CorePoint Lodging Inc. (NYSE:CPLG) Q1 2019 Earnings Conference Call - Final Transcript

May 14, 2019 • 05:00 pm ET

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CorePoint Lodging Inc. (NYSE:CPLG) Q1 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2019 CorePoint Lodging Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call will be recorded.

I would now like to introduce your host for today's conference, Ms. Becky Roseberry, Senior Vice President of Finance. You may begin.

Executive
Becky Roseberry

Good afternoon, and welcome to CorePoint Lodging's first quarter 2019 earnings conference call. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which reflects the Company's current view of future events and financial performance.

Words such as outlook, expect, will, plan, anticipate, intend, believe and other similar expressions identify forward-looking statements. Any such forward-looking statements are subject to risks and uncertainties such that the Company's future or actual results could differ materially from historical results or current expectations or from that which is expressed or implied by any such forward-looking statements.

For more details on these risks, please refer to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

In addition, in today's remarks, we will refer to adjusted EBITDAre, and adjusted FFO, which are non-GAAP financial measures. You may find a reconciliation of this information 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 www.corepoint.com.

Also, it is important to note that certain financial results, including adjusted EBITDAre, will be discussed on a pro forma basis, giving effect to adjustments related to our spin-off from La Quinta Holdings, Inc. and other matters. Please refer to our earnings press release for additional detail.

Finally for those listening to a replay of this call after May, 14th, 2019, we remind you that this presentation will not be updated and it is possible that the information discussed will no longer be correct.

This afternoon, Keith Cline, our President and Chief Executive Officer, will discuss CorePoint's first quarter performance and provide an update on our 2019 strategic priorities, including an update on the Wyndham integration and execution of our real estate strategy.

Dan Swanstrom, CorePoint's Chief Financial Officer, will then provide more details on our quarterly performance, review our balance sheet, highlight our recent share repurchase activity and provide an update on the continued execution of our non-core asset sales. Keith will then make a few closing comments before we open the line for your questions.

Also, in the room with us today is Howard Garfield, our Chief Accounting Officer; and Rob Song, SVP of Investments.

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

Executive
Keith A. Cline

Thank you, Becky. Good afternoon, everyone, and welcome to CorePoint Lodging's first quarter 2019 earnings conference call. We're pleased you could join us.