Wanda Sports Group Co Ltd (NASDAQ:WSG) Q2 2020 Earnings Conference Call - Final Transcript

Sep 01, 2020 • 08:00 am ET


Wanda Sports Group Co Ltd (NASDAQ:WSG) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and for joining Wanda Sports' Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. If you have any objections, you many disconnect at this time.

I would now like to turn the conference over to your host for today's call. Ms. Edith Kwan, Head of Investor Relations at Wanda Sports Group. Please go ahead.

Edith Kwan

Thank you, Amber. Hello, everyone. Thanks for joining the second quarter 2020 earnings call. With us today are Hengming Yang, Chief Executive Officer of Wanda Sports; and Brian Liao, our Chief Financial Officer. A replay of the call will be available on our IR website later today. We have also posted a slide presentation on our website, which Brian will reveal during his remarks.

Now, let me quickly cover the safe harbor. Today's discussion will contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in the forward-looking statements and consequently, could be affected by the uncertain and unprecedented impact on COVID-19 on our business and operations, and a related impact on our liquidity needs.

For a detailed discussion of these risks and uncertainties, please refer to our earnings release, our annual report on the Form 20-F for the year ended December 31, 2019 filed with SEC annual report and available on the SEC's website at www.sec.gov, as well as such as filings that we may from time to time with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we do not undertake any obligation to update these statements except as required under applicable law.

Please note that certain financial measures that we use on this call, such as adjusted EBITDA are expressed on a non-IFRS basis. Our IFRS results and reconciliation of IFRS to non-IFRS measures can be found on our earnings release.

With that, I will now turn the call over to our CEO; Hengming Yang. Hengming, please proceed.

Hengming Yang

Okay. Thank you, Edith. And thanks to everyone for joining us today. First, I hope you and your families are healthy and safe during the pandemic. I'd also like to recognize and sincerely thank our people at Wanda Sports Group for their dedication and highly effective work as we respond to the profound challenges that have severely impacted the global community.

Turning to today's calls, I'll first review our second quarter performance. Then I have some updates on our focused and disciplined actions in addressing the COVID-19 pandemic. Let me start with the second quart results. I'd like to remind you that given the sale of The IRONMAN Group closed in July, we still treated The IRONMAN Group in the second quarter as an asset held for sale and its historical results are reflected as discontinued operations.

As expected, second quarter 2020 was probably the most challenging operating environment in the history of our company as we