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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income (loss) $ (639,000,000) $ (29,000,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Vehicle depreciation 748,000,000 941,000,000
Amortization of right-of-use assets 424,000,000 486,000,000
(Gain) loss on sale of vehicles, net (13,000,000) (32,000,000)
Non-vehicle related depreciation and amortization 140,000,000 133,000,000
Stock-based compensation 2,000,000 12,000,000
Amortization of debt financing fees 16,000,000 16,000,000
Early extinguishment of debt 7,000,000 0
Net change in assets and liabilities:    
Receivables 243,000,000 (77,000,000)
Income taxes and deferred income taxes (240,000,000) (77,000,000)
Accounts payable and other current liabilities (98,000,000) 72,000,000
Operating lease liabilities (422,000,000) (483,000,000)
Other, net 182,000,000 3,000,000
Net cash provided by operating activities 350,000,000 965,000,000
Investing activities    
Property and equipment additions (64,000,000) (117,000,000)
Proceeds received on asset sales 4,000,000 6,000,000
Net assets acquired (net of cash acquired) 60,000,000 54,000,000
Other, net 0 81,000,000
Net cash used in investing activities exclusive of vehicle programs (120,000,000) (84,000,000)
Vehicle programs:    
Investment in vehicles (4,196,000,000) (8,715,000,000)
Proceeds received on disposition of vehicles 4,709,000,000 5,773,000,000
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party (175,000,000) (167,000,000)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party 99,000,000 47,000,000
Net cash used in investing activities of vehicle programs (437,000,000) 3,062,000,000
Net cash provided by (used in) investing activities 317,000,000 (3,146,000,000)
Financing activities    
Proceeds from long-term borrowings 669,000,000 2,000,000
Payments on long-term borrowings (198,000,000) (12,000,000)
Proceeds from Issuance of Common Stock 15,000,000 0
Repurchases of common stock (118,000,000) (4,000,000)
Debt financing fees (17,000,000) 0
Proceeds from (Payments for) Other Financing Activities 0 17,000,000
Net cash provided by (used in) financing activities exclusive of vehicle programs 351,000,000 (31,000,000)
Vehicle programs:    
Proceeds from borrowings 9,042,000,000 11,758,000,000
Payments on borrowings (9,610,000,000) (9,688,000,000)
Debt financing fees (7,000,000) (12,000,000)
Net cash provided by financing activities of vehicle programs (575,000,000) 2,058,000,000
Net cash provided by (used in) financing activities (224,000,000) 2,027,000,000
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash (4,000,000) 4,000,000
Net increase (decrease) in cash and cash equivalents, program and restricted cash 439,000,000 (150,000,000)
Cash and cash equivalents, program and restricted cash, beginning of period 900,000,000 735,000,000
Cash and cash equivalents, program and restricted cash, end of period $ 1,339,000,000 $ 585,000,000