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Avis Budget Group Inc. (CAR) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing revenues of approximately $11.8 billion, a net loss of $1.8 billion, and Adjusted EBITDA of $628 million for the year. The net loss reflects a $2.5 billion charge for long-lived asset impairment and other related charges.
Avis Budget Group operates through two primary segments: Americas and International. The Americas segment reported revenues of $9.1 billion, while the International segment reported revenues of $2.7 billion.
The company changed its fleet strategy in the fourth quarter of 2024, accelerating certain fleet rotations to decrease the age of its fleet, which contributed to the impairment charge.
Operating expenses increased to 51% of revenues, and vehicle depreciation and lease charges increased to 25.2% of revenues, primarily due to higher per-unit fleet costs and adjusted depreciation.
Avis Budget reported a decrease in revenue per day by 3%, excluding exchange rate effects, and a 1% increase in rental volume. Vehicle interest costs rose to 8% of revenues due to rising interest rates.
The company issued $700 million of 8.250% Senior Notes due January 2030 and €600 million of 7.000% euro-denominated Senior Notes due February 2029 during 2024, using proceeds to refinance existing debt and for general corporate purposes.
Avis Budget also repurchased approximately 0.6 million shares of common stock at a cost of $45 million under its Stock Repurchase Program, with $757 million remaining available for future repurchases.
As of December 31, 2024, Avis Budget reported total assets of $29 billion, including $19.4 billion under vehicle programs, and total liabilities of $31.4 billion, with $20.3 billion under vehicle programs.
The filing also discusses various risks, including competition in the mobility industry, fleet costs, and exposure to currency exchange rate fluctuations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Avis Budget Group Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.