Royal Caribbean Cruises Ltd. (NYSE:RCL) Q1 2020 Earnings Conference Call - Final Transcript

May 20, 2020 • 10:00 am ET


Royal Caribbean Cruises Ltd. (NYSE:RCL) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Thea, and I will be your conference operator today. At this time, I would like to welcome everyone to Royal Caribbean's Group Business Update and First Quarter 2020 Earnings Call. [Operator Instructions]

I would now like to introduce Chief Financial Officer, Mr. Jason Liberty. Mr. Liberty, the floor is yours.

Jason Liberty

Thank you, operator. Good morning, everyone, and thank you for joining us today for our business update and first quarter earnings call. Joining me virtually from their home offices are Richard Fain, our Chairman and Chief Executive Officer; Michael Bayley, President and CEO of Royal Caribbean International; and Carola Mengolini, our Vice President of Investor Relations. During this call, we will be referring to a few slides, which have been posted on our investor website, Before we get started, I would like to refer you to our notice about forward-looking statements, which is on our first slide. During this call, we will be making comments that are forward-looking. These statements do not guarantee future performance, and do involve risks and uncertainties.

Examples are described in our SEC filing and other disclosures. Please note that we do not undertake to update the information in our filings as circumstances change. Also, we will be discussing certain non-GAAP financial measures, which are adjusted as defined, and a reconciliation of all non-GAAP historical items can be found on our website. Unless we state otherwise, all metrics are on a constant currency-adjusted basis. Richard will begin the call by providing a strategic overview of the business. I will then follow with an update of our liquidity actions we have taken to-date. I will then provide an update on the booking environment, and then I will provide a recap of our first quarter results. We will then open up the call for your questions.


Richard D. Fain

Thanks, Jason, and good morning, everyone. I hope that everybody on this call is safe and healthy. These are troubled times, and we all need to take care of ourselves, as well as remembering the first responders and others who are working so hard to protect our communities. Obviously, our industry and our company are undergoing unprecedented challenges, and we are having to quickly adapt to this new and evolving environment. But our priorities are clear. We will work to protect the safety of our guests and crew. We will proactively enhance our liquidity. We will protect the company's brands and our travel partners. And we will define and prepare for a new normal.

In the two months since we suspended operations, we've been working tirelessly to safely repatriate our guests and crew members to their homes. Our crew come from more than a 100 countries around the world, with widely different safety protocols and travel restrictions. This has turned, which should be a simple task, into a monumental one. It's really hard to convey the complexity of the process to somebody who's used to making simple travel arrangements, but our teams are working round the