Avis Q3 2020 Earnings Report
Key Takeaways
Avis Budget Group announced third quarter 2020 financial results, with a net income of $45 million and adjusted net income of $79 million. The company achieved positive Adjusted EBITDA of $220 million through cost removal actions and fleet adjustments, removing approximately $1 billion of costs during the quarter.
Continued to reduce cost base, removing another $1 billion of costs.
Profitably disposed of 75,000 vehicles in the U.S., including 49,000 vehicles sold through alternative channels.
Completed a senior notes offering of $350 million to pay off existing notes and provide additional liquidity.
Expanded partnerships to enhance the cleanliness and disinfection of rental facilities and vehicles.
Avis
Avis
Avis Revenue by Segment
Avis Revenue by Geographic Location
Forward Guidance
Although we believe the travel environment will remain challenged, we still expect to be Adjusted EBITDA and Adjusted Free Cash Flow positive excluding the return of vehicle equity for the fourth quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income