Avis Budget Group(CAR) - 2024 Q4 - Annual Results

Executive Summary & Financial Highlights Avis Budget Group reported Q4 revenue of $2.7 billion and full-year revenue of $11.8 billion, with significant net losses and reduced Adjusted EBITDA primarily due to accelerated fleet rotation in the Americas Fourth Quarter and Full Year 2024 Overview Avis Budget Group achieved Q4 revenue of $2.7 billion and full-year revenue of $11.8 billion, recording a nearly $2 billion net loss in Q4 and a $1.8 billion full-year net loss, with Q4 Adjusted EBITDA at a $101 million loss and full-year at $628 million, primarily due to accelerated fleet rotation in the Americas resulting in one-time non-cash impairment and other non-cash charges Q4 and Full Year 2024 Financial Performance | Metric | Q4 2024 | Q4 2023 | % Change (QoQ) | FY 2024 | FY 2023 | % Change (YoY) | | :----- | :------ | :------ | :------------- | :------ | :------ | :------------- | | Revenues | $2.7B | $2.764B | (2)% | $11.789B | $12.008B | (2)% | | Net Loss | ($1.958B) | $259M | n/m | ($1.821B) | $1.632B | n/m | | Adjusted EBITDA | ($101M) | $311M | n/m | $628M | $2.490B | n/m | - Net loss and Adjusted EBITDA reflect a strategic shift to significantly accelerate fleet rotation in the Americas, resulting in a one-time non-cash impairment of $2.3 billion and $180 million in other non-cash related charges[2] Operational Highlights In Q4 2024, vehicle utilization increased year-over-year by over two percentage points in both Americas and International segments, with full-year rental days growing 1% in Americas and 4% internationally, and the company repurchased approximately 550,000 shares totaling $45 million in 2024 Q4 and Full Year 2024 Operational Metrics | Metric | Segment | Q4 2024 vs 2023 | FY 2024 vs 2023 | | :----- | :-------- | :-------------- | :-------------- | | Vehicle Utilization | Americas | Up >2 points | (0.2)pps | | | International | Up >2 points | 2.1pps | | Rental Days | Americas | — % | 1 % | | | International | (1)% | 4 % | - In 2024, the company repurchased approximately 550,000 shares of common stock for a total of $45 million under its share repurchase program[5] 2025 Outlook and Liquidity CEO Joe Ferraro expresses confidence in 2025 performance, projecting Adjusted EBITDA of at least $1 billion, driven by strong leisure travel demand and supported by robust liquidity - CEO Joe Ferraro stated the company is positioned to generate at least $1 billion in Adjusted EBITDA in 2025[3] - The company's liquidity position, including committed and uncommitted financing, was approximately $1.1 billion at quarter-end, with an additional $2.8 billion in fleet financing capacity[3] Corporate Information Avis Budget Group announced a CEO transition, with Joe Ferraro moving to a Board Advisor role, Brian Choi becoming the new CEO, and Jagdeep Pahwa appointed Executive Chairman, while also confirming its status as a leading global mobility solutions provider CEO TRANSITION Avis Budget Group announced Joe Ferraro will transition from CEO to Board Advisor on June 30, 2025, with Chief Transformation Officer Brian Choi succeeding him as CEO on July 1, 2025, and Jagdeep Pahwa appointed Executive Chairman - Joe Ferraro will transition from CEO to Board Advisor on June 30, 2025[6] - Brian Choi will assume the role of CEO on July 1, 2025[6] - Jagdeep Pahwa has been appointed Executive Chairman[6] ABOUT AVIS BUDGET GROUP Avis Budget Group is a leading global mobility solutions provider, operating Avis and Budget brands across approximately 180 countries with 10,250 rental locations, and also manages the Zipcar car-sharing network, headquartered in Parsippany, New Jersey - The company is a leading global provider of mobility solutions, with brands including Avis, Budget, and Zipcar[9] - Operates approximately 10,250 rental locations in around 180 countries worldwide[9] INVESTOR CONFERENCE CALL The company will host an investor conference call on February 12, 2025, at 8:30 AM ET to discuss fourth-quarter results, with participation available via the company's