Dozens dead in Vietnam after Ha Long Bay tourist ferry sinks
The tourist boat ferrying families around Vietnam's famed Ha Long Bay was lashed by a sudden storm Saturday in one of the deadliest disasters at the UNESCO World Heritage site.
The vessel "Wonder Sea" was carrying 46 passengers and three crew when it capsized because of sudden heavy rain, according to a provincial police report seen by AFP.
Previous state media reports had said that 53 people were on board and 37 people had died, but the figures were later revised by police.
Tran Trong Hung, a resident in the Ha Long Bay area, told AFP: "The sky turned dark."
There were "hailstones as big as toes with torrential rain, thunderstorms and lightning", he said.
Most of those on board were families visiting from the capital, Hanoi, with more than 20 children among the passengers, state media outlet VNExpress said
35 bodies had been recovered and 10 people rescued by Sunday, police said, with four people still missing.
One of the rescued, a 10-year-old boy, told state media outlet VietnamNet: "I took a deep breath, swam through a gap, dived then swam up, I even shouted for help, then I was pulled up by a boat with soldiers on".
Prime Minister Pham Minh Chinh sent his condolences on Saturday to relatives of those killed and called on the defence and public security ministries to conduct urgent search and rescue.
Authorities would "investigate and clarify the cause of the incident and strictly handle violations", a government statement said.
Torrential rain also lashed northern Hanoi, Thai Nguyen and Bac Ninh provinces on Saturday.
Several trees were knocked down in the capital by strong winds.
The storm followed three days of intense heat, with the mercury hitting 37 degrees Celsius (99 degrees Fahrenheit) in some areas.
Mai Van Khiem, director of the National Center for Hydrometeorological Forecasting, was quoted in VNExpress as saying that the thunderstorms in northern Vietnam were not caused by the influence of Tropical Storm Wipha in the South China Sea.
Wipha entered the South China Sea on Sunday gaining strength, and is on course to make landfall in Vietnam early next week.
Ha Long Bay is one of Vietnam's most popular tourist destinations, with millions of people visiting its blue-green waters and rainforest-topped limestone islands each year.
Last year, 30 vessels sank at boat lock areas in coastal Quang Ninh province along Ha Long Bay after Typhoon Yagi brought strong wind and waves.
And this month, a ferry sank off the popular Indonesian resort island of Bali, killing at least 18 people.
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Travel + Leisure Co. Reports Second Quarter 2025 Results
ORLANDO, Fla.--(BUSINESS WIRE)--Travel + Leisure Co. (NYSE:TNL), a leading leisure travel company, today reported second quarter 2025 financial results for the three months ended June 30, 2025. Highlights and outlook include: Net income of $108 million, $1.62 diluted earnings per share, on net revenue of $1.02 billion Adjusted EBITDA of $250 million and Adjusted diluted earnings per share of $1.65 (1) Vacation Ownership revenue of $853 million, a 6 percent increase year-over-year Volume per guest (VPG) of $3,251, a 7 percent increase year-over-year, on a 3 percent increase in tours Expects third quarter Adjusted EBITDA of $250 million to $260 million and reaffirms full-year Adjusted EBITDA guidance of $955 million to $985 million Returned $107 million to shareholders through $37 million of dividends and $70 million of share repurchases 'Thanks to the exceptional work of the entire Travel + Leisure Co. team, we delivered another strong quarter. We saw healthy year-over-year growth in VOI sales, with gains in both tour flow and volume per guest. Our VPG performance remains strong as we ended the quarter above the high end of our guidance range,' said Michael D. Brown, President and CEO of Travel + Leisure Co. 