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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
| | |
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
| | |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _____ to _____
Commission File No. 001-10308
| | |
Avis Budget Group, Inc. |
(Exact name of registrant as specified in its charter) |
| | | | | | | | |
| Delaware | | 06-0918165 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification Number) |
| 379 Interpace Parkway | | |
Parsippany, NJ | | 07054 |
| (Address of principal executive offices) | | (Zip Code) |
| (973) 496-4700 | |
| (Registrant’s telephone number, including area code) | |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, Par Value $0.01 | CAR | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
| Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ |
| Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the issuer’s common stock was 35,139,198 shares as of October 30, 2024.
Table of Contents
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| | Page |
| PART I | | |
| Item 1. | | |
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| Item 2. | | |
| Item 3. | | |
| Item 4. | | |
| PART II | | |
| Item 1. | | |
| Item 1A. | | |
| Item 2. | | |
| Item 5. | | |
| Item 6. | | |
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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 obligations under our agreements with them, including repurchase and/or guaranteed depreciation arrangements, and/or their willingness or ability to make vehicles available to us or the mobility industry as a whole on commercially reasonable terms or at all;
•levels of and volatility in travel demand, including future volatility in airline passenger traffic;
•a deterioration in economic conditions, resulting in a recession or otherwise, particularly during our peak season or in key market segments;
•an occurrence or threat of terrorism, pandemics, severe weather events or natural disasters, military conflicts, including the ongoing military conflicts in the Middle East and Eastern Europe, or civil unrest in the locations in which we operate, and the potential effects of sanctions on the world economy and markets and/or international trade;
•any substantial changes in the cost or supply of fuel, vehicle parts, energy, labor or other resources on which we depend to operate our business, including as a result of pandemics, inflation, the ongoing military conflicts in the Middle East and Eastern Europe, and any embargoes on oil sales imposed on or by the Russian government;
•our ability to successfully implement or achieve our business plans and strategies, achieve and maintain cost savings and adapt our business to changes in mobility;
•political, economic or commercial instability in the countries in which we operate, and our ability to conform to multiple and conflicting laws or regulations in those countries;
•the performance of the used vehicle market from time to time, including our ability to dispose of vehicles in the used vehicle market on attractive terms;
•our dependence on third-party distribution channels, third-party suppliers of other services and co-marketing arrangements with third parties;
•risks related to completed or future acquisitions or investments that we may pursue, including the incurrence of incremental indebtedness to help fund such transactions and our ability to promptly and
effectively integrate any acquired businesses or capitalize on joint ventures, partnerships and other investments;
•our ability to utilize derivative instruments, and the impact of derivative instruments we utilize, which can be affected by fluctuations in interest rates, fuel prices and exchange rates, changes in government regulations and other factors;
•our exposure to uninsured or unpaid claims in excess of historical levels and our ability to obtain insurance at desired levels and the cost of that insurance;
•risks associated with litigation or governmental or regulatory inquiries, or any failure or inability to comply with laws, regulations or contractual obligations or any changes in laws, regulations or contractual obligations, including with respect to personally identifiable information and consumer privacy, labor and employment, and tax;
•risks related to protecting the integrity of, and preventing unauthorized access to, our information technology systems or those of our third-party vendors, licensees, dealers, independent operators and independent contractors, and protecting the confidential information of our employees and customers against security breaches, including physical or cybersecurity breaches, attacks, or other disruptions, compliance with privacy and data protection regulation, and the effects of any potential increase in cyberattacks on the world economy and markets and/or international trade;
•any impact on us from the actions of our third-party vendors, licensees, dealers, independent operators and independent contractors and/or disputes that may arise out of our agreements with such parties;
•any major disruptions in our communication networks or information systems;
•risks related to tax obligations and the effect of future changes in tax laws and accounting standards;
•risks related to our indebtedness, including our substantial outstanding debt obligations, recent and future interest rate increases, which increase our financing costs, downgrades by rating agencies and our ability to incur substantially more debt;
•our ability to obtain financing for our global operations, including the funding of our vehicle fleet through the issuance of asset-backed securities and use of the global lending markets;
•our ability to meet the financial and other covenants contained in the agreements governing our indebtedness, or to obtain a waiver or amendment of such covenants should we be unable to meet such covenants;
•significant changes in the assumptions and estimates that are used in our impairment testing for goodwill or intangible assets, which could result in a significant impairment of our goodwill or intangible assets; and
•other business, economic, competitive, governmental, regulatory, political or technological factors affecting our operations, pricing or services.
We operate in a continuously changing business environment and new risk factors emerge from time to time. New risk factors, factors beyond our control, or changes in the impact of identified risk factors may cause actual results to differ materially from those set forth in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Moreover, we do not assume responsibility if future results are materially different from those forecasted or anticipated. Other factors and assumptions not identified above, including those discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Item 2 and “Risk Factors” in Item 1A in this quarterly report and in similarly titled sections set forth in Item 7 and in Item 1A and in other portions of our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2024 (the “2023 Form 10-K”), may cause actual results to differ materially from those projected in any forward-looking statements.
Although we believe that our assumptions are reasonable, any or all of our forward-looking statements may prove to be inaccurate and we can make no guarantees about our future performance. Should unknown risks or uncertainties materialize or underlying assumptions prove inaccurate, actual results could differ materially from past results and/or those anticipated, estimated or projected. We undertake no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
PART I — FINANCIAL INFORMATION
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).
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 under vehicle programs: | | | |
| Program cash | 44 | | | 85 | |
| Vehicles, net | 21,352 | | | 21,240 | |
| Receivables from vehicle manufacturers and other | 423 | | | 443 | |
| Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party | 1,283 | | | 1,211 | |
| | 23,102 | | | 22,979 | |
| Total Assets | $ | 32,749 | | | $ | 32,569 | |
| | | | |
| Liabilities and Stockholders’ Equity | | | |
| Current liabilities: | | | |
| Accounts payable and other current liabilities | $ | 2,786 | | | $ | 2,627 | |
| Short-term debt and current portion of long-term debt | 540 | | | 32 | |
| Total current liabilities | 3,326 | | | 2,659 | |
| | | | |
| Long-term debt | 5,465 | | | 4,791 | |
| Long-term operating lease liabilities | 2,351 | | | 2,117 | |
| Other non-current liabilities | 509 | | | 528 | |
| Total liabilities exclusive of liabilities under vehicle programs | 11,651 | | | 10,095 | |
| | | | |
| Liabilities under vehicle programs: | | | |
| Debt | 4,056 | | | 3,496 | |
| Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party | 13,837 | | | 15,441 | |
| Deferred income taxes | 3,114 | | | 3,418 | |
| Other | 320 | | | 462 | |
| | 21,327 | | | 22,817 | |
Commitments and contingencies (Note 12) | | | |
| | | | |
| Stockholders’ equity: | | | |
| Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period | — | | | — | |
| Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period | 1 | | | 1 | |
| Additional paid-in capital | 6,615 | | | 6,634 | |
| Retained earnings | 3,988 | | | 3,854 | |
| Accumulated other comprehensive loss | (112) | | | (96) | |
| Treasury stock, at cost—102 shares, in each period | (10,730) | | | (10,742) | |
Stockholders’ equity attributable to Avis Budget Group, Inc. | (238) | | | (349) | |
| Non-controlling interests | 9 | | | 6 | |
| Total stockholders’ equity | (229) | | | (343) | |
| Total Liabilities and Stockholders’ Equity | $ | 32,749 | | | $ | 32,569 | |
See Notes to Consolidated Condensed Financial Statements (Unaudited).
Avis Budget Group, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | |
| | | | Nine Months Ended
September 30, |
| | | | 2024 | | 2023 |
| Operating activities | | | |
| Net income | $ | 140 | | | $ | 1,375 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Vehicle depreciation | 1,940 | | | 1,631 | |
| Amortization of right-of-use assets | 831 | | | 824 | |
| (Gain) loss on sale of vehicles, net | 120 | | | (600) | |
| Non-vehicle related depreciation and amortization | 177 | | | 163 | |
| | | | |
| Stock-based compensation | 14 | | | 24 | |
| Amortization of debt financing fees | 36 | | | 29 | |
| Early extinguishment of debt costs | 1 | | | 1 | |
| Net change in assets and liabilities: | | | |
| | Receivables | (62) | | | (84) | |
| | Income taxes and deferred income taxes | 38 | | | 251 | |
| | Accounts payable and other current liabilities | 57 | | | 28 | |
| Operating lease liabilities | (822) | | | (821) | |
| Other, net | 276 | | | 214 | |
| Net cash provided by operating activities | 2,746 | | | 3,035 | |
| | | | | |
| Investing activities | | | |
| Property and equipment additions | (135) | | | (180) | |
| Proceeds received on asset sales | 2 | | | 1 | |
| Net assets acquired (net of cash acquired) | (3) | | | (52) | |
| | | |
| Other, net | 12 | | | — | |
| Net cash used in investing activities exclusive of vehicle programs | (124) | | | (231) | |
| | | | | |
| Vehicle programs: | | | |
| Investment in vehicles | (8,153) | | | (12,609) | |
| Proceeds received on disposition of vehicles | 5,653 | | | 6,106 | |
| Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | (668) | | | (425) | |
| Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party | 596 | | | 229 | |
| | (2,572) | | | (6,699) | |
| Net cash used in investing activities | (2,696) | | | (6,930) | |
Avis Budget Group, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
(Unaudited)
| | | | | | | | | | | | | | |
| | | Nine Months Ended
September 30, |
| | | 2024 | | 2023 |
| Financing activities | | | |
| Proceeds from long-term borrowings | $ | 1,569 | | | $ | 439 | |
| Payments on long-term borrowings | (396) | | | (343) | |
| | | |
| | | |
| Repurchases of common stock | (25) | | | (690) | |
| Debt financing fees | (27) | | | (9) | |
| | | |
| | | |
| Net cash provided by (used in) financing activities exclusive of vehicle programs | 1,121 | | | (603) | |
| | | | |
| Vehicle programs: | | | |
| Proceeds from borrowings | 16,536 | | | 18,214 | |
| Payments on borrowings | (17,657) | | | (13,594) | |
| Debt financing fees | (43) | | | (39) | |
| | (1,164) | | | 4,581 | |
| Net cash provided by (used in) financing activities | (43) | | | 3,978 | |
| | | | |
| Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | (2) | | | (4) | |
| | | | |
| Net increase in cash and cash equivalents, program and restricted cash | 5 | | | 79 | |
| Cash and cash equivalents, program and restricted cash, beginning of period | 644 | | | 642 | |
| Cash and cash equivalents, program and restricted cash, end of period | $ | 649 | | | $ | 721 | |
See Notes to Consolidated Condensed Financial Statements (Unaudited).
Avis Budget Group, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Stockholders’ Equity Attributable to Avis Budget Group, Inc. | | Non-controlling Interests | | Total Stockholders’ Equity |
| Shares | | Amount | | | | | Shares | | Amount | | | |
| Balance at June 30, 2024 | 137.1 | | | $ | 1 | | | $ | 6,616 | | | $ | 3,751 | | | $ | (135) | | | (101.4) | | | $ | (10,723) | | | $ | (490) | | | $ | 8 | | | $ | (482) | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Comprehensive income: | | | | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | 237 | | | — | | | — | | | — | | | 237 | | | 1 | | | 238 | |
| Other comprehensive income | — | | | — | | | — | | | — | | | 23 | | | — | | | — | | | 23 | | | — | | | 23 | |
| Total comprehensive income | | | | | | | 237 | | | 23 | | | | | | | 260 | | | 1 | | | 261 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net activity related to restricted stock units | — | | | — | | | (1) | | | — | | | — | | | — | | | 1 | | | — | | | — | | | — | |
| Repurchases of common stock | — | | | — | | | — | | | — | | | — | | | (0.1) | | | (8) | | | (8) | | | — | | | (8) | |
| Balance at September 30, 2024 | 137.1 | | | $ | 1 | | | $ | 6,615 | | | $ | 3,988 | | | $ | (112) | | | (101.5) | | | $ | (10,730) | | | $ | (238) | | | $ | 9 | | | $ | (229) | |
| | | | | | | | | | | | | | | | | | | |
| Balance at June 30, 2023 | 137.1 | | | $ | 1 | | | $ | 6,625 | | | $ | 3,326 | | | $ | (90) | | | (98.0) | | | $ | (9,991) | | | $ | (129) | | | $ | 4 | | | $ | (125) | |
| | | | | | | | | | | | | | | | | | | |
| Comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | 626 | | | — | | | — | | | — | | | 626 | | | 1 | | | 627 | |
| Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (40) | | | — | | | — | | | (40) | | | — | | | (40) | |
| Total comprehensive income (loss) | | | | | | | 626 | | | (40) | | | | | | | 586 | | | 1 | | | 587 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net activity related to restricted stock units | — | | | — | | | 1 | | | — | | | — | | | — | | | — | | | 1 | | | — | | | 1 | |
Repurchases of common stock (a) | — | | — | | — | | — | | — | | (2.2) | | | (491) | | | (491) | | | — | | (491) | |
| Balance at September 30, 2023 | 137.1 | | | $ | 1 | | | $ | 6,626 | | | $ | 3,952 | | | $ | (130) | | | (100.2) | | | $ | (10,482) | | | $ | (33) | | | $ | 5 | | | $ | (28) | |
__________
(a) Amount includes excise taxes due under the Inflation Reduction Act of 2022.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Stockholders’ Equity Attributable to Avis Budget Group, Inc. | | Non-controlling Interests | | Total Stockholders’ Equity |
| Shares | | Amount | | | | | Shares | | Amount | | | |
| Balance at December 31, 2023 | 137.1 | | | $ | 1 | | | $ | 6,634 | | | $ | 3,854 | | | $ | (96) | | | (101.6) | | | $ | (10,742) | | | $ | (349) | | | $ | 6 | | | $ | (343) | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | 137 | | | — | | | — | | | — | | | 137 | | | 3 | | | 140 | |
| Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (16) | | | — | | | — | | | (16) | | | — | | | (16) | |
| Total comprehensive income (loss) | | | | | | | 137 | | | (16) | | | | | | | 121 | | | 3 | | | 124 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net activity related to restricted stock units | — | | | — | | | (19) | | | (3) | | | — | | | 0.2 | | | 20 | | | (2) | | | — | | | (2) | |
| Repurchases of common stock | — | | | — | | | — | | | — | | | — | | | (0.1) | | | (8) | | | (8) | | | — | | | (8) | |
| Balance at September 30, 2024 | 137.1 | | | $ | 1 | | | $ | 6,615 | | | $ | 3,988 | | | $ | (112) | | | (101.5) | | | $ | (10,730) | | | $ | (238) | | | $ | 9 | | | $ | (229) | |
| | | | | | | | | | | | | | | | | | | |
| Balance at December 31, 2022 | 137.1 | | | $ | 1 | | | $ | 6,666 | | | $ | 2,579 | | | $ | (101) | | | (97.6) | | | $ | (9,848) | | | $ | (703) | | | $ | 3 | | | $ | (700) | |
| | | | | | | | | | | | | | | | | | | |
| Comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | 1,373 | | | — | | | — | | | — | | | 1,373 | | | 2 | | | 1,375 | |
| Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (29) | | | — | | | — | | | (29) | | | — | | | (29) | |
| Total comprehensive income (loss) | | | | | | | 1,373 | | | (29) | | | | | | | 1,344 | | | 2 | | | 1,346 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Net activity related to restricted stock units | — | | | — | | | (40) | | | — | | | — | | | 0.3 | | | 3 | | | (37) | | | — | | | (37) | |
Repurchases of common stock (a) | — | | — | | — | | — | | — | | (2.9) | | | (637) | | | (637) | | | — | | (637) | |
| Balance at September 30, 2023 | 137.1 | | | $ | 1 | | | $ | 6,626 | | | $ | 3,952 | | | $ | (130) | | | (100.2) | | | $ | (10,482) | | | $ | (33) | | | $ | 5 | | | $ | (28) | |
__________
(a) Amount includes excise taxes due under the Inflation Reduction Act of 2022.
See Notes to Consolidated Condensed Financial Statements (Unaudited).
Avis Budget Group, Inc.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited)
(Unless otherwise noted, all dollar amounts are in millions, except per share amounts)
1. Basis of Presentation
Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting.
We operate the following reportable business segments:
•Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.
•International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.
The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2023 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party.
In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2023 Annual Report on Form 10-K (the “2023 Form 10-K”).
Summary of Significant Accounting Policies
Our significant accounting policies are fully described in Note 2 – Summary of Significant Accounting Policies in our 2023 Form 10-K.
Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.
| | | | | | | | | | | |
| As of September 30, |
| 2024 | | 2023 |
| Cash and cash equivalents | $ | 602 | | | $ | 572 | |
| Program cash | 44 | | | 146 | |
Restricted cash (a) | 3 | | | 3 | |
| Total cash and cash equivalents, program and restricted cash | $ | 649 | | | $ | 721 | |
________
(a)Included within other current assets.
Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.
Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.
Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.
Investments. As of September 30, 2024 and December 31, 2023, we had equity method investments with a carrying value of $104 million and $93 million, respectively, which are included in other non-current assets. Earnings from our equity method investments are included within operating expenses. For the three months ended September 30, 2024 and 2023, we recorded income of $7 million related to our equity method investments, in each period. For the nine months ended September 30, 2024 and 2023 we recorded income of $13 million and $11 million related to our equity method investments, respectively. In July 2024, we received a $7 million dividend from our equity method investment in our Greece licensee. See Note 14 – Related Party Transactions for our equity method investment in our former subsidiary.
Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program, which were approximately $88 million and $53 million during the three months ended September 30, 2024 and 2023, respectively, and $184 million and $139 million during the nine months ended September 30, 2024 and 2023, respectively.
The following table presents our revenues disaggregated by geography:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Americas | $ | 2,640 | | | $ | 2,736 | | | $ | 6,994 | | | $ | 7,180 | |
| Europe, Middle East and Africa | 689 | | | 672 | | | 1,615 | | | 1,582 | |
| Asia and Australasia | 151 | | | 156 | | | 470 | | | 482 | |
| Total revenues | $ | 3,480 | | | $ | 3,564 | | | $ | 9,079 | | | $ | 9,244 | |
The following table presents our revenues disaggregated by brand:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Avis | $ | 2,011 | | | $ | 2,043 | | | $ | 5,218 | | | $ | 5,206 | |
| Budget | 1,263 | | | 1,314 | | | 3,301 | | | 3,471 | |
Other (a) | 206 | | | 207 | | | 560 | | | 567 | |
| Total revenues | $ | 3,480 | | | $ | 3,564 | | | $ | 9,079 | | | $ | 9,244 | |
________
(a) Other includes Zipcar and other operating brands.
Recently Issued Accounting Pronouncements
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 will become effective for us on January 1, 2025. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective for us on January 1, 2024. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Condensed Financial Statements.
Reference Rate Reform
In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024. As of September 30, 2024, this guidance had no impact on our Consolidated Condensed Financial Statements, and we will continue to evaluate this guidance.
2. Leases
Lessor
The following table presents our lease revenues disaggregated by geography:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Americas | $ | 2,587 | | | $ | 2,715 | | | $ | 6,891 | | | $ | 7,120 | |
| Europe, Middle East and Africa | 660 | | | 646 | | | 1,548 | | | 1,518 | |
| Asia and Australasia | 145 | | | 150 | | | 456 | | | 467 | |
| Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
The following table presents our lease revenues disaggregated by brand:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Avis | $ | 1,953 | | | $ | 2,011 | | | $ | 5,097 | | | $ | 5,120 | |
| Budget | 1,247 | | | 1,298 | | | 3,261 | | | 3,430 | |
Other (a) | 192 | | | 202 | | | 537 | | | 555 | |
| Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
________
(a) Other includes Zipcar and other operating brands.
Lessee
We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.
The components of lease expense are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Property leases (a) | | | | | | | |
| Operating lease expense | $ | 229 | | | $ | 212 | | | $ | 691 | | | $ | 631 | |
| Variable lease expense | 117 | | | 136 | | | 279 | | | 327 | |
| Total property lease expense | $ | 346 | | | $ | 348 | | | $ | 970 | | | $ | 958 | |
________
(a) Primarily within operating expenses.
Supplemental balance sheet information related to leases is as follows:
| | | | | | | | | | | |
| As of
September 30, 2024 | | As of
December 31, 2023 |
| Property leases | | | |
| Operating lease ROU assets | $ | 2,886 | | $ | 2,654 |
| | | |
Short-term operating lease liabilities (a) | $ | 583 | | $ | 576 |
| Long-term operating lease liabilities | 2,351 | | 2,117 |
| Operating lease liabilities | $ | 2,934 | | $ | 2,693 |
| | | |
| Weighted average remaining lease term | 7.9 years | | 8.1 years |
| Weighted average discount rate | 5.01 | % | | 4.83 | % |
________
(a) Included in accounts payable and other current liabilities.
Supplemental cash flow information related to leases is as follows:
| | | | | | | | | | | |
| Nine Months Ended
September 30, |
| 2024 | | 2023 |
| Cash payments for lease liabilities within operating activities: | | | |
| Property operating leases | $ | 710 | | | $ | 645 | |
| Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: | | | |
| Property operating leases | $ | 945 | | | $ | 914 | |
3. Restructuring and Other Related Charges
During the first quarter of 2024, we initiated a global restructuring plan to further right size our operations (“Global Rightsizing”). The costs associated with this initiative are primarily related to the operational scaling of processes, locations, and lines of business. We expect further restructuring expense of approximately $10 million related to this initiative to be incurred this year and for this initiative to continue into 2025.
During the second quarter of 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”). We expect this initiative to be completed this year.
The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations:
| | | | | | | | | | | | | | | | | | | | | | |
| | Personnel Related | | | | Other (a) | | Total |
| Balance as of January 1, 2024 | | $ | 4 | | | | | $ | — | | | $ | 4 | |
| | | | | | | | |
| Restructuring expense: | | | | | | | | |
| Global Rightsizing | | 9 | | | | | 13 | | | 22 | |
| Cost Optimization | | — | | | | | 1 | | | 1 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Restructuring payments and utilization: | | | | | | | | |
| Global Rightsizing | | (6) | | | | | (4) | | | (10) | |
| Cost Optimization | | (1) | | | | | (1) | | | (2) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Balance as of September 30, 2024 | | $ | 6 | | | | | $ | 9 | | | $ | 15 | |
________
(a) Includes expenses primarily related to the disposition of vehicles.
| | | | | | | | | | | | | | | | | | | | |
| | Americas | | International | | Total |
| Balance as of January 1, 2024 | | $ | 2 | | | $ | 2 | | | $ | 4 | |
| | | | | | |
| Restructuring expense: | | | | | | |
| Global Rightsizing | | 16 | | | 6 | | | 22 | |
| Cost Optimization | | 1 | | | — | | | 1 | |
| | | | | | |
| | | | | | |
| | | | | | |
| Restructuring payments and utilization: | | | | | | |
| Global Rightsizing | | (7) | | | (3) | | | (10) | |
| Cost Optimization | | (1) | | | (1) | | | (2) | |
| | | | | | |
| | | | | | |
| | | | | | |
| Balance as of September 30, 2024 | | $ | 11 | | | $ | 4 | | | $ | 15 | |
4. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS | $ | 237 | | | $ | 626 | | | $ | 137 | | | $ | 1,373 | |
| | | | | | | | |
| Basic weighted average shares outstanding | 35.5 | | | 36.9 | | | 35.6 | | | 39.1 | |
Non-vested stock (a) | 0.2 | | | 0.4 | | | 0.2 | | | 0.4 | |
| Diluted weighted average shares outstanding | 35.7 | | | 37.3 | | | 35.8 | | | 39.5 | |
| | | | | | | | |
| Earnings per share | | | | | | | |
| Basic | $ | 6.67 | | | $ | 16.96 | | | $ | 3.86 | | | $ | 35.11 | |
| Diluted | $ | 6.65 | | | $ | 16.78 | | | $ | 3.84 | | | $ | 34.71 | |
________
(a) For the three months ended September 30, 2024 and 2023, 0.2 million and an immaterial amount of non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2024 and 2023, 0.2 million and 0.1 million non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.
