On Oct. 31, Avis Budget Group, Inc. announced financial results for its third quarter 2022.

The rental company saw revenues at $3.5 billion, 18% above third quarter 2021, a new quarterly revenue record surpassing its second quarter 2022 record, driven by continued strong demand and increased revenue per day, according to the release.

Net income was $1 billion and adjusted EBITDA was $1.5 billion, also representing the company’s best quarterly net income and adjusted EBITDA in its history. 

Joe Ferraro, Avis Budget Group CEO, said: “Despite growing concerns around an economic slowdown, our strong summer performance, driven by increased demand in both the commercial and leisure segments, carried through to September. We remain optimistic this will continue throughout the fall and into the holiday season.”

Q3 2022 Highlights

• Total company revenues increased by 18% and 29% compared to third quarter 2021 and 2019, respectively.

• Adjusted EBITDA in the Americas was $1.2 billion for the third quarter 2022 driven by record demand.  

• Adjusted EBITDA in international was $291 million for the third quarter 2022 driven by increased pricing and return of demand, according to the company. It is the best quarterly adjusted EBITDA in international's history.

In Q3, Avis deployed QuickPass across all major U.S. airports, allowing customers to bypass the counter, select their vehicle, and use an automated express exit and completion of their rental, including their receipt, through their phone. Additionally, Avis continues to invest in the build-out of its electric vehicle infrastructure, its announcement said.

Despite its increased revenue, interestingly, the company’s stock dipped about 10% after its report.