RMR Group, Inc. (NASDAQ:RMR) Q3 2022 Earnings Conference Call November 15, 2022 10:00 AM ET

Company Participants

Michael Kodesch - Director, IR

Adam Portnoy - CEO and President

Matthew Jordan - EVP and CFO

Conference Call Participants

Bryan Maher - B. Riley FBR

Kenneth Lee - RBC Capital Markets

Operator

Good morning and welcome to the RMR Fiscal Fourth Quarter 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Michael Kodesch, Director of Investor Relations. Please go ahead.

Michael Kodesch

Good morning and thank you for joining RMR's Fourth Quarter Fiscal 2022 Conference Call. With me on today's call are President and CEO, Adam Portnoy; and Chief Financial Officer, Matt Jordan.

In just a moment, they will provide details about our business and quarterly results followed by a question-and-answer session. I'd like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company.

Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on RMR's beliefs and expectations as of today, November 15th, 2022, and actual results may differ materially from those that we project.

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be found on our website at www.rmrgroup.com. Investors are cautioned not to place undue reliance upon any forward-looking statements.

In addition, we may discuss non-GAAP numbers during this call, including adjusted net income, adjusted earnings per share, adjusted EBITDA, and adjusted EBITDA margin.

A reconciliation of net income determined in accordance with US Generally Accepted Accounting Principles to adjusted net income, adjusted earnings per share, adjusted EBITDA, and the calculation of adjusted EBITDA margin can be found in our earnings release.

And now, I would like to turn the call over to Adam.

Adam Portnoy

Thanks Michael and thank you for joining us this afternoon. For the fourth quarter, we reported adjusted net income of $0.57 per share and adjusted EBIT $29.5 million, both increases of at least 12% on a year-over-year basis. This quarter's results are indicative of RMR's resilient business model, which can perform well in all economic cycles.