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Travel + Leisure Co. Reports Second Quarter 2022 Results

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ORLANDO, Fla.–(BUSINESS WIRE)–Travel + Leisure Co. (NYSE:TNL), the world’s leading membership and leisure travel company, today reported second quarter 2022 financial results for the three months ended June 30, 2022. Highlights and outlook include:

  • Net income of $100 million, $1.16 diluted earnings per share, on net revenue of $922 million
  • Adjusted EBITDA of $230 million and adjusted diluted earnings per share of $1.27 (1)
  • Net cash provided by operating activities of $230 million and adjusted free cash flow of $121 million for the six months ended June 30, 2022
  • Expects full year adjusted EBITDA from $860 million to $880 million and third quarter adjusted EBITDA from $230 million to $240 million
  • Repurchased $83 million of common stock in the second quarter and $128 million in the first half of 2022
  • Record Volume per Guest (VPG) for the second consecutive quarter
  • Management will recommend a third quarter dividend of $0.40 per share for approval by the Board of Directors

“Our strong top and bottom line results reflect the resiliency of our business model and the desire of our customers to prioritize vacations. Vacation ownership sales to new and existing owners were robust, with record-setting sales volume per guest driving our performance for the quarter,” said Michael D. Brown, President and CEO of Travel + Leisure Co.

“Bookings at our vacation resorts in the second half of the year remain above 2019 driven by a similar number of reservations with a longer length of stay, reflecting the strength of consumer demand for leisure travel in the U.S. This gives us the confidence to raise our guidance for the full year.”

(1) This press release includes adjusted EBITDA, adjusted diluted EPS, adjusted free cash flow, gross VOI sales and adjusted net income, 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.

Business Segment Results

Vacation Ownership

$ in millions

Q2 2022

Q2 2021

% change

Revenue

$735

$604

22 %

Adjusted EBITDA

$187

$137

36 %

Vacation Ownership revenue increased 22% to $735 million in the second quarter of 2022 compared to the same period in the prior year. Gross vacation ownership interest (VOI) sales were $527 million compared to $383 million in the prior year and tours were 148,000 during the quarter compared to 117,000 in the same period last year. VPG increased 11% to $3,489.

Second quarter adjusted EBITDA was $187 million compared to $137 million in the prior year period. The increase was driven by higher Gross VOI sales due to the ongoing recovery of operations from COVID-19, partially offset by an adjustment in the prior year to the COVID-19 related allowance for loan losses. The second quarter 2021 COVID-19 related allowance adjustment resulted in a $26 million increase to revenue and a $16 million net positive impact to Adjusted EBITDA.

Travel and Membership

$ in millions

Q2 2022

Q2 2021

% change

Revenue

$188

$194

(3) %

Adjusted EBITDA

$64

$71

(10) %

Travel and Membership revenue decreased 3% to $188 million in the second quarter of 2022 compared to the same period in the prior year. The decrease was driven by the impact of COVID-19 with bookings shifting from the first quarter into the second quarter of 2021.

Second quarter Adjusted EBITDA was $64 million compared to $71 million in the prior year due to the revenue decrease and higher staffing and marketing costs to support new travel club launches.

Balance Sheet and Liquidity

Net Debt — As of June 30, 2022, the Company had net debt of $3.1 billion comprised of $3.4 billion of corporate debt and $241 million of cash and cash equivalents. Corporate debt excludes $1.8 billion of non-recourse debt related to the securitized notes receivables portfolio. The Company’s leverage ratio for covenant purposes was 3.7x. At the end of the second quarter, the Company had $1.2 billion of liquidity in cash and cash equivalents and revolving credit facility availability.

Timeshare Receivables Financing — The Company closed on a $275 million term securitization on July 21, 2022 with a weighted average coupon of 5.7% and a 90.5% advance rate.

Cash Flow For the six months ended June 30, 2022, net cash provided by operating activities was $230 million, compared to $290 million in the prior year period. Adjusted free cash flow was $121 million for the six months ended June 30, 2022 compared to $56 million in the same period of 2021.

