Avis Budget Group Reports First Quarter 2020 Results and Pandemic Response Actions

About this update from Avis Budget Group, Inc.

[{"type":"text","content":"PARSIPPANY, N.J., May 04, 2020 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today reported results for its first quarter ended March 31, 2020.\n First Quarter 2020 over First Quarter 2019: Revenues of $1.8 billion, a decrease of 9%, however, Year to Date February Revenues were up 9% Net loss of $158 million, or $2.16 per diluted share and Adjusted net loss of $103 million, or $1.40 per Adjusted diluted shareAdjusted EBITDA loss of $87 million, however, Year to Date February Adjusted EBITDA was up ~$60 million Per-Unit Fleet Costs improved 7% excluding exchange rate effects Available liquidity of $1.6 billion at March 31, 2020 Company Results The momentum from the fourth quarter continued into the first quarter and we were off to a record start, with revenues up 9%, driven by a 15% improvement in the Americas and Adjusted EBITDA approximately $60 million better than the prior year through February. However, the pandemic impacted travel activity and shelter in place requirements caused significant deterioration in revenue through March. We took dramatic action to respond to the crisis, including significant reductions in personnel, shrinking the size of the fleet, and halting all non-essential spending, initially targeting $400 million in annualized cost savings, which we materially increased. “I am incredibly proud of our team,” said Joe Ferraro, Avis Budget Group Interim Chief Executive Officer. “We ended February off to a record start to the year, and in less than a week, we pivoted the entire organization to respond to the unprecedented effects of the pandemic on our business and the economy. Our top priority continues to be the safety of both our employees and our customers. Our front line employees went above and beyond to assist people in getting home, traveling to care for loved ones or to provide essential services, including first responders and delivery services. At the same time, we took early and decisive actions with our fleet, disposing of 35,000 cars in the month of March and cancelling 80% of our incoming rental vehicle orders in the United States for the remainder of the year.” First quarter revenues decreased 8% compared to prior year excluding a $20 million negative impact from currency exchange rate movements, comprised of a 7% decrease in Rental Days and a 1% decrease in Revenue per Day, excludin...

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