Travel + Leisure Co. (NYSE:TNL), the world’s leading membership
and leisure travel company, today reported second quarter 2024
financial results for the three months ended June 30, 2024.
Highlights and outlook include:
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- Net income of $129 million, $1.36 diluted earnings per share
from continuing operations, on net revenue of $985 million
- Adjusted EBITDA of $244 million and adjusted diluted
earnings per share of $1.52 (1)
- Tours increased 13 percent year-over-year, with new owner
tours up 22 percent
- Raising full year 2024 adjusted EBITDA guidance to $915 to
$935 million
- Expects third quarter adjusted EBITDA of $235 million to
$245 million
- Returned $105 million to shareholders through $35 million of
dividends and $70 million of share repurchases
“For the second quarter, we delivered volume per guest over
$3,000 and double-digit increases in both tours and new owner
tours. All indications are pointing to a solid second half of 2024,
with owner nights up 6 percent for the remainder of the year and
our expectation for double-digit tour growth for the full year,”
said Michael D. Brown, President and CEO of Travel + Leisure
Co.
"We are increasing our full year adjusted EBITDA guidance,
demonstrating that we have a resilient and value-driven business
model; are executing well against our growth initiatives; and see
strong consumer demand for vacation ownership."
(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
Q2 2024
Q2 2023
% change
Revenue
$807
$768
5 %
Adjusted EBITDA
$206
$187
10 %
Vacation Ownership revenue increased 5% to $807 million in the
second quarter of 2024 compared to the same period in the prior
year. Net vacation ownership interest (VOI) sales were $441 million
in the second quarter compared to $401 million in the prior year
period, and Gross VOI sales were $607 million compared to $557
million in the prior year period. Gross VOI sales were driven by a
13% increase in tours compared to the same period last year,
partially offset by a 3% decrease in VPG due to a higher new owner
mix.
Second quarter adjusted EBITDA was $206 million compared to $187
million in the prior year period, due to the revenue growth and
lower cost of VOIs sold, partially offset by an increase in
marketing costs, an increase in sales and commission expenses, and
higher interest rates on our ABS debt.
Travel and Membership
$ in millions
Q2 2024
Q2 2023
% change
Revenue
$177
$179
(1) %
Adjusted EBITDA
$62
$62
— %
Travel and Membership revenue decreased 1% to $177 million in
the second quarter of 2024 compared to the same period in the prior
year. This was driven by a 4% decrease in transactions, offset by a
4% increase in revenue per transaction.
Second quarter Adjusted EBITDA was $62 million resulting in no
change compared to the prior year period. The revenue decrease was
offset by lower marketing and other operating costs.
Balance Sheet and
Liquidity
Net Debt — As of June 30, 2024, the Company's leverage
ratio for covenant purposes was 3.5x. The Company had $3.6 billion
of corporate debt outstanding as of June 30, 2024, which excluded
$2.0 billion of non-recourse debt related to its securitized notes
receivables portfolio. During 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 — Subsequent to the end
of the quarter, the Company closed on a $375 million term
securitization transaction with a weighted average coupon of 5.6%
and a 96% advance rate.
Cash Flow — For the six months ended June 30, 2024, net
cash provided by operating activities was $221 million compared to
$110 million in the prior year period. Adjusted free cash flow was
$112 million for the six months ended June 30, 2024 compared to $11
million in the same period of 2023 due to a decrease in cash
utilized for working capital items, mainly due to timing of tax
payments and prepaid service contracts.
Share Repurchases — During the second quarter of
2024, the Company repurchased 1.6 million shares of common stock
for $70 million at a weighted average price of $44.96 per share.
During the period, the Company’s Board of Directors increased the
authorization for its share repurchase program by $0.5 billion. As
of June 30, 2024, the Company had $578 million remaining in its
share repurchase authorization.
Dividend — The Company paid $35 million ($0.50 per share)
in cash dividends on June 29, 2024 to shareholders of record as of
June 15, 2024. Management will recommend a third quarter dividend
of $0.50 per share for approval by the Company’s Board of Directors
in August 2024.
Other — During the second quarter, the Company released
an accrual related to guarantees associated with the 2018 sale of
its European vacation rentals business. These guarantees expired
during the quarter resulting in the recognition of a $32 million
non-cash gain on sale of discontinued operations, net of taxes.
