Wyndham Destinations, Inc. (NYSE:WYND) Q1 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 08:30 am ET


Wyndham Destinations, Inc. (NYSE:WYND) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Wyndham Destinations First Quarter 2020 Earnings Conference Call. [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.

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

Chris Agnew

Thanks, Brie. Good morning, and welcome. Before we begin, we'd like to remind you that our discussions this morning 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.wyndhamdestinations.com. Also available on our website, you'll find a supplemental presentation for this call.

This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our first quarter 2020 results in addition to an update of our current operations and company strategy. And Mike Hug, our Chief Financial Officer, will then provide greater detail on our results, our balance sheet and liquidity position. Following these remarks, we will be available to respond to your questions.

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

Michael Brown

Good morning, and thank you for joining us on our first quarter call. This is undoubtedly the most challenging time many of us can remember. The circumstances surrounding the COVID-19 pandemic are unprecedented and the financial impact to the travel industry, our company, our customers and our employees has been material. Although this crisis is like no other, we will manage through it by keeping our customers and associates the top priority while protecting the long-term sustainability of our business.

Our work since becoming a stand-alone public company nearly two years ago has prepared us for an economic downturn, even if the size and our resilient business model and strong liquidity position will see us through this crisis. We recognize there remains significant macroeconomic uncertainty. However, we are operationally and financially prepared to respond as this crisis unfolds. On today's call, I will dedicate the first part of my remarks to first quarter results. And then the remainder of the time to COVID-19 pertaining to our liquidity position and on how to think about our second quarter and the remainder of the year.

With that said, it is most appropriate to begin more broadly by offering our sincere thanks to all those on the front-line of this crisis, health care workers, first responders and all those providing essential services. From Wyndham Destinations, I'm extremely proud of our team who moved nearly every aspect of our service operation to work from home in record time. Our resort staff has done an exceptional job to comply with