Core Insights - Avis Budget Group, Inc. reported a revenue of $2.4 billion for Q1 2025, a decrease of 5% compared to Q1 2024, with a net loss of $505 million and an Adjusted EBITDA loss of $93 million [1][16][20]. Financial Performance - The company recorded a non-cash fleet charge of $390 million related to the disposal of certain vehicles within the Americas [2]. - Adjusted EBITDA in the Americas was a loss of $67 million, driven by decreased revenue and higher fleet costs, partially offset by increased vehicle utilization compared to Q1 2024 [8][20]. - International Adjusted EBITDA showed a loss of $3 million, an improvement from a loss of $15 million in the same period last year, attributed to stronger pricing and decreased fleet costs [8][20]. Operational Highlights - The company made significant progress on its fleet rotation strategy, disposing of a record number of vehicles, which is expected to improve vehicle costs sooner than anticipated [3]. - Advanced reservations are trending positively, and the company plans to monitor demand trends closely while adjusting its fleet accordingly [3]. Liquidity and Financing - As of the end of Q1 2025, the company's liquidity position was over $1.1 billion, with an additional $3 billion of fleet funding capacity [8]. - In February, Avis Budget issued a $500 million floating rate term loan due December 2025, primarily to pay down fleet indebtedness [8]. Key Metrics - Rental days decreased by 1% to 39,455, while revenue per day fell by 3% to $61.59 [22]. - Vehicle utilization improved to 69.4%, up from 65.9% in the previous year [22]. - Per-unit fleet costs increased by 10% to $351 per month [22].