Financial Data and Key Metrics - Q3 2024 revenue was nearly $3.5 billion, with adjusted EBITDA of $503 million [5] - Rental days in the Americas were down 2% compared to Q3 2023, while pricing was nearly flat [9] - International revenue increased by 1% YoY, driven by a 5% increase in rental days [16] - Vehicle utilization in the Americas improved to nearly 72%, up over one point from Q3 2023 [11] - International vehicle utilization reached 73.7%, up over three points from Q3 2023 [18] Business Segment Performance - Americas segment generated $2.6 billion in revenue and $384 million in adjusted EBITDA [9] - International segment generated $840 million in revenue and $139 million in adjusted EBITDA [16] - The company prioritized higher-margin business, leading to a 2% decline in overall pricing for the quarter [7] - In Europe, domestic travel grew by 3%, while inbound and cross-border travel grew by 14% YoY [16] Market Performance - Pricing in the Americas was nearly flat compared to Q3 2023 but up 28% compared to Q3 2019 [10] - International pricing was down 5% YoY (excluding currency impacts) but up 25% compared to Q3 2019 [17] - Advanced reservations for the holiday season in the Americas and Europe are strong, indicating robust demand [15][18] Strategy and Industry Competition - The company is focused on fleet discipline, aiming to align fleet size with demand to maximize profitability [9][14] - The 2025 fleet buy is progressing well, with expected holding costs below recent years' levels [6][12] - The company is leveraging technology, including a new customer app, to enhance the rental experience and drive operational efficiencies [19][20] - The company is prioritizing higher-margin business and reducing exposure to lower-margin, brand-agnostic customers [7][9] Management Commentary on Operating Environment and Outlook - Management expects strong vehicle utilization in Q4, surpassing historical levels [11] - The company anticipates lower holding costs as it transitions to the 2025 fleet, with prices closer to pre-pandemic levels [23] - Management remains focused on achieving $1 billion in adjusted EBITDA for the year, excluding fleet losses [34] - The company is confident in its ability to sustain $1 billion in adjusted EBITDA, driven by operational efficiencies and improved pricing power [53] Other Important Information - The company repurchased 526,000 shares for nearly $43 million through October 30th [30] - The company issued $700 million in senior notes to repay outstanding borrowings, improving liquidity and flexibility [31] - The company has over $1.2 billion in available liquidity and $3.2 billion in additional borrowing capacity [31] Q&A Session Summary Question: Fleet Cost Trends and 2025 Fleet Buy - The company expects fleet costs to trend closer to 2019 levels but not fully return to those levels [37] - The 2025 fleet buy is progressing well, with lower holding costs expected as the fleet transitions [36][37] Question: Impact of Hurricanes on Q4 Performance - Hurricanes initially disrupted operations, but demand rebounded as relief workers and travelers rented vehicles [43][44] - The company expects the impact to normalize by the end of Q4, with strong holiday demand [15][44] Question: Pricing and Cost Management - The company is focused on maintaining pricing power while managing costs through operational efficiencies [47] - Initiatives include improving vehicle utilization, reducing in-life vehicle costs, and leveraging technology for better fleet management [47][64] Question: Industry Competition and Fleet Tightness - The company is prioritizing higher-margin business and maintaining fleet discipline, which has improved utilization [51] - Competitors are also expected to rationalize their fleets as the 2025 fleet buy offers more favorable pricing [52][76] Question: Capital Allocation and Share Repurchases - The company remains flexible in capital allocation, balancing fleet investments, operational efficiencies, and share repurchases [56] - Share repurchases will continue to be a priority, alongside investments in technology and operational improvements [56] Question: Autonomous Vehicles and Ride-Share Business - The company is actively growing its ride-share business, which is profitable and contributes to rental days [39] - The company is well-positioned to participate in autonomous vehicle logistics due to its infrastructure and fleet management expertise [40] Question: Fleet Buy Dynamics and OEM Relationships - The 2025 fleet buy is more favorable than recent years, with prices closer to pre-pandemic levels [61] - The company maintains diverse relationships with OEMs and is disciplined in fleet purchases to ensure acceptable returns on capital [74]

Financial Performance - Revenues for the three months ended September 30, 2024, were $3,480 million, a decrease of 2.4% compared to $3,564 million for the same period in 2023[9]. - Net income for the nine months ended September 30, 2024, was $140 million, significantly down from $1,375 million in the same period of 2023[14]. - The net income for the third quarter of 2024 was $237 million, compared to $626 million for the same period in 2023, reflecting a significant decline[18]. - Total comprehensive income for the third quarter of 2024 was $260 million, down from $586 million in the same quarter of 2023[18]. - For the nine months ended September 30, 2024, total revenues were $9,079 million, compared to $9,244 million for the same period in 2023, reflecting a decrease of about 1.8%[35]. - The net income attributable to Avis Budget Group, Inc. for the three months ended September 30, 2024, was $237 million, compared to $626 million for the same period in 2023, indicating a decrease of approximately 62%[52]. - Basic earnings per share (EPS) for the three months ended September 30, 2024, was $6.67, down from $16.96 in the same period of 2023, representing a decline of about 60%[52]. - Adjusted EBITDA for the total company was $503 million for the three months ended September 30, 2024, compared to $907 million in 2023[122]. - The company reported an income before income taxes of $214 million for the nine months ended September 30, 2024, compared to $1,752 million in the previous year[124]. Expenses and Costs - Total expenses for the three months ended September 30, 2024, increased to $3,151 million from $2,807 million in 2023, representing a 12.3% rise[9]. - Vehicle depreciation and lease charges for the nine months ended September 30, 2024, were $2,175 million, up from $1,157 million in 2023, indicating an increase of 88%[9]. - The company reported a non-vehicle related depreciation and amortization expense of $58 million for the three months ended September 30, 2024[122]. - The restructuring expense for the company was $22 million for the three months ended September 30, 2024, compared to $1 million for the same period in 2023, reflecting a significant increase[50]. - Amortization expense related to amortizable intangible assets for the nine months ended September 30, 2024, was approximately $22 million, compared to $20 million for the same period in 2023, indicating an increase of about 10%[56]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $649 million, a decrease from $721 million at the end of the same period in 2023[16]. - The company reported a net cash provided by operating activities of $2,746 million for the nine months ended September 30, 2024, compared to $3,035 million in 2023, reflecting a decline of 9.5%[14]. - The company experienced a net cash used in investing activities of $(2,696) million for the nine months ended September 30, 2024, compared to $(6,930) million in 2023, indicating a reduction in cash outflow[16]. - As of September 30, 2024, total cash and cash equivalents, program cash, and restricted cash amounted to $649 million, a decrease from $721 million as of September 30, 2023[26]. Assets and Equity - Total assets as of September 30, 2024, were $32,749 million, slightly up from $32,569 million at the end of 2023[12]. - The company’s stockholders' equity attributable to Avis Budget Group, Inc. was $(238) million as of September 30, 2024, compared to $(349) million at the end of 2023[12]. - As of September 30, 2024, Avis Budget Group, Inc. reported total stockholders' equity of $10,730 million, a decrease from $10,742 million at December 31, 2023[19]. - Retained earnings increased to $3,988 million as of September 30, 2024, up from $3,854 million at December 31, 2023[19]. - The total current assets increased to $800 million from $684 million as of December 31, 2023, reflecting a growth of approximately 17%[53]. Debt and Financing - Proceeds from long-term borrowings for the nine months ended September 30, 2024, were $1,569 million, compared to $439 million in 2023, showing a significant increase[16]. - As of September 30, 2024, the total long-term debt amounted to $5,465 million, an increase from $4,791 million as of December 31, 2023[64]. - The company issued €600 million of 7.000% euro-denominated Senior Notes due February 2029 in February 2024, and used the proceeds to redeem outstanding 4.750% euro-denominated Senior Notes due January 2026[66]. - In September 2024, the company issued $700 million of 8.250% Senior Notes due January 2030, with proceeds intended to repay outstanding borrowings under the floating rate term loan due 2029[67]. - The senior revolving credit facility has a total capacity of $2,000 million, with outstanding borrowings of $1,464 million and available capacity of $536 million as of September 30, 2024[69]. - The company has a total debt under vehicle programs of $17,893 million as of September 30, 2024, down from $18,937 million as of December 31, 2023[72]. - The company is in compliance with all financial covenants governing its indebtedness as of September 30, 2024[70]. Legal and Regulatory Matters - The company has been named in litigation related to its former subsidiaries, with indemnification rights for any resulting liabilities[81]. - The company is involved in legal proceedings with potential exposure estimated at up to approximately $40 million as of September 30, 2024[86]. Stock and Shareholder Activities - The company repurchased common stock amounting to $8 million during the third quarter of 2024[19]. - As of September 30, 2024, the company has approximately $794 million remaining available for stock repurchases under the Stock Repurchase Program[89]. - The company repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million during the nine months ended September 30, 2024[89]. - The company repurchased approximately 422 thousand shares of common stock at a cost of approximately $34.5 million under the Stock Repurchase Program in October 2024[125]. Segment Performance - Avis Budget Group operates in two reportable segments: Americas and International, focusing on vehicle rental and car sharing operations[22]. - The Americas region generated revenues of $2,640 million for the three months ended September 30, 2024, down from $2,736 million in 2023, a decrease of approximately 3.5%[35]. - International segment revenues were $2,085 million, with adjusted EBITDA of $172 million for the same period[124]. - As of September 30, 2024, International's segment assets under vehicle programs increased to approximately $4.1 billion from $3.7 billion as of December 31, 2023[124]. Market Risks and Sensitivities - A sensitivity analysis indicated that a hypothetical 10% change in interest or currency exchange rates would not have a material impact on the company's results of operations, balance sheet, and cash flows[184]. - The company anticipates that commodity price exposure related to fluctuations in unleaded fuel prices will remain a market risk exposure for the foreseeable future[184]. - A 10% change in the price of unleaded fuel is not expected to have a material impact on the company's earnings for the period ended September 30, 2024[184].

