Q2 2024 Travel + Leisure Co Earnings Call Transcript
Key Points
- Revenues grew 4% to $985 million, with adjusted EBITDA of $244 million at the high end of guidance.
- Tours were up 13%, with new owner tours up 22%, indicating strong demand.
- Blue Thread partnership with Wyndham Hotels produced about 10% of new owner tours with a VPG more than 20% higher than other channels.
- Investments in new marketing locations and channels are yielding good results, with over 100,000 active packages up over 140% this year.
- Customer satisfaction is high, with nine out of 10 guests reporting a great experience, highlighting the value and flexibility of the product.
- Elevated delinquencies in the loan portfolio are expected to persist for the remainder of the year.
- Increased loan loss provision due to delinquency levels associated with original FICOs below 700.
- Higher interest rates and variable compensation resulted in $8 million of year-over-year headwinds.
- Travel and Membership segment saw a slight decline in revenue, offsetting higher revenue per transaction.
- Provision for loan losses is expected to be about 100 basis points higher than originally anticipated.
Hello, and welcome to the Travel + Leisure second-quarter 2024 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Jill Greer, Vice President, Investor Relations. Please go ahead, Jill.
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Thanks, Kevin. Good morning to everyone and thanks for dialing in. Joining us this morning are Michael Brown, our President and Chief Executive Officer; and Mike Hug, our Chief Financial Officer. Michael will provide an overview of our financial results and our longer term growth strategy, and Mike, will then provide greater detail on the quarter, our balance sheet, and outlook for the rest of the year. Following our prepared remarks, we'll open the call up for questions.
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
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