5. Other Current Assets
Other current assets consisted of:
| | | | | | | | | | | |
| As of | | As of |
| September 30, | | December 31, |
| 2024 | | 2023 |
| Sales and use taxes | $ | 292 | | | $ | 192 | |
| Prepaid expenses | 266 | | | 239 | |
| Other | 242 | | | 253 | |
| Other current assets | $ | 800 | | | $ | 684 | |
6. Intangible Assets
Intangible assets consisted of:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As of September 30, 2024 | | As of December 31, 2023 |
| | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Amount | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Amount |
| Amortized Intangible Assets | | | | | | | | | | | |
| License agreements | $ | 317 | | | $ | 248 | | | $ | 69 | | | $ | 316 | | | $ | 234 | | | $ | 82 | |
| Customer relationships | 255 | | | 228 | | | 27 | | | 253 | | | 221 | | | 32 | |
| Other | 56 | | | 50 | | | 6 | | | 56 | | | 46 | | | 10 | |
| Total | $ | 628 | | | $ | 526 | | | $ | 102 | | | $ | 625 | | | $ | 501 | | | $ | 124 | |
| Unamortized Intangible Assets | | | | | | | | | | | |
| Goodwill | $ | 1,109 | | | | | | | $ | 1,099 | | | | | |
| Trademarks | $ | 545 | | | | | | | $ | 546 | | | | | |
For the three months ended September 30, 2024 and 2023, amortization expense related to amortizable intangible assets was approximately $7 million and $6 million, respectively. For the nine months ended September 30, 2024 and 2023, amortization expense related to amortizable intangible assets was approximately $22 million and $20 million, respectively.
Based on our amortizable intangible assets at September 30, 2024, we expect amortization expense of approximately $7 million for the remainder of 2024, $23 million for 2025, $22 million for 2026, $16 million for 2027, $9 million for 2028 and $7 million for 2029, excluding effects of currency exchange rates.
7. Vehicle Rental Activities
The components of vehicles, net within assets under vehicle programs are as follows:
| | | | | | | | | | | |
| As of | | As of |
| September 30, | | December 31, |
| 2024 | | 2023 |
| Rental vehicles | $ | 23,633 | | | $ | 23,114 | |
| Less: Accumulated depreciation | (2,982) | | | (2,639) | |
| 20,651 | | | 20,475 | |
| Vehicles held for sale | 602 | | | 734 | |
Vehicles, net investment in lease (a) | 99 | | | 31 | |
| Vehicles, net | $ | 21,352 | | | $ | 21,240 | |
________
(a) See Note 14 – Related Party Transactions.
The components of vehicle depreciation and lease charges, net are summarized below:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Depreciation expense | $ | 723 | | | $ | 614 | | | $ | 1,940 | | | $ | 1,631 | |
| Lease charges | 41 | | | 48 | | | 115 | | | 126 | |
| (Gain) loss on sale of vehicles, net | 42 | | | (145) | | | 120 | | | (600) | |
| Vehicle depreciation and lease charges, net | $ | 806 | | | $ | 517 | | | $ | 2,175 | | | $ | 1,157 | |
At September 30, 2024 and 2023, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $152 million and $206 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $284 million and $252 million, respectively.
8. Income Taxes
Our effective tax rate for the nine months ended September 30, 2024 was a provision of 34.6%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes and U.S. taxes on our International operations.
Our effective tax rate for the nine months ended September 30, 2023 was a provision of 21.5%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes, partially offset by the effect of certain tax credits and favorable adjustments related to stock-based compensation.
The Organisation for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”), effective for fiscal 2024. We are closely monitoring developments of the Pillar Two rule as the OECD continues to refine its technical guidance and member states implement tax laws and regulations based on Pillar Two proposals. Based on our preliminary analysis, we do not expect Pillar Two to have a material impact on our financial statements for 2024.
9. Accounts Payable and Other Current Liabilities
Accounts payable and other current liabilities consisted of:
| | | | | | | | | | | |
| As of | | As of |
| September 30, | | December 31, |
| 2024 | | 2023 |
| Short-term operating lease liabilities | $ | 583 | | | $ | 576 | |
| Accounts payable | 516 | | | 487 | |
| Accrued sales and use taxes | 392 | | | 251 | |
| Accrued advertising and marketing | 280 | | | 276 | |
| Deferred lease revenues - current | 201 | | | 168 | |
| Public liability and property damage insurance liabilities – current | 180 | | | 181 | |
| Accrued payroll and related | 148 | | | 188 | |
| Other | 486 | | | 500 | |
| Accounts payable and other current liabilities | $ | 2,786 | | | $ | 2,627 | |
10. Long-term Corporate Debt and Borrowing Arrangements
Long-term corporate debt and borrowing arrangements consisted of:
| | | | | | | | | | | | | | | | | |
| | | As of | | As of |
| Maturity | | September 30, | | December 31, |
| Date | | 2024 | | 2023 |
4.750% euro-denominated Senior Notes | January 2026 | | $ | — | | | $ | 386 | |
5.750% Senior Notes | July 2027 | | 739 | | | 736 | |
4.750% Senior Notes | April 2028 | | 500 | | | 500 | |
7.000% euro-denominated Senior Notes | February 2029 | | 668 | | | — | |
5.375% Senior Notes | March 2029 | | 600 | | | 600 | |
8.250% Senior Notes | January 2030 | | 700 | | | — | |
7.250% euro-denominated Senior Notes | July 2030 | | 669 | | | 441 | |
8.000% Senior Notes | February 2031 | | 497 | | | 497 | |
| | | | | |
Floating Rate Term Loan (a) | August 2027 | | 1,156 | | | 1,164 | |
Floating Rate Term Loan (b) | March 2029 | | 522 | | | 524 | |
Other (c) | | | 24 | | | 30 | |
| Deferred financing fees | | | (70) | | | (55) | |
| Total | | | 6,005 | | | 4,823 | |
| Less: Short-term debt and current portion of long-term debt | | | 540 | | | 32 | |
| Long-term debt | | | $ | 5,465 | | | $ | 4,791 | |
________
(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%.
(b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events.
(c)Primarily includes finance leases, which are secured by liens on the related assets.
In February 2024, we issued €600 million of 7.000% euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually. In April 2024, we used the net proceeds from the offering to redeem all of our outstanding 4.750% euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes.
In May 2024, we issued an additional €200 million of 7.250% euro-denominated Senior notes due July 2030, at 100.25% of their face value, with interest payable semi-annually.
In September 2024, we issued $700 million of 8.250% Senior Notes due January 2030, at par, with interest payable semi-annually. Net proceeds from the offering will be used to repay all of the outstanding borrowings under our floating rate term loan due 2029, with the remainder being used for general corporate purposes.
Committed Credit Facilities and Available Funding Arrangements
As of September 30, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Total
Capacity | | Outstanding
Borrowings | | Letters of Credit Issued | | Available
Capacity |
Senior revolving credit facility maturing 2028 (a) | $ | 2,000 | | | $ | — | | | $ | 1,464 | | | $ | 536 | |
________
(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property.
As of September 30, 2024, we had other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $400 million. As of September 30, 2024, letters of credit totaling $288 million have been issued on our SBLC facilities.
Debt Covenants
The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of September 30, 2024, we were in compliance with the financial covenants governing our indebtedness.
11. Debt Under Vehicle Programs and Borrowing Arrangements
Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
| | | | | | | | | | | |
| As of | | As of |
| September 30, | | December 31, |
| 2024 | | 2023 |
Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 13,903 | | | $ | 15,502 | |
Americas - Debt borrowings (b) | 1,213 | | | 1,075 | |
International - Debt borrowings (c) | 2,672 | | | 2,203 | |
| International - Finance leases | 179 | | | 172 | |
| Other | 10 | | | 55 | |
Deferred financing fees (d) | (84) | | | (70) | |
| Total | $ | 17,893 | | | $ | 18,937 | |
________
(a)Includes approximately $726 million and $841 million of Class R notes as of September 30, 2024 and December 31, 2023, respectively, which are held by us.
(b)Includes our Repurchase Facility.
(c)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program.
(d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2024 and December 31, 2023 were $66 million and $61 million, respectively.
The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024:
| | | | | | | | | | | | | | | | | | | | |
| Issuance Date | | Maturity Date | | Weighted Average
Interest Rate | | Amount
Issued |
| January 2024 | | June 2029 | | 5.51 | % | | $ | 1,200 | |
| February 2024 | | April 2026 | | 6.24 | % | | 53 | |
| February 2024 | | October 2026 | | 6.18 | % | | 37 | |
| February 2024 | | April 2028 | | 6.23 | % | | 52 | |
| March 2024 | | October 2027 | | 5.26 | % | | 400 | |
| March 2024 | | December 2029 | | 5.35 | % | | 700 | |
| | | | 5.46 | % | | $ | 2,442 | |
In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
Debt Maturities
The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at September 30, 2024:
| | | | | |
| | Debt under Vehicle Programs (a) |
Within 1 year (b) | $ | 2,606 | |
Between 1 and 2 years (c) | 4,546 | |
Between 2 and 3 years (d) | 5,666 | |
Between 3 and 4 years (e) | 2,199 | |
Between 4 and 5 years | 2,533 | |
| Thereafter | 427 | |
| Total | $ | 17,977 | |
________(a) Vehicle-backed debt primarily represents asset-backed securities.
(b) Includes $0.6 billion of bank and bank-sponsored facilities.
(c) Includes $1.6 billion of bank and bank-sponsored facilities.
(d) Includes $2.1 billion of bank and bank-sponsored facilities.
(e) Includes $0.1 billion of bank and bank-sponsored facilities.
Committed Credit Facilities and Available Funding Arrangements
As of September 30, 2024, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
| | | | | | | | | | | | | | | | | |
| Total Capacity (a) | | Outstanding Borrowings (b) | | Available
Capacity |
| Americas - Debt due to Avis Budget Rental Car Funding | $ | 16,848 | | | $ | 13,903 | | | $ | 2,945 | |
| Americas - Debt borrowings | 1,486 | | | 1,213 | | | 273 | |
| International - Debt borrowings | 3,357 | | | 2,672 | | | 685 | |
| International - Finance leases | 263 | | | 179 | | | 84 | |
| Other | 10 | | | 10 | | | — | |
| Total | $ | 21,964 | | | $ | 17,977 | | | $ | 3,987 | |
________
(a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024.
(b) The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.
Debt Covenants
The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2024, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.
12. Commitments and Contingencies
Contingencies
In 2006, we completed the spin-offs of our Realogy and Wyndham subsidiaries (now known as Anywhere Real Estate, Inc., and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co., respectively). We do not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to us in relation to our consolidated financial position or liquidity, as Anywhere Real Estate, Inc., Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have agreed to assume responsibility for these liabilities.
In March 2023, the California Office of Tax Appeals (“OTA”) issued an opinion in a case involving notices of proposed assessment of California corporation franchise tax for tax year 1999 issued to us. The case involves whether (i) the notices of proposed assessment were barred by the statute of limitations; and (ii) a transaction undertaken by us in tax year 1999 constituted a tax-free reorganization under the Internal Revenue Code (“IRC”). The OTA concluded that the notices of proposed assessment were not barred by the statute of limitations and that the 1999 transaction was not a tax-free reorganization under the IRC. Anywhere Real Estate, Inc. has assumed 62.5%, and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have assumed 37.5% of the potential tax liability in this matter, respectively. We filed a petition for rehearing, which was denied in April 2024, and the tax assessment is expected to become payable, even if judicial relief is sought.
We are also named in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham. We are entitled to indemnification from such entities for any liability resulting from such litigation.
In September 2014, Dawn Valli et al. v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiffs seek to represent a purported nationwide class of certain renters of vehicles from our Avis and Budget subsidiaries from September 30, 2008 through the present. The plaintiffs seek damages in connection with claims relating to alleged misrepresentations and omissions concerning charging customers for traffic infractions and related administrative fees. On October 10, 2023, plaintiffs’ motion for class certification was denied as to their proposed nationwide class and granted as to a subclass, created at the Court’s discretion, of Avis Preferred and Budget Fastbreak members. We have been named as a defendant in other purported consumer class action lawsuits, including two class actions filed against us in New Jersey, one seeking damages in connection with a breach of contract claim and another related to ancillary charges at our Payless subsidiary. However, the Company intends to vigorously defend them.
We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters.
We are a defendant in a number of legal proceedings for personal injury arising from the operation of our vehicles. In June 2023, two of our subsidiaries were named as defendants in a lawsuit filed in Dallas, Texas alleging that one of our employees caused the death of an individual with one of our vehicles: Peggy Dawson Edwards, Individually and as Anticipated Representative of the Estate of Michael Edwards, Sr., et. al. v. Avis Budget Car Rental, LLC; PV Holding Corp.; and Kevin Barnes, Cause No. CC-23-03188-E, pending in County Court at Law No. 5 for Dallas County, Texas. The complaint alleges that our subsidiaries are responsible for Mr. Edwards’ death and seeks compensatory and punitive damages in an unspecified amount exceeding $1 million. The court has set a trial date in May 2025 for this lawsuit. Given the early stages of the legal proceedings, it is not possible to predict the outcome of the claim. However, the Company intends to vigorously defend it.
Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $40 million in excess of amounts accrued as of September 30, 2024. We do not believe that the impact should result in a material liability to us in relation to our consolidated financial condition or results of operations.
Commitments to Purchase Vehicles
We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $3.9 billion of vehicles from manufacturers over the next 12 months, a $2.9 billion decrease compared to December 31, 2023, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements.
Concentrations
Concentrations of credit risk as of September 30, 2024 include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers and primarily with respect to receivables for program cars that have been disposed but for which we have not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $38 million and $23 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.
13. Stockholders' Equity
Share Repurchases
Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). During the nine months ended September 30, 2024, we repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. During the nine months ended September 30, 2023, we repurchased approximately 2.9 million shares of common stock at a cost of approximately $633 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. As of September 30, 2024, approximately $794 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.
Common stock repurchases under the Stock Repurchase Program do not include shares withheld to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards.
Total Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss).
The components of other comprehensive income (loss) were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| 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 | |
| Other comprehensive income (loss): | | | | | | | |
Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) (a) | 38 | | | (43) | | | (7) | | | (41) | |
Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively) | (16) | | | 2 | | | (12) | | | 9 | |
Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively) | 1 | | | 1 | | | 3 | | | 3 | |
| 23 | | | (40) | | | (16) | | | (29) | |
Comprehensive income attributable to Avis Budget Group, Inc. | $ | 260 | | | $ | 586 | | | $ | 121 | | | $ | 1,344 | |
________
(a) Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Currency
Translation
Adjustments | | Net Unrealized Gains (Losses) on Cash Flow Hedges (a) | | Minimum Pension Liability Adjustment (b) | | Accumulated
Other
Comprehensive
Income (Loss) |
Balance, January 1, 2024 | $ | (3) | | | $ | 37 | | | $ | (130) | | | $ | (96) | |
| Other comprehensive income (loss) before reclassifications | (7) | | | 4 | | | — | | | (3) | |
| Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (16) | | | 3 | | | (13) | |
| Net current-period other comprehensive income (loss) | (7) | | | (12) | | | 3 | | | (16) | |
Balance, September 30, 2024 | $ | (10) | | | $ | 25 | | | $ | (127) | | | $ | (112) | |
| | | | | | | |
Balance, January 1, 2023 | $ | (30) | | | $ | 45 | | | $ | (116) | | | $ | (101) | |
| Other comprehensive income (loss) before reclassifications | (41) | | | 17 | | | — | | | (24) | |
| Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (8) | | | 3 | | | (5) | |
| Net current-period other comprehensive income (loss) | (41) | | | 9 | | | 3 | | | (29) | |
Balance, September 30, 2023 | $ | (71) | | | $ | 54 | | | $ | (113) | | | $ | (130) | |
________
All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include $79 million gain, net of tax, as of September 30, 2024 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments).
(a)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $8 million ($5 million, net of tax) and gains of $2 million ($2 million, net of tax), respectively. For the nine months ended September 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $22 million ($16 million, net of tax) and gains of $10 million ($8 million, net of tax), respectively.
(b)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax) in each period. For the nine months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) in each period.
14. Related Party Transactions
SRS Mobility Ventures, LLC
In 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of our subsidiaries at fair value of $37.5 million. SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC.
On September 1, 2022, through the issuance of Class B Preferred Voting Membership Interests, SRS Mobility Ventures, LLC increased their ownership in this subsidiary to 51% at fair value of $62 million. In accordance with ASC Topic 810-10-40, we must deconsolidate a subsidiary as of the date we cease to have a controlling interest in that subsidiary and recognize the gain or loss in net income at that time. The fair value of our retained investment was determined utilizing a discounted cash flow methodology based on various assumptions, including projections of future cash flows, which include forecast of future revenue and EBITDA. As a result, we deconsolidated our former subsidiary, Avis Mobility Ventures LLC (“AMV”), from our financial statements and began to report our proportional share of the former subsidiary’s income or loss within other (income) expense, net in our Consolidated Condensed Statements of Comprehensive Income as we do not have the ability to direct the significant activities of the former subsidiary and are therefore no longer primary beneficiary of the VIE. Upon deconsolidation, our former subsidiary had a net asset carrying amount of $49 million resulting in a gain of $10 million. In August and October 2023, SRS Mobility Ventures, LLC made capital contributions to AMV, increasing their ownership to approximately 65%. In June 2024, SRS Mobility Ventures, LLC made a capital contribution of approximately $22.2 million to AMV, and we simultaneously settled approximately $11.7 million in receivables from AMV related to services we provided. SRS Mobility Ventures, LLC’s ownership percentage remained at approximately 65% following these transactions.
We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations. The following table provides amounts reported within our Consolidated Condensed Balance Sheets related to our equity method investment in AMV and these services.
| | | | | | | | | | | |
| As of | | As of |
| September 30, | | December 31, |
| 2024 | | 2023 |
Receivables from AMV (a) | $ | 2 | | | $ | 2 | |
Equity method investment in AMV (b) | 29 | | | 24 | |
Vehicles, net investment in lease with AMV (c) | 99 | | | 31 | |
________
(a) Included within other current assets.
(b) Included within other non-current assets.
(c) Included within vehicles, net. See Note 7 – Vehicle Rental Activities.
The components of other (income) expense, net are summarized below:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| (Income) expense for services to AMV, net | $ | 1 | | | $ | (6) | | | $ | (1) | | | $ | (20) | |
| (Income) loss on equity method investment in AMV, net | 2 | | | 7 | | | 7 | | | 23 | |
| Other (income) expense, net | $ | 3 | | | $ | 1 | | | $ | 6 | | | $ | 3 | |
15. Stock-Based Compensation
We recorded stock-based compensation expense of $1 million ($1 million, net of tax) and $7 million ($5 million, net of tax) during the three months ended September 30, 2024 and 2023, respectively. We recorded stock-based compensation expense of $14 million ($11 million, net of tax) and $23 million ($16 million, net of tax) during the nine months ended September 30, 2024 and 2023, respectively.
As part of our declaration and payment of a special cash dividend in December 2023, we granted additional restricted stock units (“RSUs”) to our award holders with unvested shares as a dividend equivalent, which has been deferred until, and will not be paid unless, the shares of stock underlying the award vest.
The activity related to RSUs consisted of (in thousands of shares):
| | | | | | | | | | | | | | | | | | | | | | | |
| Number of Shares | | Weighted
Average
Grant Date
Fair Value | | Weighted Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value
(in millions) |
| Time-based RSUs | | | | | | | |
Outstanding at January 1, 2024 | 290 | | | $ | 161.87 | | | | | |
Granted (a) | 134 | | | 111.39 | | | | | |
Vested (b) | (120) | | | 137.08 | | | | | |
| Forfeited | (23) | | | 163.81 | | | | | |
Outstanding and expected to vest at September 30, 2024 (c) | 281 | | | $ | 148.16 | | | 1.4 | | $ | 25 | |
| Performance-based RSUs | | | | | | | |
| Outstanding at January 1, 2024 | 411 | | | $ | 128.77 | | | | | |
Granted (a) | 150 | | | 112.44 | | | | | |
Vested (b) | (222) | | | 68.54 | | | | | |
| Forfeited | (25) | | | 175.36 | | | | | |
Outstanding at September 30, 2024 | 314 | | | $ | 159.74 | | | 1.6 | | $ | 28 | |
Outstanding and expected to vest at September 30, 2024 (c) | 64 | | | $ | 192.77 | | | 1.6 | | $ | 6 | |
________
(a)Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2023 was $209.08 and $208.64, respectively.
(b)The total fair value of RSUs vested during the nine months ended September 30, 2024 and 2023 was $32 million and $21 million, respectively.
(c)Aggregate unrecognized compensation expense related to time-based and performance-based RSUs amounted to $28 million and will be recognized over a weighted average vesting period of 1.4 years.
16. Financial Instruments
Derivative Instruments and Hedging Activities
Currency Risk. We use currency exchange contracts to manage our exposure to changes in currency exchange rates associated with certain of our non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. We primarily hedge a portion of our current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. We have designated our euro-denominated notes as a hedge of our investment in euro-denominated foreign operations.
The estimated net amount of existing gains or losses we expect to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material.
Interest Rate Risk. We use various hedging strategies including interest rate swaps and interest rate caps to create what we deem an appropriate mix of fixed and floating rate assets and liabilities. We use interest rate swaps and interest rate caps to manage the risk related to our floating rate corporate debt and our floating rate vehicle-backed debt. We record the changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. We record the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, currently in earnings and are presented in the same line of the income statement expected for the hedged item. We estimate that approximately $18 million of gain currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months.
Commodity Risk. We periodically enter into derivative commodity contracts to manage our exposure to changes in the price of fuel. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in earnings and are presented in the same line of the income statement expected for the hedged item.
We held derivative instruments with absolute notional values as follows:
| | | | | |
| As of
September 30, 2024 |
| Foreign exchange contracts | $ | 1,665 | |
Interest rate caps (a) | 15,954 | |
| Interest rate swaps | 750 | |
| |
| |
________
(a)Represents $10.6 billion of interest rate caps sold, partially offset by approximately $5.4 billion of interest rate caps purchased. These amounts exclude $5.8 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.
Estimated fair values (Level 2) of derivative instruments are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, 2024 | | As of December 31, 2023 |
| Fair Value,
Asset Derivatives | | Fair Value,
Derivative
Liabilities | | Fair Value,
Derivative
Assets | | Fair Value,
Derivative
Liabilities |
| Derivatives designated as hedging instruments | | | | | | | |
Interest rate swaps (a) | $ | 33 | | | $ | — | | | $ | 50 | | | $ | — | |
| Derivatives not designated as hedging instruments | | | | | | | |
Foreign exchange contracts (b) | 4 | | | 3 | | | 5 | | | 4 | |
Interest rate caps (c) | 4 | | | 13 | | | 19 | | | 74 | |
| | | | | | | |
| Total | $ | 41 | | | $ | 16 | | | $ | 74 | | | $ | 78 | |
________
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13 – Stockholders' Equity.
(a)Included in other non-current assets or other non-current liabilities.
(b)Included in other current assets or other current liabilities.
(c)Included in assets under vehicle programs or liabilities under vehicle programs.
The effects of derivatives recognized in our Consolidated Condensed Financial Statements are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Derivatives designated as hedging instruments (a) | | | | | | | |
Interest rate swaps (b) | $ | (16) | | | $ | 2 | | | $ | (12) | | | $ | 9 | |
Euro-denominated notes (c) | (37) | | | 23 | | | (14) | | | 9 | |
Derivatives not designated as hedging instruments (d) | | | | | | | |
Foreign exchange contracts (e) | (15) | | | 3 | | | (34) | | | (12) | |
Interest rate caps (f) | — | | | — | | | — | | | (1) | |
| | | | | | | |
| Total | $ | (68) | | | $ | 28 | | | $ | (60) | | | $ | 5 | |
________
(a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
(b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings.
