false2024Q3000072361212/31http://fasb.org/us-gaap/2024#AccountsPayableAndAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#AccountsPayableAndAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMember0.3334xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:EURiso4217:GBPcar:classActioncar:defendant00007236122024-01-012024-09-3000007236122024-10-3000007236122024-07-012024-09-3000007236122023-07-012023-09-3000007236122023-01-012023-09-3000007236122024-09-3000007236122023-12-3100007236122022-12-3100007236122023-09-300000723612us-gaap:CommonStockMember2024-06-300000723612us-gaap:AdditionalPaidInCapitalMember2024-06-300000723612us-gaap:RetainedEarningsMember2024-06-300000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-06-300000723612us-gaap:TreasuryStockCommonMember2024-06-300000723612us-gaap:ParentMember2024-06-300000723612us-gaap:NoncontrollingInterestMember2024-06-3000007236122024-06-300000723612us-gaap:RetainedEarningsMember2024-07-012024-09-300000723612us-gaap:ParentMember2024-07-012024-09-300000723612us-gaap:NoncontrollingInterestMember2024-07-012024-09-300000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-07-012024-09-300000723612us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000723612us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000723612us-gaap:CommonStockMember2024-09-300000723612us-gaap:AdditionalPaidInCapitalMember2024-09-300000723612us-gaap:RetainedEarningsMember2024-09-300000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-09-300000723612us-gaap:TreasuryStockCommonMember2024-09-300000723612us-gaap:ParentMember2024-09-300000723612us-gaap:NoncontrollingInterestMember2024-09-300000723612us-gaap:CommonStockMember2023-06-300000723612us-gaap:AdditionalPaidInCapitalMember2023-06-300000723612us-gaap:RetainedEarningsMember2023-06-300000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-06-300000723612us-gaap:TreasuryStockCommonMember2023-06-300000723612us-gaap:ParentMember2023-06-300000723612us-gaap:NoncontrollingInterestMember2023-06-3000007236122023-06-300000723612us-gaap:RetainedEarningsMember2023-07-012023-09-300000723612us-gaap:ParentMember2023-07-012023-09-300000723612us-gaap:NoncontrollingInterestMember2023-07-012023-09-300000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-07-012023-09-300000723612us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000723612us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000723612us-gaap:CommonStockMember2023-09-300000723612us-gaap:AdditionalPaidInCapitalMember2023-09-300000723612us-gaap:RetainedEarningsMember2023-09-300000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-09-300000723612us-gaap:TreasuryStockCommonMember2023-09-300000723612us-gaap:ParentMember2023-09-300000723612us-gaap:NoncontrollingInterestMember2023-09-300000723612us-gaap:CommonStockMember2023-12-310000723612us-gaap:AdditionalPaidInCapitalMember2023-12-310000723612us-gaap:RetainedEarningsMember2023-12-310000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000723612us-gaap:TreasuryStockCommonMember2023-12-310000723612us-gaap:ParentMember2023-12-310000723612us-gaap:NoncontrollingInterestMember2023-12-310000723612us-gaap:RetainedEarningsMember2024-01-012024-09-300000723612us-gaap:ParentMember2024-01-012024-09-300000723612us-gaap:NoncontrollingInterestMember2024-01-012024-09-300000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-09-300000723612us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300000723612us-gaap:TreasuryStockCommonMember2024-01-012024-09-300000723612us-gaap:CommonStockMember2022-12-310000723612us-gaap:AdditionalPaidInCapitalMember2022-12-310000723612us-gaap:RetainedEarningsMember2022-12-310000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000723612us-gaap:TreasuryStockCommonMember2022-12-310000723612us-gaap:ParentMember2022-12-310000723612us-gaap:NoncontrollingInterestMember2022-12-310000723612us-gaap:RetainedEarningsMember2023-01-012023-09-300000723612us-gaap:ParentMember2023-01-012023-09-300000723612us-gaap:NoncontrollingInterestMember2023-01-012023-09-300000723612us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-09-300000723612us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000723612us-gaap:TreasuryStockCommonMember2023-01-012023-09-3000007236122024-07-012024-07-310000723612us-gaap:RoyaltyMember2024-07-012024-09-300000723612us-gaap:RoyaltyMember2023-07-012023-09-300000723612us-gaap:RoyaltyMember2024-01-012024-09-300000723612us-gaap:RoyaltyMember2023-01-012023-09-300000723612srt:AmericasMember2024-07-012024-09-300000723612srt:AmericasMember2023-07-012023-09-300000723612srt:AmericasMember2024-01-012024-09-300000723612srt:AmericasMember2023-01-012023-09-300000723612us-gaap:EMEAMember2024-07-012024-09-300000723612us-gaap:EMEAMember2023-07-012023-09-300000723612us-gaap:EMEAMember2024-01-012024-09-300000723612us-gaap:EMEAMember2023-01-012023-09-300000723612car:AsiaandAustralasiaMember2024-07-012024-09-300000723612car:AsiaandAustralasiaMember2023-07-012023-09-300000723612car:AsiaandAustralasiaMember2024-01-012024-09-300000723612car:AsiaandAustralasiaMember2023-01-012023-09-300000723612car:AvisMember2024-07-012024-09-300000723612car:AvisMember2023-07-012023-09-300000723612car:AvisMember2024-01-012024-09-300000723612car:AvisMember2023-01-012023-09-300000723612car:BudgetMember2024-07-012024-09-300000723612car:BudgetMember2023-07-012023-09-300000723612car:BudgetMember2024-01-012024-09-300000723612car:BudgetMember2023-01-012023-09-300000723612car:OtherBrandsMember2024-07-012024-09-300000723612car:OtherBrandsMember2023-07-012023-09-300000723612car:OtherBrandsMember2024-01-012024-09-300000723612car:OtherBrandsMember2023-01-012023-09-300000723612car:GlobalRightsizingMember2024-03-310000723612us-gaap:EmployeeSeveranceMember2023-12-310000723612us-gaap:OtherRestructuringMember2023-12-310000723612us-gaap:EmployeeSeveranceMembercar:GlobalRightsizingMember2024-01-012024-09-300000723612us-gaap:OtherRestructuringMembercar:GlobalRightsizingMember2024-01-012024-09-300000723612car:GlobalRightsizingMember2024-01-012024-09-300000723612us-gaap:EmployeeSeveranceMembercar:CostOptimizationMember2024-01-012024-09-300000723612us-gaap:OtherRestructuringMembercar:CostOptimizationMember2024-01-012024-09-300000723612car:CostOptimizationMember2024-01-012024-09-300000723612us-gaap:EmployeeSeveranceMember2024-09-300000723612us-gaap:OtherRestructuringMember2024-09-300000723612srt:AmericasMember2023-12-310000723612car:InternationalMember2023-12-310000723612srt:AmericasMembercar:GlobalRightsizingMember2024-01-012024-09-300000723612car:InternationalMembercar:GlobalRightsizingMember2024-01-012024-09-300000723612srt:AmericasMembercar:CostOptimizationMember2024-01-012024-09-300000723612car:InternationalMembercar:CostOptimizationMember2024-01-012024-09-300000723612srt:AmericasMember2024-09-300000723612car:InternationalMember2024-09-300000723612us-gaap:StockCompensationPlanMember2024-07-012024-09-300000723612us-gaap:StockCompensationPlanMember2023-07-012023-09-300000723612us-gaap:StockCompensationPlanMember2024-01-012024-09-300000723612us-gaap:StockCompensationPlanMember2023-01-012023-09-300000723612us-gaap:LicensingAgreementsMember2024-09-300000723612us-gaap:LicensingAgreementsMember2023-12-310000723612us-gaap:CustomerRelationshipsMember2024-09-300000723612us-gaap:CustomerRelationshipsMember2023-12-310000723612us-gaap:OtherIntangibleAssetsMember2024-09-300000723612us-gaap:OtherIntangibleAssetsMember2023-12-310000723612us-gaap:TrademarksMember2024-09-300000723612us-gaap:TrademarksMember2023-12-310000723612car:FourPointSevenFivePercentEuroDenominatedSeniorNotesDue2026Memberus-gaap:SeniorNotesMember2024-09-300000723612car:FourPointSevenFivePercentEuroDenominatedSeniorNotesDue2026Memberus-gaap:SeniorNotesMember2024-02-290000723612car:FourPointSevenFivePercentEuroDenominatedSeniorNotesDue2026Memberus-gaap:SeniorNotesMember2023-12-310000723612car:FivePointSevenFivePercentSeniorNotesDue2027Memberus-gaap:SeniorNotesMember2024-09-300000723612car:FivePointSevenFivePercentSeniorNotesDue2027Memberus-gaap:SeniorNotesMember2023-12-310000723612car:FourPointSevenFivePercentSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2024-09-300000723612car:FourPointSevenFivePercentSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2023-12-310000723612car:SevenPointPerentEuroDenominatedSeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-09-300000723612car:SevenPointPerentEuroDenominatedSeniorNotesDue2029Memberus-gaap:SeniorNotesMember2023-12-310000723612car:FivePointThreeSevenFivePercentSeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-09-300000723612car:FivePointThreeSevenFivePercentSeniorNotesDue2029Memberus-gaap:SeniorNotesMember2023-12-310000723612car:EightPointTwoFivePercentSeniorNotesDue2030Memberus-gaap:SeniorNotesMember2024-09-300000723612car:EightPointTwoFivePercentSeniorNotesDue2030Memberus-gaap:SeniorNotesMember2023-12-310000723612car:SevenPointTwoFiveEuroDenominatedSeniorNotesMemberus-gaap:SeniorNotesMember2024-09-300000723612car:SevenPointTwoFiveEuroDenominatedSeniorNotesMemberus-gaap:SeniorNotesMember2023-12-310000723612car:EightPointZeroPercentSeniorNotesDue2031Memberus-gaap:SeniorNotesMember2024-09-300000723612car:EightPointZeroPercentSeniorNotesDue2031Memberus-gaap:SeniorNotesMember2023-12-310000723612car:FloatingRateTermLoanDueAugustTwoThousandTwentySevenMemberus-gaap:LoansPayableMember2024-09-300000723612car:FloatingRateTermLoanDueAugustTwoThousandTwentySevenMemberus-gaap:LoansPayableMember2023-12-310000723612car:FloatingRateTermLoanDueMarchTwoThousandTwentyNineMemberus-gaap:LoansPayableMember2024-09-300000723612car:FloatingRateTermLoanDueMarchTwoThousandTwentyNineMemberus-gaap:LoansPayableMember2023-12-310000723612car:FloatingRateTermLoanDueAugustTwoThousandTwentySevenMemberus-gaap:LoansPayableMember2024-01-012024-09-300000723612car:FloatingRateTermLoanDueAugustTwoThousandTwentySevenMemberus-gaap:InterestRateSwapMemberus-gaap:LoansPayableMember2024-09-300000723612car:FloatingRateTermLoanDueMarchTwoThousandTwentyNineMemberus-gaap:LoansPayableMember2024-01-012024-09-300000723612car:SevenPointPerentEuroDenominatedSeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-02-290000723612car:SevenPointTwoFiveEuroDenominatedSeniorNotesMemberus-gaap:SeniorNotesMember2024-05-310000723612car:SevenPointTwoFiveEuroDenominatedSeniorNotesMemberus-gaap:SeniorNotesMember2024-05-012024-05-310000723612us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-09-300000723612us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-01-012024-09-300000723612car:SBLCFacilityMemberus-gaap:LineOfCreditMember2024-09-300000723612car:DebtDueToRentalCarFundingMember2024-09-300000723612car:DebtDueToRentalCarFundingMember2023-12-310000723612car:AmericasDebtBorrowingsMember2024-09-300000723612car:AmericasDebtBorrowingsMember2023-12-310000723612car:InternationalDebtBorrowingsMember2024-09-300000723612car:InternationalDebtBorrowingsMember2023-12-310000723612car:InternationalCapitalLeasesMember2024-09-300000723612car:InternationalCapitalLeasesMember2023-12-310000723612car:OtherDebtUnderVehicleProgramMember2024-09-300000723612car:OtherDebtUnderVehicleProgramMember2023-12-310000723612car:VehicleProgramsMember2024-09-300000723612car:VehicleProgramsMember2023-12-310000723612car:DebtDueToRentalCarFundingClassRNotesMember2024-09-300000723612car:DebtDueToRentalCarFundingClassRNotesMember2023-12-310000723612car:EuropeanRentalFleetSecuritizationProgramMember2024-02-290000723612car:VehicleProgramsMembercar:AvisBudgetRentalCarFundingMember2024-09-300000723612car:VehicleProgramsMembercar:AvisBudgetRentalCarFundingMember2023-12-310000723612car:AvisBudgetRentalCarFundingProgramJune2029Member2024-09-300000723612car:AvisBudgetRentalCarFundingProgramApril2026Member2024-09-300000723612car:AvisBudgetRentalCarFundingProgramOctober2026Member2024-09-300000723612car:AvisBudgetRentalCarFundingProgramApril2028Member2024-09-300000723612car:AvisBudgetRentalCarFundingProgramOctober2027Member2024-09-300000723612car:AvisBudgetRentalCarFundingProgramDecember2029Member2024-09-300000723612car:RepurchaseFacilityMember2024-01-012024-09-300000723612car:RepurchaseFacilityMember2024-09-300000723612car:VehicleProgramsMembercar:BankAndBankSponsoredFacilitiesMember2024-09-300000723612car:DebtDueToRentalCarFundingMembersrt:AffiliatedEntityMember2024-09-300000723612car:DebtDueToRentalCarFundingMemberus-gaap:SecuredDebtMembersrt:AffiliatedEntityMember2024-09-300000723612car:AmericasDebtBorrowingsMemberus-gaap:SecuredDebtMember2024-09-300000723612car:InternationalDebtBorrowingsMemberus-gaap:SecuredDebtMember2024-09-300000723612car:InternationalCapitalLeasesMemberus-gaap:SecuredDebtMember2024-09-300000723612car:RealEstateIncMembercar:TaxLiabilityMember2023-03-310000723612car:WyndhamHotelsAndResortsIncAndTravelLeisureCoMembercar:TaxLiabilityMember2023-03-310000723612car:CauseNo.CC2303188EMemberus-gaap:PendingLitigationMember2023-06-012023-06-300000723612car:CauseNo.CC2303188EMemberus-gaap:PendingLitigationMember2023-06-300000723612car:RealogyCorporationMember2024-09-300000723612car:WyndhamWorldwideCorporationMember2024-09-3000007236122013-12-310000723612us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000723612us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000723612us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000723612us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000723612us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300000723612us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000723612us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000723612us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000723612us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000723612us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000723612us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000723612us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000723612us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000723612us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000723612us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000723612us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300000723612us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300000723612us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300000723612us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300000723612us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300000723612us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300000723612us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000723612us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000723612car:CorporateInterestExpenseMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300000723612car:CorporateInterestExpenseMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300000723612car:CorporateInterestExpenseMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000723612car:CorporateInterestExpenseMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300000723612us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000723612us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000723612car:SubsidiaryEquityMembercar:SRSMobilityVenturesLLCMember2021-01-012021-12-310000723612car:SubsidiaryEquityMembercar:CompanySubsidiaryMembercar:SRSMobilityVenturesLLCMembersrt:MaximumMember2022-09-010000723612car:SubsidiaryEquityMembercar:SRSMobilityVenturesLLCMember2022-09-010000723612car:SubsidiaryEquityMember2024-09-300000723612car:SubsidiaryEquityMember2024-01-012024-09-300000723612car:SubsidiaryEquityMembercar:CompanySubsidiaryMembercar:SRSMobilityVenturesLLCMembersrt:MaximumMember2023-10-310000723612car:SubsidiaryEquityMembercar:CompanySubsidiaryMembercar:SRSMobilityVenturesLLCMembersrt:MaximumMember2023-08-310000723612car:SubsidiaryEquityMembercar:SRSMobilityVenturesLLCMember2024-06-012024-06-300000723612car:SubsidiaryEquityMembercar:CompanySubsidiaryMembercar:SRSMobilityVenturesLLCMembersrt:MaximumMember2024-06-300000723612us-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:ReceivablesFromRelatedPartyMember2024-09-300000723612us-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:ReceivablesFromRelatedPartyMember2023-12-310000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMember2024-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMember2023-12-310000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:AdministrativeServicesMember2024-07-012024-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:AdministrativeServicesMember2023-07-012023-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:AdministrativeServicesMember2024-01-012024-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:AdministrativeServicesMember2023-01-012023-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:EquipmentInvestmentMember2024-07-012024-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:EquipmentInvestmentMember2023-07-012023-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:EquipmentInvestmentMember2024-01-012024-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMembercar:EquipmentInvestmentMember2023-01-012023-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMember2024-07-012024-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMember2023-07-012023-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMember2024-01-012024-09-300000723612car:AvisMobilityVenturesLLCAMVMemberus-gaap:RelatedPartyMembercar:AvisMobilityVenturesLLCAMVMember2023-01-012023-09-300000723612car:SubsidiaryEquityMembercar:CompanySubsidiaryMembercar:SRSMobilityVenturesLLCMember2021-12-310000723612us-gaap:RestrictedStockUnitsRSUMember2023-12-310000723612us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300000723612us-gaap:RestrictedStockUnitsRSUMember2024-09-300000723612us-gaap:PerformanceSharesMember2023-12-310000723612us-gaap:PerformanceSharesMember2024-01-012024-09-300000723612us-gaap:PerformanceSharesMember2024-09-300000723612us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300000723612us-gaap:PerformanceSharesMember2023-01-012023-09-300000723612us-gaap:CurrencySwapMember2024-09-300000723612car:InterestRateCapsMember2024-09-300000723612us-gaap:InterestRateSwapMember2024-09-300000723612car:SoldMember2024-09-300000723612car:PurchaseMember2024-09-300000723612car:InterestRateCapsMembersrt:SubsidiariesMember2024-09-300000723612us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000723612us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000723612us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-09-300000723612us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-12-310000723612us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-09-300000723612us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2023-12-310000723612us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300000723612us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300000723612us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300000723612us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300000723612car:EuroDenominatedNotesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300000723612car:EuroDenominatedNotesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300000723612car:EuroDenominatedNotesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300000723612car:EuroDenominatedNotesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300000723612us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-07-012024-09-300000723612us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2023-07-012023-09-300000723612us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-01-012024-09-300000723612us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2023-01-012023-09-300000723612us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-07-012024-09-300000723612us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2023-07-012023-09-300000723612us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-01-012024-09-300000723612us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2023-01-012023-09-300000723612us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000723612us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000723612us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000723612us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000723612us-gaap:FairValueInputsLevel2Membercar:VehicleBackedDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercar:AvisBudgetRentalCarFundingMember2024-09-300000723612us-gaap:FairValueInputsLevel2Membercar:VehicleBackedDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembercar:AvisBudgetRentalCarFundingMember2024-09-300000723612us-gaap:FairValueInputsLevel2Membercar:VehicleBackedDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercar:AvisBudgetRentalCarFundingMember2023-12-310000723612us-gaap:FairValueInputsLevel2Membercar:VehicleBackedDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembercar:AvisBudgetRentalCarFundingMember2023-12-310000723612us-gaap:FairValueInputsLevel2Membercar:VehicleBackedDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000723612us-gaap:FairValueInputsLevel2Membercar:VehicleBackedDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000723612us-gaap:FairValueInputsLevel2Membercar:VehicleBackedDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000723612us-gaap:FairValueInputsLevel2Membercar:VehicleBackedDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000723612us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000723612us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000723612us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000723612us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000723612srt:AmericasMembersrt:ReportableGeographicalComponentsMember2024-07-012024-09-300000723612srt:AmericasMembersrt:ReportableGeographicalComponentsMember2023-07-012023-09-300000723612car:InternationalMembersrt:ReportableGeographicalComponentsMember2024-07-012024-09-300000723612car:InternationalMembersrt:ReportableGeographicalComponentsMember2023-07-012023-09-300000723612us-gaap:CorporateNonSegmentMember2024-07-012024-09-300000723612us-gaap:CorporateNonSegmentMember2023-07-012023-09-300000723612us-gaap:OperatingExpenseMembercar:CloudComputingCostsMember2024-07-012024-09-300000723612us-gaap:OperatingExpenseMembercar:CloudComputingCostsMember2023-07-012023-09-300000723612srt:AmericasMembersrt:ReportableGeographicalComponentsMember2024-01-012024-09-300000723612srt:AmericasMembersrt:ReportableGeographicalComponentsMember2023-01-012023-09-300000723612car:InternationalMembersrt:ReportableGeographicalComponentsMember2024-01-012024-09-300000723612car:InternationalMembersrt:ReportableGeographicalComponentsMember2023-01-012023-09-300000723612us-gaap:CorporateNonSegmentMember2024-01-012024-09-300000723612us-gaap:CorporateNonSegmentMember2023-01-012023-09-300000723612us-gaap:OperatingExpenseMembercar:CloudComputingCostsMember2024-01-012024-09-300000723612us-gaap:OperatingExpenseMembercar:CloudComputingCostsMember2023-01-012023-09-300000723612car:FloatingRateTermLoanDueMarchTwoThousandTwentyNineMemberus-gaap:LoansPayableMemberus-gaap:SubsequentEventMember2024-10-310000723612us-gaap:SubsequentEventMember2024-10-012024-10-310000723612us-gaap:SubsequentEventMember2024-11-012024-11-01
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
Form 10-Q
 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____

Commission File No. 001-10308
 
Avis Budget Group, Inc.
(Exact name of registrant as specified in its charter) 
Delaware06-0918165
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
379 Interpace Parkway
Parsippany, NJ
07054
(Address of principal executive offices)(Zip Code)
(973) 496-4700
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $0.01CARThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated FilerNon-accelerated Filer
Smaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

The number of shares outstanding of the issuer’s common stock was 35,139,198 shares as of October 30, 2024.


Table of Contents
 Page
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.



FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report on Form 10-Q may be considered “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such forward-looking statements. Forward-looking statements include information concerning our future financial performance, business strategy, projected plans and objectives. These statements may be identified by the fact that they do not relate to historical or current facts and may use words such as “believes,” “expects,” “anticipates,” “will,” “should,” “could,” “may,” “would,” “intends,” “projects,” “estimates,” “plans,” “forecasts,” “guidance,” and similar words, expressions or phrases. The following important factors and assumptions could affect our future results and could cause actual results to differ materially from those expressed in such forward-looking statements. These factors include, but are not limited to:

the high level of competition in the mobility industry, including from new companies or technology, and the impact such competition may have on pricing and rental volume;

a change in our fleet costs, including as a result of a change in the cost of new vehicles, resulting from inflation or otherwise, manufacturer recalls, disruption in the supply of new vehicles, including due to labor actions or otherwise, shortages in semiconductors used in new vehicle production, and/or a change in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs;

the results of operations or financial condition of the manufacturers of our vehicles, which could impact their ability to perform their payment obligations under our agreements with them, including repurchase and/or guaranteed depreciation arrangements, and/or their willingness or ability to make vehicles available to us or the mobility industry as a whole on commercially reasonable terms or at all;

levels of and volatility in travel demand, including future volatility in airline passenger traffic;

a deterioration in economic conditions, resulting in a recession or otherwise, particularly during our peak season or in key market segments;

an occurrence or threat of terrorism, pandemics, severe weather events or natural disasters, military conflicts, including the ongoing military conflicts in the Middle East and Eastern Europe, or civil unrest in the locations in which we operate, and the potential effects of sanctions on the world economy and markets and/or international trade;

any substantial changes in the cost or supply of fuel, vehicle parts, energy, labor or other resources on which we depend to operate our business, including as a result of pandemics, inflation, the ongoing military conflicts in the Middle East and Eastern Europe, and any embargoes on oil sales imposed on or by the Russian government;

our ability to successfully implement or achieve our business plans and strategies, achieve and maintain cost savings and adapt our business to changes in mobility;

political, economic or commercial instability in the countries in which we operate, and our ability to conform to multiple and conflicting laws or regulations in those countries;

the performance of the used vehicle market from time to time, including our ability to dispose of vehicles in the used vehicle market on attractive terms;

our dependence on third-party distribution channels, third-party suppliers of other services and co-marketing arrangements with third parties;

risks related to completed or future acquisitions or investments that we may pursue, including the incurrence of incremental indebtedness to help fund such transactions and our ability to promptly and
1

effectively integrate any acquired businesses or capitalize on joint ventures, partnerships and other investments;

our ability to utilize derivative instruments, and the impact of derivative instruments we utilize, which can be affected by fluctuations in interest rates, fuel prices and exchange rates, changes in government regulations and other factors;

our exposure to uninsured or unpaid claims in excess of historical levels and our ability to obtain insurance at desired levels and the cost of that insurance;

risks associated with litigation or governmental or regulatory inquiries, or any failure or inability to comply with laws, regulations or contractual obligations or any changes in laws, regulations or contractual obligations, including with respect to personally identifiable information and consumer privacy, labor and employment, and tax;

risks related to protecting the integrity of, and preventing unauthorized access to, our information technology systems or those of our third-party vendors, licensees, dealers, independent operators and independent contractors, and protecting the confidential information of our employees and customers against security breaches, including physical or cybersecurity breaches, attacks, or other disruptions, compliance with privacy and data protection regulation, and the effects of any potential increase in cyberattacks on the world economy and markets and/or international trade;

any impact on us from the actions of our third-party vendors, licensees, dealers, independent operators and independent contractors and/or disputes that may arise out of our agreements with such parties;

any major disruptions in our communication networks or information systems;

risks related to tax obligations and the effect of future changes in tax laws and accounting standards;

risks related to our indebtedness, including our substantial outstanding debt obligations, recent and future interest rate increases, which increase our financing costs, downgrades by rating agencies and our ability to incur substantially more debt;

our ability to obtain financing for our global operations, including the funding of our vehicle fleet through the issuance of asset-backed securities and use of the global lending markets;

our ability to meet the financial and other covenants contained in the agreements governing our indebtedness, or to obtain a waiver or amendment of such covenants should we be unable to meet such covenants;

significant changes in the assumptions and estimates that are used in our impairment testing for goodwill or intangible assets, which could result in a significant impairment of our goodwill or intangible assets; and

other business, economic, competitive, governmental, regulatory, political or technological factors affecting our operations, pricing or services.

We operate in a continuously changing business environment and new risk factors emerge from time to time. New risk factors, factors beyond our control, or changes in the impact of identified risk factors may cause actual results to differ materially from those set forth in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Moreover, we do not assume responsibility if future results are materially different from those forecasted or anticipated. Other factors and assumptions not identified above, including those discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Item 2 and “Risk Factors” in Item 1A in this quarterly report and in similarly titled sections set forth in Item 7 and in Item 1A and in other portions of our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2024 (the “2023 Form 10-K”), may cause actual results to differ materially from those projected in any forward-looking statements.

2

Although we believe that our assumptions are reasonable, any or all of our forward-looking statements may prove to be inaccurate and we can make no guarantees about our future performance. Should unknown risks or uncertainties materialize or underlying assumptions prove inaccurate, actual results could differ materially from past results and/or those anticipated, estimated or projected. We undertake no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

3

PART I — FINANCIAL INFORMATION
Item 1.    Financial Statements
Avis Budget Group, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In millions, except per share data)
(Unaudited)

Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Revenues$3,480 $3,564 $9,079 $9,244 
Expenses
Operating1,575 1,543 4,451 4,325 
Vehicle depreciation and lease charges, net806 517 2,175 1,157 
Selling, general and administrative367 397 1,040 1,099 
Vehicle interest, net241 208 724 513 
Non-vehicle related depreciation and amortization58 55 177 163 
Interest expense related to corporate debt, net:
Interest expense95 80 266 221 
Early extinguishment of debt 1 1 1 
Restructuring and other related charges6 2 23 7 
Transaction-related costs, net 3 2 3 
Other (income) expense, net3 1 6 3 
Total expenses3,151 2,807 8,865 7,492 
Income before income taxes329 757 214 1,752 
Provision for income taxes91 130 74 377 
Net income238 627 140 1,375 
Less: net income attributable to non-controlling interests1 1 3 2 
Net income attributable to Avis Budget Group, Inc.
$237 $626 $137 $1,373 
Comprehensive income attributable to Avis Budget Group, Inc.
$260 $586 $121 $1,344 
Earnings per share
Basic$6.67 $16.96 $3.86 $35.11 
Diluted$6.65 $16.78 $3.84 $34.71 









See Notes to Consolidated Condensed Financial Statements (Unaudited).
4

Avis Budget Group, Inc.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions, except par value)
(Unaudited)

September 30, 
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents$602 $555 
Receivables, net917 900 
Other current assets800 684 
Total current assets2,319 2,139 
Property and equipment, net700 719 
Operating lease right-of-use assets2,886 2,654 
Deferred income taxes1,565 1,868 
Goodwill1,109 1,099 
Other intangibles, net647 670 
Other non-current assets421 441 
Total assets exclusive of assets under vehicle programs9,647 9,590 
Assets under vehicle programs:
Program cash44 85 
Vehicles, net21,352 21,240 
Receivables from vehicle manufacturers and other423 443 
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party1,283 1,211 
23,102 22,979 
Total Assets$32,749 $32,569 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and other current liabilities$2,786 $2,627 
Short-term debt and current portion of long-term debt540 32 
Total current liabilities3,326 2,659 
Long-term debt5,465 4,791 
Long-term operating lease liabilities2,351 2,117 
Other non-current liabilities509 528 
Total liabilities exclusive of liabilities under vehicle programs11,651 10,095 
Liabilities under vehicle programs:
Debt4,056 3,496 
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party13,837 15,441 
Deferred income taxes3,114 3,418 
Other320 462 
21,327 22,817 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period
  
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period
1 1 
Additional paid-in capital6,615 6,634 
Retained earnings3,988 3,854 
Accumulated other comprehensive loss(112)(96)
Treasury stock, at cost—102 shares, in each period
(10,730)(10,742)
Stockholders’ equity attributable to Avis Budget Group, Inc.
(238)(349)
Non-controlling interests9 6 
Total stockholders’ equity(229)(343)
Total Liabilities and Stockholders’ Equity$32,749 $32,569 

See Notes to Consolidated Condensed Financial Statements (Unaudited).
5

Avis Budget Group, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

 Nine Months Ended 
September 30,
 20242023
Operating activities
Net income$140 $1,375 
Adjustments to reconcile net income to net cash provided by operating activities:
Vehicle depreciation1,940 1,631 
Amortization of right-of-use assets831 824 
(Gain) loss on sale of vehicles, net120 (600)
Non-vehicle related depreciation and amortization177 163 
Stock-based compensation14 24 
Amortization of debt financing fees36 29 
Early extinguishment of debt costs1 1 
Net change in assets and liabilities:
Receivables(62)(84)
Income taxes and deferred income taxes38 251 
Accounts payable and other current liabilities57 28 
Operating lease liabilities(822)(821)
Other, net276 214 
Net cash provided by operating activities2,746 3,035 
Investing activities
Property and equipment additions(135)(180)
Proceeds received on asset sales2 1 
Net assets acquired (net of cash acquired)(3)(52)
Other, net12  
Net cash used in investing activities exclusive of vehicle programs(124)(231)
Vehicle programs:
Investment in vehicles(8,153)(12,609)
Proceeds received on disposition of vehicles5,653 6,106 
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party(668)(425)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party596 229 
(2,572)(6,699)
Net cash used in investing activities(2,696)(6,930)

6

Avis Budget Group, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
(Unaudited)

 Nine Months Ended 
September 30,
 20242023
Financing activities
Proceeds from long-term borrowings$1,569 $439 
Payments on long-term borrowings(396)(343)
Repurchases of common stock(25)(690)
Debt financing fees(27)(9)
Net cash provided by (used in) financing activities exclusive of vehicle programs1,121 (603)
Vehicle programs:
Proceeds from borrowings16,536 18,214 
Payments on borrowings(17,657)(13,594)
Debt financing fees(43)(39)
(1,164)4,581 
Net cash provided by (used in) financing activities(43)3,978 
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash(2)(4)
Net increase in cash and cash equivalents, program and restricted cash5 79 
Cash and cash equivalents, program and restricted cash, beginning of period644 642 
Cash and cash equivalents, program and restricted cash, end of period$649 $721 
See Notes to Consolidated Condensed Financial Statements (Unaudited).
7

Avis Budget Group, Inc.
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions)
(Unaudited)

Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock
Stockholders’ Equity Attributable to Avis Budget Group, Inc.
Non-controlling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at June 30, 2024137.1 $1 $6,616 $3,751 $(135)(101.4)$(10,723)$(490)$8 $(482)
Comprehensive income:
Net income— — — 237 — — — 237 1 238 
Other comprehensive income— — — — 23 — — 23 — 23 
Total comprehensive income237 23 260 1 261 
Net activity related to restricted stock units— — (1)— — — 1 — —  
Repurchases of common stock— — — — — (0.1)(8)(8)— (8)
Balance at September 30, 2024137.1 $1 $6,615 $3,988 $(112)(101.5)$(10,730)$(238)$9 $(229)
Balance at June 30, 2023137.1 $1 $6,625 $3,326 $(90)(98.0)$(9,991)$(129)$4 $(125)
Comprehensive income (loss):
Net income— — — 626 — — — 626 1 627 
Other comprehensive income (loss)— — — — (40)— — (40)— (40)
Total comprehensive income (loss)626 (40)586 1 587 
Net activity related to restricted stock units— — 1 — — — — 1 — 1 
Repurchases of common stock (a)
(2.2)(491)(491)(491)
Balance at September 30, 2023137.1 $1 $6,626 $3,952 $(130)(100.2)$(10,482)$(33)$5 $(28)
__________
(a) Amount includes excise taxes due under the Inflation Reduction Act of 2022.

Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock
Stockholders’ Equity Attributable to Avis Budget Group, Inc.
Non-controlling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 2023137.1 $1 $6,634 $3,854 $(96)(101.6)$(10,742)$(349)$6 $(343)
Comprehensive income (loss):
Net income— — — 137 — — — 137 3 140 
Other comprehensive income (loss)— — — — (16)— — (16)— (16)
Total comprehensive income (loss)137 (16)121 3 124 
Net activity related to restricted stock units— — (19)(3)— 0.2 20 (2)— (2)
Repurchases of common stock— — — — — (0.1)(8)(8)— (8)
Balance at September 30, 2024137.1 $1 $6,615 $3,988 $(112)(101.5)$(10,730)$(238)$9 $(229)
Balance at December 31, 2022137.1 $1 $6,666 $2,579 $(101)(97.6)$(9,848)$(703)$3 $(700)
Comprehensive income (loss):
Net income— — — 1,373 — — — 1,373 2 1,375 
Other comprehensive income (loss)— — — — (29)— — (29)— (29)
Total comprehensive income (loss)1,373 (29)1,344 2 1,346 
Net activity related to restricted stock units— — (40)— — 0.3 3 (37)— (37)
Repurchases of common stock (a)
(2.9)(637)(637)(637)
Balance at September 30, 2023137.1 $1 $6,626 $3,952 $(130)(100.2)$(10,482)$(33)$5 $(28)
__________
(a) Amount includes excise taxes due under the Inflation Reduction Act of 2022.
See Notes to Consolidated Condensed Financial Statements (Unaudited).
8


Avis Budget Group, Inc.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited)
(Unless otherwise noted, all dollar amounts are in millions, except per share amounts)

 1.    Basis of Presentation

Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting.

We operate the following reportable business segments:

Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.
International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.

The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2023 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party.

In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2023 Annual Report on Form 10-K (the “2023 Form 10-K”).

Summary of Significant Accounting Policies

Our significant accounting policies are fully described in Note 2 – Summary of Significant Accounting Policies in our 2023 Form 10-K.

Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.

As of September 30,
20242023
Cash and cash equivalents$602 $572 
Program cash44 146 
Restricted cash (a)
3 3 
Total cash and cash equivalents, program and restricted cash$649 $721 
________
(a)Included within other current assets.
9



Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.

Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.

Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.

Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.

Investments. As of September 30, 2024 and December 31, 2023, we had equity method investments with a carrying value of $104 million and $93 million, respectively, which are included in other non-current assets. Earnings from our equity method investments are included within operating expenses. For the three months ended September 30, 2024 and 2023, we recorded income of $7 million related to our equity method investments, in each period. For the nine months ended September 30, 2024 and 2023 we recorded income of $13 million and $11 million related to our equity method investments, respectively. In July 2024, we received a $7 million dividend from our equity method investment in our Greece licensee. See Note 14 – Related Party Transactions for our equity method investment in our former subsidiary.

Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program, which were approximately $88 million and $53 million during the three months ended September 30, 2024 and 2023, respectively, and $184 million and $139 million during the nine months ended September 30, 2024 and 2023, respectively.


10


The following table presents our revenues disaggregated by geography:
 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Americas$2,640 $2,736 $6,994 $7,180 
Europe, Middle East and Africa689 672 1,615 1,582 
Asia and Australasia151 156 470 482 
Total revenues$3,480 $3,564 $9,079 $9,244 

The following table presents our revenues disaggregated by brand:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Avis$2,011 $2,043 $5,218 $5,206 
Budget1,263 1,314 3,301 3,471 
Other (a)
206 207 560 567 
Total revenues$3,480 $3,564 $9,079 $9,244 
________
(a)    Other includes Zipcar and other operating brands.

Recently Issued Accounting Pronouncements

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 will become effective for us on January 1, 2025. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective for us on January 1, 2024. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Condensed Financial Statements.

Reference Rate Reform

In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024. As of September 30, 2024, this guidance had no impact on our Consolidated Condensed Financial Statements, and we will continue to evaluate this guidance.

11


 2.    Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Americas$2,587 $2,715 $6,891 $7,120 
Europe, Middle East and Africa660 646 1,548 1,518 
Asia and Australasia145 150 456 467 
Total lease revenues$3,392 $3,511 $8,895 $9,105 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Avis$1,953 $2,011 $5,097 $5,120 
Budget1,247 1,298 3,261 3,430 
Other (a)
192 202 537 555 
Total lease revenues$3,392 $3,511 $8,895 $9,105 
________
(a)    Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Property leases (a)
Operating lease expense$229 $212 $691 $631 
Variable lease expense117 136 279 327 
Total property lease expense$346 $348 $970 $958 
________
(a)    Primarily within operating expenses.

12


Supplemental balance sheet information related to leases is as follows:
As of 
September 30, 2024
As of 
December 31, 2023
Property leases
Operating lease ROU assets$2,886$2,654
Short-term operating lease liabilities (a)
$583$576
Long-term operating lease liabilities2,3512,117
Operating lease liabilities$2,934$2,693
Weighted average remaining lease term7.9 years8.1 years
Weighted average discount rate5.01 %4.83 %
________
(a)    Included in accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Nine Months Ended 
September 30,
20242023
Cash payments for lease liabilities within operating activities:
Property operating leases$710 $645 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$945 $914 

13


 3.    Restructuring and Other Related Charges

During the first quarter of 2024, we initiated a global restructuring plan to further right size our operations (“Global Rightsizing”). The costs associated with this initiative are primarily related to the operational scaling of processes, locations, and lines of business. We expect further restructuring expense of approximately $10 million related to this initiative to be incurred this year and for this initiative to continue into 2025.

During the second quarter of 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”). We expect this initiative to be completed this year.

The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations:
Personnel Related
Other (a)
Total
Balance as of January 1, 2024$4 $ $4 
Restructuring expense:
Global Rightsizing9 13 22 
Cost Optimization 1 1 
Restructuring payments and utilization:
Global Rightsizing(6)(4)(10)
Cost Optimization(1)(1)(2)
Balance as of September 30, 2024$6 $9 $15 
________
(a)    Includes expenses primarily related to the disposition of vehicles.

AmericasInternationalTotal
Balance as of January 1, 2024$2 $2 $4 
Restructuring expense:
Global Rightsizing16 6 22 
Cost Optimization1  1 
Restructuring payments and utilization:
Global Rightsizing(7)(3)(10)
Cost Optimization(1)(1)(2)
Balance as of September 30, 2024$11 $4 $15 


14


 4.    Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS
$237 $626 $137 $1,373 
Basic weighted average shares outstanding35.5 36.9 35.6 39.1 
Non-vested stock (a)
0.2 0.4 0.2 0.4 
Diluted weighted average shares outstanding35.7 37.3 35.8 39.5 
Earnings per share
Basic$6.67 $16.96 $3.86 $35.11 
Diluted$6.65 $16.78 $3.84 $34.71 
________
(a)    For the three months ended September 30, 2024 and 2023, 0.2 million and an immaterial amount of non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2024 and 2023, 0.2 million and 0.1 million non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.

 5.    Other Current Assets

Other current assets consisted of:
As ofAs of
September 30,December 31,
20242023
Sales and use taxes$292 $192 
Prepaid expenses266 239 
Other242 253 
Other current assets$800 $684 

 6.    Intangible Assets

Intangible assets consisted of:
 As of September 30, 2024As of December 31, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortized Intangible Assets
License agreements$317 $248 $69 $316 $234 $82 
Customer relationships255 228 27 253 221 32 
Other56 50 6 56 46 10 
Total$628 $526 $102 $625 $501 $124 
Unamortized Intangible Assets
Goodwill$1,109 $1,099 
Trademarks$545 $546 

15


For the three months ended September 30, 2024 and 2023, amortization expense related to amortizable intangible assets was approximately $7 million and $6 million, respectively. For the nine months ended September 30, 2024 and 2023, amortization expense related to amortizable intangible assets was approximately $22 million and $20 million, respectively.

Based on our amortizable intangible assets at September 30, 2024, we expect amortization expense of approximately $7 million for the remainder of 2024, $23 million for 2025, $22 million for 2026, $16 million for 2027, $9 million for 2028 and $7 million for 2029, excluding effects of currency exchange rates.

 7.    Vehicle Rental Activities

The components of vehicles, net within assets under vehicle programs are as follows: 
As ofAs of
September 30,December 31,
20242023
Rental vehicles$23,633 $23,114 
Less: Accumulated depreciation(2,982)(2,639)
20,651 20,475 
Vehicles held for sale602 734 
Vehicles, net investment in lease (a)
99 31 
Vehicles, net$21,352 $21,240 
________
(a)    See Note 14 – Related Party Transactions.

The components of vehicle depreciation and lease charges, net are summarized below:
 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Depreciation expense$723 $614 $1,940 $1,631 
Lease charges41 48 115 126 
(Gain) loss on sale of vehicles, net 42 (145)120 (600)
Vehicle depreciation and lease charges, net$806 $517 $2,175 $1,157 

At September 30, 2024 and 2023, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $152 million and $206 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $284 million and $252 million, respectively.

 8.    Income Taxes

Our effective tax rate for the nine months ended September 30, 2024 was a provision of 34.6%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes and U.S. taxes on our International operations.

Our effective tax rate for the nine months ended September 30, 2023 was a provision of 21.5%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes, partially offset by the effect of certain tax credits and favorable adjustments related to stock-based compensation.

The Organisation for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”), effective for fiscal 2024. We are closely monitoring developments of the Pillar Two rule as the OECD continues to refine its technical guidance and member states implement tax laws and regulations based on Pillar Two proposals. Based on our preliminary analysis, we do not expect Pillar Two to have a material impact on our financial statements for 2024.
16


 9.    Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:
As ofAs of
September 30,December 31,
20242023
Short-term operating lease liabilities$583 $576 
Accounts payable516 487 
Accrued sales and use taxes392 251 
Accrued advertising and marketing280 276 
Deferred lease revenues - current201 168 
Public liability and property damage insurance liabilities – current180 181 
Accrued payroll and related148 188 
Other486 500 
Accounts payable and other current liabilities$2,786 $2,627 

 10.    Long-term Corporate Debt and Borrowing Arrangements

Long-term corporate debt and borrowing arrangements consisted of:
As ofAs of
MaturitySeptember 30,December 31,
Date20242023
4.750% euro-denominated Senior Notes
January 2026$ $386 
5.750% Senior Notes
July 2027739 736 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029668  
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700  
7.250% euro-denominated Senior Notes
July 2030669 441 
8.000% Senior Notes
February 2031497 497 
Floating Rate Term Loan (a)
August 20271,156 1,164 
Floating Rate Term Loan (b)
March 2029522 524 
Other (c)
24 30 
Deferred financing fees(70)(55)
Total6,005 4,823 
Less: Short-term debt and current portion of long-term debt540 32 
Long-term debt$5,465 $4,791 
________
(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%.
(b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events.
(c)Primarily includes finance leases, which are secured by liens on the related assets.

17


In February 2024, we issued €600 million of 7.000% euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually. In April 2024, we used the net proceeds from the offering to redeem all of our outstanding 4.750% euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes.

In May 2024, we issued an additional €200 million of 7.250% euro-denominated Senior notes due July 2030, at 100.25% of their face value, with interest payable semi-annually.

In September 2024, we issued $700 million of 8.250% Senior Notes due January 2030, at par, with interest payable semi-annually. Net proceeds from the offering will be used to repay all of the outstanding borrowings under our floating rate term loan due 2029, with the remainder being used for general corporate purposes.

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: 
Total
Capacity
Outstanding
Borrowings
Letters of Credit IssuedAvailable
Capacity
Senior revolving credit facility maturing 2028 (a)
$2,000 $ $1,464 $536 
________
(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property.

As of September 30, 2024, we had other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $400 million. As of September 30, 2024, letters of credit totaling $288 million have been issued on our SBLC facilities.

Debt Covenants

The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of September 30, 2024, we were in compliance with the financial covenants governing our indebtedness.

