XML 40 R8.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income (loss) $ 2,756 $ 1,283 $ (684)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Vehicle depreciation 1,709 1,402 1,330
Amortization of right-of-use assets 877 806 945
(Gain) loss on sale of vehicles, net (1,019) (361) (157)
Non-vehicle related depreciation and amortization 225 272 286
Deferred income taxes 682 378 (317)
Stock-based compensation 25 30 9
Amortization of debt financing fees 34 33 33
Early extinguishment of debt 0 136 9
Net change in assets and liabilities:      
Receivables (97) (143) 115
Income taxes 6 (28) 1
Accounts payable and other current liabilities 217 414 (181)
Operating lease liabilities (879) (801) (936)
Other, net 171 70 238
Net cash provided by operating activities 4,707 3,491 691
Investing activities      
Property and equipment additions (246) (108) (94)
Proceeds received on asset sales 2 3 6
Net assets acquired (net of cash acquired) (3) (46) (69)
Other, net (33) (3) 0
Net cash used in investing activities exclusive of vehicle programs (280) (154) (157)
Vehicle programs:      
Investment in vehicles (10,491) (10,054) (5,401)
Proceeds received on disposition of vehicles 6,606 4,077 8,753
Investment in debt securities of Avis Budget Rental Car Funding (AESOP)—related party (439) (367) (286)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP)—related party 305 192 268
Net Cash Used In Investing Activities Of Vehicle Programs (4,019) (6,152) 3,334
Net cash provided by (used in) investing activities (4,299) (6,306) 3,177
Financing activities      
Proceeds from long-term borrowings 729 1,100 991
Payments on long-term borrowings (24) (1,354) (308)
Net change in short-term borrowings (1) 1 0
Debt financing fees (7) (24) (26)
Proceeds from issuance of common stock 0 0 15
Repurchases of common stock (3,329) (1,460) (119)
Contributions from non-controlling interests 40 38 0
Net cash provided by (used in) financing activities exclusive of vehicle programs (2,592) (1,699) 553
Vehicle programs:      
Proceeds from borrowings 17,419 14,467 13,558
Payments on borrowings (15,160) (10,056) (18,138)
Debt financing fees (27) (25) (18)
Net cash provided by financing activities of vehicle programs 2,232 4,386 (4,598)
Net cash provided by (used in) financing activities (360) 2,687 (4,045)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash (32) (11) 42
Net increase (decrease) in cash and cash equivalents, program and restricted cash 16 (139) (135)
Cash and cash equivalents, program and restricted cash, beginning of period 626 765 900
Cash and cash equivalents, program and restricted cash, end of period 642 626 765
Supplemental disclosure      
Interest payments 543 509 503
Income tax payments, net $ 192 $ 75 $ 44