Avis Budget Group Reports Full Year Record Revenues, Net Income and Adjusted EBITDA

About this update from Avis Budget Group, Inc.

[{"type":"text","content":"PARSIPPANY, N.J., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced financial results for fourth quarter and full year ended December 31, 2022. We ended 2022 with fourth quarter revenues 8% above prior year and 28% above fourth quarter 2019, at $2.8 billion. Our revenues were driven by increased revenue per day and strong demand from both our commercial business and leisure holiday travel. Net income was $424 million and Adjusted EBITDA1 was $658 million. Utilization for the quarter was 67.0%, showing that our fleet continues to be well positioned to meet demand. Full year revenues increased 29% compared to the prior year and 31% compared to 2019, at $12.0 billion. Net income was $2.8 billion and Adjusted EBITDA was $4.1 billion, both full year records for the Company. Our liquidity position at the end of the quarter was approximately $1.6 billion with an additional $1.9 billion of fleet funding capacity. We have well-laddered corporate debt and no meaningful maturities until 2024. \"Our fourth quarter demand was strong with our commercial business performing well above 2019 levels, and the leisure segment continuing its strong performance, especially over the holiday period. These trends have continued into the first quarter,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “2022 was a record setting year for our Company, and I want to thank our team, all around the world, for their outstanding efforts and look forward to another successful year in 2023.” Q4 and Full Year Highlights Total Company revenues was $2.8 billion for the fourth quarter and $12.0 billion for the year ended 2022 driven by strong demand and pricing. It is the best full year revenue in the Company's history.Adjusted EBITDA in the Americas was $624 million for the fourth quarter and $3.7 billion for the year ended 2022 driven by record demand. It is the best full year Adjusted EBITDA in Americas' history.Adjusted EBITDA in International was $63 million for the fourth quarter and $560 million for the year ended 2022 driven by increased pricing and return of demand. It is the best full year Adjusted EBITDA in International's history.Our Board of Directors approved a $1 billion increase to our existing share repurchase authorization in February. ______________________1 Adjusted EBITDA, as well as certain other...

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