18


 11.    Debt Under Vehicle Programs and Borrowing Arrangements

Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
As ofAs of
September 30,December 31,
20242023
Americas - Debt due to Avis Budget Rental Car Funding (a)
$13,903 $15,502 
Americas - Debt borrowings (b)
1,213 1,075 
International - Debt borrowings (c)
2,672 2,203 
International - Finance leases 179 172 
Other10 55 
Deferred financing fees (d)
(84)(70)
Total$17,893 $18,937 
________
(a)Includes approximately $726 million and $841 million of Class R notes as of September 30, 2024 and December 31, 2023, respectively, which are held by us.
(b)Includes our Repurchase Facility.
(c)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program.
(d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2024 and December 31, 2023 were $66 million and $61 million, respectively.

The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024:
Issuance DateMaturity DateWeighted Average
Interest Rate
Amount
Issued
January 2024June 20295.51 %$1,200 
February 2024April 20266.24 %53 
February 2024October 20266.18 %37 
February 2024April 20286.23 %52 
March 2024October 20275.26 %400 
March 2024December 20295.35 %700 
5.46 %$2,442 

In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
19


Debt Maturities

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at September 30, 2024:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,606 
Between 1 and 2 years (c)
4,546 
Between 2 and 3 years (d)
5,666 
Between 3 and 4 years (e)
2,199 
Between 4 and 5 years
2,533 
Thereafter427 
Total$17,977 
________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.6 billion of bank and bank-sponsored facilities.
(c)    Includes $1.6 billion of bank and bank-sponsored facilities.
(d)    Includes $2.1 billion of bank and bank-sponsored facilities.
(e)    Includes $0.1 billion of bank and bank-sponsored facilities.

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2024, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$16,848 $13,903 $2,945 
Americas - Debt borrowings1,486 1,213 273 
International - Debt borrowings3,357 2,672 685 
International - Finance leases263 179 84 
Other10 10  
Total$21,964 $17,977 $3,987 
________
(a)    Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024.
(b)    The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2024, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.

20


 12.    Commitments and Contingencies

Contingencies

In 2006, we completed the spin-offs of our Realogy and Wyndham subsidiaries (now known as Anywhere Real Estate, Inc., and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co., respectively). We do not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to us in relation to our consolidated financial position or liquidity, as Anywhere Real Estate, Inc., Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have agreed to assume responsibility for these liabilities.

In March 2023, the California Office of Tax Appeals (“OTA”) issued an opinion in a case involving notices of proposed assessment of California corporation franchise tax for tax year 1999 issued to us. The case involves whether (i) the notices of proposed assessment were barred by the statute of limitations; and (ii) a transaction undertaken by us in tax year 1999 constituted a tax-free reorganization under the Internal Revenue Code (“IRC”). The OTA concluded that the notices of proposed assessment were not barred by the statute of limitations and that the 1999 transaction was not a tax-free reorganization under the IRC. Anywhere Real Estate, Inc. has assumed 62.5%, and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have assumed 37.5% of the potential tax liability in this matter, respectively. We filed a petition for rehearing, which was denied in April 2024, and the tax assessment is expected to become payable, even if judicial relief is sought.

We are also named in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham. We are entitled to indemnification from such entities for any liability resulting from such litigation.

In September 2014, Dawn Valli et al. v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiffs seek to represent a purported nationwide class of certain renters of vehicles from our Avis and Budget subsidiaries from September 30, 2008 through the present. The plaintiffs seek damages in connection with claims relating to alleged misrepresentations and omissions concerning charging customers for traffic infractions and related administrative fees. On October 10, 2023, plaintiffs’ motion for class certification was denied as to their proposed nationwide class and granted as to a subclass, created at the Court’s discretion, of Avis Preferred and Budget Fastbreak members. We have been named as a defendant in other purported consumer class action lawsuits, including two class actions filed against us in New Jersey, one seeking damages in connection with a breach of contract claim and another related to ancillary charges at our Payless subsidiary. However, the Company intends to vigorously defend them.

We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters.

We are a defendant in a number of legal proceedings for personal injury arising from the operation of our vehicles. In June 2023, two of our subsidiaries were named as defendants in a lawsuit filed in Dallas, Texas alleging that one of our employees caused the death of an individual with one of our vehicles: Peggy Dawson Edwards, Individually and as Anticipated Representative of the Estate of Michael Edwards, Sr., et. al. v. Avis Budget Car Rental, LLC; PV Holding Corp.; and Kevin Barnes, Cause No. CC-23-03188-E, pending in County Court at Law No. 5 for Dallas County, Texas. The complaint alleges that our subsidiaries are responsible for Mr. Edwards’ death and seeks compensatory and punitive damages in an unspecified amount exceeding $1 million. The court has set a trial date in May 2025 for this lawsuit. Given the early stages of the legal proceedings, it is not possible to predict the outcome of the claim. However, the Company intends to vigorously defend it.

21


Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $40 million in excess of amounts accrued as of September 30, 2024. We do not believe that the impact should result in a material liability to us in relation to our consolidated financial condition or results of operations.

Commitments to Purchase Vehicles

We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $3.9 billion of vehicles from manufacturers over the next 12 months, a $2.9 billion decrease compared to December 31, 2023, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements.

Concentrations

Concentrations of credit risk as of September 30, 2024 include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers and primarily with respect to receivables for program cars that have been disposed but for which we have not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $38 million and $23 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.

 13.    Stockholders' Equity

Share Repurchases

Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). During the nine months ended September 30, 2024, we repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. During the nine months ended September 30, 2023, we repurchased approximately 2.9 million shares of common stock at a cost of approximately $633 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. As of September 30, 2024, approximately $794 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

Common stock repurchases under the Stock Repurchase Program do not include shares withheld to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards.

Total Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss).

22


The components of other comprehensive income (loss) were as follows: 
Three Months Ended 
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income$238 $627 $140 $1,375 
Less: net income attributable to non-controlling interests1 1 3 2 
Net income attributable to Avis Budget Group, Inc.
237 626 137 1,373 
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) (a)
38 (43)(7)(41)
Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively)
(16)2 (12)9 
Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively)
1 1 3 3 
23 (40)(16)(29)
Comprehensive income attributable to Avis Budget Group, Inc.
$260 $586 $121 $1,344 
________
(a)    Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) were as follows: 
Currency
Translation
Adjustments
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges (a)
Minimum
Pension
Liability
Adjustment (b)
Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2024
$(3)$37 $(130)$(96)
Other comprehensive income (loss) before reclassifications(7)4  (3)
Amounts reclassified from accumulated other comprehensive income (loss) (16)3 (13)
Net current-period other comprehensive income (loss)(7)(12)3 (16)
Balance, September 30, 2024
$(10)$25 $(127)$(112)
Balance, January 1, 2023
$(30)$45 $(116)$(101)
Other comprehensive income (loss) before reclassifications(41)17  (24)
Amounts reclassified from accumulated other comprehensive income (loss) (8)3 (5)
Net current-period other comprehensive income (loss)(41)9 3 (29)
Balance, September 30, 2023
$(71)$54 $(113)$(130)
________
All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include $79 million gain, net of tax, as of September 30, 2024 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments).
(a)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $8 million ($5 million, net of tax) and gains of $2 million ($2 million, net of tax), respectively. For the nine months ended September 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $22 million ($16 million, net of tax) and gains of $10 million ($8 million, net of tax), respectively.
(b)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax) in each period. For the nine months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) in each period.
23



 14.    Related Party Transactions

SRS Mobility Ventures, LLC

In 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of our subsidiaries at fair value of $37.5 million. SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC.

On September 1, 2022, through the issuance of Class B Preferred Voting Membership Interests, SRS Mobility Ventures, LLC increased their ownership in this subsidiary to 51% at fair value of $62 million. In accordance with ASC Topic 810-10-40, we must deconsolidate a subsidiary as of the date we cease to have a controlling interest in that subsidiary and recognize the gain or loss in net income at that time. The fair value of our retained investment was determined utilizing a discounted cash flow methodology based on various assumptions, including projections of future cash flows, which include forecast of future revenue and EBITDA. As a result, we deconsolidated our former subsidiary, Avis Mobility Ventures LLC (“AMV”), from our financial statements and began to report our proportional share of the former subsidiary’s income or loss within other (income) expense, net in our Consolidated Condensed Statements of Comprehensive Income as we do not have the ability to direct the significant activities of the former subsidiary and are therefore no longer primary beneficiary of the VIE. Upon deconsolidation, our former subsidiary had a net asset carrying amount of $49 million resulting in a gain of $10 million. In August and October 2023, SRS Mobility Ventures, LLC made capital contributions to AMV, increasing their ownership to approximately 65%. In June 2024, SRS Mobility Ventures, LLC made a capital contribution of approximately $22.2 million to AMV, and we simultaneously settled approximately $11.7 million in receivables from AMV related to services we provided. SRS Mobility Ventures, LLC’s ownership percentage remained at approximately 65% following these transactions.

We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations. The following table provides amounts reported within our Consolidated Condensed Balance Sheets related to our equity method investment in AMV and these services.

As ofAs of
September 30,December 31,
20242023
Receivables from AMV (a)
$2 $2 
Equity method investment in AMV (b)
29 24 
Vehicles, net investment in lease with AMV (c)
99 31 
________
(a)    Included within other current assets.
(b)    Included within other non-current assets.
(c)    Included within vehicles, net. See Note 7 – Vehicle Rental Activities.

The components of other (income) expense, net are summarized below:

 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
(Income) expense for services to AMV, net$1 $(6)$(1)$(20)
(Income) loss on equity method investment in AMV, net2 7 7 23 
Other (income) expense, net$3 $1 $6 $3 

24


 15.    Stock-Based Compensation

We recorded stock-based compensation expense of $1 million ($1 million, net of tax) and $7 million ($5 million, net of tax) during the three months ended September 30, 2024 and 2023, respectively. We recorded stock-based compensation expense of $14 million ($11 million, net of tax) and $23 million ($16 million, net of tax) during the nine months ended September 30, 2024 and 2023, respectively.

As part of our declaration and payment of a special cash dividend in December 2023, we granted additional restricted stock units (“RSUs”) to our award holders with unvested shares as a dividend equivalent, which has been deferred until, and will not be paid unless, the shares of stock underlying the award vest.

The activity related to RSUs consisted of (in thousands of shares):
Number of SharesWeighted
Average
Grant Date
Fair Value
Weighted Average Remaining Contractual Term (years)Aggregate Intrinsic Value
(in millions)
Time-based RSUs
Outstanding at January 1, 2024
290 $161.87 
Granted (a)
134 111.39 
Vested (b)
(120)137.08 
Forfeited(23)163.81 
Outstanding and expected to vest at September 30, 2024 (c)
281 $148.16 1.4$25 
Performance-based RSUs
Outstanding at January 1, 2024411 $128.77 
Granted (a)
150 112.44 
Vested (b)
(222)68.54 
Forfeited(25)175.36 
Outstanding at September 30, 2024
314 $159.74 1.6$28 
Outstanding and expected to vest at September 30, 2024 (c)
64 $192.77 1.6$6 
________
(a)Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2023 was $209.08 and $208.64, respectively.
(b)The total fair value of RSUs vested during the nine months ended September 30, 2024 and 2023 was $32 million and $21 million, respectively.
(c)Aggregate unrecognized compensation expense related to time-based and performance-based RSUs amounted to $28 million and will be recognized over a weighted average vesting period of 1.4 years.

25


 16.    Financial Instruments

Derivative Instruments and Hedging Activities

Currency Risk. We use currency exchange contracts to manage our exposure to changes in currency exchange rates associated with certain of our non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. We primarily hedge a portion of our current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. We have designated our euro-denominated notes as a hedge of our investment in euro-denominated foreign operations.

The estimated net amount of existing gains or losses we expect to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material.

Interest Rate Risk. We use various hedging strategies including interest rate swaps and interest rate caps to create what we deem an appropriate mix of fixed and floating rate assets and liabilities. We use interest rate swaps and interest rate caps to manage the risk related to our floating rate corporate debt and our floating rate vehicle-backed debt. We record the changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. We record the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, currently in earnings and are presented in the same line of the income statement expected for the hedged item. We estimate that approximately $18 million of gain currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months.

Commodity Risk. We periodically enter into derivative commodity contracts to manage our exposure to changes in the price of fuel. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in earnings and are presented in the same line of the income statement expected for the hedged item.

We held derivative instruments with absolute notional values as follows:
As of 
September 30, 2024
Foreign exchange contracts$1,665 
Interest rate caps (a)
15,954 
Interest rate swaps750 
________
(a)Represents $10.6 billion of interest rate caps sold, partially offset by approximately $5.4 billion of interest rate caps purchased. These amounts exclude $5.8 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.

26


Estimated fair values (Level 2) of derivative instruments are as follows: 
As of September 30, 2024As of December 31, 2023
Fair Value,
Asset Derivatives
Fair Value,
Derivative
Liabilities
Fair Value,
Derivative
Assets
Fair Value,
Derivative
Liabilities
Derivatives designated as hedging instruments
Interest rate swaps (a)
$33 $ $50 $ 
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)
4 3 5 4 
Interest rate caps (c)
4 13 19 74 
Total$41 $16 $74 $78 
________
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13 – Stockholders' Equity.
(a)Included in other non-current assets or other non-current liabilities.
(b)Included in other current assets or other current liabilities.
(c)Included in assets under vehicle programs or liabilities under vehicle programs.

The effects of derivatives recognized in our Consolidated Condensed Financial Statements are as follows:

Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Derivatives designated as hedging instruments (a)
Interest rate swaps (b)
$(16)$2 $(12)$9 
Euro-denominated notes (c)
(37)23 (14)9 
Derivatives not designated as hedging instruments (d)
Foreign exchange contracts (e)
(15)3 (34)(12)
Interest rate caps (f)
   (1)
Total$(68)$28 $(60)$5 
________
(a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
(b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings.
(c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).
(d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
(e)Included in interest expense.
(f)Primarily included in vehicle interest, net.
27



Debt Instruments

The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: 

As of September 30, 2024As of December 31, 2023
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Corporate debt
Short-term debt and current portion of long-term debt$540 $546 $32 $32 
Long-term debt5,465 5,517 4,791 4,812 
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding$13,837 $13,981 $15,441 $15,238 
Vehicle-backed debt4,043 4,075 3,422 3,435 
Interest rate swaps and interest rate caps (a)
13 13 74 74 
________
(a)    Derivatives in a liability position.


 17.    Segment Information

Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information of our operating segments. In identifying our reportable segments, we also consider the nature of services provided by our operating segments, the geographical areas in which the segments operate and other relevant factors. We aggregate certain of our operating segments into our reportable segments.

Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; any impairment charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, which includes amounts recorded in excess of $5 million related to class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; and income taxes.

28


We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

 Three Months Ended September 30,
 20242023
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$2,640 $384 $2,736 $740 
International840 139 828 196 
Corporate and Other (a)
 (20) (29)
Total Company$3,480 $503 $3,564 $907 
Reconciliation of Adjusted EBITDA to Income before income taxes:
20242023
Adjusted EBITDA$503 $907 
Less:Non-vehicle related depreciation and amortization58 55 
Interest expense related to corporate debt, net:
Interest expense95 80 
Early extinguishment of debt 1 
Restructuring and other related charges6 2 
Transaction-related costs, net 3 
Other (income) expense, net (b)
3 1 
Reported within operating expenses:
Cloud computing costs12 8 
Income before income taxes$329 $757 
__________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.

29


 Nine Months Ended September 30,
 20242023
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$6,994 $614 $7,180 $1,887 
International2,085 172 2,064 372 
Corporate and Other (a)
 (57) (80)
Total Company$9,079 $729 $9,244 $2,179 
Reconciliation of Adjusted EBITDA to Income before income taxes:
20242023
Adjusted EBITDA$729 $2,179 
Less:Non-vehicle related depreciation and amortization177 163 
Interest expense related to corporate debt, net:
Interest expense266 221 
Early extinguishment of debt1 1 
Restructuring and other related charges23 7 
Transaction-related costs, net2 3 
Other (income) expense, net (b)
6 3 
Reported within operating expenses:
Cloud computing costs33 24 
Legal matters, net7 5 
Income before income taxes$214 $1,752 
________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.

Since December 31, 2023, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2024 and December 31, 2023, International’s segment assets under vehicle programs were approximately $4.1 billion and $3.7 billion, respectively. This increase in assets under vehicle programs is directly correlated to the size and cost of our vehicle fleet.

18.     Subsequent Events

In October 2024, we repaid the outstanding borrowings under our floating rate term loan due 2029 which had an aggregate outstanding balance of $535 million plus accrued interest.

In October 2024, we repurchased approximately 422 thousand shares of common stock at a cost of approximately $34.5 million under the Stock Repurchase Program.

In November 2024, we reduced the capacity under our asset-backed variable-funding financing facilities by $770 million.



* * * *
30


Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our Consolidated Condensed Financial Statements and accompanying Notes included in this Quarterly Report on Form 10-Q and with our 2023 Form 10-K. Our actual results of operations may differ materially from those discussed in forward-looking statements as a result of various factors, including those discussed in “Forward-Looking Statements.” See “Forward-Looking Statements” and “Risk Factors” for additional information. Unless otherwise noted, all dollar amounts in tables are in millions.

OVERVIEW
Our Company

We operate three of the most globally recognized brands in mobility solutions, Avis, Budget and Zipcar, together with several other brands well recognized in their respective markets. We are a leading vehicle rental operator in North America, Europe, Australasia and certain other regions we serve, with an average rental fleet of approximately 736,000 vehicles in third quarter 2024. We also license the use of our trademarks to licensees in the areas in which we do not operate directly. We and our licensees operate our brands in approximately 180 countries throughout the world.

Our Segments

We categorize our operations into two reportable business segments: Americas, consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly; and International, consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly.

Business and Trends

Our strategy continues to primarily focus on customer experience and costs to strengthen our Company, maximize profitability, and deliver stakeholder value. During the three months ended September 30, 2024, we generated revenues of $3.5 billion, net income of $238 million and Adjusted EBITDA of $503 million. These results were primarily driven by consistent year-over-year volume, decreased revenue per day, and increased fleet and interest costs.

We continue to be susceptible to a number of industry-specific and global macroeconomic factors that may cause our actual results of operations to differ from our historical results of operations or current expectations. The factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following: interest rates, inflationary impact on items such as commodity prices and wages, cost of new vehicles, used car values, and an economic downturn that may impact travel demand, all of which may be exacerbated by the ongoing military conflicts in the Middle East and Eastern Europe. We continue to monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, and future results of operations.

31


RESULTS OF OPERATIONS

We measure performance principally using the following key metrics: (i) rental days, which represent the total number of days (or portion thereof) a vehicle was rented, (ii) revenue per day, which represents revenues divided by rental days, (iii) vehicle utilization, which represents rental days divided by available rental days, with available rental days being defined as average rental fleet times the number of days in the period, and (iv) per-unit fleet costs, which represent vehicle depreciation, lease charges and gain or loss on vehicle sales, divided by average rental fleet. Our rental days, revenue per day and vehicle utilization metrics are all calculated based on the actual rental of the vehicle during a 24-hour period. We believe that this methodology provides management with the most relevant metrics in order to effectively manage the performance of the business. Our calculation may not be comparable to the calculation of similarly titled metrics by other companies. We present currency exchange rate effects to provide a method of assessing how our business performed excluding the effects of foreign currency rate fluctuations. Currency exchange rate effects are calculated by translating the current period results at the prior period average exchange rate plus any related gains and losses on currency hedges.

We assess performance and allocate resources based upon the separate financial information of our operating segments. In identifying our reportable segments, we also consider the nature of services provided by our operating segments, the geographical areas in which our segments operate and other relevant factors. Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; any impairment charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, which includes amounts recorded in excess of $5 million related to class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; and income taxes.

We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with U.S. GAAP. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

During the nine months ended September 30, 2024:

Our revenues totaled $9.1 billion, a decrease of $165 million year-over-year, primarily due to decreased revenue per day, partially offset by an increase in volume.
Our net income was $137 million, representing a decrease of $1.2 billion year-over-year, primarily due to increased fleet and interest costs.
Our Adjusted EBITDA was $729 million, representing a decrease of $1.5 billion year-over-year.



32


Three Months Ended September 30, 2024 vs. Three Months Ended September 30, 2023

Our consolidated condensed results of operations comprised of the following:
Three Months Ended September 30,
20242023$ Change % Change
Revenues$3,480 $3,564 $(84)(2 %)
Expenses
Operating1,575 1,543 32 %
Vehicle depreciation and lease charges, net806 517 289 56 %
Selling, general and administrative367 397 (30)(8 %)
Vehicle interest, net241 208 33 16 %
Non-vehicle related depreciation and amortization58 55 %
Interest expense related to corporate debt, net:
Interest expense95 80 15 19 %
Early extinguishment of debt— (1)n/m
Restructuring and other related chargesn/m
Transaction-related costs, net— (3)n/m
Other (income) expense, netn/m
Total expenses3,151 2,807 344 12 %
Income before income taxes329 757 (428)(57 %)
Provision for income taxes91 130 (39)(30 %)
Net income238 627 (389)(62 %)
Less: net income attributable to non-controlling interests— n/m
Net income attributable to Avis Budget Group, Inc.
$237 $626 $(389)(62 %)
___________
n/m - Not Meaningful

Revenues decreased $84 million, or 2%, during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 2% decrease in revenue per day, excluding exchange rate effects, partially offset by a $6 million positive impact from currency exchange rate movements. Total expenses increased 12% during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to increased fleet and interest costs. Our effective tax rates were a provision of 27.7% and 17.2% for the three months ended September 30, 2024 and 2023, respectively. As a result of these items, our net income decreased by $389 million compared to the similar period in 2023. For the three months ended September 30, 2024 and 2023, we reported earnings per diluted share of $6.65 and $16.78, respectively.

Operating expenses increased to 45.2% of revenue during the three months ended September 30, 2024 compared to 43.3% during the similar period in 2023, primarily due to an increase in fleet costs. Vehicle depreciation and lease charges increased to 23.2% of revenue during the three months ended September 30, 2024 compared to 14.5% during the similar period in 2023, primarily due to increased per unit fleet costs, excluding exchange rate effects, driven by increased depreciation rates and a decrease in the gain on sale of vehicles. Selling, general and administrative costs decreased to 10.5% of revenue during the three months ended September 30, 2024 compared to 11.1% during the similar period in 2023, primarily due to decreased commissions and other selling, general and administrative costs. Vehicle interest costs increased to 6.9% of revenue during the three months ended September 30, 2024, compared to 5.8% during the similar period in 2023, primarily due to rising interest rates.

33


Following is a more detailed discussion of the results of each of our reportable segments and reconciliation of net income to Adjusted EBITDA: 
Three Months Ended September 30,
20242023
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$2,640 $384 $2,736 $740 
International840 139 828 196 
Corporate and Other (a)
— (20)— (29)
Total Company$3,480 $503 $3,564 $907 
Reconciliation of Net income to Adjusted EBITDA:
20242023
Net income$238 $627 
Provision for income taxes91 130 
Income before income taxes329 757 
Add:Non-vehicle related depreciation and amortization58 55 
Interest expense related to corporate debt, net:
Interest expense95 80 
Early extinguishment of debt— 
Restructuring and other related charges
Transaction-related costs, net— 
Other (income) expense, net (b)
Reported within operating expenses:
Cloud computing costs12 
Adjusted EBITDA$503 $907 
__________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.

