Avis is seeing significant revenue improvement, likely due to pandemic recovery, with numbers about three times above this time last year.
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Avis Budget Group reported revenues of $2.4 billion in the second quarter of 2021, which was more than three times the prior year and 1% above the second quarter of 2019.
Net income was $398 million for the quarter, while adjusted EBITDA came in at $624 million, a more than threefold increase over the second quarter 2019. The quarterly adjusted EBITDA was the best in the company's 75-year history.
The company’s revenues were driven by increased revenue per day and rental days compared to the second quarter of 2020, which represented the depths of the pandemic. Rental days also increased compared to the prior year as demand continues to normalize.
Additionally, utilization in the quarter was 71.3%, showing continuous improvement as the quarter progressed.
“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 CEO. “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.”
Avis ended the quarter with liquidity position of approximately $1.8 billion with an additional $3.4 billion of fleet funding capacity and no meaningful maturities until 2024.
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