Avis Budget Group, Inc(NASDAQ:CAR) 
Avis Budget Group, Inc., together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers. It operates the Avis brand, a vehicle rental system that supply rental cars to the premium commercial and leisure segments of the travel industry;...
Website: http://www.avisbudgetgroup.com
Founded: 1946
Full Time Employees: 21,200
CEO: Joseph A. Ferraro
Sector: Industrials
Industry: Rental & Leasing Services
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
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revenues | 2,664,000,000 | 3,519,000,000 | 3,039,000,000 | 2,430,000,000 | 2,710,000,000 | 3,480,000,000 | 3,048,000,000 | 2,551,000,000 | 2,764,000,000 | 3,564,000,000 | 3,123,000,000 | 2,557,000,000 | 2,771,000,000 | 3,547,000,000 |
yoy | -1.70% | 1.12% | -0.30% | -4.74% | -1.95% | -2.36% | -2.40% | -0.23% | -0.25% | 0.48% | ||||
qoq | -24.30% | 15.79% | 25.06% | -10.33% | -22.13% | 14.17% | 19.48% | -7.71% | -22.45% | 14.12% | 22.14% | -7.72% | -21.88% | |
expenses | ||||||||||||||
operating | 1,465,000,000 | 1,513,000,000 | 1,526,000,000 | 1,353,000,000 | 1,563,000,000 | 1,575,000,000 | 1,532,000,000 | 1,344,000,000 | 1,350,000,000 | 1,543,000,000 | 1,475,000,000 | 1,307,000,000 | 1,325,000,000 | 1,464,000,000 |
vehicle depreciation and lease charges | 646,000,000 | 678,000,000 | 636,000,000 | 1,055,000,000 | 801,000,000 | 806,000,000 | 733,000,000 | 636,000,000 | 582,000,000 | 517,000,000 | 375,000,000 | 265,000,000 | 349,000,000 | 134,000,000 |
selling, general and administrative | 321,000,000 | 422,000,000 | 396,000,000 | 308,000,000 | 312,000,000 | 367,000,000 | 348,000,000 | 325,000,000 | 309,000,000 | 397,000,000 | 378,000,000 | 324,000,000 | 322,000,000 | 384,000,000 |
vehicle interest | 231,000,000 | 248,000,000 | 229,000,000 | 210,000,000 | 217,000,000 | 241,000,000 | 244,000,000 | 239,000,000 | 223,000,000 | 208,000,000 | 172,000,000 | 133,000,000 | 121,000,000 | 107,000,000 |
non-vehicle related depreciation and amortization | 57,000,000 | 58,000,000 | 60,000,000 | 56,000,000 | 60,000,000 | 58,000,000 | 58,000,000 | 61,000,000 | 53,000,000 | 55,000,000 | 52,000,000 | 56,000,000 | 57,000,000 | 59,000,000 |
interest expense related to corporate debt, net: | ||||||||||||||
interest expense | 106,000,000 | 109,000,000 | 110,000,000 | 92,000,000 | 95,000,000 | 88,000,000 | 55,250,000 | 80,000,000 | 68,000,000 | 73,000,000 | 45,250,000 | 64,000,000 | ||
early extinguishment of debt | 3,000,000 | 3,000,000 | 18,000,000 | 1,000,000 | 250,000 | 1,000,000 | ||||||||
restructuring and other related charges | 37,000,000 | 13,000,000 | 59,000,000 | 22,000,000 | 14,000,000 | 6,000,000 | 14,000,000 | 3,000,000 | 4,000,000 | 2,000,000 | 1,000,000 | 4,000,000 | 3,000,000 | 2,000,000 |
transaction-related costs | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 3,000,000 | 7,000,000 | ||||||||
other expense | 5,000,000 | 2,000,000 | 5,000,000 | 6,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 4,000,000 | -2,000,000 | 2,000,000 | -9,000,000 | |
total expenses | 3,404,000,000 | 3,046,000,000 | 3,024,000,000 | 3,107,000,000 | 5,551,000,000 | 3,151,000,000 | 3,021,000,000 | 2,693,000,000 | 2,602,000,000 | 2,807,000,000 | 2,525,000,000 | 2,160,000,000 | 2,255,000,000 | 2,205,000,000 |
