UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Amendment No. 13)*

Under the Securities Exchange Act of 1934

AVIS BUDGET GROUP, INC.
(Name of Issuer)
 
Common Stock, par value $0.01 per share
(Title of Class of Securities)
 
053774105
(CUSIP Number)
 
David Zales
SRS Investment Management, LLC
One Bryant Park
39th Floor
New York, New York 10036
(212) 520-7900
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
 
December 4, 2020
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.
* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 053774105
SCHEDULE 13D
Page 2 of 6


1
NAME OF REPORTING PERSON
 
SRS INVESTMENT MANAGEMENT, LLC
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a)  ☐
(b)  ☐
3
SEC USE ONLY
 
 
 
4
SOURCE OF FUNDS
 
AF
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Delaware, United States
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
18,421,082 shares of Common Stock
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
18,421,082 shares of Common Stock
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
18,421,082 shares of Common Stock
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
26.4%
 
14
TYPE OF REPORTING PERSON
 
IA, OO
 



CUSIP No. 053774105
SCHEDULE 13D
Page 3 of 6


1
NAME OF REPORTING PERSON
 
KARTHIK R. SARMA
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a)  ☐
(b)  ☐
3
SEC USE ONLY
 
 
 
4
SOURCE OF FUNDS
 
AF
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
India
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
18,421,082 shares of Common Stock
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
18,421,082 shares of Common Stock
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
18,421,082 shares of Common Stock
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
26.4%
 
14
TYPE OF REPORTING PERSON
 
IN
 
 


CUSIP No. 053774105
SCHEDULE 13D
Page 4 of 6

This Amendment No. 13 to Schedule 13D (this “Amendment No. 13”) relates to the Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on January 25, 2016 (the “Initial 13D” and, as amended and supplemented through the date of this Amendment No. 13, collectively, the “Schedule 13D”) by the Reporting Persons, relating to the common stock, par value $0.01 per share (the “Common Stock”), of Avis Budget Group, Inc., a Delaware corporation (the “Issuer”). Capitalized terms used herein and not otherwise defined in this Amendment No. 13 have the meanings set forth in the Schedule 13D.
This Amendment No. 13 amends Items 3 and 5 as set forth below:
Item 3.          SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of the Schedule 13D is hereby amended and restated in its entirety, as follows:
The Reporting Persons used approximately $358,947,565 (including brokerage commissions) of the working capital of the applicable Funds in the aggregate to purchase the shares of Common Stock reported in this Schedule 13D. Such shares of Common Stock are or may be held from time to time by the applicable Funds in margin accounts established with their respective brokers or banks and a portion of the purchase price for the Common Stock may be obtained through margin borrowing. Securities positions which may be held in the margin accounts, including the Common Stock, may be pledged as collateral security for the repayment of debit balances in the margin accounts.


CUSIP No. 053774105
SCHEDULE 13D
Page 5 of 6

Item 5.          INTEREST IN SECURITIES OF THE ISSUER
Paragraphs (a)-(c) of Item 5 of the Schedule 13D are hereby amended and restated in their entirety, as follows:
(a) The aggregate number of shares of Common Stock to which this Schedule 13D relates is 18,421,082 shares of Common Stock, constituting approximately 26.4% of the outstanding Common Stock. All percentages set forth herein are based on 69,683,361 shares of outstanding common stock, par value $0.01, of the Issuer outstanding as of October 27, 2020, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.  Pursuant to certain cash-settled equity swaps, the Reporting Persons have economic exposure to an additional notional 11,354,508 shares of Common Stock, constituting approximately 16.3% of the outstanding shares of Common Stock, as more fully described in Item 6 of this Schedule 13D.
(b) Each of the Reporting Persons has the shared power to vote or to direct the vote or dispose or direct the disposition of 18,421,082 shares of Common Stock.
(c) Information concerning transactions in the Common Stock effected by the Reporting Persons in the past sixty days is set forth below.  All such transactions were effected in the open market through a broker and all prices per share include commissions.
Date
 
Shares Purchased
 
Price Per Share ($)
11/12/2020
 
79,907
 
35.28
11/13/2020
 
69,889
 
36.46
11/18/2020
 
50,000
 
35.43
11/19/2020
 
4,900
 
34.78
11/20/2020
 
50,000
 
34.79
12/04/2020
 
60,448
 
39.20
12/07/2020
 
57,310
 
38.53



CUSIP No. 053774105
SCHEDULE 13D
Page 6 of 6


SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: December 8, 2020

 
SRS INVESTMENT MANAGEMENT, LLC
 
       
 
By:
/s/ David B. Zales
 
   
Name: David B. Zales
 
   
Title: General Counsel
 
       
       
       
 
/s/ Karthik R. Sarma
 
 
KARTHIK R. SARMA