Avis Budget Group, Inc. · NASDAQ:CAR
Avis Budget — Q4 2021 Earnings Presentation
19 slides from Avis Budget's earnings presentation, Feb 15, 2022
Slide 1: Avis Investor Presentation
Avis AvisInvestor Investor Avis Investor Presentation Presentation Presentation February 15, 2021 February 15, 2021 February 15, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements Non-GAAP Financial Measures Avis Budget Group (“Avis” or ”the Company”) emphasizes that statements about future results made in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-
Slide 3: Agenda
Agenda • Company Overview • Financial Results & Update • Liquidity and Leverage Summary • Safety & Strategy 3
Slide 4: Overview and Brands
Overview and Brands • We are a leading global provider of mobility solutions with a portfolio of premium and leisure car rental and sharing brands: - More than 10,000 rental locations in ~180 countries around the world. - Zipcar is the world's leading car sharing network with more than one million m
Slide 5: Diversified Revenue Stream
Diversified Revenue Stream 40% 34% Budget Off-Airport Brand Airport 53% 66% Avis On-Airport 7% Other 64% 19% Leisure International Customer Segment 81% 36% Americas Commercial All numbers are approximate as of year ended December 31, 2021 Budget brand includes Budget Truck. Other brands include Zipc
Slide 6: Agenda
Agenda • Company Overview • Financial Results & Update • Liquidity and Leverage Summary • Safety & Strategy 6
Slide 7: Q4 2021 Results
Q4 2021 Results Revenue & Other Metrics • Revenue increased 90% in the quarter $ Millions Revenue Adjusted EBITDA Reported compared to 2020, due to a 49% increase in $683 Rental Days from strong holiday demand $32 $2,569 and a 28% increase in Revenue per Day. +19% +378% • Adjusted EBITDA increased 8
Slide 8: FY 2021 Results
FY 2021 Results Revenue & Other Metrics • Revenue increased 72% in the year compared $ Millions Revenue Adjusted EBITDA Reported to 2020, due to a 35% increase in Revenue per Day, excluding exchange rate effects and a $9,313 $9,172 +2% $2,411 27% increase in Rental Days from pent up $1,756 $118 dema
Slide 9: Agenda
Agenda • Company Overview • Financial Results & Update • Liquidity and Leverage Summary • Safety & Strategy 9
Slide 10: Corporate Debt Overview
Corporate Debt Overview 2021 Highlights and Recent Activities In March 2021, we issued $600 million of 5.375% Senior Unsecured Notes due 2029 to redeem all of the $500 million Senior Secured Notes due 2025. In March 2021 we issued $500 million of 4.75% Senior Unsecured Notes due 2028, with proce
Slide 11: Fleet Debt Overview
Fleet Debt Overview 2021 Highlights and Recent Activities In November we took advantage of a continued strong ABS market and issued $650 million of AESOP 2021-2 five year term ABS notes, again including BB-rated Class D notes for additional advance rate. The overall blended coupon of 2.01% represe
Slide 12: Agenda
Agenda • Company Overview • Financial Results & Update • Liquidity and Leverage Summary • Safety & Strategy 12
Slide 13: Our Unwavering Commitment to Safety
Our Unwavering Commitment to Safety The Avis Safety Pledge is our commitment to keep you safe. We’ve built strategic partnerships with RB, the maker of Lysol, and health experts to provide the latest guidance and best practices for disinfecting vehicles, training our employees and helping to protect
Slide 14: Longer Term: Six Areas of Strategic Focus
Longer Term: Six Areas of Strategic Focus • Our strategic priorities remain unchanged despite the pandemic. Local Market, Ride-hail, and Alternative Disposition Customer Experience Package delivery Channels Connected Cars and International Integration Organizational Efficiencies Technology 14
Slide 15: Appendix
Appendix
Slide 16: Definitions
Definitions This presentation includes certain non-GAAP (generally accepted accounting principles) financial measures as defined under SEC rules. We have provided below reasons why we present these non-GAAP financial measures and a description of what they represent. The GAAP measures most directly
Slide 17: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Reconciliation of net income (loss) to Adjusted EBITDA (in millions): Three Months Ended December 31, 2021 2020 2019 Net income (loss) $ 381 $ (90) $ 1 42 Provision for (benefit from) income taxes 162 (45) (128) Income (loss) before income ta xes 543 (135) 14 Add
Slide 18: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Reconciliation of net income (loss) attributable to Avis Budget Group, Inc to adjusted net income (loss) Three Months Ended December 31, (in millions, except per share data): 2021 2020 2019 Net income (loss) attributable to Avis Budget Group, Inc. $ 382 $ (90) $ 1
Slide 19: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Yea r Ended Reconciliation of net income (loss) to Adjusted EBITDA (in millio ns): December 31, 2021 Net inco me $ 1,283 Provision for income taxes 425 Income before inco me taxes 1,708 Add certain items: Early extinguishment of debt 136 Restructuring and other re