Share Repurchases — During the second quarter of 2022, the Company repurchased 1.7 million shares of common stock for $83 million at a weighted average price of $48.12 per share. In April 2022, the Board of Directors approved an increase to the authorized capacity of the Company’s share repurchase program of $500 million. As of June 30, 2022, the Company had $700 million of remaining availability under its share repurchase program.

Dividend The Company paid $35 million ($0.40 per share) in cash dividends on June 30, 2022 to shareholders of record as of June 15, 2022. Management will recommend a third quarter dividend of $0.40 per share for approval by the Company’s Board of Directors in August 2022.

Outlook

The Company is providing guidance regarding expectations for the 2022 full year:

  • Adjusted EBITDA of $860 million to $880 million
  • Gross VOI sales of $1.9 billion to $2.0 billion
  • VPG range of $3,300 to $3,400

The Company is providing guidance regarding expectations for the third quarter 2022:

  • Adjusted EBITDA of $230 million to $240 million
  • Gross VOI sales of $530 million to $550 million
  • VPG range of $3,300 to $3,400

This guidance is presented only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future. Where one or more of the currently unavailable items is applicable, such items could be material, individually or in the aggregate, to GAAP reported results.

Conference Call Information

Travel + Leisure Co. will hold a conference call with investors to discuss the Company’s results and outlook today at 8:30 a.m. EDT. Participants may listen to a simultaneous webcast of the conference call, which may be accessed through the Company’s website at investor.travelandleisureco.com, or by dialing 800-891-3968, passcode TNL, 10 minutes before the scheduled start time. For those unable to listen to the live broadcast, an archive of the webcast will be available on the Company’s website for 90 days beginning at 12:00 p.m. EDT today. Additionally, a telephone replay will be available for four days beginning at 12:00 p.m. EDT today at 800-925-9356.

Presentation of Financial Information

Financial information discussed in this press release includes non-GAAP measures such as adjusted EBITDA, adjusted diluted EPS, adjusted free cash flow, gross VOI sales and adjusted net income/(loss), which include or exclude certain items, as well as non-GAAP guidance. The Company utilizes non-GAAP measures, defined in Table 6, on a regular basis to assess performance of its reportable segments and allocate resources. These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors when considered with GAAP measures as an additional tool for further understanding and assessing the Company’s ongoing operating performance by adjusting for items which in our view do not necessarily reflect ongoing performance. Management also internally uses these measures to assess operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. Exclusion of items in the Company’s non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. Full reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures for the reported periods appear in the financial tables section of the press release. See definitions on Table 6 for an explanation of our non-GAAP measures.

About Travel + Leisure Co.

Travel + Leisure Co. (NYSE:TNL) is the world’s leading membership and leisure travel company, with nearly 20 travel brands across its resort, travel club, and lifestyle portfolio. The company provides outstanding vacation experiences and travel inspiration to millions of owners, members, and subscribers every year through its products and services: Wyndham Destinations, the largest vacation ownership company with more than 245 vacation club resort locations across the globe; Panorama, the world’s foremost membership travel business that includes the largest vacation exchange company and subscription travel brands; and Travel + Leisure Group, featuring top travel content and travel services including the brand’s eponymous travel club. At Travel + Leisure Co., our global team of associates brings hospitality to millions each year, turning vacation inspiration into exceptional travel experiences. We put the world on vacation. Learn more at travelandleisureco.com.

