(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |
AVIS BUDGET GROUP, INC. | ||||||||
By: | /s/ Cathleen DeGenova | |||||||
Cathleen DeGenova Vice President and Chief Accounting Officer |
Avis Budget Group Reports Fourth Quarter and Full Year Results |
1 Adjusted EBITDA and certain other measures in this release are non-GAAP financial measures. See "Non-GAAP Financial Measures and Key Metrics" and the tables that accompany this release for definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures. |
Investor Relations Contact: | Media Relations Contact: | ||||
David Calabria, IR@avisbudget.com | James Tomlinson, ABGPress@edelman.com | ||||
*** Tables 1 - 6 and Appendix I attached *** |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||||||||
Income Statement and Other Items | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,764 | $ | 2,771 | — | % | $ | 12,008 | $ | 11,994 | — | % | |||||||||||||||||||||||||||||
Income before income taxes | 162 | 516 | (69) | % | 1,914 | 3,636 | (47) | % | |||||||||||||||||||||||||||||||||
Net income | 260 | 424 | (39) | % | 1,635 | 2,756 | (41) | % | |||||||||||||||||||||||||||||||||
Earnings per share - diluted | 7.10 | 10.10 | (30) | % | 42.08 | 57.16 | (26) | % | |||||||||||||||||||||||||||||||||
Adjusted EBITDA(a) | $ | 311 | $ | 658 | (53) | % | $ | 2,490 | $ | 4,133 | (40) | % | |||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Balance Sheet Items | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 555 | $ | 570 | |||||||||||||||||||||||||||||||||||||
Program cash and restricted cash | 89 | 72 | |||||||||||||||||||||||||||||||||||||||
Vehicles, net | 21,240 | 15,961 | |||||||||||||||||||||||||||||||||||||||
Debt under vehicle programs | 18,937 | 13,809 | |||||||||||||||||||||||||||||||||||||||
Corporate debt | 4,823 | 4,671 | |||||||||||||||||||||||||||||||||||||||
Stockholders' equity attributable to Avis Budget Group, Inc. | (349) | (703) |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||||||||
Segment Results | |||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Americas | $ | 2,167 | $ | 2,204 | (2) | % | $ | 9,347 | $ | 9,474 | (1) | % | |||||||||||||||||||||||||||||
International | 597 | 567 | 5 | % | 2,661 | 2,520 | 6 | % | |||||||||||||||||||||||||||||||||
Corporate and Other | — | — | n/m | — | — | n/m | |||||||||||||||||||||||||||||||||||
Total Company | $ | 2,764 | $ | 2,771 | — | % | $ | 12,008 | $ | 11,994 | — | % | |||||||||||||||||||||||||||||
Adjusted EBITDA(a) | |||||||||||||||||||||||||||||||||||||||||
Americas | $ | 309 | $ | 624 | (50) | % | $ | 2,196 | $ | 3,660 | (40) | % | |||||||||||||||||||||||||||||
International | 28 | 63 | (56) | % | 400 | 560 | (29) | % | |||||||||||||||||||||||||||||||||
Corporate and Other | (26) | (29) | 10 | % | (106) | (87) | (22) | % | |||||||||||||||||||||||||||||||||
Total Company | $ | 311 | $ | 658 | (53) | % | $ | 2,490 | $ | 4,133 | (40) | % | |||||||||||||||||||||||||||||
_______ | ||||||||||||||
n/m | Not meaningful. | |||||||||||||
(a) | Refer to Table 5 for the reconciliation of net income to Adjusted EBITDA and Appendix I for the related definition of the non-GAAP financial measure. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues | $ | 2,764 | $ | 2,771 | $ | 12,008 | $ | 11,994 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Operating | 1,350 | 1,325 | 5,675 | 5,285 | ||||||||||||||||||||||
Vehicle depreciation and lease charges, net | 582 | 349 | 1,739 | 828 | ||||||||||||||||||||||
Selling, general and administrative | 309 | 322 | 1,408 | 1,348 | ||||||||||||||||||||||
Vehicle interest, net | 223 | 121 | 736 | 402 | ||||||||||||||||||||||
