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avis budget group Avis Budget Group Reports Record Net Income and Adjusted EBITDA August 3 , 2021 PARSIPPANY , N.J. , Aug. 03 , 2021 ( GLOBE NEWSWIRE ) -- Avis Budget Group , Inc. ( NASDAQ : CAR ) today announced second quarter 2021 financial results . We ended the second quarter with revenues up more than three times prior year and 1 % above second quarter 2019 , at $ 2.4 billion . Our revenues were driven by increased revenue per day compared to second quarter 2020 , which represented the depths of the pandemic . Rental days also increased compared to prior year as demand continues to normalize . Net income was $ 398 million and our Adjusted EBITDA was $ 624 million , increasing more than three times second quarter 2019 , making it our best quarterly Adjusted EBITDA in our Company's 75 year history . Additionally , our utilization in the quarter was 71.3 % and showed continuous improvement as the quarter progressed ensuring our fleet was well positioned to meet increased levels of demand . Our liquidity position at the end of the quarter was approximately $ 1.8 billion with an additional $ 3.4 billion of fleet funding capacity . We have well - laddered corporate debt and renewed our credit facility in July . We now have no meaningful maturities until 2024 . " This is the best quarter result in our Company's history and a validation of all the hard work our team has put in since the pandemic began . " said Joe Ferraro , Avis Budget Group Chief Executive Officer . " The momentum we saw in the second quarter is expected to continue through the summer and our team will be ready to take advantage of increased demand while maintaining rigorous cost discipline . ” Q2 Highlights • Total Company revenues were up 212 % compared to second quarter 2020 and up 1 % compared to 2019 . • Adjusted EBITDA in the Americas was $ 634 million for second quarter 2021 driven by continued sequential revenue growth and sustained cost discipline . • Adjusted EBITDA in International was $ 8 million for second quarter 2021 driven by strong cost mitigating actions to match demand as International recovery continues . • We issued $ 800 million asset - backed notes incurring our lowest ever interest at a weighted average rate of 1.73 % . Investor Conference Call We will host a conference call to discuss second quarter results on August 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 13721250 . 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 , cost - saving actions , the global semiconductor shortage and cash flows are forward - looking statements . Various risks that could cause future results to differ from those expressed by the forward - looking statements included in this press release include , but are not limited to , the severity and duration of the COVID - 19 outbreak , which is expected to continue to have a significant impact on our operations , and resulting economic conditions and related restrictions , the high level of competition in the mobility industry , changes in our fleet costs , including as a result of a change in the cost of new vehicles , manufacturer recalls and / or the value of used vehicles , disruption in the supply of new vehicles , disposition of vehicles not covered by manufacturer repurchase programs , our ability to realize our estimated cost savings on a timely basis , or at all , the financial condition of the manufacturers that supply our rental vehicles , including as a result of the global semiconductor shortage , which could affect their ability to perform their obligations under our repurchase and / or guaranteed depreciation arrangements , the significant decline in travel demand as a result of COVID - 19 , including the current and any further disruptions in airline passenger traffic , the absence of an improvement in or any further deterioration in economic conditions generally , particularly during our peak season and / or in key market segments , any occurrence or threat of terrorism , the current and any future pandemic diseases or other natural disasters , any changes to the cost or supply of fuel , risks related to acquisitions or integration of acquired businesses , risks associated with litigation , governmental or regulatory inquiries or investigations , risks related to the security of our information technology systems , disruptions in our communication networks , changes in tax or other regulations , a significant increase in interest rates or borrowing costs , our ability to obtain financing for our global operations , including the funding of our vehicle fleet via asset - backed securities markets , any fluctuations related to the mark - to - market of derivatives which hedge our exposure to exchange rates , interest rates and fuel costs , our ability to meet the covenants contained in the agreements governing our indebtedness , and our ability to accurately estimate our future results and implement our cost savings actions . Other unknown or unpredictable factors could also have material adverse effects on the Company's performance or achievements . Important assumptions and other important factors that could cause actual results to differ materially from those in the forward - looking statements are specified in Avis Budget Group's Annual Report on Form 10 - K for the year ended December 31 , 2020 , Quarterly Report on Form 10 - Q for the three months ended March 31 , 2021 and in other filings and furnishings made by the Company with the Securities and Exchange Commission