Travel+Leisure Timeshare Market Dynamics and Financial Overview
APPENDIX: NON-GAAP RECONCILIATION
Non-GAAP Measure: Reconciliation of Net Cash Provided by Operating Activities
to Adjusted Free Cash Flow ($ in millions)
TRAVEL+
LEISURE
Twelve Months Ended
December 31, 2022
Net cash provided by operating activities
Property and equipment additions
Sum of proceeds and principal payments of non-recourse
vacation ownership debt
Free Cash Flow
COVID-19 related adjustments (1)
$ 442
(52)
47
$ 437
2
Adjusted Free Cash Flow
(2)
$ 439
Net income Cash Flow conversion
Adjusted Free Cash Flow conversion
124%
51%
(1) Includes cash paid for COVID-19 expenses factored into the calculation of Adjusted EBITDA.
(2) The Company had $50 million of net cash used in investing activities and $196 million of net cash used in financing
activities for the twelve months ended December 31, 2022.
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