Outlook
The Company is updating 2024 full year guidance:
- Adjusted EBITDA of $915 million to $935 million (vs. prior
outlook of $910 million to $930 million)
- Gross VOI sales of $2.25 billion to $2.35 billion
- VPG of $2,950 to $3,050 (vs. prior outlook of $2,900 to
$3,000)
The Company is providing its third quarter 2024 guidance:
- Adjusted EBITDA of $235 million to $245 million
- Gross VOI sales of $620 million to $650 million
- Travel and Membership Adjusted EBITDA of $55 million to $60
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 8:30 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,” "intends,"
“estimates,” “predicts,” “potential,” "projects," “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
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net Revenues
Service and membership fees
$
413
$
424
$
832
$
844
Net VOI sales
441
401
810
739
Consumer financing
111
103
221
206
Other
20
21
37
40
Net revenues
985
949
1,900
1,829
Expenses
Operating
442
427
880
847
Cost of vacation ownership interests
21
33
55
64
Consumer financing interest
33
27
66
52
Marketing
144
127
265
238
General and administrative
128
114
239
239
Depreciation and amortization
28
28
56
55
Restructuring
—
11
—
11
Asset recoveries, net
—
(1
)
—
(1
)
Total expenses
796
766
1,561
1,505
Loss on sale of business
—
—
—
2
Operating income
189
183
339
322
Interest expense
63
61
127
119
Other (income), net
(4
)
—
(5
)
(1
)
Interest (income)
(3
)
(3
)
(8
)
(6
)
Income before income taxes
133
125
225
210
Provision for income taxes
36
36
62
58
Net income from continuing
operations
97
89
163
152
Gain on disposal of discontinued business,
net of income taxes
32
5
32
5
Net income
$
129
$
94
$
195
$
157
Basic earnings per share
Continuing operations
$
1.36
$
1.18
$
2.29
$
1.99
Discontinued operations
0.46
0.07
0.45
0.07
$
1.82
$
1.25
$
2.74
$
2.06
Diluted earnings per share
Continuing operations
$
1.36
$
1.18
$
2.28
$
1.98
Discontinued operations
0.45
0.07
0.45
0.07
$
1.81
$
1.25
$
2.73
$
2.05
Weighted average shares
outstanding
Basic
70.8
75.2
71.2
76.3
Diluted
71.0
75.5
71.5
76.8
Table 2
Travel + Leisure Co.
Summary Data Sheet
(in millions, except per share
amounts, unless otherwise indicated)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
Change
2024
2023
Change
Consolidated
Results
Net income attributable to TNL
shareholders
$
129
$
94
37
%
$
195
$
157
24
%
Diluted earnings per share
$
1.81
$
1.25
45
%
$
2.73
$
2.05
33
%
Net income from continuing operations
$
97
$
89
9
%
$
163
$
152
7
%
Diluted earnings per share from continuing
operations
$
1.36
$
1.18
15
%
$
2.28
$
1.98
15
%
Net income margin
13.1
%
9.9
%
10.3
%
8.6
%
Adjusted Earnings
Adjusted EBITDA
$
244
$
236
3
%
$
435
$
420
4
%
Adjusted net income
$
108
$
100
8
%
$
177
$
170
4
%
Adjusted diluted earnings per share
$
1.52
$
1.33
14
%
$
2.48
$
2.21
12
%
Segment
Results
Net Revenues
Vacation Ownership
$
807
$
768
5
%
$
1,533
$
1,453
6
%
Travel and Membership
177
179
(1
)%
370
379
(2
)%
Corporate and other
1
2
(3
)
(3
)
Total
$
985
$
949
4
%
$
1,900
$
1,829
4
%
Adjusted EBITDA
Vacation Ownership
$
206
$
187
10
%
$
340
$
319
7
%
Travel and Membership
62
62
—
%
137
133
3
%
Segment Adjusted EBITDA
268
249
477
452
Corporate and other
(24
)
(13
)
(42
)
(32
)
Total Adjusted EBITDA
$
244
$
236
3
%
$
435
$
420
4
%
Adjusted EBITDA margin
24.8
%
24.9
%
22.9
%
23.0
%
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 June
30,
Six Months Ended June
30,
2024
2023
Change
2024
2023
Change
Vacation
Ownership
Net VOI sales
$
441
$
401
10
%
$
810
$
739
10
%
Loan loss provision
113
86
31
%
191
158
21
%
Gross VOI sales, net of Fee-for-Service
sales
554
487
14
%
1,001
896
12
%
Fee-for-Service sales
53
70
(24
)%
95
115
(17
)%
Gross VOI sales
$
607
$
557
9
%
$
1,096
$
1,011
8
%
Tours (in thousands)
192
170
13
%
347
305
14
%
VPG (in dollars)
$
3,051
$
3,150
(3
)%
$
3,044
$
3,179
(4
)%
Tour generated VOI sales
$
586
$
537
9
%
$
1,055
$
970
9
%
Telesales and other
21
20
5
%
41
41
—
%
Gross VOI sales
$
607
$
557
9
%
$
1,096
$
1,011
8
%
Net VOI sales
$
441
$
401
10
%
$
810
$
739
10
%
Property management revenue
210
205
2
%
421
404
4
%
Consumer financing
111