34


Americas
Three Months Ended September 30,
20242023% Change
Revenues$2,640 $2,736 (4 %)
Adjusted EBITDA384 740 (48 %)

Revenues decreased during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 2% decrease in volume, a 1% decrease in revenue per day and a $4 million negative impact from currency exchange rate movements.

Operating expenses increased to 45.9% of revenue during the three months ended September 30, 2024 compared to 44.1% during the similar period in 2023, primarily due to an increase in fleet costs. Vehicle depreciation and lease charges increased to 23.2% of revenue during the three months ended September 30, 2024 compared to 13.2% during the similar period in 2023, primarily due to increased per-unit fleet costs, driven by increased depreciation rates and a decrease in the gain on sale of vehicles. Selling, general and administrative costs decreased to 9.0% of revenue during the three months ended September 30, 2024 compared to 9.3% during the similar period in 2023, primarily due to decreased commissions and other selling, general and administrative costs. Vehicle interest costs increased to 7.5% of revenue during the three months ended September 30, 2024 compared to 6.4% during the similar period in 2023, primarily due to rising interest rates.

Adjusted EBITDA decreased during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to higher per-unit fleet and interest costs.

International
Three Months Ended September 30,
20242023% Change
Revenues$840 $828 %
Adjusted EBITDA139 196 (29 %)
Revenues increased during the three months ended September 30, 2024, compared to the similar period in 2023, primarily due to a 5% increase in volume and a $10 million positive impact from currency exchange rate movements, partially offset by a 5% decrease in revenue per day, excluding exchange rate effects.

Operating expenses increased to 41.4% of revenue during the three months ended September 30, 2024 compared to 39.4% during the similar period in 2023, primarily due to an increase in volume. Vehicle depreciation and lease charges increased to 23.1% of revenue during the three months ended September 30, 2024 compared to 18.7% during the similar period in 2023, primarily due to increased per-unit fleet costs, excluding exchange rate effects, driven by increased fleet levels, increased depreciation rates, and a decrease in the gain on sale of vehicles. Selling, general and administrative costs decreased to 13.8% of revenue during the three months ended September 30, 2024 compared to 14.2% during the similar period in 2023 primarily due to decreased other selling, general and administrative costs. Vehicle interest costs increased to 5.2% of revenue during the three months ended September 30, 2024 compared to 4.1% during the similar period in 2023, primarily due to rising interest rates.

Adjusted EBITDA decreased during the three months ended September 30, 2024 compared to the similar period in 2023, primarily due to higher per-unit fleet and interest costs and a $3 million negative impact from currency exchange rate movements.
35


Nine Months Ended September 30, 2024 vs. Nine Months Ended September 30, 2023
Our consolidated condensed results of operations comprised of the following:
Nine Months Ended September 30,
20242023$ Change % Change
Revenues$9,079 $9,244 $(165)(2 %)
Expenses
Operating4,451 4,325 126 %
Vehicle depreciation and lease charges, net2,175 1,157 1,018 88 %
Selling, general and administrative1,040 1,099 (59)(5 %)
Vehicle interest, net724 513 211 41 %
Non-vehicle related depreciation and amortization177 163 14 %
Interest expense related to corporate debt, net:
Interest expense266 221 45 20 %
Early extinguishment of debt— n/m
Restructuring and other related charges23 16 n/m
Transaction-related costs, net(1)n/m
Other (income) expense, netn/m
Total expenses8,865 7,492 1,373 18 %
Income before income taxes214 1,752 (1,538)(88 %)
Provision for income taxes74 377 (303)(80 %)
Net income140 1,375 (1,235)(90 %)
Less: net income attributable to non-controlling interestsn/m
Net income attributable to Avis Budget Group, Inc.
$137 $1,373 $(1,236)(90 %)
________
n/m - Not Meaningful

Revenues decreased $165 million or 2% during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 4% decrease in revenue per day, excluding exchange rate effects, and a $4 million negative impact from currency exchange rate movements, partially offset by a 2% increase in volume. Total expenses increased 18% during the nine months ended September 30, 2024, compared to the similar period in 2023, primarily due to increased fleet and interest costs. Our effective tax rates were a provision of 34.6% and 21.5% for the nine months ended September 30, 2024 and 2023, respectively. As a result of these items, our net income decreased by $1.2 billion compared to the similar period in 2023. For the nine months ended September 30, 2024 and 2023, we reported earnings per diluted share of $3.84 and $34.71, respectively.

Operating expenses increased to 49.0% of revenue during the nine months ended September 30, 2024 compared to 46.8% during the similar period in 2023, primarily due to an increase in volume. Vehicle depreciation and lease charges increased to 24.0% of revenue during the nine months ended September 30, 2024 compared to 12.5% during the similar period in 2023, primarily due to increased per unit fleet costs, excluding exchange rate effects, driven by increased fleet levels, increased depreciation rates, and a decrease in the gain on sale of vehicles. Selling, general and administrative costs decreased to 11.5% of revenue during the nine months ended September 30, 2024, compared to 11.9% during the similar period in 2023, primarily due to decreased marketing costs and other selling, general and administrative costs. Vehicle interest costs increased to 8.0% of revenue during the nine months ended September 30, 2024 compared to 5.5% during the similar period in 2023, primarily due to rising interest rates.

36


Following is a more detailed discussion of the results of each of our reportable segments and reconciliation of Net income to Adjusted EBITDA: 

Nine Months Ended September 30,
20242023
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$6,994 $614 $7,180 $1,887 
International2,085 172 2,064 372 
Corporate and Other (a)
— (57)— (80)
Total Company$9,079 $729 $9,244 $2,179 
Reconciliation of Net income to Adjusted EBITDA:
20242023
Net income$140 $1,375 
Provision for income taxes74 377 
Income before income taxes214 1,752 
Add:Non-vehicle related depreciation and amortization177 163 
Interest expense related to corporate debt, net:
Interest expense266 221 
Early extinguishment of debt
Restructuring and other related charges23 
Transaction-related costs, net
Other (income) expense, net (b)
Reported within operating expenses:
Cloud computing costs33 24 
Legal matters, net
Adjusted EBITDA$729 $2,179 
________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.

Americas
Nine Months Ended September 30,
20242023% Change
Revenues$6,994 $7,180 (3 %)
Adjusted EBITDA614 1,887 (67 %)

Revenues decreased during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 3% decrease in revenue per day and a $6 million negative impact from currency exchange rate movements, partially offset by a 1% increase in volume.

Operating expenses increased to 49.3% of revenue during the nine months ended September 30, 2024 compared to 47.1% during the similar period in 2023, primarily due to an increase in volume. Vehicle depreciation and lease charges increased to 23.7% of revenue during the nine months ended September 30, 2024 compared to 11.0% during the similar period in 2023, primarily due to increased per-unit fleet costs, driven by increased fleet levels, increased depreciation rates, and a decrease in the gain on sale of vehicles. Selling, general and administrative costs were approximately 9.5% of revenue during the nine months ended September 30, 2024 compared to 9.7% during the similar period in 2023, primarily due to decreased marketing costs and other selling, general and administrative costs. Vehicle interest costs increased to 8.7% of revenue during the nine months ended September 30, 2024 compared to 6.0% during the similar period in 2023, primarily due to rising interest rates.
37



Adjusted EBITDA decreased during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to higher per-unit fleet and interest costs, and approximately $2 million negative impact from currency exchange rate movements.

International
Nine Months Ended September 30,
20242023% Change
Revenues$2,085 $2,064 %
Adjusted EBITDA172 372 (54 %)
Revenues increased during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to a 5% increase in volume, a $2 million positive impact from currency exchange rate movements, partially offset by a 4% decrease in revenue per day, excluding exchange rate effects.
Operating expenses increased to 46.4% of revenue during the nine months ended September 30, 2024 compared to 44.8% during the similar period in 2023, primarily due to an increase in volume. Vehicle depreciation and lease charges increased to 24.8% of revenue during the nine months ended September 30, 2024 compared to 17.7% during the similar period in 2023, primarily due to increased per-unit fleet costs, excluding exchange rate effects, driven by increased fleet levels, increased depreciation rates, and a decrease in the gain on sale of vehicles. Selling, general and administrative costs were approximately 15.5% of revenue during the nine months ended September 30, 2024 compared to 15.6% during the similar period in 2023. Vehicle interest costs increased to 5.6% of revenue during the nine months ended September 30, 2024 compared to 3.9% during the similar period in 2023, primarily due to rising interest rates.

Adjusted EBITDA decreased during the nine months ended September 30, 2024 compared to the similar period in 2023, primarily due to higher per-unit fleet and interest costs, and approximately $11 million negative impact from currency exchange rate movements.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We present separately the financial data of our vehicle programs. These programs are distinct from our other activities as the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the generation or acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
FINANCIAL CONDITION
September 30, 
2024
December 31,
2023
Change
Total assets exclusive of assets under vehicle programs$9,647 $9,590 $57 
Total liabilities exclusive of liabilities under vehicle programs11,651 10,095 1,556 
Assets under vehicle programs23,102 22,979 123 
Liabilities under vehicle programs21,327 22,817 (1,490)
Total stockholders’ equity(229)(343)114 

The increase in liabilities exclusive of liabilities under vehicle programs is primarily due to the increase in corporate indebtedness from the issuance of senior notes. See “Liquidity and Capital Resources,” and Note 10 – Long-term Corporate Debt and Borrowing Arrangements to our Consolidated Condensed Financial Statements.

The decrease in liabilities under vehicle programs is primarily due to the repayment of debt.

38


LIQUIDITY AND CAPITAL RESOURCES

Our principal sources of liquidity are cash on hand and our ability to generate cash through operations and financing activities, as well as available funding arrangements and committed credit facilities, each of which is discussed below.

In February 2024, we issued €600 million of 7.000% euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually. In April 2024, we used net proceeds from the offering to redeem all of our outstanding 4.750% euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes.

In May 2024, we issued an additional €200 million 7.250% euro-denominated Senior Notes due July 2030, at 100.25% of their face value, with interest payable semi-annually. Net proceeds from the offering were used for general corporate purposes.

In September 2024, we issued $700 million of 8.250% Senior Notes due January 2030, at par, with interest payable semi-annually. In October 2024, we used net proceeds from the offering to repay the outstanding borrowings under our floating rate term loan due 2029, with the remainder being used for general corporate purposes.

During 2024, our Avis Budget Rental Car Funding (AESOP) subsidiary issued approximately $2.4 billion of asset-backed notes with expected final payment dates ranging from April 2026 to December 2029, and a weighted average interest rate of 5.46%. In March and April 2024, AESOP amended and restated its asset-backed variable-funding financing facilities. The proceeds from these borrowings will be used to repay maturing vehicle-backed debt and the acquisition of rental cars in the United States. In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend its maturity to September 2026. We also added £200 million to our capacity under the program. The program is used to finance fleet purchases for certain of our European operations.

Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023. Our stock repurchases may occur through open market purchases, privately negotiated transactions or trading plans pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restricted payment capacity under our debt instruments and other factors. The Stock Repurchase Program may be suspended, modified or discontinued at any time without prior notice. The Stock Repurchase Program has no set expiration or termination date. During the nine months ended September 30, 2024, we repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. As of September 30, 2024, approximately $794 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

CASH FLOWS

The following table summarizes our cash flows:
 Nine Months Ended September 30,
 20242023Change
Cash provided by (used in):
Operating activities$2,746 $3,035 $(289)
Investing activities(2,696)(6,930)4,234 
Financing activities(43)3,978 (4,021)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash(2)(4)
Net increase in cash and cash equivalents, program and restricted cash79 (74)
Cash and cash equivalents, program and restricted cash, beginning of period644 642 
Cash and cash equivalents, program and restricted cash, end of period$649 $721 $(72)

39


The decrease in cash provided by operating activities during the nine months ended September 30, 2024 compared with the similar period in 2023 is primarily due to the decrease in our net income.

The decrease in cash used in investing activities during the nine months ended September 30, 2024 compared with the similar period in 2023 is primarily due to the decrease in our investment in vehicles.

The decrease in cash provided by financing activities during the nine months ended September 30, 2024 compared with the similar period in 2023 is primarily due to the increase in our payments under vehicle programs, partially offset by the increase in our net corporate borrowings.

DEBT AND FINANCING ARRANGEMENTS

At September 30, 2024, we had approximately $23.9 billion of indebtedness, including corporate indebtedness of approximately $6.0 billion and debt under vehicle programs of approximately $17.9 billion. For information regarding our debt and borrowing arrangements, see Notes 1, 10 and 11 to our Consolidated Condensed Financial Statements.

LIQUIDITY RISK

Our primary liquidity needs include the procurement of rental vehicles to be used in our operations, servicing of corporate and vehicle-related debt and the payment of operating expenses. The present intention of management is to reinvest the undistributed earnings of our foreign subsidiaries indefinitely into our foreign operations. Our primary sources of funding are operating revenue, cash received upon the sale of vehicles, borrowings under our vehicle-backed borrowing arrangements and our senior revolving credit facility, and other financing activities.

Our liquidity has in the past been, and could in the future be, negatively affected by any financial market disruptions or a worsening of the United States and worldwide economies, or by increases in interest rates, which may result in unfavorable conditions in the mobility industry, in the asset-backed financing market and in the credit markets generally. We believe these factors have affected and could further affect the debt ratings assigned to us by credit rating agencies and the cost of our borrowings. Additionally, a worsening or prolonged downturn in the worldwide economy or a disruption in the credit markets could further impact our liquidity due to (i) decreased demand and pricing for vehicles in the used-vehicle market, (ii) increased costs associated with, and/or reduced capacity or increased collateral needs under, our financings, (iii) the adverse impact of vehicle manufacturers being unable or unwilling to honor their obligations to repurchase or guarantee the depreciation on the related program vehicles and (iv) disruption in our ability to obtain financing due to negative credit events specific to us or affecting the overall debt market.

As of September 30, 2024, we had $602 million of available cash and cash equivalents and access to available borrowings under our revolving credit facility of approximately $536 million, providing us with access to approximately $1.1 billion of total liquidity.

Our liquidity position could also be negatively impacted if we are unable to remain in compliance with the consolidated first lien leverage ratio requirement and other covenants associated with our senior credit facilities and other borrowings. As of September 30, 2024, we were in compliance with the financial covenants governing our indebtedness. For additional information regarding our liquidity risks, see Part I, Item 1A, “Risk Factors” of our 2023 Form 10-K.

CONTRACTUAL OBLIGATIONS

Our future contractual obligations have not changed significantly from the amounts reported within our 2023 Form 10-K with the exception of our commitment to purchase vehicles, which decreased by approximately $2.9 billion from December 31, 2023, to approximately $3.9 billion as of September 30, 2024 due to existing fleet levels. Changes to our obligations related to corporate indebtedness and debt under vehicle programs are presented above within the section titled “Liquidity and Capital Resources—Debt and Financing Arrangements” and also within Notes 10 and 11 to our Consolidated Condensed Financial Statements.
40


CRITICAL ACCOUNTING ESTIMATES
Accounting Policies

The results of the majority of our recurring operations are recorded in our financial statements using accounting policies that are not particularly subjective, nor complex. However, in presenting our financial statements in conformity with generally accepted accounting principles (GAAP), we are required to make estimates and assumptions that affect the amounts reported therein. Several of the estimates and assumptions we are required to make relate to matters that are inherently uncertain as they relate to future events and/or events that are outside of our control. If there is a significant unfavorable change to current conditions, it could result in a material adverse impact to our consolidated results of operations, financial position and liquidity. We believe that the estimates and assumptions we used when preparing our financial statements were the most appropriate at that time. Presented within the section titled “Critical Accounting Estimates” of our 2023 Form 10-K are the accounting policies (related to goodwill and other indefinite-lived intangible assets, vehicles, income taxes and public liability, property damage and other insurance liabilities) that we believe require subjective and complex judgments that could potentially affect reported results. There have been no significant changes to those accounting policies or our assessment of which accounting policies we would consider to be critical accounting policies.

New Accounting Standards

For detailed information regarding new accounting standards and their impact on our business, see Note 1 to our Consolidated Condensed Financial Statements.

Item 3.    Quantitative and Qualitative Disclosures about Market Risk

We are exposed to a variety of market risks, including changes in currency exchange rates, interest rates and fuel prices. We assess our market risks based on changes in interest and currency exchange rates utilizing a sensitivity analysis that measures the potential impact on earnings, fair values and cash flows based on a hypothetical 10% change (increase and decrease) in interest and foreign currency exchange rates. We used September 30, 2024 market rates to perform a sensitivity analysis separately for each of these market risk exposures. We have determined, through such analyses, that the impact of a 10% change in interest or currency exchange rates on our results of operations, balance sheet and cash flows would not be material. Additionally, we have commodity price exposure related to fluctuations in the price of unleaded fuel. We anticipate that such commodity risk will remain a market risk exposure for the foreseeable future. We determined that a 10% change in the price of unleaded fuel would not have a material impact on our earnings for the period ended September 30, 2024. For additional information regarding our long-term borrowings and financial instruments, see Notes 10, 11 and 16 to our Consolidated Condensed Financial Statements.

Item 4.    Controls and Procedures

(a)Disclosure Controls and Procedures. Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September 30, 2024.

(b)Changes in Internal Control Over Financial Reporting. During the third quarter of 2024, there was no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

41


PART II – OTHER INFORMATION

Item 1.    Legal Proceedings

For information regarding our legal proceedings, see Note 12 – Commitments and Contingencies to our Consolidated Condensed Financial Statements and refer to our 2023 Form 10-K.

SEC regulations require us to disclose certain information about proceedings arising under federal, state or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. In accordance with these regulations, we use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required pursuant to this item.

Item 1A.    Risk Factors

During the quarter ended September 30, 2024, we had no material developments to report with respect to our risk factors. For additional information regarding our risk factors, please refer to our 2023 Form 10-K.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Total Number of Shares Purchased
(in millions) (a)
Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(in millions)
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
($ in millions)
July 20240.0$— 0.0$802 
August 20240.0$— 0.0$802 
September 20240.1$81.97 0.1$794 
0.1$81.97 0.1$794 
___________
(a)    Excludes shares which were withheld by the Company to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards.

Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023. Under our Stock Repurchase Program, the Company may repurchase shares from time to time in open market transactions, and may also repurchase shares in accelerated share repurchases, tender offers, privately negotiated transactions or by other means. Repurchases may also be made under a plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, the Company’s share price, legal requirements, restricted payment capacity under its debt instruments and other factors. The Stock Repurchase Program may be suspended, modified or discontinued without prior notice.

Item 5.    Other Information

During the quarter ended September 30, 2024, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

Item 6.    Exhibits

See Exhibit Index.
42


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 

  
AVIS BUDGET GROUP, INC.
Date:November 1, 2024 /s/ Cathleen DeGenova
  Cathleen DeGenova
Senior Vice President and
  Chief Accounting Officer
43


Exhibit Index 

Exhibit No.Description
3.1
3.2
4.1
31.1
31.2
32
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema.
101.CALXBRL Taxonomy Extension Calculation Linkbase.
101.DEFXBRL Taxonomy Extension Definition Linkbase.
101.LABXBRL Taxonomy Extension Label Linkbase.
101.PREXBRL Taxonomy Extension Presentation Linkbase.
104Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101)
44

Exhibit 31.1

SECTION 302 CERTIFICATION

I, Joseph A. Ferraro, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Avis Budget Group, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 1, 2024
 
/s/  Joseph A. Ferraro
President and Chief Executive Officer


Exhibit 31.2
SECTION 302 CERTIFICATION
I, Izilda P. Martins, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Avis Budget Group, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 1, 2024
 
