![]() We reduced our cost base to match current revenue trends, removing more than $500 million of costs for the quarter, and more than $2.5 billion of costs for 2020.We continue to expand contactless rentals for our Avis Preferred customers through our app, which also enhances the rental experience.We have expanded our partnerships to enhance the cleanliness and disinfection of our rental facilities and vehicles. As a response to the pandemic, we created our Avis Safety Pledge and Budget Worry-Free Promise to keep our customers and employees safe.“The fact that the Americas achieved its best fourth quarter Adjusted EBITDA margin on the lowest fourth quarter revenue base in our Company’s history serves as a proof point that our focus on cost savings will continue to deliver results.” I want to thank our employees who helped deliver a safe environment for our customers throughout the pandemic.” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “I am incredibly proud of the performance of our Company during the most challenging year in Avis Budget Group's history. We continue to be in a strong position to fund the purchase of our 2021 fleet appropriately. Our liquidity position at the end of the year was $1.3 billion after returning more than $600 million back into our vehicle programs. We are particularly encouraged by the fact that during this challenging travel environment, the Americas generated their highest fourth quarter Adjusted EBITDA margins in the history of our Company.įull year revenue was down 41% compared to prior year, net loss was $684 million and Adjusted EBITDA was a loss of $175 million due to travel restrictions broadly implemented in response to the COVID-19 pandemic. We have now had back-to-back quarters of positive Adjusted EBITDA and continue to show our ability to adapt throughout the pandemic. ( NASDAQ: CAR) today announced financial results for fourth quarter and full year ended December 31, 2020.ĭespite revenue being down 37% for the fourth quarter compared to prior year, and a net loss of $90 million, we generated positive Adjusted EBITDA of $74 million through disciplined cost removal of more than $500 million. 16, 2021 (GLOBE NEWSWIRE) - Avis Budget Group, Inc.
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