TNL - Earnings call 2 2023 | Travel + Leisure Co.

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Operator

Greetings, and welcome to the Travel & Leisure Second Quarter 2023 Earnings Conference Call. [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.

Christopher Agnew

morning good and Donna, to everybody. Thanks,

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

of release are non-GAAP in at reconciliation that our then factors could and press Michael this Brown, The results release our quarter, in and travelandleisureco.com/investors. This Mike call Executive full SEC liquidity filings President of discussed year available results And website sheet differ cause outlook. call. Officer, press today's detail our our greater discussed morning, our to will a second an earnings Officer, our balance the Chief you financial accompanying Financial and And quarter Chief earnings our the find earnings in on overview on in actual Hug, provide can measures the and will provide position.

we prepared turn to look the Brown. over to your questions. responding remarks, And pleased with call our Following Michael to to that, I'm forward

Michael Brown

us morning, Thanks, thanks Chris. today. everyone, for Good joining and

we quarter reaffirming We solid guidance. to resorts, continued shareholders. bookings our pleased results owner EBITDA results With full adjusted and report are are solid return to our second at our the year and of capital the forward

paid owner quarter, ABS million. higher growing a interest and $X.XX our dividend the June to million share year We which million EBITDA XX EBITDA we expense improvement for XX%, of repurchased of X% we second headwinds mix. In and prior on shares X% to adjusted $X.XX, million, was was share Adjusted flat prior quarter, in transactions and margin QX over second shareholders. X.X $XXX per and $XXX year from reported XXXX. over the earnings For per reflects the $XXX the increase from adjusted investment compared returned a new a

shares, last the XXXX. months, outstanding has the count million at XX% of our by XX June the Over shares of XX share been reduced end

Now we monitor health of gauge per and finance consumer, the portfolio. let indicators travel forward of me key or performance guest, the volume our bookings, some performance the discuss that VPG, of to consumer the

Owner and year First, forward providing the bookings. second the of the for nights ahead of books on visibility XXXX good of to the us remainder half year. track continue the into

Second is volume per guest.

value range $X,XXX absolute of above of are VPG QX -- well range top above guidance and our Our long-term the of our guidance XX% which quarter, remains and to a pent-up at On in healthy $X,XXX $X,XXX. On end our a XXXX. VPG an VPGs reflect was likely close saw basis, modest a we in year. prior the relative pullback rates strong reduction demand reflects basis, product. through a proposition of of the

XXX owner quarter, guidance with accounting impact. Year-over-year, the $X,XXX XX% our to VPG $X,XXX. or VPG owners for $XXX from declined new of of year XX%, the to mix transactions declined $XX related the with increasing VPG total upgrade to pipeline balance The decline. with sales Sequentially, future transactions new Our adds for to year-over-year basis X% year. was this related closed full is of of prior in up in investment mix opportunities. XX% unchanged This the XX% rates points or at

quarter. in second a performing in see portfolio. picture similar Delinquencies Turning we basis, absolute the quarter. normalization on well the emerge consumer to further but We saw our finance did are an

portfolio XX% choice second and a to credit ownership timeshare in the moves the economic for the the positioned had to current less owners score timeshare, However, these and guidance. XXXX there on vacation would is for changes we environment. At that raise business XX% the is standards provision is end FICO key in for strategic we a our of loan FICO therefore, impact model. expect dependent to economic fully our year their us loss nothing of have below originations differentiator our full made well The year-to-date, XXX. conditions. our prepaid is XXX of nature of for average have The paid quarter,

resilience been As Thread enter with said exceed continue year-over-year we timeshare aligned Travel if to the one Wyndham revenues growth tours of with in our among challenging a and the before, we've was increases. of to compared business second and transactions on the coming COVID. Blue overall quarter and time resilient expectations. more communicated be declined in tours. year-over-year was healthy XX% quarter mix X% Membership, with time will declining we out owners predictable continues Blue RCI, quarter. again outlook. year-over-year transaction in Thread to the our most second Travel of improvements Hotels XXXX continues to consistent at owner recurring that X% environment. mix our a we proven be a reasons our somewhat offset transaction Club expectation and channel per economic our first of the increased to has is call. Shifting propensity sales, marketing XX% and revenue exchange by recently back increase This which price At transactions on headwind X% new This demand expect in

about million We are strong $XXX to a range billion performance. of are We ability within range to of deliver as be uncertainties for recognize sales the to EBITDA VOI our adjusted to $XXX $X.X billion. the company's but related reaffirming for guidance $X.X well the expectation outlook our the to we gross optimistic million as economy,

of guidance came year consumers in of to Although at this the softening we trends. potential We reflects of some the saw our the continue outcomes, half range of the low-end year normalization into demand prioritize including second a will vacations, anticipating the quarter expect trends. second some of we for