(c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).
(d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
(e)Included in interest expense.
(f)Primarily included in vehicle interest, net.
Debt Instruments
The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, 2024 | | As of December 31, 2023 |
| Carrying
Amount | | Estimated
Fair
Value | | Carrying
Amount | | Estimated
Fair
Value |
| Corporate debt | | | | | | | |
| Short-term debt and current portion of long-term debt | $ | 540 | | | $ | 546 | | | $ | 32 | | | $ | 32 | |
| Long-term debt | 5,465 | | | 5,517 | | | 4,791 | | | 4,812 | |
| | | | | | | |
| Debt under vehicle programs | | | | | | | |
| Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 13,837 | | | $ | 13,981 | | | $ | 15,441 | | | $ | 15,238 | |
| Vehicle-backed debt | 4,043 | | | 4,075 | | | 3,422 | | | 3,435 | |
Interest rate swaps and interest rate caps (a) | 13 | | | 13 | | | 74 | | | 74 | |
________
(a) Derivatives in a liability position.
17. Segment Information
Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information of our operating segments. In identifying our reportable segments, we also consider the nature of services provided by our operating segments, the geographical areas in which the segments operate and other relevant factors. We aggregate certain of our operating segments into our reportable segments.
Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; any impairment charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, which includes amounts recorded in excess of $5 million related to class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; and income taxes.
We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Three Months Ended September 30, |
| | | | | 2024 | | 2023 |
| | | | Revenues | | Adjusted EBITDA | | Revenues | | Adjusted EBITDA |
| Americas | $ | 2,640 | | | $ | 384 | | | $ | 2,736 | | | $ | 740 | |
| International | 840 | | | 139 | | | 828 | | | 196 | |
Corporate and Other (a) | — | | | (20) | | | — | | | (29) | |
| Total Company | $ | 3,480 | | | $ | 503 | | | $ | 3,564 | | | $ | 907 | |
| | | | | | | | | | |
| Reconciliation of Adjusted EBITDA to Income before income taxes: |
| | | 2024 | | | | 2023 |
| Adjusted EBITDA | | | $ | 503 | | | | | $ | 907 | |
| Less: | Non-vehicle related depreciation and amortization | | 58 | | | | | 55 | |
| | Interest expense related to corporate debt, net: | | | | | | |
| | Interest expense | | 95 | | | | | 80 | |
| | Early extinguishment of debt | | — | | | | | 1 | |
| | Restructuring and other related charges | | 6 | | | | | 2 | |
| | Transaction-related costs, net | | — | | | | | 3 | |
| | Other (income) expense, net (b) | | 3 | | | | | 1 | |
| | Reported within operating expenses: | | | | | | |
| | Cloud computing costs | | 12 | | | | | 8 | |
| | | | | | | | |
| | | | | | | | |
| Income before income taxes | | | $ | 329 | | | | | $ | 757 | |
__________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Nine Months Ended September 30, |
| | | | | 2024 | | 2023 |
| | | | Revenues | | Adjusted EBITDA | | Revenues | | Adjusted EBITDA |
| Americas | $ | 6,994 | | | $ | 614 | | | $ | 7,180 | | | $ | 1,887 | |
| International | 2,085 | | | 172 | | | 2,064 | | | 372 | |
Corporate and Other (a) | — | | | (57) | | | — | | | (80) | |
| Total Company | $ | 9,079 | | | $ | 729 | | | $ | 9,244 | | | $ | 2,179 | |
| | | | | | | | | | |
| Reconciliation of Adjusted EBITDA to Income before income taxes: |
| | | 2024 | | | | 2023 |
| Adjusted EBITDA | | | $ | 729 | | | | | $ | 2,179 | |
| Less: | Non-vehicle related depreciation and amortization | | 177 | | | | | 163 | |
| | Interest expense related to corporate debt, net: | | | | | | |
| | Interest expense | | 266 | | | | | 221 | |
| | Early extinguishment of debt | | 1 | | | | | 1 | |
| | Restructuring and other related charges | | 23 | | | | | 7 | |
| | Transaction-related costs, net | | 2 | | | | | 3 | |
| | Other (income) expense, net (b) | | 6 | | | | | 3 | |
| | Reported within operating expenses: | | | | | | |
| | Cloud computing costs | | 33 | | | | | 24 | |
| | | | | | | | |
| | Legal matters, net | | 7 | | | | | 5 | |
| | | | | | | | | | |
| | | | | | | | | | |
| Income before income taxes | | | $ | 214 | | | | | $ | 1,752 | |
________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
Since December 31, 2023, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2024 and December 31, 2023, International’s segment assets under vehicle programs were approximately $4.1 billion and $3.7 billion, respectively. This increase in assets under vehicle programs is directly correlated to the size and cost of our vehicle fleet.
18. Subsequent Events
In October 2024, we repaid the outstanding borrowings under our floating rate term loan due 2029 which had an aggregate outstanding balance of $535 million plus accrued interest.
In October 2024, we repurchased approximately 422 thousand shares of common stock at a cost of approximately $34.5 million under the Stock Repurchase Program.
In November 2024, we reduced the capacity under our asset-backed variable-funding financing facilities by $770 million.
* * * *
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our Consolidated Condensed Financial Statements and accompanying Notes included in this Quarterly Report on Form 10-Q and with our 2023 Form 10-K. Our actual results of operations may differ materially from those discussed in forward-looking statements as a result of various factors, including those discussed in “Forward-Looking Statements.” See “Forward-Looking Statements” and “Risk Factors” for additional information. Unless otherwise noted, all dollar amounts in tables are in millions.
Our Company
We operate three of the most globally recognized brands in mobility solutions, Avis, Budget and Zipcar, together with several other brands well recognized in their respective markets. We are a leading vehicle rental operator in North America, Europe, Australasia and certain other regions we serve, with an average rental fleet of approximately 736,000 vehicles in third quarter 2024. We also license the use of our trademarks to licensees in the areas in which we do not operate directly. We and our licensees operate our brands in approximately 180 countries throughout the world.
Our Segments
We categorize our operations into two reportable business segments: Americas, consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly; and International, consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly.
Business and Trends
Our strategy continues to primarily focus on customer experience and costs to strengthen our Company, maximize profitability, and deliver stakeholder value. During the three months ended September 30, 2024, we generated revenues of $3.5 billion, net income of $238 million and Adjusted EBITDA of $503 million. These results were primarily driven by consistent year-over-year volume, decreased revenue per day, and increased fleet and interest costs.
We continue to be susceptible to a number of industry-specific and global macroeconomic factors that may cause our actual results of operations to differ from our historical results of operations or current expectations. The factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following: interest rates, inflationary impact on items such as commodity prices and wages, cost of new vehicles, used car values, and an economic downturn that may impact travel demand, all of which may be exacerbated by the ongoing military conflicts in the Middle East and Eastern Europe. We continue to monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, and future results of operations.
RESULTS OF OPERATIONS
We measure performance principally using the following key metrics: (i) rental days, which represent the total number of days (or portion thereof) a vehicle was rented, (ii) revenue per day, which represents revenues divided by rental days, (iii) vehicle utilization, which represents rental days divided by available rental days, with available rental days being defined as average rental fleet times the number of days in the period, and (iv) per-unit fleet costs, which represent vehicle depreciation, lease charges and gain or loss on vehicle sales, divided by average rental fleet. Our rental days, revenue per day and vehicle utilization metrics are all calculated based on the actual rental of the vehicle during a 24-hour period. We believe that this methodology provides management with the most relevant metrics in order to effectively manage the performance of the business. Our calculation may not be comparable to the calculation of similarly titled metrics by other companies. We present currency exchange rate effects to provide a method of assessing how our business performed excluding the effects of foreign currency rate fluctuations. Currency exchange rate effects are calculated by translating the current period results at the prior period average exchange rate plus any related gains and losses on currency hedges.
We assess performance and allocate resources based upon the separate financial information of our operating segments. In identifying our reportable segments, we also consider the nature of services provided by our operating segments, the geographical areas in which our segments operate and other relevant factors. Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; any impairment charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, which includes amounts recorded in excess of $5 million related to class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; and income taxes.
We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with U.S. GAAP. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
During the nine months ended September 30, 2024:
•Our revenues totaled $9.1 billion, a decrease of $165 million year-over-year, primarily due to decreased revenue per day, partially offset by an increase in volume.
•Our net income was $137 million, representing a decrease of $1.2 billion year-over-year, primarily due to increased fleet and interest costs.
•Our Adjusted EBITDA was $729 million, representing a decrease of $1.5 billion year-over-year.
Three Months Ended September 30, 2024 vs. Three Months Ended September 30, 2023
Our consolidated condensed results of operations comprised of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, |
| 2024 | | 2023 | | $ Change | | % Change |
| Revenues | $ | 3,480 | | | $ | 3,564 | | | $ | (84) | | | (2 | %) |
| | | | | | | |
| Expenses | | | | | | | |
| Operating | 1,575 | | | 1,543 | | | 32 | | | 2 | % |
| Vehicle depreciation and lease charges, net | 806 | | | 517 | | | 289 | | | 56 | % |
| Selling, general and administrative | 367 | | | 397 | | | (30) | | | (8 | %) |
| Vehicle interest, net | 241 | | | 208 | | | 33 | | | 16 | % |
| Non-vehicle related depreciation and amortization | 58 | | | 55 | | | 3 | | | 5 | % |
| Interest expense related to corporate debt, net: | | | | | | | |
| Interest expense | 95 | | | 80 | | | 15 | | | 19 | % |
| Early extinguishment of debt | — | | | 1 | | | (1) | | | n/m |
| Restructuring and other related charges | 6 | | | 2 | | | 4 | | | n/m |
| Transaction-related costs, net | — | | | 3 | | | (3) | | | n/m |
| Other (income) expense, net | 3 | | | 1 | | | 2 | | | n/m |
| Total expenses | 3,151 | | | 2,807 | | | 344 | | | 12 | % |
| | | | | | | |
| Income before income taxes | 329 | | | 757 | | | (428) | | | (57 | %) |
| Provision for income taxes | 91 | | | 130 | | | (39) | | | (30 | %) |
| Net income | 238 | | | 627 | | | (389) | | | (62 | %) |
| Less: net income attributable to non-controlling interests | 1 | | | 1 | | | — | | | n/m |
Net income attributable to Avis Budget Group, Inc. | $ | 237 | | | $ | 626 | | | $ | (389) | | | (62 | %) |
___________
n/m - Not Meaningful
Revenues decreased $84 million, or 2%, during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 2% decrease in revenue per day, excluding exchange rate effects, partially offset by a $6 million positive impact from currency exchange rate movements. Total expenses increased 12% during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to increased fleet and interest costs. Our effective tax rates were a provision of 27.7% and 17.2% for the three months ended September 30, 2024 and 2023, respectively. As a result of these items, our net income decreased by $389 million compared to the similar period in 2023. For the three months ended September 30, 2024 and 2023, we reported earnings per diluted share of $6.65 and $16.78, respectively.
Operating expenses increased to 45.2% of revenue during the three months ended September 30, 2024 compared to 43.3% during the similar period in 2023, primarily due to an increase in fleet costs. Vehicle depreciation and lease charges increased to 23.2% of revenue during the three months ended September 30, 2024 compared to 14.5% during the similar period in 2023, primarily due to increased per unit fleet costs, excluding exchange rate effects, driven by increased depreciation rates and a decrease in the gain on sale of vehicles. Selling, general and administrative costs decreased to 10.5% of revenue during the three months ended September 30, 2024 compared to 11.1% during the similar period in 2023, primarily due to decreased commissions and other selling, general and administrative costs. Vehicle interest costs increased to 6.9% of revenue during the three months ended September 30, 2024, compared to 5.8% during the similar period in 2023, primarily due to rising interest rates.
Following is a more detailed discussion of the results of each of our reportable segments and reconciliation of net income to Adjusted EBITDA:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| | 2024 | | 2023 |
| | Revenues | | Adjusted EBITDA | | Revenues | | Adjusted EBITDA |
| Americas | $ | 2,640 | | | $ | 384 | | | $ | 2,736 | | | $ | 740 | |
| International | 840 | | | 139 | | | 828 | | | 196 | |
Corporate and Other (a) | — | | | (20) | | | — | | | (29) | |
| Total Company | $ | 3,480 | | | $ | 503 | | | $ | 3,564 | | | $ | 907 | |
| | | | | | | | |
| Reconciliation of Net income to Adjusted EBITDA: |
| | | | 2024 | | | | 2023 |
| Net income | | | $ | 238 | | | | | $ | 627 | |
| Provision for income taxes | | | 91 | | | | | 130 | |
| Income before income taxes | | | 329 | | | | | 757 | |
| Add: | Non-vehicle related depreciation and amortization | | | 58 | | | | | 55 | |
| Interest expense related to corporate debt, net: | | | | | | | |
| Interest expense | | | 95 | | | | | 80 | |
| Early extinguishment of debt | | | — | | | | | 1 | |
| Restructuring and other related charges | | | 6 | | | | | 2 | |
| Transaction-related costs, net | | | — | | | | | 3 | |
| Other (income) expense, net (b) | | | 3 | | | | | 1 | |
| Reported within operating expenses: | | | | | | | |
| Cloud computing costs | | | 12 | | | | | 8 | |
| | | | | | | | |
| | | | | | | | |
| Adjusted EBITDA | | | $ | 503 | | | | | $ | 907 | |
__________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
Americas
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| | 2024 | | 2023 | | % Change |
| Revenues | | $ | 2,640 | | | $ | 2,736 | | | (4 | %) |
| Adjusted EBITDA | | 384 | | | 740 | | | (48 | %) |
Revenues decreased during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 2% decrease in volume, a 1% decrease in revenue per day and a $4 million negative impact from currency exchange rate movements.
Operating expenses increased to 45.9% of revenue during the three months ended September 30, 2024 compared to 44.1% during the similar period in 2023, primarily due to an increase in fleet costs. Vehicle depreciation and lease charges increased to 23.2% of revenue during the three months ended September 30, 2024 compared to 13.2% during the similar period in 2023, primarily due to increased per-unit fleet costs, driven by increased depreciation rates and a decrease in the gain on sale of vehicles. Selling, general and administrative costs decreased to 9.0% of revenue during the three months ended September 30, 2024 compared to 9.3% during the similar period in 2023, primarily due to decreased commissions and other selling, general and administrative costs. Vehicle interest costs increased to 7.5% of revenue during the three months ended September 30, 2024 compared to 6.4% during the similar period in 2023, primarily due to rising interest rates.
Adjusted EBITDA decreased during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to higher per-unit fleet and interest costs.
International
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| | 2024 | | 2023 | | % Change |
| Revenues | | $ | 840 | | | $ | 828 | | | 1 | % |
| Adjusted EBITDA | | 139 | | | 196 | | | (29 | %) |
Revenues increased during the three months ended September 30, 2024, compared to the similar period in 2023, primarily due to a 5% increase in volume and a $10 million positive impact from currency exchange rate movements, partially offset by a 5% decrease in revenue per day, excluding exchange rate effects.
Operating expenses increased to 41.4% of revenue during the three months ended September 30, 2024 compared to 39.4% during the similar period in 2023, primarily due to an increase in volume. Vehicle depreciation and lease charges increased to 23.1% of revenue during the three months ended September 30, 2024 compared to 18.7% during the similar period in 2023, primarily due to increased per-unit fleet costs, excluding exchange rate effects, driven by increased fleet levels, increased depreciation rates, and a decrease in the gain on sale of vehicles. Selling, general and administrative costs decreased to 13.8% of revenue during the three months ended September 30, 2024 compared to 14.2% during the similar period in 2023 primarily due to decreased other selling, general and administrative costs. Vehicle interest costs increased to 5.2% of revenue during the three months ended September 30, 2024 compared to 4.1% during the similar period in 2023, primarily due to rising interest rates.
Adjusted EBITDA decreased during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to higher per-unit fleet and interest costs and a $3 million negative impact from currency exchange rate movements.
Nine Months Ended September 30, 2024 vs. Nine Months Ended September 30, 2023
Our consolidated condensed results of operations comprised of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 | | $ Change | | % Change |
| Revenues | $ | 9,079 | | | $ | 9,244 | | | $ | (165) | | | (2 | %) |
| | | | | | | |
| Expenses | | | | | | | |
| Operating | 4,451 | | | 4,325 | | | 126 | | | 3 | % |
| Vehicle depreciation and lease charges, net | 2,175 | | | 1,157 | | | 1,018 | | | 88 | % |
| Selling, general and administrative | 1,040 | | | 1,099 | | | (59) | | | (5 | %) |
| Vehicle interest, net | 724 | | | 513 | | | 211 | | | 41 | % |
| Non-vehicle related depreciation and amortization | 177 | | | 163 | | | 14 | | | 9 | % |
| Interest expense related to corporate debt, net: | | | | | | | |
| Interest expense | 266 | | | 221 | | | 45 | | | 20 | % |
| Early extinguishment of debt | 1 | | | 1 | | | — | | | n/m |
| Restructuring and other related charges | 23 | | | 7 | | | 16 | | | n/m |
| Transaction-related costs, net | 2 | | | 3 | | | (1) | | | n/m |
| Other (income) expense, net | 6 | | | 3 | | | 3 | | | n/m |
| Total expenses | 8,865 | | | 7,492 | | | 1,373 | | | 18 | % |
| | | | | | | |
| Income before income taxes | 214 | | | 1,752 | | | (1,538) | | | (88 | %) |
| Provision for income taxes | 74 | | | 377 | | | (303) | | | (80 | %) |
| Net income | 140 | | | 1,375 | | | (1,235) | | | (90 | %) |
| Less: net income attributable to non-controlling interests | 3 | | | 2 | | | 1 | | | n/m |
Net income attributable to Avis Budget Group, Inc. | $ | 137 | | | $ | 1,373 | | | $ | (1,236) | | | (90 | %) |
________
n/m - Not Meaningful
Revenues decreased $165 million or 2% during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 4% decrease in revenue per day, excluding exchange rate effects, and a $4 million negative impact from currency exchange rate movements, partially offset by a 2% increase in volume. Total expenses increased 18% during the nine months ended September 30, 2024, compared to the similar period in 2023, primarily due to increased fleet and interest costs. Our effective tax rates were a provision of 34.6% and 21.5% for the nine months ended September 30, 2024 and 2023, respectively. As a result of these items, our net income decreased by $1.2 billion compared to the similar period in 2023. For the nine months ended September 30, 2024 and 2023, we reported earnings per diluted share of $3.84 and $34.71, respectively.
Operating expenses increased to 49.0% of revenue during the nine months ended September 30, 2024 compared to 46.8% during the similar period in 2023, primarily due to an increase in volume. Vehicle depreciation and lease charges increased to 24.0% of revenue during the nine months ended September 30, 2024 compared to 12.5% during the similar period in 2023, primarily due to increased per unit fleet costs, excluding exchange rate effects, driven by increased fleet levels, increased depreciation rates, and a decrease in the gain on sale of vehicles. Selling, general and administrative costs decreased to 11.5% of revenue during the nine months ended September 30, 2024, compared to 11.9% during the similar period in 2023, primarily due to decreased marketing costs and other selling, general and administrative costs. Vehicle interest costs increased to 8.0% of revenue during the nine months ended September 30, 2024 compared to 5.5% during the similar period in 2023, primarily due to rising interest rates.
Following is a more detailed discussion of the results of each of our reportable segments and reconciliation of Net income to Adjusted EBITDA:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| | Revenues | | Adjusted EBITDA | | Revenues | | Adjusted EBITDA |
| Americas | $ | 6,994 | | | $ | 614 | | | $ | 7,180 | | | $ | 1,887 | |
| International | 2,085 | | | 172 | | | 2,064 | | | 372 | |
Corporate and Other (a) | — | | | (57) | | | — | | | (80) | |
| Total Company | $ | 9,079 | | | $ | 729 | | | $ | 9,244 | | | $ | 2,179 | |
| | | | | | | | |
| Reconciliation of Net income to Adjusted EBITDA: |
| | | | 2024 | | | | 2023 |
| Net income | | | $ | 140 | | | | | $ | 1,375 | |
| Provision for income taxes | | | 74 | | | | | 377 | |
| Income before income taxes | | | 214 | | | | | 1,752 | |
| Add: | Non-vehicle related depreciation and amortization | | | 177 | | | | | 163 | |
| Interest expense related to corporate debt, net: | | | | | | | |
| Interest expense | | | 266 | | | | | 221 | |
| Early extinguishment of debt | | | 1 | | | | | 1 | |
| Restructuring and other related charges | | | 23 | | | | | 7 | |
| Transaction-related costs, net | | | 2 | | | | | 3 | |
| Other (income) expense, net (b) | | | 6 | | | | | 3 | |
| Reported within operating expenses: | | | | | | | |
| Cloud computing costs | | | 33 | | | | | 24 | |
| | | | | | | | |
| Legal matters, net | | | 7 | | | | | 5 | |
| Adjusted EBITDA | | | $ | 729 | | | | | $ | 2,179 | |
________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
Americas
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 | | % Change |
| Revenues | | $ | 6,994 | | | $ | 7,180 | | | (3 | %) |
| Adjusted EBITDA | | 614 | | | 1,887 | | | (67 | %) |
Revenues decreased during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 3% decrease in revenue per day and a $6 million negative impact from currency exchange rate movements, partially offset by a 1% increase in volume.
Operating expenses increased to 49.3% of revenue during the nine months ended September 30, 2024 compared to 47.1% during the similar period in 2023, primarily due to an increase in volume. Vehicle depreciation and lease charges increased to 23.7% of revenue during the nine months ended September 30, 2024 compared to 11.0% during the similar period in 2023, primarily due to increased per-unit fleet costs, driven by increased fleet levels, increased depreciation rates, and a decrease in the gain on sale of vehicles. Selling, general and administrative costs were approximately 9.5% of revenue during the nine months ended September 30, 2024 compared to 9.7% during the similar period in 2023, primarily due to decreased marketing costs and other selling, general and administrative costs. Vehicle interest costs increased to 8.7% of revenue during the nine months ended September 30, 2024 compared to 6.0% during the similar period in 2023, primarily due to rising interest rates.
Adjusted EBITDA decreased during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to higher per-unit fleet and interest costs, and approximately $2 million negative impact from currency exchange rate movements.
International
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 | | % Change |
| Revenues | | $ | 2,085 | | | $ | 2,064 | | | 1 | % |
| Adjusted EBITDA | | 172 | | | 372 | | | (54 | %) |
Revenues increased during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 5% increase in volume, a $2 million positive impact from currency exchange rate movements, partially offset by a 4% decrease in revenue per day, excluding exchange rate effects.
Operating expenses increased to 46.4% of revenue during the nine months ended September 30, 2024 compared to 44.8% during the similar period in 2023, primarily due to an increase in volume. Vehicle depreciation and lease charges increased to 24.8% of revenue during the nine months ended September 30, 2024 compared to 17.7% during the similar period in 2023, primarily due to increased per-unit fleet costs, excluding exchange rate effects, driven by increased fleet levels, increased depreciation rates, and a decrease in the gain on sale of vehicles. Selling, general and administrative costs were approximately 15.5% of revenue during the nine months ended September 30, 2024 compared to 15.6% during the similar period in 2023. Vehicle interest costs increased to 5.6% of revenue during the nine months ended September 30, 2024 compared to 3.9% during the similar period in 2023, primarily due to rising interest rates.
