georgeclerk Summary We maintain our Hold rating on Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN:CA / OTC:CDPYF). While operational performance has remained solid, we believe there are far more attractive risk/return profiles within Canadian residential REITs, such as Northview Residential REIT. The current price's proximity to our NAV estimate leads us to believe that unit performance over the short term should follow NOI and FFO growth (i.e., sector performance). We need to se ...

HOUSTON, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Marker Therapeutics, Inc. (Nasdaq: MRKR), a clinical-stage immuno-oncology company focusing on developing next-generation T cell-based immunotherapies for the treatment of hematological malignancies and solid tumor indications, today announced that the Company has been awarded a $2 million grant from the National Institutes of Health (NIH) Small Business Innovation Research (SBIR) program to support the clinical investigation of MT-601 in patients with non-Hodgkin’ ...

Avis Budget Group, Inc. (CAR) reported lower-than-expected second-quarter 2024 results.The stock has increased 6.3% since its earnings release on Aug 5 despite the earnings and revenue miss.CAR’s earnings of 41 cents per share missed the Zacks Consensus Estimate by 84.2% and decreased 96.3% from the year-ago quarter’s actual. Total revenues of $3 billion missed the consensus estimate by 4% and decreased 2.4% on a year-over-year basis.Avis Budget’s shares have declined 47% in the past six months compared wit ...

Financial Data and Key Metrics Changes - The company reported quarterly revenue exceeding $3 billion and adjusted EBITDA of $214 million for Q2 2024 [7][23][24] - Adjusted EBITDA was impacted by non-recurring fleet gains and increased vehicle interest, with a year-over-year variance of $245 million attributed to vehicle dispositions [24][25] - Straight-line depreciation increased from approximately $280 per unit per month to nearly $330, with expectations of $350 for the remainder of the year [25][26] Business Line Data and Key Metrics Changes - The Americas segment generated nearly $2.4 billion in revenue with adjusted EBITDA of $186 million, with rental days up 1% year-over-year [10][15] - International revenue was nearly $700 million with adjusted EBITDA of $48 million, down 1% year-over-year, but flat on a constant currency basis [16][17] Market Data and Key Metrics Changes - Pricing in the Americas improved sequentially, with June showing a 2% decrease year-over-year but still significantly higher than 2019 levels [11][12] - International pricing was down 5% year-over-year, but also showed improvement month-over-month throughout the quarter [17][18] Company Strategy and Development Direction - The company aims to prioritize pricing over volume, focusing on maintaining fleet size in line with demand to enhance margin benefits [10][12] - A strong emphasis on technology and analytics is being placed to improve operational efficiencies and customer experience [19][20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust demand environment, with record-setting volume in the Americas and positive trends expected to continue into the summer [8][15] - The company anticipates adjusted EBITDA for Q3 2024 to be in the range of $500 million to $600 million, supported by strong summer demand [33][35] Other Important Information - The company has completed approximately 70% of its expected full-year vehicle dispositions, positioning itself for higher utilizations in the upcoming quarters [23][31] - Liquidity as of June 30 was over $800 million, with additional borrowing capacity of approximately $2.9 billion [31][32] Q&A Session Summary Question: Is there a seismic shift in the industry landscape regarding competitor fleet actions? - Management noted that while they prefer pricing over volume, they still achieved record demand in Q2, indicating no significant shifts in competitor actions [36][37] Question: What percentage of model year 2025 purchases has been completed? - Management indicated they are about halfway through their model year 2025 purchases, with significant improvements in holding costs [39][40] Question: Can you elaborate on liquidity and potential cash extraction from fleet securitization? - Management confirmed they have over $1 billion in liquidity cushion and the ability to issue more than $1 billion of debt from financing structures [44][45] Question: Are there plans to refresh the fleet, and what is the ideal utilization level? - Management stated they are continuously monitoring fleet size and demand, aiming for better utilization through data analytics [49][54] Question: How does the company view potential recessionary impacts on used vehicle values? - Management expressed confidence in their ability to manage depreciation and protect against downturns, citing past experiences and current strategies [63][66]

Table of Contents 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 June 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 o ...

