Avis Budget Group Reports First Quarter Results

About this update from Avis Budget Group, Inc.

[{"type":"text","content":"PARSIPPANY, N.J., May 07, 2025 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) announced financial results for first quarter 2025 today. We ended the quarter with revenues of $2.4 billion, net loss of $505 million, and an Adjusted EBITDA1 loss of $93 million. During the first quarter, as anticipated, we recorded a non-cash fleet charge of $390 million related to the disposition of certain vehicles within the Americas. We do not expect further charges related to our accelerated fleet rotation strategy. “We made substantial progress on our fleet rotation strategy during the first quarter, disposing of a record number of vehicles,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “These actions will allow us to realize improved vehicle costs sooner than we anticipated. We had a solid first quarter, coming in as expected given the calendar shifts. Advanced reservations continue to trend positively, and we will keep a close watch on demand trends while maintaining the ability to adjust our fleet accordingly.\" Q1 HIGHLIGHTS Revenues were $2.4 billion, with revenue per day, excluding exchange rate effects, down 2%, and rental days down 1% from first quarter 2024.Adjusted EBITDA in the Americas was a loss of $67 million, driven by a decrease in revenue and higher fleet costs, partially offset by an increase in vehicle utilization as compared to first quarter 2024.Adjusted EBITDA in International was a loss of $3 million compared to a loss of $15 million in the same period last year, driven by stronger pricing, decreased fleet costs, and improved vehicle utilization, slightly offset by a decrease in rental days.In February, we issued a $500 million floating rate term loan due December 2025 and used the proceeds primarily to pay down fleet indebtedness.In April, we increased the available fleet funding capacity under our asset-backed variable-funding financing facilities by $640 million.Our liquidity position, including committed and uncommitted facilities, at the end of the quarter was over $1.1 billion, with an additional $3 billion of fleet funding capacity. _______________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-GAA...

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