Conference Call to Discuss Results Scheduled for October 28th, 2025PARSIPPANY, N.J., Oct. 03, 2025 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) announced today that it plans to report its third quarter 2025 results after the market close on Monday, October 27th, 2025, and to host a conference call for institutional investors to discuss these results on Tuesday, October 28th, 2025, at 8:30 a.m. Eastern time. Investors may access the call at ir.avisbudgetgroup.com, or by dialing (877)-407-2991. I ...

Core Insights - Cintas Corporation (CTAS) is experiencing strong momentum across its segments, particularly in Uniform Rental and Facility Services, driven by new customer growth and increased product penetration [1] - The First Aid and Safety Services segment is benefiting from rising demand for AED Rentals, eyewash stations, and WaterBreak products, alongside strong customer retention and an improved sales mix [1] Segment Performance - The Uniform Rental and Facility Services segment is seeing growth from both new and existing customers, contributing to overall performance [8] - The First Aid segment's performance is bolstered by increasing demand for specific safety products [1][8] Acquisitions and Market Expansion - Cintas has enhanced its product portfolio through strategic acquisitions, including Paris Uniform Services and SITEX, totaling $232.9 million in fiscal 2025 [2][8] - These acquisitions have strengthened Cintas' market presence in key regions such as Pennsylvania, New York, Maryland, West Virginia, and the central Midwest [2] Shareholder Returns - In fiscal 2025, Cintas paid dividends of $611.6 million, reflecting a 15.2% year-over-year increase, and spent $934.8 million on share buybacks, up from $700 million the previous year [3][8] - The quarterly dividend was increased by 15.4% to $1.80 per share, marking 41 consecutive years of dividend increases [3] Financial Performance - Cintas' stock performance has shown a 1.6% gain over the past year, contrasting with a 1.4% decline in the industry [4] - However, the company faces challenges from rising costs, with a 6.9% year-over-year increase in the cost of sales to $1.34 billion and a 9.1% rise in selling and administrative expenses to $728.5 million in the fourth quarter of fiscal 2025 [6] International Exposure - Cintas has significant international operations, which expose it to political and economic disruptions that could impact profitability [7]

Financial Data and Key Metrics Changes - Hertz reported total revenues of $2.2 billion for the quarter, with adjusted corporate EBITDA turning positive at $1 million, a significant improvement from a loss of $460 million in the prior year [28][29]. - The company achieved a depreciation per unit (DPU) of $251, well below the North Star target of $300, marking a meaningful improvement both sequentially and year over year [30][31]. - Vehicle utilization reached 83%, reflecting a 300 basis point improvement year over year, indicating effective fleet deployment [29]. Business Line Data and Key Metrics Changes - The rental revenue was down 7% due to a smaller fleet size, which was down 6% year over year [20][28]. - Retail vehicle sales were the highest in five years, driven by a strong performance in the second quarter [8][13]. - The rent-to-buy program showed strong momentum, contributing to customer satisfaction and volume growth [14]. Market Data and Key Metrics Changes - Domestic air travel returned to positive year-over-year growth in July, indicating a recovery in travel demand [24]. - Forward bookings for U.S. leisure rentals are tracking ahead of planned fleet capacity, suggesting strengthening demand [25][26]. - The overall pricing environment was challenging, with market pricing down mid to high single digits, but improvements were noted in August [24][90]. Company Strategy and Development Direction - Hertz is focused on a multi-year transformation strategy called "Back to Basics," aimed at resetting the company's foundation and driving operational excellence [6][7]. - The company is enhancing its revenue management platform through a partnership with Amadeus to modernize its pricing strategies [21][22]. - The strategy includes a disciplined approach to fleet management, revenue optimization, and rigorous cost management to achieve long-term profitability [9][16]. Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of the year, noting early signs of pricing improvement and a strengthening demand environment [34][90]. - The company anticipates maintaining a fleet size approximately 6% below 2024 levels through year-end, with flexibility to adjust based on demand signals [33]. - Management acknowledged the challenges posed by recalls but indicated that the impact was manageable due to a younger fleet and proactive operations [55][57]. Other Important Information - Hertz's liquidity at the end of June was $1.4 billion, bolstered by various transactions and a delay in litigation resolution [32]. - The company expects to achieve adjusted corporate EBITDA of $1 billion by 2027, reflecting confidence in its transformation initiatives [35]. Q&A Session Summary Question: Future of AVs and robotaxis - Management sees a significant role for Hertz in the future of autonomous vehicles (AVs) and robotaxis, emphasizing the company's operational capabilities and asset-heavy business model [42][45]. Question: Breakdown of RPD performance - RPD was down about 5%, with market pricing challenges contributing to the decline, but improvements in revenue management strategies were noted [46][49]. Question: Impact of recalls on utilization - The company experienced minimal headwinds from recalls in Q2, with expectations of a more significant impact in Q3 due to a small percentage of vehicles on recall [54][55]. Question: Contribution of retail sales to DPU - The increase in retail vehicle sales was driven by a strategic focus on optimizing the buy, hold, and sell processes, enhancing net returns from vehicle sales [58][62]. Question: Liquidity outlook for 2025 and 2026 - Hertz expects to maintain positive cash flow in the second half of 2025, with a higher liquidity balance anticipated by year-end, while also addressing upcoming debt maturities flexibly [94][99].

