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July 28 , 2021 TRAVEL + LEISURE Travel + Leisure Co. Reports Second Quarter 2021 Results and Provides Third Quarter and Full Year 2021 Outlook Vacation ownership sales growth accelerated as leisure travel returns ; Strong cash flow and EPS demonstrate resilience and strength of the business ORLANDO , Fla .-- ( BUSINESS WIRE ) -- Travel + Leisure Co. ( NYSE : TNL ) , the world's leading membership and leisure travel company , today reported second quarter 2021 financial results for the three months ended June 30 , 2021. Highlights and outlook include : • Net income from continuing operations of $ 74 million ( $ 0.84 diluted earnings per share ) on net revenue of $ 797 million • Adjusted EBITDA of $ 193 million and adjusted diluted earnings per share of $ 0.88 ( 1 ) • Net cash provided by operating activities of $ 290 million and adjusted free cash flow of $ 56 million for the first six months of 2021 • Expects full year adjusted EBITDA from $ 720 million to $ 735 million , adjusted diluted EPS of $ 3.20 to $ 3.30 , and third quarter adjusted EBITDA from $ 200 million to $ 210 million • Management will recommend a third quarter dividend of $ 0.30 per share for approval by the Board of Directors " The strong rebound in leisure travel in North America drove continued growth in the second quarter , demonstrated by the sustained improvement in our key metrics , " said Michael D. Brown , president and CEO of Travel + Leisure Co. " Both reporting segments exceeded our expectations , further proving the resilience and strength of our business model . " " Leisure travel is back in a significant way . All indicators of consumer behavior show that consumers are fulfilling their desire to travel , and we are benefiting from that recovery . We are particularly pleased with the strong recovery in adjusted EBITDA margins which reflects the actions we have taken over the last 18 months to improve the quality of our business , " Brown commented . ( 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 to the most directly comparable GAAP measures . Business Segment Results The results of operations during the second quarter of 2021 and 2020 include impacts related to