The following is a summary of the Avis Budget Group, Inc. (CAR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Avis Budget Group reported Q1 revenue of over $2.5 billion and adjusted EBITDA of $12 million. A significant decline from Q1 2023's adjusted EBITDA of $535 million, mainly due to impacts from non-reoccurring fleet gains and higher vehicle interest.

• The Americas segment generated nearly $2 billion of revenue in Q1 and $44 million of adjusted EBITDA, reflecting strong demand.

• Avis identified a surge in residual values during Q1 but predicts a decline throughout the year.

• Losses of $40 million were reported in Q1 mainly due to the disposal of a large number of vehicles.

• Depreciation per unit of rent is anticipated to rise to $350 by the end of Q2 from $318 in Q1.

• Avis is confident that the normalized EBITDA will not be less than $1 billion.

Business Progress:

• Avis enhanced operational flexibility with the record disposal of vehicles and hopes for a strong summer season due to robust travel demand.

• Significant cost savings and improved customer experience are anticipated with the expansion of technology, including data analytics, connected car capabilities, demand fleet pricing systems, and self-service kiosks.

• High hopes are held for positive pricing in Q3, given that 50% of annual sales have been utilized in the first four months of the year.

• A direct-to-consumer platform for digital car sales and other cost-efficient initiatives are being developed to manage increasing inventory costs.

• A demand fleet pricing system is planned for international markets, which is expected to improve the overall margin of the business.

• RubyCar, a business strategy aimed at achieving higher residual values and better aftermarket sales, is being implemented. Several hundreds of cars have already been successfully sold under this strategy.

More details: Avis Budget IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.