AVIS BUDGET GROUP, INC. — fact timeline

Jagdeep Pahwa was appointed as Chairman of the Board at AVIS BUDGET GROUP, INC..

“Jagdeep Pahwa, currently Vice Chairman of the Board, will assume the role of Chairman of the Board”

Bernardo Hees departed as Executive Chairman at AVIS BUDGET GROUP, INC..

“Bernardo Hees will resign as Executive Chairman of the Board but continue to serve as a member of the Board”

Brian J. Choi changed role as EVP & Chief Transformation Officer at AVIS BUDGET GROUP, INC..

“Effective January 1, 2024, Mr. Choi will transition from the role of EVP & Chief Financial Officer and become the Company’s first EVP & Chief Transformation Officer.”

Izzy Martins was appointed as EVP & Chief Financial Officer at AVIS BUDGET GROUP, INC..

“Izzy Martins, currently serving as EVP Americas of the Company, will assume the role of EVP & Chief Financial Officer of the Company, effective January 1, 2024.”

AVIS BUDGET GROUP, INC. reported third quarter 2023 results: revenue $3.6 billion, net income $627 million.

“PARSIPPANY, N.J., November 1, 2023 - Avis Budget Group, Inc. ( NASDAQ: CAR ) announced financial results for third quarter 2023 today. We ended the quarter with revenues of $3.6 billion, driven by peak demand and seasonal revenue per day increases. Net income was $627 million and our Adjusted EBITDA 1 was $907 million. Our liquidity position at the end of the”

AVIS BUDGET GROUP, INC. incurred senior notes of $88.6 million with The Bank of New York Mellon Trust Company, N.A. at 6.66% maturing five years.

“etween ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-7 Agent (the “Series 2023-7 Supplement”),”

AVIS BUDGET GROUP, INC. incurred senior notes of $554.4 million with The Bank of New York Mellon Trust Company, N.A. at 6.02% maturing five years.

“issued $700 million of asset-backed securities with a maturity of five years, comprised of $554.4 million aggregate principal amount of Series 2023-8 6.02%, Class A notes”

AVIS BUDGET GROUP, INC. incurred senior notes of $24.5 million with The Bank of New York Mellon Trust Company, N.A. at 7.41% maturing three years.

“etween ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-7 Agent (the “Series 2023-7 Supplement”),”

AVIS BUDGET GROUP, INC. incurred senior notes of $38 million with The Bank of New York Mellon Trust Company, N.A. at 6.44% maturing three years.

“etween ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-7 Agent (the “Series 2023-7 Supplement”),”

AVIS BUDGET GROUP, INC. incurred senior notes of $237.6 million with The Bank of New York Mellon Trust Company, N.A. at 5.90% maturing three years.

“issued $300 million of asset-backed securities with a maturity of three years, comprised of $237.6 million aggregate principal amount of Series 2023-7 5.90%, Class A notes”

AVIS BUDGET GROUP, INC. entered into Series 2023-8 Supplement to the Second Amended and Restated Base Indenture with The Bank of New York Mellon Trust Company, N.A. valued at $700 million of asset-backed securities (Series 2023-8) (effective 2023-09-18).

“On the Closing Date, ABRCF also issued $700 million of asset-backed securities with a maturity of five years, comprised of $554.4 million aggregate principal amount of Series 2023-8 6.02%, Class A notes, $88.6 million aggregate principal amount of Series 2023-8 6.66%, Class B notes and $57 million aggregate principal amount of Series 2023-8 7.34%, Class C notes.”

AVIS BUDGET GROUP, INC. entered into Series 2023-7 Supplement to the Second Amended and Restated Base Indenture with The Bank of New York Mellon Trust Company, N.A. valued at $300 million of asset-backed securities (Series 2023-7) (effective 2023-09-18).

“On September 18, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $300 million of asset-backed securities with a maturity of three years, comprised of $237.6 million aggregate principal amount of Series 2023-7 5.90%, Class A notes, $38 million aggregate principal amount of Series 2023-7 6.44%, Class B notes and $24.5 million aggregate principal amount of Series 2023-7 7.41%, Class C notes.”

AVIS BUDGET GROUP, INC. reported second quarter 2023 results: revenue $3.1 billion, net income $436 million.

“We ended the quarter with revenues of $3.1 billion, driven by strong demand and seasonal revenue per day increase. Net income was $436 million and our Adjusted EBITDA 1 was $737 million.”