'Our multi-brand strategy continued to gain momentum in the first half of the year. We announced three exciting new projects: a Margaritaville Vacation Club resort in Orlando, a new Sports Illustrated Resorts location in Nashville, and the launch of our new Asia based Accor Vacation Club in Indonesia. These developments underscore the strength of our brand partnerships and our ability to grow and diversify our vacation ownership portfolio.' (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. Expand Business Segment Results Vacation Ownership $ in millions Q2 2025 Q2 2024 % change Revenue $853 $807 6 % Adjusted EBITDA $218 $206 6 % Expand Vacation Ownership revenue increased 6% to $853 million in the second quarter of 2025 compared to the same period in the prior year. Net vacation ownership interest (VOI) sales increased 7% year over year despite a higher provision rate. Gross VOI sales increased 8% driven by a 7% increase in VPG and a 3% increase in tours. Second quarter adjusted EBITDA was $218 million compared to $206 million in the prior year period driven by the revenue growth. Travel and Membership $ in millions Q2 2025 Q2 2024 % change Revenue $166 $177 (6) % Adjusted EBITDA $55 $62 (11) % Expand Travel and Membership revenue decreased 6% to $166 million in the second quarter of 2025 compared to the same period in the prior year. This was driven by a 7% decrease in transaction revenue due to lower exchange transactions. Transactions were impacted by an increasing mix of exchange members with a club affiliation who have a lower transaction propensity. Second quarter Adjusted EBITDA decreased 11% to $55 million compared to the same prior year period. This decrease was driven by a higher mix of travel club transactions, which generate lower margins, partially offset by cost savings resulting from the strategic restructuring at the end of 2024. Balance Sheet and Liquidity Net Debt — On June 25, 2025, the Company refinanced its $1.0 billion revolving credit facility extending maturity from October 2026 to June 2030, and among other things, reducing pricing spreads on borrowings and letters of credit at all pricing levels by 25 basis points. As of June 30, 2025, the Company's leverage ratio for covenant purposes was 3.4x. The Company had $3.6 billion of corporate debt outstanding as of June 30, 2025, which excluded $2.0 billion of non-recourse debt related to its securitized notes receivables portfolio. Timeshare Receivables Financing — During the second quarter of 2025, the Company renewed its $600 million USD timeshare receivables conduit facility, extending the end of the commitment period from September 2025 to August 2027 and making certain other amendments, including to the advance rate. Subsequent to the end of the quarter, the Company closed on a $300 million term securitization transaction with a weighted average coupon of 5.10% and a 98% advance rate. Cash Flow — For the six months ended June 30, 2025, net cash provided by operating activities was $353 million compared to $221 million in the prior year period. Adjusted free cash flow was $123 million for the six months ended June 30, 2025 compared to $112 million in the same period of 2024 due to a decrease in cash utilization for working capital items, partially offset by higher net payments on non-recourse debt. Share Repurchases — During the second quarter of 2025, the Company repurchased 1.5 million shares of common stock for $70 million at a weighted average price of $46.75 per share. As of June 30, 2025, the Company had $303 million remaining in its share repurchase authorization. Dividend — The Company paid $37 million ($0.56 per share) in cash dividends on June 30, 2025 to shareholders of record as of June 13, 2025. Management will recommend a third quarter dividend of $0.56 per share for approval by the Company's Board of Directors in August 2025. Outlook The Company is providing guidance for the third quarter 2025: Adjusted EBITDA of $250 million to $260 million Gross VOI sales of $650 million to $680 million VPG of $3,200 to $3,250 The Company is providing guidance for the 2025 full year: Adjusted EBITDA of $955 million to $985 million Gross VOI sales of $2.4 billion