/s/   Izilda P. Martins
Executive Vice President and Chief Financial Officer


Exhibit 32
CERTIFICATION OF CEO AND CFO PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Avis Budget Group, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Joseph A. Ferraro, as Chief Executive Officer of the Company, and Izilda P. Martins, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ JOSEPH A. FERRARO
Joseph A. Ferraro
President and Chief Executive Officer
November 1, 2024
/s/ IZILDA P. MARTINS
Izilda P. Martins
Executive Vice President and Chief Financial Officer
November 1, 2024

v3.24.3
Cover - shares
9 Months Ended
Sep. 30, 2024
Oct. 30, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-10308  
Entity Registrant Name Avis Budget Group, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 06-0918165  
Entity Address, Address Line One 379 Interpace Parkway  
Entity Address, City or Town Parsippany  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07054  
City Area Code 973  
Local Phone Number 496-4700  
Title of 12(b) Security Common Stock, Par Value $0.01  
Trading Symbol CAR  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   35,139,198
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000723612  
Current Fiscal Year End Date --12-31  
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Revenues $ 3,480 $ 3,564 $ 9,079 $ 9,244
Expenses        
Operating 1,575 1,543 4,451 4,325
Vehicle depreciation and lease charges, net 806 517 2,175 1,157
Selling, general and administrative 367 397 1,040 1,099
Vehicle interest, net 241 208 724 513
Non-vehicle related depreciation and amortization 58 55 177 163
Interest expense related to corporate debt, net:        
Interest expense 95 80 266 221
Early extinguishment of debt costs 0 1 1 1
Restructuring and other related charges 6 2 23 7
Transaction-related costs, net 0 3 2 3
Other (income) expense, net 3 1 6 3
Total expenses 3,151 2,807 8,865 7,492
Income before income taxes 329 757 214 1,752
Provision for income taxes 91 130 74 377
Net income 238 627 140 1,375
Less: net income attributable to non-controlling interests 1 1 3 2
Net income attributable to Avis Budget Group, Inc. 237 626 137 1,373
Comprehensive income attributable to Avis Budget Group, Inc. $ 260 $ 586 $ 121 $ 1,344
Earnings per share        
Basic (in usd per share) $ 6.67 $ 16.96 $ 3.86 $ 35.11
Diluted (in usd per share) $ 6.65 $ 16.78 $ 3.84 $ 34.71
v3.24.3
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 602 $ 555
Receivables, net 917 900
Other current assets 800 684
Total current assets 2,319 2,139
Property and equipment, net 700 719
Operating lease right-of-use assets 2,886 2,654
Deferred income taxes 1,565 1,868
Goodwill 1,109 1,099
Other intangibles, net 647 670
Other non-current assets 421 441
Total assets exclusive of assets under vehicle programs 9,647 9,590
Assets under vehicle programs:    
Program cash 44 85
Vehicles, net 21,352 21,240
Receivables from vehicle manufacturers and other 423 443
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party 1,283 1,211
Total assets under vehicle programs 23,102 22,979
Total Assets 32,749 32,569
Current liabilities:    
Accounts payable and other current liabilities 2,786 2,627
Short-term debt and current portion of long-term debt 540 32
Total current liabilities 3,326 2,659
Long-term debt 5,465 4,791
Long-term operating lease liabilities 2,351 2,117
Other non-current liabilities 509 528
Total liabilities exclusive of liabilities under vehicle programs 11,651 10,095
Liabilities under vehicle programs:    
Debt 4,056 3,496
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party 13,837 15,441
Deferred income taxes 3,114 3,418
Other 320 462
Total liabilities under vehicle programs 21,327 22,817
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period 0 0
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period 1 1
Additional paid-in capital 6,615 6,634
Retained earnings 3,988 3,854
Accumulated other comprehensive loss (112) (96)
Treasury stock, at cost—102 shares, in each period (10,730) (10,742)
Stockholders’ equity attributable to Avis Budget Group, Inc. (238) (349)
Non-controlling interests 9 6
Total stockholders’ equity (229) (343)
Total Liabilities and Stockholders’ Equity $ 32,749 $ 32,569
v3.24.3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock (in usd per share) $ 0.01 $ 0.01
Preferred stock authorized (in shares) 10,000,000 10,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock (in usd per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 250,000,000 250,000,000
Common stock issued (in shares) 137,000,000 137,000,000
Treasury stock (in shares) 102,000,000 102,000,000
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 140 $ 1,375
Adjustments to reconcile net income to net cash provided by operating activities:    
Vehicle depreciation 1,940 1,631
Amortization of right-of-use assets 831 824
(Gain) loss on sale of vehicles, net 120 (600)
Non-vehicle related depreciation and amortization 177 163
Stock-based compensation 14 24
Amortization of debt financing fees 36 29
Early extinguishment of debt costs 1 1
Net change in assets and liabilities:    
Receivables (62) (84)
Income taxes and deferred income taxes 38 251
Accounts payable and other current liabilities 57 28
Operating lease liabilities (822) (821)
Other, net 276 214
Net cash provided by operating activities 2,746 3,035
Investing activities    
Property and equipment additions (135) (180)
Proceeds received on asset sales 2 1
Net assets acquired (net of cash acquired) (3) (52)
Other, net 12 0
Net cash used in investing activities exclusive of vehicle programs (124) (231)
Vehicle programs:    
Investment in vehicles (8,153) (12,609)
Proceeds received on disposition of vehicles 5,653 6,106
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party (668) (425)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party 596 229
Net cash used in investing activities of vehicle programs (2,572) (6,699)
Net cash used in investing activities (2,696) (6,930)
Financing activities    
Proceeds from long-term borrowings 1,569 439
Payments on long-term borrowings (396) (343)
Repurchases of common stock (25) (690)
Debt financing fees (27) (9)
Net cash provided by (used in) financing activities exclusive of vehicle programs 1,121 (603)
Vehicle programs:    
Proceeds from borrowings 16,536 18,214
Payments on borrowings (17,657) (13,594)
Debt financing fees (43) (39)
Net cash provided by financing activities of vehicle programs (1,164) 4,581
Net cash provided by (used in) financing activities (43) 3,978
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash (2) (4)
Net increase in cash and cash equivalents, program and restricted cash 5 79
Cash and cash equivalents, program and restricted cash, beginning of period 644 642
Cash and cash equivalents, program and restricted cash, end of period $ 649 $ 721
v3.24.3
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Stockholders’ Equity Attributable to Avis Budget Group, Inc.
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022     137.1          
Beginning balance at Dec. 31, 2022 $ (700) $ (703) $ 1 $ 6,666 $ 2,579 $ (101) $ (9,848) $ 3
Treasury stock, beginning balance (in shares) at Dec. 31, 2022             (97.6)  
Comprehensive income (loss):                
Net income 1,375 1,373     1,373     2
Other comprehensive income (loss) (29) (29)       (29)    
Total comprehensive income (loss) 1,346 1,344     1,373 (29)   2
Net activity related to restricted stock units (in shares)             0.3  
Net activity related to restricted stock units $ (37) (37)   (40)     $ 3  
Repurchases of common stock (in shares) (2.9)           (2.9) [1]  
Repurchases of common stock [1] $ (637) (637)         $ (637)  
Ending balance (in shares) at Sep. 30, 2023     137.1          
Ending balance at Sep. 30, 2023 (28) (33) $ 1 6,626 3,952 (130) $ (10,482) 5
Treasury stock, ending balance (in shares) at Sep. 30, 2023             (100.2)  
Beginning balance (in shares) at Jun. 30, 2023     137.1          
Beginning balance at Jun. 30, 2023 (125) (129) $ 1 6,625 3,326 (90) $ (9,991) 4
Treasury stock, beginning balance (in shares) at Jun. 30, 2023             (98.0)  
Comprehensive income (loss):                
Net income 627 626     626     1
Other comprehensive income (loss) (40) (40)       (40)    
Total comprehensive income (loss) 587 586     626 (40)   1
Net activity related to restricted stock units 1 1   1        
Repurchases of common stock (in shares) [2]             (2.2)  
Repurchases of common stock [2] (491) (491)         $ (491)  
Ending balance (in shares) at Sep. 30, 2023     137.1          
Ending balance at Sep. 30, 2023 (28) (33) $ 1 6,626 3,952 (130) $ (10,482) 5
Treasury stock, ending balance (in shares) at Sep. 30, 2023             (100.2)  
Beginning balance (in shares) at Dec. 31, 2023     137.1          
Beginning balance at Dec. 31, 2023 $ (343) (349) $ 1 6,634 3,854 (96) $ (10,742) 6
Treasury stock, beginning balance (in shares) at Dec. 31, 2023 (102.0)           (101.6)  
Comprehensive income (loss):                
Net income $ 140 137     137     3
Other comprehensive income (loss) (16) (16)       (16)    
Total comprehensive income (loss) 124 121     137 (16)   3
Net activity related to restricted stock units (in shares)             0.2  
Net activity related to restricted stock units $ (2) (2)   (19) (3)   $ 20  
Repurchases of common stock (in shares) (0.1)           (0.1)  
Repurchases of common stock $ (8) (8)         $ (8)  
Ending balance (in shares) at Sep. 30, 2024     137.1          
Ending balance at Sep. 30, 2024 $ (229) (238) $ 1 6,615 3,988 (112) $ (10,730) 9
Treasury stock, ending balance (in shares) at Sep. 30, 2024 (102.0)           (101.5)  
Beginning balance (in shares) at Jun. 30, 2024     137.1          
Beginning balance at Jun. 30, 2024 $ (482) (490) $ 1 6,616 3,751 (135) $ (10,723) 8
Treasury stock, beginning balance (in shares) at Jun. 30, 2024             (101.4)  
Comprehensive income (loss):                
Net income 238 237     237     1
Other comprehensive income (loss) 23 23       23    
Total comprehensive income (loss) 261 260     237 23   1
Net activity related to restricted stock units 0     (1)     $ 1  
Repurchases of common stock (in shares)             (0.1)  
Repurchases of common stock (8) (8)         $ (8)  
Ending balance (in shares) at Sep. 30, 2024     137.1          
Ending balance at Sep. 30, 2024 $ (229) $ (238) $ 1 $ 6,615 $ 3,988 $ (112) $ (10,730) $ 9
Treasury stock, ending balance (in shares) at Sep. 30, 2024 (102.0)           (101.5)  
[1] Amount includes excise taxes due under the Inflation Reduction Act of 2022.
[2] Amount includes excise taxes due under the Inflation Reduction Act of 2022.
v3.24.3
Basis of Presentation
9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting.

We operate the following reportable business segments:

Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.
International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.

The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2023 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party.

In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2023 Annual Report on Form 10-K (the “2023 Form 10-K”).

Summary of Significant Accounting Policies

Our significant accounting policies are fully described in Note 2 – Summary of Significant Accounting Policies in our 2023 Form 10-K.

Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.

As of September 30,
20242023
Cash and cash equivalents$602 $572 
Program cash44 146 
Restricted cash (a)
Total cash and cash equivalents, program and restricted cash$649 $721 
________
(a)Included within other current assets.
Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.

Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.

Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.

Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.

Investments. As of September 30, 2024 and December 31, 2023, we had equity method investments with a carrying value of $104 million and $93 million, respectively, which are included in other non-current assets. Earnings from our equity method investments are included within operating expenses. For the three months ended September 30, 2024 and 2023, we recorded income of $7 million related to our equity method investments, in each period. For the nine months ended September 30, 2024 and 2023 we recorded income of $13 million and $11 million related to our equity method investments, respectively. In July 2024, we received a $7 million dividend from our equity method investment in our Greece licensee. See Note 14 – Related Party Transactions for our equity method investment in our former subsidiary.

Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program, which were approximately $88 million and $53 million during the three months ended September 30, 2024 and 2023, respectively, and $184 million and $139 million during the nine months ended September 30, 2024 and 2023, respectively.
The following table presents our revenues disaggregated by geography:
 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Americas$2,640 $2,736 $6,994 $7,180 
Europe, Middle East and Africa689 672 1,615 1,582 
Asia and Australasia151 156 470 482 
Total revenues$3,480 $3,564 $9,079 $9,244 

The following table presents our revenues disaggregated by brand:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Avis$2,011 $2,043 $5,218 $5,206 
Budget1,263 1,314 3,301 3,471 
Other (a)
206 207 560 567 
Total revenues$3,480 $3,564 $9,079 $9,244 
________
(a)    Other includes Zipcar and other operating brands.

Recently Issued Accounting Pronouncements

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 will become effective for us on January 1, 2025. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective for us on January 1, 2024. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Condensed Financial Statements.

Reference Rate Reform

In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024. As of September 30, 2024, this guidance had no impact on our Consolidated Condensed Financial Statements, and we will continue to evaluate this guidance.
v3.24.3
Leases
9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Americas$2,587 $2,715 $6,891 $7,120 
Europe, Middle East and Africa660 646 1,548 1,518 
Asia and Australasia145 150 456 467 
Total lease revenues$3,392 $3,511 $8,895 $9,105 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Avis$1,953 $2,011 $5,097 $5,120 
Budget1,247 1,298 3,261 3,430 
Other (a)
192 202 537 555 
Total lease revenues$3,392 $3,511 $8,895 $9,105 
________
(a)    Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Property leases (a)
Operating lease expense$229 $212 $691 $631 
Variable lease expense117 136 279 327 
Total property lease expense$346 $348 $970 $958 
________
(a)    Primarily within operating expenses.
Supplemental balance sheet information related to leases is as follows:
As of 
September 30, 2024
As of 
December 31, 2023
Property leases
Operating lease ROU assets$2,886$2,654
Short-term operating lease liabilities (a)
$583$576
Long-term operating lease liabilities2,3512,117
Operating lease liabilities$2,934$2,693
Weighted average remaining lease term7.9 years8.1 years
Weighted average discount rate5.01 %4.83 %
________
(a)    Included in accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Nine Months Ended 
September 30,
20242023
Cash payments for lease liabilities within operating activities:
Property operating leases$710 $645 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$945 $914 
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Americas$2,587 $2,715 $6,891 $7,120 
Europe, Middle East and Africa660 646 1,548 1,518 
Asia and Australasia145 150 456 467 
Total lease revenues$3,392 $3,511 $8,895 $9,105 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Avis$1,953 $2,011 $5,097 $5,120 
Budget1,247 1,298 3,261 3,430 
Other (a)
192 202 537 555 
Total lease revenues$3,392 $3,511 $8,895 $9,105 
________
(a)    Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Property leases (a)
Operating lease expense$229 $212 $691 $631 
Variable lease expense117 136 279 327 
Total property lease expense$346 $348 $970 $958 
________
(a)    Primarily within operating expenses.
Supplemental balance sheet information related to leases is as follows:
As of 
September 30, 2024
As of 
December 31, 2023
Property leases
Operating lease ROU assets$2,886$2,654
Short-term operating lease liabilities (a)
$583$576
Long-term operating lease liabilities2,3512,117
Operating lease liabilities$2,934$2,693
Weighted average remaining lease term7.9 years8.1 years
Weighted average discount rate5.01 %4.83 %
________
(a)    Included in accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Nine Months Ended 
September 30,
20242023
Cash payments for lease liabilities within operating activities:
Property operating leases$710 $645 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$945 $914 
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Americas$2,587 $2,715 $6,891 $7,120 
Europe, Middle East and Africa660 646 1,548 1,518 
Asia and Australasia145 150 456 467 
Total lease revenues$3,392 $3,511 $8,895 $9,105 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Avis$1,953 $2,011 $5,097 $5,120 
Budget1,247 1,298 3,261 3,430 
Other (a)
192 202 537 555 
Total lease revenues$3,392 $3,511 $8,895 $9,105 
________
(a)    Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Property leases (a)
Operating lease expense$229 $212 $691 $631 
Variable lease expense117 136 279 327 
Total property lease expense$346 $348 $970 $958 
________
(a)    Primarily within operating expenses.
Supplemental balance sheet information related to leases is as follows:
As of 
September 30, 2024
As of 
December 31, 2023
Property leases
Operating lease ROU assets$2,886$2,654
Short-term operating lease liabilities (a)
$583$576
Long-term operating lease liabilities2,3512,117
Operating lease liabilities$2,934$2,693
Weighted average remaining lease term7.9 years8.1 years
Weighted average discount rate5.01 %4.83 %
________
(a)    Included in accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Nine Months Ended 
September 30,
20242023
Cash payments for lease liabilities within operating activities:
Property operating leases$710 $645 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$945 $914 
v3.24.3
Restructuring and Other Related Charges
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Related Charges Restructuring and Other Related Charges
During the first quarter of 2024, we initiated a global restructuring plan to further right size our operations (“Global Rightsizing”). The costs associated with this initiative are primarily related to the operational scaling of processes, locations, and lines of business. We expect further restructuring expense of approximately $10 million related to this initiative to be incurred this year and for this initiative to continue into 2025.

During the second quarter of 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”). We expect this initiative to be completed this year.

The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations:
Personnel Related
Other (a)
Total
Balance as of January 1, 2024$$— $
Restructuring expense:
Global Rightsizing13 22 
Cost Optimization— 
Restructuring payments and utilization:
Global Rightsizing(6)(4)(10)
Cost Optimization(1)(1)(2)
Balance as of September 30, 2024$$$15 
________
(a)    Includes expenses primarily related to the disposition of vehicles.

AmericasInternationalTotal
Balance as of January 1, 2024$$$
Restructuring expense:
Global Rightsizing16 22 
Cost Optimization— 
Restructuring payments and utilization:
Global Rightsizing(7)(3)(10)
Cost Optimization(1)(1)(2)
Balance as of September 30, 2024$11 $$15 
v3.24.3
Earnings Per Share
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS
$237 $626 $137 $1,373 
Basic weighted average shares outstanding35.5 36.9 35.6 39.1 
Non-vested stock (a)
0.2 0.4 0.2 0.4 
Diluted weighted average shares outstanding35.7 37.3 35.8 39.5 
Earnings per share
Basic$6.67 $16.96 $3.86 $35.11 
Diluted$6.65 $16.78 $3.84 $34.71 
________
(a)    For the three months ended September 30, 2024 and 2023, 0.2 million and an immaterial amount of non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2024 and 2023, 0.2 million and 0.1 million non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.
v3.24.3
Other Current Assets
9 Months Ended
Sep. 30, 2024
Assets, Current [Abstract]  
Other Current Assets Other Current Assets
Other current assets consisted of:
As ofAs of
September 30,December 31,
20242023
Sales and use taxes$292 $192 
Prepaid expenses266 239 
Other242 253 
Other current assets$800 $684 
v3.24.3
Intangible Assets
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of:
 As of September 30, 2024As of December 31, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortized Intangible Assets
License agreements$317 $248 $69 $316 $234 $82 
Customer relationships255 228 27 253 221 32 
Other56 50 56 46 10 
Total$628 $526 $102 $625 $501 $124 
Unamortized Intangible Assets
Goodwill$1,109 $1,099 
Trademarks$545 $546 
For the three months ended September 30, 2024 and 2023, amortization expense related to amortizable intangible assets was approximately $7 million and $6 million, respectively. For the nine months ended September 30, 2024 and 2023, amortization expense related to amortizable intangible assets was approximately $22 million and $20 million, respectively.

Based on our amortizable intangible assets at September 30, 2024, we expect amortization expense of approximately $7 million for the remainder of 2024, $23 million for 2025, $22 million for 2026, $16 million for 2027, $9 million for 2028 and $7 million for 2029, excluding effects of currency exchange rates.
v3.24.3
Vehicle Rental Activities
9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Vehicle Rental Activities Vehicle Rental Activities
The components of vehicles, net within assets under vehicle programs are as follows: 
As ofAs of
September 30,December 31,
20242023
Rental vehicles$23,633 $23,114 
Less: Accumulated depreciation(2,982)(2,639)
20,651 20,475 
Vehicles held for sale602 734 
Vehicles, net investment in lease (a)
99 31 
Vehicles, net$21,352 $21,240 
________
(a)    See Note 14 – Related Party Transactions.

The components of vehicle depreciation and lease charges, net are summarized below:
 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Depreciation expense$723 $614 $1,940 $1,631 
Lease charges41 48 115 126 
(Gain) loss on sale of vehicles, net 42 (145)120 (600)
Vehicle depreciation and lease charges, net$806 $517 $2,175 $1,157 

At September 30, 2024 and 2023, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $152 million and $206 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $284 million and $252 million, respectively.
v3.24.3
Income Taxes
9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our effective tax rate for the nine months ended September 30, 2024 was a provision of 34.6%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes and U.S. taxes on our International operations.

Our effective tax rate for the nine months ended September 30, 2023 was a provision of 21.5%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes, partially offset by the effect of certain tax credits and favorable adjustments related to stock-based compensation.

The Organisation for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”), effective for fiscal 2024. We are closely monitoring developments of the Pillar Two rule as the OECD continues to refine its technical guidance and member states implement tax laws and regulations based on Pillar Two proposals. Based on our preliminary analysis, we do not expect Pillar Two to have a material impact on our financial statements for 2024.
v3.24.3
Accounts Payable and Other Current Liabilities
9 Months Ended
Sep. 30, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]  
Accounts Payable and Other Current Liabilities Accounts Payable and Other Current Liabilities
Accounts payable and other current liabilities consisted of:
As ofAs of
September 30,December 31,
20242023
Short-term operating lease liabilities$583 $576 
Accounts payable516 487 
Accrued sales and use taxes392 251 
Accrued advertising and marketing280 276 
Deferred lease revenues - current201 168 
Public liability and property damage insurance liabilities – current180 181 
Accrued payroll and related148 188 
Other486 500 
Accounts payable and other current liabilities$2,786 $2,627 
v3.24.3
Long-term Corporate Debt and Borrowing Arrangements
9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Long-term Corporate Debt and Borrowing Arrangements Long-term Corporate Debt and Borrowing Arrangements
Long-term corporate debt and borrowing arrangements consisted of:
As ofAs of
MaturitySeptember 30,December 31,
Date20242023
4.750% euro-denominated Senior Notes
January 2026$— $386 
5.750% Senior Notes
July 2027739 736 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029668 — 
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700 — 
7.250% euro-denominated Senior Notes
July 2030669 441 
8.000% Senior Notes
February 2031497 497 
Floating Rate Term Loan (a)
August 20271,156 1,164 
Floating Rate Term Loan (b)
March 2029522 524 
Other (c)
24 30 
Deferred financing fees(70)(55)
Total6,005 4,823 
Less: Short-term debt and current portion of long-term debt540 32 
Long-term debt$5,465 $4,791 
________
(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%.
(b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events.
(c)Primarily includes finance leases, which are secured by liens on the related assets.
In February 2024, we issued €600 million of 7.000% euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually. In April 2024, we used the net proceeds from the offering to redeem all of our outstanding 4.750% euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes.

In May 2024, we issued an additional €200 million of 7.250% euro-denominated Senior notes due July 2030, at 100.25% of their face value, with interest payable semi-annually.

In September 2024, we issued $700 million of 8.250% Senior Notes due January 2030, at par, with interest payable semi-annually. Net proceeds from the offering will be used to repay all of the outstanding borrowings under our floating rate term loan due 2029, with the remainder being used for general corporate purposes.

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: 
Total
Capacity
Outstanding
Borrowings
Letters of Credit IssuedAvailable
Capacity
Senior revolving credit facility maturing 2028 (a)
$2,000 $— $1,464 $536 
________
(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property.

As of September 30, 2024, we had other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $400 million. As of September 30, 2024, letters of credit totaling $288 million have been issued on our SBLC facilities.

Debt Covenants

The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of September 30, 2024, we were in compliance with the financial covenants governing our indebtedness.
v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements
9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Under Vehicle Programs and Borrowing Arrangements Debt Under Vehicle Programs and Borrowing Arrangements
Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
As ofAs of
September 30,December 31,
20242023
Americas - Debt due to Avis Budget Rental Car Funding (a)
$13,903 $15,502 
Americas - Debt borrowings (b)
1,213 1,075 
International - Debt borrowings (c)
2,672 2,203 
International - Finance leases 179 172 
Other10 55 
Deferred financing fees (d)
(84)(70)
Total$17,893 $18,937 
________
(a)Includes approximately $726 million and $841 million of Class R notes as of September 30, 2024 and December 31, 2023, respectively, which are held by us.
(b)Includes our Repurchase Facility.
(c)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program.
(d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2024 and December 31, 2023 were $66 million and $61 million, respectively.

The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024:
Issuance DateMaturity DateWeighted Average
Interest Rate
Amount
Issued
January 2024June 20295.51 %$1,200 
February 2024April 20266.24 %53 
February 2024October 20266.18 %37 
February 2024April 20286.23 %52 
March 2024October 20275.26 %400 
March 2024December 20295.35 %700 
5.46 %$2,442 

In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
Debt Maturities

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at September 30, 2024:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,606 
Between 1 and 2 years (c)
4,546 
Between 2 and 3 years (d)
5,666 
Between 3 and 4 years (e)
2,199 
Between 4 and 5 years
2,533 
Thereafter427 
Total$17,977 
________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.6 billion of bank and bank-sponsored facilities.
(c)    Includes $1.6 billion of bank and bank-sponsored facilities.
(d)    Includes $2.1 billion of bank and bank-sponsored facilities.
(e)    Includes $0.1 billion of bank and bank-sponsored facilities.

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2024, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$16,848 $13,903 $2,945 
Americas - Debt borrowings1,486 1,213 273 
International - Debt borrowings3,357 2,672 685 
International - Finance leases263 179 84 
Other10 10 — 
Total$21,964 $17,977 $3,987 
________
(a)    Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024.
(b)    The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2024, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.
v3.24.3
Commitments and Contingencies
9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Contingencies

In 2006, we completed the spin-offs of our Realogy and Wyndham subsidiaries (now known as Anywhere Real Estate, Inc., and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co., respectively). We do not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to us in relation to our consolidated financial position or liquidity, as Anywhere Real Estate, Inc., Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have agreed to assume responsibility for these liabilities.