Adjusted EBITDA decreased during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to higher per-unit fleet and interest costs, and approximately $11 million negative impact from currency exchange rate movements.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We present separately the financial data of our vehicle programs. These programs are distinct from our other activities as the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the generation or acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
FINANCIAL CONDITION
| | | | | | | | | | | | | | | | | |
| September 30,
2024 | | December 31,
2023 | | Change |
| Total assets exclusive of assets under vehicle programs | $ | 9,647 | | | $ | 9,590 | | | $ | 57 | |
| Total liabilities exclusive of liabilities under vehicle programs | 11,651 | | | 10,095 | | | 1,556 | |
| Assets under vehicle programs | 23,102 | | | 22,979 | | | 123 | |
| Liabilities under vehicle programs | 21,327 | | | 22,817 | | | (1,490) | |
| Total stockholders’ equity | (229) | | | (343) | | | 114 | |
The increase in liabilities exclusive of liabilities under vehicle programs is primarily due to the increase in corporate indebtedness from the issuance of senior notes. See “Liquidity and Capital Resources,” and Note 10 – Long-term Corporate Debt and Borrowing Arrangements to our Consolidated Condensed Financial Statements.
The decrease in liabilities under vehicle programs is primarily due to the repayment of debt.
LIQUIDITY AND CAPITAL RESOURCES
Our principal sources of liquidity are cash on hand and our ability to generate cash through operations and financing activities, as well as available funding arrangements and committed credit facilities, each of which is discussed below.
In February 2024, we issued €600 million of 7.000% euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually. In April 2024, we used net proceeds from the offering to redeem all of our outstanding 4.750% euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes.
In May 2024, we issued an additional €200 million 7.250% euro-denominated Senior Notes due July 2030, at 100.25% of their face value, with interest payable semi-annually. Net proceeds from the offering were used for general corporate purposes.
In September 2024, we issued $700 million of 8.250% Senior Notes due January 2030, at par, with interest payable semi-annually. In October 2024, we used net proceeds from the offering to repay the outstanding borrowings under our floating rate term loan due 2029, with the remainder being used for general corporate purposes.
During 2024, our Avis Budget Rental Car Funding (AESOP) subsidiary issued approximately $2.4 billion of asset-backed notes with expected final payment dates ranging from April 2026 to December 2029, and a weighted average interest rate of 5.46%. In March and April 2024, AESOP amended and restated its asset-backed variable-funding financing facilities. The proceeds from these borrowings will be used to repay maturing vehicle-backed debt and the acquisition of rental cars in the United States. In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend its maturity to September 2026. We also added £200 million to our capacity under the program. The program is used to finance fleet purchases for certain of our European operations.
Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023. Our stock repurchases may occur through open market purchases, privately negotiated transactions or trading plans pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restricted payment capacity under our debt instruments and other factors. The Stock Repurchase Program may be suspended, modified or discontinued at any time without prior notice. The Stock Repurchase Program has no set expiration or termination date. During the nine months ended September 30, 2024, we repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. As of September 30, 2024, approximately $794 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.
CASH FLOWS
The following table summarizes our cash flows:
| | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 | | Change |
| Cash provided by (used in): | | | | | |
| Operating activities | $ | 2,746 | | | $ | 3,035 | | | $ | (289) | |
| Investing activities | (2,696) | | | (6,930) | | | 4,234 | |
| Financing activities | (43) | | | 3,978 | | | (4,021) | |
| Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | (2) | | | (4) | | | 2 | |
| Net increase in cash and cash equivalents, program and restricted cash | 5 | | | 79 | | | (74) | |
| Cash and cash equivalents, program and restricted cash, beginning of period | 644 | | | 642 | | | 2 | |
| Cash and cash equivalents, program and restricted cash, end of period | $ | 649 | | | $ | 721 | | | $ | (72) | |
The decrease in cash provided by operating activities during the nine months ended September 30, 2024 compared with the similar period in 2023 is primarily due to the decrease in our net income.
The decrease in cash used in investing activities during the nine months ended September 30, 2024 compared with the similar period in 2023 is primarily due to the decrease in our investment in vehicles.
The decrease in cash provided by financing activities during the nine months ended September 30, 2024 compared with the similar period in 2023 is primarily due to the increase in our payments under vehicle programs, partially offset by the increase in our net corporate borrowings.
DEBT AND FINANCING ARRANGEMENTS
At September 30, 2024, we had approximately $23.9 billion of indebtedness, including corporate indebtedness of approximately $6.0 billion and debt under vehicle programs of approximately $17.9 billion. For information regarding our debt and borrowing arrangements, see Notes 1, 10 and 11 to our Consolidated Condensed Financial Statements.
LIQUIDITY RISK
Our primary liquidity needs include the procurement of rental vehicles to be used in our operations, servicing of corporate and vehicle-related debt and the payment of operating expenses. The present intention of management is to reinvest the undistributed earnings of our foreign subsidiaries indefinitely into our foreign operations. Our primary sources of funding are operating revenue, cash received upon the sale of vehicles, borrowings under our vehicle-backed borrowing arrangements and our senior revolving credit facility, and other financing activities.
Our liquidity has in the past been, and could in the future be, negatively affected by any financial market disruptions or a worsening of the United States and worldwide economies, or by increases in interest rates, which may result in unfavorable conditions in the mobility industry, in the asset-backed financing market and in the credit markets generally. We believe these factors have affected and could further affect the debt ratings assigned to us by credit rating agencies and the cost of our borrowings. Additionally, a worsening or prolonged downturn in the worldwide economy or a disruption in the credit markets could further impact our liquidity due to (i) decreased demand and pricing for vehicles in the used-vehicle market, (ii) increased costs associated with, and/or reduced capacity or increased collateral needs under, our financings, (iii) the adverse impact of vehicle manufacturers being unable or unwilling to honor their obligations to repurchase or guarantee the depreciation on the related program vehicles and (iv) disruption in our ability to obtain financing due to negative credit events specific to us or affecting the overall debt market.
As of September 30, 2024, we had $602 million of available cash and cash equivalents and access to available borrowings under our revolving credit facility of approximately $536 million, providing us with access to approximately $1.1 billion of total liquidity.
Our liquidity position could also be negatively impacted if we are unable to remain in compliance with the consolidated first lien leverage ratio requirement and other covenants associated with our senior credit facilities and other borrowings. As of September 30, 2024, we were in compliance with the financial covenants governing our indebtedness. For additional information regarding our liquidity risks, see Part I, Item 1A, “Risk Factors” of our 2023 Form 10-K.
CONTRACTUAL OBLIGATIONS
Our future contractual obligations have not changed significantly from the amounts reported within our 2023 Form 10-K with the exception of our commitment to purchase vehicles, which decreased by approximately $2.9 billion from December 31, 2023, to approximately $3.9 billion as of September 30, 2024 due to existing fleet levels. Changes to our obligations related to corporate indebtedness and debt under vehicle programs are presented above within the section titled “Liquidity and Capital Resources—Debt and Financing Arrangements” and also within Notes 10 and 11 to our Consolidated Condensed Financial Statements.
CRITICAL ACCOUNTING ESTIMATES
Accounting Policies
The results of the majority of our recurring operations are recorded in our financial statements using accounting policies that are not particularly subjective, nor complex. However, in presenting our financial statements in conformity with generally accepted accounting principles (GAAP), we are required to make estimates and assumptions that affect the amounts reported therein. Several of the estimates and assumptions we are required to make relate to matters that are inherently uncertain as they relate to future events and/or events that are outside of our control. If there is a significant unfavorable change to current conditions, it could result in a material adverse impact to our consolidated results of operations, financial position and liquidity. We believe that the estimates and assumptions we used when preparing our financial statements were the most appropriate at that time. Presented within the section titled “Critical Accounting Estimates” of our 2023 Form 10-K are the accounting policies (related to goodwill and other indefinite-lived intangible assets, vehicles, income taxes and public liability, property damage and other insurance liabilities) that we believe require subjective and complex judgments that could potentially affect reported results. There have been no significant changes to those accounting policies or our assessment of which accounting policies we would consider to be critical accounting policies.
New Accounting Standards
For detailed information regarding new accounting standards and their impact on our business, see Note 1 to our Consolidated Condensed Financial Statements.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are exposed to a variety of market risks, including changes in currency exchange rates, interest rates and fuel prices. We assess our market risks based on changes in interest and currency exchange rates utilizing a sensitivity analysis that measures the potential impact on earnings, fair values and cash flows based on a hypothetical 10% change (increase and decrease) in interest and foreign currency exchange rates. We used September 30, 2024 market rates to perform a sensitivity analysis separately for each of these market risk exposures. We have determined, through such analyses, that the impact of a 10% change in interest or currency exchange rates on our results of operations, balance sheet and cash flows would not be material. Additionally, we have commodity price exposure related to fluctuations in the price of unleaded fuel. We anticipate that such commodity risk will remain a market risk exposure for the foreseeable future. We determined that a 10% change in the price of unleaded fuel would not have a material impact on our earnings for the period ended September 30, 2024. For additional information regarding our long-term borrowings and financial instruments, see Notes 10, 11 and 16 to our Consolidated Condensed Financial Statements.
Item 4. Controls and Procedures
(a)Disclosure Controls and Procedures. Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September 30, 2024.
(b)Changes in Internal Control Over Financial Reporting. During the third quarter of 2024, there was no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
For information regarding our legal proceedings, see Note 12 – Commitments and Contingencies to our Consolidated Condensed Financial Statements and refer to our 2023 Form 10-K.
SEC regulations require us to disclose certain information about proceedings arising under federal, state or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. In accordance with these regulations, we use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required pursuant to this item.
Item 1A. Risk Factors
During the quarter ended September 30, 2024, we had no material developments to report with respect to our risk factors. For additional information regarding our risk factors, please refer to our 2023 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
| | | | | | | | | | | | | | | | | | | | | | | |
| Total Number of Shares Purchased (in millions) (a) | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(in millions) | | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
($ in millions) |
| July 2024 | 0.0 | | $ | — | | | 0.0 | | $ | 802 | |
| August 2024 | 0.0 | | $ | — | | | 0.0 | | $ | 802 | |
| September 2024 | 0.1 | | $ | 81.97 | | | 0.1 | | $ | 794 | |
| 0.1 | | $ | 81.97 | | | 0.1 | | $ | 794 | |
___________
(a) Excludes shares which were withheld by the Company to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards.
Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023. Under our Stock Repurchase Program, the Company may repurchase shares from time to time in open market transactions, and may also repurchase shares in accelerated share repurchases, tender offers, privately negotiated transactions or by other means. Repurchases may also be made under a plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, the Company’s share price, legal requirements, restricted payment capacity under its debt instruments and other factors. The Stock Repurchase Program may be suspended, modified or discontinued without prior notice.
Item 5. Other Information
During the quarter ended September 30, 2024, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
See Exhibit Index.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | | | | |
| | | | AVIS BUDGET GROUP, INC. |
| | |
| Date: | November 1, 2024 | | | /s/ Cathleen DeGenova |
| | | | Cathleen DeGenova |
| | | | Senior Vice President and |
| | | | Chief Accounting Officer |
Exhibit Index
| | | | | |
| Exhibit No. | Description |
| 3.1 | |
| 3.2 | |
| 4.1 | Indenture, dated as of September 13, 2024, by and among Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., together as issuers, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated September 13, 2024). |
| 31.1 | |
| 31.2 | |
| 32 | |
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Exhibit 31.1
SECTION 302 CERTIFICATION
I, Joseph A. Ferraro, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Avis Budget Group, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 1, 2024
| | |
| /s/ Joseph A. Ferraro |
| President and Chief Executive Officer |
Exhibit 31.2
SECTION 302 CERTIFICATION
I, Izilda P. Martins, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Avis Budget Group, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 1, 2024
| | |
| /s/ Izilda P. Martins |
| Executive Vice President and Chief Financial Officer |
Exhibit 32
CERTIFICATION OF CEO AND CFO PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Avis Budget Group, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Joseph A. Ferraro, as Chief Executive Officer of the Company, and Izilda P. Martins, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | |
| /s/ JOSEPH A. FERRARO |
| Joseph A. Ferraro |
| President and Chief Executive Officer |
| November 1, 2024 |
|
| /s/ IZILDA P. MARTINS |
| Izilda P. Martins |
| Executive Vice President and Chief Financial Officer |
| November 1, 2024 |
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v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues |
|
|
|
|
| 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 costs |
0
|
1
|
1
|
1
|
| Restructuring and other related charges |
6
|
2
|
23
|
7
|
| Transaction-related costs, net |
0
|
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 (in usd per share) |
$ 6.67
|
$ 16.96
|
$ 3.86
|
$ 35.11
|
| Diluted (in usd per share) |
$ 6.65
|
$ 16.78
|
$ 3.84
|
$ 34.71
|
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v3.24.3
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| 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 under vehicle programs: |
|
|
| Program cash |
44
|
85
|
| Vehicles, net |
21,352
|
21,240
|
| Receivables from vehicle manufacturers and other |
423
|
443
|
| Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party |
1,283
|
1,211
|
| Total assets under vehicle programs |
23,102
|
22,979
|
| Total Assets |
32,749
|
32,569
|
| Current liabilities: |
|
|
| Accounts payable and other current liabilities |
2,786
|
2,627
|
| Short-term debt and current portion of long-term debt |
540
|
32
|
| Total current liabilities |
3,326
|
2,659
|
| Long-term debt |
5,465
|
4,791
|
| Long-term operating lease liabilities |
2,351
|
2,117
|
| Other non-current liabilities |
509
|
528
|
| Total liabilities exclusive of liabilities under vehicle programs |
11,651
|
10,095
|
| Liabilities under vehicle programs: |
|
|
| Debt |
4,056
|
3,496
|
| Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party |
13,837
|
15,441
|
| Deferred income taxes |
3,114
|
3,418
|
| Other |
320
|
462
|
| Total liabilities under vehicle programs |
21,327
|
22,817
|
| Commitments and contingencies (Note 12) |
|
|
| Stockholders’ equity: |
|
|
| Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period |
0
|
0
|
| Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period |
1
|
1
|
| Additional paid-in capital |
6,615
|
6,634
|
| Retained earnings |
3,988
|
3,854
|
| Accumulated other comprehensive loss |
(112)
|
(96)
|
| Treasury stock, at cost—102 shares, in each period |
(10,730)
|
(10,742)
|
| Stockholders’ equity attributable to Avis Budget Group, Inc. |
(238)
|
(349)
|
| Non-controlling interests |
9
|
6
|
| Total stockholders’ equity |
(229)
|
(343)
|
| Total Liabilities and Stockholders’ Equity |
$ 32,749
|
$ 32,569
|
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-4
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
-Paragraph 1
-Publisher FASB
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v3.24.3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Preferred stock (in usd per share) |
$ 0.01
|
$ 0.01
|
| Preferred stock authorized (in shares) |
10,000,000
|
10,000,000
|
| Preferred stock issued (in shares) |
0
|
0
|
| Preferred stock outstanding (in shares) |
0
|
0
|
| Common stock (in usd per share) |
$ 0.01
|
$ 0.01
|
| Common stock authorized (in shares) |
250,000,000
|
250,000,000
|
| Common stock issued (in shares) |
137,000,000
|
137,000,000
|
| Treasury stock (in shares) |
102,000,000
|
102,000,000
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
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-Section S99
-Paragraph 1
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (a)
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Operating activities |
|
|
| Net income |
$ 140
|
$ 1,375
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Vehicle depreciation |
1,940
|
1,631
|
| Amortization of right-of-use assets |
831
|
824
|
| (Gain) loss on sale of vehicles, net |
120
|
(600)
|
| Non-vehicle related depreciation and amortization |
177
|
163
|
| Stock-based compensation |
14
|
24
|
| Amortization of debt financing fees |
36
|
29
|
| Early extinguishment of debt costs |
1
|
1
|
| Net change in assets and liabilities: |
|
|
| Receivables |
(62)
|
(84)
|
| Income taxes and deferred income taxes |
38
|
251
|
| Accounts payable and other current liabilities |
57
|
28
|
| Operating lease liabilities |
(822)
|
(821)
|
| Other, net |
276
|
214
|
| Net cash provided by operating activities |
2,746
|
3,035
|
| Investing activities |
|
|
| Property and equipment additions |
(135)
|
(180)
|
| Proceeds received on asset sales |
2
|
1
|
| Net assets acquired (net of cash acquired) |
(3)
|
(52)
|
| Other, net |
12
|
0
|
| Net cash used in investing activities exclusive of vehicle programs |
(124)
|
(231)
|
| Vehicle programs: |
|
|
| Investment in vehicles |
(8,153)
|
(12,609)
|
| Proceeds received on disposition of vehicles |
5,653
|
6,106
|
| Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party |
(668)
|
(425)
|
| Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party |
596
|
229
|
| Net cash used in investing activities of vehicle programs |
(2,572)
|
(6,699)
|
| Net cash used in investing activities |
(2,696)
|
(6,930)
|
| Financing activities |
|
|
| Proceeds from long-term borrowings |
1,569
|
439
|
| Payments on long-term borrowings |
(396)
|
(343)
|
| Repurchases of common stock |
(25)
|
(690)
|
| Debt financing fees |
(27)
|
(9)
|
| Net cash provided by (used in) financing activities exclusive of vehicle programs |
1,121
|
(603)
|
| Vehicle programs: |
|
|
| Proceeds from borrowings |
16,536
|
18,214
|
| Payments on borrowings |
(17,657)
|
(13,594)
|
| Debt financing fees |
(43)
|
(39)
|
| Net cash provided by financing activities of vehicle programs |
(1,164)
|
4,581
|
| Net cash provided by (used in) financing activities |
(43)
|
3,978
|
| Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash |
(2)
|
(4)
|
| Net increase in cash and cash equivalents, program and restricted cash |
5
|
79
|
| Cash and cash equivalents, program and restricted cash, beginning of period |
644
|
642
|
| Cash and cash equivalents, program and restricted cash, end of period |
$ 649
|
$ 721
|
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| Namespace Prefix: |
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| X |
- References
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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-3
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-Topic 230
-SubTopic 10
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-Section 50
-Paragraph 8
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 45
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions |
Total |
Stockholders’ Equity Attributable to Avis Budget Group, Inc. |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Non-controlling Interests |
| Beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
137.1
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
|
$ (700)
|
$ (703)
|
$ 1
|
$ 6,666
|
$ 2,579
|
$ (101)
|
$ (9,848)
|
|
$ 3
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
|
|
|
|
(97.6)
|
|
|
| Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
1,375
|
1,373
|
|
|
1,373
|
|
|
|
2
|
| Other comprehensive income (loss) |
|
(29)
|
(29)
|
|
|
|
(29)
|
|
|
|
| Total comprehensive income (loss) |
|
1,346
|
1,344
|
|
|
1,373
|
(29)
|
|
|
2
|
| Net activity related to restricted stock units (in shares) |
|
|
|
|
|
|
|
0.3
|
|
|
| Net activity related to restricted stock units |
|
$ (37)
|
(37)
|
|
(40)
|
|
|
$ 3
|
|
|
| Repurchases of common stock (in shares) |
|
(2.9)
|
|
|
|
|
|
(2.9)
|
[1] |
|
| Repurchases of common stock |
[1] |
$ (637)
|
(637)
|
|
|
|
|
$ (637)
|
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
|
137.1
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
|
(28)
|
(33)
|
$ 1
|
6,626
|
3,952
|
(130)
|
$ (10,482)
|
|
5
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
(100.2)
|
|
|
| Beginning balance (in shares) at Jun. 30, 2023 |
|
|
|
137.1
|
|
|
|
|
|
|
| Beginning balance at Jun. 30, 2023 |
|
(125)
|
(129)
|
$ 1
|
6,625
|
3,326
|
(90)
|
$ (9,991)
|
|
4
|
| Treasury stock, beginning balance (in shares) at Jun. 30, 2023 |
|
|
|
|
|
|
|
(98.0)
|
|
|
| Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
627
|
626
|
|
|
626
|
|
|
|
1
|
| Other comprehensive income (loss) |
|
(40)
|
(40)
|
|
|
|
(40)
|
|
|
|
| Total comprehensive income (loss) |
|
587
|
586
|
|
|
626
|
(40)
|
|
|
1
|
| Net activity related to restricted stock units |
|
1
|
1
|
|
1
|
|
|
|
|
|
| Repurchases of common stock (in shares) |
[2] |
|
|
|
|
|
|
(2.2)
|
|
|
| Repurchases of common stock |
[2] |
(491)
|
(491)
|
|
|
|
|
$ (491)
|
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
|
137.1
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
|
(28)
|
(33)
|
$ 1
|
6,626
|
3,952
|
(130)
|
$ (10,482)
|
|
5
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
(100.2)
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
|
|
|
137.1
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
|
$ (343)
|
(349)
|
$ 1
|
6,634
|
3,854
|
(96)
|
$ (10,742)
|
|
6
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2023 |
|
(102.0)
|
|
|
|
|
|
(101.6)
|
|
|
| Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 140
|
137
|
|
|
137
|
|
|
|
3
|
| Other comprehensive income (loss) |
|
(16)
|
(16)
|
|
|
|
(16)
|
|
|
|
| Total comprehensive income (loss) |
|
124
|
121
|
|
|
137
|
(16)
|
|
|
3
|
| Net activity related to restricted stock units (in shares) |
|
|
|
|
|
|
|
0.2
|
|
|
| Net activity related to restricted stock units |
|
$ (2)
|
(2)
|
|
(19)
|
(3)
|
|
$ 20
|
|
|
| Repurchases of common stock (in shares) |
|
(0.1)
|
|
|
|
|
|
(0.1)
|
|
|
| Repurchases of common stock |
|
$ (8)
|
(8)
|
|
|
|
|
$ (8)
|
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
|
|
137.1
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
|
$ (229)
|
(238)
|
$ 1
|
6,615
|
3,988
|
(112)
|
$ (10,730)
|
|
9
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2024 |
|
(102.0)
|
|
|
|
|
|
(101.5)
|
|
|
| Beginning balance (in shares) at Jun. 30, 2024 |
|
|
|
137.1
|
|
|
|
|
|
|
| Beginning balance at Jun. 30, 2024 |
|
$ (482)
|
(490)
|
$ 1
|
6,616
|
3,751
|
(135)
|
$ (10,723)
|
|
8
|
| Treasury stock, beginning balance (in shares) at Jun. 30, 2024 |
|
|
|
|
|
|
|
(101.4)
|
|
|
| Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
238
|
237
|
|
|
237
|
|
|
|
1
|
| Other comprehensive income (loss) |
|
23
|
23
|
|
|
|
23
|
|
|
|
| Total comprehensive income (loss) |
|
261
|
260
|
|
|
237
|
23
|
|
|
1
|
| Net activity related to restricted stock units |
|
0
|
|
|
(1)
|
|
|
$ 1
|
|
|
| Repurchases of common stock (in shares) |
|
|
|
|
|
|
|
(0.1)
|
|
|
| Repurchases of common stock |
|
(8)
|
(8)
|
|
|
|
|
$ (8)
|
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
|
|
137.1
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
|
$ (229)
|
$ (238)
|
$ 1
|
$ 6,615
|
$ 3,988
|
$ (112)
|
$ (10,730)
|
|
$ 9
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2024 |
|
(102.0)
|
|
|
|
|
|
(101.5)
|
|
|
|
|
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-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-Section S99
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
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v3.24.3
Basis of Presentation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting.
We operate the following reportable business segments:
•Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly. •International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.
The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2023 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party.
In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2023 Annual Report on Form 10-K (the “2023 Form 10-K”).
Summary of Significant Accounting Policies
Our significant accounting policies are fully described in Note 2 – Summary of Significant Accounting Policies in our 2023 Form 10-K.
Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.
| | | | | | | | | | | | | As of September 30, | | 2024 | | 2023 | | Cash and cash equivalents | $ | 602 | | | $ | 572 | | | Program cash | 44 | | | 146 | | Restricted cash (a) | 3 | | | 3 | | | Total cash and cash equivalents, program and restricted cash | $ | 649 | | | $ | 721 | |
________ (a)Included within other current assets. Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.
Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.
Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.
Investments. As of September 30, 2024 and December 31, 2023, we had equity method investments with a carrying value of $104 million and $93 million, respectively, which are included in other non-current assets. Earnings from our equity method investments are included within operating expenses. For the three months ended September 30, 2024 and 2023, we recorded income of $7 million related to our equity method investments, in each period. For the nine months ended September 30, 2024 and 2023 we recorded income of $13 million and $11 million related to our equity method investments, respectively. In July 2024, we received a $7 million dividend from our equity method investment in our Greece licensee. See Note 14 – Related Party Transactions for our equity method investment in our former subsidiary.
Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program, which were approximately $88 million and $53 million during the three months ended September 30, 2024 and 2023, respectively, and $184 million and $139 million during the nine months ended September 30, 2024 and 2023, respectively. The following table presents our revenues disaggregated by geography: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Americas | $ | 2,640 | | | $ | 2,736 | | | $ | 6,994 | | | $ | 7,180 | | | Europe, Middle East and Africa | 689 | | | 672 | | | 1,615 | | | 1,582 | | | Asia and Australasia | 151 | | | 156 | | | 470 | | | 482 | | | Total revenues | $ | 3,480 | | | $ | 3,564 | | | $ | 9,079 | | | $ | 9,244 | |
The following table presents our revenues disaggregated by brand: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Avis | $ | 2,011 | | | $ | 2,043 | | | $ | 5,218 | | | $ | 5,206 | | | Budget | 1,263 | | | 1,314 | | | 3,301 | | | 3,471 | | Other (a) | 206 | | | 207 | | | 560 | | | 567 | | | Total revenues | $ | 3,480 | | | $ | 3,564 | | | $ | 9,079 | | | $ | 9,244 | |
________ (a) Other includes Zipcar and other operating brands.
Recently Issued Accounting Pronouncements
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 will become effective for us on January 1, 2025. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective for us on January 1, 2024. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Condensed Financial Statements.
Reference Rate Reform
In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024. As of September 30, 2024, this guidance had no impact on our Consolidated Condensed Financial Statements, and we will continue to evaluate this guidance.
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v3.24.3
Leases
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Leases |
Leases Lessor
The following table presents our lease revenues disaggregated by geography: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Americas | $ | 2,587 | | | $ | 2,715 | | | $ | 6,891 | | | $ | 7,120 | | | Europe, Middle East and Africa | 660 | | | 646 | | | 1,548 | | | 1,518 | | | Asia and Australasia | 145 | | | 150 | | | 456 | | | 467 | | | Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
The following table presents our lease revenues disaggregated by brand: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Avis | $ | 1,953 | | | $ | 2,011 | | | $ | 5,097 | | | $ | 5,120 | | | Budget | 1,247 | | | 1,298 | | | 3,261 | | | 3,430 | | Other (a) | 192 | | | 202 | | | 537 | | | 555 | | | Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
________ (a) Other includes Zipcar and other operating brands.
Lessee
We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.
The components of lease expense are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Property leases (a) | | | | | | | | | Operating lease expense | $ | 229 | | | $ | 212 | | | $ | 691 | | | $ | 631 | | | Variable lease expense | 117 | | | 136 | | | 279 | | | 327 | | | Total property lease expense | $ | 346 | | | $ | 348 | | | $ | 970 | | | $ | 958 | |
________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows: | | | | | | | | | | | | | As of
September 30, 2024 | | As of
December 31, 2023 | | Property leases | | | | | Operating lease ROU assets | $ | 2,886 | | $ | 2,654 | | | | | Short-term operating lease liabilities (a) | $ | 583 | | $ | 576 | | Long-term operating lease liabilities | 2,351 | | 2,117 | | Operating lease liabilities | $ | 2,934 | | $ | 2,693 | | | | | | Weighted average remaining lease term | 7.9 years | | 8.1 years | | Weighted average discount rate | 5.01 | % | | 4.83 | % |
________ (a) Included in accounts payable and other current liabilities.
Supplemental cash flow information related to leases is as follows: | | | | | | | | | | | | | Nine Months Ended
September 30, | | 2024 | | 2023 | | Cash payments for lease liabilities within operating activities: | | | | | Property operating leases | $ | 710 | | | $ | 645 | | | Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: | | | | | Property operating leases | $ | 945 | | | $ | 914 | |
|
| Leases |
Leases Lessor
The following table presents our lease revenues disaggregated by geography: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Americas | $ | 2,587 | | | $ | 2,715 | | | $ | 6,891 | | | $ | 7,120 | | | Europe, Middle East and Africa | 660 | | | 646 | | | 1,548 | | | 1,518 | | | Asia and Australasia | 145 | | | 150 | | | 456 | | | 467 | | | Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
The following table presents our lease revenues disaggregated by brand: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Avis | $ | 1,953 | | | $ | 2,011 | | | $ | 5,097 | | | $ | 5,120 | | | Budget | 1,247 | | | 1,298 | | | 3,261 | | | 3,430 | | Other (a) | 192 | | | 202 | | | 537 | | | 555 | | | Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
________ (a) Other includes Zipcar and other operating brands.
Lessee
We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.
The components of lease expense are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Property leases (a) | | | | | | | | | Operating lease expense | $ | 229 | | | $ | 212 | | | $ | 691 | | | $ | 631 | | | Variable lease expense | 117 | | | 136 | | | 279 | | | 327 | | | Total property lease expense | $ | 346 | | | $ | 348 | | | $ | 970 | | | $ | 958 | |
________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows: | | | | | | | | | | | | | As of
September 30, 2024 | | As of
December 31, 2023 | | Property leases | | | | | Operating lease ROU assets | $ | 2,886 | | $ | 2,654 | | | | | Short-term operating lease liabilities (a) | $ | 583 | | $ | 576 | | Long-term operating lease liabilities | 2,351 | | 2,117 | | Operating lease liabilities | $ | 2,934 | | $ | 2,693 | | | | | | Weighted average remaining lease term | 7.9 years | | 8.1 years | | Weighted average discount rate | 5.01 | % | | 4.83 | % |
________ (a) Included in accounts payable and other current liabilities.
Supplemental cash flow information related to leases is as follows: | | | | | | | | | | | | | Nine Months Ended
September 30, | | 2024 | | 2023 | | Cash payments for lease liabilities within operating activities: | | | | | Property operating leases | $ | 710 | | | $ | 645 | | | Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: | | | | | Property operating leases | $ | 945 | | | $ | 914 | |
|
| Leases |
Leases Lessor
The following table presents our lease revenues disaggregated by geography: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Americas | $ | 2,587 | | | $ | 2,715 | | | $ | 6,891 | | | $ | 7,120 | | | Europe, Middle East and Africa | 660 | | | 646 | | | 1,548 | | | 1,518 | | | Asia and Australasia | 145 | | | 150 | | | 456 | | | 467 | | | Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
The following table presents our lease revenues disaggregated by brand: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Avis | $ | 1,953 | | | $ | 2,011 | | | $ | 5,097 | | | $ | 5,120 | | | Budget | 1,247 | | | 1,298 | | | 3,261 | | | 3,430 | | Other (a) | 192 | | | 202 | | | 537 | | | 555 | | | Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
________ (a) Other includes Zipcar and other operating brands.
Lessee
We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.
The components of lease expense are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Property leases (a) | | | | | | | | | Operating lease expense | $ | 229 | | | $ | 212 | | | $ | 691 | | | $ | 631 | | | Variable lease expense | 117 | | | 136 | | | 279 | | | 327 | | | Total property lease expense | $ | 346 | | | $ | 348 | | | $ | 970 | | | $ | 958 | |
________ (a) Primarily within operating expenses. Supplemental balance sheet information related to leases is as follows: | | | | | | | | | | | | | As of
September 30, 2024 | | As of
December 31, 2023 | | Property leases | | | | | Operating lease ROU assets | $ | 2,886 | | $ | 2,654 | | | | | Short-term operating lease liabilities (a) | $ | 583 | | $ | 576 | | Long-term operating lease liabilities | 2,351 | | 2,117 | | Operating lease liabilities | $ | 2,934 | | $ | 2,693 | | | | | | Weighted average remaining lease term | 7.9 years | | 8.1 years | | Weighted average discount rate | 5.01 | % | | 4.83 | % |
________ (a) Included in accounts payable and other current liabilities.
Supplemental cash flow information related to leases is as follows: | | | | | | | | | | | | | Nine Months Ended
September 30, | | 2024 | | 2023 | | Cash payments for lease liabilities within operating activities: | | | | | Property operating leases | $ | 710 | | | $ | 645 | | | Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: | | | | | Property operating leases | $ | 945 | | | $ | 914 | |
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v3.24.3
Restructuring and Other Related Charges
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Restructuring and Related Activities [Abstract] |
|
| Restructuring and Other Related Charges |
Restructuring and Other Related Charges During the first quarter of 2024, we initiated a global restructuring plan to further right size our operations (“Global Rightsizing”). The costs associated with this initiative are primarily related to the operational scaling of processes, locations, and lines of business. We expect further restructuring expense of approximately $10 million related to this initiative to be incurred this year and for this initiative to continue into 2025.
During the second quarter of 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”). We expect this initiative to be completed this year.
The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations: | | | | | | | | | | | | | | | | | | | | | | | | | Personnel Related | | | | Other (a) | | Total | | Balance as of January 1, 2024 | | $ | 4 | | | | | $ | — | | | $ | 4 | | | | | | | | | | | | Restructuring expense: | | | | | | | | | | Global Rightsizing | | 9 | | | | | 13 | | | 22 | | | Cost Optimization | | — | | | | | 1 | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restructuring payments and utilization: | | | | | | | | | | Global Rightsizing | | (6) | | | | | (4) | | | (10) | | | Cost Optimization | | (1) | | | | | (1) | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of September 30, 2024 | | $ | 6 | | | | | $ | 9 | | | $ | 15 | |
________ (a) Includes expenses primarily related to the disposition of vehicles.
| | | | | | | | | | | | | | | | | | | | | | | Americas | | International | | Total | | Balance as of January 1, 2024 | | $ | 2 | | | $ | 2 | | | $ | 4 | | | | | | | | | | Restructuring expense: | | | | | | | | Global Rightsizing | | 16 | | | 6 | | | 22 | | | Cost Optimization | | 1 | | | — | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | Restructuring payments and utilization: | | | | | | | | Global Rightsizing | | (7) | | | (3) | | | (10) | | | Cost Optimization | | (1) | | | (1) | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | Balance as of September 30, 2024 | | $ | 11 | | | $ | 4 | | | $ | 15 | |
|
| X |
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-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
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-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2
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v3.24.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS | $ | 237 | | | $ | 626 | | | $ | 137 | | | $ | 1,373 | | | | | | | | | | | | Basic weighted average shares outstanding | 35.5 | | | 36.9 | | | 35.6 | | | 39.1 | | Non-vested stock (a) | 0.2 | | | 0.4 | | | 0.2 | | | 0.4 | | | Diluted weighted average shares outstanding | 35.7 | | | 37.3 | | | 35.8 | | | 39.5 | | | | | | | | | | | | Earnings per share | | | | | | | | | Basic | $ | 6.67 | | | $ | 16.96 | | | $ | 3.86 | | | $ | 35.11 | | | Diluted | $ | 6.65 | | | $ | 16.78 | | | $ | 3.84 | | | $ | 34.71 | |
________ (a) For the three months ended September 30, 2024 and 2023, 0.2 million and an immaterial amount of non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2024 and 2023, 0.2 million and 0.1 million non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.
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-Topic 260
-SubTopic 10
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v3.24.3
Other Current Assets
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Assets, Current [Abstract] |
|
| Other Current Assets |
Other Current Assets Other current assets consisted of: | | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | | Sales and use taxes | $ | 292 | | | $ | 192 | | | Prepaid expenses | 266 | | | 239 | | | Other | 242 | | | 253 | | | Other current assets | $ | 800 | | | $ | 684 | |
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v3.24.3
Intangible Assets
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Intangible Assets |
Intangible Assets Intangible assets consisted of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | As of December 31, 2023 | | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Amount | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Amount | | Amortized Intangible Assets | | | | | | | | | | | | | License agreements | $ | 317 | | | $ | 248 | | | $ | 69 | | | $ | 316 | | | $ | 234 | | | $ | 82 | | | Customer relationships | 255 | | | 228 | | | 27 | | | 253 | | | 221 | | | 32 | | | Other | 56 | | | 50 | | | 6 | | | 56 | | | 46 | | | 10 | | | Total | $ | 628 | | | $ | 526 | | | $ | 102 | | | $ | 625 | | | $ | 501 | | | $ | 124 | | | Unamortized Intangible Assets | | | | | | | | | | | | | Goodwill | $ | 1,109 | | | | | | | $ | 1,099 | | | | | | | Trademarks | $ | 545 | | | | | | | $ | 546 | | | | | |
For the three months ended September 30, 2024 and 2023, amortization expense related to amortizable intangible assets was approximately $7 million and $6 million, respectively. For the nine months ended September 30, 2024 and 2023, amortization expense related to amortizable intangible assets was approximately $22 million and $20 million, respectively.
Based on our amortizable intangible assets at September 30, 2024, we expect amortization expense of approximately $7 million for the remainder of 2024, $23 million for 2025, $22 million for 2026, $16 million for 2027, $9 million for 2028 and $7 million for 2029, excluding effects of currency exchange rates.
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-Topic 350
-SubTopic 30
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-URI https://asc.fasb.org/350-30/tableOfContent
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v3.24.3
Vehicle Rental Activities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Vehicle Rental Activities |
Vehicle Rental Activities The components of vehicles, net within assets under vehicle programs are as follows: | | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | | Rental vehicles | $ | 23,633 | | | $ | 23,114 | | | Less: Accumulated depreciation | (2,982) | | | (2,639) | | | 20,651 | | | 20,475 | | | Vehicles held for sale | 602 | | | 734 | | Vehicles, net investment in lease (a) | 99 | | | 31 | | | Vehicles, net | $ | 21,352 | | | $ | 21,240 | |
________ (a) See Note 14 – Related Party Transactions.
The components of vehicle depreciation and lease charges, net are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Depreciation expense | $ | 723 | | | $ | 614 | | | $ | 1,940 | | | $ | 1,631 | | | Lease charges | 41 | | | 48 | | | 115 | | | 126 | | | (Gain) loss on sale of vehicles, net | 42 | | | (145) | | | 120 | | | (600) | | | Vehicle depreciation and lease charges, net | $ | 806 | | | $ | 517 | | | $ | 2,175 | | | $ | 1,157 | |
At September 30, 2024 and 2023, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $152 million and $206 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $284 million and $252 million, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes Our effective tax rate for the nine months ended September 30, 2024 was a provision of 34.6%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes and U.S. taxes on our International operations.
Our effective tax rate for the nine months ended September 30, 2023 was a provision of 21.5%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes, partially offset by the effect of certain tax credits and favorable adjustments related to stock-based compensation.
The Organisation for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”), effective for fiscal 2024. We are closely monitoring developments of the Pillar Two rule as the OECD continues to refine its technical guidance and member states implement tax laws and regulations based on Pillar Two proposals. Based on our preliminary analysis, we do not expect Pillar Two to have a material impact on our financial statements for 2024.
|
| X |
- DefinitionThe entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1
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-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2
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-Topic 740
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v3.24.3
Accounts Payable and Other Current Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounts Payable and Accrued Liabilities, Current [Abstract] |
|
| Accounts Payable and Other Current Liabilities |
Accounts Payable and Other Current Liabilities Accounts payable and other current liabilities consisted of: | | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | | Short-term operating lease liabilities | $ | 583 | | | $ | 576 | | | Accounts payable | 516 | | | 487 | | | Accrued sales and use taxes | 392 | | | 251 | | | Accrued advertising and marketing | 280 | | | 276 | | | Deferred lease revenues - current | 201 | | | 168 | | | Public liability and property damage insurance liabilities – current | 180 | | | 181 | | | Accrued payroll and related | 148 | | | 188 | | | Other | 486 | | | 500 | | | Accounts payable and other current liabilities | $ | 2,786 | | | $ | 2,627 | |
|
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-Topic 720
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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v3.24.3
Long-term Corporate Debt and Borrowing Arrangements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Long-term Corporate Debt and Borrowing Arrangements |
Long-term Corporate Debt and Borrowing Arrangements Long-term corporate debt and borrowing arrangements consisted of: | | | | | | | | | | | | | | | | | | | | | As of | | As of | | Maturity | | September 30, | | December 31, | | Date | | 2024 | | 2023 | 4.750% euro-denominated Senior Notes | January 2026 | | $ | — | | | $ | 386 | | 5.750% Senior Notes | July 2027 | | 739 | | | 736 | | 4.750% Senior Notes | April 2028 | | 500 | | | 500 | | 7.000% euro-denominated Senior Notes | February 2029 | | 668 | | | — | | 5.375% Senior Notes | March 2029 | | 600 | | | 600 | | 8.250% Senior Notes | January 2030 | | 700 | | | — | | 7.250% euro-denominated Senior Notes | July 2030 | | 669 | | | 441 | | 8.000% Senior Notes | February 2031 | | 497 | | | 497 | | | | | | | | Floating Rate Term Loan (a) | August 2027 | | 1,156 | | | 1,164 | | Floating Rate Term Loan (b) | March 2029 | | 522 | | | 524 | | Other (c) | | | 24 | | | 30 | | | Deferred financing fees | | | (70) | | | (55) | | | Total | | | 6,005 | | | 4,823 | | | Less: Short-term debt and current portion of long-term debt | | | 540 | | | 32 | | | Long-term debt | | | $ | 5,465 | | | $ | 4,791 | |
________ (a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%. (b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events. (c)Primarily includes finance leases, which are secured by liens on the related assets. In February 2024, we issued €600 million of 7.000% euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually. In April 2024, we used the net proceeds from the offering to redeem all of our outstanding 4.750% euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes.
In May 2024, we issued an additional €200 million of 7.250% euro-denominated Senior notes due July 2030, at 100.25% of their face value, with interest payable semi-annually.
In September 2024, we issued $700 million of 8.250% Senior Notes due January 2030, at par, with interest payable semi-annually. Net proceeds from the offering will be used to repay all of the outstanding borrowings under our floating rate term loan due 2029, with the remainder being used for general corporate purposes.
Committed Credit Facilities and Available Funding Arrangements
As of September 30, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Total
Capacity | | Outstanding
Borrowings | | Letters of Credit Issued | | Available
Capacity | Senior revolving credit facility maturing 2028 (a) | $ | 2,000 | | | $ | — | | | $ | 1,464 | | | $ | 536 | |
________ (a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property.
As of September 30, 2024, we had other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $400 million. As of September 30, 2024, letters of credit totaling $288 million have been issued on our SBLC facilities.
Debt Covenants
The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of September 30, 2024, we were in compliance with the financial covenants governing our indebtedness.
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v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt Under Vehicle Programs and Borrowing Arrangements |
Debt Under Vehicle Programs and Borrowing Arrangements Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: | | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 13,903 | | | $ | 15,502 | | Americas - Debt borrowings (b) | 1,213 | | | 1,075 | | International - Debt borrowings (c) | 2,672 | | | 2,203 | | | International - Finance leases | 179 | | | 172 | | | Other | 10 | | | 55 | | Deferred financing fees (d) | (84) | | | (70) | | | Total | $ | 17,893 | | | $ | 18,937 | |
________ (a)Includes approximately $726 million and $841 million of Class R notes as of September 30, 2024 and December 31, 2023, respectively, which are held by us. (b)Includes our Repurchase Facility. (c)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program. (d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2024 and December 31, 2023 were $66 million and $61 million, respectively.
The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | Issuance Date | | Maturity Date | | Weighted Average
Interest Rate | | Amount
Issued | | January 2024 | | June 2029 | | 5.51 | % | | $ | 1,200 | | | February 2024 | | April 2026 | | 6.24 | % | | 53 | | | February 2024 | | October 2026 | | 6.18 | % | | 37 | | | February 2024 | | April 2028 | | 6.23 | % | | 52 | | | March 2024 | | October 2027 | | 5.26 | % | | 400 | | | March 2024 | | December 2029 | | 5.35 | % | | 700 | | | | | | 5.46 | % | | $ | 2,442 | |
In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets. Debt Maturities
The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at September 30, 2024: | | | | | | | | Debt under Vehicle Programs (a) | Within 1 year (b) | $ | 2,606 | | Between 1 and 2 years (c) | 4,546 | | Between 2 and 3 years (d) | 5,666 | | Between 3 and 4 years (e) | 2,199 | | Between 4 and 5 years | 2,533 | | | Thereafter | 427 | | | Total | $ | 17,977 | |
________(a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.6 billion of bank and bank-sponsored facilities. (c) Includes $1.6 billion of bank and bank-sponsored facilities. (d) Includes $2.1 billion of bank and bank-sponsored facilities. (e) Includes $0.1 billion of bank and bank-sponsored facilities.
Committed Credit Facilities and Available Funding Arrangements
As of September 30, 2024, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
| | | | | | | | | | | | | | | | | | | Total Capacity (a) | | Outstanding Borrowings (b) | | Available
Capacity | | Americas - Debt due to Avis Budget Rental Car Funding | $ | 16,848 | | | $ | 13,903 | | | $ | 2,945 | | | Americas - Debt borrowings | 1,486 | | | 1,213 | | | 273 | | | International - Debt borrowings | 3,357 | | | 2,672 | | | 685 | | | International - Finance leases | 263 | | | 179 | | | 84 | | | Other | 10 | | | 10 | | | — | | | Total | $ | 21,964 | | | $ | 17,977 | | | $ | 3,987 | |
________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024. (b) The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.
Debt Covenants
The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2024, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.
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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Contingencies
In 2006, we completed the spin-offs of our Realogy and Wyndham subsidiaries (now known as Anywhere Real Estate, Inc., and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co., respectively). We do not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to us in relation to our consolidated financial position or liquidity, as Anywhere Real Estate, Inc., Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have agreed to assume responsibility for these liabilities.
In March 2023, the California Office of Tax Appeals (“OTA”) issued an opinion in a case involving notices of proposed assessment of California corporation franchise tax for tax year 1999 issued to us. The case involves whether (i) the notices of proposed assessment were barred by the statute of limitations; and (ii) a transaction undertaken by us in tax year 1999 constituted a tax-free reorganization under the Internal Revenue Code (“IRC”). The OTA concluded that the notices of proposed assessment were not barred by the statute of limitations and that the 1999 transaction was not a tax-free reorganization under the IRC. Anywhere Real Estate, Inc. has assumed 62.5%, and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have assumed 37.5% of the potential tax liability in this matter, respectively. We filed a petition for rehearing, which was denied in April 2024, and the tax assessment is expected to become payable, even if judicial relief is sought.
We are also named in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham. We are entitled to indemnification from such entities for any liability resulting from such litigation.
In September 2014, Dawn Valli et al. v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiffs seek to represent a purported nationwide class of certain renters of vehicles from our Avis and Budget subsidiaries from September 30, 2008 through the present. The plaintiffs seek damages in connection with claims relating to alleged misrepresentations and omissions concerning charging customers for traffic infractions and related administrative fees. On October 10, 2023, plaintiffs’ motion for class certification was denied as to their proposed nationwide class and granted as to a subclass, created at the Court’s discretion, of Avis Preferred and Budget Fastbreak members. We have been named as a defendant in other purported consumer class action lawsuits, including two class actions filed against us in New Jersey, one seeking damages in connection with a breach of contract claim and another related to ancillary charges at our Payless subsidiary. However, the Company intends to vigorously defend them.
We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters.
We are a defendant in a number of legal proceedings for personal injury arising from the operation of our vehicles. In June 2023, two of our subsidiaries were named as defendants in a lawsuit filed in Dallas, Texas alleging that one of our employees caused the death of an individual with one of our vehicles: Peggy Dawson Edwards, Individually and as Anticipated Representative of the Estate of Michael Edwards, Sr., et. al. v. Avis Budget Car Rental, LLC; PV Holding Corp.; and Kevin Barnes, Cause No. CC-23-03188-E, pending in County Court at Law No. 5 for Dallas County, Texas. The complaint alleges that our subsidiaries are responsible for Mr. Edwards’ death and seeks compensatory and punitive damages in an unspecified amount exceeding $1 million. The court has set a trial date in May 2025 for this lawsuit. Given the early stages of the legal proceedings, it is not possible to predict the outcome of the claim. However, the Company intends to vigorously defend it. Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $40 million in excess of amounts accrued as of September 30, 2024. We do not believe that the impact should result in a material liability to us in relation to our consolidated financial condition or results of operations.
Commitments to Purchase Vehicles
We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $3.9 billion of vehicles from manufacturers over the next 12 months, a $2.9 billion decrease compared to December 31, 2023, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements.
Concentrations
Concentrations of credit risk as of September 30, 2024 include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers and primarily with respect to receivables for program cars that have been disposed but for which we have not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $38 million and $23 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.
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v3.24.3
Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Stockholders' Equity |
Stockholders' Equity Share Repurchases
Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). During the nine months ended September 30, 2024, we repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. During the nine months ended September 30, 2023, we repurchased approximately 2.9 million shares of common stock at a cost of approximately $633 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. As of September 30, 2024, approximately $794 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.
Common stock repurchases under the Stock Repurchase Program do not include shares withheld to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards.
Total Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss). The components of other comprehensive income (loss) were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | 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 | | | Other comprehensive income (loss): | | | | | | | | Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) (a) | 38 | | | (43) | | | (7) | | | (41) | | Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively) | (16) | | | 2 | | | (12) | | | 9 | | Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively) | 1 | | | 1 | | | 3 | | | 3 | | | 23 | | | (40) | | | (16) | | | (29) | | Comprehensive income attributable to Avis Budget Group, Inc. | $ | 260 | | | $ | 586 | | | $ | 121 | | | $ | 1,344 | |
________ (a) Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Currency
Translation
Adjustments | | Net Unrealized Gains (Losses) on Cash Flow Hedges (a) | | Minimum Pension Liability Adjustment (b) | | Accumulated
Other
Comprehensive
Income (Loss) | Balance, January 1, 2024 | $ | (3) | | | $ | 37 | | | $ | (130) | | | $ | (96) | | | Other comprehensive income (loss) before reclassifications | (7) | | | 4 | | | — | | | (3) | | | Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (16) | | | 3 | | | (13) | | | Net current-period other comprehensive income (loss) | (7) | | | (12) | | | 3 | | | (16) | | Balance, September 30, 2024 | $ | (10) | | | $ | 25 | | | $ | (127) | | | $ | (112) | | | | | | | | | | Balance, January 1, 2023 | $ | (30) | | | $ | 45 | | | $ | (116) | | | $ | (101) | | | Other comprehensive income (loss) before reclassifications | (41) | | | 17 | | | — | | | (24) | | | Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (8) | | | 3 | | | (5) | | | Net current-period other comprehensive income (loss) | (41) | | | 9 | | | 3 | | | (29) | | Balance, September 30, 2023 | $ | (71) | | | $ | 54 | | | $ | (113) | | | $ | (130) | |
________ All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include $79 million gain, net of tax, as of September 30, 2024 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments). (a)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $8 million ($5 million, net of tax) and gains of $2 million ($2 million, net of tax), respectively. For the nine months ended September 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $22 million ($16 million, net of tax) and gains of $10 million ($8 million, net of tax), respectively. (b)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax) in each period. For the nine months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) in each period.
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- DefinitionThe entire disclosure for equity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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v3.24.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Party Transactions |
Related Party Transactions SRS Mobility Ventures, LLC
In 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of our subsidiaries at fair value of $37.5 million. SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC.
On September 1, 2022, through the issuance of Class B Preferred Voting Membership Interests, SRS Mobility Ventures, LLC increased their ownership in this subsidiary to 51% at fair value of $62 million. In accordance with ASC Topic 810-10-40, we must deconsolidate a subsidiary as of the date we cease to have a controlling interest in that subsidiary and recognize the gain or loss in net income at that time. The fair value of our retained investment was determined utilizing a discounted cash flow methodology based on various assumptions, including projections of future cash flows, which include forecast of future revenue and EBITDA. As a result, we deconsolidated our former subsidiary, Avis Mobility Ventures LLC (“AMV”), from our financial statements and began to report our proportional share of the former subsidiary’s income or loss within other (income) expense, net in our Consolidated Condensed Statements of Comprehensive Income as we do not have the ability to direct the significant activities of the former subsidiary and are therefore no longer primary beneficiary of the VIE. Upon deconsolidation, our former subsidiary had a net asset carrying amount of $49 million resulting in a gain of $10 million. In August and October 2023, SRS Mobility Ventures, LLC made capital contributions to AMV, increasing their ownership to approximately 65%. In June 2024, SRS Mobility Ventures, LLC made a capital contribution of approximately $22.2 million to AMV, and we simultaneously settled approximately $11.7 million in receivables from AMV related to services we provided. SRS Mobility Ventures, LLC’s ownership percentage remained at approximately 65% following these transactions.
We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations. The following table provides amounts reported within our Consolidated Condensed Balance Sheets related to our equity method investment in AMV and these services.
| | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | Receivables from AMV (a) | $ | 2 | | | $ | 2 | | Equity method investment in AMV (b) | 29 | | | 24 | | Vehicles, net investment in lease with AMV (c) | 99 | | | 31 | |
________ (a) Included within other current assets. (b) Included within other non-current assets. (c) Included within vehicles, net. See Note 7 – Vehicle Rental Activities.
The components of other (income) expense, net are summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | (Income) expense for services to AMV, net | $ | 1 | | | $ | (6) | | | $ | (1) | | | $ | (20) | | | (Income) loss on equity method investment in AMV, net | 2 | | | 7 | | | 7 | | | 23 | | | Other (income) expense, net | $ | 3 | | | $ | 1 | | | $ | 6 | | | $ | 3 | |
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2
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-Section 50
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
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-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
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-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
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-Subparagraph (SX 210.6-07(2)(e))
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v3.24.3
Stock-Based Compensation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock-Based Compensation |
Stock-Based Compensation We recorded stock-based compensation expense of $1 million ($1 million, net of tax) and $7 million ($5 million, net of tax) during the three months ended September 30, 2024 and 2023, respectively. We recorded stock-based compensation expense of $14 million ($11 million, net of tax) and $23 million ($16 million, net of tax) during the nine months ended September 30, 2024 and 2023, respectively.
As part of our declaration and payment of a special cash dividend in December 2023, we granted additional restricted stock units (“RSUs”) to our award holders with unvested shares as a dividend equivalent, which has been deferred until, and will not be paid unless, the shares of stock underlying the award vest.
The activity related to RSUs consisted of (in thousands of shares): | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted
Average
Grant Date
Fair Value | | Weighted Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value
(in millions) | | Time-based RSUs | | | | | | | | Outstanding at January 1, 2024 | 290 | | | $ | 161.87 | | | | | | Granted (a) | 134 | | | 111.39 | | | | | | Vested (b) | (120) | | | 137.08 | | | | | | | Forfeited | (23) | | | 163.81 | | | | | | Outstanding and expected to vest at September 30, 2024 (c) | 281 | | | $ | 148.16 | | | 1.4 | | $ | 25 | | | Performance-based RSUs | | | | | | | | | Outstanding at January 1, 2024 | 411 | | | $ | 128.77 | | | | | | Granted (a) | 150 | | | 112.44 | | | | | | Vested (b) | (222) | | | 68.54 | | | | | | | Forfeited | (25) | | | 175.36 | | | | | | Outstanding at September 30, 2024 | 314 | | | $ | 159.74 | | | 1.6 | | $ | 28 | | Outstanding and expected to vest at September 30, 2024 (c) | 64 | | | $ | 192.77 | | | 1.6 | | $ | 6 | |
________ (a)Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2023 was $209.08 and $208.64, respectively. (b)The total fair value of RSUs vested during the nine months ended September 30, 2024 and 2023 was $32 million and $21 million, respectively. (c)Aggregate unrecognized compensation expense related to time-based and performance-based RSUs amounted to $28 million and will be recognized over a weighted average vesting period of 1.4 years.
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- DefinitionThe entire disclosure for share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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v3.24.3
Financial Instruments
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Financial Instruments |
Financial Instruments Derivative Instruments and Hedging Activities
Currency Risk. We use currency exchange contracts to manage our exposure to changes in currency exchange rates associated with certain of our non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. We primarily hedge a portion of our current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. We have designated our euro-denominated notes as a hedge of our investment in euro-denominated foreign operations.
The estimated net amount of existing gains or losses we expect to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material.
Interest Rate Risk. We use various hedging strategies including interest rate swaps and interest rate caps to create what we deem an appropriate mix of fixed and floating rate assets and liabilities. We use interest rate swaps and interest rate caps to manage the risk related to our floating rate corporate debt and our floating rate vehicle-backed debt. We record the changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. We record the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, currently in earnings and are presented in the same line of the income statement expected for the hedged item. We estimate that approximately $18 million of gain currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months.
Commodity Risk. We periodically enter into derivative commodity contracts to manage our exposure to changes in the price of fuel. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in earnings and are presented in the same line of the income statement expected for the hedged item.
We held derivative instruments with absolute notional values as follows: | | | | | | | As of
September 30, 2024 | | Foreign exchange contracts | $ | 1,665 | | Interest rate caps (a) | 15,954 | | | Interest rate swaps | 750 | | | | | |
________ (a)Represents $10.6 billion of interest rate caps sold, partially offset by approximately $5.4 billion of interest rate caps purchased. These amounts exclude $5.8 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us. Estimated fair values (Level 2) of derivative instruments are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | As of December 31, 2023 | | Fair Value,
Asset Derivatives | | Fair Value,
Derivative
Liabilities | | Fair Value,
Derivative
Assets | | Fair Value,
Derivative
Liabilities | | Derivatives designated as hedging instruments | | | | | | | | Interest rate swaps (a) | $ | 33 | | | $ | — | | | $ | 50 | | | $ | — | | | Derivatives not designated as hedging instruments | | | | | | | | Foreign exchange contracts (b) | 4 | | | 3 | | | 5 | | | 4 | | Interest rate caps (c) | 4 | | | 13 | | | 19 | | | 74 | | | | | | | | | | | Total | $ | 41 | | | $ | 16 | | | $ | 74 | | | $ | 78 | |
________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13 – Stockholders' Equity. (a)Included in other non-current assets or other non-current liabilities. (b)Included in other current assets or other current liabilities. (c)Included in assets under vehicle programs or liabilities under vehicle programs.
The effects of derivatives recognized in our Consolidated Condensed Financial Statements are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Derivatives designated as hedging instruments (a) | | | | | | | | Interest rate swaps (b) | $ | (16) | | | $ | 2 | | | $ | (12) | | | $ | 9 | | Euro-denominated notes (c) | (37) | | | 23 | | | (14) | | | 9 | | Derivatives not designated as hedging instruments (d) | | | | | | | | Foreign exchange contracts (e) | (15) | | | 3 | | | (34) | | | (12) | | Interest rate caps (f) | — | | | — | | | — | | | (1) | | | | | | | | | | | Total | $ | (68) | | | $ | 28 | | | $ | (60) | | | $ | 5 | |
________ (a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity. (b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings. (c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e)Included in interest expense. (f)Primarily included in vehicle interest, net. Debt Instruments
The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | As of December 31, 2023 | | Carrying
Amount | | Estimated
Fair
Value | | Carrying
Amount | | Estimated
Fair
Value | | Corporate debt | | | | | | | | | Short-term debt and current portion of long-term debt | $ | 540 | | | $ | 546 | | | $ | 32 | | | $ | 32 | | | Long-term debt | 5,465 | | | 5,517 | | | 4,791 | | | 4,812 | | | | | | | | | | | Debt under vehicle programs | | | | | | | | | Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 13,837 | | | $ | 13,981 | | | $ | 15,441 | | | $ | 15,238 | | | Vehicle-backed debt | 4,043 | | | 4,075 | | | 3,422 | | | 3,435 | | Interest rate swaps and interest rate caps (a) | 13 | | | 13 | | | 74 | | | 74 | |
________ (a) Derivatives in a liability position.
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v3.24.3
Segment Information
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
Segment Information Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information of our operating segments. In identifying our reportable segments, we also consider the nature of services provided by our operating segments, the geographical areas in which the segments operate and other relevant factors. We aggregate certain of our operating segments into our reportable segments.
Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; any impairment charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, which includes amounts recorded in excess of $5 million related to class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; and income taxes. We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | | | 2024 | | 2023 | | | | | Revenues | | Adjusted EBITDA | | Revenues | | Adjusted EBITDA | | Americas | $ | 2,640 | | | $ | 384 | | | $ | 2,736 | | | $ | 740 | | | International | 840 | | | 139 | | | 828 | | | 196 | | Corporate and Other (a) | — | | | (20) | | | — | | | (29) | | | Total Company | $ | 3,480 | | | $ | 503 | | | $ | 3,564 | | | $ | 907 | | | | | | | | | | | | | | Reconciliation of Adjusted EBITDA to Income before income taxes: | | | | 2024 | | | | 2023 | | Adjusted EBITDA | | | $ | 503 | | | | | $ | 907 | | | Less: | Non-vehicle related depreciation and amortization | | 58 | | | | | 55 | | | | Interest expense related to corporate debt, net: | | | | | | | | | Interest expense | | 95 | | | | | 80 | | | | Early extinguishment of debt | | — | | | | | 1 | | | | Restructuring and other related charges | | 6 | | | | | 2 | | | | Transaction-related costs, net | | — | | | | | 3 | | | | Other (income) expense, net (b) | | 3 | | | | | 1 | | | | Reported within operating expenses: | | | | | | | | | Cloud computing costs | | 12 | | | | | 8 | | | | | | | | | | | | | | | | | | | | | Income before income taxes | | | $ | 329 | | | | | $ | 757 | |
__________ (a)Includes unallocated corporate overhead which is not attributable to a particular segment. (b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | | | | 2024 | | 2023 | | | | | Revenues | | Adjusted EBITDA | | Revenues | | Adjusted EBITDA | | Americas | $ | 6,994 | | | $ | 614 | | | $ | 7,180 | | | $ | 1,887 | | | International | 2,085 | | | 172 | | | 2,064 | | | 372 | | Corporate and Other (a) | — | | | (57) | | | — | | | (80) | | | Total Company | $ | 9,079 | | | $ | 729 | | | $ | 9,244 | | | $ | 2,179 | | | | | | | | | | | | | | Reconciliation of Adjusted EBITDA to Income before income taxes: | | | | 2024 | | | | 2023 | | Adjusted EBITDA | | | $ | 729 | | | | | $ | 2,179 | | | Less: | Non-vehicle related depreciation and amortization | | 177 | | | | | 163 | | | | Interest expense related to corporate debt, net: | | | | | | | | | Interest expense | | 266 | | | | | 221 | | | | Early extinguishment of debt | | 1 | | | | | 1 | | | | Restructuring and other related charges | | 23 | | | | | 7 | | | | Transaction-related costs, net | | 2 | | | | | 3 | | | | Other (income) expense, net (b) | | 6 | | | | | 3 | | | | Reported within operating expenses: | | | | | | | | | Cloud computing costs | | 33 | | | | | 24 | | | | | | | | | | | | | Legal matters, net | | 7 | | | | | 5 | | | | | | | | | | | | | | | | | | | | | | | | | Income before income taxes | | | $ | 214 | | | | | $ | 1,752 | |
________ (a)Includes unallocated corporate overhead which is not attributable to a particular segment. (b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
Since December 31, 2023, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2024 and December 31, 2023, International’s segment assets under vehicle programs were approximately $4.1 billion and $3.7 billion, respectively. This increase in assets under vehicle programs is directly correlated to the size and cost of our vehicle fleet.
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events In October 2024, we repaid the outstanding borrowings under our floating rate term loan due 2029 which had an aggregate outstanding balance of $535 million plus accrued interest.
In October 2024, we repurchased approximately 422 thousand shares of common stock at a cost of approximately $34.5 million under the Stock Repurchase Program.
In November 2024, we reduced the capacity under our asset-backed variable-funding financing facilities by $770 million.
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-Paragraph 60B
-Subparagraph (a)
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v3.24.3
Basis of Presentation (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting.
We operate the following reportable business segments:
•Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly. •International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.
The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2023 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party.
In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2023 Annual Report on Form 10-K (the “2023 Form 10-K”).
|
| Vehicle Programs |
Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
|
| Transaction-related costs, net |
Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.
|
| Currency Transactions |
Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.
|
| Variable Interest Entity (“VIE”) |
Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.
|
| Investments |
Investments.Earnings from our equity method investments are included within operating expenses.
|
| Revenues |
Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program,
|
| Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 will become effective for us on January 1, 2025. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective for us on January 1, 2024. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Condensed Financial Statements.
Reference Rate Reform
In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024. As of September 30, 2024, this guidance had no impact on our Consolidated Condensed Financial Statements, and we will continue to evaluate this guidance.
|
| Lessee |
Lessee
We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.
|
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v3.24.3
Basis of Presentation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Cash and Cash Equivalents |
The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. | | | | | | | | | | | | | As of September 30, | | 2024 | | 2023 | | Cash and cash equivalents | $ | 602 | | | $ | 572 | | | Program cash | 44 | | | 146 | | Restricted cash (a) | 3 | | | 3 | | | Total cash and cash equivalents, program and restricted cash | $ | 649 | | | $ | 721 | |
________ (a)Included within other current assets.
|
| Schedule of Restrictions on Cash and Cash Equivalents |
The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows. | | | | | | | | | | | | | As of September 30, | | 2024 | | 2023 | | Cash and cash equivalents | $ | 602 | | | $ | 572 | | | Program cash | 44 | | | 146 | | Restricted cash (a) | 3 | | | 3 | | | Total cash and cash equivalents, program and restricted cash | $ | 649 | | | $ | 721 | |
________ (a)Included within other current assets.
|
| Schedule of Disaggregation of Revenue |
The following table presents our revenues disaggregated by geography: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Americas | $ | 2,640 | | | $ | 2,736 | | | $ | 6,994 | | | $ | 7,180 | | | Europe, Middle East and Africa | 689 | | | 672 | | | 1,615 | | | 1,582 | | | Asia and Australasia | 151 | | | 156 | | | 470 | | | 482 | | | Total revenues | $ | 3,480 | | | $ | 3,564 | | | $ | 9,079 | | | $ | 9,244 | |
The following table presents our revenues disaggregated by brand: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Avis | $ | 2,011 | | | $ | 2,043 | | | $ | 5,218 | | | $ | 5,206 | | | Budget | 1,263 | | | 1,314 | | | 3,301 | | | 3,471 | | Other (a) | 206 | | | 207 | | | 560 | | | 567 | | | Total revenues | $ | 3,480 | | | $ | 3,564 | | | $ | 9,079 | | | $ | 9,244 | |
________ (a) Other includes Zipcar and other operating brands.
|
| X |
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
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v3.24.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Schedule of Operating Lease, Lease Income |
The following table presents our lease revenues disaggregated by geography: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Americas | $ | 2,587 | | | $ | 2,715 | | | $ | 6,891 | | | $ | 7,120 | | | Europe, Middle East and Africa | 660 | | | 646 | | | 1,548 | | | 1,518 | | | Asia and Australasia | 145 | | | 150 | | | 456 | | | 467 | | | Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
The following table presents our lease revenues disaggregated by brand: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Avis | $ | 1,953 | | | $ | 2,011 | | | $ | 5,097 | | | $ | 5,120 | | | Budget | 1,247 | | | 1,298 | | | 3,261 | | | 3,430 | | Other (a) | 192 | | | 202 | | | 537 | | | 555 | | | Total lease revenues | $ | 3,392 | | | $ | 3,511 | | | $ | 8,895 | | | $ | 9,105 | |
________ (a) Other includes Zipcar and other operating brands.
|
| Schedule of the Components of Lease Expense |
The components of lease expense are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Property leases (a) | | | | | | | | | Operating lease expense | $ | 229 | | | $ | 212 | | | $ | 691 | | | $ | 631 | | | Variable lease expense | 117 | | | 136 | | | 279 | | | 327 | | | Total property lease expense | $ | 346 | | | $ | 348 | | | $ | 970 | | | $ | 958 | |
________ (a) Primarily within operating expenses. Supplemental cash flow information related to leases is as follows: | | | | | | | | | | | | | Nine Months Ended
September 30, | | 2024 | | 2023 | | Cash payments for lease liabilities within operating activities: | | | | | Property operating leases | $ | 710 | | | $ | 645 | | | Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities: | | | | | Property operating leases | $ | 945 | | | $ | 914 | |
|
| Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related to leases is as follows: | | | | | | | | | | | | | As of
September 30, 2024 | | As of
December 31, 2023 | | Property leases | | | | | Operating lease ROU assets | $ | 2,886 | | $ | 2,654 | | | | | Short-term operating lease liabilities (a) | $ | 583 | | $ | 576 | | Long-term operating lease liabilities | 2,351 | | 2,117 | | Operating lease liabilities | $ | 2,934 | | $ | 2,693 | | | | | | Weighted average remaining lease term | 7.9 years | | 8.1 years | | Weighted average discount rate | 5.01 | % | | 4.83 | % |
________ (a) Included in accounts payable and other current liabilities.
|
| X |
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- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
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-Section 50
-Paragraph 4
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-Topic 842
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
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-Section 50
-Paragraph 6A
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v3.24.3
Restructuring and Other Related Charges (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Restructuring and Related Activities [Abstract] |
|
| Schedule of Changes to Restructuring-Related Liabilities |
The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations: | | | | | | | | | | | | | | | | | | | | | | | | | Personnel Related | | | | Other (a) | | Total | | Balance as of January 1, 2024 | | $ | 4 | | | | | $ | — | | | $ | 4 | | | | | | | | | | | | Restructuring expense: | | | | | | | | | | Global Rightsizing | | 9 | | | | | 13 | | | 22 | | | Cost Optimization | | — | | | | | 1 | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restructuring payments and utilization: | | | | | | | | | | Global Rightsizing | | (6) | | | | | (4) | | | (10) | | | Cost Optimization | | (1) | | | | | (1) | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of September 30, 2024 | | $ | 6 | | | | | $ | 9 | | | $ | 15 | |
________ (a) Includes expenses primarily related to the disposition of vehicles.
| | | | | | | | | | | | | | | | | | | | | | | Americas | | International | | Total | | Balance as of January 1, 2024 | | $ | 2 | | | $ | 2 | | | $ | 4 | | | | | | | | | | Restructuring expense: | | | | | | | | Global Rightsizing | | 16 | | | 6 | | | 22 | | | Cost Optimization | | 1 | | | — | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | Restructuring payments and utilization: | | | | | | | | Global Rightsizing | | (7) | | | (3) | | | (10) | | | Cost Optimization | | (1) | | | (1) | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | Balance as of September 30, 2024 | | $ | 11 | | | $ | 4 | | | $ | 15 | |
|
| X |
- DefinitionTabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.b.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
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v3.24.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS | $ | 237 | | | $ | 626 | | | $ | 137 | | | $ | 1,373 | | | | | | | | | | | | Basic weighted average shares outstanding | 35.5 | | | 36.9 | | | 35.6 | | | 39.1 | | Non-vested stock (a) | 0.2 | | | 0.4 | | | 0.2 | | | 0.4 | | | Diluted weighted average shares outstanding | 35.7 | | | 37.3 | | | 35.8 | | | 39.5 | | | | | | | | | | | | Earnings per share | | | | | | | | | Basic | $ | 6.67 | | | $ | 16.96 | | | $ | 3.86 | | | $ | 35.11 | | | Diluted | $ | 6.65 | | | $ | 16.78 | | | $ | 3.84 | | | $ | 34.71 | |
________ (a) For the three months ended September 30, 2024 and 2023, 0.2 million and an immaterial amount of non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2024 and 2023, 0.2 million and 0.1 million non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.
