We ended the quarter with revenues of nearly $3.5 billion, net income of $238 million, and Adjusted EBITDA1 of $503 million.

“We maintained a strong focus on pricing throughout the quarter, prioritizing higher margin business which allowed us to keep our revenue per day stable with the Americas nearly flat,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “Vehicle utilization improved by approximately 2 points throughout the Company as we exercised strong fleet discipline. Our U.S. model year 2025 buy is well underway and expected to drive significant savings as these vehicles are rotated into our fleet. Lastly, the holidays look strong, and we believe we are well positioned to capitalize on this demand.”

Q3 HIGHLIGHTS

• Revenues of nearly $3.5 billion with pricing down 2% and rental days in line with third quarter 2023.
• Adjusted EBITDA in the Americas was $384 million, driven by an improvement of vehicle utilization of more than one point and strong summer pricing, offset by higher fleet costs as compared to third quarter 2023.
• Adjusted EBITDA in International was $139 million, driven by a 5% increase in rental days as well as vehicle utilization improvement of more than three points as compared to third quarter 2023.
• Issued $700 million of unsecured Senior Notes and used the proceeds to repay outstanding borrowings under our secured floating rate term loan due 2029 in October with the additional proceeds invested in our fleet.
• We repurchased approximately 526,000 shares of common stock for a total of nearly $43 million through October 30th.

Our liquidity position, including committed and uncommitted facilities, at the end of the quarter was over $1.2 billion, with an additional $3.2 billion of fleet funding capacity after giving effect to a reduction in our asset-backed variable-funding financing facilities effective November 1. We have well-laddered corporate debt and have no meaningful maturities until 2027.

______________________
1Adjusted EBITDA and certain other measures in this release are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Metrics” and the tables that accompany this release for the definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures.

INVESTOR CONFERENCE CALL

We will host a conference call to discuss our third quarter results on November 1, 2024, at 8:30 a.m.(ET). Investors may access the call on our investor relations website at ir.avisbudgetgroup.com or by dialing (877) 407-2991. A replay of the call will be available on our website and at (877) 660-6853 using conference code 13743687.

ABOUT AVIS BUDGET GROUP

We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world’s leading car sharing network. We operate most of our car rental locations in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com.

NON-GAAP FINANCIAL MEASURES AND KEY METRICS

This release includes financial measures such as Adjusted EBITDA and Adjusted Free Cash Flow, as well as other financial measures, that are not considered generally accepted accounting principle (“GAAP”) measures as defined under SEC rules. Important information regarding such non-GAAP measures is contained in the tables within this release and in Appendix I, including the definitions of these measures and reconciliations to the most comparable GAAP measures.

We measure performance principally using the following key metrics: (i) rental days, (ii) revenue per day, (iii) vehicle utilization, and (iv) per-unit fleet costs. 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 our business. Our calculations may not be comparable to the calculations of similarly-titled metrics by other companies. We present currency exchange rate effects on our key metrics 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-period’s results at the prior-period average exchange rates plus any related gains and losses on currency hedges.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such forward-looking statements. Forward-looking statements include information concerning our future financial performance, business strategy, projected plans and objectives. These statements may be identified by the fact that they do not relate to historical or current facts and may use words such as “believes,” “expects,” “anticipates,” “will,” “should,” “could,” “may,” “would,” “intends,” “projects,” “estimates,” “plans,” “forecasts,” “guidance,” and similar words, expressions or phrases. The following important factors and assumptions could affect our future results and could cause actual results to differ materially from those expressed in such forward-looking statements. These factors include, but are not limited to:

• the high level of competition in the mobility industry, including from new companies or technology, and the impact such competition may have on pricing and rental volume;
• a change in our fleet costs, including as a result of a change in the cost of new vehicles, resulting from inflation or otherwise, manufacturer recalls, disruption in the supply of new vehicles, including due to labor actions or otherwise, shortages in semiconductors used in new vehicle production, and/or a change in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs;
• the results of operations or financial condition of the manufacturers of our vehicles, which could impact their ability to perform their payment obligations under our agreements with them, including repurchase and/or guaranteed depreciation arrangements, and/or their willingness or ability to make vehicles available to us or the mobility industry as a whole on commercially reasonable terms or at all;
• levels of and volatility in travel demand, including future volatility in airline passenger traffic;
• a deterioration in economic conditions, resulting in a recession or otherwise, particularly during our peak season or in key market segments;
• an occurrence or threat of terrorism, pandemics, severe weather events or natural disasters, military conflicts, including the ongoing military conflicts in the Middle East and Eastern Europe, or civil unrest in the locations in which we operate, and the potential effects of sanctions on the world economy and markets and/or international trade;
• any substantial changes in the cost or supply of fuel, vehicle parts, energy, labor or other resources on which we depend to operate our business, including as a result of pandemics, inflation, the ongoing military conflicts in the Middle East and Eastern Europe, and any embargoes on oil sales imposed on or by the Russian government;
• our ability to successfully implement or achieve our business plans and strategies, achieve and maintain cost savings and adapt our business to changes in mobility;
• political, economic or commercial instability in the countries in which we operate, and our ability to conform to multiple and conflicting laws or regulations in those countries;
• the performance of the used vehicle market from time to time, including our ability to dispose of vehicles in the used vehicle market on attractive terms;
• our dependence on third-party distribution channels, third-party suppliers of other services and co-marketing arrangements with third parties;
• risks related to completed or future acquisitions or investments that we may pursue, including the incurrence of incremental indebtedness to help fund such transactions and our ability to promptly and effectively integrate any acquired businesses or capitalize on joint ventures, partnerships and other investments;
• our ability to utilize derivative instruments, and the impact of derivative instruments we utilize, which can be affected by fluctuations in interest rates, fuel prices and exchange rates, changes in government regulations and other factors;
• our exposure to uninsured or unpaid claims in excess of historical levels and our ability to obtain insurance at desired levels and the cost of that insurance;
• risks associated with litigation or governmental or regulatory inquiries, or any failure or inability to comply with laws, regulations or contractual obligations or any changes in laws, regulations or contractual obligations, including with respect to personally identifiable information and consumer privacy, labor and employment, and tax;
• risks related to protecting the integrity of, and preventing unauthorized access to, our information technology systems or those of our third-party vendors, licensees, dealers, independent operators and independent contractors, and protecting the confidential information of our employees and customers against security breaches, including physical or cybersecurity breaches, attacks, or other disruptions, compliance with privacy and data protection regulation, and the effects of any potential increase in cyberattacks on the world economy and markets and/or international trade;
• any impact on us from the actions of our third-party vendors, licensees, dealers, independent operators and independent contractors and/or disputes that may arise out of our agreements with such parties;
• any major disruptions in our communication networks or information systems;
• risks related to tax obligations and the effect of future changes in tax laws and accounting standards;
• risks related to our indebtedness, including our substantial outstanding debt obligations, recent and future interest rate increases, which increase our financing costs, downgrades by rating agencies and our ability to incur substantially more debt;
• our ability to obtain financing for our global operations, including the funding of our vehicle fleet through the issuance of asset-backed securities and use of the global lending markets;
• our ability to meet the financial and other covenants contained in the agreements governing our indebtedness, or to obtain a waiver or amendment of such covenants should we be unable to meet such covenants;
• significant changes in the assumptions and estimates that are used in our impairment testing for goodwill or intangible assets, which could result in a significant impairment of our goodwill or intangible assets; and
• other business, economic, competitive, governmental, regulatory, political or technological factors affecting our operations, pricing or services.

We operate in a continuously changing business environment and new risk factors emerge from time to time. New risk factors, factors beyond our control, or changes in the impact of identified risk factors may cause actual results to differ materially from those set forth in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Moreover, we do not assume responsibility if future results are materially different from those forecasted or anticipated. Other factors and assumptions not identified above, including those discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” set forth in Part II, Item 7, in “Risk Factors,” set forth in Part I, Item 1A, and in other portions of our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2024 (the “2023 Form 10-K”), as well as in similarly titled sections set forth in Part I, Item 2 and Part II, Item 1A of our subsequently filed quarterly reports, may cause actual results to differ materially from those projected in any forward-looking statements.

Although we believe that our assumptions are reasonable, any or all of our forward-looking statements may prove to be inaccurate and we can make no guarantees about our future performance. Should unknown risks or uncertainties materialize or underlying assumptions prove inaccurate, actual results could differ materially from past results and/or those anticipated, estimated or projected. We undertake no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. For additional information concerning forward-looking statements and other important factors, refer to our 2023 Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC.

Investor Relations Contact: David Calabria, IR@avisbudget.com

Media Relations Contact: Media Relations Team, ABGPress@edelman.com

The post Avis Budget Group Reports Third Quarter Results appeared first on Avis Budget Group.

