Avis Budget Group Files Q3 2024 10-Q

TL;DR

AVIS Q3 2024 10-Q filed. Financials and ops details out.

AI Summary

Avis Budget Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides crucial financial and operational insights into Avis Budget Group's performance during the third quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details and operational performance within this report could reveal risks or opportunities for Avis Budget Group.

Key Numbers

• 2024 Q3 — Reporting Period (The filing covers the third quarter of 2024.)
• 12/31 — Fiscal Year End (Avis Budget Group's fiscal year ends on December 31st.)

Key Players & Entities

• AVIS BUDGET GROUP, INC. (company) — Filer of the 10-Q
• 20240930 (date) — Period of report for the 10-Q
• 20241101 (date) — Filing date of the 10-Q
• PARSIPPANY, NJ (location) — Business and mailing 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-20240930.htm (10-Q) — 1468KB
• a05-exhibit311xq3f24.htm (EX-31.1) — 9KB
• a06-exhibit312xq3f24.htm (EX-31.2) — 9KB
• a07-exhibit32xq3f24.htm (EX-32) — 5KB
• 0000723612-24-000052.txt ( ) — 9531KB
• car-20240930.xsd (EX-101.SCH) — 71KB
• car-20240930_cal.xml (EX-101.CAL) — 93KB
• car-20240930_def.xml (EX-101.DEF) — 306KB
• car-20240930_lab.xml (EX-101.LAB) — 776KB
• car-20240930_pre.xml (EX-101.PRE) — 568KB
• car-20240930_htm.xml (XML) — 1648KB

Financial Information

PART I Financial Information

Financial Statement s

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

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 41

Other Information

PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 42

Signatures

Signatures 43 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues $ 3,480 $ 3,564 $ 9,079 $ 9,244 Expenses Operating 1,575 1,543 4,451 4,325 Vehicle depreciation and lease charges, net 806 517 2,175 1,157 Selling, general and administrative 367 397 1,040 1,099 Vehicle interest, net 241 208 724 513 Non-vehicle related depreciation and amortization 58 55 177 163 Interest expense related to corporate debt, net: Interest expense 95 80 266 221 Early extinguishment of debt — 1 1 1 Restructuring and other related charges 6 2 23 7 Transaction-related costs, net — 3 2 3 Other (income) expense, net 3 1 6 3 Total expenses 3,151 2,807 8,865 7,492 Income before income taxes 329 757 214 1,752 Provision for income taxes 91 130 74 377 Net income 238 627 140 1,375 Less: net income attributable to non-controlling interests 1 1 3 2 Net income attributable to Avis Budget Group, Inc. $ 237 $ 626 $ 137 $ 1,373 Comprehensive income attributable to Avis Budget Group, Inc. $ 260 $ 586 $ 121 $ 1,344 Earnings per share Basic $ 6.67 $ 16.96 $ 3.86 $ 35.11 Diluted $ 6.65 $ 16.78 $ 3.84 $ 34.71 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 602 $ 555 Receivables, net 917 900 Other current assets 800 684 Total current assets 2,319 2,139 Property and equipment, net 700 719 Operating lease right-of-use assets 2,886 2,654 Deferred income taxes 1,565 1,868 Goodwill 1,109 1,099 Other intangibles, net 647 670 Other non-current assets 421 441 Total assets exclusive of assets under vehicle programs 9,647 9,590 Assets und

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View this 10-Q filing on SEC EDGAR