ORLANDO, Fla., October 27, 2021–(BUSINESS WIRE)–Travel + Leisure Co. (NYSE:TNL), the world’s leading membership and leisure travel company, today reported third quarter 2021 financial results for the three months ended September 30, 2021. Highlights and outlook include:
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On October 22, 2021, renewed $1 billion revolving credit facility and exited the amendment to the credit agreement
“Our cornerstone brands continued to demonstrate their strength in the third quarter as our businesses delivered adjusted EBITDA at or above our expectations,” said Michael D. Brown, president and CEO of Travel + Leisure Co. “Robust sales volume per guest, combined with a continued focus on cost control, allowed us to deliver on the bottom line with strong margins.”
“As we said last month, the desire for leisure travel has never been stronger. Bookings at our vacation ownership resorts for the remainder of the year are ahead of 2019 levels, clearly demonstrating that people are planning to get back on vacation, which will benefit all of our businesses as we close out the year.”
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(1) This press release includes adjusted EBITDA, adjusted diluted EPS, adjusted free cash flow, gross VOI sales and adjusted net income/(loss), which are metrics that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). See “Presentation of Financial Information” and the tables for the definitions and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. Forward-looking non-GAAP measures are presented in this press release only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation is available without unreasonable effort. |
Business Segment Results
The results of operations during the third quarter of 2021 and 2020 include impacts related to the COVID-19 global pandemic. Refer to Table 8 for a breakout of COVID-19 related impacts.
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Vacation Ownership |
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$ in millions |
Q3 2021 |
Q3 2020 |
% change |
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Revenue |
$660 |
$475 |
39 |
% |
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Adjusted EBITDA |
$177 |
$93 |
90 |
% |
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Vacation Ownership revenue increased 39% to $660 million in the third quarter of 2021 compared to the same period in the prior year. Gross vacation ownership