Highest-materiality recent filing
Avis Budget Group refinances $2B revolver, adds $200M 2028 facility
Refinanced existing $2B revolving loan facility with new $2B 2031 Revolving Facility maturing June 29, 2031.
Avis Budget settles Section 16(b) lawsuit for $650M cash with Pentwater
Settlement of Section 16(b) action with Pentwater Capital Management for $650M in cash.
Avis Budget subsidiary issues $650M ABS in two series; Class R risk-retention notes also sold
Series 2026-3: $182.5M 4.82% Class A, $23.75M 5.21% Class B, $16.25M 5.50% Class C, $27.5M 6.96% Class D, plus $13.75M 8.429% Class R.
Avis Budget Q1 2026: revenue $2.5B, net loss $234M, Adj. EBITDA loss $113M
Revenue of $2.5 billion; net loss of $234 million; Adjusted EBITDA loss of $113 million.
Avis Budget Group enters ATM equity distribution agreement to sell up to 5M shares
Agreement with 10 sales agents allows sale of up to 5,000,000 shares of common stock.
Avis Budget derivative suits voluntarily dismissed; shareholder intervention deadline April 13, 2026
Plaintiffs Jones (filed June 6, 2025) and Dua (filed Sept 9, 2025) seek to voluntarily dismiss derivative suits without prejudice.
Avis Budget Q4 net loss $856M, $518M EV impairment; FY revenue $11.7B
Q4 revenue $2.7B, net loss $856M, adjusted EBITDA $5M; rental days down 1% YoY.
Avis Budget amends cooperation agreement with SRS, raises voting cap to 45%
SRS voting cap increased from 35% to 45%; excess voting rights to be voted proportionally with other stockholders.
Avis Budget Q2 revenue $3B, Adj EBITDA $277M; launches Avis First, Waymo partnership
Q2 revenues $3.0B, net income $5M, Adjusted EBITDA $277M.
Avis Budget refinances $1.149B term loans with repriced facility due 2032
New Tranche B Term Loans of $1,148,864,850 to repay existing tranche B term loans outstanding.
Avis Budget appoints Daniel Cunha as CFO; Izzy Martins departs June 30
Daniel Cunha becomes CFO effective July 1, 2025; Izzy Martins leaves on June 30 to pursue another opportunity.
Avis Budget issues $600M of 8.375% Senior Notes due 2032 for refinancing
Issued $600M of 8.375% Senior Notes due June 15, 2032; interest payable semi-annually starting Dec 15, 2025.
Q1 revenue $2.4B; net loss $505M; Adjusted EBITDA loss $93M; includes $390M non-cash fleet charge for Americas vehicle dispositions.
Avis Budget Q4 net loss ~$2B on fleet impairment; CEO Ferraro steps down, Choi named successor
Q4 revenue $2.7B; net loss nearly $2B including $2.3B impairment; Adjusted EBITDA loss $101M.
Avis Budget Q3 revenue ~$3.5B, net income $238M, Adjusted EBITDA $503M
Revenue nearly $3.5B, net income $238M, Adjusted EBITDA $503M; pricing down 2% YoY, rental days flat.
Avis Budget Q2 net income $15M; Adj. EBITDA $214M on revenues >$3B
Revenues >$3.0B, rental days +2% YoY; net income $15M; Adjusted EBITDA $214M.
Avis Budget Q1 net loss $113M on $2.6B revenue; Adjusted EBITDA $12M
Net loss of $113 million; Adjusted EBITDA of $12 million on revenue of $2.6 billion.
Avis Budget subsidiary issues $1.1B in ABS notes across two series
ABRCF issued $400M Series 2024-2 notes (3yr) with Class A/B/C/R rates from 5.13% to 7.942%.
Avis Budget upsizes ABS facilities; Series 2010-6 to $4.58B, Series 2015-3 to $310M
Series 2010-6 Notes facility increased from $3.24B to $4.58B; Series 2015-3 from $287.4M to $310.0M.
Avis Budget issues €600M 7.00% notes due 2029 to redeem €350M 4.75% notes
Issued €600M aggregate principal of 7.00% Senior Notes due February 28, 2029.
Avis Budget Group reports record FY2023 revenue of $12.0B; Q4 Adj. EBITDA $311M
Full year 2023 revenue $12.0B (record); net income $1.6B; Adjusted EBITDA $2.5B (second highest).
Avis Budget refinances $538.75M term loans, repays $200M of existing debt
Refinanced $538.75M of Tranche C term loans, replacing ~$738.75M outstanding, with a $200M optional prepayment.
Avis Budget declares special dividend of $10.00/share and reports Q4 share repurchases
Special cash dividend of $10.00 per share declared; payable Dec 21, 2023, record date Dec 15, 2023.
Avis Budget Group Q3 2023 rev $3.6B, net income $627M, Adj EBITDA $907M; repurchased 2.2M shares
Revenue $3.6B, rental days up 5% YoY; record volumes in the Americas.
Izzy Martins promoted to EVP & CFO effective Jan 1, 2024; base salary $700,000, target incentive 125%, LTI target $1.725M.
Avis Budget subsidiary issues $1B in ABS: $300M 3-year and $700M 5-year notes
Issued $300M Series 2023-7 notes (3yr): Class A $237.6M at 5.90%, Class B $38M at 6.44%, Class C $24.5M at 7.41%, Class R $16.5M at 9.321%.
Avis Budget Q2 net income $436M, Adj. EBITDA $737M on $3.1B revenue
Revenues of $3.1B; rental days up 4% vs Q2 2022.
Avis Budget Finance issues €400M 7.25% Senior Notes due 2030 to refinance 2024 notes
Issued €400M aggregate principal of 7.25% Senior Notes due July 31, 2030.
On May 26, 2026, Avis Budget Group, Inc. (the “Company”) appointed Tina Goldenberg to the position of Vice President and Chief Accounting Officer of the Company, effective June 15, 2026.
Cathleen DeGenova, who is retiring, will continue to serve as Senior Vice President and Chief Accounting Officer until June 14, 2026.
Daniel Cunha will become Chief Financial Officer of the Company, effective July 1, 2025.
On February 11, 2025, we announced that Joseph A. Ferraro, President and Chief Executive Officer, will transition to a Board Advisor role effective June 30, 2025.
The Board also appointed Jagdeep Pahwa, the Company's current Board Chairman, as Executive Chairman, effective March 1, 2025.
the Board of Directors (the "Board") of the Company appointed Brian J. Choi, who has been serving as Chief Transformation Officer, as the Company's Chief Executive Officer ("CEO"), effective July 1, 2025.
Bernardo Hees will resign as Executive Chairman of the Board but continue to serve as a member of the Board
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, currently serving as EVP Americas of the Company, will assume the role of EVP & Chief Financial Officer of the Company, effective January 1, 2024.
Jagdeep Pahwa, currently Vice Chairman of the Board, will assume the role of Chairman of the Board
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.
filled a vacancy in the Board by electing Anu Hariharan, effective January 1, 2022, to serve as a director
Max materiality 0.85 · Median 0.60 · Most common event debt