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 ...

Kirpal Kooner The opportunity The investment thesis in CAPREIT (TSX:CAR.UN:CA) concerns the Canadian housing sector and its current affordability crisis. A specific mix of demographic, regulatory, and economic conditions has aligned to create a favorable environment for residential rental properties and apartment REITs. The demographic tailwind There is a saying in Canada that it takes five minutes for a family to arrive in Canada, and seven years for the country to build them a home. According to Stati ...

Core Thesis - The investment thesis for Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) is based on compelling valuation and strong tailwinds that offset interest rate pressures, leading to a Buy rating after 18 months of being on the sidelines [2][27] - CAPREIT has delivered a total return of 10.79%, approximately double that of the iShares S&P/TSX Capped REIT ETF [2] Q1-2024 Performance - In Q1-2024, CAPREIT reported an occupancy rate of 98.4% and a stable overall NAV, with net operating income (NOI) increasing by 7.3% [7][9] - The occupied average monthly rent rose by 6.5% to $1,539, while NOI margins improved to 61.9% [9][10] Rental Dynamics - The weighted average increase in rents on suite turnovers was 23.2%, indicating strong demand despite modest increases on lease renewals due to rent control [14][19] - The gap between in-place rents and market rents provides a clear growth trajectory for CAPREIT, with expectations of same property NOI growth of at least 5% annually [20] Market Context - Canada is experiencing rapid population growth through immigration, contributing to a challenging housing market with limited new construction [20][22] - Despite the difficult market conditions, CAPREIT is positioned as a strong investment opportunity, with a well-balanced mortgage portfolio and a debt maturity profile that is less problematic than a year ago [22][23] Future Outlook - The expectation is for CAPREIT's stock price to reach at least $60 over the next five years, even without further interest rate cuts, making it an appealing long-term investment [27]

Company Announcement - Avis Budget Group, Inc. plans to report its second quarter 2024 results after the market close on August 5th, 2024 [1] - A conference call for institutional investors to discuss these results is scheduled for August 6th, 2024 at 8:30 a.m. Eastern time [1] - Investors can access the call via the company's investor relations website or by dialing a designated phone number [1] Company Overview - Avis Budget Group is a leading global provider of mobility solutions with approximately 10,250 rental locations in around 180 countries [2] - The company operates its car rental offices primarily in North America, Europe, and Australasia, while using licensees in other regions [2] - The Zipcar brand, part of Avis Budget Group, is recognized as the world's leading car sharing network [2]

PARSIPPANY, N.J., July 11, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) announced today that it plans to report its second quarter 2024 results after the market close on Monday, August 5th, 2024, and to host a conference call for institutional investors to discuss these results on Tuesday, August 6th, 2024 at 8:30 a.m. Eastern time. Investors may access the call at ir.avisbudgetgroup.com, or by dialing (877)-407-2991. Investors are encouraged to dial in approximately 10 minutes prior to th ...