SHANGHAI, Oct. 31, 2024 /PRNewswire/ -- CARsgen Therapeutics Holdings Limited (Stock Code: 2171.HK), a company focused on innovative CAR T-cell therapies for the treatment of hematologic malignancies and solid tumors, announces that the U.S. Food and Drug Administration ("FDA") lifted the clinical holds on clinical trials of zevorcabtagene autoleucel (zevor-cel, CT053, an autologous CAR-T product against BCMA), satricabtagene autoleucel (satri-cel, CT041, an autologous CAR-T product against Claudin18.2), an ...

For the quarter ended September 2024, Avis Budget Group (CAR) reported revenue of $3.48 billion, down 2.4% over the same period last year. EPS came in at $6.65, compared to $16.78 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $3.56 billion, representing a surprise of -2.30%. The company delivered an EPS surprise of -22.22%, with the consensus EPS estimate being $8.55.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...

Avis Budget Group (CAR) came out with quarterly earnings of $6.65 per share, missing the Zacks Consensus Estimate of $8.55 per share. This compares to earnings of $16.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -22.22%. A quarter ago, it was expected that this car rental company would post earnings of $2.60 per share when it actually produced earnings of $0.41, delivering a surprise of -84.23%.Over the last four quarter ...

Avis Budget Group Reports Third Quarter Results PARSIPPANY, N.J., October 31, 2024 - Avis Budget Group, Inc. (NASDAQ: CAR) announced financial results for third quarter 2024 today. We ended the quarter with revenues of nearly $3.5 billion, net income of $238 million, and Adjusted EBITDA of $503 million. 1 "We maintained a strong focus on pricing throughout the quarter, prioritizing higher margin business which allowed us to keep our revenue per day stable with the Americas nearly flat," said Joe Ferraro, Av ...

PARSIPPANY, N.J., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) announced financial results for third quarter 2024 today. We ended the quarter with revenues of nearly $3.5 billion, net income of $238 million, and Adjusted EBITDA1 of $503 million. “We maintained a strong focus on pricing throughout the quarter, prioritizing higher margin business which allowed us to keep our revenue per day stable with the Americas nearly flat,” said Joe Ferraro, Avis Budget Group Chief Executive Of ...

PARSIPPANY, N.J., Oct. 25, 2024 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) announced today that it plans to report its third quarter 2024 results after the market close on Thursday, October 31st, 2024, and to host a conference call for institutional investors to discuss these results on Friday, November 1st, 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 t ...

With economic pressure and broad sentiment shifts that have been threatening the biotech market in the recent past, Lyell Immunopharma, Inc. (NASDAQ: NASDAQ: LYEL ) is at a crossroads. Taking an ambitious path toward overcoming T-cell exhaustionI have a strong inclination towards high-growth companies, often treading in sectors poised for exponential expansion. My expertise lies in understanding and investing in disruptive technologies and forward-thinking enterprises. My approach is a mix of fundamental an ...

Strengthens Lyell’s clinical pipeline with the addition of IMPT-314, a dual-targeting CD19/CD20 CAR T-cell product candidateData from ImmPACT’s multi-center Phase 1-2 clinical trial of IMPT-314 in patients with large B-cell lymphoma treated in the 3rd line CAR-naïve setting to be presented at a major medical conference later this year; initiation of a pivotal trial for IMPT-314 expected in 2025Lyell has prioritized its pipeline to focus on next-generation CAR T-cell therapies, including IMPT-314 and LYL119, ...