Travel + Leisure Co · Q2 2023 earnings

Briefing

Travel + Leisure's second quarter performance in 2023 met expectations, with sales volume per guest at the high end of guidance, and a return of $135 million to shareholders.

Travel + Leisure Co. reported second quarter 2023 financial results with a net income of $94 million, $1.18 diluted earnings per share, and net revenue of $949 million. The company reaffirmed its full-year adjusted EBITDA guidance of $925 million to $945 million and expects a third quarter adjusted EBITDA from $245 million to $260 million. $135 million was returned to shareholders, and the total share count was reduced by 7 percent since the beginning of 2023.

• Net income was $94 million, with diluted earnings per share at $1.18 on net revenue of $949 million.
• Adjusted EBITDA reached $236 million, and adjusted diluted earnings per share was $1.33.
• The company reaffirmed full-year adjusted EBITDA guidance of $925 million to $945 million and anticipates third-quarter adjusted EBITDA between $245 million and $260 million.
• The company repurchased $202 million of common stock in the first half of 2023, including $100 million in the second quarter.

Headline financials

Revenue & EPS history

The Company is providing guidance regarding expectations for the 2023 full year: •Adjusted EBITDA of $925 million to $945 million •Gross VOI sales of $2.1 billion to $2.2 billion •VPG of approximately $3,050 to $3,150 The Company is providing guidance regarding expectations for the third quarter 2023: •Adjusted EBITDA of $245 million to $260 million •Gross VOI sales of $580 million to $600 million •VPG of approximately $3,000 to $3,100 •Travel and Membership Adjusted EBITDA of $60 million to $65 million •Adjusted EPS of approximately $1.43 to $1.55 assuming no additional share repurchases