Our mission: WE PUT THE WORLD ON VACATION
APPENDIX: NON-GAAP RECONCILIATION
TNL Consolidated Reconciliation of Net Income to Adjusted EBITDA ($ in millions)
2019
2018 (1)
2018 + 2019
Net income attributable to T+L shareholders
Loss from ops of disc bus, net of income taxes
$ 507
$ 672
$ 1,179
50
50
Gain on disposal of disc bus, net of income taxes
(18)
(456)
(474)
Provision for income taxes
191
130
321
(1) 2018 Adjusted EBITDA is further adjusted.
Depreciation and amortization
121
138
259
Interest expense
162
170
332
Interest (income)
(7)
(5)
(12)
Acquisition and divestiture related costs
1
1
Restructuring
9
16
25
(2) Includes $4 million and $105 million of stock-based
compensation expenses for the years ended 2019 and 2018.
(3) Includes incremental license fees paid to Wyndham Hotels, other
changes being affected in conjunction with the spin-off, and other costs
to reflect the Company's position as if the spin-off of its hotel business
and the sale of its European vacation rentals business had occurred for
all reported periods.
Asset impairments/(recoveries), net
27
(4)
23
Separation and related costs (2)
45
223
268
Legacy items
1
1
2
Gain on sale of business
(68)
(68)
Stock based compensation
20
23
43
Value-added tax refund
(16)
(16)
Further adjustments (3)
15
15
Adjusted EBITDA
$ 991
$ 957
$ 1,948
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LEISURE
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