Non-vehicle related depreciation and amortization | 53 | 57 | 216 | 225 | ||||||||||||||||||||||
Interest expense related to corporate debt, net: | ||||||||||||||||||||||||||
Interest expense | 75 | 69 | 296 | 250 | ||||||||||||||||||||||
Early extinguishment of debt | 4 | — | 5 | — | ||||||||||||||||||||||
Restructuring and other related charges | 4 | 3 | 11 | 19 | ||||||||||||||||||||||
Transaction-related costs, net | 2 | 7 | 5 | 8 | ||||||||||||||||||||||
Other (income) expense, net | — | 2 | 3 | (7) | ||||||||||||||||||||||
Total expenses | 2,602 | 2,255 | 10,094 | 8,358 | ||||||||||||||||||||||
Income before income taxes | 162 | 516 | 1,914 | 3,636 | ||||||||||||||||||||||
Provision for (benefit from) income taxes | (98) | 92 | 279 | 880 | ||||||||||||||||||||||
Net income | 260 | 424 | 1,635 | 2,756 | ||||||||||||||||||||||
Less: Net income (loss) attributable to non-controlling interests | 1 | 1 | 3 | (8) | ||||||||||||||||||||||
Net income attributable to Avis Budget Group, Inc. | $ | 259 | $ | 423 | $ | 1,632 | $ | 2,764 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic | $ | 7.18 | $ | 10.32 | $ | 42.57 | $ | 58.41 | ||||||||||||||||||
Diluted | $ | 7.10 | $ | 10.10 | $ | 42.08 | $ | 57.16 | ||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||
Basic | 36.0 | 41.0 | 38.3 | 47.3 | ||||||||||||||||||||||
Diluted | 36.4 | 41.9 | 38.8 | 48.4 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||||||||
Americas | ||||||||||||||||||||||||||||||||||||||||||||
Rental Days (000’s) | 31,009 | 29,226 | 6 | % | 127,661 | 121,917 | 5 | % | ||||||||||||||||||||||||||||||||||||
Revenue per Day | $ | 69.89 | $ | 75.40 | (7) | % | $ | 73.22 | $ | 77.71 | (6) | % | ||||||||||||||||||||||||||||||||
Revenue per Day, excluding exchange rate effects | $ | 69.89 | $ | 75.40 | (7) | % | $ | 73.35 | $ | 77.71 | (6) | % | ||||||||||||||||||||||||||||||||
Average Rental Fleet | 518,928 | 467,331 | 11 | % | 507,358 | 479,672 | 6 | % | ||||||||||||||||||||||||||||||||||||
Vehicle Utilization | 65.0 | % | 68.0 | % | (3.0)pps | 68.9 | % | 69.6 | % | (0.7)pps | ||||||||||||||||||||||||||||||||||
Per-Unit Fleet Costs per Month | $ | 272 | $ | 175 | 55 | % | $ | 200 | $ | 72 | 178 | % | ||||||||||||||||||||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects | $ | 272 | $ | 175 | 55 | % | $ | 200 | $ | 72 | 178 | % | ||||||||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||||||||||||||
Rental Days (000’s) | 11,018 | 10,680 | 3 | % | 45,644 | 43,100 | 6 | % | ||||||||||||||||||||||||||||||||||||
Revenue per Day | $ | 54.22 | $ | 53.20 | 2 | % | $ | 58.30 | $ | 58.48 | — | % | ||||||||||||||||||||||||||||||||
Revenue per Day, excluding exchange rate effects | $ | 52.39 | $ | 53.20 | (2) | % | $ | 57.74 | $ | 58.48 | (1) | % | ||||||||||||||||||||||||||||||||
Average Rental Fleet | 182,337 | 180,297 | 1 | % | 184,147 | 174,708 | 5 | % | ||||||||||||||||||||||||||||||||||||
Vehicle Utilization | 65.7 | % | 64.4 | % | 1.3pps | 67.9 | % | 67.6 | % | 0.3pps | ||||||||||||||||||||||||||||||||||
Per-Unit Fleet Costs per Month | $ | 291 | $ | 192 | 52 | % | $ | 237 | $ | 198 | 20 | % | ||||||||||||||||||||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects | $ | 278 | $ | 192 | 45 | % | $ | 232 | $ | 198 | 17 | % | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||
Rental Days (000’s) | 42,027 | 39,906 | 5 | % | 173,305 | 165,017 | 5 | % | ||||||||||||||||||||||||||||||||||||
Revenue per Day | $ | 65.78 | $ | 69.46 | (5) | % | $ | 69.29 | $ | 72.68 | (5) | % | ||||||||||||||||||||||||||||||||
Revenue per Day, excluding exchange rate effects | $ | 65.30 | $ | 69.46 | (6) | % | $ | 69.24 | $ | 72.68 | (5) | % | ||||||||||||||||||||||||||||||||
