Latest news with #TNL
IOL News
3 days ago
- Sport
- IOL News
Sammy Ngubane continues to rewrite netball history after Fireballs' TNL tile heroics
Olwethu Ngubane of the Fireballs shoots for goal as Martine Jordaan of the Flames defends during their Telkom Netball League clash. Ngubane was named TNL 2025 best shooter as the Fireballs went on to lift the trophy. Image: BackpagePix It has been a remarkable few months for Golden Fireballs, University of Johannesburg and Proteas goal attack Owethu 'Sammy' Ngubane. Fresh from helping guide UJ to a first USSA Netball Championships title in years, she was able to repeat the feat in the Telkom Netball League with the Fireballs. The latter triumph was achieved in remarkable fashion as the Fireballs won every match in a gruelling run of three power weeks that took them from Sun City in North West to Durban for finals week. Catching fire The weather on the KZN coast didn't always play ball, but the Fireballs ensured there would be no drop in temperature on the court. Near misses in the previous two seasons were relegated to distant memories as they buried defending champions the Free State Crinums with a stunning come-from-behind 47-40 victory at a rocking Durban ICC. The 21-year-old Sammy was central to that victory, masterminded by former Proteas coach Dr Elsje Jordaan, who was ably assisted by former Proteas and Fireballs skipper Bongi Msomi. 'First of all, it was so exciting to actually play a final this year because we had missed out in two years now – since 2022,' Ngubane told Independent Media Sport exclusively in the week after their famous win. 'We were so happy that we ended up getting what we wanted to get as a team and that our goals were ticked. 'It is kind of special, winning the title undefeated, but actually it's so much pressure on us to keep the standard going and not lose a match.' The Golden Fireballs celebrate after being crowned 2025 TNL champions with their victory over the Crinums at the Durban ICC on Sunday afternoon. 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Next Stay Close ✕ Shooting star The goal attack was a colossus, stepping up in the tense moments of Power Week 3 when her team needed her, driving them forward with key intercepts, feeds, link-up plays and goals … plenty of them. She was lethal with her shooting in the attacking circle, often hauling her team back in contests when they seemed to have hit a brick wall. It was no surprise when Ngubane was named best shooter of TNL 2025. 'Coach Elsje and coach Bongi played a huge role in my improvement for this year, playing a huge role by helping me adjust some of my skills on the court,' Sammy said. 'It wasn't good start to the year for me and coming into TNL my mindset changed and I wanted something that could boost my confidence. 'I think one the things that I have been working on myself is my shooting and I can see the improvement. From this TNL tournament, I can say I'm truly confident and ready for anything that comes my way.' Home is where heart is She was also able to feed off the crowd in the pulsating grande finale, who proved that they still have plenty of love for a former favourite daughter who made her name in KZN netball. 'I did represent KZN way back when I was young, in 2021, I think, when I was still in matric,' Sammy said. 'Obviously I made the big move to Joburg to study there and play for UJ, and also represent Gauteng. But there were a lot of things that were happening in the background in terms of do I still want to stay in KZN or do I want to change sides and go to Golden Fireballs. I think that was one of the biggest decisions that I have taken. 'But coming back home to play on home soil, it was truly a great thing to have our families see us play, but just truly letting them know that even if we changed provinces, our hearts are still at home.' Three-peat? With two titles already in the bag, Sammy is gearing up for more glory in the Varsity Cup with UJ, where she will once again team up with coach Msomi. She admits that their USSA performance, where they defied recent history of falling before the final hurdle for years, had only increased the size of the target on their backs. 'I think everyone will be gunning to play the final and get gold. I think it's huge pressure on us, obviously, after playing USSA and getting gold. Now going to Varsity Cup every one of us will have a target on our backs. 'But we are also prepared for everything that they're going to bring to us. We also focused on ourselves, on building our team and building our squad as well, so we're quite excited about it.' While it's unlikely to be a focus for Sammy, there is a chance of a rare three-peat. Given what has happened so far this fairytale season, anything is possible.
