Travel+Leisure Timeshare Market Dynamics and Financial Overview
APPENDIX: NON-GAAP RECONCILIATION
Vacation Ownership Net Income to Adj. EBITDA Reconciliation
($ in millions)
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
$ 373
$ 309
$ (69)
$ 404
$ 340
$ 174
$ 316
$ 316
$ 295
$ 248
$227
$ 195
$ 156
$ 117
$ (1,281)
$ 150
Vacation Ownership net income/(loss)
Net income attributable to
noncontrolling interest
1
1
1
Provision for/(benefit from) income taxes
149
128
(17)
150
119
110
194
196
185
144
137
122
96
72
50
95
Depreciation and amortization
78
82
86
81
73
63
53
47
47
47
38
38
46
54
58
48
Interest expense
Interest (income)
38
34
43
78
117
142
131
130
133
180
147
160
142
144
100
85
(1)
(1)
(2)
(1)
(1)
(1)
Acquisition related
2
1
COVID-19 related
3
34
I
Restructuring costs
3
(1)
14
LO
5
11
8
1
Asset impairments/(recoveries)
8
1
22
27
(4)
205
2
(1)
37
66
9
1,374
Executive costs
I
6
(0
Separation and related costs
4
67
1
9
Stock-based compensation
16
13
8
7
9
13
16
2016 grant modifier
Further adjustments (1)
Vacation Ownership Adjusted EBITDA
1
(10)
(25)
(21)
$ 665
$ 569
$ 121
$ 756
$ 721
$ 684
$ 703
$ 688
$ 660
$ 621
$ 552
$ 514
$ 440
$ 433
$ 366
$ 387
TRAVEL+
LEISURE
Total revenue
$ 2,835
$ 2,423
$ 1,637
$ 3,151
$ 2,979
$ 2,881
$ 2,774
$ 2,772
$ 2,638
$ 2,515
$ 2,269
$ 2,077
$ 1,979
$ 1,945
$ 2,278
$ 2,425
Net Income Margin
Adj. EBITDA margin
13%
13%
-4%
13%
11%
6%
11%
11%
11%
10%
10%
9%
8%
6%
-56%
6%
23%
23%
7%
24%
24%
24%
25%
25%
25%
25%
24%
25%
22%
22%
16%
16%
Note: 2007-2015 Adjusted EBITDA is per Wyndham Worldwide's definition and does not reflect the adoption of ASC 606 revenue recognition
accounting standard. 2016-2018 Adjusted EBITDA is further adjusted.
(1) Includes incremental license fees paid to Wyndham Hotels & Resorts and other changes being affected in conjunction with the spin-off.
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