Average Rental Fleet | 701,265 | 647,628 | 8 | % | 691,505 | 654,380 | 6 | % | ||||||||||||||||||||||||||||||||||||
Vehicle Utilization | 65.1 | % | 67.0 | % | (1.9)pps | 68.7 | % | 69.1 | % | (0.4)pps | ||||||||||||||||||||||||||||||||||
Per-Unit Fleet Costs per Month | $ | 277 | $ | 180 | 54 | % | $ | 210 | $ | 105 | 100 | % | ||||||||||||||||||||||||||||||||
Per-Unit Fleet Costs per Month, excluding exchange rate effects | $ | 274 | $ | 180 | 52 | % | $ | 208 | $ | 105 | 98 | % | ||||||||||||||||||||||||||||||||
_______ | ||||||||||||||||||||||||||||||||||||||||||||
Refer to Table 6 for key metrics calculations and Appendix I for key metrics definitions. |
CONSOLIDATED CONDENSED SCHEDULE OF CASH FLOW | Year Ended December 31, 2023 | ||||||||||
Operating Activities | |||||||||||
Net cash provided by operating activities | $ | 3,828 | |||||||||
Investing Activities | |||||||||||
Net cash used in investing activities exclusive of vehicle programs | (329) | ||||||||||
Net cash used in investing activities of vehicle programs | (7,017) | ||||||||||
Net cash used in investing activities | (7,346) | ||||||||||
Financing Activities | |||||||||||
Net cash used in financing activities exclusive of vehicle programs | (1,210) | ||||||||||
Net cash provided by financing activities of vehicle programs | 4,716 | ||||||||||
Net cash provided by financing activities | 3,506 | ||||||||||
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 14 | ||||||||||
Net change in cash and cash equivalents, program and restricted cash | 2 | ||||||||||
Cash and cash equivalents, program and restricted cash, beginning of period | 642 | ||||||||||
Cash and cash equivalents, program and restricted cash, end of period | $ | 644 |
ADJUSTED FREE CASH FLOW(a) | Year Ended December 31, 2023 | ||||
Adjusted EBITDA(b) | $ | 2,490 | |||
Interest expense related to corporate debt, net (excluding early extinguishment of debt) | (296) | ||||
Working capital and other | (18) | ||||
Capital expenditures(c) | (329) | ||||
Tax payments, net of refunds | (169) | ||||
Vehicle programs and related(d) | (451) | ||||
Adjusted Free Cash Flow(b) | $ | 1,227 | |||
Acquisition and related payments, net of acquired cash(e) | (45) | ||||
Borrowings, net of debt repayments | 118 | ||||
Repurchases of common stock | (951) | ||||
Dividends paid | (355) | ||||
Change in program and restricted cash | 16 | ||||
Other receipts (payments), net | (6) | ||||
Foreign exchange effects, financing costs and other | (2) | ||||
Net change in cash and cash equivalents, program and restricted cash (per above) | $ | 2 |
_______ | |||||
Refer to Appendix I for the definitions of non-GAAP financial measures Adjusted EBITDA and Adjusted Free Cash Flow. | |||||
(a) | This presentation demonstrates the relationship between Adjusted EBITDA and Adjusted Free Cash Flow. We believe it is useful to understand this relationship because it demonstrates how cash generated by our operations is used. This presentation is not intended to be reconciliations of these non-GAAP measures, which are provided on Table 5. | ||||
(b) | Refer to Table 5 for the reconciliations of net income to Adjusted EBITDA and net cash provided by operating activities to Adjusted Free Cash Flow. | ||||
(c) | Includes $56 million of cloud computing implementation costs. | ||||
(d) | Includes vehicle-backed borrowings (repayments) that are incremental to amounts required to fund vehicle and vehicle-related assets. | ||||
(e) | Excludes $20 million of vehicles purchased in licensee acquisitions, which were financed through incremental vehicle-backed borrowings. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
