Travel + Leisure Co (NYSE:TNL) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET
Company Participants
Christopher Agnew - SVP, FP&A and IR
Michael Brown - CEO, President & Director
Michael Hug - EVP & CFO
Conference Call Participants
Joseph Greff - JPMorgan Chase & Co.
Charles Scholes - Truist Securities
Ian Zaffino - Oppenheimer
Stephen Grambling - Goldman Sachs Group
Benjamin Chaiken - Crédit Suisse
Chris Woronka - Deutsche Bank
Operator
Good morning, and welcome to the First Quarter 2022 Earnings Conference Call for Travel + Leisure Co. [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.
Christopher Agnew
Thank you, Leo. 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 that 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 our earnings press release available at our website at investor.travelandleisureco.com.
This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our first 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 First Quarter Earnings Call. This morning, we are pleased to report adjusted EBITDA of $170 million and adjusted EPS of $0.69. Leisure travel is in the midst of a sharp recovery that began in February. The strength of the recovery continued through March and has not slowed in the month of April. Anecdotally, here in Central Florida, the strength of leisure travel demand is readily evident when you observe the airport, hotels, theme parks and, of course, our resorts.
This strong demand is also apparent in our results, most notably in our Vacation Ownership segment, driven by an elevated volume per guest in the first quarter of $3,377, an all-time high for the company and 40% above 2019. The record VPGs not only have continued through April but have strengthened further beyond first quarter levels. We expect this to moderate in the summer months as new owner tour mix increases.