Avis Budget Group, Inc. (NASDAQ:CAR) Q1 2023 Earnings Conference Call May 2, 2023 8:30 AM ET
Company Participants
David Calabria - Treasurer & Senior Vice President, Corporate Finance
Joe Ferraro - Chief Executive Officer
Brian Choi - Chief Financial Officer
Conference Call Participants
Hans Hoffman - Jefferies
Adam Jonas - Morgan Stanley
Ryan Brinkman - JPMorgan
Chris Woronka - Deutsche Bank
John Healy - Northcoast Research
Operator
Greetings. Welcome to the Avis Budget Group First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to your host David Calabria, Treasurer and Senior Vice President of Corporate Finance. You may begin.
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 and any or all of our forward-looking statements may provide to be inaccurate, and we can 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 first quarter results and it's clear that, our company is off to a strong start in 2023. We delivered the highest first quarter revenue in company history at $2.6 billion and generated $535 million of adjusted EBITDA.
I want to thank all our employees for their hard work and dedication this quarter. We wanted to get off to a great start and our team did just that. I want to thank them for setting an ambitious pace right at the beginning of our fiscal year. On our last call, I spoke about a return to normal seasonality and anyone who's followed the rental car industry knows that the first quarter is our seasonally lowest quarter of the year.