In March 2023, the California Office of Tax Appeals (“OTA”) issued an opinion in a case involving notices of proposed assessment of California corporation franchise tax for tax year 1999 issued to us. The case involves whether (i) the notices of proposed assessment were barred by the statute of limitations; and (ii) a transaction undertaken by us in tax year 1999 constituted a tax-free reorganization under the Internal Revenue Code (“IRC”). The OTA concluded that the notices of proposed assessment were not barred by the statute of limitations and that the 1999 transaction was not a tax-free reorganization under the IRC. Anywhere Real Estate, Inc. has assumed 62.5%, and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have assumed 37.5% of the potential tax liability in this matter, respectively. We filed a petition for rehearing, which was denied in April 2024, and the tax assessment is expected to become payable, even if judicial relief is sought.

We are also named in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham. We are entitled to indemnification from such entities for any liability resulting from such litigation.

In September 2014, Dawn Valli et al. v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiffs seek to represent a purported nationwide class of certain renters of vehicles from our Avis and Budget subsidiaries from September 30, 2008 through the present. The plaintiffs seek damages in connection with claims relating to alleged misrepresentations and omissions concerning charging customers for traffic infractions and related administrative fees. On October 10, 2023, plaintiffs’ motion for class certification was denied as to their proposed nationwide class and granted as to a subclass, created at the Court’s discretion, of Avis Preferred and Budget Fastbreak members. We have been named as a defendant in other purported consumer class action lawsuits, including two class actions filed against us in New Jersey, one seeking damages in connection with a breach of contract claim and another related to ancillary charges at our Payless subsidiary. However, the Company intends to vigorously defend them.

We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters.

We are a defendant in a number of legal proceedings for personal injury arising from the operation of our vehicles. In June 2023, two of our subsidiaries were named as defendants in a lawsuit filed in Dallas, Texas alleging that one of our employees caused the death of an individual with one of our vehicles: Peggy Dawson Edwards, Individually and as Anticipated Representative of the Estate of Michael Edwards, Sr., et. al. v. Avis Budget Car Rental, LLC; PV Holding Corp.; and Kevin Barnes, Cause No. CC-23-03188-E, pending in County Court at Law No. 5 for Dallas County, Texas. The complaint alleges that our subsidiaries are responsible for Mr. Edwards’ death and seeks compensatory and punitive damages in an unspecified amount exceeding $1 million. The court has set a trial date in May 2025 for this lawsuit. Given the early stages of the legal proceedings, it is not possible to predict the outcome of the claim. However, the Company intends to vigorously defend it.
Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $40 million in excess of amounts accrued as of September 30, 2024. We do not believe that the impact should result in a material liability to us in relation to our consolidated financial condition or results of operations.

Commitments to Purchase Vehicles

We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $3.9 billion of vehicles from manufacturers over the next 12 months, a $2.9 billion decrease compared to December 31, 2023, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements.

Concentrations

Concentrations of credit risk as of September 30, 2024 include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers and primarily with respect to receivables for program cars that have been disposed but for which we have not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $38 million and $23 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.
v3.24.3
Stockholders' Equity
9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchases

Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). During the nine months ended September 30, 2024, we repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. During the nine months ended September 30, 2023, we repurchased approximately 2.9 million shares of common stock at a cost of approximately $633 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. As of September 30, 2024, approximately $794 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

Common stock repurchases under the Stock Repurchase Program do not include shares withheld to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards.

Total Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss).
The components of other comprehensive income (loss) were as follows: 
Three Months Ended 
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income$238 $627 $140 $1,375 
Less: net income attributable to non-controlling interests
Net income attributable to Avis Budget Group, Inc.
237 626 137 1,373 
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) (a)
38 (43)(7)(41)
Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively)
(16)(12)
Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively)
23 (40)(16)(29)
Comprehensive income attributable to Avis Budget Group, Inc.
$260 $586 $121 $1,344 
________
(a)    Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) were as follows: 
Currency
Translation
Adjustments
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges (a)
Minimum
Pension
Liability
Adjustment (b)
Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2024
$(3)$37 $(130)$(96)
Other comprehensive income (loss) before reclassifications(7)— (3)
Amounts reclassified from accumulated other comprehensive income (loss)— (16)(13)
Net current-period other comprehensive income (loss)(7)(12)(16)
Balance, September 30, 2024
$(10)$25 $(127)$(112)
Balance, January 1, 2023
$(30)$45 $(116)$(101)
Other comprehensive income (loss) before reclassifications(41)17 — (24)
Amounts reclassified from accumulated other comprehensive income (loss)— (8)(5)
Net current-period other comprehensive income (loss)(41)(29)
Balance, September 30, 2023
$(71)$54 $(113)$(130)
________
All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include $79 million gain, net of tax, as of September 30, 2024 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments).
(a)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $8 million ($5 million, net of tax) and gains of $2 million ($2 million, net of tax), respectively. For the nine months ended September 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $22 million ($16 million, net of tax) and gains of $10 million ($8 million, net of tax), respectively.
(b)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax) in each period. For the nine months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) in each period.
v3.24.3
Related Party Transactions
9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
SRS Mobility Ventures, LLC

In 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of our subsidiaries at fair value of $37.5 million. SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC.

On September 1, 2022, through the issuance of Class B Preferred Voting Membership Interests, SRS Mobility Ventures, LLC increased their ownership in this subsidiary to 51% at fair value of $62 million. In accordance with ASC Topic 810-10-40, we must deconsolidate a subsidiary as of the date we cease to have a controlling interest in that subsidiary and recognize the gain or loss in net income at that time. The fair value of our retained investment was determined utilizing a discounted cash flow methodology based on various assumptions, including projections of future cash flows, which include forecast of future revenue and EBITDA. As a result, we deconsolidated our former subsidiary, Avis Mobility Ventures LLC (“AMV”), from our financial statements and began to report our proportional share of the former subsidiary’s income or loss within other (income) expense, net in our Consolidated Condensed Statements of Comprehensive Income as we do not have the ability to direct the significant activities of the former subsidiary and are therefore no longer primary beneficiary of the VIE. Upon deconsolidation, our former subsidiary had a net asset carrying amount of $49 million resulting in a gain of $10 million. In August and October 2023, SRS Mobility Ventures, LLC made capital contributions to AMV, increasing their ownership to approximately 65%. In June 2024, SRS Mobility Ventures, LLC made a capital contribution of approximately $22.2 million to AMV, and we simultaneously settled approximately $11.7 million in receivables from AMV related to services we provided. SRS Mobility Ventures, LLC’s ownership percentage remained at approximately 65% following these transactions.

We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations. The following table provides amounts reported within our Consolidated Condensed Balance Sheets related to our equity method investment in AMV and these services.

As ofAs of
September 30,December 31,
20242023
Receivables from AMV (a)
$$
Equity method investment in AMV (b)
29 24 
Vehicles, net investment in lease with AMV (c)
99 31 
________
(a)    Included within other current assets.
(b)    Included within other non-current assets.
(c)    Included within vehicles, net. See Note 7 – Vehicle Rental Activities.

The components of other (income) expense, net are summarized below:

 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
(Income) expense for services to AMV, net$$(6)$(1)$(20)
(Income) loss on equity method investment in AMV, net23 
Other (income) expense, net$$$$
v3.24.3
Stock-Based Compensation
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We recorded stock-based compensation expense of $1 million ($1 million, net of tax) and $7 million ($5 million, net of tax) during the three months ended September 30, 2024 and 2023, respectively. We recorded stock-based compensation expense of $14 million ($11 million, net of tax) and $23 million ($16 million, net of tax) during the nine months ended September 30, 2024 and 2023, respectively.

As part of our declaration and payment of a special cash dividend in December 2023, we granted additional restricted stock units (“RSUs”) to our award holders with unvested shares as a dividend equivalent, which has been deferred until, and will not be paid unless, the shares of stock underlying the award vest.

The activity related to RSUs consisted of (in thousands of shares):
Number of SharesWeighted
Average
Grant Date
Fair Value
Weighted Average Remaining Contractual Term (years)Aggregate Intrinsic Value
(in millions)
Time-based RSUs
Outstanding at January 1, 2024
290 $161.87 
Granted (a)
134 111.39 
Vested (b)
(120)137.08 
Forfeited(23)163.81 
Outstanding and expected to vest at September 30, 2024 (c)
281 $148.16 1.4$25 
Performance-based RSUs
Outstanding at January 1, 2024411 $128.77 
Granted (a)
150 112.44 
Vested (b)
(222)68.54 
Forfeited(25)175.36 
Outstanding at September 30, 2024
314 $159.74 1.6$28 
Outstanding and expected to vest at September 30, 2024 (c)
64 $192.77 1.6$
________
(a)Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2023 was $209.08 and $208.64, respectively.
(b)The total fair value of RSUs vested during the nine months ended September 30, 2024 and 2023 was $32 million and $21 million, respectively.
(c)Aggregate unrecognized compensation expense related to time-based and performance-based RSUs amounted to $28 million and will be recognized over a weighted average vesting period of 1.4 years.
v3.24.3
Financial Instruments
9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
Derivative Instruments and Hedging Activities

Currency Risk. We use currency exchange contracts to manage our exposure to changes in currency exchange rates associated with certain of our non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S.-dollar denominated acquisitions. We primarily hedge a portion of our current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. We have designated our euro-denominated notes as a hedge of our investment in euro-denominated foreign operations.

The estimated net amount of existing gains or losses we expect to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material.

Interest Rate Risk. We use various hedging strategies including interest rate swaps and interest rate caps to create what we deem an appropriate mix of fixed and floating rate assets and liabilities. We use interest rate swaps and interest rate caps to manage the risk related to our floating rate corporate debt and our floating rate vehicle-backed debt. We record the changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. We record the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, currently in earnings and are presented in the same line of the income statement expected for the hedged item. We estimate that approximately $18 million of gain currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months.

Commodity Risk. We periodically enter into derivative commodity contracts to manage our exposure to changes in the price of fuel. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in earnings and are presented in the same line of the income statement expected for the hedged item.

We held derivative instruments with absolute notional values as follows:
As of 
September 30, 2024
Foreign exchange contracts$1,665 
Interest rate caps (a)
15,954 
Interest rate swaps750 
________
(a)Represents $10.6 billion of interest rate caps sold, partially offset by approximately $5.4 billion of interest rate caps purchased. These amounts exclude $5.8 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.
Estimated fair values (Level 2) of derivative instruments are as follows: 
As of September 30, 2024As of December 31, 2023
Fair Value,
Asset Derivatives
Fair Value,
Derivative
Liabilities
Fair Value,
Derivative
Assets
Fair Value,
Derivative
Liabilities
Derivatives designated as hedging instruments
Interest rate swaps (a)
$33 $— $50 $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)
Interest rate caps (c)
13 19 74 
Total$41 $16 $74 $78 
________
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13 – Stockholders' Equity.
(a)Included in other non-current assets or other non-current liabilities.
(b)Included in other current assets or other current liabilities.
(c)Included in assets under vehicle programs or liabilities under vehicle programs.

The effects of derivatives recognized in our Consolidated Condensed Financial Statements are as follows:

Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Derivatives designated as hedging instruments (a)
Interest rate swaps (b)
$(16)$$(12)$
Euro-denominated notes (c)
(37)23 (14)
Derivatives not designated as hedging instruments (d)
Foreign exchange contracts (e)
(15)(34)(12)
Interest rate caps (f)
— — — (1)
Total$(68)$28 $(60)$
________
(a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
(b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings.
(c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).
(d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
(e)Included in interest expense.
(f)Primarily included in vehicle interest, net.
Debt Instruments

The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: 

As of September 30, 2024As of December 31, 2023
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Corporate debt
Short-term debt and current portion of long-term debt$540 $546 $32 $32 
Long-term debt5,465 5,517 4,791 4,812 
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding$13,837 $13,981 $15,441 $15,238 
Vehicle-backed debt4,043 4,075 3,422 3,435 
Interest rate swaps and interest rate caps (a)
13 13 74 74 
________
(a)    Derivatives in a liability position.
v3.24.3
Segment Information
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Our chief operating decision-maker assesses performance and allocates resources based upon the separate financial information of our operating segments. In identifying our reportable segments, we also consider the nature of services provided by our operating segments, the geographical areas in which the segments operate and other relevant factors. We aggregate certain of our operating segments into our reportable segments.

Management evaluates the operating results of each of our reportable segments based upon revenues and “Adjusted EBITDA,” which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; any impairment charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, which includes amounts recorded in excess of $5 million related to class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; and income taxes.
We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

 Three Months Ended September 30,
 20242023
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$2,640 $384 $2,736 $740 
International840 139 828 196 
Corporate and Other (a)
— (20)— (29)
Total Company$3,480 $503 $3,564 $907 
Reconciliation of Adjusted EBITDA to Income before income taxes:
20242023
Adjusted EBITDA$503 $907 
Less:Non-vehicle related depreciation and amortization58 55 
Interest expense related to corporate debt, net:
Interest expense95 80 
Early extinguishment of debt— 
Restructuring and other related charges
Transaction-related costs, net— 
Other (income) expense, net (b)
Reported within operating expenses:
Cloud computing costs12 
Income before income taxes$329 $757 
__________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
 Nine Months Ended September 30,
 20242023
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$6,994 $614 $7,180 $1,887 
International2,085 172 2,064 372 
Corporate and Other (a)
— (57)— (80)
Total Company$9,079 $729 $9,244 $2,179 
Reconciliation of Adjusted EBITDA to Income before income taxes:
20242023
Adjusted EBITDA$729 $2,179 
Less:Non-vehicle related depreciation and amortization177 163 
Interest expense related to corporate debt, net:
Interest expense266 221 
Early extinguishment of debt
Restructuring and other related charges23 
Transaction-related costs, net
Other (income) expense, net (b)
Reported within operating expenses:
Cloud computing costs33 24 
Legal matters, net
Income before income taxes$214 $1,752 
________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.

Since December 31, 2023, there have been no significant changes in segment assets exclusive of assets under vehicle programs. As of September 30, 2024 and December 31, 2023, International’s segment assets under vehicle programs were approximately $4.1 billion and $3.7 billion, respectively. This increase in assets under vehicle programs is directly correlated to the size and cost of our vehicle fleet.
v3.24.3
Subsequent Events
9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In October 2024, we repaid the outstanding borrowings under our floating rate term loan due 2029 which had an aggregate outstanding balance of $535 million plus accrued interest.

In October 2024, we repurchased approximately 422 thousand shares of common stock at a cost of approximately $34.5 million under the Stock Repurchase Program.

In November 2024, we reduced the capacity under our asset-backed variable-funding financing facilities by $770 million.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 237 $ 626 $ 137 $ 1,373
v3.24.3
Insider Trading Arrangements
3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation (Policies)
9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Consolidated Condensed Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting.

We operate the following reportable business segments:

Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.
International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.

The operating results of acquired businesses are included in the accompanying Consolidated Condensed Financial Statements from the dates of acquisition. Differences between the preliminary allocation of purchase price and the final allocation for our 2023 acquisitions of various licensees were not material. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party.

In presenting the Consolidated Condensed Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Consolidated Condensed Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2023 Annual Report on Form 10-K (the “2023 Form 10-K”).
Vehicle Programs
Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
Transaction-related costs, net
Transaction-related costs, net. Transaction-related costs, net are classified separately in the Consolidated Condensed Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with those of our operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.
Currency Transactions
Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.
Variable Interest Entity (“VIE”)
Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. See Note 14 – Related Party Transactions for our VIE investment in our former subsidiary.
Investments Investments.Earnings from our equity method investments are included within operating expenses.
Revenues Revenues. Revenues are recognized under “Leases (Topic 842),” with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program,
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced disclosures about an entity’s tax risks and tax planning. The amendments are effective for public business entities in annual periods beginning after December 15, 2024, with early adoption permitted on a prospective or retrospective basis. ASU 2023-09 will become effective for us on January 1, 2025. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective for us on January 1, 2024. We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Condensed Financial Statements.

Reference Rate Reform

In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting. The guidance is optional and is effective for a limited period of time. In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024. As of September 30, 2024, this guidance had no impact on our Consolidated Condensed Financial Statements, and we will continue to evaluate this guidance.
Lessee
Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.
v3.24.3
Basis of Presentation (Tables)
9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.
As of September 30,
20242023
Cash and cash equivalents$602 $572 
Program cash44 146 
Restricted cash (a)
Total cash and cash equivalents, program and restricted cash$649 $721 
________
(a)Included within other current assets.
Schedule of Restrictions on Cash and Cash Equivalents The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Consolidated Condensed Balance Sheets to the amounts shown in the Consolidated Condensed Statements of Cash Flows.
As of September 30,
20242023
Cash and cash equivalents$602 $572 
Program cash44 146 
Restricted cash (a)
Total cash and cash equivalents, program and restricted cash$649 $721 
________
(a)Included within other current assets.
Schedule of Disaggregation of Revenue
The following table presents our revenues disaggregated by geography:
 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Americas$2,640 $2,736 $6,994 $7,180 
Europe, Middle East and Africa689 672 1,615 1,582 
Asia and Australasia151 156 470 482 
Total revenues$3,480 $3,564 $9,079 $9,244 

The following table presents our revenues disaggregated by brand:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Avis$2,011 $2,043 $5,218 $5,206 
Budget1,263 1,314 3,301 3,471 
Other (a)
206 207 560 567 
Total revenues$3,480 $3,564 $9,079 $9,244 
________
(a)    Other includes Zipcar and other operating brands.
v3.24.3
Leases (Tables)
9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of Operating Lease, Lease Income
The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Americas$2,587 $2,715 $6,891 $7,120 
Europe, Middle East and Africa660 646 1,548 1,518 
Asia and Australasia145 150 456 467 
Total lease revenues$3,392 $3,511 $8,895 $9,105 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Avis$1,953 $2,011 $5,097 $5,120 
Budget1,247 1,298 3,261 3,430 
Other (a)
192 202 537 555 
Total lease revenues$3,392 $3,511 $8,895 $9,105 
________
(a)    Other includes Zipcar and other operating brands.
Schedule of the Components of Lease Expense
The components of lease expense are as follows:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Property leases (a)
Operating lease expense$229 $212 $691 $631 
Variable lease expense117 136 279 327 
Total property lease expense$346 $348 $970 $958 
________
(a)    Primarily within operating expenses.
Supplemental cash flow information related to leases is as follows:
Nine Months Ended 
September 30,
20242023
Cash payments for lease liabilities within operating activities:
Property operating leases$710 $645 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$945 $914 
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases is as follows:
As of 
September 30, 2024
As of 
December 31, 2023
Property leases
Operating lease ROU assets$2,886$2,654
Short-term operating lease liabilities (a)
$583$576
Long-term operating lease liabilities2,3512,117
Operating lease liabilities$2,934$2,693
Weighted average remaining lease term7.9 years8.1 years
Weighted average discount rate5.01 %4.83 %
________
(a)    Included in accounts payable and other current liabilities.
v3.24.3
Restructuring and Other Related Charges (Tables)
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Changes to Restructuring-Related Liabilities
The following tables summarize the change to our restructuring-related liabilities and identifies the amounts recorded within our reporting segments for restructuring charges and corresponding payments and utilizations:
Personnel Related
Other (a)
Total
Balance as of January 1, 2024$$— $
Restructuring expense:
Global Rightsizing13 22 
Cost Optimization— 
Restructuring payments and utilization:
Global Rightsizing(6)(4)(10)
Cost Optimization(1)(1)(2)
Balance as of September 30, 2024$$$15 
________
(a)    Includes expenses primarily related to the disposition of vehicles.

AmericasInternationalTotal
Balance as of January 1, 2024$$$
Restructuring expense:
Global Rightsizing16 22 
Cost Optimization— 
Restructuring payments and utilization:
Global Rightsizing(7)(3)(10)
Cost Optimization(1)(1)(2)
Balance as of September 30, 2024$11 $$15 
v3.24.3
Earnings Per Share (Tables)
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) (shares in millions): 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS
$237 $626 $137 $1,373 
Basic weighted average shares outstanding35.5 36.9 35.6 39.1 
Non-vested stock (a)
0.2 0.4 0.2 0.4 
Diluted weighted average shares outstanding35.7 37.3 35.8 39.5 
Earnings per share
Basic$6.67 $16.96 $3.86 $35.11 
Diluted$6.65 $16.78 $3.84 $34.71 
________
(a)    For the three months ended September 30, 2024 and 2023, 0.2 million and an immaterial amount of non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2024 and 2023, 0.2 million and 0.1 million non-vested stock awards, respectively, would have had an anti-dilutive effect and therefore were excluded from the computation of diluted weighted average shares outstanding.
v3.24.3
Other Current Assets (Tables)
9 Months Ended
Sep. 30, 2024
Assets, Current [Abstract]  
Schedule of Other Current Assets
Other current assets consisted of:
As ofAs of
September 30,December 31,
20242023
Sales and use taxes$292 $192 
Prepaid expenses266 239 
Other242 253 
Other current assets$800 $684 
v3.24.3
Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of:
 As of September 30, 2024As of December 31, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Amortized Intangible Assets
License agreements$317 $248 $69 $316 $234 $82 
Customer relationships255 228 27 253 221 32 
Other56 50 56 46 10 
Total$628 $526 $102 $625 $501 $124 
Unamortized Intangible Assets
Goodwill$1,109 $1,099 
Trademarks$545 $546 
v3.24.3
Vehicle Rental Activities (Tables)
9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
The components of vehicles, net within assets under vehicle programs are as follows: 
As ofAs of
September 30,December 31,
20242023
Rental vehicles$23,633 $23,114 
Less: Accumulated depreciation(2,982)(2,639)
20,651 20,475 
Vehicles held for sale602 734 
Vehicles, net investment in lease (a)
99 31 
Vehicles, net$21,352 $21,240 
________
(a)    See Note 14 – Related Party Transactions.

