Avis Budget Group, Inc. (NASDAQ:CAR) Q3 2022 Earnings Conference Call November 1, 2022 8:30 AM ET
Company Participants
David Calabria - Treasurer and SVP, Corporate Finance
Joe Ferraro - CEO
Brian Choi - CFO
Conference Call Participants
Ryan Brinkman - JPMorgan
Adam Jonas - Morgan Stanley
Chris Woronka - Deutsche Bank
Stephanie Moore - Jefferies
Operator
Greetings, and welcome to the Avis Budget Group Third Quarter 2022 Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference 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. 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 prove 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 best quarterly results in our company's history, making this our sixth consecutive earnings report, where we delivered record-high adjusted EBITDA for that given quarter. For over a year and a half now, our team has shown incredible dedication and drive by continuously setting new benchmarks quarter-after-quarter.
I want to start-off this call as I usually do, by thanking the 25,000 employees of Avis Budget Group, who helped make this possible. Last quarter, I said, we were in the busiest summer travel season I've ever seen with demand materializing in both robust bookings and a healthy rate. But we didn't just rely on strong demand to generate earnings. We acted decisively by selling age fleet for solid gains and maintaining our stringent cost discipline.