PARSIPPANY, N.J., Oct. 25, 2024 (GLOBE NEWSWIRE) — Avis Budget Group, Inc. (NASDAQ: CAR) announced today that it plans to report its third quarter 2024 results after the market close on Thursday, October 31^st, 2024, and to host a conference call for institutional investors to discuss these results on Friday, November 1^st, 2024 at 8:30 a.m. Eastern time.

Investors may access the call at ir.avisbudgetgroup.com, or by dialing (877)-407-2991. Investors are encouraged to dial in approximately 10 minutes prior to the call. A web replay will be available at ir.avisbudgetgroup.com following the call. A telephone replay will be available from 11:00 a.m. Eastern time on November 1^st, 2024, until 10:00 p.m. on November 15^th at (877)-660-6853 using conference code 13743687.

About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world’s leading car sharing network. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group is headquartered in Parsippany, N.J.

Contact:
David Calabria – IR@avisbudget.com

The post Avis Budget Group to Announce Third Quarter 2024 Results on October 31st appeared first on Avis Budget Group.

The Company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include repayment of indebtedness, including, without limitation, repayment of its floating rate term loan C maturing in 2029 and its outstanding fleet debt, and to pay fees and expenses in connection with the foregoing.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. Any offers of the Notes will be made only by means of a private offering memorandum.

About Avis Budget Group
We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world’s leading car sharing network. We operate most of our car rental offices in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J.

Forward-Looking Statements
Statements regarding the Notes offering and the expected use of proceeds therefrom are “forward-looking statements” and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, the ability to complete the offering on favorable terms, if at all, and general market conditions which might affect the offering. Additional information concerning these and other important risks and uncertainties can be found in the Company’s filings with the SEC, including under the captions “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024. The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Investor Relations Contact: David Calabria – IR@avisbudget.com

Media Relations Contact: James Tomlinson – ABGPress@edelman.com

The post Avis Budget Group Announces Pricing of $700 Million of Senior Notes appeared first on Avis Budget Group.

The Company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include repayment of indebtedness, including, without limitation, repayment of its floating rate term loan C maturing in 2029 and its outstanding fleet debt, and to pay fees and expenses in connection with the foregoing.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. Any offers of the Notes will be made only by means of a private offering memorandum.

About Avis Budget Group
We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world’s leading car sharing network. We operate most of our car rental offices in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J.

Forward-Looking Statements
Statements regarding the Notes offering and the expected use of proceeds therefrom are “forward-looking statements” and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, the ability to complete the offering on favorable terms, if at all, and general market conditions which might affect the offering. Additional information concerning these and other important risks and uncertainties can be found in the Company’s filings with the SEC, including under the captions “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024. The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Investor Relations Contact: David Calabria – IR@avisbudget.com

Media Relations Contact: James Tomlinson – ABGPress@edelman.com

The post Avis Budget Group Announces Intention to Offer $500 Million of Senior Notes appeared first on Avis Budget Group.

We ended the quarter with revenues of more than $3.0 billion, driven by sequential monthly improvement in revenue per day. Net income was $15 million and our Adjusted EBITDA1 was $214 million.

“As the second quarter progressed, demand elevated with pricing and vehicle utilization sequentially improving. June pricing finished down slightly and vehicle utilization up a point in the Americas compared to June 2023,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “Our actions to get our fleet size in-line with demand enabled us to start the third quarter with strong pricing around the Fourth of July holiday, setting us up well to take advantage of the summer peak.”

Q2 HIGHLIGHTS

• Revenues of more than $3.0 billion with rental days up 2% compared to second quarter 2023, and revenue per day sequentially improved throughout the quarter.
• Adjusted EBITDA in the Americas was $186 million, with rental days up 1% compared to the second quarter 2023, and revenue per day improving month to month with June revenue per day finishing down 2% compared to June 2023.
• Adjusted EBITDA in International was $48 million, driven by improved vehicle utilization while rental days increased by 5% compared to second quarter 2023.
• Vehicle utilization was 70.2% in the quarter, with June improving by approximately one point compared to June 2023.Our liquidity position, including committed and uncommitted facilities, at the end of the quarter was $822 million, with an additional $2.9 billion of fleet funding capacity. We have well-laddered corporate debt and have no meaningful maturities until 2027.

INVESTOR CONFERENCE CALL

We will host a conference call to discuss our second quarter results on August 6, 2024, at 8:30 a.m. (ET). Investors may access the call on our investor relations website at ir.avisbudgetgroup.com or by dialing (877) 407-2991. A replay of the call will be available on our website and at (877) 660-6853 using conference code 13743682.

Adjusted EBITDA and certain other measures in this release are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Metrics” and the tables that accompany this release for the definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures.

