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 the Royal Caribbean Group's Business Update and Fourth 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. 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 fourth quarter earnings call. Joining me are Richard Fain, our Chairman and Chief Executive Officer, Michael Bailey, President and CEO of World Crimin International, and Carola Mangolini, 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.rcinvestor.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 by providing a strategic overview of the business. I will follow up with a recap of our fourth quarter and full year 2020 results. I will then provide an update on our latest liquidity action and on the booking environment. We will then open up the call for your questions. Richard.

Thanks, Jason, and good morning, everyone. Even though it's late February, I still want to say Happy New Year because I expect that this year will be so much better in so many ways than the last year. At the same time, it's hard to believe that we're only seven weeks into 2021 because so much has already happened. It's been very intense for the last month and a half. And because things are happening so quickly, I think it's a good time to take a moment to review what we at the Royal Caribbean Group have been doing over the past year to to adjust to the realities of the pandemic in the United States and wherever we sail and wherever we operate around the world. As we've summarized on slide two, 2020 was an unprecedented year in which our teams took on and accomplished actions that were unthinkable just 12 months ago. I think that there was not one job that stayed the same. In a few months, our teams moved our whole fleet into layup. repatriated more than 45,000 crew members to their hundreds of home countries, restructured our workforce, implemented new credit programs for our guests, took care of our travel agents, and raised billions of dollars in new capital, all while working from home. It's been incredibly challenging, but everybody seemed to rise to the occasion. Now, the most important point to keep in mind is that while most of our ships are still sitting idle, And while we suspended most of our global operations through April, at least through April, our company has also been moving ahead to create the conditions and to prepare for a healthy return to sailing. As we continue to navigate this crisis, we've made continued progress on many fronts, as noted on slide three. I want to especially speak about how we're engaging with various stakeholders, particularly governments and other actors in the travel industry. to ensure that we can ramp up and restart quickly. I'll let Jason talk about the initiatives that we've taken on the finance side. First, let me recall what we've accomplished with our healthy sale panel of medical, public health, maritime, biosecurity, and other experts. We've taken their 74 recommendations for a healthy return to service as the basis for over 2,000 separate protocols, from passenger testing before sailing to physical distancing on board to disembarkation of COVID symptomatic persons. All of these things will give our guests, our crew, and the destinations the confidence that the environment on the Royal Caribbean, Celebrity, Silver Sea, or TUI ship is safer than a walk down Main Street. We know that we not only need to provide an environment that protects our guests from coded but also works to protect all of our people from having their vacations disrupted due to an isolated case. At the same time, we have to recognize that the panel's recommendations were were intended to address a pre vaccine environment. A lot has occurred over the last four months since their report was submitted. Not the least of which is that we're regularly vaccinating over a million and a half people a day here in the United States and many elsewhere as well. And so we continue to work with the panel led by Governor Mike Levin and Dr. Scott Gottlieb to identify the safest pathway forward in the new post-vaccine environment when we can protect our guests and crew as never before. And these conversations and the conclusions we draw from them will inform and advance our dialogue with governments around the world, including the CDC under its new leadership. At the same time, I believe strongly in the power of positive example. And in Singapore, we have a good one on how we can safely resume cruising while giving our guests the fun-filled experience they expect. We've been operating there since early December. And even before that, we've had successful operations, which continue now in Germany and Canary Islands, Greece, and the Middle East. These early returns to service not only provide vacations, but they provide an opportunity to demonstrate proof of concept as well. These early cruises provide valuable information about the best way to design and implement our health and safety protocols. They provide important learnings on how we can coordinate most effectively with governments, port authorities, travel partners, and others to protect our guests, crew, and the destinations we visit. These early cruises have also given us the opportunity to design new, attractive itineraries where we can better control the experience. Now, after 11 months of pandemic, I think we all know that COVID fatigue is real. People are clamoring for the opportunity to have experience outside their homes. Every day we see signs that people want to get out and get away. And once we're able to reopen and restart more broadly, we'll be ready to respond with our best-in-class hardware, including our new buildings, Odyssey of the Seas, Celebrity Apex, and Silver Moon, and our exclusive private destinations like Perfect Day at Coco Cay. Before I hand off to Jason, I do want to brag on our team just a little bit. Again, the dedication, commitment, and the integrity of our employees throughout this very difficult period has been exceptional. and their individual and combined contributions have been extraordinary. I am impressed every day by what they do. I also want to give a shout out to our loyal and committed travel partners for their ongoing support and to our investors for their trust. So thank you all, and now I'd like to turn it back over to Jason. Jason?