CAR · Avis Budget Group Q2 FY2026 earnings call record财报电话会记录

“The strength we had been seeing in forward bookings started to erode; that deceleration appeared in the booking data before it fully worked its way into reported volumes.”

“Against a backdrop of broader consumer uncertainty, higher travel costs, and geopolitical volatility, year-over-year TSA check-ins decelerated from flat in April to -70 basis points in May to -1.3% in June.”

“We are treating fleet not simply as capacity to meet demand, but as capital at risk.”

“Customer satisfaction remains strong, with an average rating of 4.9 out of five stars, underscoring the value proposition and the momentum we continue to see in this segment.”

“In the Americas, adjusted EBITDA grew 7.7% year-over-year on revenue that declined 1.9%, resulting in approximately 100 basis points of margin expansion.”

“Rental day pressure was most pronounced in our inbound segment, which declined 5%.”

“While we expected to have cycled through most of that pressure by the second quarter, we were notified in April 2026 of additional recalls from three different OEMs, resulting in a total of approximately 18,000 grounded vehicles.”

“Revenues, excluding exchange rate effects, declined 2.5% year-over-year, and adjusted EBITDA declined 11% year-over-year, further pressured by higher variable costs associated with our mix shift.”

“We anticipated weakness in commercial segments as we cycled through the structural mix shift actions executed in the second half of 2025.”

“In June, we issued $650 million of AESOP term ABS debt, $200 million of Canadian term ABS debt, and renewed our CAD 580 million Canadian bank facility.”

“Those are the factors that give us confidence in year-over-year adjusted EBITDA growth in the third quarter and support our full-year adjusted EBITDA guidance of $850 million-$1 billion.”

“We will stay disciplined on fleet, protect utilization, prioritize profitability and returns, and continue building a business that can deliver across different demand environments.”