CorePoint Lodging Inc. (NYSE:CPLG) Q1 2020 Earnings Conference Call - Final Transcript

May 20, 2020 • 05:00 pm ET


CorePoint Lodging Inc. (NYSE:CPLG) Q1 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Thank you for standing by and welcome to the Q1 2020 CorePoint Lodging Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Becky Roseberry, Senior Vice President of Finance and Investor Relations. Thank you. Please go ahead ma'am.

Becky Roseberry

Thank you. Good afternoon, and welcome to CorePoint Lodging's first quarter 2020 earnings conference call. In a moment, we will have remarks from Keith Cline, our CEO and Dan Swanstrom, our CFO. Rob Song, our SVP of Investments and Howard Garfield, our CAO are also on the line with us.

Before we start, I would like to remind everyone that our remarks today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements. And forward-looking statements made today speak only to our expectations as of today. We do not undertake any duty to update forward-looking statements.

These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied. For more details on some of these risks, please refer to the Risk Factors section of the Company's most recent Annual Report on Form 10-K as supplemented by the Company's current report on Form 8-K filed on May 11, 2020 and any subsequent reports filed with the Securities and Exchange Commission.

In today's remarks, we will also refer to certain non-GAAP financial measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP metrics are provided in our earnings release, which is available on our website at Finally, for those listening to a replay of this call after May 20, 2020, 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 Keith.

Keith A. Cline

Thank you, Becky. Good afternoon everyone, and welcome. We're pleased you could join us. The last 10 weeks have been an incredibly challenging time for all of us, and we offer our sincere thanks to those who are on the front lines fighting this pandemic every day. As it relates to our business, I will focus my time today on how we have been managing through this crisis today, our key priorities and our action plan going forward. I'll turn it over to Dan later to update you on our operating results, liquidity profile, balance sheet and non-core disposition program.

Entering the year, our top 2020 initiatives were to focus on ensuring the revenue and other platform improvements with Wyndham were completed on time and addressed our needs and to execute on the next phase of our real estate strategy. The current operating reality we've entered into including record year-over-year declines in revenue due to the impact of COVID-19 pandemic has driven a rapid reprioritization and collective change in focus for our team.

While we will obviously continue to focus on the platform improvements and real estate strategy, our most important priorities right now are