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Avis Budget Group Inc. 
EXCHANGE:  New York Stock Exchange

Avis Budget Group, Inc. (Avis Budget) provides car and truck rentals and ancillary services to businesses and consumers in the United States and internationally. The Company operates two of the brands in the global vehicle rental industry through Avis and Budget. Avis is a rental car supplier to the commercial and leisure segments of the travel industry and Budget is a rental car supplier to the price-conscious segments of the industry. The Company operates in three business segments: Domestic Car Rental, consisting of its Avis and Budget United States car rental operations; International Car Rental, consisting of its international Avis and Budget car rental operations, and truck rental, consisting of its Budget truck rental operations. 

http://www.avisbudgetgroup.com/
 
 

February 15, 2017
Avis Budget Group Reports Fourth Quarter and Full-Year 2016 Results
Revenue declined 1% in the fourth quarter, to $1.9 billion.
Net loss was $31 million, and Adjusted EBITDA was $121 million in the fourth quarter.
Diluted loss per share was $0.35, and adjusted diluted earnings per share were $0.15 in the fourth quarter.
Full-year diluted earnings per share were $1.75, and adjusted diluted earnings per share were $2.93.
Company repurchased $390 million of outstanding shares in 2016.
Company announces projected 2017 revenues and adjusted earnings.
PARSIPPANY, N.J., Feb. 15, 2017 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ:CAR) today reported results for its fourth quarter and year ended December 31, 2016.  For the quarter, the Company reported revenue of $1.9 billion and a net loss of $31 million, or $0.35 per share.  The Company reported Adjusted EBITDA of $121 million and adjusted net income of $13 million, or $0.15 per diluted share, in the quarter.
For the year, the Company reported revenue of $8.7 billion, an increase of 2% compared with 2015.  Net income was $163 million, or $1.75 per diluted share.  The Company reported full-year Adjusted EBITDA of $838 million and adjusted net income of $273 million, or $2.93 per diluted share.  The Company reported net cash provided by operating activities of $2.6 billion and free cash flow of $472 million in 2016.
As discussed further below, the Company's fourth quarter and full-year Adjusted EBITDA exclude, among other adjustments, a charge of $26 million ($16 million, net of tax) related to a recent judgment against the Company in a personal-injury trial.
"While our fourth quarter results reflect softer-than-expected volume and pricing, as well as currency movements having a $7 million adverse impact on Adjusted EBITDA compared to what we had anticipated, we are enthusiastic about our prospects for 2017 and beyond," said Larry De Shon, Avis Budget Group Chief Executive Officer.  "Our strategic initiatives are already beginning to deliver meaningful benefits, and we continue to expect that our efforts will drive substantial long-term margin growth."
Executive Summary
Revenue declined 1% in fourth quarter 2016 primarily due to 1% decreases in rental days and pricing in the Americas, as well as a 5% decrease in International pricing.  Our fourth quarter net loss was $31 million, and Adjusted EBITDA was $121 million.  Results were impacted by lower pricing and higher per-unit fleet costs Company-wide, partially offset by increased International volumes.
Full-year revenues totaled $8.7 billion, an increase of 2% compared to the prior year.  The increase was driven by a 3% increase in rental days, partially offset by a 2% decline in pricing (comprised of unchanged pricing in the Americas and a 5% decrease in International).  Full-year net income was $163 million, and Adjusted EBITDA was $838 million.  Results were impacted by higher per-unit fleet costs, lower International pricing and a $28 million negative impact from currency movements, partially offset by increased rental volumes.
Business Segment Discussion
The following discussion of fourth quarter operating results focuses on revenue and Adjusted EBITDA for each of our segments. Revenue and Adjusted EBITDA are expressed in millions.
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