Travel + Leisure Co. (NYSE:TNL) Q2 2023 Earnings Conference Call July 26, 2023 8:30 AM ET

Company Participants

Chris Agnew - Senior Vice President, Investor Relations

Michael Brown - President & Chief Executive Officer

Mike Hug - Chief Financial Officer

Conference Call Participants

Joe Greff - JPMorgan

Chris Woronka - Deutsche Bank

Patrick Scholes - Truist Securities

Ian Zaffino - Oppenheimer

Brandt Montour - Barclays

David Katz - Jefferies

Dany Asad - Bank of America

Operator

Greetings and welcome to the Travel + Leisure Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

It is now my pleasure to introduce your host Chris Agnew, Senior Vice President Investor Relations. Thank you. Please go ahead.

Chris Agnew

Thanks Donna and good morning to everybody. Before we begin, we'd like to remind you that discussions today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements and the forward-looking statements made today are effective only as of today. We undertake no obligation to publicly update or revise these statements.

The factors that could cause actual results to differ are discussed in our SEC filings and in our earnings press release accompanying this earnings call. And you can find a reconciliation of the non-GAAP financial measures discussed in today's call in the earnings press release available on our website at travelandleisureco.com/investors.

This morning Michael Brown, our President and Chief Executive Officer will provide an overview of our second quarter results and full year outlook. And Mike Hug, our Chief Financial Officer will then provide greater detail on the quarter our balance sheet and liquidity position. Following our prepared remarks we look forward to responding to your questions.

And with that, I'm pleased to turn the call over to Michael Brown.

Michael Brown

Thanks Chris. Good morning everyone and thanks for joining us today. We are pleased to report solid second quarter results and the continued return of capital to shareholders.

With our solid results and the forward owner bookings at our resorts, we are reaffirming our full year adjusted EBITDA guidance. For the second quarter, we reported adjusted EBITDA of $236 million, a 3% increase over the prior year and adjusted earnings per share of $1.33, a 5% improvement over Q2 2022.