investor relations website or a dedicated phone number - The company will host a conference call on February 12, 2025, at 8:30 AM ET to discuss fourth-quarter results[8] Financial Statements This section provides unaudited summary data, consolidated statements of operations, and condensed cash flow schedules for Q4 and full-year 2024 compared to 2023, detailing revenues, expenses, balance sheet items, segment results, and adjusted free cash flow calculations Summary Data Sheet This section presents unaudited summary data for revenues, balance sheet items, and segment results for Q4 and full-year 2024 compared to 2023 Summary Data Sheet (Unaudited) | | | | Three Months Ended December 31, | | Year Ended December 31, | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 | | 2023 | % Change | 2024 | | 2023 | % Change | | Income Statement and Other | | | | | | | | | | Items | | | | | | | | | | Revenues | $ 2,710 | $ | 2,764 | (2)% | $ 11,789 | $ | 12,008 | (2)% | | Income (loss) before income taxes | | (2,841) | 162 | n/m | (2,627) | | 1,914 | n/m | | Net income (loss) attributable to Avis Budget Group, Inc. | | (1,958) | 259 | n/m | (1,821) | | 1,632 | n/m | | (a) Adjusted EBITDA | $ (101) | $ | 311 | n/m | $ 628 | $ | 2,490 | n/m | | | | | | | As of December 31, | | | | | | 2024 | | 2023 | | | Balance Sheet Items | | | | | Cash and cash equivalents | $ 534 | $ | 555 | | Program cash and restricted cash | 63 | | 89 | | Vehicles, net | 17,619 | | 21,240 | | (b) Debt under vehicle programs | 17,536 | | 18,937 | | Corporate debt | 5,393 | | 4,823 | | Stockholders' equity attributable to Avis Budget Group, Inc. | (2,327) | | (349) | | | | | Three Months Ended December 31, | | | | Year Ended December 31, | | | | | 2024 | 2023 | % Change | 2024 | | 2023 | % Change | | Segment Results | | | | | | | | | | Revenues | | | | | | | | | | Americas | $ 2,117 | $ | 2,167 | (2)% | $ 9,111 | $ | 9,347 | (3)% | | International | | 593 | 597 | (1)% | 2,678 | | 2,661 | 1 % | | Total company | $ 2,710 | $ | 2,764 | (2)% | $ 11,789 | $ | 12,008 | (2)% | | (a) Adjusted EBITDA | | | | | | | | | | Americas | $ (63) | $ | 309 | n/m | $ 551 | $ | 2,196 | n/m | | International | | (11) | 28 | n/m | 161 | | 400 | n/m | | (c) Corporate and other | | (27) | (26) | n/m | (84) | | (106) | n/m | | Total company | $ (101) | $ | 311 | n/m | $ 628 | $ | 2,490 | n/m | Consolidated Statements of Operations This section provides unaudited consolidated statements of operations for Q4 and full-year 2024 compared to 2023, detailing revenues, various expenses, income/loss before income taxes, net income/loss, and earnings per share Consolidated Statements of Operations (Unaudited) | | | | Three Months Ended | | | | Year Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | December 31, | | | | December 31, | | | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenues | $ | 2,710 | $ | 2,764 | $ | 11,789 | $ | 12,008 | | Expenses | | | | | | | | | | Operating | | 1,563 | | 1,350 | | 6,014 | | 5,675 | | Vehicle depreciation and lease charges, net | | 801 | | 582 | | 2,976 | | 1,739 | | Selling, general and administrative | | 312 | | 309 | | 1,352 | | 1,408 | | Vehicle interest, net | | 217 | | 223 | | 941 | | 736 | | Non-vehicle related depreciation and amortization | | 60 | | 53 | | 237 | | 216 | | Interest expense related to corporate debt, net: | | | | | | | | | | Interest expense | | 92 | | 75 | | 358 | | 296 | | Early extinguishment of debt | | 18 | | 4 | | 19 | | 5 | | Long-lived asset impairment and other related charges | | 2,470 | | — | | 2,470 | | — | | Restructuring and other related charges | | 14 | | 4 | | 37 | | 11 | | Transaction-related costs, net | | 1 | | 2 | | 3 | | 5 | | Other (income) expense, net | | 3 | | — | | 9 | | 3 | | Total expenses | | 5,551 | | 2,602 | | 14,416 | | 10,094 | | Income (loss) before income taxes | | (2,841) | | 162 | | (2,627) | | 1,914 | | Provision for (benefit from) income taxes | | (884) | | (98) | | (810) | | 279 | | Net income (loss) | | (1,957) | | 260 | | (1,817) | | 1,635 | | Less: Net income