Avis budget group, inc. (CAR)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Operating activities
Net loss

-158

142

189

62

-91

13

213

26

-87

220

245

3

-107

-31

209

36

-51

-5

184

143

-9

23

192

26

4

-28

118

-28

-46

-46

280

79

-23

-170

82

52

7

-24

90

26

-38

Adjustments to reconcile net loss to net cash provided by operating activities:
Vehicle depreciation

414

433

516

505

436

438

540

536

460

447

547

516

437

424

522

499

432

414

510

490

423

423

519

491

407

383

487

455

353

338

406

363

331

361

371

968

-305

296

355

336

290

Amortization of right-of-use assets

231

237

266

271

215

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on sale of vehicles, net

11

13

37

24

8

13

25

9

1

1

-2

-27

-24

-5

3

9

3

2

7

27

24

-5

-12

13

11

-4

8

2

0

-10

8

60

39

10

76

109

39

-

-

-

-

Non-vehicle related depreciation and amortization

69

68

62

66

67

66

62

67

61

65

66

65

63

64

63

65

61

57

56

56

49

48

46

45

41

43

38

37

34

33

30

30

32

30

21

21

23

20

24

23

23

Stock-based compensation

-2

4

6

7

5

6

6

7

5

5

1

6

1

6

7

7

7

6

9

7

6

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt financing fees

8

8

7

8

8

7

8

5

8

9

8

8

9

8

9

10

10

11

8

12

11

10

11

11

9

8

11

11

11

14

12

15

16

11

47

10

10

-

-

-

-

Gain (Loss) on Extinguishment of Debt

-4

22

-10

0

0

24

0

0

-5

6

0

0

-3

37

0

-10

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in assets and liabilities:
Receivables

-163

-75

-12

79

-2

-96

72

84

-16

-53

76

66

-30

-84

43

95

11

-89

63

68

0

-42

-29

104

27

-84

37

56

57

-81

63

55

28

-65

12

23

1

54

-8

-21

-5

Income taxes and deferred income taxes

-112

-35

117

-26

-51

-113

127

-5

-44

0

107

-21

-70

-85

123

2

-45

-25

115

-57

-15

-146

104

4

1

-47

105

-23

-21

195

-30

18

0

-40

52

31

-25

197

-52

-7

-34

Accounts payable and other current liabilities

-96

43

-31

-25

97

-90

-3

32

109

-25

-38

49

63

-41

-8

37

14

-8

44

-52

-20

-55

32

91

-71

-50

-9

66

-35

-56

37

56

-65

-63

5

83

-5

1

-2

64

45

Operating lease liabilities

-230

-

-

-

-216

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase (Decrease) in Operating Liabilities

-

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

-90

-39

-112

-27

24

-6

-118

-43

29

-58

-40

-105

6

-17

-153

-45

-58

-30

-155

3

-82

58

-111

-70

-37

63

-131

-114

-61

-34

-138

-23

-29

-9

-80

-2

-2

-70

86

-41

-1

Net cash provided by operating activities exclusive of vehicle programs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

323

44

-10

Net cash provided by operating activities of vehicle programs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

355

336

290

Net cash provided by operating activities

370

655

966

525

440

514

974

618

503

607

902

692

447

529

1,032

607

472

589

1,011

524

503

512

1,056

621

390

510

869

574

300

365

802

469

253

306

570

425

277

302

678

380

280

Investing activities
Property and equipment additions

43

72

61

60

57

74

42

58

57

59

52

44

42

65

36

49

40

73

46

39

41

55

47

44

36

60

36

35

21

50

33

29

20

35

13

9

8

100

-16

-16

-7

Proceeds received on asset sales

2

4

1

4

2

8

3

2

4

2

2

2

2

9

3

4

3

7

2

3

3

12

3

3

3

9

6

3

4

5

3

10

3

5

3

3

3

3

3

2

6

Net assets acquired (net of cash acquired)

51

-

14

49

5

-

36

18

10

-

3

14

0

-

1

2

1

-

3

186

36

-

24

1

124

-

55

0

476

-

0

5

0

-

-

-

-

-

-

-

-

Other, net

0

-1

1

-84

3

0

7

18

19

1

-6

0

0

3

0

-4

0

0

-4

1

0

2

1

1

7

35

13

-24

-26

-16

23

1

1

-4

8

2

1

13

-3

-3

-1

Net cash used in investing activities exclusive of vehicle programs

-92

-76

-75

-21

-63

-93

-82

-92

-82

-62

-47

-56

-40

-110

-34

-43

-38

-97

-43

-223

-74

-312

-69

-43

-164

-92

-98

-8

-467

-93

-53

-25

-18

-466

-18

-409

-6

-20

-16

-17

-2

Vehicle programs:
Decrease in program cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-56

