITDA was $702 million higher during the three months ended March 31,
2022 compared to the similar period in 2021, primarily due to increased
revenues, lower per-unit fleet costs and cost discipline as volume returned.

International
                                    Three Months Ended March 31,
                                   2022                    2021       % Change
Revenues             $          432                       $ 292           48  %
Adjusted EBITDA                  23                         (50)         146  %


Revenues increased 48% during the three months ended March 31, 2022, compared to
the similar period in 2021, primarily due to a 26% increase in volume and a 25%
increase in revenue per day, excluding exchange rate effects, partially offset
by a $29 million negative impact from currency exchange rate movements.


Operating expenses decreased to 56.0% of revenue during the three months ended
March 31, 2022 compared to 71.2% during the similar period in 2021, primarily
due to increased revenues and cost discipline as volume returned. Vehicle
depreciation and lease charges decreased to 19.5% of revenue during the three
months ended March 31, 2022 compared to 24.0% during the similar period in 2021,
primarily due to increased revenues and a 1% decrease in per-unit fleet costs,
excluding exchange rate effects, driven by the continued favorable trend in the
used-vehicle market. Selling, general and administrative costs decreased to
16.8% of revenue during the three months ended March 31, 2022 compared to 19.0%
during the similar period in 2021, primarily due to increased revenues and cost
discipline as volume returned. Vehicle interest costs decreased to 2.6% of
revenue during the three months ended March 31, 2022 compared to 4.4% during the
similar period in 2021, primarily due to increased revenues.

Adjusted EBITDA was $73 million higher in first quarter 2022 compared to the
similar period in 2021, primarily due to increased revenues, cost discipline as
volume returned and decreased per-unit fleet costs.


                                       29

--------------------------------------------------------------------------------

Table of Contents


              FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We present separately the financial data of our vehicle programs. These programs
are distinct from our other activities as the assets under vehicle programs are
generally funded through the issuance of debt that is collateralized by such
assets. The income generated by these assets is used, in part, to repay the
principal and interest associated with the debt. Cash inflows and outflows
relating to the generation or acquisition of such assets and the principal debt
repayment or financing of such assets are classified as activities of our
vehicle programs. We believe it is appropriate to segregate the financial data
of our vehicle programs because, ultimately, the source of repayment of such
debt is the realization of such assets.

FINANCIAL CONDITION


                                                        March 31,
                                                           2022               December 31, 2021            Change
Total assets exclusive of assets under vehicle
programs                                              $      8,437          $            8,581          $     (144)
Total liabilities exclusive of liabilities
under vehicle programs                                       9,883                       8,933                 950
Assets under vehicle programs                               15,136                      14,019               1,117
Liabilities under vehicle programs                          14,673                      13,876                 797
Stockholders' equity                                          (983)                       (209)               (774)



The increase in liabilities exclusive of liabilities under vehicle programs is
principally related to the increase in long-term debt from the issuance of
Floating Rate Term Loan due March 2029. See "-Liquidity and Capital Resources"
and Notes 10 to our Consolidated Condensed Financial Statements.

The increases in assets under vehicle programs and liabilities under vehicle programs are principally related to the increase in the size of our vehicle rental fleet to meet increased rental demand.

The decrease in stockholders' equity is primarily due to our share repurchases, partially offset by comprehensive income.

LIQUIDITY AND CAPITAL RESOURCES



Our principal sources of liquidity are cash on hand and our ability to generate
cash through operations and financing activities, as well as available funding
arrangements and committed credit facilities, each of which is discussed below.

In March 2022, we entered into a $750 million Floating Rate Term Loan due March
2029, at a price of 97% of the aggregate principal amount, with interest paid
monthly, which is part of our senior credit facilities. The Floating Rate Term
Loan due March 2029 bears interest at one-month SOFR plus 350 basis points for
an aggregate rate of 4.00%.

