Ituran Location and Control Ltd. (NASDAQ:ITRN) Q1 2022 Earnings Conference Call May 24, 2022 10:00 AM ET
Company Participants
Kenny Green – GK Investor Relations
Eyal Sheratzky – Co-Chief Executive Officer
Eli Kamer – Executive Vice President, Chief Financial Officer
Conference Call Participants
David Kelly – Jefferies
Tavy Rosner – Barclays
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Ituran First Quarter 2022 Results Conference Call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded.
You should have all received by now the company's press release. If you have not received it, please contact Ituran's Investor Relations team at GK Investor & Public Relations at 1-212-378-8040, or view it in the News section of the company's website www.ituran.co.il.
I will now hand over the call to Mr. Kenny Green of GK Investor Relations. Mr. Green, would you like to begin?
Kenny Green
Thank you. Good day to all of you and welcome to Ituran's conference call to discuss the first quarter 2022 results. I'd like to thank Ituran's management for hosting this conference call. With me today on the line are Mr. Eyal Sheratzky, CEO; Mr. Udi Mizrahi, Deputy CEO and Finance; and Mr. Eli Kamer, CFO of Ituran.
Eyal will begin with a summary of the quarter's results followed by Eli with a summary of the financials. We will then open the call for the question-and-answer session. I'd like to remind everyone that the Safe Harbor statement in today's press release also covers the contents of this conference call.
And now, Eyal would you like to begin please?
Eyal Sheratzky
Thank you, Kenny. I'd like to welcome all of you and thank you for joining us today. We are very pleased with our financial results, kicking off 2022 with very strong subscriber growth in the first quarter, which is the clearest indication of our success. This is also reflected in the current quarter subscription revenues, which surpassed $50 million growing at 10% year-over-year. We grow our overall subscriber base at 43,000 net adds, bringing the total to over 1.9 million subscribers.
The aftermarket segment added a record of 59,000 subscribers during this quarter. This increase in subscribers, came from both, the growth in our traditional aftermarket business, but was also boosted by the various growth engine that we have exceeded over the past few quarters. It's included a increased traction from our usage-based insurance, UBI business in Israel, working with car financing companies in Brazil and Mexico, new activities with rental companies in South America, as well as continued growth performance from our U.S. business.