116

-198

-

41

81

-51

33

-52

41

-12

-94

62

87

24

-77

29

22

39

-8

-52

69

2

-285

10

-49

162

Investment in vehicles

3,751

2,266

1,906

4,339

4,376

2,510

1,720

4,133

4,226

1,866

1,556

4,172

3,944

2,310

1,651

4,360

4,140

2,166

1,823

4,744

3,195

2,040

1,621

4,939

3,275

2,034

1,559

4,195

3,111

2,105

2,024

3,885

3,053

1,958

1,459

2,716

2,526

14,580

-1,101

-2,961

-2,487

Proceeds received on disposition of vehicles

2,497

2,634

2,053

2,690

3,083

2,896

1,945

2,235

2,572

2,728

1,813

2,101

2,958

3,131

1,955

2,642

2,776

2,924

2,207

2,105

2,444

3,131

2,153

1,912

2,470

3,016

1,959

2,040

2,394

3,060

2,059

1,934

2,143

2,817

1,340

1,365

1,674

1,874

1,318

1,295

1,832

Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party

175

30

54

89

78

72

94

22

0

28

0

0

33

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

205

195

950

-100

-150

-130

Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party

39

24

90

47

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

205

195

190

100

150

130

Net cash used in investing activities of vehicle programs

1,390

-362

-183

1,691

1,371

-344

-153

1,920

1,654

-834

-257

2,071

1,019

-683

-360

1,834

1,166

-829

-343

2,720

700

-1,058

-584

3,068

793

-1,076

-338

2,242

741

-1,032

-6

1,973

949

-867

67

1,420

854

3,529

227

-1,715

-493

Net cash used in investing activities

-1,482

286

108

-1,712

-1,434

251

71

-2,012

-1,736

772

210

-2,127

-1,059

573

326

-1,877

-1,204

732

300

-2,943

-774

746

515

-3,111

-957

984

240

-2,250

-1,208

939

-47

-1,998

-967

401

-85

-1,829

-860

413

211

-1,732

-495

Financing activities
Proceeds from long-term borrowings

184

0

400

2

0

404

0

0

81

0

0

-1

590

-2

338

208

350

0

1

0

376

175

1

400

295

247

0

1,500

1,225

498

0

30

624

-

-

-

-

602

0

0

444

Payments on long-term borrowings

92

82

415

7

5

416

5

5

89

6

5

448

143

320

7

515

5

11

9

275

6

11

4

742

5

264

6

1,550

788

594

54

333

520

662

1

3

2

1,146

-1

-3

-454

Proceeds from Issuance of Common Stock

15

-

-

-

15

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

48

1

1

28

3

0

13

13

-

-

-

-

-

-

-

-

Proceeds from sale of call options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

63

1

3

37

5

0

19

19

-

-

-

-

-

-

-

-

Repurchases of common stock

118

2

61

0

4

73

65

64

14

66

35

48

61

99

116

88

95

166

156

81

33

93

58

79

67

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from (Repayments of) Short-term Debt

-

-

-

-

-

0

-2

-1

-1

-1

-2

-1

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt financing fees

3

1

6

0

0

6

0

1

8

0

1

1

7

5

5

5

5

0

0

1

6

5

1

6

5

1

8

18

10

5

2

1

8

45

3

29

1

78

-2

-58

28

Other, net

-

-

-

-

-

0

1

1

1

1

0

0

0

0

0

0

0

-7

0

0

0

1

0

0

-1

1

0

0

2

0

1

0

0

0

0

0

1

6

0

3

1

Net cash used in financing activities exclusive of vehicle programs

-14

-86

-65

-22

-9

-91

-71

-70

-30

-72

-43

-499

379

-423

211

-401

246

-183

-174

-363

324

75

-65

-438

228

-33

-77

-25

407

-90

-53

-287

90

-122

-4

-32

-2

364

-3

-2

-37

Vehicle programs:
Proceeds from borrowings

5,461

3,827

4,284

5,769

5,989

3,968

3,226

5,045

5,100

2,936

3,021

5,443

5,812

3,890

2,029

5,156

4,694

2,606

2,514

5,351

3,667

2,511

2,326

5,761

3,775

2,687

2,075

4,429

3,762

2,870

2,066

4,032

3,140

2,299

2,261

3,017

2,957

2,159

1,570

2,893

2,733

Payments on borrowings

4,479

4,508

5,150

4,650

5,038

4,658

4,084

3,598

4,045

4,339

3,942

3,752

5,236

5,074

3,138

3,818

3,796

3,715

3,586

2,889

3,458

3,913

3,633

3,137

3,280

4,036

3,024

2,776

3,279

4,023

2,665

2,362

2,440

3,349

2,355

1,847

2,366

15,543

-2,162

-1,791

-2,438

Net change in short-term borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

-1

-

10

6

7

-

3

11

-11

-

42

-41

31

-

-2

-11

12

-

-

-

0

43

-135

249

-47

Debt financing fees

6

5

6

7

5

6

6

12

1

8

0

3

5

5

3

11

6

5

0

11

6

11

7

3

7

8

6

3

17

10

7

4

7

13

9

14

-3

52

-5

-1

-11

Net cash provided by financing activities of vehicle programs

976

-686

-872

1,112

946

-696

-864

1,435

1,054

-1,411

-921

1,688

571

-1,189

-1,112

1,327

892

-1,114

-1,072

2,451

203

-1,413

-1,314

2,621

488

-1,357

-955

1,650

466

-1,163

-606

1,666

693

-1,063

-103

1,162

588

-797

-732

1,350

237

Net cash provided by financing activities

962

-772

-937

1,090

937

-787

-935

1,365

1,024

-1,483

-964

1,189

950

-1,612

-901

926

1,138

-1,297

-1,246

2,088

527

-1,338

-1,379

2,183

716

-1,390

-1,032

1,625

873

-1,253

-659

1,379

783

-1,185

-107

1,130

586

-433

-735

1,348

200

Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash

-29

23

-14

6

-2

-11

-3

-11

9

4

5

24

12

-20

1

-5

18

-21

-9

6

-26

-9

-16

3

-1

0

9

-15

-2

1

4

-2

3

10

-21

6

-1

6

11

-8

3

Net decrease in cash and cash equivalents, program and restricted cash

-179

192

123

-91

-59

-33

107

-40

-200

-100

153

-222

350

-530

458

-349

424

3

56

-325

230

-89

176

-304

148

104

86

-66

-37

52

100

-152

72

-468

357

-268

2

288

165

-12

-12

Supplemental Disclosure