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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

In accordance with Section 953(a) of the Dodd-Frank Act and Item 402(v) of SEC Regulation S-K, we are required to disclose the relationship between executive compensation actually paid (“CAP”) by us and our financial performance over the applicable time period of the disclosure.

Pay Versus Performance Table

	Fiscal Year			Summary Compensation Table Total for PEO (a)(b) ($)			Compensation Actually Paid (CAP) to PEO (a)(c)(d) ($)			Average Summary Compensation Table Total for Non-PEO NEOs(e)(f)($)			Average Compensation Actually Paid to Non-PEO NEOs (e)(g)($)			Total Shareholder Return (h)($)			Peer Group Total Shareholder Return (h)($)			Net income ($)			Adjusted EBITDA (i)($)
	2023			10,274,921			17,022,638			3,535,130			5,335,554			578.37			154.31			1.635 billion			2.490 billion
	2022			13,010,743			5,274,544			5,079,055			2,547,482			508.47			127.96			2.756 billion			4.133 billion
	2021			8,594,555			64,815,057			3,344,194			21,392,900			643.21			155.22			1.283 billion			2.411 billion
	2020			4,915,152			4,087,859			2,876,919			2,321,984			115.69			116.52			(684) million			(175) million

(a)	The PEO for each year is Mr. Ferraro.

(b)	Values reflect total compensation as shown in the Summary Compensation Table for each year shown.

(c)

In accordance with Item 402(v) of Regulation S-K, CAP is calculated first by subtracting the amounts shown in the Stock Awards column of the Summary Compensation Total for each applicable year. (For 2023, the Stock Award amount was $5,200,116. For prior years, the amount is set forth in the Summary Compensation Table shown elsewhere in this proxy or in the proxy statement for the applicable year.) Then the following adjustments are made to the calculation:

	Year			Fair value at 12/31 of equity awards granted during the year and unvested at 12/31 ($)			Fair value at vesting of equity awards granted and vested in the year ($)			Change in fair value during the year of equity awards outstanding both on 1/1 and 12/31 ($)			Change in fair value during the year of equity awards outstanding on 1/1 that vested during the year ($)			Forfeitures of equity awards that had value on 1/1 that failed to vest during the year ($)
	2023			5,181,398			—			996,802			5,769,633			—
	2022			8,197,914			—			(8,584,873)			850,627			—
	2021			20,813,727			—			35,195,582			5,211,225			—
	2020			2,608,091			699,225			(770,708)			(159,758)			—

(d)

In addition, for 2020, $81,463 of pension earnings in the Summary Compensation Total have been removed when calculating CAP, and no additional pension values have been included for any years as there are no service costs because the Avis Rent A Car System, LLC Pension Plan was frozen as of December 31, 1998.

(e)	The non-PEO NEOs for 2023 and 2022 are Messrs. Choi, Hees and Simhambhatla and Ms. Martins; for 2021 are Messrs. Choi, Hees, Sita, and Rankin; and for 2020 are Messrs. Choi, Hees, Rankin, North and Tucker and Ms. Martins.

(f)	Values reflect the average total compensation as shown in the Summary Compensation Table for the non-PEO NEOs for each year shown.

(g)

In accordance with Item 402(v) of Regulation S-K, CAP is calculated first by subtracting the average of the amounts shown in the Stock Awards column of the Summary Compensation Total for each applicable year. (For 2023, the individual Stock Award amounts were $1,800,200, $4,000,122, $900,100 and $900,100, respectively. For prior years, the amount is set forth in the Summary Compensation Table shown elsewhere in this proxy or in the proxy statement for the applicable year.) Then the following adjustments are made to the calculation:

	Year			Fair value at 12/31 of equity awards granted during the year and unvested at 12/31 ($)			Fair value at vesting of equity awards granted and vested in the year ($)			Change in fair value during the year of equity awards outstanding both on 1/1 and 12/31 ($)			Change in fair value during the year of equity awards outstanding on 1/1 that vested during the year ($)			Forfeitures of equity awards that had value on 1/1 that failed to vest during the year ($)
	2023			1,818,532			—			263,742			1,618,281			—
	2022			3,955,662			—			(1,719,420)			(980,296)			—
	2021			6,595,092			—			11,794,300			1,534,325			—
	2020			1,481,115			27,969			(172,866)			(91,304)			(89,236)

(h)	Total Shareholder Return (“TSR”) is determined based on the value of an initial fixed investment of $100 on December 31, 2019. The peer group TSR reflects the Dow Jones US Transportation Average Index.