Financial Performance - Q2 2025 - Revenues decreased slightly to $3,039 million, a marginal decrease from $3,048 million in 2Q 2024[8] - Rental days remained almost flat at 44,945 thousand, compared to 45,034 thousand in 2Q 2024[8] - Revenue per day excluding exchange rate effects decreased by 1% to $6706 from $6769 in 2Q 2024[8] - Adjusted EBITDA increased by 29% to $277 million from $214 million in 2Q 2024[8] Regional Performance - Americas revenues decreased by 1% to $2,332 million from $2,361 million in 2Q 2024, but improved sequentially throughout the quarter[9] - International revenues excluding exchange rate effects decreased by 1% to $682 million from $687 million in 2Q 2024, driven by Global Rightsizing initiatives[10] - International Adjusted EBITDA increased significantly by 71% to $82 million from $48 million in 2Q 2024, driven by segmentation strategy and lower fleet costs[10] Fleet and Utilization - Average rental fleet decreased by 1% to 698,633 vehicles from 705,145 in 2Q 2024[8] - Vehicle utilization improved to 707%, a 05 percentage point increase from 702% in 2Q 2024[8] - Per-unit fleet costs per month excluding exchange rate effects decreased by 13% to $300 from $346 in 2Q 2024[8] Liquidity and Outlook - Adjusted Free Cash Flow was $(475) million, reflecting a decision to invest approximately $500 million of corporate debt into vehicle programs, expected to reverse by year-end[11] - The company anticipates full year 2025 Adjusted EBITDA to be approximately $900 million - $1,000 million and per-unit fleet costs per month to be approximately $310-$320[16]

Company Overview - McGrath RentCorp's total revenue reached $911 million in 2024[10] - The company's adjusted EBITDA for 2024 was $352 million[10] - McGrath RentCorp has a shareholder return CAGR of 16% based on 1984 IPO through 12/31/24[10, 11] - The company has increased dividends for 34 consecutive years[10, 25, 118] - 99% of total revenues are from North America[10] Business Segment Performance (2024) - Mobile Modular contributed 75% of total revenues and 67% of adjusted EBITDA[13] - Portable Storage accounted for 10% of total revenues and 12% of adjusted EBITDA[13] - TRS-RenTelco represented 15% of total revenues and 21% of adjusted EBITDA[13] Q2 2025 Highlights - Total revenues for Q2 2025 were $2356 million, an increase of 11% year-over-year[33, 34] - Adjusted EBITDA for Q2 2025 was $865 million, a 3% increase year-over-year[33, 34] - Mobile Modular's total revenues increased by 8%[32] - Portable Storage rental revenues increased 5% sequentially, but decreased 5% year-over-year[32, 38] - TRS-RenTelco rental revenues increased 7%[32, 40]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Avis Budget Group, Inc. due to significant financial losses attributed to misleading statements and a flawed fleet rotation strategy [2][4]. Group 1: Financial Performance - Avis Budget reported a loss of $1.96 billion, or $55.66 per share, for Q4 2024, compared to a profit of $259 million, or $7.10 per share, in the same period the previous year [5]. - The loss was primarily due to a one-time non-cash impairment of $2.3 billion and additional non-cash related charges of $180 million resulting from a strategy to accelerate fleet rotations [5]. Group 2: Legal Implications - A federal securities class action has been filed against Avis, with a deadline of June 24, 2025, for investors to seek the role of lead plaintiff [2][6]. - The complaint alleges that Avis and its executives violated federal securities laws by making false or misleading statements regarding the company's financial health and fleet management strategy [4]. Group 3: Management Changes - Following the financial report, CEO Joseph A. Ferraro will transition to a Board Advisor role effective June 30, 2025, with Brian Choi taking over as CEO on July 1, 2025 [5]. Group 4: Investor Outreach - Faruqi & Faruqi encourages investors who suffered losses exceeding $100,000 in Avis between February 16, 2024, and February 10, 2025, to contact them for legal options [1][7].