ABOUT AVIS BUDGET GROUP

We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world’s leading car sharing network. We operate most of our car rental locations in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com.

NON-GAAP FINANCIAL MEASURES AND KEY METRICS

This release includes financial measures such as Adjusted EBITDA and Adjusted Free Cash Flow, as well as other financial measures, that are not considered generally accepted accounting principle (“GAAP”) measures as defined under SEC rules. Important information regarding such non-GAAP measures is contained in the tables within this release and in Appendix I, including the definitions of these measures and reconciliations to the most comparable GAAP measures.

We measure performance principally using the following key metrics: (i) rental days, (ii) revenue per day, (iii) vehicle utilization, and (iv) per-unit fleet costs. 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 our business. Our calculations may not be comparable to the calculations of similarly-titled metrics by other companies. We present currency exchange rate effects on our key metrics 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-period’s results at the prior-period average exchange rates plus any related gains and losses on currency hedges.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such forward- looking statements. Forward-looking statements include information concerning our future financial performance, business strategy, projected plans and objectives. These statements may be identified by the fact that they do not relate to historical or current facts and may use words such as “believes,” “expects,” “anticipates,” “will,” “should,” “could,” “may,” “would,” “intends,” “projects,” “estimates,” “plans,” “forecasts,” “guidance,” and similar words, expressions or phrases. The following important factors and assumptions could affect our future results and could cause actual results to differ materially from those expressed in such forward-looking statements. These factors include, but are not limited to:

• the high level of competition in the mobility industry, including from new companies or technology, and the impact such competition may have on pricing and rental volume;
• a change in our fleet costs, including as a result of a change in the cost of new vehicles, resulting from inflation or otherwise, manufacturer recalls, disruption in the supply of new vehicles, including due to labor actions or otherwise, shortages in semiconductors used in new vehicle production, and/or a change in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs;
• the results of operations or financial condition of the manufacturers of our vehicles, which could impact their ability to perform their payment obligations under our agreements with them, including repurchase and/or guaranteed depreciation arrangements, and/or their willingness or ability to make vehicles available to us or the mobility industry as a whole on commercially reasonable terms or at all;
• levels of and volatility in travel demand, including future volatility in airline passenger traffic;
• a deterioration in economic conditions, resulting in a recession or otherwise, particularly during our peak season or in key market segments;
• an occurrence or threat of terrorism, pandemic diseases such as COVID-19, natural disasters, military conflicts, including the ongoing military conflicts in the Middle East and Eastern Europe, or civil unrest in the locations in which we operate, and the potential effects of sanctions on the world economy and markets and/or international trade;
• any substantial changes in the cost or supply of fuel, vehicle parts, energy, labor or other resources on which we depend to operate our business, including as a result of a global pandemic such as COVID-19, inflation, the ongoing military conflicts in the Middle East and Eastern Europe, and any embargoes on oil sales imposed on or by the Russian government;
• our ability to successfully implement or achieve our business plans and strategies, achieve and maintain cost savings and adapt our business to changes in mobility;
• political, economic or commercial instability in the countries in which we operate, and our ability to conform to multiple and conflicting laws or regulations in those countries;
• the performance of the used vehicle market from time to time, including our ability to dispose of vehicles in the used vehicle market on attractive terms;
• our dependence on third-party distribution channels, third-party suppliers of other services and co- marketing arrangements with third parties;
• risks related to completed or future acquisitions or investments that we may pursue, including the incurrence of incremental indebtedness to help fund such transactions and our ability to promptly and effectively integrate any acquired businesses or capitalize on joint ventures, partnerships and other investments;
• our ability to utilize derivative instruments, and the impact of derivative instruments we utilize, which can be affected by fluctuations in interest rates, fuel prices and exchange rates, changes in government regulations and other factors;
• our exposure to uninsured or unpaid claims in excess of historical levels and our ability to obtain insurance at desired levels and the cost of that insurance;
• risks associated with litigation or governmental or regulatory inquiries, or any failure or inability to comply with laws, regulations or contractual obligations or any changes in laws, regulations or contractual obligations, including with respect to personally identifiable information and consumer privacy, labor and employment, and tax;
• risks related to protecting the integrity of, and preventing unauthorized access to, our information technology systems or those of our third-party vendors, licensees, dealers, independent operators and independent contractors, and protecting the confidential information of our employees and customers against security breaches, including physical or cybersecurity breaches, attacks, or other disruptions, compliance with privacy and data protection regulation, and the effects of any potential increase in cyberattacks on the world economy and markets and/or international trade;
• any impact on us from the actions of our third-party vendors, licensees, dealers, independent operators and independent contractors and/or disputes that may arise out of our agreements with such parties;
• any major disruptions in our communication networks or information systems;
• risks related to tax obligations and the effect of future changes in tax laws and accounting standards;
• risks related to our indebtedness, including our substantial outstanding debt obligations, recent and future interest rate increases, which increase our financing costs, downgrades by rating agencies and our ability to incur substantially more debt;
• our ability to obtain financing for our global operations, including the funding of our vehicle fleet through the issuance of asset-backed securities and use of the global lending markets;
• our ability to meet the financial and other covenants contained in the agreements governing our indebtedness, or to obtain a waiver or amendment of such covenants should we be unable to meet such covenants;
• significant changes in the assumptions and estimates that are used in our impairment testing for goodwill or intangible assets, which could result in a significant impairment of our goodwill or intangible assets; and
• other business, economic, competitive, governmental, regulatory, political or technological factors affecting our operations, pricing or services.