to $2.5 billion VPG of $3,200 to $3,250 (vs. prior outlook of $3,050 to $3,150) 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 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 7, 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 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. Travel + Leisure Co. (NYSE:TNL) is a leading leisure travel company, providing more than six million vacations to travelers around the world every year. The company operates a portfolio of vacation ownership, travel club, and lifestyle travel brands designed to meet the needs of the modern leisure traveler, whether they're traversing the globe or staying a little closer to home. With hospitality and responsible tourism at its heart, the company's nearly 19,000 dedicated associates around the globe help the company achieve its mission to put the world on vacation. Learn more at 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, recent tariff and other trade restrictions, higher interest rates, and recessionary pressures), travel restrictions, 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, 2024, filed with the SEC on February 19, 2025. 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. 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, 2025 2024 2025 2024 Net Revenues Net VOI sales $ 474 $ 441 $ 858 $ 810 Service and membership fees 407 413 823 832 Consumer financing 112 111 224 221 Other 25 20 46 37 Net revenues 1,018 985 1,951 1,900 Expenses Operating 457 442 902 880 Marketing 152 144 276 265 General and administrative 116 128 236 239 Consumer financing interest 34 33 68 66 Depreciation and amortization 31 28 61 56 Cost of vacation ownership interests 21 21 45 55 Asset impairments, net 1 — 1 — Total expenses 812 796 1,589 1,561 Operating income 206 189 362 339 Interest expense 57 63 115 127 Other (income), net (1 ) (4 ) (2 ) (5 ) Interest (income) (2 ) (3 ) (4 ) (8 ) Income before income taxes 152 133 253 225 Provision for income taxes 44 36 72 62 Net income from continuing operations 108 97 181 163 Gain on disposal of discontinued business, net of income taxes — 32 — 32 Net income attributable to Travel + Leisure Co. shareholders $ 108 $ 129 $ 181 $ 195 Basic earnings per share Continuing operations $ 1.63 $ 1.36 $ 2.71 $ 2.29 Discontinued operations — 0.46 — 0.45 $ 1.63 $ 1.82 $ 2.71 $ 2.74 Diluted earnings per share Continuing operations $ 1.62 $ 1.36 $ 2.68 $ 2.28 Discontinued operations — 0.45 — 0.45 $ 1.62 $ 1.81 $ 2.68 $ 2.73 Weighted average shares outstanding Basic 66.1 70.8 66.6 71.2 Diluted 66.5 71.0 67.3 71.5 Expand Table 2 Travel + Leisure Co. Condensed Consolidated Balance Sheets (Unaudited) (in millions, except share data) June 30, 2025 December 31, 2024 Assets Cash and cash equivalents $ 212 $ 167 Restricted cash 175 162 Trade receivables, net 175 155 Vacation ownership contract receivables, net 2,568 2,619 Inventory 1,252 1,227 Prepaid expenses 244 214 Property and equipment, net 592 591 Goodwill 972 966 Other intangibles, net 208 209 Other assets 411 425 Total assets $ 6,809 $ 6,735 Liabilities and (deficit) Accounts payable $ 69 $ 67 Accrued expenses and other liabilities 778 778 Deferred income 483 457 Non-recourse vacation ownership debt 1,959 2,123 Debt 3,628 3,468 Deferred income taxes 745 722 Total liabilities 7,662 7,615 Stockholders' (deficit): Preferred stock, $0.01 par value, authorized 6,000,000 shares, none issued and outstanding — — Common stock, $0.01 par value, 600,000,000 shares authorized, 225,320,707 issued as of 2025 and 224,599,556 as of 2024 3 2 Treasury stock, at cost – 160,313,284 shares as of 2025 and 157,476,502 shares as of 2024 (7,574 ) (7,433 ) Additional paid-in capital 4,348 4,328 Retained earnings 2,437 2,334 Accumulated other comprehensive loss (66 ) (112 ) Total stockholders' (deficit) (852 ) (881 ) Noncontrolling interest (1 ) 1 Total (deficit) (853 ) (880 ) Total liabilities and (deficit) $ 6,809 $ 6,735 Expand Table 3 Travel + Leisure Co. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions) Six Months Ended June 30, 2025 2024 Operating activities Net income $ 181 $ 195 Gain on disposal of discontinued business, net of income taxes — (32 ) Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 219 191 Depreciation and amortization 61 56 Stock-based compensation 26 20 Deferred income taxes 23 24 Non-cash interest 12 12 Non-cash lease expense 7 6 Asset impairments 1 — Other, net (2 ) (1 ) Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: Trade receivables (14 ) 13 Vacation ownership contract receivables (161 ) (235 ) Inventory (16 ) (2 ) Prepaid expenses (27 ) (24 ) Other assets 18 4 Accounts payable, accrued expenses, and other liabilities 5 (14 ) Deferred income 20 8 Net cash provided by operating activities 353 221 Investing activities Property and equipment additions (58 ) (38 ) Proceeds from the sale of investments 15 — Purchase of investments (4 ) — Acquisitions, net of cash acquired (1 ) (44 ) Proceeds from sale of assets — 1 Net cash used in investing activities (48 ) (81 ) Financing activities Proceeds from non-recourse vacation ownership debt 644 657 Principal payments on non-recourse vacation ownership debt (816 ) (728 ) Proceeds from debt 1,253 949 Principal payments on debt (1,095 ) (650 ) Repayment of notes and term loans (4 ) (304 ) Repurchase of common stock (140 ) (94 ) Dividends paid to shareholders (78 ) (73 ) Net share settlement of incentive equity awards (13 ) (9 ) Debt issuance/modification costs (12 ) (7 ) Payment of deferred acquisition consideration — (9 ) Proceeds from issuance of common stock 7 7 Other, net (1 ) — Net cash used in financing activities (255 ) (261 ) Effect of changes in exchange rates on cash, cash equivalents and restricted cash 8 (5 ) Net change in cash, cash equivalents and restricted cash 58 (126 ) Cash, cash equivalents and restricted cash, beginning of period 329 458 Cash, cash equivalents and restricted cash, end of period 387 332 Less: Restricted cash 175 166 Cash and cash equivalents $ 212 $ 166 Expand Table 4 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, 2025 2024 Change 2025 2024 Change Consolidated Results Net income attributable to TNL shareholders $ 108 $ 129 (16 )% $ 181 $ 195 (7 )% Diluted earnings per share $ 1.62 $ 1.81 (10 )% $ 2.68 $ 2.73 (2 )% Net income from continuing operations $ 108 $ 97 11 % $ 181 $ 163 11 % Diluted earnings per share from continuing operations $ 1.62 $ 1.36 19 % $ 2.68 $ 2.28 18 % Net income margin 10.6 % 13.1 % 9.3 % 10.3 % Adjusted Earnings Adjusted EBITDA $ 250 $ 244 2 % $ 452 $ 435 4 % Adjusted net income $ 110 $ 108 2 % $ 185 $ 177 5 % Adjusted diluted earnings per share $ 1.65 $ 1.52 9 % $ 2.75 $ 2.48 11 % Segment Results Net Revenues Vacation Ownership $ 853 $ 807 6 % $ 1,609 $ 1,533 5 % Travel and Membership 166 177 (6 )% 345 370 (7 )% Corporate and other (1 ) 1 (3 ) (3 ) Total $ 1,018 $ 985 3 % $ 1,951 $ 1,900 3 % Adjusted EBITDA Vacation Ownership $ 218 $ 206 6 % $ 378 $ 340 11 % Travel and Membership 55 62 (11 )% 123 137 (10 )% Segment Adjusted EBITDA 273 268 501 477 Corporate and other (23 ) (24 ) (49 ) (42 ) Total Adjusted EBITDA $ 250 $ 244 2 % $ 452 $ 435 4 % Adjusted EBITDA margin 24.6 % 24.8 % 23.2 % 22.9 % Expand Note: Amounts may not calculate due to rounding. See "Presentation of Financial Information" and Table 7 for Non-GAAP definitions. For a full reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Table 5. Expand Table 4 (continued) Travel + Leisure Co. Summary Data Sheet (in millions, unless otherwise indicated) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change 2025 2024 Change Vacation Ownership Net VOI sales $ 474 $ 441 7 % $ 858 $ 810 6 % Loan loss provision 128 113 13 % 219 191 15 % Gross VOI sales, net of Fee-for-Service sales 602 554 9 % 1,077 1,001 8 % Fee-for-Service sales 52 53 (2 )% 89 95 (7 )% Gross VOI sales $ 654 $ 607 8 % $ 1,166 $ 1,096 6 % Tours (in thousands) 197 192 3 % 350 347 1 % VPG (in dollars) $ 3,251 $ 3,051 7 % $ 3,234 $ 3,044 6 % Tour generated VOI sales $ 641 $ 586 9 % $ 1,133 $ 1,055 7 % Telesales and other 13 21 (36 )% 33 41 (21 )% Gross VOI sales $ 654 $ 607 8 % $ 