Avis Budget Group, Inc. (NASDAQ: CAR) today announced financial results for fourth quarter and full year ended December 31, 2021.
We ended 2021 with fourth quarter revenues 90% above prior year and 19% above fourth quarter of 2019, at $2.6 billion. Our revenues were driven by increased revenue per day and rental days as demand continued from the third quarter. Net income was $381 million and Adjusted EBITDA was $683 million, our best fourth quarter Adjusted EBITDA in Company history. Utilization for the quarter was 68.2%, showing that our fleet was well positioned to meet demand.
Full year revenues increased 72% compared to the prior year and 2% above 2019, at $9.3 billion. Net income was $1.3 billion and Adjusted EBITDA was $2.4 billion, both new full year records for the Company. The significant increase in revenues suggests a steady return to historic travel levels.
Our liquidity position at the end of the quarter was approximately $757 million with an additional $2.6 billion of fleet funding capacity. We have well-laddered corporate debt and no meaningful maturities until 2024.
“Our strong performance continued in the fourth quarter with all of our key metrics beating pre-pandemic levels in the Americas,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “We were able to achieve these results and deliver the best year in our Company’s history despite the emergence of Omicron. This wouldn’t have been possible without the tireless effort of our entire organization and I want to thank the team for helping us achieve these milestones.”
Q4 and Full Year Highlights
- Total Company revenues for the fourth quarter increased by 90% and 19% compared to fourth quarter 2020 and 2019, respectively.
- Adjusted EBITDA in the Americas was $670 million for the fourth quarter and $2.4 billion for the year ended 2021 driven by strong pricing, increased demand and sustained cost discipline.
- Adjusted EBITDA in International was $32 million for the fourth quarter and $118 million for the year ended 2021 driven by strong pricing, continued recovering volume and strong cost mitigating actions.
- We repurchased approximately 2.6 million shares of common stock in the fourth quarter at an average cost of $170, bringing our total repurchases to approximately 14.3 million shares of common stock for 2021.
Investor Conference Call
We will host a conference call to discuss fourth quarter and full year ended December 31, 2021 results on February 15, 2022, 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 13726207.