attributable to non-controlling interests | | 1 | | 1 | | 4 | | 3 | | Net income (loss) attributable to Avis Budget Group, Inc. | $ | (1,958) | $ | 259 | $ | (1,821) | $ | 1,632 | | Earnings (loss) per share | | | | | | | | | | Basic | $ | (55.66) | $ | 7.18 | $ | (51.23) | $ | 42.57 | | Diluted | $ | (55.66) | $ | 7.10 | $ | (51.23) | $ | 42.08 | | Weighted average shares outstanding | | | | | | | | | | Basic | | 35.2 | | 36.0 | | 35.5 | | 38.3 | | Diluted | | 35.2 | | 36.4 | | 35.5 | | 38.8 | Consolidated Condensed Schedule of Cash Flow This section provides the unaudited consolidated condensed schedule of cash flow for full-year 2024, including cash flows from operating, investing, and financing activities, and the calculation of Adjusted Free Cash Flow Consolidated Condensed Schedule of Cash Flow (Unaudited) | CONSOLIDATED CONDENSED SCHEDULE OF CASH FLOW | Year Ended December 31, 2024 | | --- | --- | | Operating Activities | | | Net cash provided by operating activities | $ 3,518 | | Investing Activities | | | Net cash used in investing activities exclusive of vehicle programs | (190) | | Net cash used in investing activities of vehicle programs | (2,563) | | Net cash used in investing activities | (2,753) | | Financing Activities | | | Net cash provided by financing activities exclusive of vehicle programs | 532 | | Net cash used in financing activities of vehicle programs | (1,313) | | Net cash used in financing activities | (781) | | Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | (31) | | Net change in cash and cash equivalents, program and restricted cash | (47) | | Cash and cash equivalents, program and restricted cash, beginning of period | 644 | | Cash and cash equivalents, program and restricted cash, end of period | $ 597 | Adjusted Free Cash Flow (Unaudited) | ADJUSTED FREE CASH FLOW | Year Ended December 31, 2024 | | --- | --- | | Adjusted EBITDA | $ 628 | | Interest expense related to corporate debt, net (excluding early extinguishment of debt) | (358) | | Working capital and other | (27) | | Capital expenditures | (219) | | Tax payments, net of refunds | (50) | | Vehicle programs and related | (488) | | Adjusted Free Cash Flow | $ (514) | Key Metrics Analysis This section provides an unaudited summary and detailed calculations of key operating metrics for Q4 and full-year 2024 compared to 2023, including rental days, revenue per day, average rental fleet, vehicle utilization, and per-unit fleet costs, segmented by Americas and International, with consideration for exchange rate effects Summary of Key Metrics This section provides an unaudited summary of key operating metrics for Q4 and full-year 2024 versus 2023, including rental days, revenue per day, average rental fleet, vehicle utilization, and per-unit fleet costs, segmented by Americas and International Summary of Key Metrics (Unaudited) | | | | | Three Months Ended December 31, | | | | Year Ended December 31, | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2024 | | 2023 | % Change | 2024 | | 2023 | % Change | | Americas | | | | | | | | | | | Rental Days (000's) | | 30,877 | | 31,009 | — % | 128,431 | | 127,661 | 1 % | | Revenue per Day | $ | 68.57 | $ | 69.89 | (2)% | $ 70.94 | $ | 73.22 | (3)% | | Revenue per Day, excluding | | | | | | | | | | | exchange rate effects | $ | 68.64 | $ | 69.89 | (2)% | $ 71.01 | $ | 73.22 | (3)% | | Average Rental Fleet | | 497,713 | | 518,928 | (4)% | 510,535 | | 507,358 | 1 % | | Vehicle Utilization | | 67.4 % | | 65.0 % | 2.4pps | 68.7 % | | 68.9 % | (0.2)pps | | Per-Unit Fleet Costs per | | | | | | | | | | | Month | $ | 430 | $ | 272 | 58 % | $ 376 | $ | 200 | 88 % | | Per-Unit Fleet Costs per | | | | | | | | | | | Month, excluding exchange | | | | | | | | | | | rate effects | $ | 431 | $ | 272 | 58 % | $ 376 | $ | 200 | 88 % | | International | | | | | | | | | | | Rental Days (000's) | | 10,956 | | 11,018 | (1)% | 47,274 | | 45,644 | 4 % | | Revenue per Day | $ | 54.15 | $ | 54.22 | — % | $ 56.65 | $ | 58.30 | (3)% | | Revenue per Day, excluding | | | | | | | | | | | exchange