Avis budget group, inc. (CAR)
CashFlow / TTM
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

235

302

173

197

161

165

372

404

381

361

110

74

107

163

189

164

271

313

341

349

232

245

194

120

66

16

-2

160

267

290

166

-32

-59

-29

117

125

99

54

0

0

0

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

1,868

1,890

1,895

1,919

1,950

1,974

1,983

1,990

1,970

1,947

1,924

1,899

1,882

1,877

1,867

1,855

1,846

1,837

1,846

1,855

1,856

1,840

1,800

1,768

1,732

1,678

1,633

1,552

1,460

1,438

1,461

1,426

2,031

1,395

1,330

1,314

682

1,277

0

0

0

Amortization of right-of-use assets

1,005

989

752

486

215

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on sale of vehicles, net

85

82

82

70

55

48

36

9

-27

-52

-58

-53

-17

10

17

21

39

60

53

34

20

7

8

28

17

6

0

0

58

97

117

185

234

234

0

0

0

-

-

-

-

Non-vehicle related depreciation and amortization

265

263

261

261

262

256

255

259

257

259

258

255

255

253

246

239

230

218

209

199

188

180

175

167

159

152

142

134

127

125

122

113

104

95

85

88

90

90

0

0

0

Stock-based compensation

15

22

24

24

24

24

23

18

17

13

14

20

21

27

27

29

29

28

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt financing fees

31

31

30

31

28

28

30

30

33

34

33

34

36

37

40

39

41

42

41

44

43

41

39

39

39

41

47

48

52

57

54

89

84

78

0

0

0

-

-

-

-

Gain (Loss) on Extinguishment of Debt

8

12

14

24

24

19

1

1

1

3

34

34

24

27

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in assets and liabilities:
Receivables

-171

-10

-31

53

58

44

87

91

73

59

28

-5

24

65

60

80

53

42

89

-3

33

60

18

84

36

66

69

95

94

65

81

30

-2

-29

90

70

26

20

0

0

0

Income taxes and deferred income taxes

-56

5

-73

-63

-42

-35

78

58

42

16

-69

-53

-30

-5

55

47

-12

18

-103

-114

-53

-37

62

63

36

14

256

121

162

183

-52

30

43

18

255

151

113

104

0

0

0

Accounts payable and other current liabilities

-109

84

-49

-21

36

48

113

78

95

49

33

63

51

2

35

87

-2

-36

-83

-95

48

-3

2

-39

-64

-28

-34

12

2

-28

-35

-67

-40

20

84

77

58

108

0

0

0

Operating lease liabilities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase (Decrease) in Operating Liabilities

-

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

-268

-154

-121

-127

-143

-138

-190

-112

-174

-197

-156

-269

-209

-273

-286

-288

-240

-264

-176

-132

-205

-160

-155

-175

-219

-243

-340

-347

-256

-224

-199

-141

-120

-93

-154

12

-27

-26

0

0

0

Net cash provided by operating activities exclusive of vehicle programs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Net cash provided by operating activities of vehicle programs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Net cash provided by operating activities

2,516

2,586

2,445

2,453

2,546

2,609

2,702

2,630

2,704

2,648

2,570

2,700

2,615

2,640

2,700

2,679

2,596

2,627

2,550

2,595

2,692

2,579

2,577

2,390

2,343

2,253

2,108

2,041

1,936

1,889

1,830

1,598

1,554

1,578

1,574

1,682

1,637

1,640

0

0

0

Investing activities
Property and equipment additions

236

250

252

233

231

231

216

226

212

197

203

187

192

190

198

208

198

199

181

182

187

182

187

176

167

152

142

139

133

132

117

97

77

65

130

101

76

61

0

0

0

Proceeds received on asset sales

11

11

15

17

15

17

11

10

10

8

15

16

18

19

17

16

15

15

20

21

21

21

18

21

21

22

18

15

22

21

21

21

14

14

12

12

11

14

0

0

0

Net assets acquired (net of cash acquired)

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Other, net

-84

-81

-80

-74

28

44

45

32

14

-5

-3

3

-1

-1

-4

-8

-3

-3

-1

4

4

11

44

56

31

-2

-53

-43

-18

9

21

6

7

7

24

13

8

6

0

0

0

Net cash used in investing activities exclusive of vehicle programs

-264

-235

-252

-259

-330

-349

-318

-283

-247

-205

-253

-240

-227

-225

-212

-221

-401

-437

-652

-678

-498

-588

-368

-397

-362

-665

-666

-621

-638

-189

-562

-527

-911

-899

-453

-451

-59

-55

0

0

0

Vehicle programs:
Decrease in program cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1

