Avis Budget Group Inc. (NASDAQ:CAR) Q2 2023 Earnings Call Transcript August 1, 2023 8:30 AM ET
Company Participants
David Calabria - Treasurer and Senior VP of Corporate Finance
Joe Ferraro - Chief Executive Officer
Brian Choi - Chief Financial Officer
Brian Choi - Executive VP and CFO
Conference Call Participants
John Healy - North Coast Research
Stephanie Moore - Jefferies
Chris Woronka - Deutsche Bank
Chris Stathoulopoulos - SIG
Ryan Brinkman - JP Morgan
Operator
Good morning, ladies and gentlemen. And welcome to the Avis Budget Group Second Quarter 2023 Conference Call. [Operator Instructions] As a reminder, this call is being recorded.
It is now my pleasure to introduce your host. David Calabria, Treasurer and Senior Vice President of Corporate Finance. Thank you, sir. Please go ahead.
David Calabria
Good morning, everyone, and thank you for joining us. On the call with me are Joe Ferraro, our Chief Executive Officer; and Brian Choi, our Chief Financial Officer.
Before we begin, I would like to remind everyone that we will be discussing forward-looking information including potential future financial performance, which is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from such forward-looking statements and information.
Such risks and assumptions, uncertainties and other factors are identified in our earnings release and other periodic filings with the SEC as well as the Investor Relations section of our website. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results in any or all of our forward-looking statements may prove to be inaccurate and we make no guarantees about our future performance. We undertake no obligation to update or revise our forward-looking statements.
On this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings press release, which is available on our website for how we define these measures and reconciliations to the closest comparable GAAP measures.
With that, I'd like to turn the call over to Joe.
Joe Ferraro
Thank you, David. Good morning, everyone. And thank you for joining us today. Yesterday, we reported our second quarter results, which delivered over $3 billion in revenue and $737 million of adjusted EBITDA. I want to thank all our employees for their efforts over the past quarter, which built on the strength of our first quarter and sets us up in a strong position to capitalize on the peak summer season.
On our last call, I mentioned that -- in the first quarter, it appeared the industry has returned to normal seasonal trends. That was true this quarter as well, where demand strengthened with each consecutive month, with June being the strongest showing terrific exit trends and positive momentum going into the summer. In general, trends for the quarter was what we had seen pre-COVID and shows that we are no longer in a COVID environment as it pertains to the business dynamics and seasonality. Overall, demand for travel is robust, and we believe the summer of 2023 will be one for the record books. But before we get into that, let me tell you about the second quarter, and as usual, let's start with the Americas segment.