Overview

• Car rental firm's Q1 revenue rose 4% yr/yr, beating analyst expectations

• Adjusted EBITDA loss for Q1 was smaller than analyst estimates

• Company cites tighter fleet discipline and improved pricing for better operating performance

Outlook

• Avis Budget did not provide specific financial guidance for the current quarter or full year

Result Drivers

• REVENUE PER DAY - Co said revenue per day rose 3% in both Americas and International, excluding exchange rate effects

• RECORD UTILIZATION - Vehicle utilization reached 70% in both Americas and International, a first quarter record for both segments

• FLEET DISCIPLINE - CEO said tighter fleet discipline contributed to improved operating performance

Company press release: ID:nGNX7yqLFK

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$2.53 bln	$2.43 bln (6 Analysts)
Q1 Net Income		-$283 mln
Q1 Adjusted EBITDA	Beat	-$113 mln	-$188.72 mln (5 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 4 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the passenger transportation, ground & sea peer group is "buy."

• Wall Street's median 12-month price target for Avis Budget Group Inc is $108.50, about 40.4% below its April 28 closing price of $182.01

• The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 16 three months ago

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