Avianca Holdings S.A. (NYSE:AVH) Q3 2019 Earnings Conference Call - Final Transcript

Nov 14, 2019 • 08:00 am ET

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Avianca Holdings S.A. (NYSE:AVH) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Avianca Holdings Third Quarter 2019 Earnings Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Luca Pfeifer, Investor Relations Officer for Avianca Holdings. Thank you. Mr. Pfeifer, you may begin.

Executive
Luca Pfeifer

Thank you, operator. Good morning, everyone, and welcome. Thanks for joining us this morning to review our results for the third quarter 2019. As on prior occasions, we will be simultaneously translating our earnings results conference call from English to Spanish.

Joining me on the call today is our CEO, Anko van der Werff; and CFO, Adrian Neuhauser. Anko will begin our call with a review of key operational highlights from the third quarter 2019 and we'll then turn the call over to Adrian, who will discuss highlights from our financial results. We will conclude the call with Anko's brief closing comments and then open the floor for question-and-answer session.

As a reminder, I'd like to call your attention to the safe harbor statement in connection with today's call. Please note that management will make forward-looking statements today, including those with respect to expected future operating results, that are based on our current expectations, forecasts and assumptions, and involve risks and uncertainties. Please refer to the risk factors inherent in the company's business and that have been filed with the SEC. Actual results may materially differ from any forward-looking statements that the company makes today.

Avianca Holdings does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise expect as required under the applicable law.

With that, I'd now like to turn the call over to Anko van der Werff. Anko, please go ahead.

Executive
Anko van der Werff

Thank you, Luca, and good morning and thank you everyone for participating today. It's been an exciting and productive three months for me working with the entire Avianca team. Today I'm very excited with the task ahead and feel honored to lead Avianca to its next 100 years. As you know, Adrian Neuhauser, our CFO, our management team and I have been working tirelessly on advancing the execution of our Avianca 2021 plan and have successfully delivered on important key objectives, while maintaining our unwavering focus on our customers.

And I'm pleased to share with you today the many areas, where we have swiftly gained meaningful traction to achieve the critical initial changes that will strengthen our company's competitiveness, while we implement crucial financial adjustments to strengthen Avianca's capital structure.

Avianca delivered a third quarter showing improvements from an operational perspective, and let me walk you through our progress during the quarter on our planned key pillars. I'll begin with our operational efficiency, which was driven by our decision to streamline and rationalize our routes with an eye towards optimizing overall profitability and simplifying our fleets. During the quarter, we successfully delivered on key milestones outlined on our second quarter call, canceling 21 unprofitable routes and redeploying free capacity.

Further,