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Avis Budget Group Inc (CAR.OQ)

CAR.OQ on NASDAQ Stock Exchange Global Select Market

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Latest Key Developments (Source: Significant Developments)

Avis Budget Group Announces Chief Financial Officer Transition
Thursday, 13 Aug 2020 

Avis Budget Group Inc ::AVIS BUDGET GROUP ANNOUNCES CHIEF FINANCIAL OFFICER TRANSITION.AVIS BUDGET GROUP INC - JOHN F. NORTH III WILL TRANSITION FROM CHIEF FINANCIAL OFFICER TO PURSUE OTHER INTERESTS.AVIS BUDGET GROUP INC - BRIAN CHOI WILL ASSUME ROLE OF CHIEF FINANCIAL OFFICER ON AUGUST 24, 2020.AVIS BUDGET GROUP - CHOI WILL RESIGN FROM BOARD AND WILL NO LONGER HAVE ANY AFFILIATION WITH SRS INVESTMENT MANAGEMENT.AVIS BUDGET GROUP INC - NORTH WILL REMAIN WITH AVIS BUDGET GROUP AS AN ADVISOR THROUGH END OF YEAR.AVIS BUDGET GROUP INC - BOARD WILL BE REDUCED FROM SEVEN TO SIX MEMBERS.  Full Article

Avis Budget Group Announces Pricing Of $350 Mln Of Senior Notes
Tuesday, 4 Aug 2020 

Aug 4 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP ANNOUNCES PRICING OF $350 MILLION OF SENIOR NOTES.AVIS BUDGET GROUP - PRICED OFFERING OF $350 MILLION OF 5.75% SENIOR NOTES DUE 2027 IN A PRIVATE OFFERING.  Full Article

Avis Budget Group Appoints Joe Ferraro Chief Executive Officer
Monday, 15 Jun 2020 

June 15 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP APPOINTS JOE FERRARO CHIEF EXECUTIVE OFFICER.AVIS BUDGET GROUP INC - BERNARDO HEES, WHO HAS BEEN SERVING AS INDEPENDENT CHAIRMAN OF BOARD, HAS BEEN NAMED EXECUTIVE CHAIRMAN.AVIS BUDGET GROUP INC - APPOINTED JOE FERRARO AS CEO, EFFECTIVE IMMEDIATELY.  Full Article

Avis Budget Group Announces Pricing Of $500 Million Of Senior Secured Notes
Tuesday, 5 May 2020 

May 5 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP ANNOUNCES PRICING OF $500 MILLION OF SENIOR SECURED NOTES.AVIS BUDGET GROUP - UNITS PRICED OFFERING OF $500 MILLION OF 10.500% SENIOR SECURED NOTES DUE 2025 IN PRIVATE OFFERING.  Full Article

Avis Budget Group Q1 Loss Per Share $2.16
Tuesday, 5 May 2020 

May 4 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP REPORTS FIRST QUARTER 2020 RESULTS AND PANDEMIC RESPONSE ACTIONS.Q1 LOSS PER SHARE $2.16.Q1 EARNINGS PER SHARE ESTIMATE $-1.84 -- REFINITIV IBES DATA.QTRLY REVENUES OF $1.8 BILLION, A DECREASE OF 9%.AVAILABLE LIQUIDITY OF $1.6 BILLION AT MARCH 31, 2020.AVAILABLE LIQUIDITY OF $1.6 BILLION AT MARCH 31, 2020.WE ANTICIPATE REVENUES BEING APPROXIMATELY 80% LOWER IN APRIL AND MAY COMPARED TO PRIOR YEAR.ANTICIPATE NEEDING TO DISPOSE OF FEWER VEHICLES OVER NEXT THREE MONTHS.AVIS BUDGET GROUP -ACTION TO RESPOND TO CRISIS, INCLUDED SIGNIFICANT REDUCTIONS IN PERSONNEL, SHRINKING SIZE OF FLEET & HALTING NON-ESSENTIAL SPENDING.  Full Article

Avis Budget Group Announces Intention To Offer $400 Mln Of Senior Secured Notes
Monday, 4 May 2020 

May 4 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP ANNOUNCES INTENTION TO OFFER $400 MILLION OF SENIOR SECURED NOTES.AVIS BUDGET GROUP INC - UNITS INTEND TO OFFER $400 MILLION SENIOR SECURED NOTES DUE 2025 IN PRIVATE OFFERING.AVIS BUDGET GROUP INC - NOTES WILL BE GUARANTEED BY AVIS BUDGET GROUP, INC. AND CERTAIN OF ITS U.S. SUBSIDIARIES.  Full Article

Avis Budget Group - Have Reduced Or Furloughed About 70% Of Global Workforce, Or About 21,000 Employees
Thursday, 23 Apr 2020 

