Travel + Leisure(US:TNL)2025-02-19 11:31Financial Performance - Net income for Q4 2024 was $119 million with a diluted EPS of $1.72 on net revenue of $971 million[4] - Full-year 2024 net income reached $411 million with a diluted EPS of $5.82 on net revenue of $3.9 billion[4] - Adjusted EBITDA for Q4 2024 was $252 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 $411 million, a 4% increase from $396 million in 2023[34] - Operating income for the twelve months ended December 31, 2024, was $733 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 $5.39 from $5.24 in 2023[34] - Adjusted net income for Q4 2024 was $119 million, down from $144 million in Q4 2023[42] Revenue and Sales - Vacation Ownership revenue increased by 5% to $813 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 $935 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 $776 million in 2023[34] - Total Vacation Ownership revenue increased by 5% to $813 million in Q4 2024, compared to $776 million in Q4 2023[39] - Gross VOI sales for the twelve months ended December 31, 2024, were $2,293 million, a 7% increase from $2,149 million in 2023[39] - Gross VOI sales for 2025 are projected to be between $2.4 billion and $2.5 billion[18] Cash Flow and Capital Management - Cash flow from operating activities for full-year 2024 was $464 million, up from $350 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 $350 million in 2023[33] - Free cash flow for the twelve months ended December 31, 2024, was $446 million, up from $379 million in 2023[47] - The company repurchased $70 million of common stock in Q4 2024 and $235 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 $7,615 million as of December 31, 2024, from $7,655 million in 2023[31] Dividends - A first quarter 2025 dividend of $0.56 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 $240 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 $92 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 $6,738 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]