income before income taxes | -740,000,000 | 473,000,000 | 15,000,000 | -677,000,000 | -2,841,000,000 | 329,000,000 | 27,000,000 | -142,000,000 | 162,000,000 | 757,000,000 | 598,000,000 | 397,000,000 | 516,000,000 | 1,342,000,000 |
provision for income taxes | 116,000,000 | 113,000,000 | 10,000,000 | -884,000,000 | 91,000,000 | 12,000,000 | -29,000,000 | -98,000,000 | 130,000,000 | 162,000,000 | 85,000,000 | 92,000,000 | 311,000,000 | |
net income | -856,000,000 | 360,000,000 | 5,000,000 | -504,000,000 | -1,957,000,000 | 238,000,000 | 15,000,000 | -113,000,000 | 260,000,000 | 627,000,000 | 436,000,000 | 312,000,000 | 424,000,000 | 1,031,000,000 |
yoy | -56.26% | 51.26% | -66.67% | 346.02% | -852.69% | -62.04% | -96.56% | -136.22% | -38.68% | -39.19% | ||||
qoq | -337.78% | 7100.00% | -100.99% | -74.25% | -922.27% | 1486.67% | -113.27% | -143.46% | -58.53% | 43.81% | 39.74% | -26.42% | -58.87% | |
net income margin % | -32.13% | 10.23% | 0.16% | -20.74% | -72.21% | 6.84% | 0.49% | -4.43% | 9.41% | 17.59% | 13.96% | 12.20% | 15.30% | 29.07% |
less: net income attributable to non-controlling interests | -109,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||
net income attributable to avis budget group, inc. | -747,000,000 | 359,000,000 | 4,000,000 | -1,958,000,000 | 237,000,000 | 14,000,000 | -114,000,000 | 259,000,000 | 626,000,000 | 435,000,000 | 312,000,000 | 423,000,000 | 1,034,000,000 | |
comprehensive income attributable to avis budget group, inc. | -21,250,000 | 341,000,000 | 71,000,000 | 30,250,000 | 260,000,000 | 19,000,000 | -158,000,000 | 336,000,000 | 586,000,000 | 456,000,000 | 302,000,000 | 572,250,000 | 979,000,000 | |
earnings per share | ||||||||||||||
basic | -21.23 | 10.22 | 0.1 | -55.09 | 6.67 | 0.41 | -3.21 | 7.46 | 16.96 | 11.13 | 7.88 | 11.07 | 22.08 | |
diluted | -21.23 | 10.11 | 0.1 | -55.07 | 6.65 | 0.41 | -3.21 | 7.37 | 16.78 | 11.01 | 7.72 | 10.84 | 21.67 | |
interest expense related to corporate debt | 97,000,000 | 83,000,000 | ||||||||||||
benefit from income taxes | -173,000,000 | |||||||||||||
net loss attributable to avis budget group, inc. | -505,000,000 | |||||||||||||
comprehensive loss attributable to avis budget group, inc. | -497,000,000 | |||||||||||||
loss per share | ||||||||||||||
basic | -14.35 | |||||||||||||
diluted | -14.35 | |||||||||||||
less: net loss attributable to non-controlling interests | 1,000,000 | -3,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||
current assets: | ||||||||||||||
cash and cash equivalents | 519,000,000 | 564,000,000 | 541,000,000 | 516,000,000 | 534,000,000 | 602,000,000 | 511,000,000 | 522,000,000 | 555,000,000 | 572,000,000 | 571,000,000 | 548,000,000 | 570,000,000 | 581,000,000 |
receivables | 878,000,000 | 859,000,000 | 971,000,000 | 873,000,000 | 838,000,000 | 917,000,000 | 1,062,000,000 | 1,032,000,000 | 900,000,000 | 918,000,000 | 897,000,000 | 801,000,000 | 810,000,000 | 869,000,000 |
other current assets | 696,000,000 | 812,000,000 | 944,000,000 | 751,000,000 | 662,000,000 | 800,000,000 | 887,000,000 | 779,000,000 | 684,000,000 | 736,000,000 | 765,000,000 | 634,000,000 | 506,000,000 | 526,000,000 |
total current assets | 2,093,000,000 | 2,235,000,000 | 2,456,000,000 | 2,140,000,000 | 2,034,000,000 | 2,319,000,000 | 2,460,000,000 | 2,333,000,000 | 2,139,000,000 | 2,226,000,000 | 2,233,000,000 | 1,983,000,000 | 1,886,000,000 | 1,976,000,000 |
property and equipment | 748,000,000 | 710,000,000 | 711,000,000 | 686,000,000 | 697,000,000 | 700,000,000 | 704,000,000 | 709,000,000 | 719,000,000 | 647,000,000 | 624,000,000 | 604,000,000 | 594,000,000 | 506,000,000 |
operating lease right-of-use assets | 3,239,000,000 | 3,222,000,000 | 3,198,000,000 | 3,167,000,000 | 3,057,000,000 | 2,886,000,000 | 2,754,000,000 | 2,750,000,000 | 2,654,000,000 | 2,661,000,000 | 2,547,000,000 | 2,350,000,000 | 2,405,000,000 | 2,275,000,000 |
deferred income taxes | 2,105,000,000 | 2,487,000,000 | 1,644,000,000 | 1,738,000,000 | 1,786,000,000 | 1,565,000,000 | 1,715,000,000 | 1,811,000,000 | 1,868,000,000 | 1,472,000,000 | 1,457,000,000 | 1,399,000,000 | 1,379,000,000 | 1,316,000,000 |
goodwill | 1,129,000,000 | 1,127,000,000 | 1,133,000,000 | 1,091,000,000 | 1,071,000,000 | 1,109,000,000 | 1,087,000,000 | 1,088,000,000 | 1,099,000,000 | 1,081,000,000 | 1,082,000,000 | 1,076,000,000 | 1,070,000,000 | 1,031,000,000 |
other intangibles | 589,000,000 | 594,000,000 | 602,000,000 | 598,000,000 | 601,000,000 | 647,000,000 | 650,000,000 | 658,000,000 | 670,000,000 | 658,000,000 | 669,000,000 | 659,000,000 | 666,000,000 | 662,000,000 |
other non-current assets | 403,000,000 | 405,000,000 | 413,000,000 | 410,000,000 | 422,000,000 | 421,000,000 | 445,000,000 | 450,000,000 | 441,000,000 | 475,000,000 | 480,000,000 | 440,000,000 | 499,000,000 | 496,000,000 |
total assets exclusive of assets under vehicle programs | 10,306,000,000 | 10,780,000,000 | 10,157,000,000 | 9,830,000,000 | 9,668,000,000 | 9,647,000,000 | 9,815,000,000 | 9,799,000,000 | 9,590,000,000 | 9,220,000,000 | 9,092,000,000 | 8,511,000,000 | 8,499,000,000 | 8,262,000,000 |
assets under vehicle programs: | ||||||||||||||
program cash | 94,000,000 | 71,000,000 | 57,000,000 | 87,000,000 | 60,000,000 | 44,000,000 | 68,000,000 | 73,000,000 | 85,000,000 | 146,000,000 | 109,000,000 | 80,000,000 | 70,000,000 | 139,000,000 |
vehicles | 18,720,000,000 | 19,640,000,000 | 20,510,000,000 | 17,522,000,000 | 17,619,000,000 | 21,352,000,000 | 22,474,000,000 | 22,020,000,000 | 21,240,000,000 | 21,247,000,000 | 20,625,000,000 | 17,434,000,000 | 15,961,000,000 | 15,391,000,000 |
receivables from vehicle manufacturers and other | 540,000,000 | 579,000,000 | 235,000,000 | 310,000,000 | 386,000,000 | 423,000,000 | 326,000,000 | 431,000,000 | 443,000,000 | 519,000,000 | 421,000,000 | 353,000,000 | 421,000,000 | 478,000,000 |
investment in avis budget rental car funding (aesop) llc—related party | 1,597,000,000 | 1,448,000,000 | 1,412,000,000 | 1,295,000,000 | 1,308,000,000 | 1,283,000,000 | 1,199,000,000 | 1,205,000,000 | 1,211,000,000 | 1,172,000,000 | 1,148,000,000 | 1,010,000,000 | 976,000,000 | 927,000,000 |
assets under vehicle programs: - sum | 20,951,000,000 | 21,738,000,000 | 22,214,000,000 | 19,214,000,000 | 19,373,000,000 | 23,102,000,000 | 24,067,000,000 | 23,729,000,000 | 22,979,000,000 | 23,084,000,000 | 22,303,000,000 | 18,877,000,000 | 17,428,000,000 | 16,935,000,000 |
total assets | 31,257,000,000 | 32,518,000,000 | 32,371,000,000 | 29,044,000,000 | 29,041,000,000 | 32,749,000,000 | 33,882,000,000 | 33,528,000,000 | 32,569,000,000 | 32,304,000,000 | 31,395,000,000 | 27,388,000,000 | 25,927,000,000 | 25,197,000,000 |
liabilities, redeemable non-controlling interests and stockholders’ equity | ||||||||||||||