We operate in a continuously changing business environment and new risk factors emerge from time to time. New risk factors, factors beyond our control, or changes in the impact of identified risk factors may cause actual results to differ materially from those set forth in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Moreover, we do not assume responsibility if future results are materially different from those forecasted or anticipated. Other factors and assumptions not identified above, including those discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” set forth in Part II, Item 7, in “Risk Factors,” set forth in Part I, Item 1A, and in other portions of our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2024 (the “2023 Form 10-K”), as well as in similarly titled sections set forth in Part I, Item 2 and Part II, Item 1A of our subsequently filed quarterly reports, may cause actual results to differ materially from those projected in any forward-looking statements.

Although we believe that our assumptions are reasonable, any or all of our forward-looking statements may prove to be inaccurate and we can make no guarantees about our future performance. Should unknown risks or uncertainties materialize or underlying assumptions prove inaccurate, actual results could differ materially from past results and/or those anticipated, estimated or projected. We undertake no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward- looking statements contained in the Private Securities Litigation Reform Act of 1995. For additional information concerning forward-looking statements and other important factors, refer to our 2023 Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC.

Investor Relations Contact: David Calabria, IR@avisbudget.com

Media Relations Contact: James Tomlinson, ABGPress@edelman.com

The post Avis Budget Group Reports Second Quarter Results appeared first on Avis Budget Group.

PARSIPPANY, N.J., July 11, 2024 (GLOBE NEWSWIRE) — Avis Budget Group, Inc. (NASDAQ: CAR) announced today that it plans to report its second quarter 2024 results after the market close on Monday, August 5^th, 2024, and to host a conference call for institutional investors to discuss these results on Tuesday, August 6^th, 2024 at 8:30 a.m. Eastern time.

Investors may access the call at ir.avisbudgetgroup.com, or by dialing (877)-407-2991. Investors are encouraged to dial in approximately 10 minutes prior to the call. A web replay will be available at ir.avisbudgetgroup.com following the call. A telephone replay will be available from 11:00 a.m. Eastern time on August 6^th, 2024, until 10:00 p.m. on August 19^th at (877)-660-6853 using conference code 13743682.

About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world’s leading car sharing network. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group is headquartered in Parsippany, N.J.

Contact:
David Calabria
IR@avisbudget.com

The post Avis Budget Group to Announce Second Quarter 2024 Results on August 5th appeared first on Avis Budget Group.

PONTE VEDRA BEACH, Florida and PARSIPPANY, New Jersey – AVIS, one of the world’s best known car rental brands, has today announced a multi-year extension of its partnership as the Official Rental Car Company of the PGA TOUR, PGA TOUR Champions and Korn Ferry Tour.  

The agreement, through 2028, will continue to provide rental vehicles for players, caddies, employees and fans at PGA TOUR-sanctioned events worldwide. AVIS has been an Official Marketing Partner and the preferred rental car company of the PGA TOUR since 2011.  

“For nearly 15 years, AVIS has safely and reliably gotten PGA TOUR athletes, staff and fans to their next destination,” said Brian Oliver, PGA TOUR Executive Vice President, Corporate Partnerships. “The flexibility and availability offered by AVIS is critical when conducting multiple tournaments around the world on a given week, and we are delighted to continue our longstanding relationship with them into the future.” 

