Avis Budget Group, Inc. reports developments in global mobility services, including vehicle rental under the Avis and Budget brands, car sharing through Zipcar, and licensee operations in markets where it does not operate directly. The company operates most rental offices in North America, Europe and Australasia and describes its business through Americas and International segments.
Recurring news centers on quarterly results, fleet discipline, pricing, utilization, per-unit fleet costs and rental-day metrics. Updates also cover product and mobility initiatives such as Avis First, strategic fleet-management partnerships, customer-experience programs and fleet strategy changes, including disclosures tied to electric vehicle rental assets.
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Avis Budget Group, Inc. (NASDAQ: CAR) is set to release its first quarter 2023 results after market close on May 1, 2023. The company will also host a conference call for institutional investors on May 2, 2023, at 8:30 a.m. Eastern time to discuss these results. Investors can participate by dialing (877)-407-2991 or accessing the call via their website. A web replay will be available post-call, and a telephone replay will be accessible until May 16, 2023. Avis Budget Group is a global leader in mobility solutions, operating major car rental brands and Zipcar, with over 10,000 locations across about 180 countries.
On March 29, 2023, the NYC Department of Transportation announced a significant expansion of the curbside carshare program, adding 270 new parking spaces, with over a third allocated to Zipcar. This expansion will triple the available on-street Zipcar spaces, improving access for New Yorkers. Over 100 additional vehicles will be added, enhancing service in neighborhoods like West Village and Kew Gardens Hills. Zipcar's membership costs $9 per month or $90 annually, with driving rates starting at $12.50 per hour. The initiative aims to provide sustainable and equitable transportation, contributing to a reduction in carbon emissions.
Avis Budget Group (NASDAQ: CAR) reported strong financial results for Q4 and the full year 2022. Q4 revenues reached $2.8 billion, an 8% increase from the previous year and 28% above Q4 2019. Full-year revenues surged 29% year-over-year to $12.0 billion, marking the highest in the company's history. Net income for Q4 was $424 million, while full-year net income reached a record $2.8 billion. The company also reported an adjusted EBITDA of $658 million for Q4 and $4.1 billion for the year. Avis Budget's liquidity was approximately $1.6 billion, with no significant debt maturities until 2024. The board approved a $1 billion increase to share repurchase authorization.
Zipcar is expanding its on-street vehicle access in New York City after a successful pilot program with the NYC Department of Transportation. Starting February 7, 2023, eighty new curbside parking spaces will be made available for Zipcar vehicles in Brooklyn, Queens, and the Bronx. This initiative aims to improve quality of life for nearly one thousand households by providing convenient access to shared vehicles. Zipcar has added 800 hybrid vehicles in 2022 and plans to increase its eco-friendly fleet. According to its 2022 North American Transportation Survey, 69% of members from marginalized communities reported improved quality of life since joining.