Avis Budget Group (CAR) FY2023 results: revenue $12.0 billion, up 0.1% on the year

Avis Budget Group, Inc. (CAR) reported revenue of $12.0 billion for fiscal 2023, the year ended 31 December 2023, up 0.1% on the year before. Net income was $1.6 billion, down 41.0%, and diluted earnings per share $42.08. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue

$12.0 billion

+0.1% on the year

FY2016FY2023

Operating margin

15.9%

30.3% a year earlier

FY2016FY2023

Net income

$1.6 billion

-41.0% on the year

FY2016FY2023

Diluted EPS

$42.08

-26.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	12,008	11,994	9,313	+0.1%
Selling, general and administrative	1,408	1,348	1,145	+4.5%
Operating income	1,914	3,636	1,708	-47.4%
Operating margin	15.9%	30.3%	18.3%
Interest expense	296	250	218	+18.4%
Pre-tax income	1,914	3,636	1,708	-47.4%
Income tax	279	880	425	-68.3%
Effective tax rate	14.6%	24.2%	24.9%
Net income	1,632	2,764	1,285	-41.0%
Net margin	13.6%	23.0%	13.8%
Diluted EPS	$42.08	$57.16	$19.44	-26.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	3,828	4,707	3,491	-18.7%
Cash from investing	-7,346	-4,299	-6,306
Cash from financing	3,506	-360	2,687
Share-based compensation	30.0	25.0	30.0	+20.0%
Buybacks	951	3,329	1,460	-71.4%
Dividends paid	355	0.0	0.0
Dividend per share	$10.00	n/a	n/a
Diluted shares, weighted	39m	48m	66m	-19.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-349	-703	-220
Non-controlling interest	6.0	3.0	11.0	+100.0%
Debt	23,760	18,480	15,399	+28.6%
Operating lease liabilities	2,117	1,884	1,910	+12.4%
Other liabilities	7,035	6,263	5,500	+12.3%
Total liabilities and equity	32,569	25,927	22,600	+25.6%
Fixed assets	719	594	537	+21.0%
Goodwill	1,099	1,070	1,108	+2.7%
Intangible assets	670	666	724	+0.6%
Cash and equivalents	555	570	534	-2.6%
Receivables	900	810	775	+11.1%
Other assets	28,626	22,217	18,922	+28.8%
Total assets	32,569	25,927	22,600	+25.6%

10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.