1,166 $ 1,096 6 % Net VOI sales $ 474 $ 441 7 % $ 858 $ 810 6 % Property management revenue 217 210 3 % 440 421 5 % Consumer financing 112 111 1 % 224 221 1 % Other (a) 50 45 11 % 87 81 7 % Total Vacation Ownership revenue $ 853 $ 807 6 % $ 1,609 $ 1,533 5 % Travel and Membership Avg. number of exchange members (in thousands) 3,329 3,450 (4 )% 3,346 3,472 (4 )% Transactions (in thousands) 197 220 (11 )% 437 495 (12 )% Revenue per transaction (in dollars) $ 370 $ 366 1 % $ 361 $ 357 1 % Exchange transaction revenue $ 73 $ 81 (10 )% $ 157 $ 177 (11 )% Transactions (in thousands) 191 179 7 % 367 349 5 % Revenue per transaction (in dollars) $ 229 $ 251 (9 )% $ 242 $ 254 (5 )% Travel Club transaction revenue $ 44 $ 45 (2 )% $ 89 $ 89 — % Transactions (in thousands) 388 399 (3 )% 804 844 (5 )% Revenue per transaction (in dollars) $ 300 $ 315 (5 )% $ 306 $ 315 (3 )% Travel and Membership transaction revenue $ 117 $ 126 (7 )% $ 246 $ 266 (8 )% Transaction revenue $ 117 $ 126 (7 )% $ 246 $ 266 (8 )% Subscription revenue 43 44 (2 )% 86 90 (4 )% Other (b) 6 7 (14 )% 13 14 (7 )% Total Travel and Membership revenue $ 166 $ 177 (6 )% $ 345 $ 370 (7 )% Expand 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. Expand Table 5 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, 2025 EPS Margin % 2024 EPS Margin % Net income attributable to TNL shareholders $ 108 $ 1.62 10.6% $ 129 $ 1.81 13.1% Gain on disposal of discontinued business, net of income taxes — (32) Net income from continuing operations $ 108 $ 1.62 10.6% $ 97 $ 1.36 9.8% Amortization of acquired intangibles (a) 3 2 Asset impairments, net 1 — Legacy items (1) 12 Taxes (b) (1) (4) Adjusted net income $ 110 $ 1.65 10.8% $ 108 $ 1.52 11.0% Income taxes on adjusted net income 45 40 Interest expense 57 63 Depreciation 28 26 Stock-based compensation expense (c) 12 11 Interest income (2) (3) Adjusted EBITDA $ 250 24.6% $ 244 24.8% Diluted Shares Outstanding 66.5 71.0 Six Months Ended June 30, 2025 EPS Margin % 2024 EPS Margin % Net income attributable to TNL shareholders $ 181 $ 2.68 9.3% $ 195 $ 2.73 10.3% Gain on disposal of discontinued business, net of income taxes — (32) Net income from continuing operations $ 181 $ 2.68 9.3% $ 163 $ 2.28 8.6% Amortization of acquired intangibles (a) 5 5 Asset impairments, net 1 — Legacy items — 13 Acquisition-related deal costs — 2 Taxes (b) (2) (6) Adjusted net income $ 185 $ 2.75 9.5% $ 177 $ 2.48 9.3% Income taxes on adjusted net income 74 68 Interest expense 115 127 Depreciation 56 51 Stock-based compensation expense (c) 26 20 Interest income (4) (8) Adjusted EBITDA $ 452 23.2% $ 435 22.9% Diluted Shares Outstanding 67.3 71.5 Expand 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 7 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. Expand Table 6 Travel + Leisure Co. Non-GAAP Measure: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (in millions) Six Months Ended June 30, 2025 2024 Net cash provided by operating activities $ 353 $ 221 Property and equipment additions (58 ) (38 ) Sum of proceeds and principal payments of non-recourse vacation ownership debt (172 ) (71 ) Free cash flow / Adjusted free cash flow (a) $ 123 $ 112 Expand (a) The Company had $48 million and $81 million of net cash used in investing activities during the six months ended June 30, 2025 and 2024. The Company had $255 million and $261 million of net cash used in financing activities for the six months ended June 30, 2025 and 2024. Expand Table 7 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 and integration costs associated with mergers, 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 Avis Budget Group, Inc. (ABG), and the sale of the vacation rentals businesses. Integration costs represent certain non-recurring costs directly incurred to integrate mergers and/or acquisitions into the existing business. 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 and integration costs associated with mergers, 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 ABG, 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.
Yahoo
2 hours ago
- Yahoo
🎥 Zinchenko catches new signing napping on Arsenal team bus
A light-hearted moment from Arsenal's pre-season tour has gone viral after Oleksandr Zinchenko posted an Instagram story showing teammate Christian Nørgaard fast asleep amid the chaos on the team bus. Shared by popular Arsenal fan account @afcstuff, the clip shows Nørgaard managing to catch a nap while surrounded by noise, laughter, and the usual hustle of a lively team in transit. Zinchenko cheekily zoomed in on the snoozing midfielder, adding a touch of humour and affection with emojis, capturing what fans have described as a 'school bus vibe' and 'jet lag in Singapore.' The post quickly gained traction, racking up nearly half a million views within hours. Supporters flooded X (formerly Twitter) with playful comments, some joking that Nørgaard is just 'getting used to all the rest he'll get this season,' while others dubbed him 'Unc,' urging everyone to 'let him nap in peace.' One fan suggested the music blaring through the bus was Rihanna, betting that 'Ben White's on the aux,' while another commented that 'Declan Rice must've been a back bencher in school' — referencing Rice's own playful antics caught in the background. Moments like these are a reminder of the camaraderie within the squad as Mikel Arteta's side continues their preparations for the 2025/26 season. With new signings and familiar faces gelling during the tour, fans are enjoying the behind-the-scenes glimpses into team life. It may not have been a tactical masterclass or a highlight-reel goal — but for many supporters, Nørgaard's nap might be one of the most endearing moments of Arsenal's pre-season so far. 📸 Alex Pantling - 2025 Getty Images
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Travel + Leisure
2 hours ago
- Travel + Leisure
16 Non-negotiables I Packed for a 10-day Gorilla Trek in Rwanda That Kept Me Dry and Cool in the Rainforest
I've traveled across the globe—from the mountains of New Zealand to the rice fields of Vietnam to the icy towns of Greenland—but the most logistically challenging trip I've ever been on was gorilla trekking in Rwanda. The packing list was no joke: industrial-strength bug spray that lasts 12 hours, waterproof hiking pants for unpredictable weather, and layers that manage to wick sweat and still look pulled together. Want to know the real challenge, though? It all had to fit into a single duffel bag, since our group trek involved tight quarters on a small tour bus—and my beloved extra-large, hard-shell suitcase was not invited. So what made it into the bag that worked for jungle trekking, safari outings, city shopping, and dinners? Here's everything I packed for this unforgettable 10-day adventure. As a note, the temperatures can vary greatly, so layers are key. During the day, it can reach 80 degrees Fahrenheit at lower elevations but drop as low as 41 degrees at higher altitudes where the gorillas live. Also, when purchasing hiking gear to wear for gorilla trekking, buy only neutral colors—like army green, khaki, black, and tan — to avoid startling them and drawing extra attention to yourself. If you take away only one piece of packing advice from this article, let it be this: you need waterproof pants. Even though most gorilla treks in Rwanda and Uganda take place in the summer (the area's dry season), the gorillas live in the rainforest, so rain can be expected anytime. Not only for rain, though, waterproof pants also resist stinging needles, which, as the name suggests, sting and burn your skin on contact. These zero-cloud rain pants were sturdy enough to hike the rainforest, while still being ultra-breathable and lightweight. Although a pricier option at $159, they're built to last. Additionally, they offer adjustable straps at the feet, which offer additional coverage for your ankles as you're trekking through heavy brush and bush. Just as the weather is unpredictable in the rainforest, so are the bugs. In addition to bug spray (which you'll find later in the list), I also packed an insect shield hoodie for added protection. The exact one I brought is almost sold out, but this similar Columbia hoodie is treated with a synthetic version of permethrin, a natural bug repellent, that's