AVIS BUDGET GROUP, INC. incurred senior notes of $526 million maturing five years.

“On the Closing Date, ABRCF also issued $526 million of asset-backed securities with a maturity of five years, comprised of $416.6 million aggregate principal amount of Series 2023-6 5.81%, Class A notes, $66.5 million aggregate principal amount of Series 2023-6 6.40%, Class B notes and $42.9 million aggregate principal amount of Series 2023-6 7.03%, Class C notes.”

AVIS BUDGET GROUP, INC. incurred senior notes of $476 million maturing three years.

“On June 1, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $476 million of asset-backed securities with a maturity of three years, comprised of $377 million aggregate principal amount of Series 2023-5 5.78%, Class A notes, $60.2 million aggregate principal amount of Series 2023-5 6.12%, Class B notes and $38.8 million aggregate principal amount of Series 2023-5 6.85%, Class C notes.”

AVIS BUDGET GROUP, INC. entered into Series 2023-6 Supplement with The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-6 Agent valued at $526 million (effective 2023-06-01).

“On the Closing Date, ABRCF also issued $526 million of asset-backed securities with a maturity of five years, comprised of $416.6 million aggregate principal amount of Series 2023-6 5.81%, Class A notes, $66.5 million aggregate principal amount of Series 2023-6 6.40%, Class B notes and $42.9 million aggregate principal amount of Series 2023-6 7.03%, Class C notes. ABRCF also issued $29 million aggregate principal amount of Series 2023-6 8.969%, Class R notes, which are subordinated to the Class A notes, the Class B notes and the Class C notes and were issued to comply with applicable U.S. risk retention rules. The Class R notes are held by our AESOP Leasing L.P. subsidiary. The notes were issued under the Series 2023-6 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-6 Agent (the “Series 2023-6 Supplement”), to the Base Indenture.”

AVIS BUDGET GROUP, INC. entered into Series 2023-5 Supplement with The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-5 Agent valued at $476 million (effective 2023-06-01).

“On June 1, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $476 million of asset-backed securities with a maturity of three years, comprised of $377 million aggregate principal amount of Series 2023-5 5.78%, Class A notes, $60.2 million aggregate principal amount of Series 2023-5 6.12%, Class B notes and $38.8 million aggregate principal amount of Series 2023-5 6.85%, Class C notes. ABRCF also issued $26.2 million aggregate principal amount of Series 2023-5 8.768%, Class R notes, which are subordinated to the Class A notes, the Class B notes and the Class C notes and were issued to comply with applicable U.S. risk retention rules. The Class R notes are held by our AESOP Leasing L.P. subsidiary. The notes were issued under the Series 2023-5 Supplement, dated as of the Closing Date, between ABRCF and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2023-5 Agent (the “Series 2023-5 Supplement”), to the Second Amen”

AVIS BUDGET GROUP, INC. shareholders voted on Advisory Vote on the Frequency of the Advisory Vote on Executive Compensation at the 2023-05-24 meeting.

“Advisory Vote on the Frequency of the Advisory Vote on Executive Compensation: A majority of the Company’s shareholders recommended, on a non-binding advisory basis, to hold an advisory vote on the compensation of the Company’s named executive officers on an annual basis, by the votes set forth in the table below: One-Year Frequency Vote Two-Year Frequency Vote Three-Year Frequency Vote Abstentions Broker Non-Votes 33,163,613 34,766 544,065 31,043 2,563,570”

AVIS BUDGET GROUP, INC. shareholders approved Advisory Approval of the Compensation of our Named Executive Officers at the 2023-05-24 meeting.

“Advisory Approval of the Compensation of our Named Executive Officers : The proposal to approve, on an advisory basis, the compensation of the Company’s named executive officers, as described in the Company’s 2023 proxy statement, was approved by the following votes: Votes For Votes Against Abstentions Broker Non-Votes 31,331,350 2,401,155 40,982 2,563,570”

AVIS BUDGET GROUP, INC. shareholders approved Ratification of Appointment of Independent Registered Accounting Firm at the 2023-05-24 meeting.

“Ratification of Appointment of Independent Registered Accounting Firm: The appointment of Deloitte & Touche LLP to serve as the Company’s independent registered accounting firm for fiscal year 2023 was ratified as follows: Votes For Votes Against Abstentions 35,869,929 446,354 20,773”

AVIS BUDGET GROUP, INC. shareholders approved Election of Directors at the 2023-05-24 meeting.

