Wyndham Destinations, Inc. (NYSE:WYND) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 08:00 am ET
Good morning, and welcome to Wyndham Destinations Second Quarter 2020 Earnings Conference Call. After the speakers' remarks, there will be an question-and-answer period. [Operator Instructions] 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.
Thank you. 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 at 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 second 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'll be available to respond to your questions.
With that, I'm pleased to turn the call over to Michael Brown.
Michael D. Brown
Good morning and thank you for joining us on the call today. This morning, we confirmed our second quarter results following the preliminary second quarter release on July 20. We reported adjusted EBITDA of $16 million and adjusted free cash flow of $166 million. The second quarter highlighted the strength and resiliency of our business model and although the majority of our resorts were closed for much of the quarter, we delivered $343 million of revenue and produced positive free cash flow and EBITDA.
The second quarter saw two significant macro events. The global call for greater social justice and racial equality in the wake of George Floyd's death as well as the economic crisis created by the coronavirus pandemic. I'm proud of how our organization has responded to both and want to reaffirm our unwavering commitment to address both events head-on, knowing that our culture of diversity and inclusion in economic performance will prove this out in the months and years to come.
Our resorts and sales operations were for all intents and purposes closed in April and May. The reopening phase began at the end of May and progressed throughout June, and we ended the second quarter with 85% of our US resorts and 56% of our sales locations reopened. Similar reopening time lines were seen by RCI and its developer affiliates.
In the second quarter, key metrics in both business segments, Vacation Clubs and Vacation Exchange, performed well during the reopening phase. With that said, we saw consumer sentiment declined at the end of June,