(i)	The Company-selected measure is Adjusted EBITDA, which is a non-GAAP financial metric. See the Compensation Discussion and Analysis section above for a description and reconciliation of this metric.

Company Selected Measure Name

Adjusted EBITDA

Named Executive Officers, Footnote

(a)	The PEO for each year is Mr. Ferraro.

(e)	The non-PEO NEOs for 2023 and 2022 are Messrs. Choi, Hees and Simhambhatla and Ms. Martins; for 2021 are Messrs. Choi, Hees, Sita, and Rankin; and for 2020 are Messrs. Choi, Hees, Rankin, North and Tucker and Ms. Martins.

Peer Group Issuers, Footnote

(h)	Total Shareholder Return (“TSR”) is determined based on the value of an initial fixed investment of $100 on December 31, 2019. The peer group TSR reflects the Dow Jones US Transportation Average Index.

PEO Total Compensation Amount

$ 10,274,921

$ 13,010,743

$ 8,594,555

$ 4,915,152

PEO Actually Paid Compensation Amount

$ 17,022,638

5,274,544

64,815,057

4,087,859

Adjustment To PEO Compensation, Footnote

(c)

In accordance with Item 402(v) of Regulation S-K, CAP is calculated first by subtracting the amounts shown in the Stock Awards column of the Summary Compensation Total for each applicable year. (For 2023, the Stock Award amount was $5,200,116. For prior years, the amount is set forth in the Summary Compensation Table shown elsewhere in this proxy or in the proxy statement for the applicable year.) Then the following adjustments are made to the calculation:

	Year			Fair value at 12/31 of equity awards granted during the year and unvested at 12/31 ($)			Fair value at vesting of equity awards granted and vested in the year ($)			Change in fair value during the year of equity awards outstanding both on 1/1 and 12/31 ($)			Change in fair value during the year of equity awards outstanding on 1/1 that vested during the year ($)			Forfeitures of equity awards that had value on 1/1 that failed to vest during the year ($)
	2023			5,181,398			—			996,802			5,769,633			—
	2022			8,197,914			—			(8,584,873)			850,627			—
	2021			20,813,727			—			35,195,582			5,211,225			—
	2020			2,608,091			699,225			(770,708)			(159,758)			—

Non-PEO NEO Average Total Compensation Amount

$ 3,535,130

5,079,055

3,344,194

2,876,919

Non-PEO NEO Average Compensation Actually Paid Amount

$ 5,335,554

2,547,482

21,392,900

2,321,984

Adjustment to Non-PEO NEO Compensation Footnote

(g)

In accordance with Item 402(v) of Regulation S-K, CAP is calculated first by subtracting the average of the amounts shown in the Stock Awards column of the Summary Compensation Total for each applicable year. (For 2023, the individual Stock Award amounts were $1,800,200, $4,000,122, $900,100 and $900,100, respectively. For prior years, the amount is set forth in the Summary Compensation Table shown elsewhere in this proxy or in the proxy statement for the applicable year.) Then the following adjustments are made to the calculation:

	Year			Fair value at 12/31 of equity awards granted during the year and unvested at 12/31 ($)			Fair value at vesting of equity awards granted and vested in the year ($)			Change in fair value during the year of equity awards outstanding both on 1/1 and 12/31 ($)			Change in fair value during the year of equity awards outstanding on 1/1 that vested during the year ($)			Forfeitures of equity awards that had value on 1/1 that failed to vest during the year ($)
	2023			1,818,532			—			263,742			1,618,281			—
	2022			3,955,662			—			(1,719,420)			(980,296)			—
	2021			6,595,092			—			11,794,300			1,534,325			—
	2020			1,481,115			27,969			(172,866)			(91,304)			(89,236)

Compensation Actually Paid vs. Total Shareholder Return

Analysis of the Information Presented in the Pay Versus Performance Table

As required by Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between CAP and the metrics presented in the Pay Versus Performance table.

