The RMR Group Inc. (NASDAQ:RMR) Q4 2023 Earnings Conference Call November 16, 2023 10:00 AM ET

Company Participants

Kevin Barry - Director, IR

Adam Portnoy - President and CEO

Matthew Jordan - CFO

Conference Call Participants

Bryan Maher - B. Riley

Operator

Good morning, and welcome to The RMR Group Fiscal Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Please also note that this event is being recorded today.

I would now like to turn the call over to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

Kevin Barry

Good morning, and thank you for joining RMR's fourth quarter fiscal 2023 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 our quarterly results, followed by a question-and-answer session. I would 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 16, 2023, 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 U.S. 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 financial results.

I will now turn the call over to Adam.

Adam Portnoy

Thanks, Kevin. And thank you all for joining us this morning.

RMR finished fiscal year 2023 with solid financial results, once again highlighting the stability of our platform in light of a challenging year for commercial real estate. This stability stems in large part from the fact that most of our recurring fee revenue is generated from long-term perpetual and private capital funds.