Travel + Leisure Co. (NYSE:TNL) Q2 2022 Earnings Conference Call July 28, 2022 8:30 AM ET

Company Participants

Chris Agnew - SVP, FP&A & IR

Michael Brown - President & CEO

Mike Hug - CFO

Conference Call Participants

Joe Greff - JPMorgan

David Katz - Jefferies

Patrick Scholes - Truist Securities

Chris Woronka - Deutsche Bank

Ben Chaiken - Credit Suisse

Ian Zaffino - Oppenheimer

Operator

Good morning, and welcome to the Second Quarter 2022 Earnings Conference Call for Travel + Leisure Co. After the speakers' remarks, there will be a question-and-answer period. [Operator Instructions]. As a reminder, ladies and gentlemen, this conference call is being recorded. If you do not agree with these terms, please disconnect at this time. Thank you.

I would now like to turn the call over to Chris Agnew. Please go ahead.

Chris Agnew

Thanks, Emma. Good morning.

Before we begin, we'd like to remind you that our 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 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 investor.travelandleisureco.com.

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

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

Michael Brown

Thank you, Chris. Good morning, and welcome to our second quarter earnings call.

This morning, we are pleased to report strong results, highlighted by adjusted EBITDA of $230 million and adjusted EPS of $1.27. Our top and bottom line results reflect the strength of our business model and continued strength in leisure travel demand despite macroeconomic headlines.

The record volume per guest we delivered in the second quarter underscores the value our owners see in their timeshare ownership and the increasing value they receive during an inflationary environment.

Our adjusted EBITDA margin was 24.9%, an improvement of 70 basis points over the second quarter of last year and 40 basis points over the same quarter of 2019.