Avis CAR1Q08transcript

The document is a transcript of Avis Budget Group's first quarter 2008 earnings conference call. 1) Avis Budget Group reported a $35 million decline in domestic earnings before interest, taxes, depreciation and amortization (EBITDA) compared to the first quarter of the previous year, which was entirely expected and in line with their forecasts. 2) The EBITDA decline was driven by a 2% decline in pricing during the quarter, as well as a $13 million loss from marking interest rate hedges to market. However, these factors are not expected to impact the full year results. 3) Despite the earnings decline, demand remained solid in both the commercial and leisure segments