Avis Budget Group, Inc. (NASDAQ:CAR) Q3 2024 Earnings Conference Call November 1, 2024 8:30 AM ET
Company Participants
David Calabria - SVP, Corporate Finance and Treasurer
Joe Ferraro - President and CEO
Izzy Martins - EVP and CFO
Conference Call Participants
Chris Woronka - Deutsche Bank
John Babcock - Bank of America
Elizabeth Dove - Goldman Sachs
Ryan Brinkman - J.P. Morgan Chase
Christopher Stathoulopoulos - Susquehanna Financial
John Healy - Northcoast Research
Dan Levy - Barclays Bank
Operator
Greetings and welcome to the Avis Budget Group Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder this conference is being recorded. At this time, it is now my pleasure to introduce 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 Izzy Martins, 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 our 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 third quarter results, which delivered quarterly revenue from nearly 3.5 billion and adjusted EBITDA of 503 million. As we discussed on our last call, we need to bifurcate the impacts of non-reoccurring fleet gains, high-vehicle interest, and decisions made to improve our utilization. Our primary goal has always been to keep the fleet inside of demand. We have taken the necessary steps to adjust our fleet size throughout the year, which allowed us to continue to improve utilization with this quarter finishing nearly two points above our prior year.