Avis Budget Group Inc.
Avis Budget Group Reports Fourth Quarter and Full Year 2023 Financial Results
Summary
Avis Budget Group, Inc. reported a record full-year revenue of $12.0 billion for 2023, with net income of $1.6 billion and Adjusted EBITDA of $2.5 billion. The company's liquidity position was strong, with over $800 million in cash and an additional $900 million of fleet funding capacity. The company also announced a one-time special cash dividend of $10 per share and share repurchases totaling $257 million in the fourth quarter. Additionally, the company issued $500 million Senior Notes and used the proceeds to redeem existing debt and repay a portion of a term loan.
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About Avis Budget Group Inc.
Avis Budget Group Inc. is a prominent provider in the vehicle rental and car sharing industry, operating through its well-recognized brands including Avis, Budget, and Zipcar. Its primary function is to offer vehicle leasing services to a variety of customer segments, ranging from individual travelers to large corporate clients. Avis Budget Group significantly impacts the travel and tourism sector, providing essential rental solutions that enhance mobility and convenience for consumers globally. Headquartered in Parsippany, New Jersey, the company maintains a strong presence in over 180 countries, leveraging a comprehensive network that includes on-airport and off-airport locations. Avis Budget Group plays a critical role in the mobility industry, utilizing technology and innovation to streamline the rental experience, such as through mobile app interfaces and automated service offerings. Its strategic position in fleet management and vehicle sales further underscores its importance in the broader transportation market.
Official SEC Documents
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