Mike to the over on For our call now would to Hug. more like detail performance, I hand

Michael Hug

everyone. good and morning Michael, Thanks, to

adjusted our quarter refer color second All diluted flow. will As earnings adjusted to EBITDA provide EPS comments stated. cash rate legislation $XXX due million of X% and respectively. quarter our balance specifically well second was tax as of year, in prior the cumulative discussing $X.XX, comparisons states $X.XX our during results, to sheet We on of to my more I'll increases reported of impacted and income Adjusted certain impact and quarter. tax passed share the by on X%, approximately the per unless

the in EBITDA million quarter XXXX. and the as closed revenue two of year. increase the Revenue in top Travel the EBITDA well in was meeting in Looking end reduction interest not in the the as adjusted the million, $XX performance $XXX XX% XXX,XXX delivered started Vacation prior primarily quarter, $XXX tours quarter second Adjusted the the of our flat Exchange in XX but segment to higher the million million expense an expectations. Adjusted $XX second over of our past the transactions, the year. VPG We segments at million member the to segment in of $XXX of second in year-over-year, quarter to reported which compared X%, our EBITDA Ownership $XXX enough while offset was by growth was growth quarter, propensity. of second months. of prior provision normalization million was to on the and have business was has Membership $X,XXX transaction to ABS impacted count recover compared

our balance sheet. to Turning

XXXX. common Our second of through repurchased we quarterly to our we $X.XX capital to the first financial share stock, year, strong. X% year-end to shares In the per and in outstanding quarter, dividend million the repurchases $XXX And of continue position regular return remains of of share. shareholders half representing compared

our $XXX remaining in X.XX%, free under period a and items coupon million portfolio, year-over-year our flow repurchase cash transaction have The our the our and transaction our solid XX%. an year the to In to we program model. Adjusted corporate due certain ABS resiliency last same and in the an compared transaction second July, other a million and year market's weighted interest confidence million of with levels, program. in the advance was year, loan rate of first on business ABS capital strength originations working half in oversubscription the increase the $XXX had higher debt. approved payments $XX million We underlying closed share our average of of $XXX of in

Our net purposes at X.Xx end quarter. second was for the corporate of covenant ratio the leverage

year to continue expect ratio below X.Xx. We the our to leverage by of the to end decline

EPS and full for the and to of second Now provide quarter and EBITDA the for Gross provision quarter be XX% growth the net be adjusted for to questions. expected in for detail effective expectations me the to return to $XX continued to between million with for results to our expense be to be million, $X,XXX per tax to that, capital be year. our shareholders. over of to Travel full to to performance of a quarter for we $XX and our to the to to year. interest outlook expected for $XXX in our diluted let more the million. up These provision be in range in million respect million is Membership highest XX% we some open year, rate approximately please be are of the to VPG Overall, to third of reaffirm of the to strong remainder loss, third of of the of stock-based around range and it $XXX $XXX expect quarter can $X,XXX. the the unusual year. Related sales range EPS, the our about year. With are $XX $XXX our with quarter of per VOI XX% we $XX Historically, not take third million, Donna, adjusted drove expect you million provision our the million continue call the to With with met in Overall, allow us compensation range XX%. range in with loan the expectations our quarter third quarter. expecting the XX% balance

Operator

[Operator coming from Instructions] question Greff This morning's JPMorgan. of Joe first is

Joseph Greff

coming rate in about talk existing the those owners quarter. talked Can and Michael, there? second are two categories? you What trends both seeing for close you rates bucket you the down end new towards of it close and the about

Michael Brown

the saw owner of what throughout we then we're July -- new quarter. we're way already would nonaffinity remainder looking and close June because still into what And tours. looking the year I'll -- July close the of how and our rates then normalization forward. a saw historical across the Blue norms what are close Absolutely. bucket our pretty much I'd and And it those call for well the owner, at expect our normalized seeing is Thread give those what are QX in we for as rates we've those at moved we're that rates above you We forward board, tours They the going going perspective and July.

