For the second quarter of 2022, Avis Budget Group broke all major book revenue and revenue records.
Avis’ global revenue of $3.2 billion was 37% higher in the second quarter of 2021 and 39% higher than 2019, making it the best quarterly revenue in history of the company. Net income was $774 million and adjusted EBITDA was $1.2 billion, again all-time highs.
“Through improved revenue generation, diligent fleet management and tight cost control, we delivered another record quarter for the company, highlighted by Americas reporting over $1 billion EBITDA adjusted for the first time in a quarter and International achieving its highest second quarter adjusted EBITDA ever,” said Joe Ferraro, CEO of Avis Budget Group.
Adjusted EBITDA in the Americas was $1.0 billion for the second quarter of 2022 – another record high – driven by the highest quarterly demand in history and strong prices. International’s adjusted EBITDA was $183 million, a record for International.
In the Americas, Avis recorded 28% more rental days for the quarter, with revenue per unit per day increasing 2% to 80.91, while average fleet costs fell 62% to 86 $ per unit. The average rental fleet in the Americas increased by 32% to 500,653 units, which is remarkable considering that the car rental industry in the United States overall purchased 32% fewer vehicles in the first half of 2022 compared to 2021.