Royal Caribbean Cruises Ltd. (NYSE:RCL) Q2 2020 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 10:00 am ET


Royal Caribbean Cruises Ltd. (NYSE:RCL) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Shelby, and I'll be your conference operator today. At this time, I would like to welcome everyone to Royal Caribbean Group's business update and second-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 Shelby. Good morning everyone, and thank you for joining us today for our business update and second-quarter earnings call. Joining me are Richard Fain, our chairman and chief executive officer; Michael Bayley, president and CEO, 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 filings 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.

Richard will begin the call by providing a strategic overview of the business. I will then follow up with a recap of our second-quarter results. I will then provide an update on our latest liquidity action and then give an update on the booking environment and our outlook. We will then open up the call for your questions. Richard?

Richard D. Fain

Thank you Jason, and good morning everyone. Thank you for joining us this morning. While it definitely seems like an eternity, it's been five months since COVID-19 upended our lives. Every one of those days has been a challenge to all of us on every level.

The impact on us on individuals, as families, as businesses, probably most importantly, as communities have been profound and sometimes even humbling. During these five months, we, at the Royal Caribbean Group, have been working on scenarios that were unimaginable for us just a while ago, from massive crew repatriations and bid capital raises to developing new fleetwide health and safety protocols, all while working remotely. It's been and continues to be a monumental effort. But first and foremost, I want to especially acknowledge the shipboard and short-time teams -- shoreside teams that have worked tirelessly on the unprecedented crew repatriation effort.

To date, over 43,000 or more of -- or more than 98% of our crew, hailing from some 90 nations, have made it safely home to their families and their loved ones. We continue to work with the governments of the restricted countries to reunite the last few of our crew with their family. It was and still is a very complex and expensive task with shifting regulations and restrictions across