Press release
Avis Budget Group Reports New Record Net Income and Adjusted EBITDA
PARSIPPANY, N.J., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced its third quarter 2021 financial results. We ended
About this update from Avis Budget Group, Inc.
[{"type":"text","content":"PARSIPPANY, N.J., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced its third quarter 2021 financial results. We ended the third quarter with revenues almost double the prior year and 9% above the third quarter 2019, at $3.0 billion. Our revenues were driven by increased revenue per day and rental days as demand continued from the second quarter. Net income was $674 million and our Adjusted EBITDA was $1,057 million, our best quarterly Adjusted EBITDA in our Company's history. Utilization for the quarter was 71.6%, showing sequential quarter improvement and that our fleet was well positioned to meet demand. Our liquidity position at the end of the quarter was approximately $1.3 billion with an additional $2.7 billion of fleet funding capacity. We have well-laddered corporate debt and no meaningful maturities until 2024. “Our third quarter results are a testament to our team’s on-going focus around cost discipline and ability to execute operationally,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “We are seeing the benefits of initiatives we began during the early days of the pandemic and look to build on this positive momentum as the travel environment continues to normalize.” Q3 Highlights Total Company revenues increased by 96% and 9% compared to third quarter 2020 and 2019, respectively.Adjusted EBITDA in the Americas was $952 million for the third quarter 2021 driven by strong pricing and sustained cost discipline.Adjusted EBITDA in International was $128 million for the third quarter 2021 driven by pricing and volume beginning to recover along with strong cost mitigating actions.We repurchased approximately 11.6 million shares of common stock in the third quarter at an average cost of $86, bringing our outstanding share count down by 16% from June 30, 2021.We redeemed $235 million of our 5.25% Senior Notes due March 2025 with cash on hand. Investor Conference Call We will host a conference call to discuss the Company's third quarter results on November 2, 2021, at 8:30 a.m. (ET). Investors may access the call at ir.avisbudgetgroup.com or by dialing (877) 407-2991 and a replay will available on our website and at (877) 660-6853 using conference code 13723926. About Avis Budget Group Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through i...