Forward-Looking Statements

This press release includes “forward-looking statements” as that term is defined by the Securities and Exchange Commission (“SEC”). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as “may,” “will,” “expects,” “should,” “believes,” “plans,” “anticipates,” “estimates,” “predicts,” “potential,” “continue,” “future,” “intends” or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results of Travel + Leisure Co. and its subsidiaries (“Travel + Leisure Co.” or “we”) to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, risks associated with: the acquisition of the Travel + Leisure brand and the future prospects and plans for Travel + Leisure Co., including our ability to execute our strategies to grow our cornerstone timeshare and exchange businesses and expand into the broader leisure travel industry through new business extensions; our ability to compete in the highly competitive timeshare and leisure travel industries; uncertainties related to acquisitions, dispositions and other strategic transactions; the health of the travel industry and declines or disruptions caused by adverse economic conditions, unemployment rates and consumer sentiment, terrorism or acts of gun violence, political strife, war, including hostilities in Ukraine, pandemics, and severe weather events and other natural disasters; adverse changes in consumer travel and vacation patterns, consumer preferences and demand for our products; increased or unanticipated operating costs and other inherent business risks; our ability to comply with financial and restrictive covenants under our indebtedness and our ability to access capital markets on reasonable terms, at a reasonable cost or at all; maintaining the integrity of internal or customer data and protecting our systems from cyber-attacks; uncertainty with respect to the scope, impact and duration of the novel coronavirus global pandemic (“COVID-19”), including resurgences, the pace of recovery, distribution and adoption of vaccines and treatments, and actions in response to the evolving pandemic by governments, businesses and individuals; the timing and amount of future dividends and share repurchases, if any; and those other factors disclosed as risks under “Risk Factors” in documents we have filed with the SEC, including in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022. We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Except as required by law, we undertake no obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.

Travel + Leisure Co.

Table of Contents

Table Number

  1. Condensed Consolidated Statements of Income (Unaudited)
  2. Summary Data Sheet
  3. Non-GAAP Measure: Reconciliation of Net Income to Adjusted Net Income to Adjusted EBITDA
  4. Non-GAAP Measure: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
  5. COVID-19 Impacts
  6. Definitions

Table 1

Travel + Leisure Co.

Condensed Consolidated Statements of Income (Unaudited)

(in millions, except per share amounts)

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2022

 

2021

 

2022

 

2021

Net revenues

 

 

 

 

 

 

 

Service and membership fees

$

410

 

 

$

388

 

 

$

812

 

 

$

736

 

Net VOI sales

 

400

 

 

 

294

 

 

 

697

 

 

 

466

 

Consumer financing

 

99

 

 

 

102

 

 

 

198

 

 

 

201

 

Other

 

13

 

 

 

13

 

 

 

24

 

 

 

22

 

Net revenues

 

922

 

 

 

797

 

 

 

1,731

 

 

 

1,425

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Operating

 

404

 

 

 

349

 

 

 

785

 

 

 

639

 

Cost of vacation ownership interests

 

46

 

 

 

41

 

 

 

86

 

 

 

62

 

Consumer financing interest

 

17

 

 

 

20

 

 

 

34

 

 

 

44

 

General and administrative

 

121

 

 

 

112

 

 

 

241

 

 

 

218

 

Marketing

 

119

 

 

 

92

 

 

 

213

 

 

 

161

 

Depreciation and amortization

 

31

 

 

 

31

 

 

 

61

 

 

 

63

 

Restructuring

 

1

 

 

 

 

 

 

8

 

 

 

(1

)

COVID-19 related costs

 

 

 

 

1

 

 

 

2

 

 

 

2

 

Asset recoveries, net

 

(2

)

 

 

 

 

 

(1

)

 

 

 

Total expenses

 

737

 

 

 

646

 

 

 

1,429

 

 

 

1,188

 

 

 

 

 

 

 

 

 

Operating income

 

185

 

 

 

151

 

 

 

302

 

 

 

237

 

Interest expense

 

47

 

 

 

47

 

 

 

94

 

 

 

100

 

Other expense/(income), net

 

7

 

 

 

 

 

 

4

 

 

 

(1

)

Interest (income)

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(1

)

Income before income taxes

 

132

 

 

 

105

 

 

 

206

 

 

 

139

 

Provision for income taxes

 

32

 

 

 

31

 

 

 

55

 

 

 

37

 

Net income from continuing operations

 

100

 

 

 

74

 

 

 

151

 

 

 

102

 