“Election of Directors : The six nominees named in the Company’s 2023 proxy statement were elected to serve a one-year term expiring in 2024 and until their successors are duly elected and qualified or until their earlier resignation or removal, based upon the following votes: Director Nominee Votes For Votes Against Abstentions Broker Non-Votes Bernardo Hees 32,466,737 1,291,802 14,948 2,563,570 Jagdeep Pahwa 32,523,293 1,208,615 41,579 2,563,570 Anu Hariharan 27,808,505 5,924,095 40,887 2,563,570 Lynn Krominga 27,164,728 6,593,490 15,269 2,563,570 Glenn Lurie 26,857,658 6,900,248 15,581 2,563,570 Karthik Sarma 33,216,637 541,818 15,032 2,563,570”

AVIS BUDGET GROUP, INC. reported first quarter 2023 results: revenue $2.6 billion, net income $312 million.

“2023 - Avis Budget Group, Inc. ( NASDAQ: CAR ) announced financial results for first quarter 2023 today. We ended the quarter with revenues 5% above the first quarter 2022, at $2.6 billion, driven by strong demand and revenue per day in-line with prior year. Net income was $312 million and our Adjusted EBITDA 1 was $535 million. Utilization was up a point compared”

AVIS BUDGET GROUP, INC. amended Second Amendment to the Third Amended and Restated Series 2015-3 Supplement valued at from $342 million to $421.37 million (effective 2023-04-24).

“xhibit 10.1, and the Second Amendment to the Third Amended and Restated Series 2015-3 Supplement, a copy of which is attached”

AVIS BUDGET GROUP, INC. amended Second Amendment to the Fifth Amended and Restated Series 2010-6 Supplement valued at from $3.56 billion to $4.27 billion (effective 2023-04-24).

“ext of the Second Amendment to the Fifth Amended and Restated Series 2010-6 Supplement, a copy of which is attached hereto as”

AVIS BUDGET GROUP, INC. entered into Series 2023-4 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $550 million (effective 2023-04-06).

“On the Closing Date, ABRCF also issued $550 million of asset-backed securities with a maturity of five years, comprised of $431.75 million aggregate principal amount of Series 2023-4 5.49%, Class A notes, and $66 million aggregate principal amount of Series 2023-4 6.32%, Class B notes and $52.25 million aggregate principal amount of Series 2023-4 7.24%, Class C notes.”

AVIS BUDGET GROUP, INC. entered into Series 2023-3 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $450 million (effective 2023-04-06).

“On April 6, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $450 million of asset-backed securities with a maturity of three years, comprised of $353.25 million aggregate principal amount of Series 2023-3 5.44%, Class A notes, $54 million aggregate principal amount of Series 2023-3 6.12%, Class B notes and $42.75 million aggregate principal amount of Series 2023-3 7.05%, Class C notes.”

AVIS BUDGET GROUP, INC. amended First Amendment to the Third Amended and Restated Series 2015-3 Supplement with JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein, and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2015-3 Agent valued at $342 million (effective 2023-03-30).

“The Series 2015-3 Notes are issued under the First Amendment to the Third Amended and Restated Series 2015-3 Supplement, dated March 30, 2023, among ABRCF, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein, and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2015-3 Agent, to the Base Indenture.”

AVIS BUDGET GROUP, INC. amended First Amendment to the Fifth Amended and Restated Series 2010-6 Supplement with JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein, and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2010-6 Agent valued at $3.56 billion (effective 2023-03-30).

“On March 30, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) completed an amendment and renewal of its asset-backed variable-funding financing facilities”

AVIS BUDGET GROUP, INC. reported full year ended December 31, 2022 results: revenue $12.0 billion, net income $2.8 billion.

“was 67.0%, showing that our fleet continues to be well positioned to meet demand. Full year revenues increased 29% compared to the prior year and 31% compared to 2019, at $12.0 billion. Net income was $2.8 billion and Adjusted EBITDA was $4.1 billion, both full year records for the Company. Our liquidity position at the end of the quarter was approximately $1.6”

AVIS BUDGET GROUP, INC. reported fourth quarter ended December 31, 2022 results: revenue $2.8 billion, net income $424 million.

