Core Insights - Avis Budget Group reported Q2 2025 revenues of $3.0 billion, net income of $5 million, and Adjusted EBITDA of $277 million, reflecting a 29% increase from the previous year [1][20][21]. Financial Performance - Revenues for Q2 2025 were $3.0 billion, slightly down from $3.048 billion in Q2 2024, with revenue per day, excluding exchange rate effects, decreasing by 1% [9][20]. - Adjusted EBITDA in the Americas increased to $220 million from $186 million year-over-year, attributed to lower fleet costs and improved vehicle utilization [9][20]. - International Adjusted EBITDA rose to $82 million from $48 million, driven by stronger pricing and decreased fleet costs, despite a decrease in rental days [9][20]. Operational Highlights - The company launched Avis First, a premium car rental service, on July 21, 2025, aimed at enhancing customer experience with features like dedicated concierge service and premium vehicles [3][8]. - Avis Budget Group announced a multi-year partnership with Waymo to initiate fully autonomous ride-hailing operations in Dallas, Texas, positioning itself as a key player in the evolving mobility ecosystem [3][8]. Debt and Liquidity - In May 2025, Avis issued $600 million in unsecured Senior Notes, using the proceeds to repay existing borrowings and improve liquidity [9][20]. - The company amended its $1.1 billion floating rate term loan, extending its maturity from August 2027 to July 2032, and reported a liquidity position of nearly $950 million at the end of the quarter [9][20]. Key Metrics - The average rental fleet size was 698,633 vehicles, with vehicle utilization at 70.7%, an increase from 70.2% in the previous year [25][40]. - Rental days in the Americas were 33,292, up 1% from the previous year, while international rental days decreased by 4% to 11,653 [25][40]. - Per-unit fleet costs decreased by 12% to $303 per month, reflecting improved operational efficiency [25][40].