April 22 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP PROVIDES PRELIMINARY FIRST QUARTER 2020 FINANCIAL RESULTS; UPDATE ON APRIL TRENDS, MITIGATION ACTIONS AND LIQUIDITY.SEES Q1 2020 REVENUE $1.7 BILLION TO $1.8 BILLION.HAVE REDUCED OR FURLOUGHED APPROXIMATELY 70% OF OUR GLOBAL WORKFORCE, OR APPROXIMATELY 21,000 EMPLOYEES.HAVE REDUCED BASE COMPENSATION AT LEVEL OF VICE PRESIDENTS AND ABOVE, FROZE MERIT INCREASES.REDUCED SIZE OF OUR GLOBAL FLEET BEGINNING IN MARCH AND CONTINUING IN APRIL.HAVE NO MEANINGFUL CORPORATE DEBT MATURITIES UNTIL 2023 AND HAVE NO MATERIAL FLEET FINANCING MATURITIES IN 2020.BASED ON CURRENT OPERATIONAL ASSUMPTIONS, WE BELIEVE WE HAVE ADEQUATE LIQUIDITY FOR BALANCE OF 2020 AND INTO 2021.EXPECT Q1 NET LOSS TO BE BETWEEN $155 AND $165 MILLION.Q1 RENTAL DAYS WERE IN A RANGE OF 34.4 TO 34.6 MILLION, REVENUE PER DAY WAS IN A RANGE OF $50 TO $51.ELIMINATED OUR 401(K) MATCH FOR HIGHLY COMPENSATED EMPLOYEES, AND CANCELED ALL FUTURE HIRING.APRIL REVENUE APPEARS TO HAVE STABILIZED, DOWN APPROXIMATELY 80% FROM PRIOR YEAR.BOTH OF AMERICAS AND INTERNATIONAL SEGMENTS ARE EXPERIENCING LOWER REVENUE PER DAY.REDUCED OR FURLOUGHED APPROXIMATELY 70% OF GLOBAL WORKFORCE, OR APPROXIMATELY 21,000 EMPLOYEES.MARCH RESULTS WERE SIGNIFICANTLY IMPACTED AS SHELTER IN PLACE ORDERS EFFECTIVELY ELIMINATED TRAVEL ACTIVITY GLOBALLY.BELIEVE CO WILL ACHIEVE ESTIMATED $2.0 BILLION IN ANNUALIZED COST REMOVAL AND MITIGATION THROUGH ACTIONS TO DATE.  Full Article

Avis Budget Group Provides Update Related To Coronavirus
Monday, 23 Mar 2020 

March 23 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP PROVIDES UPDATE RELATED TO CORONAVIRUS.AVIS BUDGET GROUP INC - WITHDRAWING FINANCIAL OUTLOOK WE PROVIDED EARLIER THIS YEAR.AVIS BUDGET GROUP INC - OUTLOOK FOR APRIL AND BEYOND IS CHALLENGED WITH RESERVATIONS DOWN APPROXIMATELY 60% AND WITH POTENTIAL FOR FURTHER DECLINES.AVIS BUDGET GROUP INC - TARGETING MORE THAN $400 MILLION IN ANNUALIZED COST REDUCTION & MITIGATION.AVIS BUDGET GROUP INC - IN MARCH RESERVATIONS & REVENUE BEGAN TO BE NEGATIVELY AFFECTED AS TRAVEL RESTRICTIONS WERE BROADLY IMPLEMENTED.AVIS BUDGET GROUP INC - EXPECT TO HAVE SUFFICIENT LIQUIDITY TO OPERATE THROUGH END OF 2020 AND BEYOND.AVIS BUDGET GROUP - EVALUATING COMPENSATION EXPENSE.AVIS BUDGET GROUP - INTEND TO MAKE REDUCTIONS, INCLUDING TO BASE COMPENSATION FOR SENIOR EMPLOYEES INCLUDING EXECUTIVE LEADERSHIP TEAM.AVIS BUDGET GROUP - CURRENTLY ESTIMATE AVAILABLE CREDIT UNDER UNDRAWN REVOLVING CREDIT FACILITY TO BE ABOUT $750 MILLION.  Full Article

Avis Budget Group Q4 Revenue Rose 5.5% To $2.16 Billion
Thursday, 20 Feb 2020 

Feb 20 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP DELIVERS RECORD FOURTH QUARTER REVENUE DRIVEN BY OVERPERFORMANCE IN THE AMERICAS.Q4 REVENUE ROSE 5.5% TO $2.16 BILLION.Q4 ADJUSTED EARNINGS PER SHARE $0.73.Q4 EARNINGS PER SHARE $1.90.Q4 REVENUE ESTIMATE $2.08 BILLION -- REFINITIV IBES DATA.Q4 EARNINGS PER SHARE ESTIMATE $0.50 -- REFINITIV IBES DATA.SEES 2020 REVENUES $9,400 MILLION - $9,600 MILLION.SEES 2020 ADJUSTED DILUTED EARNINGS PER SHARE $3.75 - $4.75.FY2020 EARNINGS PER SHARE VIEW $3.99, REVENUE VIEW $9.33 BILLION -- REFINITIV IBES DATA.  Full Article

Avis Budget Group Reports Q4 Earnings Per Share $1.90
Thursday, 20 Feb 2020 

Feb 19 (Reuters) - Avis Budget Group Inc ::AVIS BUDGET GROUP DELIVERS RECORD FOURTH QUARTER REVENUE DRIVEN BY OVERPERFORMANCE IN THE AMERICAS.Q4 ADJUSTED EARNINGS PER SHARE $0.73.Q4 EARNINGS PER SHARE $1.90.Q4 REVENUE ROSE 2 PERCENT TO $9.2 BILLION.Q4 REVENUE ESTIMATE $2.08 BILLION -- REFINITIV IBES DATA.Q4 EARNINGS PER SHARE ESTIMATE $0.50 -- REFINITIV IBES DATA.SEES 2020 REVENUES $9,400 MILLION - $9,600 MILLION.SEES 2020 ADJUSTED DILUTED EARNINGS PER SHARE $3.75 - $4.75.FY2020 EARNINGS PER SHARE VIEW $3.99, REVENUE VIEW $9.33 BILLION -- REFINITIV IBES DATA.  Full Article

BRIEF-Melvin Capital Management LP Reports 5.8% Passive Stake In Avis Budget Group

* MELVIN CAPITAL MANAGEMENT LP REPORTS 5.8% PASSIVE STAKE IN AVIS BUDGET GROUP INC AS OF JULY 2 - SEC FILING Source text : (https://bit.ly/3iH4SaQ) Further company coverage: