From GlobeNewswire: 2025-02-11 16:02:00

Avis Budget Group reported fourth-quarter revenues of $2.7 billion, driven by leisure holiday travel, with a net loss of nearly $2 billion and an Adjusted EBITDA loss of $101 million. Full-year revenues were $11.8 billion, with a net loss of $1.8 billion and Adjusted EBITDA of $628 million due to fleet rotation strategy changes.

Avis Budget Group CEO Joe Ferraro will transition to Board Advisor in June 2025 after a 45-year career. Brian Choi, the Chief Transformation Officer, will become CEO on July 1, 2025. Jagdeep Pahwa, Chairman of the Board, will become Executive Chairman. Ferraro expressed confidence in Choi’s leadership.

Investors can access Avis Budget Group’s fourth-quarter results conference call on February 12, 2025. The company is a leading global mobility solutions provider with brands like Avis, Budget, and Zipcar. They have rental locations in approximately 180 countries and operate mainly in North America, Europe, and Australasia.

Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP financial measures used by Avis Budget Group. Adjusted EBITDA is income before certain charges and expenses, while Adjusted Free Cash Flow is net cash provided by operating activities adjusted for capital expenditures and other activities. These measures help evaluate the company’s performance and cash flow.



Read more at GlobeNewswire:: Avis Budget Group Reports Fourth Quarter and Full Year