It's not quite as simple as "eat less, exercise more" but it amounts to about the same I suppose.

More specifically:
1) Do something aerobic for at least 22 minutes 3-5 times a week. This can be anything: jogging, hiking at a steep incline, swimming, playing a sport. The important thing is that you take very few rests (really, NO rests if possible) during those 22 minutes.
2) Try to think of the food you eat as fuel, NOT a hobby or reward system. It should be less about taste and more about what you need. No fried foods, no sugar etc. More specifically, pay attention to the caloric and saturated fat totals. Try to remember what you ate yesterday, every little tiny thing. Use an online calorie index to add up how many calories you ate/drank. You be shocked and appalled at just how many calories you're actually getting. I know from experience with clients who say "I barely ate anything yesterday" who when we add up all of the calories from all the little things they dismiss, it's easily triple what they should be getting (2000-2500). However, it's okay to give yourself one cheat meal a week where you let yourself eat those pizza slices or burger.

One quick annecdote: on a non-cheat day, a client said "well, I ate a gardenburger and a smoothy made with frozen yogurt; it was healthy." We looked up the nutrition facts. The garden burger was 700 calories with 34 grams of fat. The frozen yogurt smoothie was another 700 calories. That's 75% their daily allotment of calories and 60% of their daily allotment of fat. And of course because they hadn't known that, they'd eaten a more than double their allotment, all the while convinced they were eating "healthy."