avis budget group inc (CAR) Key Developments
Avis Budget Group, Inc. Presents at J.P. Morgan Gaming, Lodging, Restaurent & Leisure Management Acess Forum, Mar-05-2015 09:30 AM
Feb 26 15
Avis Budget Group, Inc. Presents at J.P. Morgan Gaming, Lodging, Restaurent & Leisure Management Acess Forum, Mar-05-2015 09:30 AM. Venue: Wynn Las Vegas, Las Vegas, Nevada, United States. Speakers: Ronald L. Nelson, Chairman, Chief Executive Officer, President, Chief Operating Officer and Chairman of Executive Committee.
Avis Budget Group Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
Feb 18 15
Avis Budget Group announced consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's net revenues were $1.9 billion, increased 2% compared to $1.85 billion reported a year ago. The company reported fourth-quarter revenue that fell short of market expectations due to currency exchange fluctuations. GAAP net income was $23 million, or $0.21 per diluted share compared with a loss of $28 million, or $0.26 loss per diluted share, in the year-earlier period. Non-GAAP diluted EPS increased 53% to $0.23 compared to $0.15 per diluted share reported a year ago. Income before income taxes was $33 million compared to loss before income taxes of $38 million reported a year ago. Adjusted EBITDA was $129 million compared to $114 million reported a year ago. Income before income taxes, excluding certain items, was $43 million compared to $21 million reported a year ago. Net income, excluding certain items, was $25 million compared to $17 million reported a year ago. Revenue increased 2% in fourth quarter 2014 compared to fourth quarter 2013 primarily due to a 6% increase in rental days and increased pricing in North America, partially offset by movements in currency exchange rates. Adjusted EBITDA increased 13%, primarily due to higher rental volumes and increased year-over-year pricing in North America, partially offset by higher fleet costs.
For the year, the company reported revenue of $8.48 billion compared to $7.94 billion reported a year ago. Income before income taxes was $392 million compared to $97 million reported a year ago. Net income was $245 million or $2.22 per diluted share compared with $16 million or $0.15 per diluted share in the year-earlier period. Adjusted EBITDA was $876 million compared to $769 million reported a year ago. Net cash provided by operating activities was $2,579 million. Capital expenditures were $185 million. Free cash flow was $456 million. Income before income taxes, excluding certain items, was $520 million compared to $413 million reported a year ago. Net income, excluding certain items, was $327 million or $2.96 per diluted share compared to $256 million or $2.20 per diluted share reported a year ago. The increase in revenue was driven by 7% growth in rental days, a 2% increase in North American pricing, and a 13% increase in ancillary revenues. Adjusted EBITDA was increased 14% compared to 2013 primarily due to higher rental volumes and increased year-over-year pricing in North America.
The company expects full-year 2015 revenue will be approximately $8.8 billion, a roughly 4% increase compared to 2014. In the company's North America segment, rental days are expected to increase 5% to 7%, and pricing is expected to increase approximately 2% in constant currency in 2015. Movements in currency exchange rates are negatively impacting revenue growth by approximately five points. Adjusted EBITDA will increase 3% to 14%, to approximately $900 million to $1 billion, including an approximately $40 million negative impact from movements in currency exchange rates. Interest expense related to corporate debt will be approximately $200 million. 2015 non-vehicle depreciation and amortization expense (excluding the amortization of intangible assets related to acquisitions) will be approximately $165 million. Pretax income will be approximately $535 million to $635 million, excluding certain items. Its effective tax rate in 2015 will be 37% to 38%, excluding certain items, and its diluted share count will be approximately 106 million, including the effect of completing the remainder of the company's existing share repurchase authorization in 2015. Based on these expectations, the company estimates that its 2015 diluted earnings per share, excluding certain items, will increase 6% to 27% compared to 2014, to $3.15 to $3.75. Such estimate includes a negative impact from currency exchange rates of approximately fifteen cents per share.
Avis Budget Group, Inc. Presents at Credit Suisse 17th Annual Global Services Conference, Mar-10-2015 10:55 AM
Feb 16 15
Avis Budget Group, Inc. Presents at Credit Suisse 17th Annual Global Services Conference, Mar-10-2015 10:55 AM. Venue: Credit Suisse One Madison Avenue, enter on Park or Madison between 23rd and 24th Streets, New York, NY 10010, United States. Speakers: David B. Wyshner, Global Chief Financial Officer and Senior Executive Vice President, Neal H. Goldner, Vice President of Investor Relations.
Avis Budget Group Signs License Agreement with Barloworld
Feb 10 15
Avis Budget Group, Inc. and Barloworld Ltd. have signed a license agreement under which Avis has granted Barloworld a new license to operate the Budget Car Rental brand in South Africa, effective March 1, 2015. Under the terms of the license agreement, Barloworld will operate the Budget brand in Botswana, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Zambia and Zimbabwe as well as South Africa.
Bidvest Car Rental and Avis Budget Group Enter into Agreement to Cease Operation as Budget Car, Van and Truck Rental in Southern Africa
Jan 28 15
Bidvest Car Rental has reached an agreement with Avis Budget Group, which will see Bidvest cease to operate as Budget car, van and truck rental in Southern Africa. Bidvest has been managing the Budget car and van rental franchise in the region for more than 20 years. Avis Budget Group will continue to own and operate the Budget car, van and truck rental brands in Southern Africa. The current Bidvest Car Rental and Avis Budget Group agreement came to an end on January 23, 2015 and a separation agreement has been concluded to ensure a smooth transition through to the end of February 2015.