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April 28 , 2021 TRAVEL + LEISURE Travel + Leisure Co. Reports First Quarter 2021 Results ORLANDO , Fla .-- ( BUSINESS WIRE ) -- Travel + Leisure Co. ( NYSE : TNL ) , the world's leading membership and leisure travel company , today reported first quarter 2021 financial results for the three months ended March 31 , 2021. Highlights and outlook include : • Net income of $ 29 million and diluted earnings per share of $ 0.33 on net revenue of $ 628 million • Adjusted EBITDA of $ 129 million and adjusted diluted earnings per share of $ 0.39 ( 1 ) • Net cash provided by operating activities of $ 78 million and adjusted free cash flow of $ 20 million for the first three months of 2021 • Fully paid down revolving credit facility and $ 250 million of secured notes • Executed $ 500 million term securitization with best terms in Company history • Expects second quarter adjusted EBITDA from $ 160 million to $ 170 million • Management will recommend a second quarter dividend of $ 0.30 per share for approval by the Board of Directors " Our operating performance strengthened significantly in March , with a robust sequential improvement in our key metrics , " commented Michael D. Brown , president and CEO of Travel + Leisure Co. " Increased consumer confidence , reduced travel restrictions , and the vaccine roll - out have all helped to accelerate bookings and leisure travel demand . " " We are encouraged by the strength of booking trends in March and into April in both the Vacation Ownership and Travel and Membership segments . In March , North American bookings for 2021- arrivals at both our businesses were up double - digits versus 2019 , after double - digit declines in January and February . We are clearly seeing an inflection in travel sentiment which we believe points to a strong recovery in leisure travel heading into the summer , " said Brown . ( 1 ) This press release includes adjusted EBITDA , adjusted diluted EPS , adjusted free cash flow , gross VOI sales and adjusted net income / ( loss ) , which are metrics that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. ( " GAAP " ) . See " Presentation of Financial Information " and the tables for the definitions and reconciliations of these non - GAAP measures in accordance with GAAP . Business Segment Results The results of operations during the first quarter of 2021 and 2020 include impacts related to the COVID - 19 global pandemic , which have been significantly negative to the travel industry , the Company , its customers and employees . Refer to Table 8 for a breakout of COVID - 19 related impacts . Vacation Ownership $ in millions Revenue 2021 2020 $ 449 $ 403 % change 11 %