Travel + Leisure Co. (NYSE:TNL), the world’s leading membership
and leisure travel company, today reported first quarter 2024
financial results for the three months ended March 31, 2024.
Highlights and outlook include:
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- Net income of $66 million, $0.92 diluted earnings per share,
on net revenue of $916 million
- Adjusted EBITDA of $191 million and adjusted diluted
earnings per share of $0.97(1)
- Expects second quarter adjusted EBITDA of $235 million to
$245 million
- Reaffirms expectations for full year adjusted EBITDA of $910
million to $930 million
- Management will recommend a second quarter dividend of $0.50
per share for approval by the Board of Directors
“We are off to a solid start for the year with a 15 percent
increase in tours, 28 percent growth in new owner tours and volume
per guest above $3,000,” said Michael D. Brown, president and chief
executive officer of Travel + Leisure Co.
“We have an excellent team in place who are executing well
against plans to grow the business. With owner room nights for the
remainder of the year up 7 percent, we are looking forward to a
strong summer travel season and are increasingly confident in
meeting our 2024 commitments.”
(1) This press release includes Adjusted
EBITDA, Adjusted diluted EPS, Adjusted free cash flow, Gross VOI
sales and Adjusted net income, which are measures that are not
calculated in accordance with Generally Accepted Accounting
Principles in the U.S. (“GAAP”). See "Presentation of Financial
Information" and the tables for the definitions and reconciliations
of these non-GAAP measures. Forward-looking non-GAAP measures are
presented in this press release only on a non-GAAP basis because
not all of the information necessary for a quantitative
reconciliation is available without unreasonable effort.
Business Segment Results
Vacation Ownership
$ in millions
Q1 2024
Q1 2023
% change
Revenue
$725
$685
6 %
Adjusted EBITDA
$135
$131
3 %
Vacation Ownership revenue increased 6% to $725 million in the
first quarter of 2024 compared to the same period in the prior
year. Net vacation ownership interest (VOI) sales were $369 million
in the first quarter compared to $338 million in the prior year
period, and Gross VOI sales were $490 million compared to $454
million in the prior year. Gross VOI sales were driven by 155,000
tours during the quarter compared to 135,000 in the same period
last year, partially offset by a 6% decrease in VPG due to a higher
mix of new owner tours.
First quarter adjusted EBITDA was $135 million compared to $131
million in the prior year period, with the revenue growth partially
offset by an increase in marketing costs to support increased tour
flow and new owner mix, an increase in sales and commission
expenses due to higher gross VOI sales, and higher interest rates
on our ABS debt.
Travel and Membership
$ in millions
Q1 2024
Q1 2023
% change
Revenue
$193
$200
(4)%
Adjusted EBITDA
$75
$71
6 %
Travel and Membership revenue decreased 4% to $193 million in
the first quarter of 2024 compared to the same period in the prior
year. This was driven by a 6% decrease in transactions offset by a
1% increase in revenue per transaction. Transactions were impacted
by an increasing mix of exchange members with a club affiliation,
who have a lower transaction propensity.
First quarter Adjusted EBITDA was $75 million compared to $71
million in the prior year, with the revenue decrease more than
offset by lower operating costs primarily driven by the restructure
of the segment in the fourth quarter of 2023.
Balance Sheet and
Liquidity
Net Debt — As of March 31, 2024, the Company's leverage
ratio for covenant purposes was 3.5x. The Company had $3.9 billion
of corporate debt outstanding as of March 31, 2024, which excluded
$2.1 billion of non-recourse debt related to its securitized notes
receivables portfolio. Additionally, the Company had cash and cash
equivalents of $479 million. At the end of the first quarter, the
Company had $1.2 billion of liquidity in cash and cash equivalents
and revolving credit facility availability. Subsequent to the end
of the quarter, the Company repaid its $300 million secured notes
due April 2024 using proceeds from 2023 borrowings, cash on hand,
and a partial draw down of its revolving credit facility.
Timeshare Receivables Financing — On March 21, 2024, the
Company closed on a $350 million term securitization transaction
with a weighted average coupon of 5.7% and a 95.3% advance
rate.
Cash Flow — For the three months ended March 31, 2024,
net cash provided by operating activities was $47 million compared
to $7 million in the prior year period. Adjusted free cash flow was
$22 million for the three months ended March 31, 2024 compared to
an outflow of $8 million in the same period of 2023 due to a
decrease in cash utilized for working capital items, mainly due to
timing of payments.