-

104

11

-29

10

-117

-3

43

79

96

63

-2

13

82

1

48

11

-266

-204

-322

-162

0

0

0

Investment in vehicles

12,262

12,887

13,131

12,945

12,739

12,589

11,945

11,781

11,820

11,538

11,982

12,077

12,265

12,461

12,317

12,489

12,873

11,928

11,802

11,600

11,795

11,875

11,869

11,807

11,063

10,899

10,970

11,435

11,125

11,067

10,920

10,355

9,186

8,659

21,281

18,721

13,044

8,031

0

0

0

Proceeds received on disposition of vehicles

9,874

10,460

10,722

10,614

10,159

9,648

9,480

9,348

9,214

9,600

10,003

10,145

10,686

10,504

10,297

10,549

10,012

9,680

9,887

9,833

9,640

9,666

9,551

9,357

9,485

9,409

9,453

9,553

9,447

9,196

8,953

8,234

7,665

7,196

6,253

6,231

6,161

6,319

0

0

0

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

348

251

293

333

266

188

144

50

28

61

33

33

33

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

400

1,350

1,250

895

570

0

0

0

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

200

161

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

400

590

690

635

570

0

0

0

Net cash used in investing activities of vehicle programs

2,536

2,517

2,535

2,565

2,794

3,077

2,587

2,483

2,634

1,999

2,150

2,047

1,810

1,957

1,811

1,828

2,714

2,248

2,019

1,778

2,126

2,219

2,201

2,447

1,621

1,569

1,613

1,945

1,676

1,884

2,049

2,122

1,569

1,474

5,870

6,030

2,895

1,548

0

0

0

Net cash used in investing activities

-2,800

-2,752

-2,787

-2,824

-3,124

-3,426

-2,905

-2,766

-2,881

-2,204

-2,403

-2,287

-2,037

-2,182

-2,023

-2,049

-3,115

-2,685

-2,671

-2,456

-2,624

-2,807

-2,569

-2,844

-1,983

-2,234

-2,279

-2,566

-2,314

-2,073

-2,611

-2,649

-2,480

-2,373

-2,361

-2,065

-1,968

-1,603

0

0

0

Financing activities
Proceeds from long-term borrowings

586

402

806

406

404

485

81

81

80

589

587

925

1,134

894

896

559

351

377

552

552

952

871

943

942

2,042

2,972

3,223

3,223

1,753

1,152

0

0

0

-

-

-

-

1,046

0

0

0

Payments on long-term borrowings

596

509

843

433

431

515

105

105

548

602

916

918

985

847

538

540

300

301

301

296

763

762

1,015

1,017

1,825

2,608

2,938

2,986

1,769

1,501

1,569

1,516

1,186

668

1,152

1,150

1,144

688

0

0

0

Proceeds from Issuance of Common Stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

78

33

32

44

29

0

0

0

-

-

-

-

-

-

-

-

Proceeds from sale of call options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

104

46

45

61

43

0

0

0

-

-

-

-

-

-

-

-

Repurchases of common stock

181

67

138

142

206

216

209

179

163

210

243

324

364

398

465

505

498

436

363

265

263

297

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from (Repayments of) Short-term Debt

-

-

-

-

-

-4

-5

-5

-5

-4

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt financing fees

10

7

12

6

7

15

9

10

10

9

14

18

22

20

15

10

6

7

12

13

18

17

13

20

32

37

41

35

18

16

56

57

85

78

111

106

19

46

0

0

0

Other, net

-

-

-

-

-

3

4

3

2

1

0

0

0

0

-7

-7

-7

-7

1

1

1

0

0

0

0

3

2

3

3

1

1

0

0

1

7

7

10

10

0

0

0

Net cash used in financing activities exclusive of vehicle programs

-187

-182

-187

-193

-241

-262

-243

-215

-644

-235

-586

-332

-234

-367

-127

-512

-474

-396

-138

-29

-104

-200

-308

-320

93

272

215

239

-23

-340

-372

-323

-68

-160

326

327

357

322

0

0

0

Vehicle programs:
Proceeds from borrowings

19,341

19,869

20,010

18,952

18,228

17,339

16,307

16,102

16,500

17,212

18,166

17,174

16,887

15,769

14,485

14,970

15,165

14,138

14,043

13,855

14,265

14,373

14,549

14,298

12,966

12,953

13,136

13,127

12,730

12,108

11,537

11,732

10,717

10,534

10,394

9,703

9,579

9,355

0

0

0

Payments on borrowings

18,787

19,346

19,496

18,430

17,378

16,385

16,066

15,924

16,078

17,269

18,004

17,200

17,266

15,826

14,467

14,915

13,986

13,648

13,846

13,893

14,141

13,963

14,086

13,477

13,116

13,115

13,102

12,743

12,329

11,490

10,816

10,506

9,991

9,917

22,111

17,594

13,956

9,152

0

0

0

Net change in short-term borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

157

110

0

0

0

Debt financing fees

24

23

24

24

29

25

27

21

12

16

13

16

24

25

25

22

22

22

28

35

27

28

25

24

24

34

36

37

38

28

31

33

43

33

72

58

43

35

0

0

0

Net cash provided by financing activities of vehicle programs

530

500

490

498

821

929

214

157

410

-73

149

-42

-403

-82

-7

33

1,157

468

169

-73

97

382

438

797

-174

-196

-2

347

363

590

690

1,193

689

584

850

221

409

58

0

0

0

Net cash provided by financing activities

343

318

303

305

580

667

-29

-58

-234

-308

-437

-374

-637

-449

-134

-479

683

72

31

-102

-7

182

130

477

-81

76

213

586

340

250

318

870

621

424

1,176

548

766

380

0

0

0

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

-14

13

-21

-10

-27

-16

-1

7

42

45

21

17

-12

-6

-7

-17

-6

-50

-38

-45

-48

-23

-14

11

-7

-8

-7

-12

1

6

15

-10

-2

-6

-10

22

8

12

0

0

0

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

45

165

-60

-76

-25

-166

-233

-187

-369

181

-249

56

-71

3

536

134

158

-36

-128

-8

13

-69

124

34

272

87

35

49

-37

72

-448

-191

-307

-377

379

187

443

429

0

0

0

Supplemental Disclosure