Our mission: WE PUT THE WORLD ON VACATION
PROVEN
RESILIENT
BUSINESS MODEL
FAVORABLE
TIMESHARE
MARKET
DYNAMICS
REALITY VS.
PERCEPTION
EXPANDING
PLATFORM
High Adjusted EBITDA Margins and Strong FCF
STRONG
MARGINS
AND FCF
ROBUST
CAPITAL
RETURNS
High Adjusted
EBITDA Margins (1)
Mid-20's
Strong and Consistent
Conversion of Adj. FCF (1)
from Adj. EBITDA (1)
Track Record
of Execution in
the ABS Market
Minimal
Inventory
Commitments
Increased margins during
the Great Financial Crisis
~50% expected
adj. FCF conversion (2)
Average three
transactions per year
Four years of expected
inventory on balance sheet
(1) Non-GAAP measure: see appendix for definition.
(2) 2023 Financial goal. Adjusted Free Cash Flow conversion is a forward-looking non-GAAP measure, the reconciliation of which is not available without unreasonable effort. See appendix for definitions.
TRAVEL+
LEISURE
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