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The Company's corporate debt was approximately USD3.6 billion The Company's corporate debt was approximately USD3.6 billion

Avis Budget Group Reveals Q1 Results

Avis Budget Group reported results for its first quarter, highlighting that revenue grew seven percent to a record USD2 billion, while net loss improved by USD20 million.

At the same time adjusted EBITDA improved by USD29 million.

"The first quarter has our year starting on a very positive note with strong demand, higher underlying pricing in the Americas, improved utilisation and lower per-unit fleet costs," said Larry De Shon, president Avis Budget Group. “With both pricing and fleet costs in the Americas having stabilised, the benefits of our strategic initiatives were clearly evident this quarter with year-over-year profitability improving significantly."

Revenue growth in the quarter was driven by a five percent increase in total rental days, strong pricing in the Americas under the T&M per day metric and a three percent benefit from currency exchange.

This strong revenue performance and a four percent reduction in local currency per-unit fleet costs led to Adjusted EBITDA improving by USD29 million year-over-year.