Loss on disposal of discontinued business, net of income taxes

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Net income attributable to TNL shareholders

$

100

 

 

$

72

 

 

$

151

 

 

$

100

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

Continuing operations

$

1.17

 

 

$

0.85

 

 

$

1.76

 

 

$

1.18

 

Discontinued operations

 

 

 

 

(0.02

)

 

 

 

 

 

(0.02

)

 

$

1.17

 

 

$

0.83

 

 

$

1.76

 

 

$

1.16

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

 

 

 

 

 

 

Continuing operations

$

1.16

 

 

$

0.84

 

 

$

1.75

 

 

$

1.17

 

Discontinued operations

 

 

 

 

(0.02

)

 

 

 

 

 

(0.02

)

 

$

1.16

 

 

$

0.82

 

 

$

1.75

 

 

$

1.15

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

85.0

 

 

 

86.5

 

 

 

85.5

 

 

 

86.4

 

Diluted

 

85.7

 

 

 

87.4

 

 

 

86.4

 

 

 

87.1

 

Table 2

Travel + Leisure Co.

Summary Data Sheet

(in millions, except per share amounts, unless otherwise indicated)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

Change

 

2022

 

2021

 

Change

Consolidated Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to TNL shareholders

$

100

 

 

$

72

 

 

39

%

 

$

151

 

 

$

100

 

 

51

%

Diluted earnings per share

$

1.16

 

 

$

0.82

 

 

41

%

 

$

1.75

 

 

$

1.15

 

 

52

%

Net income from continuing operations

$

100

 

 

$

74

 

 

35

%

 

$

151

 

 

$

102

 

 

48

%

Diluted earnings per share from continuing operations

$

1.16

 

 

$

0.84

 

 

38

%

 

$

1.75

 

 

$

1.17

 

 

50

%

 

 

 

 

 

 

 

 

 

 

 

 

Net income margin

 

10.8

%

 

 

9.0

%

 

 

 

 

8.7

%

 

 

7.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Earnings

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

230

 

 

$

193

 

 

19

%

 

$

399

 

 

$

322

 

 

24

%

Adjusted net income

$

109

 

 

$

77

 

 

42

%

 

$

169

 

 

$

110

 

 

54

%

Adjusted diluted earnings per share

$

1.27

 

 

$

0.88

 

 

44

%

 

$

1.95

 

 

$

1.27

 

 

53

%

 

 

 

 

 

 

 

 

 

 

 

 

Segment Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Revenues

 

 

 

 

 

 

 

 

 

 

 

Vacation Ownership

$

735

 

 

$

604

 

 

22

%

 

$

1,344

 

 

$

1,057

 

 

27

%

Travel and Membership

 

188

 

 

 

194

 

 

(3

) %

 

 

389

 

 

 

370

 

 

5

%

Corporate and other

 

(1

)

 

 

(1

)

 

 

 

 

(2

)

 

 

(2

)

 

 

Total

$

922

 

 

$

797

 

 

16

%

 

$

1,731

 

 

$

1,425

 

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

Vacation Ownership

$

187

 

 

$

137

 

 

36

%

 

$

291

 

 

$

204

 

 

43

%

Travel and Membership

 

64

 

 

 

71

 

 

(10

) %

 

 

146

 

 

 

146

 

 

%

Segment Adjusted EBITDA

 

251

 

 

 

208

 

 

 

 

 

437

 

 

 

350

 

 

 

Corporate and other

 

(21

)

 

 

(15

)

 

 

 

 

(38

)

 

 

(28

)

 

 

Total Adjusted EBITDA

$

230

 

 

$

193

 

 

19

%

 

$

399

 

 

$

322

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margin

 

24.9

%

 

 

24.2

%

 

 

 

 

23.1

%

 

 

22.6

%

 

 

Note: Amounts may not calculate due to rounding. See “Presentation of Financial Information” and Table 6 for Non-GAAP definitions. For a full reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Table 3.

Table 2

(continued)

Travel + Leisure Co.

