Financial Data and Key Metrics Changes - In Q1 2021, the Americas segment achieved a higher adjusted EBITDA than in Q1 2019, marking the best first quarter adjusted EBITDA margin in the company's history despite rental days being down nearly 20% compared to 2019 [10][13] - The company reported available liquidity of $1.2 billion as of March 31, 2021, which includes approximately $600 million in cash and cash equivalents and $600 million available on the revolving credit facility [27][28] - Adjusted EBITDA for the International segment was down less than $10 million year-over-year despite a revenue decline of over 40% [15] Business Line Data and Key Metrics Changes - In the Americas, rental days were down 23% year-over-year and down 27% compared to 2019, yet the adjusted EBITDA was triple that of Q1 2019 [9][13] - The International segment faced significant challenges with revenues down over 40% year-over-year, primarily due to ongoing COVID restrictions [15] - The company emphasized stringent cost control measures that allowed it to maintain adjusted EBITDA margins despite revenue declines [15][22] Market Data and Key Metrics Changes - The company noted a significant increase in rental car prices, with RPD in the Americas segment up 12% in Q1 2021 compared to the previous quarter [40][41] - The average transaction price of new cars has increased over 20% from approximately $29,000 to over $35,000 from 2010 to 2019, highlighting the value proposition of rental cars [25][26] Company Strategy and Development Direction - The company is focused on cost discipline and operational efficiency as key strategies for recovery, emphasizing that these practices will continue post-pandemic [22][29] - The management highlighted the importance of fleet optimization and maintaining strong relationships with OEM partners to navigate supply chain challenges [18][19] - The company is committed to enhancing customer safety through contactless services and partnerships aimed at protecting employees and customers [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in demand, particularly in the Americas, with expectations that the momentum from Q1 would carry into Q2 [14][29] - The company acknowledged ongoing uncertainties related to vaccine rollouts and semiconductor shortages, which may impact future guidance [29] - Management indicated that the lessons learned during the pandemic regarding cost control will be integrated into the company's operations moving forward [22][43] Other Important Information - The company has been actively managing its fleet in response to semiconductor shortages, ensuring that it maintains a well-utilized fleet [16][19] - The company has a history of purchasing used vehicles to manage fleet levels, although this is not a primary strategy [62] Q&A Session Summary Question: What are the realistic scenarios for fleet capacity and utilization levels? - Management indicated that the fleet situation is fluid, with more cars available than at the end of the previous quarter, and they are working closely with OEMs to manage deliveries [31][33] Question: How should cash flow usage be earmarked moving forward? - Management stated that they are comfortable with a leverage ratio of 3 to 4 times and will use free cash flow to pay down debt and potentially resume share buybacks when permitted [35][36] Question: How sustainable are the current pricing dynamics in the industry? - Management noted that while pricing is currently strong, they focus on cost discipline and operational efficiency rather than short-term pricing fluctuations [40][41] Question: What is the outlook for commercial demand post-summer? - Management expressed uncertainty about commercial demand but noted improvements in their commercial business as more people return to offices [70][72] Question: How are labor costs impacting margins? - Management acknowledged the potential impact of rising labor costs but emphasized their ongoing efforts to improve productivity and efficiency [75][76]

Avis Budget Group, Inc. (NASDAQ:CAR) Q4 2020 Earnings Conference Call February 17, 2021 8:30 AM ET Company Participants David Calabria - Treasurer and Senior Vice President-Corporate Finance Joe Ferraro - Chief Executive Officer Brian Choi - Chief Financial Officer Conference Call Participants Chris Woronka - Deutsche Bank Jason Stuhldreher - Barclays Billy Kovanis - Morgan Stanley Hamzah Mazari - Jefferies Michael Millman - Millman Research Associates Aileen Smith - BofA John Healy - Northcoast Operator ...

Avis Budget Group, Inc. (NASDAQ:CAR) Q3 2020 Earnings Conference Call October 30, 2020 8:30 AM ET Company Participants David Calabria - Treasurer and Senior Vice President-Corporate Finance Joe Ferraro - Chief Executive Officer Brian Choi - Chief Financial Officer Conference Call Participants Billy Kovanis - Morgan Stanley Chris Woronka - Deutsche Bank Michael Millman - Millman Research Associates Hamzah Mazari - Jefferies Brian Johnson - Barclays Ryan Brinkman - JP Morgan John Healy - Northcoast Research O ...

Table of Contents 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 The number of shares outstanding of the issuer's common stock was 69,683,361 shares as of October 27, 2020. 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 ...