103
8
%
221
206
7
%
Other (a)
45
59
(24
)%
81
104
(22
)%
Total Vacation Ownership
revenue
$
807
$
768
5
%
$
1,533
$
1,453
6
%
Travel and
Membership
Avg. number of exchange members (in
thousands)
3,450
3,502
(1
)%
3,472
3,507
(1
)%
Transactions (in thousands)
220
236
(6
)%
495
536
(8
)%
Revenue per transaction (in dollars)
$
366
$
359
2
%
$
357
$
352
1
%
Exchange transaction revenue
$
81
$
85
(5
)%
$
177
$
189
(6
)%
Transactions (in thousands)
179
180
(1
)%
349
356
(2
)%
Revenue per transaction (in dollars)
$
251
$
229
10
%
$
254
$
238
7
%
Travel Club transaction revenue
$
45
$
41
9
%
$
89
$
85
5
%
Transactions (in thousands)
399
416
(4
)%
844
891
(5
)%
Revenue per transaction (in dollars)
$
315
$
303
4
%
$
315
$
307
3
%
Travel and Membership transaction
revenue
$
126
$
126
—
%
$
266
$
273
(3
)%
Transaction revenue
$
126
$
126
—
%
$
266
$
273
(3
)%
Subscription revenue
44
46
(4
)%
90
91
(1
)%
Other (b)
7
7
—
%
14
15
(7
)%
Total Travel and Membership
revenue
$
177
$
179
(1
)%
$
370
$
379
(2
)%
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 June
30,
2024
EPS
Margin %
2023
EPS
Margin %
Net income attributable to TNL
shareholders
$
129
$
1.81
13.1
%
$
94
$
1.25
9.9
%
Gain on disposal of discontinued business,
net of income taxes
(32
)
(5
)
Net income from continuing
operations
$
97
$
1.36
9.8
%
$
89
$
1.18
9.4
%
Legacy items
12
2
Amortization of acquired intangibles
(a)
2
3
Restructuring
—
11
Taxes (b)
(4
)
(5
)
Adjusted net income
$
108
$
1.52
11.0
%
$
100
$
1.33
10.5
%
Income taxes on adjusted net income
40
41
Interest expense
63
61
Depreciation
26
25
Stock-based compensation expense (c)
11
12
Interest income
(3
)
(3
)
Adjusted EBITDA
$
244
24.8
%
$
236
24.9
%
Diluted Shares Outstanding
71.0
75.5
Six Months Ended June
30,
2024
EPS
Margin %
2023
EPS
Margin %
Net income attributable to TNL
shareholders
$
195
$
2.73
10.3
%
$
157
$
2.05
8.6
%
Gain on disposal of discontinued business,
net of income taxes
(32
)
(5
)
Net income from continuing
operations
$
163
$
2.28
8.6
%
$
152
$
1.98
8.3
%
Legacy items
13
7
Amortization of acquired intangibles
(a)
5
5
Acquisition-related deal costs
2
—
Restructuring
—
11
Loss on sale of business (d)
—
2
Taxes (b)
(6
)
(7
)
Adjusted net income
$
177
$
2.48
9.3
%
$
170
$
2.21
9.3
%
Income taxes on adjusted net income
68
65
Interest expense
127
119
Depreciation
51
50
Stock-based compensation expense (c)
20
22
Interest income
(8
)
(6
)
Adjusted EBITDA
$
435
22.9
%
$
420
23.0
%
Diluted Shares Outstanding
71.5
76.8
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 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.
(c)
All stock-based compensation is excluded
from Adjusted EBITDA.
(d)
Represents the loss on sale of the Love
Home Swap business.
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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net cash provided by operating
activities
$
174
$
103
$
221
$
110
Property and equipment additions
(21
)
(16
)
(38
)
(28
)
Sum of proceeds and principal payments of
non-recourse vacation ownership debt
(63
)
(68
)
(71
)
(71
)
Free cash flow / Adjusted free cash
flow (a)
$
90
$
19
$
112
$
11
(a)
The Company had $24 million and $81
million of net cash used in investing activities during the three
and six months ended June 30, 2024 and had $16 million and $33
million of net cash used in investing activities during the three
and six months ended June 30, 2023. The Company had $464 million
and $261 million of net cash used in financing activities for the
three and six months ended June 30, 2024 and had $43 million and
$386 million of net cash used in financing activities for the three
and six months ended June 30, 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 the average number of paid members in our vacation
exchange programs who are considered to be in good standing, during
a given reporting period.
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/20240724555836/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
Travel plus Leisure (NYSE:TNL)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Travel plus Leisure (NYSE:TNL)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024