Welcome to our dedicated page for Avis Budget Group news (Ticker: CAR), a resource for investors and traders seeking the latest updates and insights on Avis Budget Group stock.
Avis Budget Group, Inc. (symbol: CAR) is a leading global provider of vehicle rental and car-sharing services. The company operates under several renowned brands, including Avis, Budget, and Zipcar. With over 10,000 rental locations across approximately 175 countries, Avis Budget Group offers a wide range of mobility solutions to both leisure and business travelers.
The Avis brand caters to the premium commercial and leisure segments, while Budget focuses on value-conscious consumers. Zipcar, the world’s leading car-sharing network, provides convenient access to vehicles for its over 900,000 members, allowing them to rent cars by the hour or day. Avis Budget Group manages most of its operations directly in North America, Europe, and Australasia, while it relies primarily on licensees in other regions.
Avis Budget Group has a significant workforce, comprising approximately 30,000 employees, and its headquarters are located in Parsippany, New Jersey. The company continuously strives to enhance its service offerings and expand its footprint globally.
Recently, Zipcar launched an electric vehicle (EV) initiative in major U.S. cities, including Boston, Chicago, New York City, and San Francisco. This initiative aims to provide equitable and sustainable transportation options to disadvantaged communities, with Zipcar committing to allocate 25% of its electric fleet to these areas. Zipcar has also joined the White House EV Acceleration Challenge to promote equitable transportation and environmental sustainability.
Avis Budget Group continues to innovate and partner with various stakeholders such as cities, university campuses, and businesses to meet the growing demand for electric vehicles and sustainable transportation solutions. For instance, their focus on expanding the EV fleet and facilitating first-time EV drivers with resources and guides underscores their commitment to a greener future.
With consistent efforts to enhance its service quality and sustainability, Avis Budget Group remains a prominent player in the global mobility solutions market.
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.
Avis Budget Group (NASDAQ: CAR) has announced its intention to offer $500 million in senior notes due 2030 through its subsidiaries, Avis Budget Car Rental, 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 net proceeds for general corporate purposes, including potential repayment of existing debt such as its floating rate term loan C maturing in 2029 and outstanding fleet debt. The offering is subject to market and other customary conditions and is to qualified institutional buyers and non-U.S. persons in compliance with SEC regulations.
Avis Budget Group (NASDAQ: CAR) reported its Q2 2024 financial results, with revenues exceeding $3.0 billion. The company saw a 2% increase in rental days compared to Q2 2023, with sequential improvements in revenue per day. Net income stood at $15 million, while Adjusted EBITDA reached $214 million. The Americas segment reported Adjusted EBITDA of $186 million, with a 1% increase in rental days. International operations contributed $48 million in Adjusted EBITDA, driven by improved vehicle utilization and a 5% increase in rental days. Vehicle utilization for the quarter was 70.2%, with June showing a one-point improvement compared to June 2023. The company's liquidity position at quarter-end was $822 million, with an additional $2.9 billion in fleet funding capacity.
Avis Budget Group (NASDAQ: CAR) will announce its Q2 2024 results after market close on August 5, 2024. The company will conduct a conference call to discuss these results on August 6, 2024, at 8:30 a.m. Eastern Time. Investors can access the call via the company's investor relations website or by dialing (877)-407-2991. A web replay will be available shortly after the call on the same website. Additionally, a telephone replay will be accessible from 11:00 a.m. Eastern Time on August 6 until 10:00 p.m. on August 19, 2024, at (877)-660-6853 using the conference code 13743682.
AVIS has announced a multi-year extension of its partnership with the PGA TOUR, PGA TOUR Champions, and Korn Ferry Tour, continuing through 2028. AVIS will remain the Official Rental Car Company for these events, providing vehicles for players, caddies, employees, and fans. The partnership, which began in 2011, will also feature the AVIS ‘Plan on Us’ campaign to engage fans during the FedExCup season. Additionally, AVIS has signed a two-year partnership with PGA TOUR winner and Olympic Gold Medalist Xander Schauffele, who will serve as a brand ambassador.
Avis Budget Group announced the pricing of €200 million in additional 7.25% Senior Notes due 2030 through its subsidiary, Avis Budget Finance. These Notes will be added to the €400 million previously issued under the same terms. Priced at 100.25% of face value, the offering will close on May 21, 2024, pending standard conditions. Proceeds will be used for general corporate purposes, including debt repayment. The Notes are offered only to qualified institutional buyers under Rule 144A of the Securities Act and will not be registered in the U.S. This announcement does not constitute an offer to sell or buy any securities.
Avis Budget Group, Inc. (NASDAQ: CAR) announced its intention to offer €200 million of Senior Notes through its subsidiary, Avis Budget Finance plc, for general corporate purposes. The Notes will be issued under an existing Indenture and guaranteed by the Company and its U.S. subsidiaries. The offering will target qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S. This press release is not an offer to buy or sell securities, and the Notes have not been registered under the Securities Act.
Avis Budget Group, Inc. (NASDAQ: CAR) reported strong financial results for the first quarter of 2024, with revenues reaching $2.6 billion driven by robust travel demand. Despite a net loss of $113 million, their Adjusted EBITDA stood at $12 million. The company's liquidity position was strong, with approximately $0.7 billion in cash and $3.8 billion in fleet funding capacity. Avis Budget Group is well-positioned for the upcoming spring and summer travel seasons.
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