Ladies and gentlemen, thank you for standing by. Welcome to the Hertz Global Holdings First Quarter 2020 Earnings Call. Currently all lines are in a listen-only mode. I would like to remind you that today’s call is being recorded by the company. I would now like to turn the conference over to our host, Leslie Hunziker. Please go ahead.

Good morning, everyone. By now, you should have our press release and associated financial information. We’ve also provided slides to accompany our conference call that can be accessed on our website. I want to remind you that certain statements made on this call contain forward-looking information. Forward-looking statements are not guarantees of performance and by their nature, are subject to inherent uncertainties. Actual results may differ materially. Any forward-looking information relayed on this call speaks only as of this date, and the company undertakes no obligation to update that information to reflect changed circumstances. Additional information concerning these statements is contained in our earnings press release and in the risk factors and forward-looking statements section of our 2019 Form 10-K and our first quarter 2020 Form 10-Q. Copies of these filings are available from the SEC and on the Hertz website. Today, we’ll use certain non-GAAP financial measures, all of which are reconciled with GAAP numbers in our press release, which is posted on our website. We believe that our profitability and performance is better demonstrated using these non-GAAP measures. Our call today focuses on Hertz Global Holdings, Inc., the publicly traded company. Results for the Hertz Corporation are materially the same as Hertz Global Holdings. On the call this morning, we have Kathy Marinello, our CEO; and Jamere Jackson, Hertz’s Chief Financial Officer. Now I’ll turn the call over to Kathy.

Thank you, Leslie, and good morning, everyone. It goes without saying that we are operating in a dramatically different environment since our last earnings call. While my senior team and I have weathered economic downturns throughout our careers, the severe toll that COVID-19 has taken on our customers’ lives and on the travel industry has been unlike anything we’ve experienced and the speed with which it occurred is astounding. We came into this year with consistently strong revenue and earnings momentum reflecting both price and volume growth, productivity initiatives, and best-in-class fleet management. At the same time, we’ve made significant progress deleveraging our balance sheet. Yet, in just two months, the outbreak of the coronavirus created a major business disruption as global travel demand and the used car market effectively shutdown. We immediately shifted our business priorities to focus on employee and customer health and safety, expense mitigation and preserving liquidity. As you would expect when dealing with the challenge of this magnitude, the entire team has been working tirelessly taking an all hands on deck approach to swiftly address the difficult issues we’re facing. Our first order of business was to protect the health and safety of our employees and customers. For our corporate employees, we successfully transitioned to a remote work structure while implementing stringent measures in line with CDC guidelines to safeguard personnel at our field locations. And as an essential service, we were able to ensure seamless business continuity for our customers. In addition to following social distancing best practices at our locations, we’re raising the bar on our high standards for safety and cleanliness. Every vehicle is being sealed and certified Hertz Gold Standard Clean after undergoing a 15-point cleaning and sanitization process that follows U.S. CDC guidelines and uses EPA-approved products. I’m proud of…

Thank you, Kathy, and good morning everyone. By now you’ve seen our 10-Q and earnings release, which discloses information about our results. As with many other companies in the travel industry, the COVID-19 pandemic has had a significant impact on our business and this is not limited to our first quarter. Given the severity of the shock, we’ve had an intense focus on rightsizing our operations to reflect the current market realities and as Kathy mentioned, we’ve taken aggressive action to preserve liquidity. As we noted in our press release, we will conclude today’s calls following our prepared remarks. We will not be taking questions as we’re in active discussions with several parties and therefore we do not have more to share beyond what all the defense here and what is contained in our 10-Q. First, let me provide an overview of our total company results. Slide 10 shows our consolidated results on a U.S. GAAP basis and our non-GAAP measures for the quarter. Total revenue of $1.9 billion was down 9% on a reported basis and down 8% on a constant currency basis led by a 9% decline in our U.S. RAC segment. GAAP net loss for Hertz Global was $356 million for the quarter compared to a loss of $147 million in the first quarter of 2019 and loss per diluted share was $2.50 compared to a loss per share of a $1.54. On a non-GAAP basis, adjusted corporate EBITDA declined to negative $243 million versus negative $4 million in the prior year quarter. Adjusted net loss for the quarter was $253 million or $1.78 loss per share compared to an adjusted net loss of $83 million or $0.87 loss per share in the prior year quarter. These results reflect the dramatic decline in revenue and the resulting…

Thanks, Jamere. Two months ago, none of us could possibly have anticipated the speed with which COVID-19 has impacted economies across the globe, especially across the travel industry. I’m proud of what our team has accomplished in just a short period of time to elevate cleanliness and safety standards for our customers and to reduce operating expenses in the face of declining revenue. We’re regularly assessing the environment to ensure we’re being pragmatic about scenario planning for both the near and long-term. As such, we’ll continue to take the appropriate and necessary actions to support our operations while making sure that the Hertz brands are positioned with the right products, services, and technologies, so that when our customers are ready to travel again, we will be there to get them where they need to be safely and confidently. Thanks for your time this morning. Have a good day.

Thank you. And ladies and gentlemen, that does conclude your conference call for today. Thank you for your participation and for using AT&T Executive Teleconference Service. You may now disconnect.