Summary Data Sheet

(in millions, unless otherwise indicated)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

Change

 

2022

 

2021

 

Change

Vacation Ownership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net VOI sales

$

400

 

$

294

 

36

%

 

$

697

 

$

466

 

50

%

Loan loss provision

 

76

 

 

33

 

130

%

 

 

125

 

 

71

 

76

%

Gross VOI sales, net of Fee-for-Service sales

 

476

 

 

327

 

46

%

 

 

821

 

 

537

 

53

%

Fee-for-Service sales

 

51

 

 

56

 

(9

) %

 

 

85

 

 

82

 

4

%

Gross VOI sales

$

527

 

$

383

 

38

%

 

$

906

 

$

619

 

46

%

 

 

 

 

 

 

 

 

 

 

 

 

Tours (in thousands)

 

148

 

 

117

 

26

%

 

 

256

 

 

193

 

33

%

VPG (in dollars)

$

3,489

 

$

3,151

 

11

%

 

$

3,441

 

$

3,031

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

Tour generated VOI sales

$

516

 

$

368

 

40

%

 

$

882

 

$

586

 

51

%

Telesales and other

 

11

 

 

15

 

(27

) %

 

 

24

 

 

33

 

(27

) %

Gross VOI sales

$

527

 

$

383

 

38

%

 

$

906

 

$

619

 

46

%

 

 

 

 

 

 

 

 

 

 

 

 

Net VOI sales

$

400

 

$

294

 

36

%

 

$

697

 

$

466

 

50

%

Property management revenue

 

189

 

 

166

 

14

%

 

 

374

 

 

327

 

14

%

Consumer financing

 

99

 

 

102

 

(3

) %

 

 

198

 

 

201

 

(1

) %

Other (a)

 

47

 

 

42

 

12

%

 

 

75

 

 

63

 

19

%

Total Vacation Ownership revenue

$

735

 

$

604

 

22

%

 

$

1,344

 

$

1,057

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

Travel and Membership (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avg. number of exchange members (in thousands)

 

3,517

 

 

3,582

 

(2

) %

 

 

3,543

 

 

3,579

 

(1

) %

 

 

 

 

 

 

 

 

 

 

 

 

Transactions (in thousands)

 

253

 

 

288

 

(12

) %

 

 

564

 

 

605

 

(7

) %

Revenue per transaction (in dollars)

$

343

 

$

329

 

4

%

 

$

334

 

$

312

 

7

%

Exchange transaction revenue

$

86

 

$

95

 

(9

) %

 

$

188

 

$

189

 

(1

) %

 

 

 

 

 

 

 

 

 

 

 

 

Transactions (in thousands)

 

190

 

 

169

 

12

%

 

 

356

 

 

303

 

17

%

Revenue per transaction (in dollars)

$

257

 

$

284

 

(9

) %

 

$

264

 

$

261

 

1

%

Travel Club transaction revenue

$

49

 

$

48

 

2

%

 

$

94

 

$

79

 

19

%

 

 

 

 

 

 

 

 

 

 

 

 

Transactions (in thousands)

 

443

 

 

457

 

(3

) %

 

 

920

 

 

908

 

1

%

Revenue per transaction (in dollars)

$

306

 

$

312

 

(2

) %

 

$

307

 

$

295

 

4

%

Travel and Membership transaction revenue

$

135

 

$

143

 

(6

) %

 

$

282

 

$

268

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

Transaction revenue

$

135

 

$

143

 

(6

) %

 

$

282

 

$

268

 

5

%

Subscription revenue

 

45

 

 

43

 

5

%

 

 

90

 

 

84

 

7

%

Other (c)

 

8

 

 

8

 

%

 

 

17

 

 

18

 

(6

) %

Total Travel and Membership revenue

$

188

 

$

194

 

(3

) %

 

$

389

 

$

370

 

5

%

Note: Amounts may not compute due to rounding.