“AVIS is proud to extend its long-standing relationship with the PGA TOUR. Our team of 25,000 driven employees are honored to be trusted with the travel plans of PGA TOUR athletes, staff and millions of fans,” said Jessica Kornacki, Vice President, Marketing, AVIS. “As the busy summer travel season kicks off, there’s no better time to hit the road in your AVIS rental car and enjoy a thrilling PGA TOUR event.” 

The extended partnership will see the rental car provider engage with PGA TOUR fans across the FedExCup season through its AVIS ‘Plan on Us’ campaign, highlighting the company’s legacy of being trusted with customer’s travel plans, over and over again. For 75 years, AVIS’s only plan is to make sure you keep yours.   

AVIS partners with eight-time PGA TOUR winner and defending Olympic Gold Medalist Xander Schauffele 

AVIS is also thrilled to tee off a two-year partnership with PGA TOUR sensation Xander Schauffele. Like AVIS, Xander is a leader on the global stage. Renowned for his precision, skill, and consistency on the golf course, Schauffele will now bring his drive for excellence to AVIS, embodying the brand’s commitment to superior performance and customer satisfaction. 

Commenting on the partnership, Schauffele said, “AVIS is known the world over as being a leader in its field, and the car rental brand who is always there when customers need them, even when plans change. I’m delighted to partner with them and look forward to us both delivering great results together.” 

“We are thrilled to be working with Xander Schauffele and his team. He’s an exceptional athlete whose dedication to his craft makes him the perfect partner and we look forward to breaking more records together,” said Jessica Kornacki, Vice President, Marketing, AVIS. 

###  

 About PGA TOUR  
By showcasing golf’s greatest players, the PGA TOUR engages, inspires and positively impacts our fans, partners and communities worldwide. 
 
The PGA TOUR, headquartered in Ponte Vedra Beach, Florida, co-sanctions tournaments on the PGA TOUR, PGA TOUR Champions, Korn Ferry Tour, PGA TOUR Americas and administers PGA TOUR Q-School presented by Korn Ferry and PGA TOUR University. TOUR members represent the world’s best players, hailing from 28 countries and territories. Showcasing the biggest moments in the sport with history and legacy on the line, the PGA TOUR has long-term domestic distribution partnerships for broadcast coverage on CBS, NBC and Golf Channel and video streaming service on ESPN+. Internationally, PGA TOUR coverage is available across 200+ countries and territories in 28 languages via 44 broadcast and digital partners. Virtually all tournaments are organized as non-profit organizations to maximize charitable giving, and to date, tournaments across all Tours have generated more than $3.93 billion. 
 
Fans can follow the PGA TOUR on the new PGA TOUR app and PGATOUR.COM, and on social media channels, including Facebook, Instagram (in Spanish, Korean and Japanese), LinkedIn, TikTok, X (in English, Spanish and Japanese), WhatsApp (in English and Spanish),  WeChat, Weibo, Toutiao and Douyin. 

About AVIS 

AVIS operates one of the world’s best-known car rental brands with approximately 5,100 locations in approximately 170 countries. AVIS is owned by AVIS Budget Group, Inc. (NASDAQ:CAR), global provider of mobility solutions, which operates and licenses the brand throughout the world, and is headquartered in Parsippany, New Jersey.  For more information visit and www.AVIS.com. 

Contacts:

Chris Cox, PGA TOUR, chriscox@pgatourhq.com 

James Tomlinson, AVIS, abgpress@edelman.com  

The post AVIS Extends PGA TOUR Marketing Partnership, Adds Xander Schauffele as Ambassador appeared first on Avis Budget Group.

The Company intends to use the proceeds from the offering of the Notes for general corporate purposes, which may include repayment of indebtedness, including, without limitation, outstanding fleet debt, and to pay fees and expenses in connection with the foregoing.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. Any offers of the Notes will be made only by means of a private offering memorandum.

About Avis Budget Group

We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world’s leading car sharing network. We operate most of our car rental offices in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J.

Forward-Looking Statements

Statements regarding the Notes offering and the expected use of proceeds therefrom are “forward-looking statements” and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, the ability to complete the offering on favorable terms, if at all, and general market conditions which might affect the offering. Additional information concerning these and other important risks and uncertainties can be found in the Company’s filings with the SEC, including under the captions “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024. The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

The post Avis Budget Group Announces Pricing of €200 Million of Senior Notes appeared first on Avis Budget Group.

The Company intends to use the proceeds from the offering of the Notes for general corporate purposes, which may include repayment of indebtedness, including without limitation, outstanding fleet debt, and to pay fees and expenses in connection with the foregoing.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. Any offers of the Notes will be made only by means of a private offering memorandum.

