Workflow
Travel + Leisure(TNL) - 2024 Q4 - Annual Results
TNLTravel + Leisure(TNL)2025-02-19 11:31

Financial Performance - Net income for Q4 2024 was 119millionwithadilutedEPSof119 million with a diluted EPS of 1.72 on net revenue of 971million[4]−Full−year2024netincomereached971 million[4] - Full-year 2024 net income reached 411 million with a diluted EPS of 5.82onnetrevenueof5.82 on net revenue of 3.9 billion[4] - Adjusted EBITDA for Q4 2024 was 252million,whilefull−year2024AdjustedEBITDAtotaled252 million, while full-year 2024 Adjusted EBITDA totaled 929 million[4] - Net income attributable to TNL shareholders for the twelve months ended December 31, 2024, was 411million,a4411 million, a 4% increase from 396 million in 2023[34] - Operating income for the twelve months ended December 31, 2024, was 733million,comparedto733 million, compared to 720 million in 2023[29] - Basic earnings per share from continuing operations for the twelve months ended December 31, 2024, increased to 5.39from5.39 from 5.24 in 2023[34] - Adjusted net income for Q4 2024 was 119million,downfrom119 million, down from 144 million in Q4 2023[42] Revenue and Sales - Vacation Ownership revenue increased by 5% to 813millioninQ42024,witha10813 million in Q4 2024, with a 10% rise in gross VOI sales[6] - Net revenues for the three months ended December 31, 2024, increased by 4% to 971 million compared to 935millioninthesameperiodof2023[29]−VacationOwnershipsegmentnetrevenuesincreasedby5935 million in the same period of 2023[29] - Vacation Ownership segment net revenues increased by 5% to 813 million for the three months ended December 31, 2024, compared to 776millionin2023[34]−TotalVacationOwnershiprevenueincreasedby5776 million in 2023[34] - Total Vacation Ownership revenue increased by 5% to 813 million in Q4 2024, compared to 776millioninQ42023[39]−GrossVOIsalesforthetwelvemonthsendedDecember31,2024,were776 million in Q4 2023[39] - Gross VOI sales for the twelve months ended December 31, 2024, were 2,293 million, a 7% increase from 2,149millionin2023[39]−GrossVOIsalesfor2025areprojectedtobebetween2,149 million in 2023[39] - Gross VOI sales for 2025 are projected to be between 2.4 billion and 2.5billion[18]CashFlowandCapitalManagement−Cashflowfromoperatingactivitiesforfull−year2024was2.5 billion[18] Cash Flow and Capital Management - Cash flow from operating activities for full-year 2024 was 464 million, up from 350millionintheprioryear[14]−Thecompanyreportedanetcashprovidedbyoperatingactivitiesof350 million in the prior year[14] - The company reported a net cash provided by operating activities of 464 million for the twelve months ended December 31, 2024, compared to 350millionin2023[33]−FreecashflowforthetwelvemonthsendedDecember31,2024,was350 million in 2023[33] - Free cash flow for the twelve months ended December 31, 2024, was 446 million, up from 379millionin2023[47]−Thecompanyrepurchased379 million in 2023[47] - The company repurchased 70 million of common stock in Q4 2024 and 235millionforthefullyear[4]DebtandLeverage−Thecompanyhad235 million for the full year[4] Debt and Leverage - The company had 3.5 billion in corporate debt and a leverage ratio of 3.3x as of December 31, 2024[11] - Total liabilities decreased to 7,615millionasofDecember31,2024,from7,615 million as of December 31, 2024, from 7,655 million in 2023[31] Dividends - A first quarter 2025 dividend of 0.56pershareisrecommendedforapprovalbytheBoardofDirectors[4]OtherMetrics−AdjustedEBITDAforthethreemonthsendedDecember31,2024,roseby50.56 per share is recommended for approval by the Board of Directors[4] Other Metrics - Adjusted EBITDA for the three months ended December 31, 2024, rose by 5% to 252 million, compared to 240millioninthesameperiodof2023[34]−AdjustedEBITDAMarginrepresentsAdjustedEBITDAasapercentageofrevenue,assistinginvestorsinevaluatingoperatingperformance[52]−AdjustedFreeCashFlowiscalculatedasnetcashfromoperatingactivitiesminuscapitalexpenditures,indicatingtheabilitytogeneratecashforgrowthandshareholderreturns[53]−AdjustedFreeCashFlowConversionmeasuresAdjustedfreecashflowasapercentageofAdjustedEBITDA,helpingassessthequalityofearningsandcashflowgeneration[54]−AdjustedNetIncomeexcludescertaincostsandadjustments,providinginsightintoongoingoperatingperformance[55]−AverageNumberofExchangeMembersreflectstheaveragenumberofpaidmembersinvacationexchangeprogramsduringthereportingperiod[56]−VolumePerGuest(VPG)measuresGrossVOIsalespertour,enhancingunderstandingofsalesefficiencyintheVacationOwnershipbusiness[62]−Loanlossprovisionincreasedby27240 million in the same period of 2023[34] - Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue, assisting investors in evaluating operating performance[52] - Adjusted Free Cash Flow is calculated as net cash from operating activities minus capital expenditures, indicating the ability to generate cash for growth and shareholder returns[53] - Adjusted Free Cash Flow Conversion measures Adjusted free cash flow as a percentage of Adjusted EBITDA, helping assess the quality of earnings and cash flow generation[54] - Adjusted Net Income excludes certain costs and adjustments, providing insight into ongoing operating performance[55] - Average Number of Exchange Members reflects the average number of paid members in vacation exchange programs during the reporting period[56] - Volume Per Guest (VPG) measures Gross VOI sales per tour, enhancing understanding of sales efficiency in the Vacation Ownership business[62] - Loan loss provision increased by 27% to 117 million in Q4 2024, compared to 92millioninQ42023[39]−Theaveragenumberofexchangemembersdecreasedby492 million in Q4 2023[39] - The average number of exchange members decreased by 4% to 3,377 thousand in Q4 2024, compared to 3,524 thousand in Q4 2023[39] - Total assets as of December 31, 2024, were 6,735 million, slightly down from 6,738millionasofDecember31,2023[31]−Cashandcashequivalentsdecreasedto6,738 million as of December 31, 2023[31] - Cash and cash equivalents decreased to 167 million as of December 31, 2024, from $282 million in 2023[33]