Company Performance and Executive Compensation
We saw sustained demand for vehicle rentals in 2024, which resulted in revenue of approximately $11.8 billion. For 2024, net loss was $1.8 billion and Adjusted EBITDA (as defined and reconciled in the “Compensation Discussion & Analysis” section below (the “CD&A”)) was $628 million. During the fourth quarter of 2024, we changed our fleet strategy to accelerate certain fleet rotations in order to decrease the age of our fleet for competitive reasons, and accordingly, we shortened the useful life associated with such vehicles. Our net loss reflects $2.5 billion in long-lived asset impairment and other related charges, approximately $2.3 billion of which was recorded to reduce the carrying value of our rental fleet to its fair value in connection with this change.
In 2024, we returned capital to our shareholders through the repurchase of $45 million of the Company’s common stock, par value $0.01 per share (the “Common Stock”), resulting in the repurchase of approximately 550,000 shares. Our closing stock price at the end of 2024 was $80.61 resulting in negative total shareholder return (“TSR”) for the year; however, five-year TSR remained positive at 181%.
As described further in the CD&A, compensation paid to our named executive officers (“NEOs”) for 2024 was mostly lower compared to 2023, partly reflecting the fact that we did not pay annual cash incentive awards for 2024.
Why am I receiving proxy materials?
The Board of Directors (the “Board”) of Avis Budget Group, Inc. (the “Company” or “Avis Budget”) is soliciting your vote at the 2025 Annual Meeting of Shareholders, and any adjournment or postponement thereof (the “Meeting”), to be held virtually on May [ ], 2025 at 9:00 a.m. Eastern Time, for the purposes set forth in this Proxy Statement.
On or about March [ ], 2025, the Company will first mail to certain shareholders of record the Notice of Internet Availability of Proxy Materials containing instructions on how to access this Proxy Statement online, or in the alternative, request a paper copy of the proxy materials and a proxy card, and also will first mail to certain other shareholders this Proxy Statement and the accompanying proxy card.
When and where will the Meeting be held?
The Meeting is scheduled to be held in a virtual-only format at 9:00 a.m. Eastern Time, on May [ ], 2025.
How can I attend the Meeting?
Shareholders at the close of business on March [ ], 2025 (the “Record Date”) are entitled to virtually attend the Meeting.
Registered Shareholders: If you were a holder of record of the Company’s Common Stock as of the Record Date (i.e., you held your shares in your own name as reflected in the records of our transfer agent, Computershare), you can attend the Meeting by accessing www.virtualshareholdermeeting.com/CAR2025 and entering the 16-digit control number found on the proxy card or notice. No password is required. You may also vote your shares during the Meeting by following the online instructions.
Beneficial Owners: If you are a beneficial shareholder, please follow the instruction form provided by your bank or broker or other nominee in order to participate in the Meeting. Please contact your bank or broker if you have questions about how to obtain your control number.
Those without a control number may attend the Meeting as a guest but will not have the option to vote or ask questions at the Meeting. We encourage you to access the Meeting prior to the start time and allow sufficient time to log into the Meeting.
