Avis Budget Stock Price, News & Analysis

Avis Budget Group (NASDAQ: CAR) has announced the pricing of $600 million in senior notes, due June 15, 2032, with an interest rate of 8.375%. This represents a $100 million increase from the previously announced offering size. The notes will be issued at par and guaranteed on a senior unsecured basis by the company and certain U.S. subsidiaries. The offering is expected to close on May 19, 2025.

The company plans to use the proceeds for general corporate purposes, including potential repayment of its floating rate term loan A maturing in December 2025 and a portion of its outstanding fleet debt. The notes are being offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act.

Avis Budget Group (NASDAQ: CAR) announced its intention to offer $500 million in senior notes due 2032 through its subsidiaries Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. The notes will be guaranteed on a senior unsecured basis by Avis Budget Group and certain U.S. subsidiaries.

The company plans to use the proceeds for general corporate purposes, including potential repayment of indebtedness such as its floating rate term loan A maturing in December 2025 and a portion of outstanding fleet debt. The offering is limited to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act.

Avis Budget Group (NASDAQ: CAR) has scheduled its first quarter 2025 financial results announcement for May 7th, 2025, after market close. The company will host a conference call for institutional investors on May 8th, 2025, at 8:30 a.m. Eastern time.

Investors can access the call through the company's investor relations website or by dialing (877)-407-2991. A web replay will be available on the IR website, and a telephone replay will be accessible from 12:30 p.m. Eastern time on May 8th until 10:00 p.m. on May 22nd using conference code 13752755.

Avis Budget Group (NASDAQ: CAR) reported Q4 2024 revenues of $2.7 billion and full-year revenues of $11.8 billion. The company posted a Q4 net loss of nearly $2 billion and an Adjusted EBITDA loss of $101 million. The full-year results showed a net loss of $1.8 billion with Adjusted EBITDA of $628 million.

The significant losses reflect a strategic decision to accelerate fleet rotations, resulting in a one-time non-cash impairment of $2.3 billion and additional non-cash charges of $180 million. The company's liquidity position stood at $1.1 billion, with an additional $2.8 billion in fleet funding capacity.

The company announced a leadership transition, with CEO Joe Ferraro stepping down on June 30, 2025, to be succeeded by Brian Choi, the current Chief Transformation Officer. The company projects Adjusted EBITDA of no less than $1 billion for 2025.

Avis Budget Group (NASDAQ: CAR) has announced it will release its fourth quarter 2024 financial results after market close on February 11th, 2025. The company will host a conference call for institutional investors to discuss these results on February 12th, 2025, at 8:30 a.m. Eastern time.

Investors can access the call through the company's investor relations website or by dialing (877)-407-2991. A web replay will be available on the company's IR website after the call, and a telephone replay will be accessible from 11:00 a.m. Eastern time on February 12th until 10:00 p.m. on February 26th using conference code 13751081.

Avis Budget Group reported Q3 2024 financial results with revenues of $3.5 billion, net income of $238 million, and Adjusted EBITDA of $503 million. The company maintained stable pricing with Americas nearly flat, while improving vehicle utilization by approximately 2 points. Adjusted EBITDA reached $384 million in Americas and $139 million in International, with the latter showing a 5% increase in rental days. The company issued $700 million in unsecured Senior Notes and repurchased about 526,000 shares for nearly $43 million. Quarter-end liquidity exceeded $1.2 billion, with an additional $3.2 billion in fleet funding capacity.

Avis Budget Group (NASDAQ: CAR) has scheduled its third quarter 2024 financial results announcement for October 31st, 2024, after market close. The company will host a conference call for institutional investors on November 1st, 2024, at 8:30 a.m. Eastern time. Investors can access the call through the company's investor relations website or by phone. A web replay will be available on the company's website, and a telephone replay will be accessible from November 1st until November 15th.

Avis Budget Group (NASDAQ: CAR) announced the pricing of a $700 million private offering of 8.250% senior notes due 2030, representing a $200 million increase from the initially announced size. The notes, to be issued by Avis Budget Car Rental, and Avis Budget Finance, Inc., will mature on January 15, 2030, and will be guaranteed by the Company and certain U.S. subsidiaries. The offering is expected to close on September 13, 2024.

The Company plans to use the net proceeds for general corporate purposes, including potential repayment of indebtedness such as its floating rate term loan C maturing in 2029 and outstanding fleet debt. The notes are being offered only to qualified institutional buyers and non-U.S. persons, and have not been registered under the Securities Act.