October started off strong for Avis Budget Group and it expects to continue throughout the holiday season.
Graphic: Avis Budget Group / Bobit
Avis Budget Group, Inc. ended the third quarter with revenues of $3.6 billion, driven by peak demand and seasonal revenue per day increases, according to company financial results announced Nov. 1.
Net income was $627 million and adjusted EBITDA was $907 million.
The company’s liquidity position at the end of the quarter was about $1 billion, with an additional $1.1 billion of fleet funding capacity. Avis Budget Group has well-laddered corporate debt with no meaningful maturities until mid-2025.
“We had record volume in the Americas with anticipated seasonal price improvements transitioning from the second to the third quarter,” said Joe Ferraro, Avis Budget Group CEO, in a news release. “October started off strong and we expect it to continue throughout the holiday season.”
Avis Budget Group Q3 Highlights
- Revenues were $3.6 billion with rental days up 5% compared to Q3 2022.
- Adjusted EBITDA in the Americas was $740 million, driven by strong demand and a seasonal revenue per day increase.
- Adjusted EBITDA in International was $196 million, driven by peak demand.
- Avis repurchased about 2.2 million shares of common stock for a total of $487 million during the quarter.
- In July 2023, Avis issued $429.5 million Senior Notes due July 2030 primarily to redeem $322.1 million senior notes due November 2024.
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