Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
MARKET FOR COMMON EQUITY
Our common stock is currently traded on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “CAR.” At January 31, 2022, the number of stockholders of record was 2,195.
DIVIDEND POLICY
We neither declared nor paid any cash dividends on our common stock in 2021 or 2020, and we do not currently anticipate paying cash dividends on our common stock. However, we evaluate our dividend policy on a regular basis and may pay dividends in the future, subject to compliance with the covenants in our senior credit facility, the indentures governing our senior notes and our vehicle financing programs. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will also depend upon many factors, including our financial condition, earnings, capital requirements of our businesses, covenants associated with certain debt obligations, legal requirements, regulatory constraints, industry practice and other factors that the Board of Directors deems relevant.
ISSUER PURCHASES OF EQUITY SECURITIES
Total Number of Shares Purchased (in millions) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in millions) Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs ($ in millions)
October 2021 2.2 $ 150.37 2.2 $ 70
November 2021 0.4 272.63 0.4 959
December 2021 — — — 959
2.6 $ 169.74 2.6 $ 959
The Company’s Board of Directors has authorized the repurchase of up to approximately $4.1 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in November 2021. Under the Company’s stock repurchase program, the Company repurchases shares from time to time in open market transactions, and may also repurchase shares in accelerated share repurchases, tender offers, privately negotiated transactions or by other means. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, the Company’s share price, legal requirements, restricted payment capacity under its debt instruments and other factors. The stock repurchase program may be suspended, modified or discontinued without prior notice.
PERFORMANCE GRAPH
Set forth below are a line graph and table comparing the cumulative total stockholder return of our common stock against the cumulative total returns of peer group indices, the S&P Midcap 400 Index, and the Dow Jones US Transportation Average Index for the period of five fiscal years commencing December 31, 2016 and ending December 31, 2021. The broad equity market indices used by the Company are the S&P Midcap 400 Index, which measures the performance of mid-sized companies, and the Dow Jones US Transportation Average Index, which measures the performance of transportation companies. The graph and table depict the result of an investment on December 31, 2016 of $100 in the Company’s common stock, the S&P Midcap 400 Index and the Dow Jones US Transportation Average Index, including investment of dividends.
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As of December 31,
2016 2017 2018 2019 2020 2021
Avis Budget Group, Inc. $ 100.00 $ 119.63 $ 61.29 $ 87.90 $ 101.69 $ 565.35
S&P Midcap 400 Index $ 100.00 $ 116.24 $ 103.36 $ 130.44 $ 148.26 $ 184.96
Dow Jones US Transportation Average Index $ 100.00 $ 119.02 $ 104.35 $ 126.09 $ 146.92 $ 195.72
ITEM 6. SELECTED FINANCIAL DATA
Not applicable.
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