Skift
5 days ago
- Business
- Skift
Marriott Completes Its Acquisition of CitizenM
The DJIA fell 316 points, but the Nasdaq was up 38, the S&P 500 rose 4 points, and the 10-year treasury yield was up .02 to 4.41%. Lodging stocks were mostly lower. TNL and HGV hit new highs again, but SOND dropped -11% and SVC was down -5%. Wyndham Hotels & Resorts received a good response to a modestly higher-than-expected 2Q25 earnings report. While the nitpicking was on the 'other revenues' mainly credit card fees, in this environment, a beat is a beat. Some analysts described the overall result as better than feared, others pointed out the solid results even with a -3% drop in RevPAR. We found the issue with the China Super 8 master licensee interesting, as WH removed the 67,300 rooms there from the reporting, but still is showing positive net room growth in 2025. While that amount of rooms may seem a lot, WH said the agreement only accounted for $3 million in EBITDA last year. WH shares were up 3% on the day. According to
Yahoo
5 days ago
- Business
- Yahoo
TNL Q2 Deep Dive: Vacation Ownership Drives Steady Growth Amid Membership Headwinds
Hospitality company Travel + Leisure (NYSE:TNL) reported Q2 CY2025 results exceeding the market's revenue expectations , with sales up 3.4% year on year to $1.02 billion. Its non-GAAP profit of $1.65 per share was in line with analysts' consensus estimates. Is now the time to buy TNL? Find out in our full research report (it's free). Travel + Leisure (TNL) Q2 CY2025 Highlights: Revenue: $1.02 billion vs analyst estimates of $1.01 billion (3.4% year-on-year growth, 0.7% beat) Adjusted EPS: $1.65 vs analyst estimates of $1.66 (in line) Adjusted EBITDA: $250 million vs analyst estimates of $249.7 million (24.6% margin, in line) EBITDA guidance for the full year is $970 million at the midpoint, in line with analyst expectations Operating Margin: 20.2%, up from 19.2% in the same quarter last year Tours Conducted: 197,000, up 5,000 year on year Market Capitalization: $4.02 billion StockStory's Take Travel + Leisure's second quarter results were received positively by the market, as the company's revenue performance modestly surpassed Wall Street expectations and non-GAAP profits matched consensus. Management attributed this outcome to resilient demand in its core Vacation Ownership segment, which offset softness in its Travel and Membership business. CEO Michael Brown highlighted 'continued strength in our Vacation Ownership business, which more than offset softer performance in travel and membership,' emphasizing gains in both tour flow and volume per guest. Investments in technology and customer engagement also contributed to year-over-year improvements in key operational metrics. Looking forward, Travel + Leisure's guidance is underpinned by an expectation of sustained demand in vacation ownership, supported by a stable, high-credit customer base and ongoing expansion of branded offerings. Management is prioritizing technology upgrades, new partnerships, and targeted cost actions to address challenges in the Travel and Membership segment. CEO Michael Brown noted, 'We are focused on growing the core vacation ownership business, leveraging data and technology to enhance the customer experience across all platforms.' The company also plans to expand its brand portfolio internationally, aiming for gradual new owner growth and consistent returns. Key Insights from Management's Remarks Management pointed to vacation ownership gains and disciplined capital management as major drivers of the quarter, while acknowledging external pressures on the membership segment. Vacation Ownership strength: The core Vacation Ownership business benefitted from higher tour flow and increased transaction size, driven by both measured price increases and greater owner engagement. Management cited that 'tour growth improved sequentially from the first quarter and 3% compared to 2024,' with stable volume per guest metrics. Membership headwinds: The Travel and Membership segment experienced revenue and EBITDA declines, which management attributed to ongoing industry consolidation and unanticipated impacts from recent partner M&A. CEO Michael Brown said the company is 'focused on maximizing cash flow and operational flexibility' in this area. Customer quality and engagement: The owner base remains high quality, with an average FICO score above 720 and growing new buyer participation from younger generations. Brown noted that over 65% of new buyers are from Gen-X, millennial, and Gen-Z households, and 80% of owners have fully paid for their ownership. Product and technology investments: The company continued to invest in digital platforms, including growth of its Club Wyndham app and upcoming launch of the WorldMark