Core Insights - Avis Budget Group, Inc. has appointed Daniel Cunha as Chief Financial Officer, effective July 1, 2025, succeeding Izzy Martins who will leave the company on June 30, 2025 [1][4] Company Leadership Changes - Daniel Cunha joins from Orion Services Group where he served as CFO for one year, and has prior experience as CFO at Ocean Spray and Heinz North America [2] - Izzy Martins will assist with the transition until August 31, 2025 [3] Strategic Direction - Brian Choi, the Chief Transformation Officer and incoming CEO, expressed confidence in Cunha's strategic financial leadership and operational expertise, which are expected to be crucial for executing the next phase of the company's strategic plan [4] Company Overview - Avis Budget Group is a leading global provider of mobility solutions with approximately 10,250 rental locations in around 180 countries, operating primarily in North America, Europe, and Australasia [5]

Core Viewpoint - Avis Budget Group, Inc. is facing a class action securities lawsuit due to alleged securities fraud that negatively impacted investors between February 16, 2024, and February 10, 2025 [1][2] Group 1: Allegations and Impact - The lawsuit claims that Avis Budget implemented a plan to significantly accelerate its fleet rotation in Q4 2024, which shortened the useful life of most vehicles in the Americas segment [2] - This acceleration is alleged to have led to billions of dollars in impairment charges and substantial losses for the company [2] - The financial and business prospects of Avis Budget were reportedly overstated, resulting in materially false and misleading public statements by the defendants [2] Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until June 24, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require this [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [4]

Core Viewpoint - Avis Budget Group, Inc. is facing a class action lawsuit due to significant financial losses reported for Q4 2024, attributed to a strategic shift in fleet rotations that led to substantial impairment charges and misleading statements made to investors [2][3]. Financial Performance - For Q4 2024, Avis reported a loss of $1.96 billion, equating to $55.66 per share, a stark contrast to a profit of $259 million, or $7.10 per share, in the same quarter of the previous year [2]. - The financial loss was primarily due to a one-time non-cash impairment of $2.3 billion and additional non-cash charges of $180 million resulting from the accelerated fleet rotation strategy [2]. Strategic Changes - The company implemented a plan to significantly accelerate fleet rotations, which shortened the useful life of most vehicles in the Americas segment, thereby reducing their recoverable value [3]. - The transition of the CEO to a Board Advisor role was also announced, indicating potential leadership changes within the company [2]. Legal Proceedings - A class action lawsuit has been filed on behalf of investors who acquired Avis securities between February 16, 2024, and February 10, 2025, with a deadline of June 24, 2025, to file a lead plaintiff motion [1][4]. - The lawsuit alleges that the company made materially false and misleading statements regarding its business operations and financial prospects during the class period [3].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Avis Budget Group, Inc. regarding a class action lawsuit due to allegations of materially false and misleading statements made by the company during the class period from February 16, 2024, to February 10, 2025 [1]. Allegations - The complaint alleges that Avis Budget implemented a plan to significantly accelerate its fleet rotation in Q4 2024, which shortened the useful life of most vehicles in the Americas segment, reducing their recoverable value [1]. - As a result of the accelerated fleet rotation, Avis Budget is expected to recognize billions of dollars in impairment charges and incur substantial losses [1]. - The allegations suggest that these actions had a significant negative impact on the company's financial results and overstated its financial and business prospects [1]. Class Action Details - Shareholders who purchased shares of CAR during the specified class period are encouraged to register for the class action, with a deadline of June 24, 2025, to seek lead plaintiff status [2]. - Registered shareholders will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [2]. Law Firm's Mission - The Gross Law Firm aims to protect the rights of investors who have suffered due to deceit, fraud, and illegal business practices, ensuring companies adhere to responsible business practices [3].