Avis Budget Group, Inc. announced financial results for the second quarter of 2021.
"We ended the second quarter with revenue that increased more than three times the prior year and 1% above the second quarter of 2019, to $ 2.4 billion. Our revenue was driven by an increase in revenue per day in compared to the second quarter of 2020, which represented the depth of the pandemic. Rental days also increased compared to the previous year, as demand continues to normalize, "the company stated in a press release.
"Net income was $ 398 million and our adjusted EBITDA was $ 624 million, increasing more than three times in the second quarter of 2019, making it our best quarterly adjusted EBITDA in our Company's 75-year history. Additionally, our utilization in the quarter was 71.3% and showed continuous improvement as the quarter progressed, ensuring that our fleet was well positioned to meet higher levels of demand. "
"Our liquidity position at the end of the quarter was approximately $ 1.8 billion with an additional $ 3.4 billion of fleet financing capacity. We have well-staggered corporate debt and renewed our credit facility in July. We now have no significant maturities until 2024 ".
"This is the best quarterly result in the history of our company and a validation of all the hard work our team has done since the pandemic began." said Joe Ferraro, CEO of Avis Budget Group. "The momentum we saw in the second quarter is expected to continue through the summer and our team will be ready to take advantage of increased demand while maintaining rigorous cost discipline."
Second quarter highlights