The components of vehicle depreciation and lease charges, net are summarized below:
 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Depreciation expense$723 $614 $1,940 $1,631 
Lease charges41 48 115 126 
(Gain) loss on sale of vehicles, net 42 (145)120 (600)
Vehicle depreciation and lease charges, net$806 $517 $2,175 $1,157 
v3.24.3
Accounts Payable and Other Current Liabilities (Tables)
9 Months Ended
Sep. 30, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]  
Schedule of Accounts Payable and Other Current Liabilities
Accounts payable and other current liabilities consisted of:
As ofAs of
September 30,December 31,
20242023
Short-term operating lease liabilities$583 $576 
Accounts payable516 487 
Accrued sales and use taxes392 251 
Accrued advertising and marketing280 276 
Deferred lease revenues - current201 168 
Public liability and property damage insurance liabilities – current180 181 
Accrued payroll and related148 188 
Other486 500 
Accounts payable and other current liabilities$2,786 $2,627 
v3.24.3
Long-term Corporate Debt and Borrowing Arrangements (Tables)
9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term corporate debt and borrowing arrangements consisted of:
As ofAs of
MaturitySeptember 30,December 31,
Date20242023
4.750% euro-denominated Senior Notes
January 2026$— $386 
5.750% Senior Notes
July 2027739 736 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029668 — 
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700 — 
7.250% euro-denominated Senior Notes
July 2030669 441 
8.000% Senior Notes
February 2031497 497 
Floating Rate Term Loan (a)
August 20271,156 1,164 
Floating Rate Term Loan (b)
March 2029522 524 
Other (c)
24 30 
Deferred financing fees(70)(55)
Total6,005 4,823 
Less: Short-term debt and current portion of long-term debt540 32 
Long-term debt$5,465 $4,791 
________
(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%.
(b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events.
(c)Primarily includes finance leases, which are secured by liens on the related assets.
The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024:
Issuance DateMaturity DateWeighted Average
Interest Rate
Amount
Issued
January 2024June 20295.51 %$1,200 
February 2024April 20266.24 %53 
February 2024October 20266.18 %37 
February 2024April 20286.23 %52 
March 2024October 20275.26 %400 
March 2024December 20295.35 %700 
5.46 %$2,442 

In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
Schedule of Committed Credit Facilities
As of September 30, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: 
Total
Capacity
Outstanding
Borrowings
Letters of Credit IssuedAvailable
Capacity
Senior revolving credit facility maturing 2028 (a)
$2,000 $— $1,464 $536 
________
(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property.
Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2024, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$16,848 $13,903 $2,945 
Americas - Debt borrowings1,486 1,213 273 
International - Debt borrowings3,357 2,672 685 
International - Finance leases263 179 84 
Other10 10 — 
Total$21,964 $17,977 $3,987 
________
(a)    Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024.
(b)    The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.
v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Tables)
9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
As ofAs of
September 30,December 31,
20242023
Americas - Debt due to Avis Budget Rental Car Funding (a)
$13,903 $15,502 
Americas - Debt borrowings (b)
1,213 1,075 
International - Debt borrowings (c)
2,672 2,203 
International - Finance leases 179 172 
Other10 55 
Deferred financing fees (d)
(84)(70)
Total$17,893 $18,937 
________
(a)Includes approximately $726 million and $841 million of Class R notes as of September 30, 2024 and December 31, 2023, respectively, which are held by us.
(b)Includes our Repurchase Facility.
(c)In February 2024, we amended our European rental fleet securitization program to increase its capacity to approximately €1.9 billion and extend the maturity of the program to September 2026. We also added £200 million to our capacity within the program.
(d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2024 and December 31, 2023 were $66 million and $61 million, respectively.
Schedule of Debt Issued by AESOP
Long-term corporate debt and borrowing arrangements consisted of:
As ofAs of
MaturitySeptember 30,December 31,
Date20242023
4.750% euro-denominated Senior Notes
January 2026$— $386 
5.750% Senior Notes
July 2027739 736 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029668 — 
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700 — 
7.250% euro-denominated Senior Notes
July 2030669 441 
8.000% Senior Notes
February 2031497 497 
Floating Rate Term Loan (a)
August 20271,156 1,164 
Floating Rate Term Loan (b)
March 2029522 524 
Other (c)
24 30 
Deferred financing fees(70)(55)
Total6,005 4,823 
Less: Short-term debt and current portion of long-term debt540 32 
Long-term debt$5,465 $4,791 
________
(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%.
(b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events.
(c)Primarily includes finance leases, which are secured by liens on the related assets.
The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2024:
Issuance DateMaturity DateWeighted Average
Interest Rate
Amount
Issued
January 2024June 20295.51 %$1,200 
February 2024April 20266.24 %53 
February 2024October 20266.18 %37 
February 2024April 20286.23 %52 
March 2024October 20275.26 %400 
March 2024December 20295.35 %700 
5.46 %$2,442 

In September 2024, we entered into a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor. As of September 30, 2024, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64%. As of September 30, 2024, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Condensed Balance Sheets.
Schedule of Maturities of Long-term Debt
The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at September 30, 2024:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,606 
Between 1 and 2 years (c)
4,546 
Between 2 and 3 years (d)
5,666 
Between 3 and 4 years (e)
2,199 
Between 4 and 5 years
2,533 
Thereafter427 
Total$17,977 
________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.6 billion of bank and bank-sponsored facilities.
(c)    Includes $1.6 billion of bank and bank-sponsored facilities.
(d)    Includes $2.1 billion of bank and bank-sponsored facilities.
(e)    Includes $0.1 billion of bank and bank-sponsored facilities.
Schedule of Committed Credit Facilities
As of September 30, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows: 
Total
Capacity
Outstanding
Borrowings
Letters of Credit IssuedAvailable
Capacity
Senior revolving credit facility maturing 2028 (a)
$2,000 $— $1,464 $536 
________
(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, liens on substantially all of our intellectual property and certain other real and personal property.
Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2024, available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$16,848 $13,903 $2,945 
Americas - Debt borrowings1,486 1,213 273 
International - Debt borrowings3,357 2,672 685 
International - Finance leases263 179 84 
Other10 10 — 
Total$21,964 $17,977 $3,987 
________
(a)    Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from amendments and restatements of our asset-backed variable-funding financing facilities, which were most recently amended and restated in April 2024.
(b)    The outstanding debt is collateralized by vehicles and related assets of $17.0 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.9 billion for Americas - Debt borrowings; $3.4 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.
v3.24.3
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Components of Other Comprehensive Income (Loss)
The components of other comprehensive income (loss) were as follows: 
Three Months Ended 
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income$238 $627 $140 $1,375 
Less: net income attributable to non-controlling interests
Net income attributable to Avis Budget Group, Inc.
237 626 137 1,373 
Other comprehensive income (loss):
Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) (a)
38 (43)(7)(41)
Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively)
(16)(12)
Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively)
23 (40)(16)(29)
Comprehensive income attributable to Avis Budget Group, Inc.
$260 $586 $121 $1,344 
________
(a)    Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.
Schedule of Components of Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) were as follows: 
Currency
Translation
Adjustments
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges (a)
Minimum
Pension
Liability
Adjustment (b)
Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2024
$(3)$37 $(130)$(96)
Other comprehensive income (loss) before reclassifications(7)— (3)
Amounts reclassified from accumulated other comprehensive income (loss)— (16)(13)
Net current-period other comprehensive income (loss)(7)(12)(16)
Balance, September 30, 2024
$(10)$25 $(127)$(112)
Balance, January 1, 2023
$(30)$45 $(116)$(101)
Other comprehensive income (loss) before reclassifications(41)17 — (24)
Amounts reclassified from accumulated other comprehensive income (loss)— (8)(5)
Net current-period other comprehensive income (loss)(41)(29)
Balance, September 30, 2023
$(71)$54 $(113)$(130)
________
All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include $79 million gain, net of tax, as of September 30, 2024 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments).
(a)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $8 million ($5 million, net of tax) and gains of $2 million ($2 million, net of tax), respectively. For the nine months ended September 30, 2024 and 2023, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were gains of $22 million ($16 million, net of tax) and gains of $10 million ($8 million, net of tax), respectively.
(b)For the three months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $1 million ($1 million, net of tax) in each period. For the nine months ended September 30, 2024 and 2023, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were losses of $4 million ($3 million, net of tax) in each period.
v3.24.3
Related Party Transactions (Tables)
9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations. The following table provides amounts reported within our Consolidated Condensed Balance Sheets related to our equity method investment in AMV and these services.

As ofAs of
September 30,December 31,
20242023
Receivables from AMV (a)
$$
Equity method investment in AMV (b)
29 24 
Vehicles, net investment in lease with AMV (c)
99 31 
________
(a)    Included within other current assets.
(b)    Included within other non-current assets.
(c)    Included within vehicles, net. See Note 7 – Vehicle Rental Activities.

The components of other (income) expense, net are summarized below:

 Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
(Income) expense for services to AMV, net$$(6)$(1)$(20)
(Income) loss on equity method investment in AMV, net23 
Other (income) expense, net$$$$
v3.24.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Activity
The activity related to RSUs consisted of (in thousands of shares):
Number of SharesWeighted
Average
Grant Date
Fair Value
Weighted Average Remaining Contractual Term (years)Aggregate Intrinsic Value
(in millions)
Time-based RSUs
Outstanding at January 1, 2024
290 $161.87 
Granted (a)
134 111.39 
Vested (b)
(120)137.08 
Forfeited(23)163.81 
Outstanding and expected to vest at September 30, 2024 (c)
281 $148.16 1.4$25 
Performance-based RSUs
Outstanding at January 1, 2024411 $128.77 
Granted (a)
150 112.44 
Vested (b)
(222)68.54 
Forfeited(25)175.36 
Outstanding at September 30, 2024
314 $159.74 1.6$28 
Outstanding and expected to vest at September 30, 2024 (c)
64 $192.77 1.6$
________
(a)Reflects the maximum number of stock units assuming achievement of all performance- and time-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based RSUs granted during the nine months ended September 30, 2023 was $209.08 and $208.64, respectively.
(b)The total fair value of RSUs vested during the nine months ended September 30, 2024 and 2023 was $32 million and $21 million, respectively.
(c)Aggregate unrecognized compensation expense related to time-based and performance-based RSUs amounted to $28 million and will be recognized over a weighted average vesting period of 1.4 years.
v3.24.3
Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
We held derivative instruments with absolute notional values as follows:
As of 
September 30, 2024
Foreign exchange contracts$1,665 
Interest rate caps (a)
15,954 
Interest rate swaps750 
________
(a)Represents $10.6 billion of interest rate caps sold, partially offset by approximately $5.4 billion of interest rate caps purchased. These amounts exclude $5.8 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.
Schedule of Fair Value of Derivative Instruments
Estimated fair values (Level 2) of derivative instruments are as follows: 
As of September 30, 2024As of December 31, 2023
Fair Value,
Asset Derivatives
Fair Value,
Derivative
Liabilities
Fair Value,
Derivative
Assets
Fair Value,
Derivative
Liabilities
Derivatives designated as hedging instruments
Interest rate swaps (a)
$33 $— $50 $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)
Interest rate caps (c)
13 19 74 
Total$41 $16 $74 $78 
________
Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13 – Stockholders' Equity.
(a)Included in other non-current assets or other non-current liabilities.
(b)Included in other current assets or other current liabilities.
(c)Included in assets under vehicle programs or liabilities under vehicle programs.

The effects of derivatives recognized in our Consolidated Condensed Financial Statements are as follows:

Three Months Ended 
September 30,
Nine Months Ended 
September 30,
2024202320242023
Derivatives designated as hedging instruments (a)
Interest rate swaps (b)
$(16)$$(12)$
Euro-denominated notes (c)
(37)23 (14)
Derivatives not designated as hedging instruments (d)
Foreign exchange contracts (e)
(15)(34)(12)
Interest rate caps (f)
— — — (1)
Total$(68)$28 $(60)$
________
(a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
(b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings.
(c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).
(d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.
(e)Included in interest expense.
(f)Primarily included in vehicle interest, net.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows: 

As of September 30, 2024As of December 31, 2023
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Corporate debt
Short-term debt and current portion of long-term debt$540 $546 $32 $32 
Long-term debt5,465 5,517 4,791 4,812 
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding$13,837 $13,981 $15,441 $15,238 
Vehicle-backed debt4,043 4,075 3,422 3,435 
Interest rate swaps and interest rate caps (a)
13 13 74 74 
________
(a)    Derivatives in a liability position.
v3.24.3
Segment Information (Tables)
9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segments Information
We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