“financial results for fourth quarter and full year ended December 31, 2022. We ended 2022 with fourth quarter revenues 8% above prior year and 28% above fourth quarter 2019, at $2.8 billion. Our revenues were driven by increased revenue per day and strong demand from both our commercial business and leisure holiday travel. Net income was $424 million and Adjusted”

AVIS BUDGET GROUP, INC. incurred senior notes of $350 million with The Bank of New York Mellon Trust Company, N.A. at 5.20% for Class A, 6.03% for Class B maturing three years.

“On the Closing Date, ABRCF also issued $350 million of asset-backed securities with a maturity of three years, comprised of $303.59 million aggregate principal amount of Series 2023-2 5.20%, Class A notes, and $46.41 million aggregate principal amount of Series 2023-2 6.03%, Class B notes.”

AVIS BUDGET GROUP, INC. incurred senior notes of $500 million with The Bank of New York Mellon Trust Company, N.A. at 5.25% for Class A, 6.08% for Class B maturing five years.

“On January 17, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $500 million of asset-backed securities with a maturity of five years, comprised of $433.7 million aggregate principal amount of Series 2023-1 5.25%, Class A notes, and $66.3 million aggregate principal amount of Series 2023-1 6.08%, Class B notes.”

AVIS BUDGET GROUP, INC. entered into Series 2023-2 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $350 million (effective 2023-01-17).

“On the Closing Date, ABRCF also issued $350 million of asset-backed securities with a maturity of three years, comprised of $303.59 million aggregate principal amount of Series 2023-2 5.20%, Class A notes, and $46.41 million aggregate principal amount of Series 2023-2 6.03%, Class B notes.”

AVIS BUDGET GROUP, INC. entered into Series 2023-1 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $500 million (effective 2023-01-17).

“On January 17, 2023 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $500 million of asset-backed securities with a maturity of five years, comprised of $433.7 million aggregate principal amount of Series 2023-1 5.25%, Class A notes, and $66.3 million aggregate principal amount of Series 2023-1 6.08%, Class B notes.”

AVIS BUDGET GROUP, INC. amended Fourth Amended and Restated Cooperation Agreement with SRS Investment Management, LLC and certain of its affiliates (collectively, “SRS”) (effective 2022-12-23).

“On December 23, 2022, Avis Budget Group, Inc. (the “Company”) entered into a Fourth Amended and Restated Cooperation Agreement (the “Fourth A&R Cooperation Agreement”) with SRS Investment Management, LLC and certain of its affiliates (collectively, “SRS”), regarding the membership and composition of the Company’s board of directors (the “Board”) and related matters, following approval thereof by the directors not designated by SRS.”

AVIS BUDGET GROUP, INC. entered into Series 2022-5 Supplement with The Bank of New York Mellon Trust Company, N.A. valued at $500.5 million (effective 2022-11-29).

“On November 29, 2022 (the “Closing Date”), our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (“ABRCF”) issued $500.5 million of asset-backed securities with a maturity of five years, comprised of $434.1 million aggregate principal amount of Series 2022-5 6.12%, Class A notes, and $66.4 million aggregate principal amount of Series 2022-5 7.09%, Class B notes.”

AVIS BUDGET GROUP, INC. reported third quarter 2022 results: revenue $3.5 billion, net income $1.0 billion.

“We ended the quarter with revenues 18% above third quarter 2021, at $3.5 billion, a new quarterly revenue record, surpassing our second quarter 2022 record, driven by continued strong demand and increased revenue per day. Net income w as $1.0 billion and our Adjusted EBITDA was $1.5 billion , our best quarterly net income and Adjusted EBITDA in our history.”

Veresh Sita resigned as Executive Vice President and Chief Digital and Innovation Officer at AVIS BUDGET GROUP, INC..

“Veresh Sita entered into a separation agreement (the “Separation Agreement”), pursuant to which Mr. Sita will resign from his position as Executive Vice President and Chief Digital and Innovation Officer of the Company effective May 13, 2022.”

Anu Hariharan was elected as Director at AVIS BUDGET GROUP, INC..

“filled a vacancy in the Board by electing Anu Hariharan, effective January 1, 2022, to serve as a director”

Carl Sparks resigned as Director at AVIS BUDGET GROUP, INC..

“On September 27, 2021, Carl Sparks announced his intention to resign from the Board of Directors of Avis Budget Group, Inc. (the “Company”), effective October 1, 2021.”