woven into the fabric for long-lasting protection from mosquitoes, ticks, fleas, and flies. As a bonus, it also offers 50+ UPF protection against the sun, and the material is designed to be sweat-wicking to keep you cool and dry, even in hot, humid conditions. The repellent fabric is designed to last for up to 70 washes, so it should be plenty for the life of the shirt. It's also available in men's sizes for $70. $190 at REI $190 $142 at The biggest piece of advice I can give anyone going on a gorilla trek (or really any hiking trip) is to invest in good quality hiking boots. I've almost exclusively used the Merrell brand for a decade, and have never been disappointed. For my Rwanda trip, I opted for these Moab Speed 2 Leather Boots. I chose them for the high top (for added ankle protection) and waterproof canvas, but I was extra surprised when I learned they offered odor protection. I also love the outsoles that provide excellent traction while walking uphill and rock scrambling. At $190, they're the most expensive item on this list, but they are built to last for years. One of the most important items in my duffel was my set of gardening gloves. Our guide recommended the Pine Tree Tools brand specifically because of its durability, and I still use them to this day to garden in my backyard. The reason for gloves on a gorilla trek is simple—they protect your hands from the sharp and thorny vegetation you need to walk through to get to the gorillas' nests. Plus, the walk up to where they live is rocky and uneven, so the gloves provided even more protection as I was trying to scrabble up and around boulders and slippery trails. They get bonus points for breathability and price, costing less than $10 a pair. One thing I didn't realize until I started researching what to pack for my trip was that face masks (preferably N95) are mandatory when visiting the gorillas. Despite the similarities between humans and gorillas, we carry different diseases than they do, and without a mask, we run the risk of infecting the entire family with what could be fatal infections. Although any color mask is okay (as long as your mouth and nose are covered), I opted for these black ones for additional camouflage. If rainforests are anything, they're unpredictable, and we even had a little precipitation on our hike in June (Rwanda's dry season). I didn't just wear this North Face rain jacket on the hike—I wore it every morning and evening, too. Although on the pricier side ($110), this jacket comes with the quality you expect from The North Face, with impressive waterproofing that can also withstand high winds. It's made to move with you so you won't feel constricted, and the detachable hood and secured zip pockets add convenience. I went with the black for versatility, but it also comes in several other colors. Jennifer Schmidt Photography This one seems self-explanatory, but you'd be surprised how many people in my group forgot bug spray when we arrived in Rwanda. During the dry season, there are tons of mosquitoes, and they're happy to bite any bare skin they see. Ben's Tick and Insect spray is effective, made from a strong 30 percent DEET formula, and it offers up to seven hours of insect protection. This brand is also alcohol and fragrance-free, which many shoppers appreciate. Although a gorilla trek isn't a multi-day activity (you can only spend one hour per gorilla family per day), this Osprey daypack was a necessity for everything I needed to bring. Not only is it lightweight and water resistant, but it also has a non-padded hip belt for added support, which came in handy as we were hiking uphill to the gorilla's nest. Additionally, it has an included hydration bladder, so I didn't have to lug around a heavy water bottle. Despite its relatively small size, this pack fit everything from my rain jacket to my discarded clothing layers, plus my insect repellent, camera, and a snack. Jennifer Schmidt Photography $58 at REI $58 at Every 'what to pack if you're going gorilla trekking' website I found mentioned bringing long-sleeve shirts exclusively. And yes, those are important. However, I'm even more thankful I packed a few of these Vuori T-shirts. Our trek was in June, and the days got very