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== Competitor Earnings Expectations and Results == | == Competitor Earnings Expectations and Results == | ||
=== Avis Budget === | |||
==== Results ==== | |||
{| class="wikitable" | |||
|- | |||
!Key Items | |||
!Q4 2024 Actual<ref>https://ir.avisbudgetgroup.com/news-releases/news-release-details/avis-budget-group-reports-fourth-quarter-and-full-year-results-0</ref> | |||
!Y/Y | |||
!Q4 2024 Analysts estimate<ref>https://finance.yahoo.com/news/avis-budget-car-q4-earnings-230011631.html</ref> | |||
|- | |||
|Revenue | |||
|$2.71 billion | |||
| -2% | |||
|$2.73 billion | |||
|- | |||
|EPS | |||
| -$0.23 | |||
| | |||
| -$0.96 | |||
|- | |||
|Revenue-international | |||
|$593 million | |||
| -1% | |||
|$626.17 million | |||
|- | |||
|Revenue-Americas | |||
|$2.12 billion | |||
| -2% | |||
|$2.12 billion | |||
|- | |||
|Vehicle utilization-international | |||
|68.3% | |||
|2.6 pps | |||
|70.5% | |||
|- | |||
|Vehicle utilization-Americas | |||
|67.4% | |||
|2.4 pps | |||
|67% | |||
|- | |||
|Per-unit fleet cost per month-international | |||
|$304 | |||
|4% | |||
|$311.8 | |||
|- | |||
|Per-unit fleet cost per month-Americas | |||
|$430 | |||
|58% | |||
|$386.4 | |||
|- | |||
|Revenue-per day | |||
|$217 million | |||
| -2% | |||
| | |||
|- | |||
|Revenue-per day-Americas | |||
|$68.64 | |||
| -2.7% | |||
|$67.89 | |||
|- | |||
|Revenue-per day-international | |||
|$54.15 | |||
|0% | |||
| | |||
|- | |||
|Vehicle depreciation and lease charges | |||
|$801 million | |||
|37.6% | |||
| | |||
|- | |||
|Vehicle depreciation and lease-Americas | |||
|$643 million | |||
|51.6% | |||
| | |||
|- | |||
|Vehicle depreciation and lease-international | |||
|$159 million | |||
|0.6% | |||
| | |||
|} | |||
==== Earnings call summary ==== | |||
Here are the main insights from Avis's [https://seekingalpha.com/article/4757501-avis-budget-group-inc-car-q4-2024-earnings-call-transcript?source=feed_all_articles Q4 2024 earnings call transcript]: | |||
====== '''Demand''' ====== | |||
* CEO Joseph Ferraro said demand was strong during the quarter, thanks to the Thanksgiving and December holidays. | |||
* Ferraro added that they saw a continuation of a strong leisure demand in January, associated with longer holiday season and robust MLK weekend. | |||
* Ferraro pointed out that the extra day last year and the calendar switch of Easter will impact Q1. | |||
'''Pricing''' | |||
* Ferraro said pricing was down 2% y/y but improved sequentially throughout the quarter, with December finishing flat y/y. | |||
* CFO Izilda Martins said they expect revenue per day in Q1 to be down slightly y/y, with improvements towards the end of April. | |||
====== '''Depreciation costs''' ====== | |||
* Martins said the straight-line depreciation curve is steeper than initially modeled. | |||
* Martins said they also expected elevated monthly depreciation levels in the first quarter of 2025 but a normalization in Q2. | |||
====== '''Impact of tariffs''' ====== | |||
* Ferraro said tariffs could benefit them since elevated new car prices will drive up demand for used prices. | |||
====== '''2025 EBITDA guidance''' ====== | |||
* Avis projected adjusted EBITDA of no less than $1 billion for 2025, that is an increase of 59% y/y. | |||
== References == | == References == |