KAR Auction Services, Inc. (NYSE:KAR) Q1 2022 Earnings Conference Call May 4, 2022 8:30 AM ET

Company Participants

Peter Kelly – Chief Executive Officer

Michael Eliason – Treasurer and Vice President, Investor Relations

Eric Loughmiller – Chief Financial Officer

Conference Call Participants

Rajat Gupta – JPMorgan

Aileen Smith – Bank of America

Gary Prestopino – Barrington Research

Bret Jordan – Jefferies

Bob Labick – CJS Securities

Daniel Imbro – Stephens Inc.

Ali Faghri – Guggenheim Partners

Operator

Good morning. Thank you for standing by. Your conference call will begin momentarily. Again, please continue to standby. Thank you. Good day, and thank you for standing by. Welcome to the KAR Auction Services Q1 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions ]. Please be advised today's conference is being recorded. [Operator Instructions ]. I would now like to hand the conference over to your speaker today, Michael Eliason, Treasurer and VP Investor Relations. Please go ahead.

Michael Eliason

Thanks, Amanda. Good morning. And thank you for joining us today for the KAR Global First Quarter 2022 Earnings Conference Call. Today, we'll discuss the financial performance of KAR Global for the quarter ended March 31st, 2022. After concluding our commentary, we'll take questions from participants. Before Peter kicks off our discussion, I would like to remind you that this conference call contains forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that may affect KAR's business, prospects, and results of operations.

And such risks are fully detailed in our SEC filings. In providing forward-looking statements, the company expressly disclaims any obligation to update these statements. Let me also mention that throughout this conference call, we will be referencing both GAAP and non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the applicable GAAP financial measure can be found in the press release that we issued yesterday, which is also available in the Investor Relations section of our website. Now, I'd like to turn this call over to KAR Global CEO, Peter Kelly. Peter.

Peter Kelly

Thank you, Mike, and good morning, everybody. I'm delighted to be here this morning with all of you to provide an update on our performance at KAR Global. So on today's call, I will detail our first quarter results and provide you with some guidance in context around are expected performance for the remainder of 2022. But first I would like to update you on the status of our divestiture of the ADESA U.S, physical auction business. Our transaction is expected to close within the next week. It is a significant, even historic milestone in cars history and transaction that will be transformative for our company, our customers, our employees, and our stockholders.