Financial Performance - Revenues for Q2 2024 were over $3.0 billion, a decrease of 2% compared to Q2 2023, with rental days up 2% year-over-year[6]. - Net income for Q2 2024 was $15 million, down 97% from $436 million in Q2 2023[17]. - Adjusted EBITDA for the company was $214 million, a decline of 71% compared to $737 million in the same quarter last year[17]. - Revenues for the three months ended June 30, 2024, were $3,048 million, a decrease of 2.4% compared to $3,123 million in the same period of 2023[21]. - Net income attributable to Avis Budget Group, Inc. for the three months ended June 30, 2024, was $14 million, down from $435 million in the same period of 2023[21]. - Adjusted EBITDA for the six months ended June 30, 2024, was $226 million, a decline from $1,272 million in the same period of 2023[33]. - Total revenue for the three months ended June 30, 2024, was $3,048 million, a decrease of 2.4% from $3,123 million in the same period of 2023[37]. - Total revenue for the six months ended June 30, 2024, was $5,599 million, a decrease of 1.4% from $5,680 million in the same period of 2023[37]. Operational Metrics - Vehicle utilization rate was 70.2% for the quarter, with a one-point improvement in June compared to June 2023[6]. - Adjusted EBITDA in the Americas was $186 million, down 71% from $631 million in Q2 2023, with rental days up 1%[17]. - International Adjusted EBITDA was $48 million, a decrease of 62% from $126 million in Q2 2023, driven by a 5% increase in rental days[17]. - Rental days in the Americas for the three months ended June 30, 2024, were 32,940, a 1% increase from 32,708 in the same period of 2023[24]. - Average rental fleet increased to 515,852 vehicles for the three months ended June 30, 2024, up 2% from 506,232 vehicles in the same period of 2023[24]. - Vehicle utilization for the three months ended June 30, 2024, was 70.2%, slightly down from 70.5% in the same period of 2023[37]. - Average rental fleet increased to 705,145 vehicles for the three months ended June 30, 2024, compared to 689,483 vehicles in the same period of 2023, representing a growth of 2.3%[37]. - Vehicle utilization for the six months ended June 30, 2024, was 68.1%, compared to 69.5% in the same period of 2023[37]. Cost and Expenses - Total expenses for the three months ended June 30, 2024, were $3,021 million, compared to $2,525 million in the same period of 2023, reflecting an increase of 19.6%[21]. - Per-unit fleet costs per month increased by 115% to $361 for the three months ended June 30, 2024, compared to $168 in the same period of 2023[24]. - Per-unit fleet costs for the six months ended June 30, 2024, were $1,995, an increase from $977 in the same period of 2023, reflecting a rise of 104.1%[37]. Cash Flow and Liquidity - Net cash provided by operating activities for the six months ended June 30, 2024, was $1,473 million[27]. - Net cash used in investing activities of vehicle programs for the six months ended June 30, 2024, was $(2,456) million[27]. - The company reported a net change in cash and cash equivalents of $(61) million for the six months ended June 30, 2024[27]. - The liquidity position at the end of the quarter was $822 million, with an additional $2.9 billion of fleet funding capacity[4]. - The company has no meaningful debt maturities until 2027, indicating a stable debt structure[4]. Pricing and Market Presence - June pricing finished slightly down, while vehicle utilization improved sequentially, setting up for strong pricing in the summer peak[2]. - The company operates approximately 10,250 rental locations in around 180 countries, indicating a significant global presence[7]. Non-GAAP Measures - Adjusted EBITDA is presented as a non-GAAP measure, providing insights into the company's operational performance[40]. - Adjusted Free Cash Flow is calculated to measure cash available for debt repayment, stock repurchase, and future growth investments[42].

Avis Budget Group, Inc. CAR is set to release earnings results for its second quarter, after the closing bell on Aug. 5, 2024.Analysts expect the Parsippany, New Jersey-based company to report quarterly earnings at $2.58 per share, down from $11.01 per share in the year-ago period. Avis Budget is projected to report quarterly revenue of $3.14 billion, according to data from Benzinga Pro.On May 14, Avis Budget Group announced the pricing of €200 million of senior notes.Avis Budget shares fell 10.7% to close ...

SAN JOSE, Calif., July 29, 2024 /PRNewswire/ -- Anixa Biosciences, Inc. ("Anixa" or the "Company") (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer, today announced a presentation on its ovarian cancer CAR-T therapy clinical trial at the International Gynecologic Cancer Society (IGCS) 2024 Annual Global Meeting being held October 16-18, 2024, in Dublin, Ireland.The presentation, titled "Phase I Clinical Trial of Autologous T-cells Genetically Engineered with a Chimer ...

LOS ANGELES, CA, July 25, 2024 (GLOBE NEWSWIRE) -- Nexcella, Inc. (“Nexcella”, “Company”, “We” or “Us”), a clinical-stage biopharmaceutical company trailblazing cell therapies in AL Amyloidosis and autoimmune disease, today announced that the California Institute for Regenerative Medicine (CIRM) has awarded Nexcella an $8 million CLIN2 grant award to support clinical development of its chimeric antigen receptor T cell (CAR-T) therapy NXC-201 for the treatment of relapsed/refractory AL Amyloidosis. “AL amylo ...

IND follows encouraging findings of necrosis, inflammation and T cell infiltration in tumor biopsy of patient in lowest dose cohortSAN JOSE, Calif., July 23, 2024 /PRNewswire/ -- Anixa Biosciences, Inc. ("Anixa" or the "Company") (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer, today announced that its collaborator, Moffitt Cancer Center (Moffitt), has received approval by the U.S. Food and Drug Administration (FDA) of an individual patient Investigational New Drug ...