Ashford Inc (NYSE:AINC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 12:00 pm ET

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Ashford Inc (NYSE:AINC) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Ashford Inc. Second Quarter 2020 Results Conference Call. [Operator Instructions]. Please note that this conference is being recorded. I will now turn the conference over to our host, Jordan Jennings, Investor Relations for Ashford. Thank you. You may begin.

Executive
Jordan Jennings

Good day, everyone, and welcome to today's conference call to review results for Ashford for the second quarter of 2020 and to update you on recent developments. On the call today will be Monty Bennett, Chairman and Chief Executive Officer; Deric Eubanks, Chief Financial Officer; and Jeremy Welter, President and Chief Operating Officer.

The results as well as notice of the accessibility of this conference call on a listen-only basis over the Internet were distributed yesterday in a press release.

At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Such forward-looking statements are subject to numerous assumptions, uncertainties and known or unknown risks, which could cause actual results to differ materially from those anticipated. These factors are more fully discussed in the company's filings with the Securities and Exchange Commission. The forward-looking statements included in this conference call are only made as of the date of this call, and the company is not obligated to publicly update or revise them.

In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release and accompanying tables or schedules which have been filed on Form 8-K with the SEC on July 30, 2020, and may also be accessed through the company's website at www.ashfordinc.com. Each listener is encouraged to review those reconciliations provided in the earnings release together with all other information provided in the release.

Also, unless otherwise stated, all reported results discussed in this call compare the second quarter of 2020 with the second quarter of 2019. I will now turn the call over to Monty.

Executive
Montgomery Bennett

Thank you, Jordan. Good morning, and welcome to our call to discuss our financial results for the second quarter of 2020. I'll begin by discussing Ashford's operations strategy and response in light of the ongoing COVID-19 pandemic. Afterwards, Deric will review our financial results. Then Jeremy will provide an update regarding our hospitality products and services businesses, and then we will open it up for Q&A.

As we discussed last month on our first quarter call, COVID-19 is having an unprecedented economic impact on the hospitality industry. Due to the pandemic, we adjusted the way we operate and how we manage the company, its existing advisory platforms as well as our portfolio of products and services businesses. Our top priority has been to protect the health and safety of our associates, and yes, while at the same time, mitigating the impact on our business. At Ashford, we successfully transitioned to a remote work structure with near-seamless business continuity. We remain diligently focused