Share Repurchases — During the first quarter of 2024, the
Company repurchased 0.6 million shares of common stock for $25
million at a weighted average price of $40.07 per share. As of
March 31, 2024, the Company had $146 million remaining in its share
repurchase authorization.
Dividend — The Company paid $38 million ($0.50 per share)
in cash dividends on March 29, 2024 to shareholders of record as of
March 21, 2024. Management will recommend a second quarter dividend
of $0.50 per share for approval by the Company’s Board of Directors
in May 2024.
Outlook
The Company is reaffirming guidance regarding expectations for
the 2024 full year:
- Adjusted EBITDA of $910 million to $930 million
- Gross VOI sales of $2.25 billion to $2.35 billion
- VPG of $2,900 to $3,000
The Company is providing guidance regarding expectations for the
second quarter 2024:
- Adjusted EBITDA of $235 million to $245 million
- Gross VOI sales of $580 million to $610 million
- VPG of $2,900 to $3,000
- Travel and Membership Adjusted EBITDA of $60 million to $65
million
This guidance is presented only on a non-GAAP basis because not
all of the information necessary for a quantitative reconciliation
of forward-looking non-GAAP financial measures to the most directly
comparable GAAP financial measure is available without unreasonable
effort, primarily due to uncertainties relating to the occurrence
or amount of these adjustments that may arise in the future. Where
one or more of the currently unavailable items is applicable, some
items could be material, individually or in the aggregate, to GAAP
reported results.
Conference Call
Information
Travel + Leisure Co. will hold a conference call with investors
to discuss the Company’s results and outlook today at 8:00 a.m. ET.
Participants may listen to a simultaneous webcast of the conference
call, which may be accessed through the Company's website at
travelandleisureco.com/investors, or by dialing 877-733-4794 ten
minutes before the scheduled start time. For those unable to listen
to the live broadcast, an archive of the webcast will be available
on the Company's website for 90 days beginning at 12:00 p.m. ET
today.
Presentation of Financial
Information
Financial information discussed in this press release includes
non-GAAP measures such as Adjusted EBITDA, Adjusted diluted EPS,
Adjusted free cash flow, gross VOI sales and Adjusted net income,
which include or exclude certain items, as well as non-GAAP
guidance. The Company utilizes non-GAAP measures, defined in Table
5, on a regular basis to assess performance of its reportable
segments and allocate resources. These non-GAAP measures differ
from reported GAAP results and are intended to illustrate what
management believes are relevant period-over-period comparisons and
are helpful to investors when considered with GAAP measures as an
additional tool for further understanding and assessing the
Company’s ongoing operating performance by adjusting for items
which in our view do not necessarily reflect ongoing performance.
Management also internally uses these measures to assess our
operating performance, both absolutely and in comparison to other
companies, and in evaluating or making selected compensation
decisions. Exclusion of items in the Company’s non-GAAP
presentation should not be considered an inference that these items
are unusual, infrequent or non-recurring. Full reconciliations of
non-GAAP financial measures to the most directly comparable GAAP
financial measures for the reported periods appear in the financial
tables section of the press release.
The Company may use its website as a means of disclosing
information concerning its operations, results and prospects,
including information which may constitute material nonpublic
information, and for complying with its disclosure obligations
under SEC Regulation FD. Disclosure of such information will be
included on the Company’s website in the Investor Relations section
at travelandleisureco.com/investors. Accordingly, investors should
monitor that Investor Relations section of the Company website, in
addition to accessing its press releases, its submissions and
filings with the SEC, and its publicly noticed conference calls and
webcasts.
About Travel + Leisure
Co.
As the world’s leading membership and leisure travel company,
Travel + Leisure Co. (NYSE:TNL) transformed the way families
vacation with the introduction of the most dynamic points-based
vacation ownership program at Club Wyndham, and the first vacation
exchange network, RCI. The company delivers more than six million
vacations each year at more than 270 timeshare resorts worldwide,
through tailored travel and membership products, and via Travel +
Leisure GO - the signature subscription travel club inspired by the
pages of Travel + Leisure magazine. With hospitality and
responsible tourism at the heart of all we do, our 19,000+
dedicated associates bring out the best in people and places around
the globe. We put the world on vacation. Learn more at
travelandleisureco.com.
Forward-Looking
Statements
This press release includes “forward-looking statements” as that
term is defined by the Securities and Exchange Commission (“SEC”).
Forward-looking statements are any statements other than statements
of historical fact, including statements regarding our
expectations, beliefs, hopes, intentions or strategies regarding
the future. In some cases, forward-looking statements can be
identified by the use of words such as “may,” “will,” “expects,”
“should,” “believes,” “plans,” “anticipates,” “estimates,”
“predicts,” “potential,” “continue,” “future,” "outlook,"
"guidance," "commitments," or other words of similar meaning.
Forward-looking statements are subject to risks and uncertainties
that could cause actual results of Travel + Leisure Co. and its
subsidiaries (“Travel + Leisure Co.” or “we”) to differ materially
from those discussed in, or implied by, the forward-looking
statements. Factors that might cause such a difference include, but
are not limited to, risks associated with: the acquisition of the
Travel + Leisure brand and the future prospects and plans for
Travel + Leisure Co., including our ability to execute our
strategies to grow our cornerstone timeshare and exchange
businesses and expand into the broader leisure travel industry
through our travel clubs; our ability to compete in the highly
competitive timeshare and leisure travel industries; uncertainties
related to acquisitions, dispositions and other strategic
transactions; the health of the travel industry and declines or
disruptions caused by adverse economic conditions (including
inflation, higher interest rates, and recessionary pressures),
terrorism or acts of gun violence, political strife, war (including
hostilities in Ukraine and the Middle East), pandemics, and severe
weather events and other natural disasters; adverse changes in
consumer travel and vacation patterns, consumer preferences and
demand for our products; increased or unanticipated operating costs
and other inherent business risks; our ability to comply with
financial and restrictive covenants under our indebtedness; our
ability to access capital and insurance markets on reasonable
terms, at a reasonable cost or at all; maintaining the integrity of
internal or customer data and protecting our systems from
cyber-attacks; the timing and amount of future dividends and share
repurchases, if any; and those other factors disclosed as risks
under “Risk Factors” in documents we have filed with the SEC,
including in Part I, Item 1A of our Annual Report on Form 10-K for
the fiscal year ended December 31, 2023, filed with the SEC on
February 21, 2024. We caution readers that any such statements are
based on currently available operational, financial and competitive
information, and they should not place undue reliance on these
forward-looking statements, which reflect management’s opinion only
as of the date on which they were made. Except as required by law,
we undertake no obligation to review or update these
forward-looking statements to reflect events or circumstances as
they occur.
Travel + Leisure Co. Table of Contents
Table Number
- Condensed Consolidated Statements of Income (Unaudited)
- Summary Data Sheet
- Non-GAAP Measure: Reconciliation of Net Income to Adjusted Net
Income to Adjusted EBITDA
- Non-GAAP Measure: Reconciliation of Net Cash Provided by
Operating Activities to Adjusted Free Cash Flow
- Definitions
Table 1
Travel + Leisure Co.
Condensed Consolidated Statements
of Income (Unaudited)
(in millions, except per share
amounts)
Three Months Ended
March 31,
2024
2023
Net revenues
Service and membership fees
$
419
$
420
Net VOI sales
369
338
Consumer financing
110
103
Other
18
18
Net revenues
916
879
Expenses
Operating
438
420
Cost of vacation ownership interests
34
30
Consumer financing interest
33
25
Marketing
121
112
General and administrative
112
124
Depreciation and amortization
28
28
Total expenses
766
739
Loss on sale of business
—
2
Operating income
150
138
Interest expense
64
58
Other (income), net
(2
)
(2
)
Interest (income)
(4
)
(3
)
Income before income taxes
92
85
Provision for income taxes
26
22
Net income from continuing
operations
66
63
Gain on disposal of discontinued business,
net of income taxes
—
1
Net income attributable to TNL
shareholders
$
66
$
64
Basic earnings per share
Continuing operations
$
0.93
$
0.81
Discontinued operations
—
0.01
$
0.93
$
0.82
Diluted earnings per share
Continuing operations
$
0.92
$
0.81
Discontinued operations
—
—
$
0.92
$
0.81
Weighted average shares
outstanding
Basic
71.5
77.5
Diluted
72.0
78.3
Table 2
Travel + Leisure Co.
