Avis Budget Group Announces Strong Q1 Results with Record Revenues and Strategic Fleet Management

Avis Budget Group Reports First Quarter Results

PARSIPPANY, N.J., May 1, 2024 – Avis Budget Group, Inc. (NASDAQ: CAR) released its financial results for the first quarter of 2024, highlighting robust revenue growth and strategic operational improvements.

In Q1 2024, Avis Budget Group achieved revenues of $2.6 billion, fueled by continued strong travel demand. Despite a net loss of $113 million, the company reported an Adjusted EBITDA of $12 million. The company's liquidity position stood at approximately $0.7 billion, with an additional $3.8 billion in fleet funding capacity. Notably, after repaying euro notes in April, the company has no significant debt maturities until 2027.

CEO Joe Ferraro remarked, "The strong travel demand from last year continued into the first quarter with record volume in the Americas and improved pricing trends. We took decisive actions to align our fleet size, disposing of a record number of vehicles, setting us up for success in the peak travel seasons."

Q1 Highlights:

• Revenues: $2.6 billion, with a 5% increase in rental days compared to Q1 2023.
• Adjusted EBITDA in the Americas: $44 million.
• Adjusted EBITDA loss in International markets: $15 million.
• Issued €600 million Senior Notes due February 2029, redeeming €350 million Senior Notes due January 2026.

Avis Budget Group remains a leading provider of mobility solutions through its Avis, Budget, and Zipcar brands, operating approximately 10,250 rental locations in around 180 countries.

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