Choice Hotels International Inc. (NYSE:CHH) Q4 2019 Earnings Conference Call - Final Transcript
Feb 18, 2020 • 10:00 am ET
Ladies and gentlemen, thank you for standing by. Welcome to Choice Hotels International Fourth Quarter and Full Year 2019 Earnings Conference Call. [Operator Instructions]
I'd now like to turn the conference over to Allie Summers, Investor Relations, Director for Choice Hotels.
Thank you, operator and welcome again, everyone. It's an honor to join you for the time as Investor Relations Director. I look forward to meeting and working with all of you. Before we begin, we would like to remind you that during this conference call certain predictive or forward-looking statements will be used to assist you in understanding the company and its results. Actual results may differ materially from those indicated in forward-looking statements and you should consult the company's Form 10-K and other SEC filings for information about important risk factors affecting the company that you should consider.
These forward-looking statements speak as of today's date and we undertake no obligation to publicly update them to reflect subsequent events or circumstances. You can find a reconciliation of our non-GAAP financial measures referred to in our remarks as part of the fourth quarter and full-year 2019 earnings press release, which is posted on our website at choicehotels.com under the Investor Relations section. This morning Pat Pacious, our President and Chief Executive Officer, will provide an overview of our 2019 operating results. Dom Dragisich, our Chief Financial Officer, will then review our fourth quarter and full year 2019 financial performance and provide an update on expectations for 2020. Following their remarks, we'll be glad to take your questions.
And with that, I'll turn the call over to Pat.
Good morning, everyone and thanks for joining our fourth quarter and full year 2019 earnings call. I'd like to welcome Allie to the team and I know that she will be a great resource for all of you. We're pleased to report positive results for the fourth quarter and 2019 as a whole. This morning, we announced strong financial performance reflecting the following results for full year 2019, as compared to the prior full year period. We grew adjusted earnings per share by 11%, exceeding the top end of our previous guidance by $0.05 per share and we grew adjusted EBITDA 7% and met the top end of our previous full year guidance.
2019 was a year of investment, investment in brand for the customer of tomorrow. Investments that are improving the value proposition for our franchise owners, and investment in our platform that continues to provide our guests with new travel options and our franchise owners with new services they value. 2020 will also be an investment year, as we continue our strategy of positioning the company to grow in more revenue intense segment and location. To be more specific, we are strengthening our existing brands and building new ones to appeal to the customer of tomorrow in the upscale, midscale and extended-stay segment. We have also been intentional about the geographic market we are targeting to grow our brands across these