Press release
Avis Budget Group Reports Record Second Quarter Results
PARSIPPANY, N.J., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced financial results for second quarter 2022. We ended
About this update from Avis Budget Group, Inc.
[{"type":"text","content":"PARSIPPANY, N.J., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced financial results for second quarter 2022. We ended the quarter with revenues 37% above second quarter 2021, at $3.2 billion, making it our best quarter revenue in Company history. Our revenues were driven by continued strong demand and increased revenue per day. Net income was $774 million and our Adjusted EBITDA was $1.2 billion, our best quarterly net income and Adjusted EBITDA in our history. Our liquidity position at the end of the quarter was approximately $850 million, with an additional $1.9 billion of fleet funding capacity. We have well-laddered corporate debt and no meaningful maturities until 2024. “Through enhanced revenue generation, diligent fleet management and stringent cost control, we generated another record quarter for the Company, highlighted by the Americas reporting over one billion of Adjusted EBITDA for the first time in a quarter and International achieving their highest second quarter Adjusted EBITDA ever,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “Our team continues to excel at managing the increased demand of our customers while supplying the outstanding service they have come to expect. I want to thank all the employees for their continued tireless efforts in helping us achieve this milestone.” Q2 Highlights Total Company revenues increased by 37% and 39% compared to second quarter 2021 and 2019, respectively.Adjusted EBITDA in the Americas was $1.0 billion for the second quarter 2022 driven by the highest quarter demand in history and strong pricing. It is the best Adjusted EBITDA in Americas' history.Adjusted EBITDA in International was $183 million for the second quarter 2022 driven by increased pricing and volume, the best second quarter Adjusted EBITDA in International's history. Investor Conference Call We will host a conference call to discuss our second quarter results on August 2, 2022, 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 13730889. About Avis Budget Group Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through our Avis and Budget brands, which have more than 10,000 rental locations...