Our Board of Directors has authorized the repurchase of up to $5.1 billion of
our common stock under a plan originally approved in 2013 and subsequently
expanded, most recently in March 2022. Our stock repurchases may occur through
open market purchases, privately negotiated transactions or trading plans
pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The
amount and timing of specific repurchases are subject to market conditions,
applicable legal requirements, restricted payment capacity under our debt
instruments and other factors. The repurchase program may be suspended, modified
or discontinued at any time without prior notice. The repurchase program has no
set expiration or termination date. During the three months ended March 31,
2022, we repurchased approximately 6.4 million shares of common stock at a cost
of approximately $1.3 billion under the program. As of March 31, 2022,
approximately $652 million of authorization remained available to repurchase
common stock under the program.

                                       30

--------------------------------------------------------------------------------

Table of Contents

CASH FLOWS

The following table summarizes our cash flows:

Three Months Ended March 31,


                                                                              2022                 2021              Change

Cash provided by (used in):


              Operating activities                                       $      1,148          $     336          $     812
              Investing activities                                             (1,165)            (1,366)               201
              Financing activities                                                 30                914               (884)

Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash

                                                        (2)               (10)                 8

Net increase (decrease) in cash and cash equivalents, program and restricted cash

                                                                    11               (126)               137

Cash and cash equivalents, program and restricted cash, beginning of period

                                                                            626                765               (139)

Cash and cash equivalents, program and restricted cash, end of period $

637 $ 639 $ (2)





The increase in cash provided by operating activities during the three months
ended March 31, 2022 compared with the same period in 2021 is primarily due to
the increase in our net income.

The decrease in cash used in investing activities during the three months ended March 31, 2022 compared with the same period in 2021 is primarily due to a decrease in investment in vehicles.



The decrease in cash provided by financing activities during the three months
ended March 31, 2022 compared with the same period in 2021 is primarily due to
an increase in repurchases of common stock, offset by proceeds from borrowings.

DEBT AND FINANCING ARRANGEMENTS



At March 31, 2022, we had approximately $16.8 billion of indebtedness, including
corporate indebtedness of approximately $4.7 billion and debt under vehicle
programs of approximately $12.1 billion. For information regarding our debt and
borrowing arrangements, see Notes 1, 10 and 11 to our Consolidated Condensed
Financial Statements.

LIQUIDITY RISK

Our primary liquidity needs include the procurement of rental vehicles to be
used in our operations, servicing of corporate and vehicle-related debt and the
payment of operating expenses. The present intention of management is to
reinvest the undistributed earnings of our foreign subsidiaries indefinitely
into our foreign operations. Our primary sources of funding are operating
revenue, cash received upon the sale of vehicles, borrowings under our
vehicle-backed borrowing arrangements and our senior revolving credit facility,
and other financing activities.

Our liquidity position was impacted by COVID-19 as a result of significant
volume declines. However, since 2021, travel advisories and restrictions were
eased, which led to a significant increase in global travel demand, resulting in
increased demand for rental vehicles and improved pricing across the industry.
However, the full extent of the ongoing impact of this virus on our long-term
operational performance and liquidity will depend on future developments,
including those outside of our control, such as the spread of new variants of
the virus, which may be resistant to currently approved vaccines and the
implementation of new or continued travel restrictions.

Our liquidity could be negatively affected by any financial market disruptions
or the absence of a recovery or worsening of the U.S. and worldwide economies,
which may result in unfavorable conditions in the mobility industry, in the
asset-backed financing market and in the credit markets generally. We believe
these factors have affected and could further affect the debt ratings assigned
to us by credit rating agencies and the cost of our borrowings. Additionally, a
worsening or prolonged downturn in the worldwide economy or a disruption in the
credit markets could further impact our liquidity due to (i) decreased demand
and pricing for vehicles in the used-vehicle market, (ii) increased costs
associated with, and/or reduced capacity or increased collateral needs under,
our financings, (iii) the adverse impact of vehicle manufacturers being unable
or unwilling to honor their
                                       31

--------------------------------------------------------------------------------

Table of Contents



obligations to repurchase or guarantee the depreciation on the related program
vehicles and (iv) disruption in our ability to obtain financing due to negative
credit events specific to us or affecting the overall debt market.