app. Initiatives in artificial intelligence are being deployed to personalize recommendations and streamline the booking process. Expansion of brand portfolio: New sales locations and partnerships, such as the addition of Margaritaville in Nashville and the formation of an Asia-based Accor Vacation Club, are expected to broaden market reach and attract diverse customer segments. Drivers of Future Performance Travel + Leisure's outlook depends on continued momentum in vacation ownership, customer quality, and progress in expanding its multi-brand strategy, while addressing challenges in the membership segment. Sustained demand in core business: Management expects ongoing growth in vacation ownership, supported by a recurring revenue base and a healthy customer profile. The company's owner base is characterized by high credit quality and long-term engagement, which management believes will help offset macroeconomic uncertainties. Membership segment actions: The company is taking targeted revenue and cost measures to mitigate industry consolidation headwinds affecting the Travel and Membership segment. Management is also exploring strategic alternatives to return this business to growth, highlighting efforts to grow the Travel Club and deploy inventory more efficiently. Brand and technology expansion: Planned launches of new digital products, further adoption of branded resorts, and selective international expansion are expected to drive incremental growth. Management pointed to the upcoming launch of the WorldMark app and new Sports Illustrated Resorts locations as key milestones. Catalysts in Upcoming Quarters In the coming quarters, the StockStory team will be watching (1) the pace of new owner acquisition and engagement through expanded brand partnerships, (2) the company's ability to stabilize and reposition the Travel and Membership segment amid industry changes, and (3) progress on digital platform rollouts, including the WorldMark app and AI-based personalization initiatives. Execution on these priorities will help determine whether Travel + Leisure delivers sustained growth across its business lines. Travel + Leisure currently trades at $61.87, up from $57.87 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it's free). Now Could Be The Perfect Time To Invest In These Stocks Trump's April 2024 tariff bombshell triggered a massive market selloff, but stocks have since staged an impressive recovery, leaving those who panic sold on the sidelines. Take advantage of the rebound by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. 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Yahoo
6 days ago
- Business
- Yahoo
Why Is Travel + Leisure (TNL) Stock Rocketing Higher Today
What Happened? Shares of hospitality company Travel + Leisure (NYSE:TNL) jumped 5.7% in the afternoon session after the company reported strong second-quarter 2025 financial results that showed resilient consumer demand in its core Vacation Ownership business. The leisure travel company posted second-quarter revenue of $1.02 billion, which surpassed analyst expectations. While adjusted earnings per share of $1.65 slightly missed consensus estimates, investors focused on the strength in the company's largest segment. Revenue from Vacation Ownership interests (VOIs) grew 6% year-over-year to $853 million. This performance was driven by a 7% increase in Volume Per Guest (VPG), a key metric indicating that customers spent more on average. The company also reaffirmed its full-year guidance, signaling confidence in its outlook. In a sign of its healthy financial position, Travel + Leisure also noted it returned $107 million to shareholders through dividends and stock buybacks during the quarter. Is now the time to buy Travel + Leisure? Access our full analysis report here, it's free. What Is The Market Telling Us Travel + Leisure's shares are not very volatile and have only had 7 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business. The biggest move we wrote about over the last year was 12 months ago when the stock dropped 8.4% on the news that the company reported weak second-quarter earnings. The number of tours it conducted fell short of estimates, but it seemed to benefit from some pricing this quarter given its revenue only slightly missed. On the other hand, EPS came in ahead. Overall, it was a mixed but weaker quarter for the company. Travel + Leisure is up 24.4% since the beginning of the year, and at $62.07 per share, has set a new 52-week high. Investors who bought $1,000 worth of Travel + Leisure's shares 5 years ago would now be looking at an investment worth $2,067. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
7 days ago
- Business
- Business Wire
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.
