Avis Budget Group, Inc. (NASDAQ:CAR) Q1 2022 Earnings Conference Call May 3, 2022 8:30 AM ET
Company Participants
Joe Ferraro – Chief Executive Officer
Brian Choi – Chief Financial Officer
David Calabria – Treasurer and Senior Vice President of Corporate Finance
Conference Call Participants
Brian Johnson – Barclays
Mario Cortellacci – Jefferies
Chris Woronka – Deutsche Bank
John Healy – Northcoast Research
Ryan Brinkman – JPMorgan
Operator
Greetings and welcome to the Avis Budget Group, First Quarter 2022, conference call. At this time, all participants are in a listen-only mode, a question-and-answer session will follow the formal presentation. [Operator's Instruction]. As a reminder, this conference is being recorded. I would now like to turn this conference over to Mr. 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-ever first quarter results in our company's history. This now marks our fourth consecutive earnings report will be delivered record high adjusted EBITDA. With that given quarter. I'd like to start this call as I usually do, by thanking all our employees for giving their best so that we as a team, could achieve these results. In January, I stated that we as a company are getting better. That we're becoming better operators, a better management team, and a better organization. I think the proof of that improvement is reflected in how we managed the business this quarter. You'll recall that during the first six weeks of 2022, the entire travel industry was still navigating through the effects of Omicron. Travel demand was challenged and we saw the negative effects of this in rental days’ rate and utilization.