Travel + Leisure Co. Q4 & Full-Year 2023 Results, 2024 Outlook Revealed

Travel + Leisure Co. (NYSE:TNL), the world’s leading membership and leisure travel company, today reported fourth quarter and full-year 2023 financial results for the period ended December 31, 2023.

Fourth quarter 2023 highlights:

• Net income of $129 million (diluted EPS of $1.77) on net revenue of $935 million
• Adjusted EBITDA of $240 million and Adjusted diluted EPS of $1.98 ⁽¹⁾
• Repurchased $40 million of common stock during the fourth quarter

Full-year 2023 highlights:

• Net income of $396 million (diluted EPS of $5.28) on net revenue of $3.8 billion
• Adjusted EBITDA of $908 million and Adjusted diluted EPS of $5.70⁽¹⁾
• Net cash provided by operating activities of $350 million and Adjusted free cash flow of $379 million⁽¹⁾
• Repurchased $307 million of common stock during the full-year

Outlook:

• Full Year 2024 Adjusted EBITDA expected to range from $910 million to $930 million and first quarter 2024 Adjusted EBITDA expected to range from $185 million to $190 million
• The Company will recommend increasing first quarter 2024 dividend to $0.50 per share for approval by the Board of Directors

“Our team produced strong year-over-year growth in revenue, vacation ownership sales and adjusted EBITDA, enabling us to return $443 million in capital to shareholders through dividends and stock buybacks,” said Michael D. Brown, President and CEO of Travel + Leisure Co. “Our core vacation ownership business performed at or better than our expectations on every key measure, effectively leveraging continued leisure travel demand.”

“Our multi-brand strategy is coming to fruition. We recently announced the acquisition of Accor Vacation Club, building upon our presence in Asia-Pacific. We start the year with a vacation ownership brand portfolio including Wyndham, Margaritaville, Sports Illustrated, which we added last September, and soon Accor. We have great momentum coming into 2024. We expect that momentum, combined with a strong leisure travel market, to drive earnings and adjusted free cash flow,” Brown concluded.

(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.

View the full release here: https://www.businesswire.com/news/home/20240221285798/en/