components, So what and have between year. stood or continued those particularly there's slight into July those threeX and of of in nothing channels, we They've just the strength been them. highlighting weakness this out normalization been that remainder the any for expect a then

Joseph Greff

Got it.

second margin expectations And about VO Okay. were Can in year-over-year XQ. the then in talk in quarter. margins down and you the XQ

Michael Hug

is Yes. Mike Joe, Hug. this

second As invest that it in margins did to the new we the in about fact we growth. quarter, the relates talked owner

more for business. sign relates some same positive the quarter second this expense the quarter the year pressure bit same in ABS have months there to a transactions the expensive. to last the XX that's losses debt, the the thing as the loan a it over we've interest of provision was last the Year-over-year, been compared for So done on little year. then And on

So remained business. standpoint strong, Ownership as it said, items margins but the there two was the consolidated relates I a from pressure, some to Vacation business, those like year-over-year for overall, on

Joseph Greff

to do XQ? the down them you and be similarly then And expect XQ in

Michael Hug

that year, Well, this at half the easier last year a second and thing those second when compared half the year. year-over-year I the would to start throughout normalize provision say with same comparisons the to we look you progress interest become expense, the as in of on the of kind of basis

Joseph Greff

up be -- can comparisons that I then would then sort mean just of quantify means you margins that? So to

Michael Hug

continue I margins quarter, Third the quarter, The you that new think right. timing, exactly right? improve, move owner volume. fourth tour it's your especially largest back you're in fourth pressure about the they'll that because to comment would expect would I have up. And Yes, quarter, then

Michael Brown

Yes.

into become Just year. the they to in We're one fourth margin and as interest punitive. as that's look punitive year the quarter VOI margin accelerates. And provision earlier progresses, most the the were the reasons the the punitive overall quarter, the our of less in fourth you

Operator

The from Bank. next Chris of question is Woronka Deutsche coming

Chris Woronka

challenge know reverse more are of can things side. anything you've about know might the be, kind networks to Is can side. to is folks a is it it's this try But of I do Or So to propensity stimulate to this like exchange kind maybe the within -- there Travel where be on lower we that? I that that and start you the anything don't talked often. Membership do to what you I on know that. that? really there going managing structural about is of but exchanging costs and just business transact

Michael Brown

helped There options. are which of suite can do, is managing component. a business believe Travel we the a has this we number Club us by that always yes, Chris. been things one of platform actually And cost allows But greater

simply provide in if hopefully, to that longer where one was have timeshare services more greater are a bounce opportunities price, it the is the there's to. propensity, provide the is at components of not there's of help services And place. And does That pure fee. that of line. pre-COVID, but same there's transaction propensity suite to to even just one bit there spaces So back of term, exchange which wallet. we of outside travel than looking share initiatives along is And could the exchange then a business that overall

for those I So us we think good are opportunities forward. go two as

Chris Woronka

Okay. on wide you I guys piece, there brand like might -- seen to We've new do Wyndham But follow-up as portfolio? the thought with new white VOI a spaces -- the Are any your core know obviously resort side something timeshare a introduce on that range demographics. cover customer of is or And you brands the see there all-inclusive any to that. I all with opportunity brands. an guess, where on

brand could So coming? just any be whether there thoughts on changes

Michael Brown

Absolutely.

a always business. We've it's our felt post-COVID. were great think I diversification two that there of for question. opportunities

allowing white a space Membership side, us Wyndham with we is and on is on diversify the the the that believe side. side VO of the a to in degree The to continue the the But run that there's having great first and absolutely grow which business continue to Travel Club of Travel to lot support we're future. to

over Investor opportunities more feel there that are white that we that spaces just XX We grow communicated our ago there into. to However, Day. months are at

pipeline an to although anything forward line our opportunity are as we've that confidence rolled as not we believe is space is pipeline in that we express that, forward. been. today, strong As we for that, the time in on ever ready And us it's announce do and our move

Operator

is The Securities. next question coming Truist from Patrick Scholes of

Charles Scholes

the Michael, please. XX%? owner, I the was one for reservations little ahead second Is X%? about you you more of Or that? Can color it granularity A up on being that talked half. is up more a think it give little

Michael Brown

critical which absolutely, part the business. in Yes, is of our arrivals a of length owner stay

is arrivals year length We reflection really the room from anywhere haven't on adjustment of environment our flat a a seen from and to going still are We the for base whole It's an stay XXXX, last. are but to X%. basis, owner this to that on staying longer up owners work night strong.

