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avis budget group Avis Budget Group Capitalizes on Continued Economic Recovery May 3 , 2021 PARSIPPANY , N.J. , May 03 , 2021 ( GLOBE NEWSWIRE ) -- Avis Budget Group , Inc. ( NASDAQ : CAR ) today announced first quarter 2021 financial results . Despite revenue being down 22 % for the first quarter compared to prior year , and net loss of $ 170 million , we achieved Adjusted EBITDA of $ 47 million in the first quarter through cost discipline and double digit growth in revenue per day in the Americas . This is our best first quarter Adjusted EBITDA since 2015 and is now our third consecutive quarter of positive Adjusted EBITDA since the start of the pandemic . As demand started to recover in the Americas in the back half of the quarter , we optimized our fleet , resulting in higher utilization , and took advantage of pricing opportunities . We finished the quarter with Revenue per Day increasing 12 % from prior year in the Americas . A strengthening Revenue per Day environment combined with our continued cost mitigating actions resulted in the Americas achieving a record first quarter Adjusted EBITDA margin . Our liquidity position at the end of the quarter was approximately $ 1.2 billion with an additional $ 4.8 billion of fleet funding capacity . We have well - laddered corporate debt maturities with no meaningful maturities until 2023 . " Our first quarter results show our continued recovery through cost discipline and fleet optimization driving higher utilization , while reducing global per unit fleet costs , " said Joe Ferraro , Avis Budget Group Chief Executive Officer . " The Americas achieved its best first quarter Adjusted EBITDA margin on one of its lowest first quarter revenue bases and continues to prove that our cost saving initiatives are expected to continue to deliver strong results . These accomplishments are a great way to kick off the 75th anniversary of our Avis brand . " Q1 Highlights • Revenues recovered sequentially in the quarter with Revenue per Day increasing 12 % in the Americas driven by improving demand . • Due to our cost discipline and the improving demand environment , the Americas generated record first quarter Adjusted EBITDA margins . • Our Adjusted EBITDA in International was nearly flat compared to first quarter 2020 , excluding a $ 9 million negative currency exchange rate movement , from strong cost mitigating actions to match demand as international recovery continues . • We completed senior notes offering of $ 600 million at 5 %% and $ 500 million at 4¾ % , and used the proceeds to redeem our 10 % senior secured notes and 6¾ % senior notes , and pay off a portion of the 5 % senior notes . Our interest rate of 434 % is the lowest rate achieved on an unsecured notes offering in our Company's history . • Our contactless rental experience , Avis Quickpass , is now offered at 20 of our top airport locations across the U.S. , for our Avis Preferred customers . Outlook The global semiconductor shortage is causing uncertainty in fleet supply and resulting in tighter fleets throughout the industry . We have historically navigated through significant vehicle recalls , and believe we have the logistics in place to effectively manage our fleet during this disruption in supply . We continue to get new car deliveries every day and believe we can increase our fleet utilization efficiency to capture increased demand . We look forward to helping people experience their mobility needs in a safe and efficient way . While we continue to monitor vehicle availability and the roll out of the vaccine and its impact on the demand for the travel industry , we cannot currently predict the volatility associated with the industry . Due to these continued macro uncertainties , we are not providing guidance at this time . Investor Conference Call We will host a conference call to discuss first quarter results on May 4 , 2021 , at 8:30 a.m. ( ET ) . Investors may access the call at ir.avisbudgetgroup.com or by dialing ( 877 ) 407-2991 and a replay will available on our website and at ( 877 ) 660-6853 using conference code 13717958 . About Avis Budget Group Avis Budget Group , Inc. is a leading global provider of mobility solutions , both through its Avis and Budget brands , which have more than 10,000 rental locations in approximately 180 countries around the world , and through its Zipcar brand , which is the world's leading car sharing network with more than one million members . Avis Budget Group operates most of its car rental offices in North America , Europe and Australasia directly , and operates primarily through licensees in other parts of the world . Avis Budget Group is headquartered in Parsippany , N.J. More information is available at avisbudgetgroup.com . Forward - Looking Statements Certain statements in this press release constitute " forward - looking statements . " Any statements that refer to outlook , expectations or other characterizations of future events , circumstances or results , including all statements related to our future results , impact from the COVID - 19 outbreak ,