current liabilities: | ||||||||||||||
accounts payable and other current liabilities | 2,865,000,000 | 3,127,000,000 | 3,168,000,000 | 2,860,000,000 | 2,700,000,000 | 2,786,000,000 | 2,838,000,000 | 2,669,000,000 | 2,627,000,000 | 2,733,000,000 | 2,810,000,000 | 2,715,000,000 | 2,547,000,000 | 2,719,000,000 |
short-term debt and current portion of long-term debt | 24,000,000 | 38,000,000 | 39,000,000 | 508,000,000 | 20,000,000 | 540,000,000 | 28,000,000 | 405,000,000 | 32,000,000 | 30,000,000 | 34,000,000 | 34,000,000 | 27,000,000 | 27,000,000 |
total current liabilities | 2,889,000,000 | 3,165,000,000 | 3,207,000,000 | 3,368,000,000 | 2,720,000,000 | 3,326,000,000 | 2,866,000,000 | 3,074,000,000 | 2,659,000,000 | 2,763,000,000 | 2,844,000,000 | 2,749,000,000 | 2,574,000,000 | 2,746,000,000 |
long-term debt | 6,049,000,000 | 6,020,000,000 | 6,038,000,000 | 5,429,000,000 | 5,373,000,000 | 5,465,000,000 | 5,233,000,000 | 5,032,000,000 | 4,791,000,000 | 4,736,000,000 | 4,668,000,000 | 4,662,000,000 | 4,644,000,000 | 4,563,000,000 |
long-term operating lease liabilities | 2,614,000,000 | 2,619,000,000 | 2,630,000,000 | 2,593,000,000 | 2,484,000,000 | 2,351,000,000 | 2,234,000,000 | 2,234,000,000 | 2,117,000,000 | 2,178,000,000 | 2,079,000,000 | 1,852,000,000 | 1,884,000,000 | 1,822,000,000 |
other non-current liabilities | 495,000,000 | 499,000,000 | 518,000,000 | 482,000,000 | 470,000,000 | 509,000,000 | 505,000,000 | 509,000,000 | 528,000,000 | 520,000,000 | 529,000,000 | 497,000,000 | 554,000,000 | 553,000,000 |
total liabilities exclusive of liabilities under vehicle programs | 12,047,000,000 | 12,303,000,000 | 12,393,000,000 | 11,872,000,000 | 11,047,000,000 | 11,651,000,000 | 10,838,000,000 | 10,849,000,000 | 10,095,000,000 | 10,197,000,000 | 10,120,000,000 | 9,760,000,000 | 9,656,000,000 | 9,684,000,000 |
liabilities under vehicle programs: | ||||||||||||||
debt | 4,792,000,000 | 4,368,000,000 | 4,387,000,000 | 3,445,000,000 | 3,453,000,000 | 4,056,000,000 | 3,974,000,000 | 3,241,000,000 | 3,496,000,000 | 3,538,000,000 | 3,399,000,000 | 2,571,000,000 | 2,534,000,000 | 2,682,000,000 |
debt due to avis budget rental car funding (aesop) llc—related party | 14,396,000,000 | 14,894,000,000 | 15,527,000,000 | 13,794,000,000 | 14,083,000,000 | 13,837,000,000 | 15,560,000,000 | 15,949,000,000 | 15,441,000,000 | 15,115,000,000 | 14,375,000,000 | 12,206,000,000 | 11,275,000,000 | 10,422,000,000 |
other | 387,000,000 | 345,000,000 | 762,000,000 | 568,000,000 | 333,000,000 | 320,000,000 | 761,000,000 | 672,000,000 | 462,000,000 | 390,000,000 | 629,000,000 | 472,000,000 | 408,000,000 | 280,000,000 |
liabilities under vehicle programs: - sum | 22,252,000,000 | 22,589,000,000 | 22,711,000,000 | 19,983,000,000 | 20,311,000,000 | 21,327,000,000 | 23,526,000,000 | 23,187,000,000 | 22,817,000,000 | 22,135,000,000 | 21,400,000,000 | 18,069,000,000 | 16,971,000,000 | 16,020,000,000 |
commitments and contingencies | ||||||||||||||
redeemable non-controlling interests | 74,000,000 | |||||||||||||
stockholders’ equity: | ||||||||||||||
preferred stock, 0.01 par value—authorized 10 shares; none issued and outstanding, in each period | ||||||||||||||
common stock | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
additional paid-in capital | 6,622,000,000 | 6,623,000,000 | 6,618,000,000 | 6,612,000,000 | 6,620,000,000 | 6,615,000,000 | 6,616,000,000 | 6,610,000,000 | 6,634,000,000 | 6,626,000,000 | 6,625,000,000 | 6,620,000,000 | 6,666,000,000 | 6,676,000,000 |
retained earnings | 1,139,000,000 | 1,886,000,000 | 1,528,000,000 | 1,524,000,000 | 2,029,000,000 | 3,988,000,000 | 3,751,000,000 | 3,738,000,000 | 3,854,000,000 | 3,952,000,000 | 3,326,000,000 | 2,891,000,000 | 2,579,000,000 | 2,156,000,000 |
accumulated other comprehensive loss | -138,000,000 | -153,000,000 | -135,000,000 | -202,000,000 | -210,000,000 | -112,000,000 | -135,000,000 | -140,000,000 | -96,000,000 | -130,000,000 | -90,000,000 | -111,000,000 | -101,000,000 | -185,000,000 |
treasury stock | -10,753,000,000 | -10,756,000,000 | -10,757,000,000 | -10,757,000,000 | -10,767,000,000 | -10,730,000,000 | -10,723,000,000 | -10,724,000,000 | -10,742,000,000 | -10,482,000,000 | -9,991,000,000 | -9,845,000,000 | -9,848,000,000 | -9,157,000,000 |
stockholders’ equity attributable to avis budget group, inc. | -3,129,000,000 | -2,399,000,000 | -2,745,000,000 | -2,822,000,000 | -2,327,000,000 | -238,000,000 | -490,000,000 | -515,000,000 | -349,000,000 | -33,000,000 | -129,000,000 | -444,000,000 | -703,000,000 | -509,000,000 |
non-controlling interests | 13,000,000 | 25,000,000 | 12,000,000 | 11,000,000 | 10,000,000 | 9,000,000 | 8,000,000 | 7,000,000 | 6,000,000 | 5,000,000 | 4,000,000 | 3,000,000 | 3,000,000 | 2,000,000 |
total stockholders’ equity | -3,116,000,000 | -2,374,000,000 | -2,733,000,000 | -2,811,000,000 | -2,317,000,000 | -229,000,000 | -482,000,000 | -508,000,000 | -343,000,000 | -28,000,000 | -125,000,000 | -441,000,000 | -700,000,000 | -507,000,000 |
total liabilities, redeemable non-controlling interests and stockholders’ equity | 31,257,000,000 | |||||||||||||
liabilities and stockholders’ equity | ||||||||||||||
total liabilities and stockholders’ equity | 32,518,000,000 | 32,371,000,000 | 29,044,000,000 | 29,041,000,000 | 32,749,000,000 | 33,882,000,000 | 33,528,000,000 | 32,569,000,000 | 32,304,000,000 | 31,395,000,000 | 27,388,000,000 | 25,927,000,000 | 25,197,000,000 | |
preferred stock, .01 par value—authorized 10 shares; none issued and outstanding | ||||||||||||||
preferred stock, 0.01 par value—authorized 10 shares; none issued and outstanding, respectively |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||
net income | -856,000,000 | -1,957,000,000 | 238,000,000 | 15,000,000 | -113,000,000 | 260,000,000 | 627,000,000 | 436,000,000 | 312,000,000 | 424,000,000 | |||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||
vehicle depreciation | 632,000,000 | 675,000,000 | 657,000,000 | 693,000,000 | 718,000,000 | 723,000,000 | 655,000,000 | 562,000,000 | 597,000,000 | 614,000,000 | 540,000,000 | 477,000,000 | 477,000,000 |
amortization of right-of-use assets | 271,000,000 | 277,000,000 | 271,000,000 | 262,000,000 | 283,000,000 | 298,000,000 | 231,000,000 | 302,000,000 | 182,000,000 | 321,000,000 | 252,000,000 | 251,000,000 | 240,000,000 |
loss on sale of vehicles | -11,000,000 | -31,000,000 | -54,000,000 | 334,000,000 | 47,000,000 | 42,000,000 | 39,000,000 | 39,000,000 | -56,000,000 | -145,000,000 | -205,000,000 | -250,000,000 | -163,000,000 |
vehicle related reserves | 88,000,000 | 88,000,000 | 74,000,000 | 101,000,000 | |||||||||
non-vehicle related depreciation and amortization | 57,000,000 | 58,000,000 | 60,000,000 | 56,000,000 | 60,000,000 | 58,000,000 | 58,000,000 | 61,000,000 | 53,000,000 | 55,000,000 | 52,000,000 | 56,000,000 | 57,000,000 |
amortization of debt financing fees | 13,000,000 | 12,000,000 | 15,000,000 | 12,000,000 | 10,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | 11,000,000 | 10,000,000 | 10,000,000 | 9,000,000 | 9,000,000 |
early extinguishment of debt costs | 0 | 3,000,000 | 20,000,000 | 0 | 4,000,000 | ||||||||
long-lived asset impairment and other related charges | |||||||||||||
deferred income taxes | |||||||||||||
stock-based compensation | 3,000,000 | 4,000,000 | 6,000,000 | 6,000,000 | 5,000,000 | 1,000,000 | 6,000,000 | 7,000,000 | 6,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 6,000,000 |
net change in assets and liabilities: | |||||||||||||
receivables | 40,000,000 | 76,000,000 | -96,000,000 | 40,000,000 | |||||||||
income taxes | |||||||||||||
accounts payable and other current liabilities | -182,000,000 | 57,000,000 | 140,000,000 | 95,000,000 | |||||||||
operating lease liabilities | -270,000,000 | -277,000,000 | -272,000,000 | -263,000,000 | -275,000,000 | -297,000,000 | -226,000,000 | -299,000,000 | -181,000,000 | -321,000,000 | -250,000,000 | -250,000,000 | -240,000,000 |
other | 37,000,000 | 33,000,000 | 65,000,000 | -30,000,000 | -326,000,000 | 111,000,000 | 151,000,000 | 14,000,000 | 117,000,000 | 94,000,000 | 96,000,000 | 24,000,000 | 88,000,000 |
net cash from operating activities | 437,000,000 | 1,403,000,000 | 837,000,000 | 619,000,000 | 772,000,000 | 1,273,000,000 | 884,000,000 | 589,000,000 | 793,000,000 | 1,253,000,000 | 963,000,000 | 819,000,000 | 845,000,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 437,000,000 | 1,403,000,000 | 837,000,000 | 619,000,000 | 772,000,000 | 1,273,000,000 | 884,000,000 | 589,000,000 | 793,000,000 | 1,253,000,000 | 963,000,000 | 819,000,000 | 845,000,000 |
investing activities | |||||||||||||
property and equipment additions | -82,000,000 | -51,000,000 | -51,000,000 | -34,000,000 | -67,000,000 | -37,000,000 | -45,000,000 | -53,000,000 | -93,000,000 | -75,000,000 | -61,000,000 | -44,000,000 | -126,000,000 |
proceeds received on asset sales | 0 | 0 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 0 | 1,000,000 | 2,000,000 | 0 | |||
net assets acquired | 0 | -1,000,000 | -1,000,000 | -1,000,000 | -13,000,000 | -19,000,000 | -30,000,000 | -3,000,000 | -2,000,000 | ||||
net cash from investing activities exclusive of vehicle programs | -91,000,000 | -51,000,000 | -50,000,000 | -33,000,000 | -66,000,000 | -25,000,000 | -46,000,000 | -53,000,000 | -98,000,000 | -93,000,000 | -91,000,000 | -47,000,000 | -128,000,000 |
vehicle programs: | |||||||||||||
investment in vehicles | -3,470,000,000 | -2,831,000,000 | -4,970,000,000 | -3,785,000,000 | -1,707,000,000 | -1,258,000,000 | -2,814,000,000 | -4,081,000,000 | -2,576,000,000 | -3,728,000,000 | -5,001,000,000 | -3,880,000,000 | -2,545,000,000 |
proceeds received on disposition of vehicles | 3,200,000,000 | 2,220,000,000 | 1,896,000,000 | 3,090,000,000 | 1,741,000,000 | 1,226,000,000 | 1,817,000,000 | 2,610,000,000 | 2,297,000,000 | 2,129,000,000 | 1,694,000,000 | 2,283,000,000 | 1,998,000,000 |
investment in debt securities of avis budget rental car funding (aesop) llc —related party | |||||||||||||
