Avis Budget Group Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Avis Budget Group filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

AVIS BUDGET GROUP, INC. (CAR) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Avis Budget Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Avis Budget Group is incorporated in Delaware. The company's primary business is Auto Rental & Leasing (No Drivers).

Why It Matters

For investors and stakeholders tracking AVIS BUDGET GROUP, INC., this filing contains several important signals. This filing provides investors with the latest financial data for Avis Budget Group, crucial for understanding the company's performance in the first quarter of 2024. As a 10-Q filing, it offers a standardized look at the company's financial health, including revenue, assets, and liabilities, allowing for comparison with previous periods and industry peers.

Risk Assessment

Risk Level: low — AVIS BUDGET GROUP, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new financial information or material changes that would elevate the risk assessment.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on performance trends in the auto rental market.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-02 — Filing Date (Date the report was filed)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
• 2023-03-31 — Prior Year Period End (Comparison period from the previous year)

Key Players & Entities

• AVIS BUDGET GROUP, INC. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 7510 (other) — Standard Industrial Classification for Auto Rental & Leasing
• DE (other) — State of Incorporation
• 1231 (date) — Fiscal year end
• 001-10308 (other) — SEC File Number
• CENDANT CORP (company) — Former company name

FAQ

Industry Context

Avis Budget Group operates in the auto rental and leasing industry, providing vehicles to consumers and businesses.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and disclosures.
2. Analyze segment performance and any new business initiatives mentioned.
3. Compare Q1 2024 results against historical performance and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous filing for the period ending December 31, 2023.

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 CAR The Nasdaq Global Select Market I

Filing Documents

• car-20240331.htm (10-Q) — 1104KB
• a08-exhibit104.htm (EX-10.4) — 119KB
• a09-exhibit105.htm (EX-10.5) — 121KB
• a10-exhibit106.htm (EX-10.6) — 119KB
• a05-exhibit311xq1f24.htm (EX-31.1) — 9KB
• a06-exhibit312xq1f24.htm (EX-31.2) — 9KB
• a07-exhibit32xq1f24.htm (EX-32) — 5KB
• 0000723612-24-000032.txt (&nbsp;) — 8479KB
• car-20240331.xsd (EX-101.SCH) — 67KB
• car-20240331_cal.xml (EX-101.CAL) — 89KB
• car-20240331_def.xml (EX-101.DEF) — 279KB
• car-20240331_lab.xml (EX-101.LAB) — 733KB
• car-20240331_pre.xml (EX-101.PRE) — 527KB
• car-20240331_htm.xml (XML) — 1273KB

Financial Information

PART I Financial Information

Financial Statement s

Item 1. Financial Statement s Consolidated Condensed Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Condensed Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited) 5 Consolidated Condensed Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Consolidated Condensed Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 8 Notes to Consolidated Condensed Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

Other Information

PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 36 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Report on Form 10-Q may be considered "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such forward-looking statements. Forward-looking statements include information concerning our future financial performance, business strategy, projected plans and objectives. These statements may be identified by the fact that they do not relate to historical or current facts and may use words such as "believes," "expects," "anticipates," "will," "should," "could," "may," "would," "intends," "projects," "estimates," "plans," "forecasts," "guidance," and similar words, expressions or phrases. The following important factors and assumptions could affect our future results and could cause actual results to differ materially from those expressed in such forward-looking statements. These factors include, but are not limited to: the high level of competition in the mobility industry, including from new companies or technology, and the impact such competition may have on pricing and rental volume; a change in our fleet costs, including as a result of a change in the cost of new vehicles, resulting from inflation or otherwise, manufacturer recalls, disruption in the supply of new vehicles, including due to labor actions or otherwise, shortages in semiconductors used in new vehicle production, and/or a change in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs; the results of operations or financial condition of the manufacturers of our vehicles, which could impact their ability to perform their payment o

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Avis Budget Group, Inc. CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (In millions, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues $ 2,551 $ 2,557 Expenses Operating 1,344 1,307 Vehicle depreciation and lease charges, net 636 265 Selling, general and administrative 325 324 Vehicle interest, net 239 133 Non-vehicle related depreciation and amortization 61 56 Interest expense related to corporate debt, net 83 73 Restructuring and other related charges 3 4 Transaction-related costs, net 1 — Other (income) expense, net 1 ( 2 ) Total expenses 2,693 2,160 Income (loss) before income taxes ( 142 ) 397 Provision for (benefit from) income taxes ( 29 ) 85 Net income (loss) ( 113 ) 312 Less: net income attributable to non-controlling interests 1 — Net income (loss) attributable to Avis Budget Group, Inc. $ ( 114 ) $ 312 Comprehensive income (loss) attributable to Avis Budget Group, Inc. $ ( 158 ) $ 302 Earnings (loss) per share Basic $ ( 3.21 ) $ 7.88 Diluted $ ( 3.21 ) $ 7.72 See Notes to Consolidated Condensed Financial Statements (Unaudited). 4 Table of Contents Avis Budget Group, Inc. CONSOLIDATED CONDENSED BALANCE SHEETS (In millions, except par value) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 522 $ 555 Receivables, net 1,032 900 Other current assets 779 684 Total current assets 2,333 2,139 Property and equipment, net 709 719 Operating lease right-of-use assets 2,750 2,654 Deferred income taxes 1,811 1,868 Goodwill 1,088 1,099 Other intangibles, net 658 670 Other non-current assets 450 441 Total assets exclusive of assets under vehicle programs 9,799 9,590 Assets under vehicle programs: Program cash 73 85 Vehicles, net 22,020 21,240 Receivables from vehicle manufacturers and other 431 443 Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party 1,205 1,211 23

View Full Filing

View this 10-Q filing on SEC EDGAR