Avis Budget Group Reports Peak Demand in Q3 Results

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.