Avis Surprises with Record $12B Revenue for 2022

Avis Budget Group announced financial results for fourth quarter and full year ending Dec. 31, 2022.

The company ended 2022 with fourth-quarter revenues 8% above prior year and 28% above fourth-quarter 2019, driven by increased revenue per day and strong demand from its commercial business and leisure holiday travel, according to the news release.

Full year revenues increased 29% compared to the prior year and 31% compared to 2019. Adjusted EBITDA was $4.1 billion, a full year record for the company.

Q4 and Full Year Highlights

• Total company revenues was $2.8 billion for the fourth quarter and $12 billion for 2022 driven by strong demand and pricing. It is the best full year revenue in the company’s history.
• Adjusted EBITDA in the Americas was $624 million for the fourth quarter and $3.7 billion for 2022 driven by record demand. It is the best full year adjusted EBITDA in Americas’ history.
• Adjusted EBITDA internationally was $63 million for the fourth quarter and $560 million for 2022 driven by increased pricing and return of demand. It is the best full year adjusted EBITDA in international’s history.

Four analysts surveyed by Zacks Investment Research had an average estimate of $6.85 per share. Avis closed trading with a share price of $220.50, rising 22% in the last 12 months.