Avis Budget Group Inc. announced revenues of $2.6 billion for the fourth quarter of 2021 and $9.3 billion for the full year. Fourth quarter revenues were 90% above 2020 and 19% above the fourth quarter of 2019. Full year revenues increased 72% compared to the prior year and were 2% above 2019.
Net income was $381 million and adjusted EBITDA was $683 million, the company’s best fourth quarter adjusted EBITDA in company history, driven by strong pricing, increased demand, cost mitigating actions.
Revenues were driven by increased revenue per day and rental days as demand continued from the third quarter, the company reported. Utilization for the quarter was 68.2%.
For the full year, net income was $1.3 billion and adjusted EBITDA was $2.4 billion, both new full-year records.
“Our strong performance continued in the fourth quarter with all of our key metrics beating pre-pandemic levels in the Americas,” said Joe Ferraro, Avis Budget Group CEO, in a statement. “We were able to achieve these results and deliver the best year in our company's history despite the emergence of Omicron.”
The dramatic shifts in performance across the board from the fourth quarter of 2021 and full year reflect the effects of the global pandemic on both years.
For the fourth quarter in the Americas, Avis increased rental days by 62%, increased revenue per day by 26% ($59.41 to $74.92), increased average rental fleet 40% (from 310,676 to 435,403) and lowered per-unit fleet costs per month by 21% ($216 to $170).
For the full year in the Americas, Avis increased rental days by 39%, revenue per day by 37% (from $55.05 to $75.61), average rental fleet 4% (from 372,222 to 385,610), utilization from 52.9% to 70.9%, and lowered per-unit fleet costs per month by 16% (from $217 to $183).
International saw similar but slightly less dramatic improvements.