Avis Budget Group(US:CAR)2025-10-27 20:01Financial Performance - Revenues for Q3 2025 were $3.5 billion, a 1% increase compared to Q3 2024[2] - Net income for Q3 2025 was $360 million, representing a 51% increase from $237 million in Q3 2024[17] - Adjusted EBITDA for Q3 2025 was $559 million, an 11% increase from $503 million in Q3 2024[17] - Total revenues for the nine months ended September 30, 2025, were $8.988 billion, a 1% decrease from $9.079 billion in the same period of 2024[17] - Net income for Q3 2025 was $360 million, compared to $238 million in Q3 2024, but the nine-month net income showed a loss of $139 million, down from a profit of $140 million in the same period last year[19] - Adjusted EBITDA for the nine months ended September 30, 2025, was $743 million, compared to $729 million in the same period of 2024[28] - Total revenue for the three months ended September 30, 2025, was $3,519 million, compared to $3,480 million for the same period in 2024, representing a 1.1% increase[33] - Total revenue for the nine months ended September 30, 2025, was $8,988 million, compared to $9,079 million for the same period in 2024, reflecting a 1.0% decrease[33] Operational Metrics - Adjusted EBITDA in the Americas was $398 million, up 4% from $384 million in the same period last year[6] - Adjusted EBITDA in International was $190 million, a 37% increase from $139 million in the same period last year[6] - Rental days increased by 1% compared to Q3 2024, while revenue per day decreased by 1%[6] - The average rental fleet increased by 3% to 546,293 vehicles in Q3 2025 from 531,261 in Q3 2024, while the average rental fleet for the nine months decreased by 1% to 511,261 from 514,809[21] - Vehicle utilization in the Americas was 71.3% in Q3 2025, slightly down from 71.5% in Q3 2024, but improved from 69.2% in the nine months ended September 30, 2024[21] - Vehicle utilization for the three months ended September 30, 2025, was 72.0%, slightly up from 72.1% in the same period of 2024[33] - Vehicle utilization for the nine months ended September 30, 2025, was 70.8%, an increase from 69.5% in the same period of 2024[33] Cash Flow and Liquidity - The liquidity position at the end of the quarter was nearly $1.0 billion, with an additional $1.9 billion of fleet funding capacity[6] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $2,859 million, while net cash used in investing activities totaled $4,654 million[24] - Adjusted Free Cash Flow for the nine months ended September 30, 2025, was a negative $517 million, reflecting significant cash outflows related to vehicle programs[29] Cost and Expenses - Interest expense related to corporate debt increased to $109 million in Q3 2025 from $95 million in Q3 2024, contributing to the overall financial performance[28] - The company reported a 20% reduction in per-unit fleet costs per month in the Americas, dropping to $309 in Q3 2025 from $384 in Q3 2024[21] - Per-unit fleet costs for the three months ended September 30, 2025, were $898, down from $1,096 in the same period of 2024, indicating a 18.0% decrease[33] - Vehicle depreciation and lease charges for the nine months ended September 30, 2025, totaled $1,979 million, down from $2,175 million in the same period of 2024, a decrease of 9.0%[33] Fleet and Locations - The company operates approximately 10,250 rental locations in around 180 countries worldwide[7] - Average rental fleet for the three months ended September 30, 2025, was 746,161 vehicles, compared to 735,841 vehicles in the same period of 2024[33] - Average rental fleet for the nine months ended September 30, 2025, was 692,057 vehicles, compared to 702,790 vehicles in the same period of 2024[33] Debt and Financing - The company amended its $1.1 billion floating rate term loan, extending its maturity date from August 2027 to July 2032[6]