For the four-year period shown in the table above, the amount of CAP is aligned with the Company’s TSR. For this same four-year period, our TSR has exceeded that of the peer group TSR presented in the table. The alignment of CAP with the Company’s TSR (and its relative TSR to the peer group) over the period presented is because a significant portion of the CAP is in the form of equity awards the value of which varies year to year for purposes of this table depending on the stock price (including for unvested awards). For example, given the significant change in the Company’s 2020 TSR of $115.69 compared to the Company’s 2021 TSR of $643.21, the amount of 2021 CAP significantly exceeds 2020. Since the Company’s 2022 TSR of $508.47 was lower than the Company’s 2021 TSR of $643.21, the amount of 2022 CAP declined, and since the Company’s 2023 TSR of $578.37 was higher than the Company’s 2022 TSR of $508.47, the amount of 2023 CAP increased.

While the Company does not use net income as a performance measure in its executive compensation program, the measure of net income is correlated with the measure of Adjusted EBITDA, which is a performance goal under both the annual and long-term incentive compensation programs. As shown in the table above, the amount of CAP does not necessarily align with the Company’s net income and adjusted EBITDA over the four years presented in the table, primarily as a result of the impact of stock price on the calculation of CAP (including for awards that remain unvested and unearned) as described above.

Compensation Actually Paid vs. Net Income

Analysis of the Information Presented in the Pay Versus Performance Table

As required by Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between CAP and the metrics presented in the Pay Versus Performance table.

For the four-year period shown in the table above, the amount of CAP is aligned with the Company’s TSR. For this same four-year period, our TSR has exceeded that of the peer group TSR presented in the table. The alignment of CAP with the Company’s TSR (and its relative TSR to the peer group) over the period presented is because a significant portion of the CAP is in the form of equity awards the value of which varies year to year for purposes of this table depending on the stock price (including for unvested awards). For example, given the significant change in the Company’s 2020 TSR of $115.69 compared to the Company’s 2021 TSR of $643.21, the amount of 2021 CAP significantly exceeds 2020. Since the Company’s 2022 TSR of $508.47 was lower than the Company’s 2021 TSR of $643.21, the amount of 2022 CAP declined, and since the Company’s 2023 TSR of $578.37 was higher than the Company’s 2022 TSR of $508.47, the amount of 2023 CAP increased.

While the Company does not use net income as a performance measure in its executive compensation program, the measure of net income is correlated with the measure of Adjusted EBITDA, which is a performance goal under both the annual and long-term incentive compensation programs. As shown in the table above, the amount of CAP does not necessarily align with the Company’s net income and adjusted EBITDA over the four years presented in the table, primarily as a result of the impact of stock price on the calculation of CAP (including for awards that remain unvested and unearned) as described above.

Compensation Actually Paid vs. Company Selected Measure

Analysis of the Information Presented in the Pay Versus Performance Table

As required by Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between CAP and the metrics presented in the Pay Versus Performance table.

For the four-year period shown in the table above, the amount of CAP is aligned with the Company’s TSR. For this same four-year period, our TSR has exceeded that of the peer group TSR presented in the table. The alignment of CAP with the Company’s TSR (and its relative TSR to the peer group) over the period presented is because a significant portion of the CAP is in the form of equity awards the value of which varies year to year for purposes of this table depending on the stock price (including for unvested awards). For example, given the significant change in the Company’s 2020 TSR of $115.69 compared to the Company’s 2021 TSR of $643.21, the amount of 2021 CAP significantly exceeds 2020. Since the Company’s 2022 TSR of $508.47 was lower than the Company’s 2021 TSR of $643.21, the amount of 2022 CAP declined, and since the Company’s 2023 TSR of $578.37 was higher than the Company’s 2022 TSR of $508.47, the amount of 2023 CAP increased.

While the Company does not use net income as a performance measure in its executive compensation program, the measure of net income is correlated with the measure of Adjusted EBITDA, which is a performance goal under both the annual and long-term incentive compensation programs. As shown in the table above, the amount of CAP does not necessarily align with the Company’s net income and adjusted EBITDA over the four years presented in the table, primarily as a result of the impact of stock price on the calculation of CAP (including for awards that remain unvested and unearned) as described above.

Total Shareholder Return Vs Peer Group

Analysis of the Information Presented in the Pay Versus Performance Table

As required by Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between CAP and the metrics presented in the Pay Versus Performance table.

