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TRAVEL + LEISURE Travel + Leisure Co. Reports Third Quarter 2021 Results and Increases Full Year 2021 Adjusted EBITDA Guidance ORLANDO , Fla . ( October 27 , 2021 ) — Travel + Leisure Co. ( NYSE : TNL ) , the world's leading membership and leisure travel company , today reported third quarter 2021 financial results for the three months ended September 30 , 2021. Highlights and outlook include : • • Net income from continuing operations of $ 101 million ( $ 1.15 diluted earnings per share ) on net revenue of $ 839 million Adjusted EBITDA of $ 228 million and adjusted diluted earnings per share of $ 1.19 ( ¹ ) Net cash provided by operating activities of $ 435 million and adjusted free cash flow of $ 128 million for the first nine months of 2021 Increased full year adjusted EBITDA guidance to a range of $ 740 million to $ 750 million and increased full year adjusted diluted EPS guidance to a range of $ 3.35 to $ 3.43 Management will recommend increasing the fourth quarter dividend to $ 0.35 per share for approval by the Board of Directors On October 22 , 2021 , renewed $ 1 billion revolving credit facility and exited the amendment to the credit agreement Executed $ 350 million term securitization on October 26 , 2021 " Our cornerstone brands continued to demonstrate their strength in the third quarter as our businesses delivered adjusted EBITDA at or above our expectations , " said Michael D. Brown , president and CEO of Travel + Leisure Co. " Robust sales volume per guest , combined with a continued focus on cost control , allowed us to deliver on the bottom line with strong margins . " " As we said last month , the desire for leisure travel has never been stronger . Bookings at our vacation ownership resorts for the remainder of the year are ahead of 2019 levels , clearly demonstrating that people are planning to get back on vacation , which will benefit all of our businesses as we close out the year . " ( 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 . Forward - looking non - GAAP measures are presented in this press release only on a non - GAAP basis because not all of the information necessary for a quantitative reconciliation is available without unreasonable effort .