hot (especially after hiking for an hour or two). When safe to do so, I constantly took off layers and spent my afternoons in these short-sleeve tees. They're a little more expensive than a standard tee (around $58 each), but they're sweat-wicking, so they stay fresher longer. Bonus? They're ultra-flattering, offering a slight crop that is as cute with safari pants as with jeans. Merino wool is arguably one of the best materials to hike in, and a gorilla trek is no exception. Sweat-wicking and odor-resistance add longevity to this base layer set, allowing for multiple wears before needing a wash. The set is also thermoregulated, so it keeps you warmer when the temperatures are low and cooler when they heat up. The sets come in three weights—lightweight, midweight, and heavyweight. I went with the lightweight set for my trek in June, but if you go in around September, a midweight set would be more beneficial; the heavyweight is recommended for treks in December through February. There's nothing worse than blisters when you're hiking, especially when you still have a few days of activity left to go. That's why most gorilla outfitters (like Overseas Adventure Travel, the company I traveled with) strongly recommend tall hiking socks. They not only work to prevent blisters, but they also add more coverage under your pants, keeping your legs free from stinging nettles, brush scratches, and mosquito bites. These dry-tech socks from Dickies also dry faster, so you're not stuck with wet feet as you walk. One reviewer says these REI Co-op bottoms are quickly becoming their 'go-to hiking pants,' and, after trekking in them for two full days (and wearing them on an eight-hour safari drive), I have to agree. They're water-resistant and offer six pockets (two front hand pockets, two back pockets, and two cargo pockets with flap closures), an elastic waistband, and slim-tapered legs for additional coverage. The many pockets were clutch for holding my phone, Go-Pro, and chapstick, while the sunglass hoops made storing my sunnies so much easier. Aside from my merino wool layer, this UPF 50+ safari shirt was my most-worn article of clothing during my 10-day trip. Not only did I wear it on the day of the gorilla trek, but I also wore it on the safari day and a few times to shop in Kigali and walk around Musanze Town (near Volcanoes National Park). It's clearly super versatile, but it's also sweat-wicking and offers maximum protection from the sun. Plus, the mesh-lined, vented back provided comfortable airflow. Yes, you need gaiters for a gorilla trek, even with proper pants, hiking socks, and boots. Often worn when fishing, gaiters are integral for a gorilla hike because they offer the necessary protection against vegetation, bugs, mud, and debris. With an almost five-star rating at REI, I went with these Outdoor Research Rocky Mountain High Gaiters, and they held up spectacularly. The coated nylon top layer protected my feet and ankles from water, mud, and stinging nettles, while the uncoated upper layer added some much-needed breathability. Since my trek was in the middle of June, the sun was often blazing hot by mid-afternoon. Even with ample sunscreen, I would have been far more sunburned had I not brought this ultra-storm bucket hat. I loved this particular hat for the more modest brim that offers better sun protection, and it's 100 percent waterproof and seam-sealed design, to better keep my head dry if it started to rain. It also boasts 50+ UPF protection with a very lightweight, breathable fabric. Although not necessary for the actual gorilla trek, a wearable headlamp was strongly recommended by our guide. The hotel we stayed at in Volcanoes National Park was large and offered cabin-style accommodations. After a day of hiking, we often had to walk to dinner in the dark, and these headlamps provided hands-free illumination. Additionally, if you camp or stay in similar accommodations on safari, you often have to navigate the darkness to find the restrooms as well. These headlamps at Amazon have over 12,000 five-star ratings, are fully rechargeable, and cost just $10. Love a great deal? Sign up for our T+L Recommends newsletter and we'll send you our favorite travel products each week.
