Avis Budget Group reported results for its fourth quarter and year ended December 31, 2012, including full-year revenue of $7.4 billion, an increase of 25 percent compared with 2011. Excluding certain items, adjusted EBITDA increased 38 percent to $840 million and pretax income increased to $463 million.
For the fourth quarter, the company reported revenue of $1.7 billion, a 4 percent increase compared with the prior-year fourth quarter. Excluding certain items, adjusted EBITDA increased 22 percent to $78 million.
"We delivered record results in 2012, aided by the robust used car market in the first half of the year. Our results reflected organic revenue growth augmented by the additions of Avis Europe and Apex, continued margin expansion, and record earnings per share, excluding certain items," said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer.
"As we look forward, not only are we looking to deliver solid results in 2013; we have also set our sights on reaching $1 billion of Adjusted EBITDA by 2015 by focusing relentlessly on profitable growth, enhancing our customers' experience and driving efficiencies throughout our organization," Nelson said.
Full-year revenue increased 25 percent to $7.4 billion, primarily due to the acquisition of Avis Europe in October 2011. The increase was driven by 26 percent growth in rental days and a 33 percent increase in ancillary revenues, partially offset by a 3 percent decline in pricing. Excluding the acquisition of Avis Europe, revenues increased 3 percent during 2012, primarily due to a 5 percent increase in rental days.
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