Travel+Leisure Timeshare Market Dynamics and Financial Overview
APPENDIX: NON-GAAP RECONCILIATION
Reconciliation of Net Cash Provided by Operating Activities from Continuing Operations
to Adjusted Free Cash Flow ($ in millions)
TRAVEL+
LEISURE
2019
2018
2018+ 2019
Net cash provided by operating activities from continuing operations
Property and equipment additions
$ 453
$ 292
$ 745
(108)
(99)
(207)
Sum of proceeds and principal payments of non-recourse vacation ownership debt
Free Cash Flow
185
264
449
530
457
987
Separation and other adjustments (1)
87
123
210
Adjusted Free Cash Flow (2)
$ 617
$ 580
$ 1,197
Net income cash flow conversion
Adjusted Free Cash Flow conversion
63%
61%
(1) Includes cash paid for separation-related activities and transaction costs for acquisitions and divestitures as well as certain adjustments to 2018 for comparative purposes for incremental
license fees paid to Wyndham Hotels and other corporate costs being affected in order to reflect the Company's position as if the spin-off had occurred for all periods presented.
(2) The Company had $66 million of net cash used in investing activities and $289 million of net cash used in financing activities for the year ended December 31, 2019, and $725 million of net
cash used in investing activities and $280 million of net cash provided by financing activities for the year ended December 31, 2018.
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