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 (NASDAQ: CAR) plans to report its Q3 2021 results after market close on November 1, 2021. A conference call for institutional investors will be held on November 2, 2021 at 8:30 a.m. ET to discuss these results. Investors can access the call by dialing (877)-407-2991 or visiting ir.avisbudgetgroup.com. The company operates over 10,000 rental locations worldwide and includes brands like Avis, Budget, and Zipcar, headquartered in Parsippany, N.J.
Avis Budget Group (NASDAQ: CAR) reported robust Q2 2021 financial results, with revenues of $2.4 billion, up 212% from Q2 2020 and 1% above Q2 2019. Net income reached $398 million, while Adjusted EBITDA soared to $624 million, marking a record in the company's 75-year history. Fleet utilization improved to 71.3%, indicating strong demand recovery. The company maintains a healthy liquidity position of $1.8 billion and an additional $3.4 billion in funding capacity, with no significant debt maturities until 2024.
Avis Budget Group plans to release its second quarter 2021 results on August 3, 2021, after market close. A conference call for institutional investors will be held on August 4, 2021, at 8:30 a.m. Eastern time. Investors can join the call via ir.avisbudgetgroup.com or by calling (877)-407-2991. A replay of the call will be available on the website and via telephone until August 18, 2021. Avis Budget Group operates over 10,000 rental locations globally and includes the Zipcar brand.
Avis Budget Group (NASDAQ: CAR) reported Q1 2021 results with a 22% revenue decline year-over-year, resulting in a net loss of $170 million. However, the company achieved an Adjusted EBITDA of $47 million, marking its best performance in Q1 since 2015 and the third consecutive quarter of positive Adjusted EBITDA since the pandemic began. The Americas saw a 12% increase in Revenue per Day and record Adjusted EBITDA margins. Liquidity at quarter-end was approximately $1.2 billion, with $4.8 billion in fleet funding capacity. The company faces uncertainty due to a global semiconductor shortage impacting fleet supply.
Zipcar is expanding its partnership with the City of Philadelphia by adding nearly 50 vehicles to on-street parking spots, enhancing access to car-sharing services since 2007. This initiative supports Philadelphia's Transit Plan aimed at reducing personal vehicle reliance and promoting sustainable transport. Notably, 81% of Zipcar members in Philadelphia do not own a car, saving an average of $633 monthly compared to traditional car ownership. The move aligns with the city’s goal to improve mobility and decrease congestion.
Avis Budget Group (NASDAQ: CAR) plans to release its Q1 2021 results post-market on May 3rd, 2021. A conference call to discuss these results will be held on May 4th, 2021, at 8:30 a.m. Eastern time. Investors can participate via ir.avisbudgetgroup.com or by calling (877)-407-2991.
The company operates globally with over 10,000 rental locations and is a leader in mobility solutions through its Avis, Budget, and Zipcar brands.
Avis Budget Group announced a $500 million offering of 4.75% senior notes due 2028, increasing from a previously planned $350 million. The offering is set to close on March 23, 2021. Proceeds will be used to redeem 6.375% senior notes due 2024 and 5.250% senior notes due 2025, along with covering related expenses. The notes are available only to qualified institutional buyers under Rule 144A and are not registered under the Securities Act. Avis Budget Group is a global provider of mobility solutions with over 10,000 rental locations worldwide.
Avis Budget Group (NASDAQ: CAR) announced its intention to offer $350 million in senior notes due 2028 via its subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. The net proceeds will be used to redeem existing 6.375% senior notes due 2024 and cover related expenses. This offering is targeted at qualified institutional buyers under Rule 144A of the Securities Act. The Notes and guarantees are unregistered and cannot be sold in the U.S. without exemption. The company faces uncertainties that could impact the offering due to market conditions and the COVID-19 pandemic.
Avis Budget Group (NASDAQ: CAR) announced a private offering of $600 million in 5.375% senior notes due 2029. The offering is set to close on March 1, 2021. The proceeds will be used to redeem existing 10.500% senior secured notes due 2025, along with associated fees. These notes will be available exclusively to qualified institutional buyers and will not be registered under the Securities Act. The company highlighted potential risks, including market conditions and the economic impacts of the COVID-19 pandemic.
Avis Budget Group (NASDAQ: CAR) announced a private offering of $600 million in senior notes due 2029. The offering is contingent on market conditions and will be guaranteed by the company and select subsidiaries. Proceeds will be used to redeem outstanding 10.500% senior secured notes due 2025, along with related fees. The offering complies with Rule 144A and is not open to U.S. residents except under specific exemptions. The press release serves informational purposes and does not represent a solicitation for securities.
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