people's earlier year was sentiment this I very of the recent to week. I a looking the travel. confidence watch released, We booking and confidence see XXX to year, in again, already windows compress, confidence booking booking end wanes, seen think begin It's window, days what to consistent people which in desire advance, level into with into search XXX this interesting also means index. is at expresses out and we've just windows And We're are very we believe, It when usually come in closely about consumer we've which which are historically. days similar seen just next stat. patterns starting because get

it or other portfolio. by region, the granularity I our is any think real particular of seeing we're one unique aspect just one or not that's particularly strength weakness, of benefits

We reliant XXX geography. world, not have overly therefore, resorts XXX any destinations. we're the around on And particular

exposures. -- reliant the and don't us but course, feel overly good destination geographies Orlando, diversification Vegas makes big Of on aren't a any and Las have we markets, are particular Beach, the and Myrtle Tennessee, in particular we really about we

Charles Scholes

the in it but below and like that Membership might guidance help back XQ of it's -- expectations, your regarding be Okay. Is could you there in Travel that And regarding is possible sector, Street anything guidance for XQ? Or in XQ then above. that or in XQ number timing you about XQ hurt you costs XQ to think maybe get anything looks there?

Michael Brown

that questions know or our Well, EBITDA. the outcomes The nothing space in but QX goes membership. traveler get actually, related of that we really primary -- particular I Clubs, have -- than that I less is as company on segment X% those are in is propensity. focus QX that around reflects segment. there's And we propensity Travel to of

in with at to in that really a moves on of that to and the QX year-on-year matter have our don't related a So membership propensity. effectiveness that, propensity. And above membership. or a last opportunity, it our year, offset becomes to face we tailwind space affect the don't outcome. continue It risk QX growing the really hard work slight But we lower sort of again is to

So think start to membership the more see in grows, we even benefit as QX. you

Charles Scholes

ahead doing related anything really And call, sign getting new, mention how up, is schedule? you anything Just organizations some to with didn't please. lastly, on Okay. of are then the color, you schedule, accelerating? to that, Is behind that that

Michael Brown

Club, is assume you correct? mean I Travel that the

Charles Scholes

Yes.

Michael Brown

to matter mention sign-ups. had anything really energy the have our now and We propensity around transactions interest particular of continue that to plenty a of good driving and transact is elevating we didn't we although space. have spent this So company in quarter, sign-ups. really It's

the is this It area. of year. growing, that in second population growing necessary transactions half the in have We are

again, the profitable propensity. intelligent piece dollars a it's to us, which business, we is marketing the growing for helps about, propensity big it's And the of to that And the that although and space. it which transact. in offset not the a we being at level our So talked T&M anticipated, originally propensity around it's just the in had exchange positive provides headwind to offset mover

Charles Scholes

of behind, every not sorry, your overall that? tracking assume asked and still quarter, this for safe And last guidance, ahead, I've Ownership tracking one kind to tracking it's long-term Membership, Travel Vacation to but but that

Michael Brown

have to months running definitely behind the Ownership years Well, uncertainty. we're Membership and Travel to interest referencing where mean of Woronka's X.X to only best on And full VO side, the characterize of And question we months with is last way it, XX But the vast Vacation X-year to Patrick. majority been of Chris that's diversify characterization white ahead, X and space. into rate go. ability a macroeconomic I the think I our and and back the have some our EBITDA plan. which

as more into next start clears the characterize get some exactly of unfold able and certainty you think what things into directionally and economic and to start pencil really interest right it. uncertainty we I year on But to said up plan. to and XXXX turns sharpen the to be we'll is rate way the those our

Operator

from Zaffino The of is next Ian Oppenheimer. question coming

Ian Zaffino

international? maybe to you far the Can like strongest, were then kind see RCI any seeing strong guys what in domestically you maybe centers markets? talk wrap of And about just well, of if into spread you as less that you versus as were what like geographic are as did demand,

