TRAVEL + LEISURE CO. REPORTS FOURTH QUARTER AND FULL-YEAR 2020 RESULTS
Travel + Leisure Co. (NYSE:TNL), the world’s leading membership and leisure travel company, today reported fourth quarter and full-year 2020 financial results for the period ended December 31, 2020. |
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TRAVEL + LEISURE CO. REPORTS FOURTH QUARTER AND FULL-YEAR 2020 RESULTS
Travel + Leisure Co. (NYSE:TNL), the world’s leading membership and leisure travel company, today reported fourth quarter and full-year 2020 financial results for the period ended December 31, 2020. |
Category: Worldwide - Industry economy -
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This is a press release selected by our editorial committee and published online for free on 2021-02-25
The Company is reporting its first financial results since changing its name from Wyndham Destinations, Inc., on February 17, 2021.
Fourth quarter 2020 highlights: - Net income from continuing operations of $4 million (diluted EPS of $0.05) on net revenue of $645 million
- Adjusted EBITDA of $148 million and adjusted diluted EPS of $0.32 (1)
Full-year 2020 highlights: - Net loss from continuing operations of $253 million (loss per share of $2.95) on net revenue of $2.2 billion
- Adjusted EBITDA of $259 million and adjusted loss per share of $0.94
- Net cash provided by operating activities from continuing operations of $374 million and adjusted free cash flow of $35 million
Outlook: - First quarter 2021 adjusted EBITDA is projected to range from $95 million to $110 million
Dividend: - The Company will recommend a first quarter 2021 dividend of $0.30 per share for approval by the Board of Directors
"At the end of an extraordinary year, I’m proud to report our team delivered a robust fourth quarter, with sequential improvement in vacation ownership interest (VOI) sales and adjusted EBITDA. Our resilient business model allowed us to weather an extremely difficult year in the travel industry. The early actions we took to transform our business and reduce costs enabled us to deliver positive adjusted free cash flow for the full year, as well as adjusted EBITDA margins of over 20% in the second half," said Michael D. Brown, president and CEO of Travel + Leisure Co.
"The strength of our business has allowed us to execute several strategic growth initiatives despite the macro headwinds. We successfully launched Panorama in 2020 and we acquired the Travel + Leisure brand and travel club businesses in January of this year. Both initiatives position the Company for future success, allowing us to expand more broadly into the larger leisure travel market."
Business Segment Results
The results of operations during the fourth quarter of 2020 include impacts related to the COVID-19 global pandemic, which have been significantly negative to the travel industry, the Company, its customers and employees. Refer to Table 8 for a breakout of COVID-19 related impacts.
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