 Three Months Ended September 30,
 20242023
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$2,640 $384 $2,736 $740 
International840 139 828 196 
Corporate and Other (a)
— (20)— (29)
Total Company$3,480 $503 $3,564 $907 
Reconciliation of Adjusted EBITDA to Income before income taxes:
20242023
Adjusted EBITDA$503 $907 
Less:Non-vehicle related depreciation and amortization58 55 
Interest expense related to corporate debt, net:
Interest expense95 80 
Early extinguishment of debt— 
Restructuring and other related charges
Transaction-related costs, net— 
Other (income) expense, net (b)
Reported within operating expenses:
Cloud computing costs12 
Income before income taxes$329 $757 
__________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
 Nine Months Ended September 30,
 20242023
RevenuesAdjusted EBITDARevenuesAdjusted EBITDA
Americas$6,994 $614 $7,180 $1,887 
International2,085 172 2,064 372 
Corporate and Other (a)
— (57)— (80)
Total Company$9,079 $729 $9,244 $2,179 
Reconciliation of Adjusted EBITDA to Income before income taxes:
20242023
Adjusted EBITDA$729 $2,179 
Less:Non-vehicle related depreciation and amortization177 163 
Interest expense related to corporate debt, net:
Interest expense266 221 
Early extinguishment of debt
Restructuring and other related charges23 
Transaction-related costs, net
Other (income) expense, net (b)
Reported within operating expenses:
Cloud computing costs33 24 
Legal matters, net
Income before income taxes$214 $1,752 
________
(a)Includes unallocated corporate overhead which is not attributable to a particular segment.
(b)Primarily consists of gains or losses related to our equity investment in a former subsidiary, offset by fleet related and certain administrative services provided to the same former subsidiary.
v3.24.3
Basis of Presentation (Schedule of Cash Activity) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 602 $ 555 $ 572  
Program cash 44 85 146  
Restricted cash 3   3  
Total cash and cash equivalents, program and restricted cash $ 649 $ 644 $ 721 $ 642
v3.24.3
Basis of Presentation (Narrative) (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Debt Instrument [Line Items]            
Investments   $ 104   $ 104   $ 93
Equity method investment   7 $ 7 13 $ 11  
Dividend from equity method investment $ 7          
Royalty fee            
Debt Instrument [Line Items]            
Revenue   $ 88 $ 53 $ 184 $ 139  
v3.24.3
Basis of Presentation (Disaggregated Revenue in Basis of Presentation) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenues $ 3,480 $ 3,564 $ 9,079 $ 9,244
Avis        
Disaggregation of Revenue [Line Items]        
Revenues 2,011 2,043 5,218 5,206
Budget        
Disaggregation of Revenue [Line Items]        
Revenues 1,263 1,314 3,301 3,471
Other        
Disaggregation of Revenue [Line Items]        
Revenues 206 207 560 567
Americas        
Disaggregation of Revenue [Line Items]        
Revenues 2,640 2,736 6,994 7,180
Europe, Middle East and Africa        
Disaggregation of Revenue [Line Items]        
Revenues 689 672 1,615 1,582
Asia and Australasia        
Disaggregation of Revenue [Line Items]        
Revenues $ 151 $ 156 $ 470 $ 482
v3.24.3
Leases (Lessor) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Lessor, Lease, Description [Line Items]        
Total lease revenues $ 3,392 $ 3,511 $ 8,895 $ 9,105
Avis        
Lessor, Lease, Description [Line Items]        
Total lease revenues 1,953 2,011 5,097 5,120
Budget        
Lessor, Lease, Description [Line Items]        
Total lease revenues 1,247 1,298 3,261 3,430
Other        
Lessor, Lease, Description [Line Items]        
Total lease revenues 192 202 537 555
Americas        
Lessor, Lease, Description [Line Items]        
Total lease revenues 2,587 2,715 6,891 7,120
Europe, Middle East and Africa        
Lessor, Lease, Description [Line Items]        
Total lease revenues 660 646 1,548 1,518
Asia and Australasia        
Lessor, Lease, Description [Line Items]        
Total lease revenues $ 145 $ 150 $ 456 $ 467
v3.24.3
Leases (Lessee Components of Lease Expense) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Property leases        
Operating lease expense $ 229 $ 212 $ 691 $ 631
Variable lease expense 117 136 279 327
Total property lease expense $ 346 $ 348 $ 970 $ 958
v3.24.3
Leases (Supplemental Balance Sheet Information) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Property leases    
Operating lease ROU assets $ 2,886 $ 2,654
Short-term operating lease liabilities 583 576
Long-term operating lease liabilities 2,351 2,117
Operating lease liabilities $ 2,934 $ 2,693
Weighted average remaining lease term 7 years 10 months 24 days 8 years 1 month 6 days
Weighted average discount rate 5.01% 4.83%
Operating lease, liability, current, statement of financial position [extensible enumeration] Accounts Payable and Accrued Liabilities, Current Accounts Payable and Accrued Liabilities, Current
v3.24.3
Leases (Supplemental Cash Flow Information) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash payments for lease liabilities within operating activities:    
Property operating leases $ 710 $ 645
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:    
Property operating leases $ 945 $ 914
v3.24.3
Restructuring and Other Related Charges (Narrative) (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Global Rightsizing  
Restructuring Cost and Reserve [Line Items]  
Restructuring expense $ 10
v3.24.3
Restructuring and Other Related Charges (Schedule of Changes to Restructuring-Related Liabilities) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Reserve [Roll Forward]        
Balance at the beginning of the period     $ 4  
Restructuring expense $ 6 $ 2 23 $ 7
Balance at the end of the period 15   15  
Americas        
Restructuring Reserve [Roll Forward]        
Balance at the beginning of the period     2  
Balance at the end of the period 11   11  
International        
Restructuring Reserve [Roll Forward]        
Balance at the beginning of the period     2  
Balance at the end of the period 4   4  
Personnel Related        
Restructuring Reserve [Roll Forward]        
Balance at the beginning of the period     4  
Balance at the end of the period 6   6  
Other        
Restructuring Reserve [Roll Forward]        
Balance at the beginning of the period     0  
Balance at the end of the period $ 9   9  
Global Rightsizing        
Restructuring Reserve [Roll Forward]        
Restructuring expense     22  
Restructuring payments and utilization     (10)  
Global Rightsizing | Americas        
Restructuring Reserve [Roll Forward]        
Restructuring expense     16  
Restructuring payments and utilization     (7)  
Global Rightsizing | International        
Restructuring Reserve [Roll Forward]        
Restructuring expense     6  
Restructuring payments and utilization     (3)  
Global Rightsizing | Personnel Related        
Restructuring Reserve [Roll Forward]        
Restructuring expense     9  
Restructuring payments and utilization     (6)  
Global Rightsizing | Other        
Restructuring Reserve [Roll Forward]        
Restructuring expense     13  
Restructuring payments and utilization     (4)  
Cost Optimization        
Restructuring Reserve [Roll Forward]        
Restructuring expense     1  
Restructuring payments and utilization     (2)  
Cost Optimization | Americas        
Restructuring Reserve [Roll Forward]        
Restructuring expense     1  
Restructuring payments and utilization     (1)  
Cost Optimization | International        
Restructuring Reserve [Roll Forward]        
Restructuring expense     0  
Restructuring payments and utilization     (1)  
Cost Optimization | Personnel Related        
Restructuring Reserve [Roll Forward]        
Restructuring expense     0  
Restructuring payments and utilization     (1)  
Cost Optimization | Other        
Restructuring Reserve [Roll Forward]        
Restructuring expense     1  
Restructuring payments and utilization     $ (1)  
v3.24.3
Earnings Per Share (Schedule of Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Net income attributable to Avis Budget Group, Inc. for basic and diluted EPS $ 237 $ 626 $ 137 $ 1,373
Basic weighted average shares outstanding (in shares) 35.5 36.9 35.6 39.1
Non-vested stock (in shares) 0.2 0.4 0.2 0.4
Diluted weighted average shares outstanding (in shares) 35.7 37.3 35.8 39.5
Earnings per share        
Basic (in usd per share) $ 6.67 $ 16.96 $ 3.86 $ 35.11
Diluted (in usd per share) $ 6.65 $ 16.78 $ 3.84 $ 34.71
Non-vested stock awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 0.2 0.0 0.2 0.1
v3.24.3
Other Current Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets, Current [Abstract]    
Sales and use taxes $ 292 $ 192
Prepaid expenses 266 239
Other 242 253
Other current assets $ 800 $ 684
v3.24.3
Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 628 $ 625
Accumulated Amortization 526 501
Net Carrying Amount 102 124
Indefinite-lived Intangible Assets [Line Items]    
Goodwill 1,109 1,099
Trademarks    
Indefinite-lived Intangible Assets [Line Items]    
Gross Carrying Amount 545 546
License agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 317 316
Accumulated Amortization 248 234
Net Carrying Amount 69 82
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 255 253
Accumulated Amortization 228 221
Net Carrying Amount 27 32
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 56 56
Accumulated Amortization 50 46
Net Carrying Amount $ 6 $ 10
v3.24.3
Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense relating to all intangible assets $ 7 $ 6 $ 22 $ 20
Amortization expense for remainder of the year 7   7  
Intangible assets amortization expense, year one 23   23  
Intangible assets amortization expense, year two 22   22  
Intangible assets amortization expense, year three 16   16  
Intangible assets amortization expense, year four 9   9  
Intangible assets amortization expense, year five $ 7   $ 7  
v3.24.3
Vehicle Rental Activities (Components of the Company's Vehicles) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Rental vehicles $ 23,633 $ 23,114
Less: Accumulated depreciation (2,982) (2,639)
Rental Vehicles Net, Total 20,651 20,475
Vehicles held for sale 602 734
Vehicle, net investment in lease 99 31
Vehicles, net $ 21,352 $ 21,240
v3.24.3
Vehicle Rental Activities (Components of Vehicle Depreciation and Lease Charges) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 723 $ 614 $ 1,940 $ 1,631
Lease charges 41 48 115 126
(Gain) loss on sale of vehicles, net 42 (145) 120 (600)
Vehicle depreciation and lease charges, net $ 806 $ 517 $ 2,175 $ 1,157
v3.24.3
Vehicle Rental Activities (Narrative) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Property, Plant and Equipment [Abstract]    
Liabilities under vehicle programs $ 152 $ 206
Other receivables $ 284 $ 252
v3.24.3
Income Taxes (Details)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]    
Effective income tax rate reconciliation, percent 34.60% 21.50%
v3.24.3
Accounts Payable and Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]    
Short-term operating lease liabilities $ 583 $ 576
Accounts payable 516 487
Accrued sales and use taxes 392 251
Deferred lease revenues - current 201 168
Accrued advertising and marketing 280 276
Public liability and property damage insurance liabilities – current 180 181
Accrued payroll and related 148 188
Other 486 500
Accounts payable and other current liabilities $ 2,786 $ 2,627
v3.24.3
Long-term Corporate Debt and Borrowing Arrangements (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
May 31, 2024
Feb. 29, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Other $ 24     $ 30
Deferred financing fees (70)     (55)
Total 6,005     4,823
Less: Short-term debt and current portion of long-term debt 540     32
Long-term debt $ 5,465     4,791
4.750% euro-denominated Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument stated interest percentage 4.75%   4.75%  
Long-term debt $ 0     386
5.750% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument stated interest percentage 5.75%      
Long-term debt $ 739     736
4.750% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument stated interest percentage 4.75%      
Long-term debt $ 500     500
7.000% euro-denominated Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument stated interest percentage 7.00%      
Long-term debt $ 668     0
5.375% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument stated interest percentage 5.375%      
Long-term debt $ 600     600
8.250% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument stated interest percentage 8.25%      
Long-term debt $ 700     0
7.250% euro-denominated Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument stated interest percentage 7.25% 7.25%    
Long-term debt $ 669     441
8.000% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Debt instrument stated interest percentage 8.00%      
Long-term debt $ 497     497
Floating Rate Term Loan | Loans Payable        
Debt Instrument [Line Items]        
Long-term debt $ 1,156     1,164
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]      
Basis spread on variable rate 1.75%      
Aggregate interest rate 6.71%      
Floating Rate Term Loan | Interest rate swaps | Loans Payable        
Debt Instrument [Line Items]        
Amount of hedged item $ 750      
Aggregate rate 3.26%      
Floating Rate Term Loan | Loans Payable        
Debt Instrument [Line Items]        
Long-term debt $ 522     $ 524
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]      
Basis spread on variable rate 3.00%      
Aggregate interest rate 7.95%      
v3.24.3
Long-term Corporate Debt and Borrowing Arrangements (Narrative) (Details)
1 Months Ended
May 31, 2024
EUR (€)
Sep. 30, 2024
USD ($)
Feb. 29, 2024
EUR (€)
Debt Instrument [Line Items]      
Line of credit balance   $ 21,964,000,000  
Senior Notes | 7.000% euro-denominated Senior Notes      
Debt Instrument [Line Items]      
Amount issued | €     € 600,000,000
Debt instrument stated interest percentage   7.00%  
Senior Notes | 4.750% euro-denominated Senior Notes      
Debt Instrument [Line Items]      
Debt instrument stated interest percentage   4.75% 4.75%
Senior Notes | 7.250% euro-denominated Senior Notes      
Debt Instrument [Line Items]      
Amount issued | € € 200,000,000    
Debt instrument stated interest percentage 7.25% 7.25%  
Issued percentage of face value 100.25%    
Senior Notes | 8.250% Senior Notes      
Debt Instrument [Line Items]      
Amount issued   $ 700,000,000  
Debt instrument stated interest percentage   8.25%  
Line of Credit | SBLC Facility      
Debt Instrument [Line Items]      
Line of credit balance   $ 400,000,000  
Letters of credit issued or drawn   $ 288,000,000  
v3.24.3
Long-term Corporate Debt and Borrowing Arrangements (Schedule of Committed Credit Facilities) (Details)
$ in Millions
9 Months Ended
Sep. 30, 2024
USD ($)
Line of Credit Facility [Line Items]  
Outstanding Borrowings $ 17,977
Available Capacity 3,987
Revolving Credit Facility | Line of Credit  
Line of Credit Facility [Line Items]  
Total Capacity 2,000
Outstanding Borrowings 0
Letters of Credit Issued 1,464
Available Capacity $ 536
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]
Basis points 2.00%
v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Debt Under Vehicle Programs) (Details)
£ in Millions, $ in Millions, € in Billions
Sep. 30, 2024
USD ($)
Feb. 29, 2024
EUR (€)
Feb. 29, 2024
GBP (£)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Debt under vehicle programs $ 17,893     $ 18,937
Deferred financing fees 70     55
Americas - Debt due to Avis Budget Rental Car Funding        
Debt Instrument [Line Items]        
Debt under vehicle programs 13,903     15,502
Debt Due To Rental Car Funding, Class R Notes        
Debt Instrument [Line Items]        
Debt under vehicle programs 726     841
Americas - Debt borrowings (b)        
Debt Instrument [Line Items]        
Debt under vehicle programs 1,213     1,075
International - Debt borrowings        
Debt Instrument [Line Items]        
Debt under vehicle programs 2,672     2,203
International - Finance leases        
Debt Instrument [Line Items]        
Debt under vehicle programs 179     172
Other        
Debt Instrument [Line Items]        
Debt under vehicle programs 10     55
Deferred financing fees        
Debt Instrument [Line Items]        
Deferred financing fees (84)     (70)
Repurchase Facility        
Debt Instrument [Line Items]        
Debt under vehicle programs 116      
European rental fleet securitization program        
Debt Instrument [Line Items]        
Debt under vehicle programs   € 1.9 £ 200  
Avis Budget Rental Car Funding | Deferred financing fees        
Debt Instrument [Line Items]        
Deferred financing fees $ 66     $ 61
v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Debt Issued by AESOP) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Weighted Average Interest Rate 5.46%  
Amount Issued $ 2,442  
Debt under vehicle programs $ 17,893 $ 18,937
Repurchase Facility    
Debt Instrument [Line Items]    
Debt interest, tenor period 180 days  
Debt under vehicle programs $ 116  
Avis Budget Rental Car Funding Program June 2029    
Debt Instrument [Line Items]    
Weighted Average Interest Rate 5.51%  
Amount Issued $ 1,200  
Avis Budget Rental Car Funding Program April 2026    
Debt Instrument [Line Items]    
Weighted Average Interest Rate 6.24%  
Amount Issued $ 53  
Avis Budget Rental Car Funding Program October 2026    
Debt Instrument [Line Items]    
Weighted Average Interest Rate 6.18%  
Amount Issued $ 37  
Avis Budget Rental Car Funding Program April 2028    
Debt Instrument [Line Items]    
Weighted Average Interest Rate 6.23%  
Amount Issued $ 52  
Avis Budget Rental Car Funding Program October 2027    
Debt Instrument [Line Items]    
Weighted Average Interest Rate 5.26%  
Amount Issued $ 400  
Avis Budget Rental Car Funding Program December 2029    
Debt Instrument [Line Items]    
Weighted Average Interest Rate 5.35%  
Amount Issued $ 700  
v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Contractual Maturities) (Details) - Deferred Financing Fees
$ in Millions
Sep. 30, 2024
USD ($)
Debt Instrument [Line Items]  
Within 1 year $ 2,606
Between 1 and 2 years 4,546
Between 2 and 3 years 5,666
Between 3 and 4 years 2,199
Between 4 and 5 years 2,533
Thereafter 427
Total 17,977
Bank And Bank-Sponsored Facilities  
Debt Instrument [Line Items]  
Within 1 year 600
Between 1 and 2 years 1,600
Between 2 and 3 years 2,100
Between 3 and 4 years $ 100
v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Available Funding Under the Vehicle Programs) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Debt Instrument [Line Items]  
Total Capacity $ 21,964
Outstanding Borrowings 17,977
Available Capacity 3,987
Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity  
Debt Instrument [Line Items]  
Total Capacity 16,848
Outstanding Borrowings 13,903
Available Capacity 2,945
Americas - Debt due to Avis Budget Rental Car Funding | Affiliated Entity | Secured Debt  
Debt Instrument [Line Items]  
Outstanding Borrowings 17,000
Americas - Debt borrowings  
Debt Instrument [Line Items]  
Total Capacity 1,486
Outstanding Borrowings 1,213
Available Capacity 273
Americas - Debt borrowings | Secured Debt  
Debt Instrument [Line Items]  
Outstanding Borrowings 1,900
International - Debt borrowings  
Debt Instrument [Line Items]  
Total Capacity 3,357
Outstanding Borrowings 2,672
Available Capacity 685
International - Debt borrowings | Secured Debt  
Debt Instrument [Line Items]  
Outstanding Borrowings 3,400
International - Finance leases  
Debt Instrument [Line Items]  
Total Capacity 263
Outstanding Borrowings 179
Available Capacity 84
International - Finance leases | Secured Debt  
Debt Instrument [Line Items]  
Outstanding Borrowings 200
Other  
Debt Instrument [Line Items]  
Total Capacity 10
Outstanding Borrowings 10
Available Capacity $ 0
v3.24.3
Debt Under Vehicle Programs and Borrowing Arrangements (Narrative) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Debt under vehicle programs $ 17,893 $ 18,937
Repurchase Facility    
Debt Instrument [Line Items]    
Debt under vehicle programs $ 116  
Interest rate 6.64%  
Securities pledged as collateral $ 195  
v3.24.3
Commitments and Contingencies (Details)
$ in Millions
1 Months Ended 9 Months Ended
Jun. 30, 2023
USD ($)
defendant
Sep. 30, 2024
USD ($)
classAction
Sep. 30, 2023
USD ($)
Mar. 31, 2023
Schedule Of Commitments And Contingencies [Line Items]        
Number of class actions | classAction   2    
Number of class actions seeking damages | classAction   1    
Range of possible loss (up to)   $ 40    
Purchase obligation over the next twelve months   $ 3,900    
Long-term purchase commitment, term   12 months    
Purchase commitment period decrease   $ 2,900    
Other receivables   284 $ 252  
Cause No. CC-23-03188-E | Pending Litigation        
Schedule Of Commitments And Contingencies [Line Items]        
Number of defendants | defendant 2      
Estimate possible loss (in excess of) $ 1      
Realogy        
Schedule Of Commitments And Contingencies [Line Items]        
Other receivables   38    
Wyndham        
Schedule Of Commitments And Contingencies [Line Items]        
Other receivables   $ 23    
Tax Liability | Real Estate Inc        
Schedule Of Commitments And Contingencies [Line Items]        
Liability assumed, percent       62.50%
Tax Liability | Wyndham Hotels And Resorts Inc And Travel + Leisure Co.        
Schedule Of Commitments And Contingencies [Line Items]        
Liability assumed, percent       37.50%
v3.24.3
Stockholders' Equity (Narrative) (Details) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
[1]
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2013
Equity [Abstract]          
Stock repurchase program, authorized amount (up to)         $ 8,100
Number of shares purchased (in shares)     0.1 2.9  
Cost of shares repurchased during the period $ 8 $ 491 $ 8 $ 637 [2]  
Treasury stock value acquired     8 $ 633  
Remaining authorized repurchase amount $ 794   $ 794    
[1] Amount includes excise taxes due under the Inflation Reduction Act of 2022.
[2] Amount includes excise taxes due under the Inflation Reduction Act of 2022.
v3.24.3
Stockholders' Equity (Components of Other Comprehensive Income) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Equity [Abstract]        
Net income $ 238 $ 627 $ 140 $ 1,375
Less: net income attributable to non-controlling interests 1 1 3 2
Net income attributable to Avis Budget Group, Inc. 237 626 137 1,373
Other comprehensive income (loss):        
Currency translation adjustments (net of tax of $13, $(8), $5 and $(3), respectively) 38 (43) (7) (41)
Net unrealized gain (loss) on cash flow hedges (net of tax of $5, $(1), $4 and $(3), respectively) (16) 2 (12) 9
Minimum pension liability adjustment (net of tax of $(1), $(1), $(1), and $(1), respectively) 1 1 3 3
Net current-period other comprehensive income (loss) 23 (40) (16) (29)
Comprehensive income attributable to Avis Budget Group, Inc. 260 586 121 1,344
Currency translation adjustments, tax 13 (8) 5 (3)
Net unrealized gain (loss) on cash flow hedges, tax 5 (1) 4 (3)
Minimum pension liability adjustment, tax $ (1) $ (1) $ (1) $ (1)
v3.24.3
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ (482) $ (125) $ (343) $ (700)
Other comprehensive income (loss) before reclassifications     (3) (24)
Amounts reclassified from accumulated other comprehensive income (loss)     (13) (5)
Net current-period other comprehensive income (loss) 23 (40) (16) (29)
Ending balance (229) (28) (229) (28)
Amounts reclassified from accumulated other comprehensive income (loss)     (13) (5)
Foreign Exchange Contracts | Derivatives designated as hedging instruments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Derivatives used in net investment hedge, net of tax 79   79  
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (96) (101)
Ending balance (112) (130) (112) (130)
Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (3) (30)
Other comprehensive income (loss) before reclassifications     (7) (41)
Amounts reclassified from accumulated other comprehensive income (loss)     0 0
Net current-period other comprehensive income (loss)     (7) (41)
Ending balance (10) (71) (10) (71)
Amounts reclassified from accumulated other comprehensive income (loss)     0 0
Net Unrealized Gains (Losses) on Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     37 45
Other comprehensive income (loss) before reclassifications     4 17
Amounts reclassified from accumulated other comprehensive income (loss)     (16) (8)
Net current-period other comprehensive income (loss)     (12) 9
Ending balance 25 54 25 54
Amounts reclassified from accumulated other comprehensive income (loss)     (16) (8)
Net Unrealized Gains (Losses) on Cash Flow Hedges | Corporate Interest Expense        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Amounts reclassified from accumulated other comprehensive income (loss) (5) (2) (16) (8)
Amounts reclassified from accumulated other comprehensive income (loss) (8) (2) (22) (10)
Amounts reclassified from accumulated other comprehensive income (loss) (5) (2) (16) (8)
Minimum Pension Liability Adjustment        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (130) (116)
Other comprehensive income (loss) before reclassifications     0 0
Amounts reclassified from accumulated other comprehensive income (loss)     3 3
Net current-period other comprehensive income (loss)     3 3
Ending balance (127) $ (113) (127) (113)
Amounts reclassified from accumulated other comprehensive income (loss)     3 $ 3
Minimum Pension Liability Adjustment | Selling, General and Administrative Expenses        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Amounts reclassified from accumulated other comprehensive income (loss) 1   3  
Amounts reclassified from accumulated other comprehensive income (loss) 1   4  
Amounts reclassified from accumulated other comprehensive income (loss) $ 1   $ 3  
v3.24.3
Related Party Transactions (Details) - USD ($)
$ in Millions
1 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2024
Sep. 30, 2024
Dec. 31, 2021
Dec. 31, 2023
Oct. 31, 2023
Aug. 31, 2023
Sep. 01, 2022
Related Party Transaction [Line Items]              
Non-controlling interests   $ 9.0   $ 6.0      
Assets   32,749.0   $ 32,569.0      
Subsidiary Equity              
Related Party Transaction [Line Items]              
Assets   49.0          
Gain on deconsolidation   $ 10.0          
Subsidiary Equity | SRS Mobility Ventures, LLC              
Related Party Transaction [Line Items]              
Contributions from non-controlling interests     $ 37.5        
Non-controlling interests             $ 62.0
Capital contribution made $ 22.2            
Decrease from receivables forgiveness $ 11.7            
Subsidiary Equity | SRS Mobility Ventures, LLC | Company Subsidiary              
Related Party Transaction [Line Items]              
Ownership acquired percentage     33.34%        
Subsidiary Equity | SRS Mobility Ventures, LLC | Maximum | Company Subsidiary              
Related Party Transaction [Line Items]              
Ownership interest 65.00%       65.00% 65.00% 51.00%
v3.24.3
Related Party Transactions - Equity Method Investment in Balance Sheet and Statements of Comprehensive Income (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
Receivables from AMV $ 21,352   $ 21,352   $ 21,240
Equity method investment in AMV 421   421   441
Vehicles, net investment in lease with AMV 99   99   31
Other (income) expense, net (3) $ (1) (6) $ (3)  
Avis Mobility Ventures LLC (AMV) | Related Party | Avis Mobility Ventures LLC (AMV)          
Related Party Transaction [Line Items]          
Equity method investment in AMV 29   29   24
Other (income) expense, net 3 1 6 3  
Avis Mobility Ventures LLC (AMV) | Receivables From Related Party | Related Party          
Related Party Transaction [Line Items]          
Receivables from AMV 2   2   $ 2
Avis Mobility Ventures LLC (AMV) | Administrative Services | Related Party | Avis Mobility Ventures LLC (AMV)          
Related Party Transaction [Line Items]          
Other (income) expense, net 1 (6) (1) (20)  
Avis Mobility Ventures LLC (AMV) | Equipment Investment | Related Party | Avis Mobility Ventures LLC (AMV)          
Related Party Transaction [Line Items]          
Other (income) expense, net $ 2 $ 7 $ 7 $ 23  
v3.24.3
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]        
Stock-based compensation expense $ 1 $ 7 $ 14 $ 23
Stock-based compensation expense (net of tax) $ 1 $ 5 $ 11 $ 16
v3.24.3
Stock-Based Compensation (Stock Based Compensation Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Number of Shares    
Balance (in shares) 281  
Weighted Average Grant Date Fair Value    
Cost not yet recognized $ 28  
Period for recognition 1 year 4 months 24 days  
Time-based RSUs    
Number of Shares    
Balance (in shares) 290  
Granted (in shares) 134  
Vested (in shares) (120)  
Forfeited (in shares) (23)  
Outstanding and expected to vest (in shares) 281  
Weighted Average Grant Date Fair Value    
Balance (in usd per share) $ 161.87  
Granted (in usd per share) 111.39 $ 209.08
Vested (in usd per share) 137.08  
Forfeited (in usd per share) 163.81  
Balance (in usd per share) 148.16  
Outstanding and expected to vest, weighted average grant date fair value (in usd per share) $ 148.16  
Outstanding and expected to vest, weighted average remaining contractual term (in years) 1 year 4 months 24 days  
Aggregate intrinsic value, outstanding and expected to vest $ 25  
Fair value vested in period $ 32 $ 21
Performance-based RSUs    
Number of Shares    
Balance (in shares) 411  
Granted (in shares) 150  
Vested (in shares) (222)  
Forfeited (in shares) (25)  
Balance (in shares) 314  
Outstanding and expected to vest (in shares) 64  
Weighted Average Grant Date Fair Value    
Balance (in usd per share) $ 128.77  
Granted (in usd per share) 112.44 $ 208.64
Vested (in usd per share) 68.54  
Forfeited (in usd per share) 175.36  
Balance (in usd per share) 159.74  
Outstanding and expected to vest, weighted average grant date fair value (in usd per share) $ 192.77  
Outstanding and expected to vest, weighted average remaining contractual term (in years) 1 year 7 months 6 days  
Outstanding, weighted average remaining contractual terms (in years) 1 year 7 months 6 days  
Aggregate intrinsic value, outstanding and expected to vest $ 6  
Aggregate intrinsic value outstanding $ 28  
v3.24.3
Financial Instruments (Narrative) (Details)
$ in Millions
9 Months Ended
Sep. 30, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash flow hedge gain to be reclassified within twelve months $ 18
v3.24.3
Financial Instruments (Notational Amounts of Derivatives Held) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Foreign exchange contracts  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative, notional amount $ 1,665
Interest rate caps  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative, notional amount 15,954
Interest rate caps | Subsidiaries  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative, notional amount 5,800
Interest rate swaps  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative, notional amount 750
Sold  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative, notional amount 10,600
Purchase  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative, notional amount $ 5,400
v3.24.3
Financial Instruments (Fair Values of Derivatives Instruments) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Fair Value, Asset Derivatives $ 41 $ 74
Fair Value, Derivative Liabilities 16 78
Derivatives designated as hedging instruments | Interest rate swaps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Fair Value, Asset Derivatives 33 50
Fair Value, Derivative Liabilities 0 0
Derivatives not designated as hedging instruments | Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Fair Value, Asset Derivatives 4 5
Fair Value, Derivative Liabilities 3 4
Derivatives not designated as hedging instruments | Interest rate caps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Fair Value, Asset Derivatives 4 19
Fair Value, Derivative Liabilities $ 13 $ 74
v3.24.3
Financial Instruments (Effects of Derivatives Recognized) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative gain (loss) recognized in OCI $ (68) $ 28 $ (60) $ 5
Interest rate swaps | Derivatives designated as hedging instruments        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative gain (loss) recognized in OCI (16) 2 (12) 9
Euro-denominated notes | Derivatives designated as hedging instruments        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative gain (loss) recognized in OCI (37) 23 (14) 9
Foreign exchange contracts | Derivatives not designated as hedging instruments        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative gain (loss) recognized in OCI (15) 3 (34) (12)
Interest rate caps | Derivatives not designated as hedging instruments        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative gain (loss) recognized in OCI $ 0 $ 0 $ 0 $ (1)
v3.24.3
Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 5,465 $ 4,791
Carrying Amount | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term debt and current portion of long-term debt 540 32
Long-term debt 5,465 4,791
Carrying Amount | Interest rate caps | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swaps and interest rate caps 13 74
Carrying Amount | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Vehicle-backed debt 4,043 3,422
Carrying Amount | Avis Budget Rental Car Funding | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Vehicle-backed debt 13,837 15,441
Estimated Fair Value | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term debt and current portion of long-term debt 546 32
Long-term debt 5,517 4,812
Estimated Fair Value | Interest rate caps | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate swaps and interest rate caps 13 74
Estimated Fair Value | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Vehicle-backed debt 4,075 3,435
Estimated Fair Value | Avis Budget Rental Car Funding | Vehicle-backed debt due to Avis Budget Rental Car Funding | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Vehicle-backed debt $ 13,981 $ 15,238
v3.24.3
Segment Information (Narrative) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Threshold litigation amount $ 5  
Assets under vehicle programs 23,102 $ 22,979
International    
Segment Reporting Information [Line Items]    
Assets under vehicle programs $ 4,100 $ 3,700
v3.24.3
Segment Information (Summary of Segments Information) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 3,480 $ 3,564 $ 9,079 $ 9,244
Adjusted EBITDA 503 907 729 2,179
Reconciliation of Adjusted EBITDA to Income before income taxes:        
Non-vehicle related depreciation and amortization 58 55 177 163
Interest expense related to corporate debt, net:        
Interest expense 95 80 266 221
Early extinguishment of debt 0 1 1 1
Restructuring and other related charges 6 2 23 7
Transaction-related costs, net 0 3 2 3
Other (income) expense, net 3 1 6 3
Reported within operating expenses:        
Legal matters, net     7 5
Income before income taxes 329 757 214 1,752
Operating Expense | Cloud Computing Costs        
Reported within operating expenses:        
Cloud computing costs 12 8 33 24
Corporate and Other        
Segment Reporting Information [Line Items]        
Revenues 0 0 0 0
Adjusted EBITDA (20) (29) (57) (80)
Americas | Geographical        
Segment Reporting Information [Line Items]        
Revenues 2,640 2,736 6,994 7,180
Adjusted EBITDA 384 740 614 1,887
International | Geographical        
Segment Reporting Information [Line Items]        
Revenues 840 828 2,085 2,064
Adjusted EBITDA $ 139 $ 196 $ 172 $ 372
v3.24.3
Subsequent Events (Details) - USD ($)
shares in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Nov. 01, 2024
Oct. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
[1]
Sep. 30, 2024
Sep. 30, 2023
Subsequent Event [Line Items]            
Number of shares purchased (in shares)         100 2,900
Cost of shares repurchased during the period     $ 8,000,000 $ 491,000,000 $ 8,000,000 $ 637,000,000 [2]
Subsequent Event            
Subsequent Event [Line Items]            
Number of shares purchased (in shares)   422        
Cost of shares repurchased during the period   $ 34,500,000        
Maximum borrowing capacity, period decrease $ 770,000,000          
Loans Payable | Subsequent Event | Floating Rate Term Loan            
Subsequent Event [Line Items]            
Debt instrument, repurchased face amount   $ 535,000,000        
[1] Amount includes excise taxes due under the Inflation Reduction Act of 2022.
[2] Amount includes excise taxes due under the Inflation Reduction Act of 2022.

Avis Budget (NASDAQ:CAR)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024 Haga Click aquí para más Gráficas Avis Budget.
Avis Budget (NASDAQ:CAR)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024 Haga Click aquí para más Gráficas Avis Budget.