Summary Data Sheet
(in millions, except per share
amounts, unless otherwise indicated)
Three Months Ended March
31,
2024
2023
Change
Consolidated
Results
Net income attributable to TNL
shareholders
$
66
$
64
3
%
Diluted earnings per share
$
0.92
$
0.81
14
%
Net income from continuing operations
$
66
$
63
5
%
Diluted earnings per share from continuing
operations
$
0.92
$
0.81
14
%
Net income margin
7.2
%
7.3
%
Adjusted Earnings
Adjusted EBITDA
$
191
$
184
4
%
Adjusted net income
$
69
$
70
(1
)%
Adjusted diluted earnings per share
$
0.97
$
0.89
9
%
Segment
Results
Net Revenues
Vacation Ownership
$
725
$
685
6
%
Travel and Membership
193
200
(4
)%
Corporate and other
(2
)
(6
)
Total
$
916
$
879
4
%
Adjusted EBITDA
Vacation Ownership
$
135
$
131
3
%
Travel and Membership
75
71
6
%
Segment Adjusted EBITDA
210
202
Corporate and other
(19
)
(18
)
Total Adjusted EBITDA
$
191
$
184
4
%
Adjusted EBITDA margin
20.9
%
20.9
%
Note: Amounts may not calculate due to
rounding. See "Presentation of Financial Information" and Table 5
for Non-GAAP definitions. For a full reconciliation of non-GAAP
financial measures to the most directly comparable GAAP financial
measures, refer to Table 3.
Table 2
(continued)
Travel + Leisure Co.
Summary Data Sheet
(in millions, unless otherwise
indicated)
Three Months Ended March
31,
2024
2023
Change
Vacation
Ownership
Net VOI sales
$
369
$
338
9
%
Loan loss provision
78
71
10
%
Gross VOI sales, net of Fee-for-Service
sales
447
409
9
%
Fee-for-Service sales
43
45
(6
)%
Gross VOI sales
$
490
$
454
8
%
Tours (in thousands)
155
135
15
%
VPG (in dollars)
$
3,035
$
3,215
(6
)%
Tour generated VOI sales
$
469
$
433
8
%
Telesales and other
21
21
—
%
Gross VOI sales
$
490
$
454
8
%
Net VOI sales
$
369
$
338
9
%
Property management revenue
211
199
6
%
Consumer financing
110
103
7
%
Other (a)
35
45
(22
)%
Total Vacation Ownership
revenue
$
725
$
685
6
%
Travel and
Membership
Avg. number of exchange members (in
thousands)
3,493
3,512
(1
)%
Transactions (in thousands)
275
300
(8
)%
Revenue per transaction (in dollars)
$
350
$
347
1
%
Exchange transaction revenue
$
96
$
104
(7
)%
Transactions (in thousands)
170
175
(3
)%
Revenue per transaction (in dollars)
$
256
$
247
4
%
Travel Club transaction revenue
$
44
$
43
1
%
Transactions (in thousands)
445
475
(6
)%
Revenue per transaction (in dollars)
$
315
$
310
1
%
Travel and Membership transaction
revenue
$
140
$
147
(5
)%
Transaction revenue
$
140
$
147
(5
)%
Subscription revenue
45
45
—
%
Other (b)
8
8
—
%
Total Travel and Membership
revenue
$
193
$
200
(4
)%
Note:
Amounts may not compute due to
rounding.
(a)
Includes Fee-for-Service commission
revenues and other ancillary revenues.
(b)
Primarily related to cancellation fees,
commissions, and other ancillary revenue.
Table 3
Travel + Leisure Co.
Non-GAAP Measure: Reconciliation
of Net Income to
Adjusted Net Income to Adjusted
EBITDA
(in millions, except diluted per
share amounts)
Three Months Ended March
31,
2024
EPS
Margin %
2023
EPS
Margin %
Net income attributable to TNL
shareholders
$
66
$
0.92
7.2
%
$
64
$
0.81
7.3
%
Gain on disposal of discontinued business,
net of income taxes
—
(1
)
Net income from continuing
operations
$
66
$
0.92
7.2
%
$
63
$
0.81
7.2
%
Amortization of acquired intangibles
(a)
2
3
Loss on sale of business (b)
—
2
Legacy items
—
4
Acquisition-related deal costs
2
—
Taxes (c)
(1
)
(2
)
Adjusted net income
$
69
$
0.97
7.5
%
$
70
$
0.89
8.0
%
Income taxes on adjusted net income
27
24
Interest expense
64
58
Depreciation
26
25
Stock-based compensation expense (d)
9
10
Interest income
(4
)
(3
)
Adjusted EBITDA
$
191
20.9
%
$
184
20.9
%
Diluted Shares Outstanding
72.0
78.3
Amounts may not calculate due to rounding. The tables above
reconcile certain non-GAAP financial measures to their closest GAAP
measure. The presentation of these adjustments is intended to
permit the comparison of particular adjustments as they appear in
the income statement in order to assist investors' understanding of
the overall impact of such adjustments. In addition to GAAP
financial measures, the Company provides Adjusted net income,
Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted diluted EPS
to assist our investors in evaluating our ongoing operating
performance for the current reporting period and, where provided,
over different reporting periods, by adjusting for certain items
which in our view do not necessarily reflect ongoing performance.
