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avis budget group Avis Budget Group Reports New Record Net Income and Adjusted EBITDA November 1 , 2021 PARSIPPANY , N.J. , Nov. 01 , 2021 ( GLOBE NEWSWIRE ) financial results . -- Avis Budget Group , Inc. ( NASDAQ : CAR ) today announced its third quarter 2021 We ended the third quarter with revenues almost double the prior year and 9 % above the third quarter 2019 , at $ 3.0 billion . Our revenues were driven by increased revenue per day and rental days as demand continued from the second quarter . Net income was $ 674 million and our Adjusted EBITDA was $ 1,057 million , our best quarterly Adjusted EBITDA in our Company's history . Utilization for the quarter was 71.6 % , showing sequential quarter improvement and that our fleet was well positioned to meet demand . Our liquidity position at the end of the quarter was approximately $ 1.3 billion with an additional $ 2.7 billion of fleet funding capacity . We have well - laddered corporate debt and no meaningful maturities until 2024 . " Our third quarter results are a testament to our team's on - going focus around cost discipline and ability to execute operationally , " said Joe Ferraro , Avis Budget Group Chief Executive Officer . " We are seeing the benefits of initiatives we began during the early days of the pandemic and look to build on this positive momentum as the travel environment continues to normalize . " Q3 Highlights • Total Company revenues increased by 96 % and 9 % compared to third quarter 2020 and 2019 , respectively . • Adjusted EBITDA in the Americas was $ 952 million for the third quarter 2021 driven by strong pricing and sustained cost discipline . ● Adjusted EBITDA in International was $ 128 million for the third quarter 2021 driven by pricing and volume beginning to recover along with strong cost mitigating actions . • We repurchased approximately 11.6 million shares of common stock in the third quarter at an average cost of $ 86 , bringing our outstanding share count down by 16 % from June 30 , 2021 . • We redeemed $ 235 million of our 5.25 % Senior Notes due March 2025 with cash on hand . 13723926 . Investor Conference Call We will host a conference call to discuss the Company's third quarter results on November 2 , 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 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 , including class action lawsuits , 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