For the four-year period shown in the table above, the amount of CAP is aligned with the Company’s TSR. For this same four-year period, our TSR has exceeded that of the peer group TSR presented in the table. The alignment of CAP with the Company’s TSR (and its relative TSR to the peer group) over the period presented is because a significant portion of the CAP is in the form of equity awards the value of which varies year to year for purposes of this table depending on the stock price (including for unvested awards). For example, given the significant change in the Company’s 2020 TSR of $115.69 compared to the Company’s 2021 TSR of $643.21, the amount of 2021 CAP significantly exceeds 2020. Since the Company’s 2022 TSR of $508.47 was lower than the Company’s 2021 TSR of $643.21, the amount of 2022 CAP declined, and since the Company’s 2023 TSR of $578.37 was higher than the Company’s 2022 TSR of $508.47, the amount of 2023 CAP increased.

While the Company does not use net income as a performance measure in its executive compensation program, the measure of net income is correlated with the measure of Adjusted EBITDA, which is a performance goal under both the annual and long-term incentive compensation programs. As shown in the table above, the amount of CAP does not necessarily align with the Company’s net income and adjusted EBITDA over the four years presented in the table, primarily as a result of the impact of stock price on the calculation of CAP (including for awards that remain unvested and unearned) as described above.

Tabular List, Table

Most Important Financial Measures

The financial measures determined to be most important by the Committee under our incentive compensation programs are as follows:

Adjusted EBITDA

Fixed Cost

Variable Cost

Net Promoter Score

Total Shareholder Return Amount

$ 578.37

508.47

643.21

115.69

Peer Group Total Shareholder Return Amount

154.31

127.96

155.22

116.52

Net Income (Loss)

$ 1,635,000,000

$ 2,756,000,000

$ 1,283,000,000

$ (684,000,000)

Company Selected Measure Amount

2,490,000,000

4,133,000,000

2,411,000,000

(175,000,000)

Mr. Ferraro

Mr. Ferraro

Mr. Ferraro

Mr. Ferraro

Pay vs Performance Disclosure

Adjusted EBITDA

Non-GAAP Measure Description

(i)	The Company-selected measure is Adjusted EBITDA, which is a non-GAAP financial metric. See the Compensation Discussion and Analysis section above for a description and reconciliation of this metric.

Pay vs Performance Disclosure

Fixed Cost

Pay vs Performance Disclosure

Variable Cost

Pay vs Performance Disclosure

Net Promoter Score

Pay vs Performance Disclosure

Defined Benefit Plan, Benefit Obligation

$ 81,463

PEO [Member] | Stock awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (5,200,116)

PEO [Member] | Fair value at end of year of equity awards granted during the year and unvested at end of year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

5,181,398

$ 8,197,914

$ 20,813,727

2,608,091

PEO [Member] | Fair value at vesting of equity awards granted and vested in the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

0

699,225

PEO [Member] | Change in fair value during the year of equity awards outstanding both on the beginning of the year and the ending of the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

996,802

(8,584,873)

35,195,582

(770,708)

PEO [Member] | Change in fair value during the year of equity awards outstanding on the beginning of the year that vested during the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

5,769,633

850,627

5,211,225

(159,758)

PEO [Member] | Forfeitures of equity awards that had value on the beginning of the year that failed to vest during the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

0

0

Non-PEO NEO [Member] | Fair value at end of year of equity awards granted during the year and unvested at end of year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,818,532

3,955,662

6,595,092

1,481,115

Non-PEO NEO [Member] | Fair value at vesting of equity awards granted and vested in the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

0

27,969

Non-PEO NEO [Member] | Change in fair value during the year of equity awards outstanding both on the beginning of the year and the ending of the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

263,742

(1,719,420)

11,794,300

(172,866)

Non-PEO NEO [Member] | Change in fair value during the year of equity awards outstanding on the beginning of the year that vested during the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,618,281

(980,296)

1,534,325

(91,304)

Non-PEO NEO [Member] | Forfeitures of equity awards that had value on the beginning of the year that failed to vest during the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

$ 0

$ 0

$ (89,236)

Non-PEO NEO [Member] | Brian J Choi [Member] | Stock awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,800,200)

Non-PEO NEO [Member] | Bernardo Hees [Member] | Stock awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,000,122)

Non-PEO NEO [Member] | Ravi Simhambhatla [Member] | Stock awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(900,100)

Non-PEO NEO [Member] | Izzy Martins [Member] | Stock awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (900,100)