rate effects | $ | 54.32 | $ | 54.22 | — % | $ 56.66 | $ | 58.30 | (3)% | | Average Rental Fleet | | 174,253 | | 182,337 | (4)% | 184,549 | | 184,147 | — % | | Vehicle Utilization | | 68.3 % | | 65.7 % | 2.6pps | 70.0 % | | 67.9 % | 2.1pps | | Per-Unit Fleet Costs per | | | | | | | | | | | Month | $ | 304 | $ | 291 | 4 % | $ 305 | $ | 237 | 29 % | | Per-Unit Fleet Costs per | | | | | | | | | | | Month, excluding exchange | | | | | | | | | | | rate effects | $ | 305 | $ | 291 | 5 % | $ 304 | $ | 237 | 28 % | | Total | | | | | | | | | | | Rental Days (000's) | | 41,833 | | 42,027 | — % | 175,705 | | 173,305 | 1 % | | Revenue per Day | $ | 64.79 | $ | 65.78 | (2)% | $ 67.10 | $ | 69.29 | (3)% | | Revenue per Day, excluding | | | | | | | | | | | exchange rate effects | $ | 64.89 | $ | 65.78 | (1)% | $ 67.15 | $ | 69.29 | (3)% | | Average Rental Fleet | | 671,966 | | 701,265 | (4)% | 695,084 | | 691,505 | 1 % | | Vehicle Utilization | | 67.7 % | | 65.1 % | 2.6pps | 69.1 % | | 68.7 % | 0.4pps | | Per-Unit Fleet Costs per | | | | | | | | | | | Month | $ | 397 | $ | 277 | 43 % | $ 357 | $ | 210 | 70 % | | Per-Unit Fleet Costs per | | | | | | | | | | | Month, excluding exchange | | | | | | | | | | | rate effects | $ | 398 | $ | 277 | 44 % | $ 357 | $ | 210 | 70 % | Key Metrics Calculations This section details the unaudited calculation methodologies for revenue per day, vehicle utilization, and per-unit fleet costs for Q4 and full-year 2024 versus 2023, including exchange rate effects, segmented by Americas and International Key Metrics Calculations (Unaudited) | | | | | Three Months Ended December 31, 2024 | | | | | | Three Months Ended December 31, 2023 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Americas | | International | | Total | | Americas | | International | | Total | | Revenue per Day (RPD) | | | | | | | | | | | | | | Revenue | $ | 2,117 | $ | 593 | $ | 2,710 | $ | 2,167 | $ | 597 | $ | 2,764 | | Currency exchange rate effects | | 2 | | 3 | | 5 | | — | | — | | — | | Revenue excluding exchange rate effects | | 2,119 | | 596 | | 2,715 | | 2,167 | | 597 | | 2,764 | | Rental days (000's) | | 30,877 | | 10,956 | | 41,833 | | 31,009 | | 11,018 | | 42,027 | | RPD excluding exchange rate effects (in $'s) | $ | 68.64 | $ | 54.32 | $ | 64.89 | $ | 69.89 | $ | 54.22 | $ | 65.78 | | Vehicle Utilization | | | | | | | | | | | | | | Rental days (000's) | | 30,877 | | 10,956 | | 41,833 | | 31,009 | | 11,018 | | 42,027 | | Average rental fleet | | 497,713 | | 174,253 | | 671,966 | | 518,928 | | 182,337 | | 701,265 | | Number of days in period | | 92 | | 92 | | 92 | | 92 | | 92 | | 92 | | Available rental days (000's) | | 45,790 | | 16,031 | | 61,821 | | 47,741 | | 16,775 | | 64,516 | | Vehicle utilization | | 67.4 % | | 68.3 % | | 67.7 % | | 65.0 % | | 65.7 % | | 65.1 % | | Per-Unit Fleet Costs | | | | | | | | | | | | | | Vehicle depreciation and lease charges, | | | | | | | | | | | | | | net | $ | 642 | $ | 159 | $ | 801 | $ | 424 | $ | 158 | $ | 582 | | Currency exchange rate effects | | 1 | | — | | 1 | | — | | — | | — | | Vehicle depreciation excluding exchange | | | | | | | | | | | | | | rate effects | $ | 643 | $ | 159 | $ | 802 | $ | 424 | $ | 158 | $ | 582 | | Average rental fleet | | 497,713 | | 174,253 | | 671,966 | | 518,928 | | 182,337 | | 701,265 | | Per-unit fleet costs (in $'s) | $ | 1,293 | $ | 914 | $ | 1,195 | $ | 816 | $ | 872 | $ | 831 | | Number of months in period | | 3 | | 3 | | 3 | | 3 | | 3 | | 3 | | Per-unit fleet costs per month excluding | $ | 431 | $ | 305 | $ | 398 | $ | 272 | $ | 291 | $ | 277 | | exchange rate effects (in $'s) | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | | | | | Year Ended December 31, 2023 | | | | | | Americas | | International | | Total | | Americas | | International | | Total | | Revenue per Day (RPD) | | | | | | | | | | | | | | Revenue | $ | 9,111 | $ | 2,678 | $ | 11,789 | $ | 9,347 | $ | 2,661 | $ | 12,008 | | Currency exchange rate effects | | 8 | | 1 | | 9 | | — | | — | | — | | Revenue excluding exchange rate effects | | 9,119 | | 2,679 | | 11,798 | | 9,347 | | 2,661 | | 12,008 | | Rental days (000's) | | 128,431 | | 47,274 | | 175,705 | | 127,661 | | 45,644 | | 173,305 | | RPD excluding exchange rate effects (in | | | | | | | | | | | | | | $'s) | $ | 71.01 | $ | 56.66 | $ | 67.15 | $ | 73.22 | $ | 58.30 | $ | 69.29 | | Vehicle Utilization | | | | | | | | | | | | | | Rental days (000's) | | 128,431 | | 47,274 | | 175,705 | | 127,661 | | 45,644 | | 173,305 | | Average rental fleet | | 510,535 | | 184,549 | | 695,084 | | 507,358 | | 691,505 | | 691,505 | | Number of days in period | | 366 | | 366 | | 366 | | 365 | | 365 | | 365 | | Available rental days (000's) | | 186,856 | | 67,545 | | 254,401 | | 185,186 | | 67,213 | | 252,399 | | Vehicle utilization | | 68.7 % | | 70.0 % | | 69.1 % | | 68.9 % | | 67.9 % | | 68.7 % | | Per-Unit Fleet Costs | | | | | | | | | | | | | | Vehicle depreciation and lease charges, | | | | | | | | | | | | | | net | $ | 2,301 | $ | 675 | $ | 2,976 | $ | 1,215 | $ | 524 | $ | 1,739 | | Currency exchange rate effects | | 2 | | (2) | | — | | — | | — | | — | | Vehicle depreciation excluding exchange | | | | | | | | | | | | | | rate effects | $ | 2,303 | $ | 673 | $ | 2,976 | $ | 1,215 | $ | 524 | $ | 1,739 | | Average rental fleet | | 510,535 | | 184,549 | | 695,084 | | 507,358 | | 184,147 | | 691,505 | | Per-unit fleet costs (in $'s) | $ | 4,512 | $ | 3,649 | $ | 4,282 | $ | 2,395 | $ | 2,847 | $ | 2,515 | | Number of months in period | | 12 | | 12 | | 12 | | 12 | | 12 | | 12 | | Per-unit fleet costs per month excluding | | | | | | | | | | | | | | exchange rate effects (in $'s) | $ | 376 | $ | 304 | $ | 357 | $ | 200 | $ | 237 | $ | 210 | NON-GAAP FINANCIAL MEASURES AND KEY METRICS This section provides reconciliations of GAAP net income to Adjusted EBITDA and net cash from operating activities to Adjusted Free Cash Flow for 2024, along with detailed definitions of all non-GAAP financial measures and key operating metrics used in the report Reconciliation of Net Income to Adjusted EBITDA This section provides an unaudited reconciliation of GAAP net income (loss) to non-GAAP Adjusted EBITDA for Q4 and full-year 2024 compared to 2023, detailing various adjustment items Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited) | | | Three Months Ended December 31, | | | | Year Ended December 31, | | | --- | --- | --- | --- | --- | --- | --- | --- | | Reconciliation of Net income to Adjusted EBITDA: | | 2024 | 2023 | | 2024 | | 2023 | | Net income (loss) | $ | (1,957) | $ 260 | $ | (1,817) | $ | 1,635 | | Provision for (benefit from) income taxes | | (884) | (98) | | (810) | | 279 | | Income (loss) before income taxes | | (2,841) | 162 | | (2,627) | | 1,914 | | Non-vehicle related depreciation and amortization | | 60 | 53 | | 237 | | 216 | | Interest expense related to corporate debt, net: | | | | | | | | | Interest expense | | 92 | 75 | | 358 | | 296 | | Early extinguishment of debt | | 18 | 4 | | 19 | | 5 | | Long-lived asset impairment and other related charges | (a) | 2,470 | — | | 2,470 | | — | | Restructuring and other related charges | | 14 | 4 | | 37 | | 11 | | Transaction-related costs, net | | 1 | 2 | | 3 | | 5 | | Other (income) expense, net | | 3 | — | | 9 | | 3 | | (b) Legal matters, net | | 57 | — | | 64 | | 5 | | (c) Cloud computing costs | | 12 | 11 | | 45 | | 35 | | (c) Severe weather-related damages, net | | 13 | — | | 13 | | — | | (d) Adjusted EBITDA | $ | (101) | $ 311 | $ | 628 | $ | 2,490 | Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow This section provides an unaudited reconciliation of net cash provided by operating activities to Adjusted Free Cash Flow for full-year 2024, detailing adjustments to show how cash generated from operations is used for debt repayment, share repurchases, dividends, and future growth investments Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (Unaudited) | Reconciliation of Net cash provided by operating activities to | | Adjusted Free Cash Flow: | | Net cash provided by operating activities | $ 3,518 | | Net cash used in investing activities of vehicle