Avis Budget Group Capitalizes on Continued Economic Recovery

About this update from Avis Budget Group, Inc.

[{"type":"text","content":"PARSIPPANY, N.J., May 03, 2021 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced first quarter 2021 financial results. Despite revenue being down 22% for the first quarter compared to prior year, and net loss of $170 million, we achieved Adjusted EBITDA of $47 million in the first quarter through cost discipline and double digit growth in revenue per day in the Americas. This is our best first quarter Adjusted EBITDA since 2015 and is now our third consecutive quarter of positive Adjusted EBITDA since the start of the pandemic. As demand started to recover in the Americas in the back half of the quarter, we optimized our fleet, resulting in higher utilization, and took advantage of pricing opportunities. We finished the quarter with Revenue per Day increasing 12% from prior year in the Americas. A strengthening Revenue per Day environment combined with our continued cost mitigating actions resulted in the Americas achieving a record first quarter Adjusted EBITDA margin. Our liquidity position at the end of the quarter was approximately $1.2 billion with an additional $4.8 billion of fleet funding capacity. We have well-laddered corporate debt maturities with no meaningful maturities until 2023. “Our first quarter results show our continued recovery through cost discipline and fleet optimization driving higher utilization, while reducing global per unit fleet costs,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “The Americas achieved its best first quarter Adjusted EBITDA margin on one of its lowest first quarter revenue bases and continues to prove that our cost saving initiatives are expected to continue to deliver strong results. These accomplishments are a great way to kick off the 75th anniversary of our Avis brand.” Q1 Highlights Revenues recovered sequentially in the quarter with Revenue per Day increasing 12% in the Americas driven by improving demand.Due to our cost discipline and the improving demand environment, the Americas generated record first quarter Adjusted EBITDA margins.Our Adjusted EBITDA in International was nearly flat compared to first quarter 2020, excluding a $9 million negative currency exchange rate movement, from strong cost mitigating actions to match demand as international recovery continues.We completed senior notes offering of $600 million at 5⅜% and $500 m...

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