Reconciliation of Net income to Adjusted EBITDA: | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income | $ | 260 | $ | 424 | $ | 1,635 | $ | 2,756 | |||||||||||||||
Provision for (benefit from) income taxes | (98) | 92 | 279 | 880 | |||||||||||||||||||
Income before income taxes | 162 | 516 | 1,914 | 3,636 | |||||||||||||||||||
Non-vehicle related depreciation and amortization | 53 | 57 | 216 | 225 | |||||||||||||||||||
Interest expense related to corporate debt, net | |||||||||||||||||||||||
Interest expense | 75 | 69 | 296 | 250 | |||||||||||||||||||
Early extinguishment of debt | 4 | — | 5 | — | |||||||||||||||||||
Restructuring and other related charges | 4 | 3 | 11 | 19 | |||||||||||||||||||
Transaction-related costs, net | 2 | 7 | 5 | 8 | |||||||||||||||||||
Other (income) expense, net | — | 2 | 3 | (7) | |||||||||||||||||||
Reported within operating expenses: | |||||||||||||||||||||||
Cloud computing costs | 11 | 4 | 35 | 10 | |||||||||||||||||||
COVID-19 charges, net | — | — | — | (9) | |||||||||||||||||||
Legal matters, net | — | — | 5 | 1 | |||||||||||||||||||
Adjusted EBITDA | $ | 311 | $ | 658 | $ | 2,490 | $ | 4,133 | |||||||||||||||
Reconciliation of Net cash provided by operating activities to Adjusted Free Cash Flow: | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 3,828 | |||||||||||||||||||||
Net cash used in investing activities of vehicle programs | (7,017) | ||||||||||||||||||||||
Net cash provided by financing activities of vehicle programs | 4,716 | ||||||||||||||||||||||
Capital expenditures | (273) | ||||||||||||||||||||||
Proceeds received on sale of assets and nonmarketable equity securities | 3 | ||||||||||||||||||||||
Acquisition and disposition-related payments | (20) | ||||||||||||||||||||||
Change in program and restricted cash | (16) | ||||||||||||||||||||||
Other receipts (payments), net | 6 | ||||||||||||||||||||||
Adjusted Free Cash Flow | $ | 1,227 | |||||||||||||||||||||
_______ | |||||||||||||||||||||||
Refer to Appendix I for the definitions of Adjusted EBITDA and Adjusted Free Cash Flow, non-GAAP financial measures. Adjusted EBITDA includes stock-based compensation expense and vehicle related deferred financing fee amortization in the aggregate totaling $15 million and $13 million in the three months ended December 31, 2023 and 2022, respectively, and $59 million and $49 million in the years ended ended December 31, 2023 and 2022, respectively. |
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Americas | International | Total | Americas | International | Total | ||||||||||||||||||||||||||||||||||||
Revenue per Day (RPD) | |||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,167 | $ | 597 | $ | 2,764 | $ | 2,204 | $ | 567 | $ | 2,771 | |||||||||||||||||||||||||||||
Currency exchange rate effects | — | (20) | (20) | — | — | — | |||||||||||||||||||||||||||||||||||
Revenue excluding exchange rate effects | 2,167 | 577 | 2,744 | 2,204 | 567 | 2,771 | |||||||||||||||||||||||||||||||||||
Rental days (000's) | 31,009 | 11,018 | 42,027 | 29,226 | 10,680 | 39,906 | |||||||||||||||||||||||||||||||||||
RPD excluding exchange rate effects (in $'s) | $ | 69.89 | $ | 52.39 | $ | 65.30 | $ | 75.40 | $ | 53.20 | $ | 69.46 | |||||||||||||||||||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||||||||||||||||||
Rental days (000's) | 31,009 | 11,018 | 42,027 | 29,226 | 10,680 | 39,906 | |||||||||||||||||||||||||||||||||||
Average rental fleet | 518,928 | 182,337 | 701,265 | 467,331 | 180,297 | 647,628 | |||||||||||||||||||||||||||||||||||
Number of days in period | 92 | 92 | 92 | 92 | 92 | 92 | |||||||||||||||||||||||||||||||||||
Available rental days (000's) | 47,741 | 16,775 | 64,516 | 42,995 | 16,587 | 59,582 | |||||||||||||||||||||||||||||||||||