About Avis Budget Group

We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world’s leading car sharing network. We operate most of our car rental offices in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J.

Forward-Looking Statements

Statements regarding the Notes offering and the expected use of proceeds therefrom are “forward-looking statements” and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, the ability to complete the offering on favorable terms, if at all, and general market conditions which might affect the offering. Additional information concerning these and other important risks and uncertainties can be found in the Company’s filings with the SEC, including under the captions “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024. The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

The post Avis Budget Group Announces Intention to Offer €200 Million of Senior Notes appeared first on Avis Budget Group.

We ended the quarter with revenues of $2.6 billion, driven by strong travel demand. Net loss was $113 million and our Adjusted EBITDA1 was $12 million.

Our liquidity position at the end of the quarter was approximately $0.7 billion, with an additional $3.8 billion of fleet funding capacity. We have well-laddered corporate debt, and after giving effect to our euro note repayment in April 2024, will have no meaningful maturities until 2027.

“The strong travel demand from last year continued into the first quarter with record volume in the Americas as well as improved pricing trends as the quarter progressed,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “We took the necessary actions to get our fleet size in-line by disposing a record number of vehicles in the quarter allowing us to exit March with utilization in-line with prior year. The steps we have taken in the first quarter set us up well to take advantage of the peak spring and summer travel seasons.”

Q1 HIGHLIGHTS

• Revenues were $2.6 billion with rental days up 5% compared to first quarter 2023.
• Adjusted EBITDA in the Americas was $44 million, driven by strong demand.
• Adjusted EBITDA loss in International was $15 million.
• In February 2024, we issued €600 million Senior Notes due February 2029 primarily to redeem our outstanding €350 million Senior Notes due January 2026.

1. Adjusted EBITDA and certain other measures in this release are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Metrics” and the tables that accompany this release for the definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures.

INVESTOR CONFERENCE CALL

We will host a conference call to discuss our first quarter results on May 2, 2024, at 8:30 a.m. (ET). Investors may access the call on our investor relations website at ir.avisbudgetgroup.com or by dialing (877) 407-2991. A replay of the call will be available on our website and at (877) 660-6853 using conference code 13743680.

ABOUT AVIS BUDGET GROUP

We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world’s leading car sharing network. We operate most of our car rental locations in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com.

NON-GAAP FINANCIAL MEASURES AND KEY METRICS

This release includes financial measures such as Adjusted EBITDA and Adjusted Free Cash Flow, as well as other financial measures, that are not considered generally accepted accounting principle (“GAAP”) measures as defined under SEC rules. Important information regarding such non-GAAP measures is contained in the tables within this release and in Appendix I, including the definitions of these measures and reconciliations to the most comparable GAAP measures.

We measure performance principally using the following key metrics: (i) rental days, (ii) revenue per day, (iii) vehicle utilization, and (iv) per-unit fleet costs. 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 our business. Our calculations may not be comparable to the calculations of similarly-titled metrics by other companies. We present currency exchange rate effects on our key metrics 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-period’s results at the prior-period average exchange rates plus any related gains and losses on currency hedges.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such forward- looking statements. Forward-looking statements include information concerning our future financial performance, business strategy, projected plans and objectives. These statements may be identified by the fact that they do not relate to historical or current facts and may use words such as “believes,” “expects,” “anticipates,” “will,” “should,” “could,” “may,” “would,” “intends,” “projects,” “estimates,” “plans,” “forecasts,” “guidance,” and similar words, expressions or phrases. The following important factors and assumptions could affect our future results and could cause actual results to differ materially from those expressed in such forward-looking statements. These factors include, but are not limited to:

• the high level of competition in the mobility industry, including from new companies or technology, and the impact such competition may have on pricing and rental volume;
• a change in our fleet costs, including as a result of a change in the cost of new vehicles, resulting from inflation or otherwise, manufacturer recalls, disruption in the supply of new vehicles, including due to labor actions or otherwise, shortages in semiconductors used in new vehicle production, and/or a change in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs;
• the results of operations or financial condition of the manufacturers of our vehicles, which could impact their ability to perform their payment obligations under our agreements with them, including repurchase and/or guaranteed depreciation arrangements, and/or their willingness or ability to make vehicles available to us or the mobility industry as a whole on commercially reasonable terms or at all;
• levels of and volatility in travel demand, including future volatility in airline passenger traffic;
• a deterioration in economic conditions, resulting in a recession or otherwise, particularly during our peak season or in key market segments;
• an occurrence or threat of terrorism, pandemic diseases such as COVID-19, natural disasters, military conflicts, including the ongoing military conflicts in the Middle East and Eastern Europe, or civil unrest in the locations in which we operate, and the potential effects of sanctions on the world economy and markets and/or international trade;
• any substantial changes in the cost or supply of fuel, vehicle parts, energy, labor or other resources on which we depend to operate our business, including as a result of a global pandemic such as COVID-19, inflation, the ongoing military conflicts in the Middle East and Eastern Europe, and any embargoes on oil sales imposed on or by the Russian government;
• our ability to successfully implement or achieve our business plans and strategies, achieve and maintain cost savings and adapt our business to changes in mobility;
• political, economic or commercial instability in the countries in which we operate, and our ability to conform to multiple and conflicting laws or regulations in those countries;
• the performance of the used vehicle market from time to time, including our ability to dispose of vehicles in the used vehicle market on attractive terms;
• our dependence on third-party distribution channels, third-party suppliers of other services and co- marketing arrangements with third parties;
• risks related to completed or future acquisitions or investments that we may pursue, including the incurrence of incremental indebtedness to help fund such transactions and our ability to promptly and effectively integrate any acquired businesses or capitalize on joint ventures, partnerships and other investments;
• our ability to utilize derivative instruments, and the impact of derivative instruments we utilize, which can be affected by fluctuations in interest rates, fuel prices and exchange rates, changes in government regulations and other factors;
• our exposure to uninsured or unpaid claims in excess of historical levels and our ability to obtain insurance at desired levels and the cost of that insurance;
• risks associated with litigation or governmental or regulatory inquiries, or any failure or inability to comply with laws, regulations or contractual obligations or any changes in laws, regulations or contractual obligations, including with respect to personally identifiable information and consumer privacy, labor and employment, and tax;
• risks related to protecting the integrity of, and preventing unauthorized access to, our information technology systems or those of our third-party vendors, licensees, dealers, independent operators and independent contractors, and protecting the confidential information of our employees and customers against security breaches, including physical or cybersecurity breaches, attacks, or other disruptions, compliance with privacy and data protection regulation, and the effects of any potential increase in cyberattacks on the world economy and markets and/or international trade;
• any impact on us from the actions of our third-party vendors, licensees, dealers, independent operators and independent contractors and/or disputes that may arise out of our agreements with such parties;
• any major disruptions in our communication networks or information systems;
• risks related to tax obligations and the effect of future changes in tax laws and accounting standards;
• risks related to our indebtedness, including our substantial outstanding debt obligations, recent and future interest rate increases, which increase our financing costs, downgrades by rating agencies and our ability to incur substantially more debt;
• our ability to obtain financing for our global operations, including the funding of our vehicle fleet through the issuance of asset-backed securities and use of the global lending markets;
• our ability to meet the financial and other covenants contained in the agreements governing our indebtedness, or to obtain a waiver or amendment of such covenants should we be unable to meet such covenants;
• significant changes in the assumptions and estimates that are used in our impairment testing for goodwill or intangible assets, which could result in a significant impairment of our goodwill or intangible assets; and
• other business, economic, competitive, governmental, regulatory, political or technological factors affecting our operations, pricing or services.We operate in a continuously changing business environment and new risk factors emerge from time to time. New risk factors, factors beyond our control, or changes in the impact of identified risk factors may cause actual results to differ materially from those set forth in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Moreover, we do not assume responsibility if future results are materially different from those forecasted or anticipated. Other factors and assumptions not identified above, including those discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” set forth in Part II, Item 7, in “Risk Factors,” set forth in Part I, Item 1A, and in other portions of our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2024 (the “2023 Form 10-K”), as well as in similarly titled sections set forth in Part I, Item 2 and Part II, Item 1A of our subsequently filed quarterly reports, may cause actual results to differ materially from those projected in any forward-looking statements.Although we believe that our assumptions are reasonable, any or all of our forward-looking statements may prove to be inaccurate and we can make no guarantees about our future performance. Should unknown risks or uncertainties materialize or underlying assumptions prove inaccurate, actual results could differ materially from past results and/or those anticipated, estimated or projected. We undertake no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward- looking statements contained in the Private Securities Litigation Reform Act of 1995. For additional information concerning forward-looking statements and other important factors, refer to our 2023 Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC.

Investor Relations Contact: David Calabria, IR@avisbudget.com

Media Relations Contact: James Tomlinson, ABGPress@edelman.com

The post Avis Budget Group Reports First Quarter Results appeared first on Avis Budget Group.