|
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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v3.24.3
Other Current Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Assets, Current [Abstract] |
|
| Schedule of Other Current Assets |
Other current assets consisted of: | | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | | Sales and use taxes | $ | 292 | | | $ | 192 | | | Prepaid expenses | 266 | | | 239 | | | Other | 242 | | | 253 | | | Other current assets | $ | 800 | | | $ | 684 | |
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v3.24.3
Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Intangible Assets |
Intangible assets consisted of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | As of December 31, 2023 | | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Amount | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Amount | | Amortized Intangible Assets | | | | | | | | | | | | | License agreements | $ | 317 | | | $ | 248 | | | $ | 69 | | | $ | 316 | | | $ | 234 | | | $ | 82 | | | Customer relationships | 255 | | | 228 | | | 27 | | | 253 | | | 221 | | | 32 | | | Other | 56 | | | 50 | | | 6 | | | 56 | | | 46 | | | 10 | | | Total | $ | 628 | | | $ | 526 | | | $ | 102 | | | $ | 625 | | | $ | 501 | | | $ | 124 | | | Unamortized Intangible Assets | | | | | | | | | | | | | Goodwill | $ | 1,109 | | | | | | | $ | 1,099 | | | | | | | Trademarks | $ | 545 | | | | | | | $ | 546 | | | | | |
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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Vehicle Rental Activities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Schedule of Property, Plant and Equipment |
The components of vehicles, net within assets under vehicle programs are as follows: | | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | | Rental vehicles | $ | 23,633 | | | $ | 23,114 | | | Less: Accumulated depreciation | (2,982) | | | (2,639) | | | 20,651 | | | 20,475 | | | Vehicles held for sale | 602 | | | 734 | | Vehicles, net investment in lease (a) | 99 | | | 31 | | | Vehicles, net | $ | 21,352 | | | $ | 21,240 | |
________ (a) See Note 14 – Related Party Transactions.
The components of vehicle depreciation and lease charges, net are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Depreciation expense | $ | 723 | | | $ | 614 | | | $ | 1,940 | | | $ | 1,631 | | | Lease charges | 41 | | | 48 | | | 115 | | | 126 | | | (Gain) loss on sale of vehicles, net | 42 | | | (145) | | | 120 | | | (600) | | | Vehicle depreciation and lease charges, net | $ | 806 | | | $ | 517 | | | $ | 2,175 | | | $ | 1,157 | |
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v3.24.3
Accounts Payable and Other Current Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounts Payable and Accrued Liabilities, Current [Abstract] |
|
| Schedule of Accounts Payable and Other Current Liabilities |
Accounts payable and other current liabilities consisted of: | | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | | Short-term operating lease liabilities | $ | 583 | | | $ | 576 | | | Accounts payable | 516 | | | 487 | | | Accrued sales and use taxes | 392 | | | 251 | | | Accrued advertising and marketing | 280 | | | 276 | | | Deferred lease revenues - current | 201 | | | 168 | | | Public liability and property damage insurance liabilities – current | 180 | | | 181 | | | Accrued payroll and related | 148 | | | 188 | | | Other | 486 | | | 500 | | | Accounts payable and other current liabilities | $ | 2,786 | | | $ | 2,627 | |
|
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v3.24.3
Long-term Corporate Debt and Borrowing Arrangements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-Term Debt |
Long-term corporate debt and borrowing arrangements consisted of: | | | | | | | | | | | | | | | | | | | | | As of | | As of | | Maturity | | September 30, | | December 31, | | Date | | 2024 | | 2023 | 4.750% euro-denominated Senior Notes | January 2026 | | $ | — | | | $ | 386 | | 5.750% Senior Notes | July 2027 | | 739 | | | 736 | | 4.750% Senior Notes | April 2028 | | 500 | | | 500 | | 7.000% euro-denominated Senior Notes | February 2029 | | 668 | | | — | | 5.375% Senior Notes | March 2029 | | 600 | | | 600 | | 8.250% Senior Notes | January 2030 | | 700 | | | — | | 7.250% euro-denominated Senior Notes | July 2030 | | 669 | | | 441 | | 8.000% Senior Notes | February 2031 | | 497 | | | 497 | | | | | | | | Floating Rate Term Loan (a) | August 2027 | | 1,156 | | | 1,164 | | Floating Rate Term Loan (b) | March 2029 | | 522 | | | 524 | | Other (c) | | | 24 | | | 30 | | | Deferred financing fees | | | (70) | | | (55) | | | Total | | | 6,005 | | | 4,823 | | | Less: Short-term debt and current portion of long-term debt | | | 540 | | | 32 | | | Long-term debt | | | $ | 5,465 | | | $ | 4,791 | |
________ (a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%. (b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events. (c)Primarily includes finance leases, which are secured by liens on the related assets. The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | Issuance Date | | Maturity Date | | Weighted Average
Interest Rate | | Amount
Issued | | January 2024 | | June 2029 | | 5.51 | % | | $ | 1,200 | | | February 2024 | | April 2026 | | 6.24 | % | | 53 | | | February 2024 | | October 2026 | | 6.18 | % | | 37 | | | February 2024 | | April 2028 | | 6.23 | % | | 52 | | | March 2024 | | October 2027 | | 5.26 | % | | 400 | | | March 2024 | | December 2029 | | 5.35 | % | | 700 | | | | | | 5.46 | % | | $ | 2,442 | |
In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
|
| Schedule of Committed Credit Facilities |
As of September 30, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Total
Capacity | | Outstanding
Borrowings | | Letters of Credit Issued | | Available
Capacity | Senior revolving credit facility maturing 2028 (a) | $ | 2,000 | | | $ | — | | | $ | 1,464 | | | $ | 536 | |
________ (a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property. Committed Credit Facilities and Available Funding Arrangements
As of September 30, 2024, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
| | | | | | | | | | | | | | | | | | | Total Capacity (a) | | Outstanding Borrowings (b) | | Available
Capacity | | Americas - Debt due to Avis Budget Rental Car Funding | $ | 16,848 | | | $ | 13,903 | | | $ | 2,945 | | | Americas - Debt borrowings | 1,486 | | | 1,213 | | | 273 | | | International - Debt borrowings | 3,357 | | | 2,672 | | | 685 | | | International - Finance leases | 263 | | | 179 | | | 84 | | | Other | 10 | | | 10 | | | — | | | Total | $ | 21,964 | | | $ | 17,977 | | | $ | 3,987 | |
________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024. (b) The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.
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v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of: | | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 13,903 | | | $ | 15,502 | | Americas - Debt borrowings (b) | 1,213 | | | 1,075 | | International - Debt borrowings (c) | 2,672 | | | 2,203 | | | International - Finance leases | 179 | | | 172 | | | Other | 10 | | | 55 | | Deferred financing fees (d) | (84) | | | (70) | | | Total | $ | 17,893 | | | $ | 18,937 | |
________ (a)Includes approximately $726 million and $841 million of Class R notes as of September 30, 2024 and December 31, 2023, respectively, which are held by us. (b)Includes our Repurchase Facility. (c)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program. (d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2024 and December 31, 2023 were $66 million and $61 million, respectively.
|
| Schedule of Debt Issued by AESOP |
Long-term corporate debt and borrowing arrangements consisted of: | | | | | | | | | | | | | | | | | | | | | As of | | As of | | Maturity | | September 30, | | December 31, | | Date | | 2024 | | 2023 | 4.750% euro-denominated Senior Notes | January 2026 | | $ | — | | | $ | 386 | | 5.750% Senior Notes | July 2027 | | 739 | | | 736 | | 4.750% Senior Notes | April 2028 | | 500 | | | 500 | | 7.000% euro-denominated Senior Notes | February 2029 | | 668 | | | — | | 5.375% Senior Notes | March 2029 | | 600 | | | 600 | | 8.250% Senior Notes | January 2030 | | 700 | | | — | | 7.250% euro-denominated Senior Notes | July 2030 | | 669 | | | 441 | | 8.000% Senior Notes | February 2031 | | 497 | | | 497 | | | | | | | | Floating Rate Term Loan (a) | August 2027 | | 1,156 | | | 1,164 | | Floating Rate Term Loan (b) | March 2029 | | 522 | | | 524 | | Other (c) | | | 24 | | | 30 | | | Deferred financing fees | | | (70) | | | (55) | | | Total | | | 6,005 | | | 4,823 | | | Less: Short-term debt and current portion of long-term debt | | | 540 | | | 32 | | | Long-term debt | | | $ | 5,465 | | | $ | 4,791 | |
________ (a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%. (b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events. (c)Primarily includes finance leases, which are secured by liens on the related assets. The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | Issuance Date | | Maturity Date | | Weighted Average
Interest Rate | | Amount
Issued | | January 2024 | | June 2029 | | 5.51 | % | | $ | 1,200 | | | February 2024 | | April 2026 | | 6.24 | % | | 53 | | | February 2024 | | October 2026 | | 6.18 | % | | 37 | | | February 2024 | | April 2028 | | 6.23 | % | | 52 | | | March 2024 | | October 2027 | | 5.26 | % | | 400 | | | March 2024 | | December 2029 | | 5.35 | % | | 700 | | | | | | 5.46 | % | | $ | 2,442 | |
In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
|
| Schedule of Maturities of Long-term Debt |
The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at September 30, 2024: | | | | | | | | Debt under Vehicle Programs (a) | Within 1 year (b) | $ | 2,606 | | Between 1 and 2 years (c) | 4,546 | | Between 2 and 3 years (d) | 5,666 | | Between 3 and 4 years (e) | 2,199 | | Between 4 and 5 years | 2,533 | | | Thereafter | 427 | | | Total | $ | 17,977 | |
________(a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.6 billion of bank and bank-sponsored facilities. (c) Includes $1.6 billion of bank and bank-sponsored facilities. (d) Includes $2.1 billion of bank and bank-sponsored facilities. (e) Includes $0.1 billion of bank and bank-sponsored facilities.
|
| Schedule of Committed Credit Facilities |
As of September 30, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Total
Capacity | | Outstanding
Borrowings | | Letters of Credit Issued | | Available
Capacity | Senior revolving credit facility maturing 2028 (a) | $ | 2,000 | | | $ | — | | | $ | 1,464 | | | $ | 536 | |
________ (a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property. Committed Credit Facilities and Available Funding Arrangements
As of September 30, 2024, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
| | | | | | | | | | | | | | | | | | | Total Capacity (a) | | Outstanding Borrowings (b) | | Available
Capacity | | Americas - Debt due to Avis Budget Rental Car Funding | $ | 16,848 | | | $ | 13,903 | | | $ | 2,945 | | | Americas - Debt borrowings | 1,486 | | | 1,213 | | | 273 | | | International - Debt borrowings | 3,357 | | | 2,672 | | | 685 | | | International - Finance leases | 263 | | | 179 | | | 84 | | | Other | 10 | | | 10 | | | — | | | Total | $ | 21,964 | | | $ | 17,977 | | | $ | 3,987 | |
________ (a) Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024. (b) The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.
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v3.24.3
Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Components of Other Comprehensive Income (Loss) |
The components of other comprehensive income (loss) were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | 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 | | | Other comprehensive income (loss): | | | | | | | | Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) (a) | 38 | | | (43) | | | (7) | | | (41) | | Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively) | (16) | | | 2 | | | (12) | | | 9 | | Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively) | 1 | | | 1 | | | 3 | | | 3 | | | 23 | | | (40) | | | (16) | | | (29) | | Comprehensive income attributable to Avis Budget Group, Inc. | $ | 260 | | | $ | 586 | | | $ | 121 | | | $ | 1,344 | |
________ (a) Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
|
| Schedule of Components of Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Currency
Translation
Adjustments | | Net Unrealized Gains (Losses) on Cash Flow Hedges (a) | | Minimum Pension Liability Adjustment (b) | | Accumulated
Other
Comprehensive
Income (Loss) | Balance, January 1, 2024 | $ | (3) | | | $ | 37 | | | $ | (130) | | | $ | (96) | | | Other comprehensive income (loss) before reclassifications | (7) | | | 4 | | | — | | | (3) | | | Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (16) | | | 3 | | | (13) | | | Net current-period other comprehensive income (loss) | (7) | | | (12) | | | 3 | | | (16) | | Balance, September 30, 2024 | $ | (10) | | | $ | 25 | | | $ | (127) | | | $ | (112) | | | | | | | | | | Balance, January 1, 2023 | $ | (30) | | | $ | 45 | | | $ | (116) | | | $ | (101) | | | Other comprehensive income (loss) before reclassifications | (41) | | | 17 | | | — | | | (24) | | | Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (8) | | | 3 | | | (5) | | | Net current-period other comprehensive income (loss) | (41) | | | 9 | | | 3 | | | (29) | | Balance, September 30, 2023 | $ | (71) | | | $ | 54 | | | $ | (113) | | | $ | (130) | |
________ All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include $79 million gain, net of tax, as of September 30, 2024 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments). (a)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $8 million ($5 million, net of tax) and gains of $2 million ($2 million, net of tax), respectively. For the nine months ended September 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $22 million ($16 million, net of tax) and gains of $10 million ($8 million, net of tax), respectively. (b)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax) in each period. For the nine months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) in each period.
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v3.24.3
Related Party Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| Schedule of Related Party Transactions |
We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations. The following table provides amounts reported within our Consolidated Condensed Balance Sheets related to our equity method investment in AMV and these services.
| | | | | | | | | | | | | As of | | As of | | September 30, | | December 31, | | 2024 | | 2023 | Receivables from AMV (a) | $ | 2 | | | $ | 2 | | Equity method investment in AMV (b) | 29 | | | 24 | | Vehicles, net investment in lease with AMV (c) | 99 | | | 31 | |
________ (a) Included within other current assets. (b) Included within other non-current assets. (c) Included within vehicles, net. See Note 7 – Vehicle Rental Activities.
The components of other (income) expense, net are summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | (Income) expense for services to AMV, net | $ | 1 | | | $ | (6) | | | $ | (1) | | | $ | (20) | | | (Income) loss on equity method investment in AMV, net | 2 | | | 7 | | | 7 | | | 23 | | | Other (income) expense, net | $ | 3 | | | $ | 1 | | | $ | 6 | | | $ | 3 | |
|
| X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.24.3
Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Stock Based Compensation Activity |
The activity related to RSUs consisted of (in thousands of shares): | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted
Average
Grant Date
Fair Value | | Weighted Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value
(in millions) | | Time-based RSUs | | | | | | | | Outstanding at January 1, 2024 | 290 | | | $ | 161.87 | | | | | | Granted (a) | 134 | | | 111.39 | | | | | | Vested (b) | (120) | | | 137.08 | | | | | | | Forfeited | (23) | | | 163.81 | | | | | | Outstanding and expected to vest at September 30, 2024 (c) | 281 | | | $ | 148.16 | | | 1.4 | | $ | 25 | | | Performance-based RSUs | | | | | | | | | Outstanding at January 1, 2024 | 411 | | | $ | 128.77 | | | | | | Granted (a) | 150 | | | 112.44 | | | | | | Vested (b) | (222) | | | 68.54 | | | | | | | Forfeited | (25) | | | 175.36 | | | | | | Outstanding at September 30, 2024 | 314 | | | $ | 159.74 | | | 1.6 | | $ | 28 | | Outstanding and expected to vest at September 30, 2024 (c) | 64 | | | $ | 192.77 | | | 1.6 | | $ | 6 | |
________ (a)Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2023 was $209.08 and $208.64, respectively. (b)The total fair value of RSUs vested during the nine months ended September 30, 2024 and 2023 was $32 million and $21 million, respectively. (c)Aggregate unrecognized compensation expense related to time-based and performance-based RSUs amounted to $28 million and will be recognized over a weighted average vesting period of 1.4 years.
|
| X |
- DefinitionTabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)
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v3.24.3
Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Notional Amounts of Outstanding Derivative Positions |
We held derivative instruments with absolute notional values as follows: | | | | | | | As of
September 30, 2024 | | Foreign exchange contracts | $ | 1,665 | | Interest rate caps (a) | 15,954 | | | Interest rate swaps | 750 | | | | | |
________ (a)Represents $10.6 billion of interest rate caps sold, partially offset by approximately $5.4 billion of interest rate caps purchased. These amounts exclude $5.8 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.
|
| Schedule of Fair Value of Derivative Instruments |
Estimated fair values (Level 2) of derivative instruments are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | As of December 31, 2023 | | Fair Value,
Asset Derivatives | | Fair Value,
Derivative
Liabilities | | Fair Value,
Derivative
Assets | | Fair Value,
Derivative
Liabilities | | Derivatives designated as hedging instruments | | | | | | | | Interest rate swaps (a) | $ | 33 | | | $ | — | | | $ | 50 | | | $ | — | | | Derivatives not designated as hedging instruments | | | | | | | | Foreign exchange contracts (b) | 4 | | | 3 | | | 5 | | | 4 | | Interest rate caps (c) | 4 | | | 13 | | | 19 | | | 74 | | | | | | | | | | | Total | $ | 41 | | | $ | 16 | | | $ | 74 | | | $ | 78 | |
________ Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13 – Stockholders' Equity. (a)Included in other non-current assets or other non-current liabilities. (b)Included in other current assets or other current liabilities. (c)Included in assets under vehicle programs or liabilities under vehicle programs.
The effects of derivatives recognized in our Consolidated Condensed Financial Statements are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Derivatives designated as hedging instruments (a) | | | | | | | | Interest rate swaps (b) | $ | (16) | | | $ | 2 | | | $ | (12) | | | $ | 9 | | Euro-denominated notes (c) | (37) | | | 23 | | | (14) | | | 9 | | Derivatives not designated as hedging instruments (d) | | | | | | | | Foreign exchange contracts (e) | (15) | | | 3 | | | (34) | | | (12) | | Interest rate caps (f) | — | | | — | | | — | | | (1) | | | | | | | | | | | Total | $ | (68) | | | $ | 28 | | | $ | (60) | | | $ | 5 | |
________ (a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity. (b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings. (c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss). (d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged. (e)Included in interest expense. (f)Primarily included in vehicle interest, net.
|
| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | As of December 31, 2023 | | Carrying
Amount | | Estimated
Fair
Value | | Carrying
Amount | | Estimated
Fair
Value | | Corporate debt | | | | | | | | | Short-term debt and current portion of long-term debt | $ | 540 | | | $ | 546 | | | $ | 32 | | | $ | 32 | | | Long-term debt | 5,465 | | | 5,517 | | | 4,791 | | | 4,812 | | | | | | | | | | | Debt under vehicle programs | | | | | | | | | Vehicle-backed debt due to Avis Budget Rental Car Funding | $ | 13,837 | | | $ | 13,981 | | | $ | 15,441 | | | $ | 15,238 | | | Vehicle-backed debt | 4,043 | | | 4,075 | | | 3,422 | | | 3,435 | | Interest rate swaps and interest rate caps (a) | 13 | | | 13 | | | 74 | | | 74 | |
________ (a) Derivatives in a liability position.
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v3.24.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segments Information |
We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | | | 2024 | | 2023 | | | | | Revenues | | Adjusted EBITDA | | Revenues | | Adjusted EBITDA | | Americas | $ | 2,640 | | | $ | 384 | | | $ | 2,736 | | | $ | 740 | | | International | 840 | | | 139 | | | 828 | | | 196 | | Corporate and Other (a) | — | | | (20) | | | — | | | (29) | | | Total Company | $ | 3,480 | | | $ | 503 | | | $ | 3,564 | | | $ | 907 | | | | | | | | | | | | | | Reconciliation of Adjusted EBITDA to Income before income taxes: | | | | 2024 | | | | 2023 | | Adjusted EBITDA | | | $ | 503 | | | | | $ | 907 | | | Less: | Non-vehicle related depreciation and amortization | | 58 | | | | | 55 | | | | Interest expense related to corporate debt, net: | | | | | | | | | Interest expense | | 95 | | | | | 80 | | | | Early extinguishment of debt | | — | | | | | 1 | | | | Restructuring and other related charges | | 6 | | | | | 2 | | | | Transaction-related costs, net | | — | | | | | 3 | | | | Other (income) expense, net (b) | | 3 | | | | | 1 | | | | Reported within operating expenses: | | | | | | | | | Cloud computing costs | | 12 | | | | | 8 | | | | | | | | | | | | | | | | | | | | | Income before income taxes | | | $ | 329 | | | | | $ | 757 | |
__________ (a)Includes unallocated corporate overhead which is not attributable to a particular segment. (b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | | | | 2024 | | 2023 | | | | | Revenues | | Adjusted EBITDA | | Revenues | | Adjusted EBITDA | | Americas | $ | 6,994 | | | $ | 614 | | | $ | 7,180 | | | $ | 1,887 | | | International | 2,085 | | | 172 | | | 2,064 | | | 372 | | Corporate and Other (a) | — | | | (57) | | | — | | | (80) | | | Total Company | $ | 9,079 | | | $ | 729 | | | $ | 9,244 | | | $ | 2,179 | | | | | | | | | | | | | | Reconciliation of Adjusted EBITDA to Income before income taxes: | | | | 2024 | | | | 2023 | | Adjusted EBITDA | | | $ | 729 | | | | | $ | 2,179 | | | Less: | Non-vehicle related depreciation and amortization | | 177 | | | | | 163 | | | | Interest expense related to corporate debt, net: | | | | | | | | | Interest expense | | 266 | | | | | 221 | | | | Early extinguishment of debt | | 1 | | | | | 1 | | | | Restructuring and other related charges | | 23 | | | | | 7 | | | | Transaction-related costs, net | | 2 | | | | | 3 | | | | Other (income) expense, net (b) | | 6 | | | | | 3 | | | | Reported within operating expenses: | | | | | | | | | Cloud computing costs | | 33 | | | | | 24 | | | | | | | | | | | | | Legal matters, net | | 7 | | | | | 5 | | | | | | | | | | | | | | | | | | | | | | | | | Income before income taxes | | | $ | 214 | | | | | $ | 1,752 | |
________ (a)Includes unallocated corporate overhead which is not attributable to a particular segment. (b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
|
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- DefinitionThe carrying amounts of cash and cash equivalent items related to vehicle programs which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.
