Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:

	Three Months Ended  March 31,
	2025		2024
Americas	$	1,885	$	1,974
Europe, Middle East and Africa	342		364
Asia and Australasia	158		171
Total lease revenues	$	2,385	$	2,509

The following table presents our lease revenues disaggregated by brand:

	Three Months Ended  March 31,
	2025		2024
Avis	$	1,345	$	1,434
Budget	874		909
Other (a)	166		166
Total lease revenues	$	2,385	$	2,509

__________

(a)Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:

	Three Months Ended  March 31,
	2025		2024
Property leases
Operating lease expense	$	232	$	229
Variable lease expense	59		69
Total property lease expense (a)	$	291	$	298

__________

(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:

	As of  March 31, 2025			As of  December 31, 2024
Property leases
Operating lease ROU assets	$	3,167		$	3,057
Short-term operating lease liabilities (a)	$	627		$	628
Long-term operating lease liabilities	2,593			2,484
Operating lease liabilities	$	3,220		$	3,112
Weighted average remaining lease term	8.0 years			8.0 years
Weighted average discount rate	5.30		%	4.98		%

__________

(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:

	Three Months Ended  March 31,
	2025		2024
Cash payments for lease liabilities within operating activities:
Property operating leases	$	235	$	266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	326	$	380

Leases

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:

	Three Months Ended  March 31,
	2025		2024
Americas	$	1,885	$	1,974
Europe, Middle East and Africa	342		364
Asia and Australasia	158		171
Total lease revenues	$	2,385	$	2,509

The following table presents our lease revenues disaggregated by brand:

	Three Months Ended  March 31,
	2025		2024
Avis	$	1,345	$	1,434
Budget	874		909
Other (a)	166		166
Total lease revenues	$	2,385	$	2,509

__________

(a)Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:

	Three Months Ended  March 31,
	2025		2024
Property leases
Operating lease expense	$	232	$	229
Variable lease expense	59		69
Total property lease expense (a)	$	291	$	298

__________

(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:

	As of  March 31, 2025			As of  December 31, 2024
Property leases
Operating lease ROU assets	$	3,167		$	3,057
Short-term operating lease liabilities (a)	$	627		$	628
Long-term operating lease liabilities	2,593			2,484
Operating lease liabilities	$	3,220		$	3,112
Weighted average remaining lease term	8.0 years			8.0 years
Weighted average discount rate	5.30		%	4.98		%

__________

(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:

	Three Months Ended  March 31,
	2025		2024
Cash payments for lease liabilities within operating activities:
Property operating leases	$	235	$	266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	326	$	380

Leases

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:

	Three Months Ended  March 31,
	2025		2024
Americas	$	1,885	$	1,974
Europe, Middle East and Africa	342		364
Asia and Australasia	158		171
Total lease revenues	$	2,385	$	2,509

The following table presents our lease revenues disaggregated by brand:

	Three Months Ended  March 31,
	2025		2024
Avis	$	1,345	$	1,434
Budget	874		909
Other (a)	166		166
Total lease revenues	$	2,385	$	2,509

__________

(a)Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:

	Three Months Ended  March 31,
	2025		2024
Property leases
Operating lease expense	$	232	$	229
Variable lease expense	59		69
Total property lease expense (a)	$	291	$	298

__________

(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:

	As of  March 31, 2025			As of  December 31, 2024
Property leases
Operating lease ROU assets	$	3,167		$	3,057
Short-term operating lease liabilities (a)	$	627		$	628
Long-term operating lease liabilities	2,593			2,484
Operating lease liabilities	$	3,220		$	3,112
Weighted average remaining lease term	8.0 years			8.0 years
Weighted average discount rate	5.30		%	4.98		%

__________

(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:

	Three Months Ended  March 31,
	2025		2024
Cash payments for lease liabilities within operating activities:
Property operating leases	$	235	$	266
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	326	$	380