UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events. |
On December 5, 2023, the Board of Directors of the Company declared a special cash dividend (the “Special Dividend”) on the Company’s common stock, par value $0.01 per share, of $10.00 per share, payable on December 21, 2023 to stockholders of record as of the close of business on December 15, 2023.
A copy of the press release issued by the Company on December 5, 2023 announcing the declaration of the Special Dividend is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | ||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
| AVIS BUDGET GROUP, INC. | |||
| By: | /s/ Jean M. Sera | ||
| Name: | Jean M. Sera | ||
| Title: | Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary | ||
Date: December 5, 2023
EXHIBIT 99.1
Avis Budget Group Announces Special Cash Dividend
PARSIPPANY, N.J., December 5, 2023 (GLOBE NEWSWIRE) - Avis Budget Group, Inc. (NASDAQ: CAR) (the “Company”) today announced the declaration by its Board of Directors of a special cash dividend of $10.00 per share of common stock.
The special cash dividend is payable on December 21, 2023 to stockholders of record as of the close of business on December 15, 2023.
In addition, the Company has purchased approximately 1.3 million shares of its common stock to date in the fourth quarter of 2023 for an aggregate purchase price of approximately $240 million. There is approximately $820 million remaining under its share repurchase program and the Company expects to continue retiring shares throughout the balance of 2023 and beyond (subject to market and other conditions).
ABOUT AVIS BUDGET GROUP
We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have more than 10,000 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world's leading car sharing network. We operate most of our car rental locations in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com.
FORWARD-LOOKING STATEMENTS
Statements regarding the special cash dividend are “forward-looking statements” and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with the planned payment of the special cash dividend and our expectations regarding our share repurchase program. Additional information concerning these and other important risks and uncertainties can be found in the Company's filings with the SEC, including under the captions “Forward-Looking Statements” and “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023. The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.
| Investor Relations Contact: | Media Relations Contact: | ||||
| David Calabria, IR@avisbudget.com | James Tomlinson, ABGPress@edelman.com | ||||