Travel & Leisure (TNL) Q4 FY2023 earnings: revenue $936 million, up 4.1% on the year

Travel & Leisure Co. (TNL) reported revenue of $936 million for Q4 FY2023, the quarter ended 31 December 2023, up 4.1% on the same quarter a year earlier. Net income was $128 million, up 42.2% on the year, and diluted earnings per share $1.77. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$936 millionup 4.1%

Net income$128 millionup 42.2%

Diluted EPS$1.77

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	936	986	n/a	n/a
Cost of revenue	27.0	43.0	n/a	n/a
Gross profit	909	943	n/a	n/a
Gross margin	97.1%	95.6%	n/a
Operating income	192	207	n/a	n/a
Operating margin	20.5%	21.0%	n/a
Interest expense	68.0	64.0	n/a	n/a
Pre-tax income	127	148	n/a	n/a
Income tax	-2.0	38.0	n/a	n/a
Effective tax rate	-1.6%	25.7%	n/a
Net income	128	110	n/a	n/a
Net margin	13.7%	11.2%	n/a
Diluted EPS	$1.77	$1.49	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	152	88.0	n/a	n/a
Capital expenditure	32.0	14.0	n/a	n/a
Free cash flow	120	74.0	n/a	n/a
Free cash flow margin	12.8%	7.5%	n/a
Cash from investing	-34.0	-13.0	n/a	n/a
Cash from financing	-56.0	-58.0	n/a	n/a
Depreciation and amortisation	28.0	28.0	n/a	n/a
Share-based compensation	7.0	9.0	n/a	n/a
Buybacks	40.0	67.0	n/a	n/a
Dividends paid	31.0	33.0	n/a	n/a
Dividend per share	$0.45	$0.45	n/a	n/a
Diluted shares, weighted	73m	74m	n/a	n/a
Shares outstanding at period end	71m	72m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	-918	-1,008	n/a	n/a
Non-controlling interest	1.0	11.0	n/a	n/a
Deposits	17.0	n/a	n/a	n/a
Debt	5,646	5,622	n/a	n/a
Other liabilities	1,992	2,030	n/a	n/a
Total liabilities and equity	6,738	6,655	n/a	n/a
Fixed assets	655	655	n/a	n/a
Goodwill	962	959	n/a	n/a
Intangible assets	199	201	n/a	n/a
Investments	19.0	n/a	n/a	n/a
Cash and equivalents	282	238	n/a	n/a
Inventory	1,135	1,149	n/a	n/a
Other assets	3,486	3,453	n/a	n/a
Total assets	6,738	6,655	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	986	936	916	985	993	970	934	1,018	1,044	1,025	961	1,063
Cost of revenue	43.0	27.0	34.0	21.0	27.0	10.0	23.0	21.0	13.0	216	35.0	29.0
Gross profit	943	909	882	964	966	960	911	997	1,031	809	926	1,034
Gross margin	96%	97%	96%	98%	97%	99%	98%	98%	99%	79%	96%	97%
Operating income	207	192	150	189	189	205	156	206	214	-23.0	159	210
Operating margin	21%	21%	16%	19%	19%	21%	17%	20%	20%	-2%	17%	20%
Interest expense	64.0	68.0	64.0	63.0	63.0	59.0	57.0	57.0	60.0	58.0	56.0	59.0
Pre-tax income	148	127	92.0	133	130	158	101	152	158	-74.0	108	155
Tax rate	26%	-2%	28%	27%	25%	25%	28%	29%	30%	n/a	27%	30%
Net income	110	128	66.0	129	97.0	119	73.0	108	111	-62.0	79.0	109
Net margin	11%	14%	7%	13%	10%	12%	8%	11%	11%	-6%	8%	10%
Diluted EPS	$1.49	$1.77	$0.92	$1.81	$1.39	$1.72	$1.07	$1.62	$1.67	-$0.95	$1.22	$1.72
Operating cash flow	88.0	152	47.0	174	145	98.0	121	232	163	124	38.0	220
Capital expenditure	14.0	32.0	17.0	21.0	20.0	23.0	21.0	37.0	27.0	32.0	19.0	25.0
Free cash flow	74.0	120	30.0	153	125	75.0	100	195	136	92.0	19.0	195
Buybacks	67.0	40.0	25.0	69.0	68.0	72.0	70.0	70.0	71.0	90.0	87.0	88.0
Dividends paid	33.0	31.0	38.0	35.0	35.0	34.0	41.0	37.0	36.0	35.0	41.0	37.0
Shares outstanding	72m	71m	71m	70m	68m	67m	66m	65m	64m	62m	62m	61m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0001361658-24-000007: the filing on EDGAR. All of Travel & Leisure Co.'s filings: EDGAR company page.

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