Vehicle utilization | 65.0 | % | 65.7 | % | 65.1 | % | 68.0 | % | 64.4 | % | 67.0 | % | |||||||||||||||||||||||||||||
Per-Unit Fleet Costs | |||||||||||||||||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 424 | $ | 158 | $ | 582 | $ | 245 | $ | 104 | $ | 349 | |||||||||||||||||||||||||||||
Currency exchange rate effects | — | (7) | (7) | — | — | — | |||||||||||||||||||||||||||||||||||
$ | 424 | $ | 151 | $ | 575 | $ | 245 | $ | 104 | $ | 349 | ||||||||||||||||||||||||||||||
Average rental fleet | 518,928 | 182,337 | 701,265 | 467,331 | 180,297 | 647,628 | |||||||||||||||||||||||||||||||||||
Per-unit fleet costs (in $'s) | $ | 816 | $ | 834 | $ | 821 | $ | 525 | $ | 576 | $ | 539 | |||||||||||||||||||||||||||||
Number of months in period | 3 | 3 | 3 | 3 | 3 | 3 | |||||||||||||||||||||||||||||||||||
Per-unit fleet costs per month excluding exchange rate effects (in $'s) | $ | 272 | $ | 278 | $ | 274 | $ | 175 | $ | 192 | $ | 180 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Americas | International | Total | Americas | International | Total | ||||||||||||||||||||||||||||||||||||
Revenue per Day (RPD) | |||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 9,347 | $ | 2,661 | $ | 12,008 | $ | 9,474 | $ | 2,520 | $ | 11,994 | |||||||||||||||||||||||||||||
Currency exchange rate effects | 17 | (25) | (8) | — | — | — | |||||||||||||||||||||||||||||||||||
Revenue excluding exchange rate effects | 9,364 | 2,636 | 12,000 | 9,474 | 2,520 | 11,994 | |||||||||||||||||||||||||||||||||||
Rental days (000's) | 127,661 | 45,644 | 173,305 | 121,917 | 43,100 | 165,017 | |||||||||||||||||||||||||||||||||||
RPD excluding exchange rate effects (in $'s) | $ | 73.35 | $ | 57.74 | $ | 69.24 | $ | 77.71 | $ | 58.48 | $ | 72.68 | |||||||||||||||||||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||||||||||||||||||
Rental days (000's) | 127,661 | 45,644 | 173,305 | 121,917 | 43,100 | 165,017 | |||||||||||||||||||||||||||||||||||
Average rental fleet | 507,358 | 184,147 | 691,505 | 479,672 | 174,708 | 654,380 | |||||||||||||||||||||||||||||||||||
Number of days in period | 365 | 365 | 365 | 365 | 365 | 365 | |||||||||||||||||||||||||||||||||||
Available rental days (000's) | 185,186 | 67,213 | 252,399 | 175,081 | 63,768 | 238,849 | |||||||||||||||||||||||||||||||||||
Vehicle utilization | 68.9 | % | 67.9 | % | 68.7 | % | 69.6 | % | 67.6 | % | 69.1 | % | |||||||||||||||||||||||||||||
Per-Unit Fleet Costs | |||||||||||||||||||||||||||||||||||||||||
Vehicle depreciation and lease charges, net | $ | 1,215 | $ | 524 | $ | 1,739 | $ | 413 | $ | 415 | $ | 828 | |||||||||||||||||||||||||||||
Currency exchange rate effects | 1 | (12) | (11) | — | — | — | |||||||||||||||||||||||||||||||||||
$ | 1,216 | $ | 512 | $ | 1,728 | $ | 413 | $ | 415 | $ | 828 | ||||||||||||||||||||||||||||||
Average rental fleet | 507,358 | 184,147 | 691,505 | 479,672 | 174,708 | 654,380 | |||||||||||||||||||||||||||||||||||
Per-unit fleet costs (in $'s) | $ | 2,397 | $ | 2,780 | $ | 2,499 | $ | 863 | $ | 2,373 | $ | 1,266 | |||||||||||||||||||||||||||||
Number of months in period | 12 | 12 | 12 | 12 | 12 | 12 | |||||||||||||||||||||||||||||||||||
Per-unit fleet costs per month excluding exchange rate effects (in $'s) | $ | 200 | $ | 232 | $ | 208 | $ | 72 | $ | 198 | $ | 105 |
_______ | ||||||||||||||
Our calculation of rental days and revenue per day may not be comparable to the calculation of similarly-titled metrics by other companies. Currency exchange rate effects are calculated by translating the current-period's results at the prior-period average exchange rates plus any related gains and losses on currency hedges. |
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