proceeds from debt securities of avis budget rental car funding (aesop) llc —related party | |||||||||||||
vehicle programs: - sum | -419,000,000 | -647,000,000 | -3,191,000,000 | -682,000,000 | 9,000,000 | -116,000,000 | -991,000,000 | -1,465,000,000 | -318,000,000 | -1,623,000,000 | -3,445,000,000 | -1,631,000,000 | -595,000,000 |
net cash from investing activities | -510,000,000 | -698,000,000 | -3,241,000,000 | -715,000,000 | -57,000,000 | -141,000,000 | -1,037,000,000 | -1,518,000,000 | -416,000,000 | -1,716,000,000 | -3,536,000,000 | -1,678,000,000 | -723,000,000 |
financing activities | |||||||||||||
proceeds from borrowings | -17,780,000,000 | 5,274,000,000 | 7,160,000,000 | 6,926,000,000 | |||||||||
payments on borrowings | 16,885,000,000 | -5,921,000,000 | -4,772,000,000 | -7,303,000,000 | |||||||||
debt financing fees | -2,000,000 | -3,000,000 | -10,000,000 | -2,000,000 | |||||||||
repurchases of common stock | -3,000,000 | -1,000,000 | 0 | -3,000,000 | |||||||||
contributions from non-controlling interests | 171,000,000 | ||||||||||||
dividends paid | |||||||||||||
net cash from financing activities exclusive of vehicle programs | 161,000,000 | -8,000,000 | -2,000,000 | 477,000,000 | |||||||||
net cash from financing activities | 51,000,000 | -664,000,000 | 2,373,000,000 | 98,000,000 | |||||||||
effect of changes in exchange rates on cash and cash equivalents, program and restricted cash | 1,000,000 | -5,000,000 | 27,000,000 | 8,000,000 | |||||||||
net increase in cash and cash equivalents, program and restricted cash | -21,000,000 | 36,000,000 | -4,000,000 | 10,000,000 | |||||||||
cash and cash equivalents, program and restricted cash, beginning of period | 0 | 0 | 0 | 597,000,000 | |||||||||
cash and cash equivalents, program and restricted cash, end of period | -21,000,000 | 36,000,000 | -4,000,000 | 607,000,000 | |||||||||
supplemental disclosure | |||||||||||||
interest payments | |||||||||||||
income tax payments, net of refunds | |||||||||||||
income taxes and deferred income taxes | 68,000,000 | -37,000,000 | -183,000,000 | ||||||||||
investment in debt securities of avis budget rental car funding (aesop) llc—related party | -199,000,000 | -225,000,000 | -384,000,000 | -295,000,000 | -119,000,000 | -254,000,000 | -96,000,000 | -224,000,000 | -105,000,000 | ||||
proceeds from debt securities of avis budget rental car funding (aesop) llc—related party | 163,000,000 | 108,000,000 | 397,000,000 | 211,000,000 | 125,000,000 | 260,000,000 | 72,000,000 | 86,000,000 | 71,000,000 | ||||
proceeds from long-term borrowings | 479,000,000 | 600,000,000 | 500,000,000 | ||||||||||
payments on long-term borrowings | -495,000,000 | -592,000,000 | -18,000,000 | ||||||||||
net loss | 5,000,000 | -504,000,000 | |||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||
net change in short-term borrowings | |||||||||||||
net cash from (used) in financing activities exclusive of vehicle programs | |||||||||||||
income tax payments | |||||||||||||
net decrease in cash and cash equivalents, program and restricted cash | |||||||||||||
investment in debt securities of avis budget rental car funding (aesop)—related party | |||||||||||||
proceeds from debt securities of avis budget rental car funding (aesop)—related party | |||||||||||||
cash disposed upon deconsolidation of subsidiary | |||||||||||||
proceeds from issuance of common stock |