SRS Investment Management, LLC - Aug 25, 2023 Form 4 Insider Report for AVIS BUDGET GROUP, INC. (CAR)

Role: Director, 10%+ Owner
Signature: SRS INVESTMENT MANAGEMENT, LLC; by: /s/ David B. Zales, General Counsel
Stock symbol: CAR
Transactions as of: Aug 25, 2023
Transactions value $: -$222,910,000
Form type: 4
Date filed: 8/25/2023, 06:19 PM
Previous filing: Dec 2, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CAR	Common Stock	Disposed to Issuer	-$223M	-1M	-5.43%	$222.91	17.4M	Aug 25, 2023	See Footnote	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On August 25, 2023, the Reporting Persons sold to the Issuer an aggregate of 1,000,000 shares of Common Stock in a broker to broker transaction at market price at the time of the trade (which was $222.91 (rounding to the nearest cent)) (the "2023 Repurchase"). The 2023 Repurchase was approved by the Compensation Committee and was exempt pursuant to Rule 16b-3 under the Exchange Act.
F2	SRS Investment Management, LLC, a Delaware limited liability company ("SRS"), serves as investment manager to certain investment funds (the "Funds") and has investment discretion with respect to the securities reported herein which are held by the Funds. SRS Investment Management, LP ("SRS IM"), a Delaware limited partnership, is the managing member of the Investment Manager. SRS Investment Management GP, LLC, a Delaware limited liability company ("SRS IM GP"), is the general partner of SRS IM. Karthik R. Sarma ("Mr. Sarma," and together with SRS, the "Reporting Persons") is the managing member and principal of SRS IM GP. In such capacities, Mr. Sarma and the Investment Manager may be deemed to have voting and dispositive power with respect to the shares of Common Stock held for the Funds. Mr. Sarma is a director of the Issuer. SRS may be deemed a director by deputization by virtue of its relationship with Mr. Sarma.
F3	The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein.