CorePoint Lodging Inc. (NYSE:CPLG) Q3 2019 Earnings Conference Call - Final Transcript
Nov 13, 2019 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter 2019 CorePoint Lodging Incorporated Earnings Conference Call. [Operator Instructions] After the speakers presentation, there will be a question-and-answer session. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Ms. Becky Roseberry. Thank you. Please go ahead ma'am.
Good afternoon and welcome to CorePoint Lodging's Third Quarter 2019 Earnings Conference Call. Everyone should have received a copy of our earnings release issued earlier this afternoon. This release, along with our 10-Q when available can be found on our Investor Relations page. In a moment, we will have some prepared comments from Keith Cline, our President and Chief Executive Officer and Dan Swanstrom, our Chief Financial Officer. Also in the room with us today is Rob Song, our SVP of Investments.
Before we start, I would like to remind everyone that this presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which reflect 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 the 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 most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission.
In addition, into this remarks, we will refer to adjusted EBITDAre and adjusted FFO, which are non-GAAP financial measures. You may find reconciliation of historical non-GAAP financial measures to the most comparable measures 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 at our website at www.corepoint.com. Finally, for those listening to a replay of this call after November 13, 2019, we remind you that this presentation will not be updated and it is possible that the information discussed will no longer be current.
With that, I will now turn the call over to our President and CEO, Keith Cline.
Keith A. Cline
Thank you, Becky. Good afternoon everyone and welcome. We're pleased you could join us. You may recall that last quarter we highlighted that we believe the underperformance of our portfolio was well outside normal expectations and reflected the impact of an adverse disruption to our business, namely modifications were made by our property manager for the revenue management systems and tools, the call center interface technology and the administration of corporate and group bookings. We believe these modifications and other problems related to the transition of our hotels to the Wyndham platforms in April of this year, contributed to our lower occupancy and average daily rate as well as