Avis Budget Group, Inc. · NASDAQ:CAR
Avis Budget — Q2 2021 Earnings Presentation
19 slides from Avis Budget's earnings presentation, Aug 4, 2021
Slide 1: Avis Investor Presentation
Avis Investor Presentation August 4, 2021
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: - Approximately 10,600 rental locations in ~180 countries around the world. - Zipcar is the world's leading car sharing network with more than one milli
Slide 5: Diversified Revenue Stream
Diversified Revenue Stream 35% 50% Budget Off-Airport Brand 55% Airport Avis 50% 10% On-Airport Other 40% Commercial 27% International Customer Segment 60% Leisure 73% Americas All numbers are approximate as of year ended December 31, 2020 Budget brand includes Budget Truck. Other brands include Zip
Slide 6: Agenda
Agenda • Company Overview • Financial Results & Update • Liquidity and Leverage Summary • Safety & Strategy 6
Slide 7: Q2 2021 Results
Q2 2021 Results Revenue & Other Metrics • Revenue increased 212% to $2,371m in the quarter $ Millions Revenue Adjusted EBITDA Reported compared to the similar period in 2020, due to a $624 67% increase in Revenue per Day, excluding $2,371 +1% $2,337 exchange rate effects and an 84% increase in Renta
Slide 8: Semiconductor Shortage
Semiconductor Shortage The semiconductor shortage has impacted our industry, however… • In the second quarter, we purchased more than $3 billion of fleet. Bringing our year to date total to more than $6 billion. • We have long standing relationships with our key manufacturers that have been built ov
Slide 9: Agenda
Agenda • Company Overview • Financial Results & Update • Liquidity and Leverage Summary • Safety & Strategy 9
Slide 10: Corporate Debt Overview
Corporate Debt Overview Q2 2021 Highlights and Recent Activities • In July 2021, we extended our Credit Agreement to July 2026 and upsized from $1.8 billion to $1.95 billion to facilitate expected growth in the business. • Proactive management of duration and sizing provides significant runway to na
Slide 11: Fleet Debt Overview
Fleet Debt Overview Structural Highlights • We have $4.8 billion in cash and capacity at June 30 ensuring we can fund beyond 2019 levels. • Our vehicle securitization debt is comprised of ABS term debt and variable funding notes around the world. • We were in compliance with all requirements as of t
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 June 30, 2021 2020 2019 Net income (loss) $ 398 $ (481) $ 62 Provision for (benefit from) income taxes 88 (128) 19 Income (loss) before income taxes 486 (609) 81 Add certain i
Slide 18: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Reco nciliation of net income (loss) to adjusted net income (lo ss) (in millio ns, excep t per share data ): Three Mo nths E nd ed June 30, 2021 2020 2019 Net income (loss) $ 398 $ (481) $ 62 Add certain items, net of tax: Early extinguishment of debt - 3 - Restru
Slide 19: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Reconciliation of net income (loss) to Ad justed EBITDA (in m illio ns): Last Twelve Months June 30, 2021 Net income (loss) $ 183 Provision for (benefit from) income taxes (29) Income (loss) before income taxes 154 Add certain items: Early extinguishment of debt 1