We also internally use these measures to assess our operating
performance, both absolutely and in comparison to other companies,
and in evaluating or making selected compensation decisions. These
supplemental disclosures are in addition to GAAP reported measures.
Non-GAAP measures should not be considered a substitute for, nor
superior to, financial results and measures determined or
calculated in accordance with GAAP. Our presentation of adjusted
measures may not be comparable to similarly-titled measures used by
other companies. See "Presentation of Financial Information" and
table 5 for the definitions of these non-GAAP measures.
(a)
Amortization of acquisition-related
intangible assets is excluded from Adjusted net income and Adjusted
EBITDA.
(b)
Represents the loss on sale of the Love
Home Swap business.
(c)
Represents the tax effects on the
adjustments. We determine the tax effects of the non-GAAP
adjustments based on the nature of the underlying adjustment and
the relevant tax jurisdictions. The tax effect of the non-GAAP
adjustments was calculated based on an evaluation of the statutory
tax treatment and the applicable statutory tax rate in the relevant
jurisdictions.
(d)
All stock-based compensation is excluded
from Adjusted EBITDA.
Table 4
Travel + Leisure Co.
Non-GAAP Measure: Reconciliation
of Net Cash Provided by Operating Activities to Adjusted Free Cash
Flow
(in millions)
Three Months Ended March
31,
2024
2023
Net cash provided by operating
activities
$
47
$
7
Property and equipment additions
(17
)
(12
)
Sum of proceeds and principal payments of
non-recourse vacation ownership debt
(8
)
(3
)
Free cash flow / Adjusted free cash
flow (a)
$
22
$
(8
)
(a)
The Company had $57 million of net cash
used in investing activities and $203 million of net cash provided
by financing activities for the three months ended March 31, 2024
and had $17 million of net cash used in investing activities and
$343 million of net cash used in financing activities for the three
months ended March 31, 2023.
Table 5
Definitions
Adjusted Diluted
Earnings per Share: A non-GAAP measure, defined by the
Company as Adjusted net income divided by the diluted weighted
average number of common shares. Adjusted Diluted Earnings per
Share is useful to assist our investors in evaluating our ongoing
operating performance for the current reporting period and, where
provided, over different reporting periods.
Adjusted
EBITDA: A non-GAAP measure, defined by the Company as net
income from continuing operations before depreciation and
amortization, interest expense (excluding consumer financing
interest), early extinguishment of debt, interest income (excluding
consumer financing revenues) and income taxes, each of which is
presented on the Condensed Consolidated Statements of Income.
Adjusted EBITDA also excludes stock-based compensation costs,
separation and restructuring costs, legacy items, transaction costs
for acquisitions and divestitures, asset impairments/recoveries,
gains and losses on sale/disposition of business, and items that
meet the conditions of unusual and/or infrequent. Legacy items
include the resolution of and adjustments to certain contingent
assets and liabilities related to acquisitions of continuing
businesses and dispositions, including the separation of Wyndham
Hotels & Resorts, Inc. and Cendant, and the sale of the
vacation rentals businesses. We believe that when considered with
GAAP measures, Adjusted EBITDA is useful to assist our investors in
evaluating our ongoing operating performance for the current
reporting period and, where provided, over different reporting
periods. We also internally use these measures to assess our
operating performance, both absolutely and in comparison to other
companies, and in evaluating or making selected compensation
decisions. Adjusted EBITDA should not be considered in isolation or
as a substitute for net income/(loss) or other income statement
data prepared in accordance with GAAP and our presentation of
Adjusted EBITDA may not be comparable to similarly-titled measures
used by other companies.
Adjusted EBITDA
Margin: A non-GAAP measure, represents Adjusted EBITDA as a
percentage of revenue. Adjusted EBITDA Margin is useful to assist
our investors in evaluating our ongoing operating performance for
the current reporting period and, where provided, over different
reporting periods.