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v3.24.3
Basis of Presentation (Disaggregated Revenue in Basis of Presentation) (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
$ 3,480
|
$ 3,564
|
$ 9,079
|
$ 9,244
|
| Avis |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
2,011
|
2,043
|
5,218
|
5,206
|
| Budget |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
1,263
|
1,314
|
3,301
|
3,471
|
| Other |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
206
|
207
|
560
|
567
|
| Americas |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
2,640
|
2,736
|
6,994
|
7,180
|
| Europe, Middle East and Africa |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
689
|
672
|
1,615
|
1,582
|
| Asia and Australasia |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
$ 151
|
$ 156
|
$ 470
|
$ 482
|
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Leases (Lessor) (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Lessor, Lease, Description [Line Items] |
|
|
|
|
| Total lease revenues |
$ 3,392
|
$ 3,511
|
$ 8,895
|
$ 9,105
|
| Avis |
|
|
|
|
| Lessor, Lease, Description [Line Items] |
|
|
|
|
| Total lease revenues |
1,953
|
2,011
|
5,097
|
5,120
|
| Budget |
|
|
|
|
| Lessor, Lease, Description [Line Items] |
|
|
|
|
| Total lease revenues |
1,247
|
1,298
|
3,261
|
3,430
|
| Other |
|
|
|
|
| Lessor, Lease, Description [Line Items] |
|
|
|
|
| Total lease revenues |
192
|
202
|
537
|
555
|
| Americas |
|
|
|
|
| Lessor, Lease, Description [Line Items] |
|
|
|
|
| Total lease revenues |
2,587
|
2,715
|
6,891
|
7,120
|
| Europe, Middle East and Africa |
|
|
|
|
| Lessor, Lease, Description [Line Items] |
|
|
|
|
| Total lease revenues |
660
|
646
|
1,548
|
1,518
|
| Asia and Australasia |
|
|
|
|
| Lessor, Lease, Description [Line Items] |
|
|
|
|
| Total lease revenues |
$ 145
|
$ 150
|
$ 456
|
$ 467
|
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v3.24.3
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v3.24.3
Leases (Supplemental Balance Sheet Information) (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Property leases |
|
|
| Operating lease ROU assets |
$ 2,886
|
$ 2,654
|
| Short-term operating lease liabilities |
583
|
576
|
| Long-term operating lease liabilities |
2,351
|
2,117
|
| Operating lease liabilities |
$ 2,934
|
$ 2,693
|
| Weighted average remaining lease term |
7 years 10 months 24 days
|
8 years 1 month 6 days
|
| Weighted average discount rate |
5.01%
|
4.83%
|
| Operating lease, liability, current, statement of financial position [extensible enumeration] |
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|
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|
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v3.24.3
Vehicle Rental Activities (Components of the Company's Vehicles) (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Property, Plant and Equipment [Abstract] |
|
|
| Rental vehicles |
$ 23,633
|
$ 23,114
|
| Less: Accumulated depreciation |
(2,982)
|
(2,639)
|
| Rental Vehicles Net, Total |
20,651
|
20,475
|
| Vehicles held for sale |
602
|
734
|
| Vehicle, net investment in lease |
99
|
31
|
| Vehicles, net |
$ 21,352
|
$ 21,240
|
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v3.24.3
Vehicle Rental Activities (Components of Vehicle Depreciation and Lease Charges) (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Property, Plant and Equipment [Abstract] |
|
|
|
|
| Depreciation expense |
$ 723
|
$ 614
|
$ 1,940
|
$ 1,631
|
| Lease charges |
41
|
48
|
115
|
126
|
| (Gain) loss on sale of vehicles, net |
42
|
(145)
|
120
|
(600)
|
| Vehicle depreciation and lease charges, net |
$ 806
|
$ 517
|
$ 2,175
|
$ 1,157
|
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-Topic 220
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v3.24.3
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-Topic 280
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v3.24.3
v3.24.3
| X |
- Definitionaccrued marketing and commissions
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| X |
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-Topic 210
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- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X |
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-Topic 606
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-Topic 842
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v3.24.3
Long-term Corporate Debt and Borrowing Arrangements (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Millions |
9 Months Ended |
|
|
|
Sep. 30, 2024 |
May 31, 2024 |
Feb. 29, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
| Other |
$ 24
|
|
|
$ 30
|
| Deferred financing fees |
(70)
|
|
|
(55)
|
| Total |
6,005
|
|
|
4,823
|
| Less: Short-term debt and current portion of long-term debt |
540
|
|
|
32
|
| Long-term debt |
$ 5,465
|
|
|
4,791
|
| 4.750% euro-denominated Senior Notes | Senior Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument stated interest percentage |
4.75%
|
|
4.75%
|
|
| Long-term debt |
$ 0
|
|
|
386
|
| 5.750% Senior Notes | Senior Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument stated interest percentage |
5.75%
|
|
|
|
| Long-term debt |
$ 739
|
|
|
736
|
| 4.750% Senior Notes | Senior Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument stated interest percentage |
4.75%
|
|
|
|
| Long-term debt |
$ 500
|
|
|
500
|
| 7.000% euro-denominated Senior Notes | Senior Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument stated interest percentage |
7.00%
|
|
|
|
| Long-term debt |
$ 668
|
|
|
0
|
| 5.375% Senior Notes | Senior Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument stated interest percentage |
5.375%
|
|
|
|
| Long-term debt |
$ 600
|
|
|
600
|
| 8.250% Senior Notes | Senior Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument stated interest percentage |
8.25%
|
|
|
|
| Long-term debt |
$ 700
|
|
|
0
|
| 7.250% euro-denominated Senior Notes | Senior Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument stated interest percentage |
7.25%
|
7.25%
|
|
|
| Long-term debt |
$ 669
|
|
|
441
|
| 8.000% Senior Notes | Senior Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument stated interest percentage |
8.00%
|
|
|
|
| Long-term debt |
$ 497
|
|
|
497
|
| Floating Rate Term Loan | Loans Payable |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Long-term debt |
$ 1,156
|
|
|
1,164
|
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
Secured Overnight Financing Rate (SOFR) [Member]
|
|
|
|
| Basis spread on variable rate |
1.75%
|
|
|
|
| Aggregate interest rate |
6.71%
|
|
|
|
| Floating Rate Term Loan | Interest rate swaps | Loans Payable |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Amount of hedged item |
$ 750
|
|
|
|
| Aggregate rate |
3.26%
|
|
|
|
| Floating Rate Term Loan | Loans Payable |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Long-term debt |
$ 522
|
|
|
$ 524
|
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
Secured Overnight Financing Rate (SOFR) [Member]
|
|
|
|
| Basis spread on variable rate |
3.00%
|
|
|
|
| Aggregate interest rate |
7.95%
|
|
|
|
| X |
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-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 10
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Long-term Corporate Debt and Borrowing Arrangements (Narrative) (Details)
|
1 Months Ended |
|
|
|
May 31, 2024
EUR (€)
|
Sep. 30, 2024
USD ($)
|
Feb. 29, 2024
EUR (€)
|
| Debt Instrument [Line Items] |
|
|
|
| Line of credit balance |
|
$ 21,964,000,000
|
|
| Senior Notes | 7.000% euro-denominated Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Amount issued | € |
|
|
€ 600,000,000
|
| Debt instrument stated interest percentage |
|
7.00%
|
|
| Senior Notes | 4.750% euro-denominated Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument stated interest percentage |
|
4.75%
|
4.75%
|
| Senior Notes | 7.250% euro-denominated Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Amount issued | € |
€ 200,000,000
|
|
|
| Debt instrument stated interest percentage |
7.25%
|
7.25%
|
|
| Issued percentage of face value |
100.25%
|
|
|
| Senior Notes | 8.250% Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Amount issued |
|
$ 700,000,000
|
|
| Debt instrument stated interest percentage |
|
8.25%
|
|
| Line of Credit | SBLC Facility |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Line of credit balance |
|
$ 400,000,000
|
|
| Letters of credit issued or drawn |
|
$ 288,000,000
|
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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| X |
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v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Debt Under Vehicle Programs) (Details)
£ in Millions, $ in Millions, € in Billions |
Sep. 30, 2024
USD ($)
|
Feb. 29, 2024
EUR (€)
|
Feb. 29, 2024
GBP (£)
|
Dec. 31, 2023
USD ($)
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
$ 17,893
|
|
|
$ 18,937
|
| Deferred financing fees |
70
|
|
|
55
|
| Americas - Debt due to Avis Budget Rental Car Funding |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
13,903
|
|
|
15,502
|
| Debt Due To Rental Car Funding, Class R Notes |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
726
|
|
|
841
|
| Americas - Debt borrowings (b) |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
1,213
|
|
|
1,075
|
| International - Debt borrowings |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
2,672
|
|
|
2,203
|
| International - Finance leases |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
179
|
|
|
172
|
| Other |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
10
|
|
|
55
|
| Deferred financing fees |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Deferred financing fees |
(84)
|
|
|
(70)
|
| Repurchase Facility |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
116
|
|
|
|
| European rental fleet securitization program |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt under vehicle programs |
|
€ 1.9
|
£ 200
|
|
| Avis Budget Rental Car Funding | Deferred financing fees |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Deferred financing fees |
$ 66
|
|
|
$ 61
|
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v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Available Funding Under the Vehicle Programs) (Details)
$ in Millions |
Sep. 30, 2024
USD ($)
|
| Debt Instrument [Line Items] |
|
| Total Capacity |
$ 21,964
|
| Outstanding Borrowings |
17,977
|
| Available Capacity |
3,987
|
| Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity |
|
| Debt Instrument [Line Items] |
|
| Total Capacity |
16,848
|
| Outstanding Borrowings |
13,903
|
| Available Capacity |
2,945
|
| Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity | Secured Debt |
|
| Debt Instrument [Line Items] |
|
| Outstanding Borrowings |
17,000
|
| Americas - Debt borrowings |
|
| Debt Instrument [Line Items] |
|
| Total Capacity |
1,486
|
| Outstanding Borrowings |
1,213
|
| Available Capacity |
273
|
| Americas - Debt borrowings | Secured Debt |
|
| Debt Instrument [Line Items] |
|
| Outstanding Borrowings |
1,900
|
| International - Debt borrowings |
|
| Debt Instrument [Line Items] |
|
| Total Capacity |
3,357
|
| Outstanding Borrowings |
2,672
|
| Available Capacity |
685
|
| International - Debt borrowings | Secured Debt |
|
| Debt Instrument [Line Items] |
|
| Outstanding Borrowings |
3,400
|
| International - Finance leases |
|
| Debt Instrument [Line Items] |
|
| Total Capacity |
263
|
| Outstanding Borrowings |
179
|
| Available Capacity |
84
|
| International - Finance leases | Secured Debt |
|
| Debt Instrument [Line Items] |
|
| Outstanding Borrowings |
200
|
| Other |
|
| Debt Instrument [Line Items] |
|
| Total Capacity |
10
|
| Outstanding Borrowings |
10
|
| Available Capacity |
$ 0
|
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 720
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Stockholders' Equity (Components of Other Comprehensive Income) (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Equity [Abstract] |
|
|
|
|
| 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
|
| Other comprehensive income (loss): |
|
|
|
|
| Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) |
38
|
(43)
|
(7)
|
(41)
|
| Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively) |
(16)
|
2
|
(12)
|
9
|
| Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively) |
1
|
1
|
3
|
3
|
| Net current-period other comprehensive income (loss) |
23
|
(40)
|
(16)
|
(29)
|
| Comprehensive income attributable to Avis Budget Group, Inc. |
260
|
586
|
121
|
1,344
|
| Currency translation adjustments, tax |
13
|
(8)
|
5
|
(3)
|
| Net unrealized gain (loss) on cash flow hedges, tax |
5
|
(1)
|
4
|
(3)
|
| Minimum pension liability adjustment, tax |
$ (1)
|
$ (1)
|
$ (1)
|
$ (1)
|
| X |
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-Topic 220
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-Section S99
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Beginning balance |
$ (482)
|
$ (125)
|
$ (343)
|
$ (700)
|
| Other comprehensive income (loss) before reclassifications |
|
|
(3)
|
(24)
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
(13)
|
(5)
|
| Net current-period other comprehensive income (loss) |
23
|
(40)
|
(16)
|
(29)
|
| Ending balance |
(229)
|
(28)
|
(229)
|
(28)
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
(13)
|
(5)
|
| Foreign Exchange Contracts | Derivatives designated as hedging instruments |
|
|
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Derivatives used in net investment hedge, net of tax |
79
|
|
79
|
|
| Accumulated Other Comprehensive Income (Loss) |
|
|
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Beginning balance |
|
|
(96)
|
(101)
|
| Ending balance |
(112)
|
(130)
|
(112)
|
(130)
|
| Currency Translation Adjustments |
|
|
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Beginning balance |
|
|
(3)
|
(30)
|
| Other comprehensive income (loss) before reclassifications |
|
|
(7)
|
(41)
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
0
|
0
|
| Net current-period other comprehensive income (loss) |
|
|
(7)
|
(41)
|
| Ending balance |
(10)
|
(71)
|
(10)
|
(71)
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
0
|
0
|
| Net Unrealized Gains (Losses) on Cash Flow Hedges |
|
|
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Beginning balance |
|
|
37
|
45
|
| Other comprehensive income (loss) before reclassifications |
|
|
4
|
17
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
(16)
|
(8)
|
| Net current-period other comprehensive income (loss) |
|
|
(12)
|
9
|
| Ending balance |
25
|
54
|
25
|
54
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
(16)
|
(8)
|
| Net Unrealized Gains (Losses) on Cash Flow Hedges | Corporate Interest Expense |
|
|
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
(5)
|
(2)
|
(16)
|
(8)
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
(8)
|
(2)
|
(22)
|
(10)
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
(5)
|
(2)
|
(16)
|
(8)
|
| Minimum Pension Liability Adjustment |
|
|
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Beginning balance |
|
|
(130)
|
(116)
|
| Other comprehensive income (loss) before reclassifications |
|
|
0
|
0
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
3
|
3
|
| Net current-period other comprehensive income (loss) |
|
|
3
|
3
|
| Ending balance |
(127)
|
$ (113)
|
(127)
|
(113)
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
3
|
$ 3
|
| Minimum Pension Liability Adjustment | Selling, General and Administrative Expenses |
|
|
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
1
|
|
3
|
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
1
|
|
4
|
|
| Amounts reclassified from accumulated other comprehensive income (loss) |
$ 1
|
|
$ 3
|
|
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v3.24.3
Related Party Transactions (Details) - USD ($)
$ in Millions |
1 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
Jun. 30, 2024 |
Sep. 30, 2024 |
Dec. 31, 2021 |
Dec. 31, 2023 |
Oct. 31, 2023 |
Aug. 31, 2023 |
Sep. 01, 2022 |
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Non-controlling interests |
|
$ 9.0
|
|
$ 6.0
|
|
|
|
| Assets |
|
32,749.0
|
|
$ 32,569.0
|
|
|
|
| Subsidiary Equity |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Assets |
|
49.0
|
|
|
|
|
|
| Gain on deconsolidation |
|
$ 10.0
|
|
|
|
|
|
| Subsidiary Equity | SRS Mobility Ventures, LLC |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Contributions from non-controlling interests |
|
|
$ 37.5
|
|
|
|
|
| Non-controlling interests |
|
|
|
|
|
|
$ 62.0
|
| Capital contribution made |
$ 22.2
|
|
|
|
|
|
|
| Decrease from receivables forgiveness |
$ 11.7
|
|
|
|
|
|
|
| Subsidiary Equity | SRS Mobility Ventures, LLC | Company Subsidiary |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Ownership acquired percentage |
|
|
33.34%
|
|
|
|
|
| Subsidiary Equity | SRS Mobility Ventures, LLC | Maximum | Company Subsidiary |
|
|
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
| Ownership interest |
65.00%
|
|
|
|
65.00%
|
65.00%
|
51.00%
|
| X |
- DefinitionNoncontrolling Interest, Decrease From Receivables Forgiveness
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|
| X |
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-Topic 280
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v3.24.3
Related Party Transactions - Equity Method Investment in Balance Sheet and Statements of Comprehensive Income (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Receivables from AMV |
$ 21,352
|
|
$ 21,352
|
|
$ 21,240
|
| Equity method investment in AMV |
421
|
|
421
|
|
441
|
| Vehicles, net investment in lease with AMV |
99
|
|
99
|
|
31
|
| Other (income) expense, net |
(3)
|
$ (1)
|
(6)
|
$ (3)
|
|
| Avis Mobility Ventures LLC (AMV) | Related Party | Avis Mobility Ventures LLC (AMV) |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Equity method investment in AMV |
29
|
|
29
|
|
24
|
| Other (income) expense, net |
3
|
1
|
6
|
3
|
|
| Avis Mobility Ventures LLC (AMV) | Receivables From Related Party | Related Party |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Receivables from AMV |
2
|
|
2
|
|
$ 2
|
| Avis Mobility Ventures LLC (AMV) | Administrative Services | Related Party | Avis Mobility Ventures LLC (AMV) |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Other (income) expense, net |
1
|
(6)
|
(1)
|
(20)
|
|
| Avis Mobility Ventures LLC (AMV) | Equipment Investment | Related Party | Avis Mobility Ventures LLC (AMV) |
|
|
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
|
|
| Other (income) expense, net |
$ 2
|
$ 7
|
$ 7
|
$ 23
|
|
| X |
- DefinitionVehicle, Net Investment In Lease Receivables
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionTotal carrying value of rental vehicles classified as program assets not otherwise defined in the taxonomy.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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|
| X |
- DefinitionAmount of noncurrent assets classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
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|
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| Balance Type: |
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| Period Type: |
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v3.24.3
| X |
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-Topic 718
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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|
v3.24.3
Stock-Based Compensation (Stock Based Compensation Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Number of Shares |
|
|
| Balance (in shares) |
281
|
|
| Weighted Average Grant Date Fair Value |
|
|
| Cost not yet recognized |
$ 28
|
|
| Period for recognition |
1 year 4 months 24 days
|
|
| Time-based RSUs |
|
|
| Number of Shares |
|
|
| Balance (in shares) |
290
|
|
| Granted (in shares) |
134
|
|
| Vested (in shares) |
(120)
|
|
| Forfeited (in shares) |
(23)
|
|
| Outstanding and expected to vest (in shares) |
281
|
|
| Weighted Average Grant Date Fair Value |
|
|
| Balance (in usd per share) |
$ 161.87
|
|
| Granted (in usd per share) |
111.39
|
$ 209.08
|
| Vested (in usd per share) |
137.08
|
|
| Forfeited (in usd per share) |
163.81
|
|
| Balance (in usd per share) |
148.16
|
|
| Outstanding and expected to vest, weighted average grant date fair value (in usd per share) |
$ 148.16
|
|
| Outstanding and expected to vest, weighted average remaining contractual term (in years) |
1 year 4 months 24 days
|
|
| Aggregate intrinsic value, outstanding and expected to vest |
$ 25
|
|
| Fair value vested in period |
$ 32
|
$ 21
|
| Performance-based RSUs |
|
|
| Number of Shares |
|
|
| Balance (in shares) |
411
|
|
| Granted (in shares) |
150
|
|
| Vested (in shares) |
(222)
|
|
| Forfeited (in shares) |
(25)
|
|
| Balance (in shares) |
314
|
|
| Outstanding and expected to vest (in shares) |
64
|
|
| Weighted Average Grant Date Fair Value |
|
|
| Balance (in usd per share) |
$ 128.77
|
|
| Granted (in usd per share) |
112.44
|
$ 208.64
|
| Vested (in usd per share) |
68.54
|
|
| Forfeited (in usd per share) |
175.36
|
|
| Balance (in usd per share) |
159.74
|
|
| Outstanding and expected to vest, weighted average grant date fair value (in usd per share) |
$ 192.77
|
|
| Outstanding and expected to vest, weighted average remaining contractual term (in years) |
1 year 7 months 6 days
|
|
| Outstanding, weighted average remaining contractual terms (in years) |
1 year 7 months 6 days
|
|
| Aggregate intrinsic value, outstanding and expected to vest |
$ 6
|
|
| Aggregate intrinsic value outstanding |
$ 28
|
|
| X |
- DefinitionShare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Expected to Vest
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| Balance Type: |
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|
| X |
- DefinitionAmount of cost not yet recognized for nonvested award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionWeighted-average period over which cost not yet recognized is expected to be recognized for award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionWeighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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|
| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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|
| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Period Type: |
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|
| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Data Type: |
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| Balance Type: |
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|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
| Name: |
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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- References
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-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
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-Topic 718
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
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v3.24.3
| X |
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v3.24.3
Financial Instruments (Notational Amounts of Derivatives Held) (Details)
$ in Millions |
Sep. 30, 2024
USD ($)
|
| Foreign exchange contracts |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
$ 1,665
|
| Interest rate caps |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
15,954
|
| Interest rate caps | Subsidiaries |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
5,800
|
| Interest rate swaps |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
750
|
| Sold |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
10,600
|
| Purchase |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
| Derivative, notional amount |
$ 5,400
|
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|
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- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
Financial Instruments (Fair Values of Derivatives Instruments) (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
| Fair Value, Asset Derivatives |
$ 41
|
$ 74
|
| Fair Value, Derivative Liabilities |
16
|
78
|
| Derivatives designated as hedging instruments | Interest rate swaps |
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
| Fair Value, Asset Derivatives |
33
|
50
|
| Fair Value, Derivative Liabilities |
0
|
0
|
| Derivatives not designated as hedging instruments | Foreign exchange contracts |
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
| Fair Value, Asset Derivatives |
4
|
5
|
| Fair Value, Derivative Liabilities |
3
|
4
|
| Derivatives not designated as hedging instruments | Interest rate caps |
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
| Fair Value, Asset Derivatives |
4
|
19
|
| Fair Value, Derivative Liabilities |
$ 13
|
$ 74
|
| X |
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-Name Accounting Standards Codification
-Section 55
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v3.24.3
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v3.24.3
Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values) (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Long-term debt |
$ 5,465
|
$ 4,791
|
| Carrying Amount | Level 2 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Short-term debt and current portion of long-term debt |
540
|
32
|
| Long-term debt |
5,465
|
4,791
|
| Carrying Amount | Interest rate caps | Level 2 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Interest rate swaps and interest rate caps |
13
|
74
|
| Carrying Amount | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Vehicle-backed debt |
4,043
|
3,422
|
| Carrying Amount | Avis Budget Rental Car Funding | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Vehicle-backed debt |
13,837
|
15,441
|
| Estimated Fair Value | Level 2 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Short-term debt and current portion of long-term debt |
546
|
32
|
| Long-term debt |
5,517
|
4,812
|
| Estimated Fair Value | Interest rate caps | Level 2 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Interest rate swaps and interest rate caps |
13
|
74
|
| Estimated Fair Value | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Vehicle-backed debt |
4,075
|
3,435
|
| Estimated Fair Value | Avis Budget Rental Car Funding | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Vehicle-backed debt |
$ 13,981
|
$ 15,238
|
| X |
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-Topic 820
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v3.24.3
Segment Information (Summary of Segments Information) (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
$ 3,480
|
$ 3,564
|
$ 9,079
|
$ 9,244
|
| Adjusted EBITDA |
503
|
907
|
729
|
2,179
|
| Reconciliation of Adjusted EBITDA to Income before income taxes: |
|
|
|
|
| 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 |
0
|
1
|
1
|
1
|
| Restructuring and other related charges |
6
|
2
|
23
|
7
|
| Transaction-related costs, net |
0
|
3
|
2
|
3
|
| Other (income) expense, net |
3
|
1
|
6
|
3
|
| Reported within operating expenses: |
|
|
|
|
| Legal matters, net |
|
|
7
|
5
|
| Income before income taxes |
329
|
757
|
214
|
1,752
|
| Operating Expense | Cloud Computing Costs |
|
|
|
|
| Reported within operating expenses: |
|
|
|
|
| Cloud computing costs |
12
|
8
|
33
|
24
|
| Corporate and Other |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
0
|
0
|
0
|
0
|
| Adjusted EBITDA |
(20)
|
(29)
|
(57)
|
(80)
|
| Americas | Geographical |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
2,640
|
2,736
|
6,994
|
7,180
|
| Adjusted EBITDA |
384
|
740
|
614
|
1,887
|
| International | Geographical |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenues |
840
|
828
|
2,085
|
2,064
|
| Adjusted EBITDA |
$ 139
|
$ 196
|
$ 172
|
$ 372
|
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| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
Subsequent Events (Details) - USD ($)
shares in Thousands |
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Nov. 01, 2024 |
Oct. 31, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
[1] |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Number of shares purchased (in shares) |
|
|
|
|
100
|
2,900
|
|
| Cost of shares repurchased during the period |
|
|
$ 8,000,000
|
$ 491,000,000
|
$ 8,000,000
|
$ 637,000,000
|
[2] |
| Subsequent Event |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Number of shares purchased (in shares) |
|
422
|
|
|
|
|
|
| Cost of shares repurchased during the period |
|
$ 34,500,000
|
|
|
|
|
|
| Maximum borrowing capacity, period decrease |
$ 770,000,000
|
|
|
|
|
|
|
| Loans Payable | Subsequent Event | Floating Rate Term Loan |
|
|
|
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
|
|
|
| Debt instrument, repurchased face amount |
|
$ 535,000,000
|
|
|
|
|
|
|
|
| X |
- DefinitionLine Of Credit Facility, Maximum Borrowing Capacity, Period Decrease
| Name: |
car_LineOfCreditFacilityMaximumBorrowingCapacityPeriodDecrease |
| Namespace Prefix: |
car_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionFace (par) amount of the original debt instrument that was repurchased.
| Name: |
us-gaap_DebtInstrumentRepurchasedFaceAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionDetail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483399/855-10-50-2
| Name: |
us-gaap_SubsequentEventLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
| Name: |
us-gaap_TreasuryStockSharesAcquired |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionEquity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481549/505-30-45-1
| Name: |
us-gaap_TreasuryStockValueAcquiredCostMethod |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_LongtermDebtTypeAxis=us-gaap_LoansPayableMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_DebtInstrumentAxis=car_FloatingRateTermLoanDueMarchTwoThousandTwentyNineMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
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