Fly Leasing Limited (NYSE:FLY) Q2 2020 Earnings Conference Call - Final Transcript

Aug 13, 2020 • 09:00 am ET


Fly Leasing Limited (NYSE:FLY) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Fly Leasing Second Quarter 2020 Earnings Conference Call.

[Operator Instructions]

And I would now like to hand the conference over to your speaker today, Matt Dallas with Investor Relations. Thank you and please go ahead, sir.

Matt Dallas

Thank you and good afternoon and good morning -- good afternoon to our investors in the UK and good morning to our investors in the US. I am Matt Dallas with Investor Relations at Fly Leasing and I'd like to welcome everyone to our second quarter 2020 earnings conference call.

Fly Leasing, which we will refer to as FLY or the Company, issued it's second quarter earnings results press release earlier today, which is posted on our website at We have a slide presentation that accompanies today's call, which is available to participants on the webcast. If you are not accessing the webcast, you can find a copy of today's presentation in the Investor Relations section of our website on the Events and Presentations page. Representing the company today on this call will be Colm Barrington, our Chief Executive Officer and Julie Ruehl, our Chief Financial Officer.

This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking Stevens include, but are not limited to, statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on current expectations and assumptions of FLY's management, which are subject to uncertainties, risks, and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to factors that are summarized in the earnings press release and are described more fully in the company's filings with the SEC. Please refer to these resources for additional information. An archived webcast of this call will be available for one year on the company's website.

With that, I would now like to hand the call over to Colm Barrington, the Chief Executive Officer of FLY. Colm?

Colm Barrington

Thank you, Matt, and welcome everyone to this morning's call. Thank you all for joining us.

Well, I don't think I need to spend too much time on the continuing severe impact that COVID-19 is having on global aviation and indeed on every aspect of life throughout the world. The reductions in airline traffic, in airline operations, in airline profitability and liquidity are all well documented on a daily basis. As of the impact on aircraft and aero engine manufacturers resulting from the virtuous cessation of orders for new aircraft and deferrals and cancellations of previous equipment orders. There is an expectation that the impact of the pandemic will be with us for several years, but some forecasts suggest that air travel will now not return to its 2019 level until 2023 or beyond and even that being contingent on the development and broad production of an effective and acceptable vaccine against the virus. Until that happens, it seems likely the restrictions on travel