Avis Budget Stock Price, News & Analysis

Zipcar is expanding its partnership with the City of Philadelphia by adding nearly 50 vehicles to on-street parking spots, enhancing access to car-sharing services since 2007. This initiative supports Philadelphia's Transit Plan aimed at reducing personal vehicle reliance and promoting sustainable transport. Notably, 81% of Zipcar members in Philadelphia do not own a car, saving an average of $633 monthly compared to traditional car ownership. The move aligns with the city’s goal to improve mobility and decrease congestion.

Avis Budget Group (NASDAQ: CAR) plans to release its Q1 2021 results post-market on May 3rd, 2021. A conference call to discuss these results will be held on May 4th, 2021, at 8:30 a.m. Eastern time. Investors can participate via ir.avisbudgetgroup.com or by calling (877)-407-2991.

The company operates globally with over 10,000 rental locations and is a leader in mobility solutions through its Avis, Budget, and Zipcar brands.

Avis Budget Group announced a $500 million offering of 4.75% senior notes due 2028, increasing from a previously planned $350 million. The offering is set to close on March 23, 2021. Proceeds will be used to redeem 6.375% senior notes due 2024 and 5.250% senior notes due 2025, along with covering related expenses. The notes are available only to qualified institutional buyers under Rule 144A and are not registered under the Securities Act. Avis Budget Group is a global provider of mobility solutions with over 10,000 rental locations worldwide.

Avis Budget Group (NASDAQ: CAR) announced its intention to offer $350 million in senior notes due 2028 via its subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc. The net proceeds will be used to redeem existing 6.375% senior notes due 2024 and cover related expenses. This offering is targeted at qualified institutional buyers under Rule 144A of the Securities Act. The Notes and guarantees are unregistered and cannot be sold in the U.S. without exemption. The company faces uncertainties that could impact the offering due to market conditions and the COVID-19 pandemic.

Avis Budget Group (NASDAQ: CAR) announced a private offering of $600 million in 5.375% senior notes due 2029. The offering is set to close on March 1, 2021. The proceeds will be used to redeem existing 10.500% senior secured notes due 2025, along with associated fees. These notes will be available exclusively to qualified institutional buyers and will not be registered under the Securities Act. The company highlighted potential risks, including market conditions and the economic impacts of the COVID-19 pandemic.

Avis Budget Group (NASDAQ: CAR) announced a private offering of $600 million in senior notes due 2029. The offering is contingent on market conditions and will be guaranteed by the company and select subsidiaries. Proceeds will be used to redeem outstanding 10.500% senior secured notes due 2025, along with related fees. The offering complies with Rule 144A and is not open to U.S. residents except under specific exemptions. The press release serves informational purposes and does not represent a solicitation for securities.

Avis Budget Group (NASDAQ: CAR) reported a 37% revenue decline in Q4 2020, resulting in a net loss of $90 million. Despite challenges from the COVID-19 pandemic, the company achieved a positive Adjusted EBITDA of $74 million through cost reductions exceeding $500 million.

For the full year, revenue dropped 41%, with a net loss of $684 million. The company maintained a liquidity position of $1.3 billion, enabling continued fleet investment for 2021. Leadership emphasized the strong performance in the Americas' Adjusted EBITDA margins, noting that effective cost management remains a key focus moving forward.

Avis Budget Group (NASDAQ: CAR) will announce its Q4 2020 and full year results on February 16, 2021, after market close. A conference call for institutional investors is scheduled for February 17, 2021, at 8:30 a.m. Eastern, where results will be discussed. The call can be accessed via ir.avisbudgetgroup.com or by calling (877)-407-2991. A web replay will be available afterward. Avis Budget operates over 11,000 rental locations across approximately 180 countries and is headquartered in Parsippany, N.J.

Avis Budget Group reported third quarter 2020 results with a net income of $45 million and adjusted net income of $79 million despite a 44% drop in revenue year-over-year. Positive adjusted EBITDA reached $220 million through aggressive cost-cutting, removing approximately $1 billion in costs during the quarter and $2 billion year-to-date. The company's liquidity position improved to $2.4 billion, enabling plans to reinvest in its 2021 fleet. Though the fourth quarter is expected to experience normal seasonal declines, Avis anticipates remaining positive in adjusted EBITDA and adjusted free cash flow.