{"id":29240,"date":"2024-10-31T20:21:18","date_gmt":"2024-10-31T20:21:18","guid":{"rendered":"https:\/\/wordpress.uat.avisbudget.com\/?p=29240"},"modified":"2024-10-31T20:23:32","modified_gmt":"2024-10-31T20:23:32","slug":"avis-budget-group-reports-third-quarter-results-2","status":"publish","type":"post","link":"https:\/\/www.avisbudgetgroup.com\/avis-budget-group-reports-third-quarter-results-2\/","title":{"rendered":"Avis Budget Group Reports Third Quarter Results"},"content":{"rendered":"\n<p>PARSIPPANY, N.J., Oct. 31, 2024 (GLOBE NEWSWIRE) &#8212; Avis Budget Group, Inc. (NASDAQ: CAR) announced financial results for third quarter 2024 today.<\/p>\n\n\n\n<p>We ended the quarter with revenues of nearly $3.5 billion, net income of $238 million, and Adjusted EBITDA1 of $503 million.<\/p>\n\n\n\n<p>\u201cWe 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,\u201d said Joe Ferraro, Avis Budget Group Chief Executive Officer. \u201cVehicle 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.\u201d<\/p>\n\n\n\n<p><strong>Q3 HIGHLIGHTS<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenues of nearly $3.5 billion with pricing down 2% and rental days in line with third quarter 2023.<\/li>\n\n\n\n<li>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.<\/li>\n\n\n\n<li>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.<\/li>\n\n\n\n<li>Issued $700\u00a0million 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.<\/li>\n\n\n\n<li>We repurchased approximately 526,000 shares of common stock for a total of nearly $43\u00a0million through October 30th.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Our liquidity position, including committed and uncommitted facilities, at the end of the quarter was over $1.2&nbsp;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.<\/p>\n\n\n\n<p>______________________<br>1Adjusted EBITDA and certain other measures in this release are non-GAAP financial measures. See &#8220;Non-GAAP Financial Measures and Key Metrics&#8221; and the tables that accompany this release for the definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures.<\/p>\n\n\n\n<p><strong>INVESTOR CONFERENCE CALL<\/strong><\/p>\n\n\n\n<p>We will host a conference call to discuss our third quarter results on November&nbsp;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.<\/p>\n\n\n\n<p><strong>ABOUT AVIS BUDGET GROUP<\/strong><\/p>\n\n\n\n<p>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&#8217;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.<\/p>\n\n\n\n<p><strong>NON-GAAP FINANCIAL MEASURES AND KEY METRICS<\/strong><\/p>\n\n\n\n<p>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 (\u201cGAAP\u201d) 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.<\/p>\n\n\n\n<p>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&#8217;s results at the prior-period average exchange rates plus any related gains and losses on currency hedges.<\/p>\n\n\n\n<p><strong>FORWARD-LOOKING STATEMENTS<\/strong><\/p>\n\n\n\n<p>Certain statements in this press release constitute \u201cforward-looking statements\u201d 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 \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cwould,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cplans,\u201d \u201cforecasts,\u201d \u201cguidance,\u201d 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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>levels of and volatility in travel demand, including future volatility in airline passenger traffic;<\/li>\n\n\n\n<li>a deterioration in economic conditions, resulting in a recession or otherwise, particularly during our peak season or in key market segments;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>our dependence on third-party distribution channels, third-party suppliers of other services and co-marketing arrangements with third parties;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>any major disruptions in our communication networks or information systems;<\/li>\n\n\n\n<li>risks related to tax obligations and the effect of future changes in tax laws and accounting standards;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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;<\/li>\n\n\n\n<li>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<\/li>\n\n\n\n<li>other business, economic, competitive, governmental, regulatory, political or technological factors affecting our operations, pricing or services.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>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 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d set forth in Part II, Item 7, in &#8220;Risk Factors,&#8221; set forth in Part I, Item 1A, and in other portions of our 2023 Annual Report on Form&nbsp;10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 16, 2024 (the \u201c2023 Form 10-K\u201d), 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><strong>Investor Relations Contact: <\/strong>David Calabria, IR@avisbudget.com<\/p>\n\n\n\n<p><strong>Media Relations Contact:<\/strong> Media Relations Team, ABGPress@edelman.com<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\"  class=\"wp-block-file__embed\" data=\"https:\/\/wordpress.uat.avisbudget.com\/wp-content\/uploads\/2024\/10\/Avis-Budget-Group-Reports-Third-Quarter-Results.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Avis Budget Group Reports Third Quarter Results.\"><\/object><a id=\"wp-block-file--media-a71917c3-d751-454a-a447-749b0146044d\" href=\"https:\/\/wordpress.uat.avisbudget.com\/wp-content\/uploads\/2024\/10\/Avis-Budget-Group-Reports-Third-Quarter-Results.pdf\">Avis Budget Group Reports Third Quarter Results<\/a><a href=\"https:\/\/wordpress.uat.avisbudget.com\/wp-content\/uploads\/2024\/10\/Avis-Budget-Group-Reports-Third-Quarter-Results.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-a71917c3-d751-454a-a447-749b0146044d\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>PARSIPPANY, N.J., Oct. 31, 2024 (GLOBE NEWSWIRE) &#8212; Avis Budget Group, Inc. (NASDAQ: CAR) announced financial results for third quarter 2024 today. We ended the quarter with revenues of nearly $3.5 billion, net income of $238 million, and Adjusted EBITDA1 of $503 million. \u201cWe maintained a strong focus on pricing throughout the quarter, prioritizing higher [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":29035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[118,144],"tags":[198,193],"class_list":["post-29240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-financial-results","tag-198","tag-results"],"acf":[],"yoast_head":"\n<title>Avis Budget Group Reports Third Quarter Results - Avis Budget Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.avisbudgetgroup.com\/avis-budget-group-reports-third-quarter-results-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avis Budget Group Reports Third Quarter Results - Avis Budget Group\" \/>\n<meta property=\"og:description\" content=\"PARSIPPANY, N.J., Oct. 31, 2024 (GLOBE NEWSWIRE) &#8212; Avis Budget Group, Inc. 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