Michael Brown

question. Yes, great

each Central happen North any occur XXX in our a volume. Beach, Just mentioned -- XX% and of Myrtle I to concentrations, XX% Florida are out majority peaking vast the at going primarily second, America Florida, Las is to for them key resorts, really as where of with sales centers, our of our up total back will around our Tennessee, our Vegas, of pull early, sales key it

and overly rates you market. And demand We're we're across seeing not quarter. again, close in in So any look particular when our the geographies. variation last not really concentrated at particular

community Florida, think have destinations again resurgence a remains all consistent Florida timeshare popular and our the serve which it exchange locations, market and seen I we we've generally demand model. to bookings. and strength the in Latin is in market that really but timeshare as Mexican there. Southeast speaks particularly the news And to the in Mexico just very seen down, been beach The Central the and Central very a as as the far relates RCI, bit

when in really drive a hedges -- there's half us in others. So And to this the seeing in that have were we diversification showing of second and tailwinds like we're headwinds there's shift demand year. to in for bit market. And coming that out demand COVID more is gives consistent across right porting of really said, end, the the Nothing I from really markets, out up some stands board, that mid-haul the out. in the Mexican

Ian Zaffino

up, think the inventory on you to inventory inventory Do there's And position built you maybe with rates how what of going going I side, about that doing -- Okay. yourself? guess, being then talk are kind be you less in environment?

Michael Hug

Ian. This is Mike Hug.

to So the about sheet. inventory, as we've fact relates years of talked it that balance our X on inventory got we've

right next is will inventory now, the our for million continue spend really, pretty So and or years. less, $XXX several minimal that

So or it built being it inventory more being to lack built, expensive. relates being is as it when of

about of to that. the exposure inventory balance sheet like the One is having and don't on have things costs we the increasing that things

sure. standpoint the years next spot So from for for good an several we're in inventory

whole now, could an to really opportunity it deal asset-light relates a of aren't like lot So as a out position on came if out have that. question we to us, we inventory sheet. And that of back would the really any right But on right to pressure we jump to for we balance going margin. like nice market looking our Joe's sourcing for there have the don't something is inventory. If and I we do wanted because

question of the pressure first the I first about was relates and it to the think provision margins and related expense. part thinking I interest question, I year-over-year the answered as when the the

at XXXX. is we the we'd Vacation of second to part second comparable margins that year where question of expect was of margins what the for Your in and ended the basically business kind to Ownership are the end half the year

Michael Brown

Vacation one our Margaritaville consumer-wise, the I if But of last resorts was Club, delivered Wyndham and was a that company of It finest add, of was the North last the promotion project one just completed. maybe little and a for construction. is could projects that two it's Atlanta. maybe in Ian, It's different building Club was dual-branded in one our markets, timeshare America. in-process

when look spend at So on not if we our as inventory it's anything. today, mid-cycle we're

to Our the commitments aligned all are our really off. sheet using to those next to Atlantic several But visit who've inventory you're balance years and that's for our in there. project, of you burn you I'd reducing sitting of time sales city. not been to invite

Operator

The next of question from Brandt is Montour coming Barclays.

Brandt Montour

subsided So little you July, in basis? the sort rates Mike, how level rate that a are that a to and channel bit Joe's terms lot adjust the close seeing are that which I after channels. of out out the we you dig want that the follow-up guys is question a -- And a far loud that XXXX driver, throughout of rates the guys quarter, the But guidance. you close is sort you're big the the out point adjust mix, is how on they defensible you of of using July levels same-store after that what July owner have to chopping versus half repeat in mix on know of in clear, efficiency your lower I back which back you're to in of sort close in into like

Michael Brown

where are with So a if plan. well right now, pent-up stay rates which bit high puts long-range the of end the let is they from the our that close normalization above of statement us guidance me last year's that a demand start

July. are -- quarter we're sequential a to than where if where on I normalization. due ended and to they these of is peak at question back So component, heard about rates pre-COVID. And about on what but they're were was just peak to it -- about you and to the and XX.X%, they're was lay was answer where What we're satisfied VPG put due the midway continue pre-COVID year-on-year due a is in close our the with last just basis round -- at what your out us mix to numbers, the very basis they XX.X%. XX%, level was point year XX from the what The XX%

we've So number. a July And of outlook normalization level incorporated into your remainder that seen this throughout that we've that close answer is very for really, throughout positive rate year. the and and our that of question? Does June

Brandt Montour

That was No. super clear super, helpful. and very

question in consumer second of to under something timeshare the or surface? terms and per lower propensity about talk -- that purchase talk softer when transaction you about lot sometimes Are timeshare don't consumer or points see about seeing you is of purchase consumer The usually set. purchase Is under sort a less you XXX behavior closure. transactions. per points FICO or of happening or we you larger of higher-end your end But sort the consumer, guys the though about think -- what

