Royal Caribbean Cruises Ltd.

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 Third Quarter 2020 Earnings Call. All participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to introduce Chief Financial Officer, Mr. Jason Liberty. Mr. Liberty, the floor is yours.

Thank you, Shelby. Good morning, everybody, and thank you for joining us today for our business update and third quarter earnings call. Joining me are Richard Fain, our Chairman and Chief Executive Officer, Michael Bayley, President and CEO of World Cricket International, and Corolla Mingolini, 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, www.rclinvestor.com. 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 third quarter results. I will then provide an update on our latest liquidity actions and will then provide an update on the booking environment. We will then open the call for your questions. Richard.

Thank you, Jason, and good morning to everybody. It's been almost seven months since we paused our cruise operations, and every single day has been extremely frustrating and challenging on so many levels. But while emotionally and financially it hurts us tremendously to see our ships laid up, we've tried to use this time to good effect. Our teams, together with the Healthy Sale Panel, have worked tirelessly to produce a thoughtful set of health protocols to resume operations. Simultaneously, our finance team has worked aggressively in securing liquidity to position the company well for the recovery. One of the most frustrating elements of COVID-19 is how little the world knew at the beginning of this pandemic about the virus and how many false paths We have all gone down over this period. Fortunately, the science has made remarkable strides, and there are a few observations and predictions that we can make. We are seeing an upsurge in infections in the United States and in other countries around the world. The experts seem to expect a second wave over the coming months. After seven months of agony, the prospect of a further surge is beyond frustrating. However, the advances on the science fronts give us optimism that this coming surge will not be as devastating as the early surges in March and April, and it will lead to a better 2021. Therapies are dramatically better and they are more effective. Testing capabilities are already at extraordinary levels and moving higher. And the progress on vaccines has advanced at unprecedented speeds. Personally, at this point in this unfathomable crisis, I feel more positive that we're beginning to see the light at the end of the tunnel. That light needs new batteries, but the light is clearly visible. Please don't get me wrong. I don't mean to minimize the trauma that this disease is causing and will continue to cause, but progress is being made, and that progress is fundamental for our recovery. As you should know by now, this past September, the Healthy Sale Panel submitted their recommendations to us and the CDC, and they were extremely well received. We all know that we can't eliminate all risk of COVID-19, or anything else for that matter. Therefore, we asked the panel to help us to meet two specific goals. One, to reduce the risk of COVID below the level in our guests' home communities. and two, to assure that we can properly handle a COVID incident on board effectively and without inconveniencing all the guests or the local community. The panel made 74 specific recommendations towards accomplishing these two goals. By implementing their recommendations, we intend to make our ships an environment, a bubble if you will, that presents less risk of transmission than our guests would find on land. The entire industry here has agreed to abide by these recommendations, and we believe they can serve as a foundation for a gradual and methodical healthy return to service. The CDC and other regulators have been working on this for a long time. We're grateful for the CDC's focus on health and the time they and their observers have spent on this important topic with the Healthy Sale Panel. I don't want to anticipate any decisions that the CDC might take when the current no-sail order expires, but I am optimistic that through our continued dialogue and the pathway that we have outlined, we are moving in the direction of a healthy return to service. We propose to start slowly by training our crew and embarking on a series of non-revenue trial sailings where we can rehearse and validate the new protocols. The panel has recommended that this process be carefully evaluated by independent outside observers, and we will do that. And then, only on a ship or two at first, and in a gradual and methodical way, we expect to start sailing again. There'll be short cruises at first with limited destinations and controlled shore excursions. But as we learn, and as the science continues to improve, we will expand. Now, besides the CDC in the United States, we're also working with governments and health authorities across the globe to resume operation in a healthy and phased manner. Notably, TUI Cruises, Hapag-Lloyd, and Silversea have all already started sailing again, only with a few ships, but it is a start. And this month, the Singaporean government gave us the approval to sail as well. As a result, Quantum of the Seas will begin cruising in that region in December. Now, before I turn the call back to Jason, I want to say that I'm immensely proud of all our people, partners, travel advisors, lenders and guests for sticking with us and helping us get to this point. The workload has been tremendous and the pressure and the uncertainty nonstop. There's still more work to be done and the environment is still uncertain. But our industry has faced significant challenges in the past, and yet it has continued to demonstrate that it can overcome them. Not only overcome them, but continue to thrive and grow. Why? Simply because the product, the vacations that we offer are so extraordinary, and some would argue that the value is even higher. With that, I'll turn the call back to Jason to talk through the numbers some more. Jason?