Avis Budget Group Files Q2 2024 10-Q

TL;DR

Avis Budget Group's Q2 2024 10-Q is in. Get the latest on their financials.

AI Summary

Avis Budget Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented, alongside comparative data from previous periods.

Why It Matters

This filing provides investors and analysts with the latest financial data for Avis Budget Group, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details within can reveal significant risks or opportunities.

Key Numbers

• 2024 Q2 — Reporting Period (Financial results for the second quarter of 2024.)
• 2023-06-30 — Prior Period End (Comparative financial data from the second quarter of 2023.)

Key Players & Entities

• AVIS BUDGET GROUP, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• PARSIPPANY, NJ (location) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• car-20240630.htm (10-Q) — 1428KB
• a08-ex101xeighthamendment.htm (EX-10.1) — 1276KB
• a05-exhibit311xq2f24.htm (EX-31.1) — 9KB
• a06-exhibit312xq2f24.htm (EX-31.2) — 9KB
• a07-exhibit32xq2f24.htm (EX-32) — 5KB
• 0000723612-24-000045.txt ( ) — 10669KB
• car-20240630.xsd (EX-101.SCH) — 68KB
• car-20240630_cal.xml (EX-101.CAL) — 91KB
• car-20240630_def.xml (EX-101.DEF) — 279KB
• car-20240630_lab.xml (EX-101.LAB) — 757KB
• car-20240630_pre.xml (EX-101.PRE) — 537KB
• car-20240630_htm.xml (XML) — 1586KB

Financial Information

PART I Financial Information

Financial Statement s

Item 1. Financial Statement s Consolidated Condensed Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Consolidated Condensed Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 5 Consolidated Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Consolidated Condensed Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 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 29

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 39

Other Information

PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 3,048 $ 3,123 $ 5,599 $ 5,680 Expenses Operating 1,532 1,475 2,876 2,782 Vehicle depreciation and lease charges, net 733 375 1,369 640 Selling, general and administrative 348 378 673 702 Vehicle interest, net 244 172 483 305 Non-vehicle related depreciation and amortization 58 52 119 108 Interest expense related to corporate debt, net: Interest expense 88 68 171 141 Early extinguishment of debt 1 — 1 — Restructuring and other related charges 14 1 17 5 Transaction-related costs, net 1 — 2 — Other (income) expense, net 2 4 3 2 Total expenses 3,021 2,525 5,714 4,685 Income (loss) before income taxes 27 598 ( 115 ) 995 Provision for (benefit from) income taxes 12 162 ( 17 ) 247 Net income (loss) 15 436 ( 98 ) 748 Less: net income attributable to non-controlling interests 1 1 2 1 Net income (loss) attributable to Avis Budget Group, Inc. $ 14 $ 435 $ ( 100 ) $ 747 Comprehensive income (loss) attributable to Avis Budget Group, Inc. $ 19 $ 456 $ ( 139 ) $ 758 Earnings (loss) per share Basic $ 0.41 $ 11.13 $ ( 2.80 ) $ 19.16 Diluted $ 0.41 $ 11.01 $ ( 2.80 ) $ 18.93 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 511 $ 555 Receivables, net 1,062 900 Other current assets 887 684 Total current assets 2,460 2,139 Property and equipment, net 704 719 Operating lease right-of-use assets 2,754 2,654 Deferred income taxes 1,715 1,868 Goodwill 1,087 1,099 Other intangibles, net 650 670 Other non-current assets 445 441 Total assets exclusive of assets u

View Full Filing

View this 10-Q filing on SEC EDGAR