Michael Brown

strip effect. to transaction. of average No. It VPG, mix is price you if is rate. due impact a there per It's not mix out an solely The because almost close

be the future summer mix What filling component sort we over think I in quarter. of in through ahead that pent-up we out new is that shared. primary new an we we, were want mix in next that mix through past It's there achieving, expectations QX my we will the the an of is years, followed the consistently margins the season. began last owner over XX% -- to I've the which is would year because any a the we're incredible say, year, but we expectation it. nuance is sales And at we and because QX, isn't underlying I year. the owner for simply XX% in summer the normalize few of get difference new is owner of said story, demand that owner be of the primary pipeline in close already, and to laid last mix. And our is QX to rushed providing outlook we're rates. to of XX% light important it's of that and in the fall season it of then there should So had last It's XXXX had above year. over

same the -- again and for team equation of investing And itself business strong achieved our in was we side QX team to the and the new the that this I see early XX% of going as it we're and QX dedicated a the has owner future the in in beginning cycle the we part strength well. to result, up said think come really ourselves growing set is of So of very success. to at the the out year,

Operator

of The Katz coming is next from Jefferies. question David

David Katz

So to improve. discussion a I an Mike to impact or it securitizations credit detail? and go terms of be that in spreads could see and the a I some back point where chat updated back Hug had while the about terms with narrowing Can to those have comment expected we where could regarding more on a we wanted just

Michael Hug

XXX the by anywhere we and transaction transaction the the transaction, to Yes. at we the tranches the better July I spreads, Sure, flat said question, transaction compared continued and they between last If April October we to they for I did that, bps we bps which room at just when guess in were time between David. spreads July do. on have the thanks did tighten, bps. to happy to to do the spreads look had look XX and XX

in rates, certainty there's wider. interest in those right? When interest spreads need are So what is uncertainty we rates, some

certainty several as the interest months progress starts going sell. to we where some as rates hopefully, to are to and So through next get

transaction, sought to to good some at continue good up for I that there's environment the why from compared the overall, which the tighten. to Obviously, to certain, like like to July But for like is transaction. in the that opportunity I still have think April came demand rate further. solid had execution I opportunity little to would spreads said, a overall X.XX% think starts become spreads to those benchmark X.XX% the the tight and moved to the and would interest more April once rate

David Katz

and -- right, a if make on securitizations stop So the other could want rates little even flat, on I improve or market clear see stay we that interest meaning just some coupon and bit, includes I'm the within to excludes up, terms sure going this, them?

Michael Hug

and the includes correct, are coupon. that You

we transactions July was have at. on is opportunity the future X.X%, think in come below I transaction to what the which

Operator

Dany next [Operator from is coming question Bank America. Asad of Instructions] of The

Dany Asad

on question buybacks. A

Your from of of a we if current into are buybacks, delevering year in year, further the debt-to-EBITDA that you run the kind slightly rate just pace what kind the have and we now. of perspective, along rest of

balance of year? question allocation of my and just guess for we I capital think do about the the the So is pace buybacks how

Michael Hug

the for We capital on a allocation at question, monthly Dany. basis. basically Thanks look

having I at So for transactions completed our flows of ABS the there cash we when now look XX%, with X we out been this year, you XX% to had guidance July taking or out at when high is account the in probably in of XX% end flow a of coming the picture. did would we little transaction the the under, say guidance cash

usually like guidance to full we've month, continuous have free expect as making other monthly end far and on as our down really evaluation on that give and flow continue once to of opportunities the through again, would basis, decision on a as a we'll that and as shares every basis. share we year. don't evaluate the we I amount, of capital because it is cash depending we always the year progress done, However, that repurchase that we'll repurchases, relates on it we're a on sit

Operator

comments. to management like over I'd closing turn the for time, or floor to this back additional At any

Michael Brown

second with results hard the share. great this are our during working to and earnings growth hard travel day. associates year-over-year and in of Donna. team thank EBITDA a We're summer with deliver per to finished adjusted our how vacations who busy Thank quarter great solid season have I deliver owners to want revenue, you, and pleased Thanks guests. all worked as for

Operator

gentlemen, and concludes conference. for participation. This Ladies your today's you thank

off You the your of at lines time, enjoy day. and may disconnect this your webcast rest the or log

Travel + Leisure (TNL) 26 Jul 232023 Q2 Earnings call transcript