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) reported a 37% revenue decline in Q4 2020, resulting in a net loss of $90 million. Despite challenges from the COVID-19 pandemic, the company achieved a positive Adjusted EBITDA of $74 million through cost reductions exceeding $500 million.
For the full year, revenue dropped 41%, with a net loss of $684 million. The company maintained a liquidity position of $1.3 billion, enabling continued fleet investment for 2021. Leadership emphasized the strong performance in the Americas' Adjusted EBITDA margins, noting that effective cost management remains a key focus moving forward.
Avis Budget Group (NASDAQ: CAR) will announce its Q4 2020 and full year results on February 16, 2021, after market close. A conference call for institutional investors is scheduled for February 17, 2021, at 8:30 a.m. Eastern, where results will be discussed. The call can be accessed via ir.avisbudgetgroup.com or by calling (877)-407-2991. A web replay will be available afterward. Avis Budget operates over 11,000 rental locations across approximately 180 countries and is headquartered in Parsippany, N.J.
Avis Budget Group reported third quarter 2020 results with a net income of $45 million and adjusted net income of $79 million despite a 44% drop in revenue year-over-year. Positive adjusted EBITDA reached $220 million through aggressive cost-cutting, removing approximately $1 billion in costs during the quarter and $2 billion year-to-date. The company's liquidity position improved to $2.4 billion, enabling plans to reinvest in its 2021 fleet. Though the fourth quarter is expected to experience normal seasonal declines, Avis anticipates remaining positive in adjusted EBITDA and adjusted free cash flow.
Avis Budget Group (NASDAQ: CAR) will release its third quarter 2020 results on October 29, 2020, after market close. A conference call for institutional investors is scheduled for October 30, 2020, at 8:30 a.m. Eastern time. Investors can access the details through their website or by phone, with a replay available after the call. Avis Budget Group, a global mobility solutions provider with over 11,000 rental locations, operates under the Avis and Budget brands and manages Zipcar, the leading car-sharing network.
Zipcar has released its second annual Impact Report, highlighting the crucial role of car-sharing services amidst the COVID-19 pandemic. The findings indicate that 80% of urban residents view car access as essential, with many contemplating vehicle purchases due to the pandemic. The report emphasizes the environmental benefits of car sharing, noting that each Zipcar can replace 13 personally owned vehicles, thus reducing congestion and pollution. Moreover, Zipcar members save an average of $633 monthly compared to car owners, demonstrating a strong financial incentive for urban dwellers.
Avis Budget Group (NASDAQ: CAR) announced a leadership transition as John F. North III steps down as Chief Financial Officer, effective August 24, 2020. Brian Choi will take over the CFO role, resigning from the Board. North will remain as an advisor until year-end. CEO Joe Ferraro acknowledged North's contributions during challenging times, expressing confidence in the company's financial position. Choi, experienced in the car rental sector, is expected to help reshape the company post-pandemic. The Board will decrease from seven to six members following Choi’s resignation.
Avis Budget Group (NASDAQ: CAR) announced a private offering of $350 million in 5.75% senior notes due 2027, priced at 92% of their face value. The offering is an addition to previously issued senior notes from July 2019, totaling $400 million. Proceeds will be used to redeem $100 million of existing 5.50% senior notes due 2023, with the remainder allocated for corporate purposes. The offering is intended for qualified institutional buyers and will close on August 6, 2020, subject to conditions.
Avis Budget Group (NASDAQ: CAR) announced plans to offer $350 million in 5.75% senior notes due 2027. This move follows a previous issuance of $400 million in similar notes. The proceeds will primarily be used to redeem $100 million of existing 5.50% senior notes due 2023, with remaining funds allocated for general corporate purposes. The offering is targeted at qualified institutional buyers under Rule 144A, and the notes will not be registered under the Securities Act. Risks related to market conditions, including those stemming from the COVID-19 pandemic, may affect the offering.
Avis Budget Group (NASDAQ: CAR) reported a second quarter 2020 net loss of $481 million, a significant decline in revenues by 67% year-over-year. Adjusted EBITDA was a loss of $382 million, but improved monthly, with June showing a loss of $28 million. The company targeted over $2.5 billion in annual cost reductions and ended the quarter with $1.5 billion liquidity. Cash burn reduced to $580 million, with over 100,000 vehicle disposals and strong sales in June. The company anticipates continued revenue improvement and positive cash flow as demand recovers.
Avis Budget Group (NASDAQ: CAR) will report its Q2 2020 results on July 28, 2020, post-market close. A conference call for investors is scheduled for July 29, 2020, at 8:30 a.m. ET to discuss the findings. Investors can access the call by dialing (877)-407-2991 or through their website. A replay will be available after the call until August 12, 2020. Avis Budget Group operates over 11,000 rental locations across around 180 countries and is recognized for its Avis, Budget, and Zipcar brands.
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