As of March 31, 2022, we had $550 million of available cash and cash equivalents and access to available borrowings under our revolving credit facility of approximately $354 million, providing us with approximately $904 million of total liquidity.



Our liquidity position could also be negatively impacted if we are unable to
remain in compliance with the consolidated first lien leverage ratio requirement
and other covenants associated with our senior credit facilities and other
borrowings. As of March 31, 2022, we were in compliance with the financial
covenants governing our indebtedness. For additional information regarding our
liquidity risks, see Part I, Item 1A, "Risk Factors" of our 2021 Form 10-K, as
well as the "Risk Factors" section in this quarterly report.

CONTRACTUAL OBLIGATIONS



Our future contractual obligations have not changed significantly from the
amounts reported within our 2021 Form 10-K with the exception of our commitment
to purchase vehicles, which decreased by approximately $0.8
billion from December 31, 2021, to approximately $5.1 billion as of March 31,
2022 due to seasonality. Changes to our obligations related to corporate
indebtedness and debt under vehicle programs are presented above within the
section titled "Liquidity and Capital Resources-Debt and Financing Arrangements"
and also within Notes 10 and 11 to our Consolidated Condensed Financial
Statements.

ACCOUNTING POLICIES



The results of the majority of our recurring operations are recorded in our
financial statements using accounting policies that are not particularly
subjective, nor complex. However, in presenting our financial statements in
conformity with generally accepted accounting principles, we are required to
make estimates and assumptions that affect the amounts reported therein. Several
of the estimates and assumptions that we are required to make pertain to matters
that are inherently uncertain as they relate to future events. Presented within
the section titled "Critical Accounting Policies" of our 2021 Form 10-K are the
accounting policies (related to goodwill and other indefinite-lived intangible
assets, vehicles, income taxes and public liability, property damage and other
insurance liabilities) that we believe require subjective and/or complex
judgments that could potentially affect 2022 reported results. There have been
no significant changes to those accounting policies or our assessment of which
accounting policies we would consider to be critical accounting policies.

Goodwill and Other Indefinite-lived Intangible Assets. We perform our annual
goodwill and other indefinite-lived intangible assets impairment assessment in
the fourth quarter of each year at the reporting unit level, or more frequently
if events or circumstances indicate that the carrying amount of goodwill and
other indefinite-lived intangible assets may be impaired. For our Europe, Middle
East and Africa ("EMEA") reporting unit, the percentage by which the estimated
fair value exceeded the carrying value as of October 1, 2021 was 10% and the
amount of goodwill allocated to our reporting unit was $488 million.

We evaluated qualitative factors and determined that an interim impairment test
was not required this quarter as we believe it is more likely than not that the
fair value of our goodwill and other indefinite-lived intangible assets exceeds
the carrying value. We will continue to closely monitor actual results versus
our expectations as well as any significant changes in events or conditions,
including the impact of COVID-19 on our business and the travel industry, and
the resulting impact to our assumptions about future estimated cash flows, the
discount rate and market multiples. In the future, failure to achieve our
business plans, a deterioration of the general economic conditions of the
countries in which we operate, or significant changes in the assumptions and
estimates that are used in our impairment testing for goodwill and
indefinite-lived intangible assets (such as the discount rate) could result in
significantly different estimates of fair value that could trigger an impairment
of the goodwill of our reporting units or intangible assets.

New Accounting Standards

For detailed information regarding new accounting standards and their impact on our business, see Note 1 to our Consolidated Condensed Financial Statements.


                                       32

--------------------------------------------------------------------------------

Table of Contents

© Edgar Online, source Glimpses