CorePoint Lodging Inc. (NYSE:CPLG) Q3 2018 Earnings Conference Call - Final Transcript

Nov 06, 2018 • 10:00 am ET


CorePoint Lodging Inc. (NYSE:CPLG) Q3 2018 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and thank you for standing by. Welcome to the CorePoint Lodging Third Quarter 2018 Earnings Conference. At this time, all participants are in a listen-only mode to prevent background noise. (Operator Instructions) Later we will have a question-and-answer session, and instructions will follow at that time. And as a reminder this conference is being recorded.

Now it's my pleasure to turn the call to Kristin Hays.

Kristin Hays

Thank you, Carmen. Good morning, and welcome to CorePoint Lodging third quarter 2018 earnings conference call.

(Forward-Looking Cautionary Statements)

In addition, in today's remarks, we will refer to adjusted EBITDAre, which is a non-GAAP financial measure. You may find a reconciliation of the adjusted EBITDAre information for historical periods discussed in today's call to the most comparable measure calculated and presented in accordance with GAAP in our earnings press release, which is also included as an exhibit to the Form 8-K we filed with the SEC, which may be found on our website at Also, it is important to note that certain financial results, including adjusted EBITDAre will be discussed on a pro forma basis and give effect to adjustments relating to the spin-off and other matters. Please refer to our earnings press release for additional detail.

Please note that no portion of this presentation may be rebroadcast or rewritten in any form without the prior written consent of CorePoint Lodging. For those listening after November 6th, 2018, we remind you that this presentation will not be updated, and it is possible that the information discussed is no longer current.

This morning, Keith Cline, our President and CEO will provide an overview of CorePoint's third quarter results, a review of our near-term strategic priorities, and an update on the Wyndham integration; Dan Swanstrom, CorePoint's CFO will then provide more details on our third quarter performance, review our balance sheet and liquidity position, as well as our capital investments activity during the quarter, and discuss our updated outlook for the remainder of 2018. Keith will then make a few closing comments before we open the line for questions. Also in the room with us today is John Cantele, CorePoint's COO; Howard Garfield, our CAO; and Becky Roseberry (ph), our SVP of Finance.

With that, I will now turn the call over to our President and CEO, Keith Cline.

Keith Cline

Thank you, Kristin. Good morning, everyone, and welcome to CorePoint Lodging's third quarter 2018 earnings call. We're pleased you could join us today for our discussion of CorePoint's performance and our first full quarter, as a standalone lodging REIT. While CorePoint is a new entity, many of you know that our initial portfolio of La Quinta branded hotels has been executing on a multiyear strategy that began under our former parent, La Quinta Holdings Inc.

La Quinta put a strategic plan in place two years ago to drive consistency in its hotel product, drive consistency in the delivery of an outstanding guest experience, and to drive customer engagement with the brand. The