Adjusted Free Cash
Flow: A non-GAAP measure, defined by the Company as net cash
provided by operating activities from continuing operations less
property and equipment additions (capital expenditures) plus the
sum of proceeds and principal payments of non-recourse vacation
ownership debt, while also adding back cash paid for transaction
costs for acquisitions and divestitures, separation adjustments
associated with the spin-off of Wyndham Hotels, and certain
adjustments related to COVID-19. TNL believes adjusted FCF to be a
useful operating performance measure to evaluate the ability of its
operations to generate cash for uses other than capital
expenditures and, after debt service and other obligations, its
ability to grow its business through acquisitions and equity
investments, as well as its ability to return cash to shareholders
through dividends and share repurchases. A limitation of using
Adjusted free cash flow versus the GAAP measure of net cash
provided by operating activities as a means for evaluating TNL is
that Adjusted free cash flow does not represent the total cash
movement for the period as detailed in the consolidated statement
of cash flows.
Adjusted Free Cash
Flow Conversion: A non-GAAP measure, defined by the Company
as Adjusted free cash flow as a percentage of Adjusted EBITDA. We
use this non-GAAP performance measure to assist in evaluating our
operating performance and the quality of our earnings as
represented by adjusted EBITDA, and to evaluate the performance of
our current and prospective operating and strategic initiatives in
generating cash flows from our earnings performance. This measure
also assists investors in evaluating our operating performance,
management of our assets, and ability to generate cash flows from
our earnings, as well as facilitating period-to-period
comparisons.
Adjusted Net
Income: A non-GAAP measure, defined by the Company as net
income from continuing operations adjusted to exclude separation
and restructuring costs, legacy items, transaction costs for
acquisitions and divestitures, amortization of acquisition-related
assets, debt modification costs, impairments, gains and losses on
sale/disposition of business, and items that meet the conditions of
unusual and/or infrequent and the tax effect of such adjustments.
Legacy items include the resolution of and adjustments to certain
contingent assets and liabilities related to acquisitions of
continuing businesses and dispositions, including the separation of
Wyndham Hotels and Cendant, and the sale of the vacation rentals
businesses. Adjusted Net Income is useful to assist our investors
in evaluating our ongoing operating performance for the current
reporting period and, where provided, over different reporting
periods.
Average Number of
Exchange Members: Represents paid members in our vacation
exchange programs who are considered to be in good standing.
Free Cash Flow
(FCF): A non-GAAP measure, defined by TNL as net cash
provided by operating activities from continuing operations less
property and equipment additions (capital expenditures) plus the
sum of proceeds and principal payments of non-recourse vacation
ownership debt. TNL believes FCF to be a useful operating
performance measure to evaluate the ability of its operations to
generate cash for uses other than capital expenditures and, after
debt service and other obligations, its ability to grow its
business through acquisitions and equity investments, as well as
its ability to return cash to shareholders through dividends and
share repurchases. A limitation of using FCF versus the GAAP
measure of net cash provided by operating activities as a means for
evaluating TNL is that FCF does not represent the total cash
movement for the period as detailed in the consolidated statement
of cash flows.
Gross Vacation
Ownership Interest Sales: A non-GAAP measure, represents
sales of vacation ownership interests (VOIs), including sales under
the fee-for-service program before the effect of loan loss
provisions. We believe that Gross VOI sales provide an enhanced
understanding of the performance of our vacation ownership business
because it directly measures the sales volume of this business
during a given reporting period.
Leverage
Ratio: The Company calculates leverage ratio as net debt
divided by Adjusted EBITDA as defined in the credit agreement.
Net Debt: Net
debt equals total debt outstanding, less non-recourse vacation
ownership debt and cash and cash equivalents.
Tours:
Represents the number of tours taken by guests in our efforts to
sell VOIs.
Travel and
Membership Revenue per Transaction: Represents transaction
revenue divided by transactions, provided in two categories;
Exchange, which is primarily RCI, and Travel Club.
Travel and
Membership Transactions: Represents the number of exchanges
and travel bookings recognized as revenue during the period, net of
cancellations. This measure is provided in two categories;
Exchange, which is primarily RCI, and Travel Club.
Volume Per Guest
(VPG): Represents Gross VOI sales (excluding telesales and
virtual sales) divided by the number of tours. The Company has
excluded non-tour sales in the calculation of VPG because non-tour
sales are generated by a different marketing channel. We believe
that VPG provides an enhanced understanding of the performance of
our Vacation Ownership business because it directly measures the
efficiency of its tour selling efforts during a given reporting
period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240424345984/en/
Investors: Jill Greer Investor Relations (407) 626-4050
Jill.Greer@travelandleisure.com
Media: Steven Goldsmith Public Relations (407) 626-5882
Steven.Goldsmith@travelandleisure.com
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Travel plus Leisure (NYSE:TNL)
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