programs | (2,563) | | Net cash used in financing activities of vehicle programs | (1,313) | | Capital expenditures | (202) | | Proceeds received on sale of assets and nonmarketable equity securities | 3 | | Acquisition and disposition-related payments | (2) | | Change in program and restricted cash | 23 | | Dividends from equity method investments | 7 | | Other receipts (payments), net | 15 | | Adjusted Free Cash Flow | $ (514) | Definitions of Non-GAAP Measures and Key Metrics This section provides detailed definitions for non-GAAP financial measures, such as Adjusted EBITDA and Adjusted Free Cash Flow, and key operating metrics used in the report - Adjusted EBITDA is defined as income (loss) from continuing operations before non-vehicle related depreciation and amortization, long-lived asset impairment and other related charges, restructuring and other related charges, early extinguishment of debt, non-vehicle related interest, transaction-related costs, net, legal matters, net, non-operating expenses, net of COVID-19 related costs, cloud computing costs, other (income) expense, net, severe weather-related damages, net in excess of $5 million, and income taxes[41] - Adjusted Free Cash Flow represents net cash provided by operating activities, adjusted to reflect cash inflows and outflows for capital expenditures, investing and financing activities of vehicle programs, and asset sales (if any), and excludes restructuring and other related charges, early extinguishment of debt, transaction-related costs, legal matters, non-operating expenses related to shareholder activism, COVID-19 related costs, other (income) expense, and severe weather-related damages[43] - Other key metric definitions include Adjusted EBITDA Margin, Available Rental Days, Average Rental Fleet, Currency Exchange Rate Effects, Total Adjusted EBITDA, Corporate Net Debt, Corporate Net Leverage, Total Net Debt Ratio, Per-Unit Fleet Costs, Rental Days, Revenue per Day, and Vehicle Utilization[45][46][47][48][49][50][51][52][53][54][55][56] FORWARD-LOOKING STATEMENTS This section outlines the forward-looking nature of certain statements in the press release, subject to various known and unknown risks and uncertainties that could cause actual results to differ materially from expectations, and details key risk factors impacting future performance Forward-Looking Statements Disclaimer This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those expressed or implied - Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those expressed or implied[12] - Forward-looking statements are generally identified by words such as “believe,” “expect,” “anticipate,” “will,” “should,” “may,” “might,” “intend,” “project,” “estimate,” “plan,” “forecast,” “guidance,” and similar expressions[12] Key Risk Factors The company faces multiple significant risk factors that could impact future performance, including intense competition in the mobility industry, fluctuations in fleet costs, operational issues with vehicle manufacturers, volatility in travel demand, economic downturns, and risks associated with corporate debt - Intense competition in the mobility industry and the potential impact of new companies or technologies on pricing and rental volumes[13] - Changes in fleet costs, including new vehicle costs, manufacturer recalls, new vehicle supply disruptions, semiconductor shortages, and changes in used vehicle disposition prices[13] - Levels and volatility of travel demand, deterioration of economic conditions, threats of terrorism, pandemics, severe weather events, military conflicts or civil unrest, and significant changes in fuel, vehicle parts, energy, and labor costs[13] - Risks related to the company's corporate debt, including substantial outstanding debt, recent and future increases in interest rates, downgrades by rating agencies, and the ability to incur additional debt[14] - Significant changes in the timing of fleet rotation, or the carrying value of goodwill or long-lived assets, which could result in significant impairment charges[14]