Due to changes in organizational structure in the second quarter of 2022, the management of Extra Holidays was transitioned to the Vacation Ownership segment. As such, the Company reclassified the results of Extra Holidays, which was previously reported within the Travel and Membership segment, into the Vacation Ownership segment. Prior period segment information has been updated to reflect this change.

(a)

Includes fee-for-service commission revenues and other ancillary revenues.

(b)

In 2022, the Travel and Membership segment determined that certain rental transactions for travelers that were not RCI members are more closely aligned with Travel Club transactions (previously “Non-exchange”). Prior period results reflect the reclassification of this activity from Exchange to Travel Club.

(c)

Primarily related to cancellation fees, commissions and other ancillary revenue.

Table 3

Travel + Leisure Co.

Non-GAAP Measure: Reconciliation of Net Income to Adjusted Net Income to Adjusted EBITDA

(in millions, except diluted per share amounts)

 

Three Months Ended June 30,

 

2022

EPS

 

Margin %

 

2021

EPS

 

Margin %

Net income attributable to TNL shareholders

$

100

 

 

$

1.16

 

10.8

%

 

$

72

 

 

$

0.82

 

9.0

%

Loss on disposal of discontinued business, net of income taxes

 

 

 

 

 

 

 

 

2

 

 

 

 

 

Net income from continuing operations

$

100

 

 

$

1.16

 

10.8

%

 

$

74

 

 

$

0.84

 

9.3

%

Unrealized loss on equity investment

 

8

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of acquired intangibles (a)

 

3

 

 

 

 

 

 

 

2

 

 

 

 

 

Restructuring

 

1

 

 

 

 

 

 

 

 

 

 

 

 

Legacy items

 

1

 

 

 

 

 

 

 

1

 

 

 

 

 

COVID-19 related costs

 

 

 

 

 

 

 

 

1

 

 

 

 

 

Asset recoveries, net (b)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

Taxes (c)

 

(3

)

 

 

 

 

 

 

(1

)

 

 

 

 

Adjusted net income

$

109

 

 

$

1.27

 

11.8

%

 

$

77

 

 

$

0.88

 

9.7

%

Income taxes on adjusted net income

 

35

 

 

 

 

 

 

 

32

 

 

 

 

 

Interest expense

 

47

 

 

 

 

 

 

 

47

 

 

 

 

 

Depreciation

 

28

 

 

 

 

 

 

 

29

 

 

 

 

 

Stock-based compensation expense (d)

 

12

 

 

 

 

 

 

 

9

 

 

 

 

 

Interest income

 

(1

)

 

 

 

 

 

 

(1

)

 

 

 

 

Adjusted EBITDA

$

230

 

 

 

 

24.9

%

 

$

193

 

 

 

 

24.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Shares Outstanding

 

85.7

 

 

 

 

 

 

 

87.4

 

 

 

 

 

 

Six Months Ended June 30,

 

2022

EPS

 

Margin %

 

2021

EPS

 

Margin %

Net income attributable to TNL shareholders

$

151

 

 

$

1.75

 

8.7

%

 

$

100

 

 

$

1.15

 

7.0

%

Loss on disposal of discontinued business, net of income taxes

 

 

 

 

 

 

 

 

2

 

 

 

 

 

Net income from continuing operations

$

151

 

 

$

1.75

 

8.7

%

 

$

102

 

 

$

1.17

 

7.2

%

Restructuring (e)

 

8

 

 

 

 

 

 

 

(1

)

 

 

 

 

Unrealized loss on equity investment

 

8

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of acquired intangibles (a)

 

5

 

 

 

 

 

 

 

5

 

 

 

 

 

COVID-19 related costs

 

2

 

 

 

 

 

 

 

2

 

 

 

 

 

Legacy items

 

2

 

 

 

 

 

 

 

4

 

 

 

 

 

Asset recoveries, net (b)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

Taxes (c)

 

(6

)

 

 

 

 

 

 

(2

)

 

 

 

 

Adjusted net income

$

169

 

 

$

1.95

 

9.8

%

 

$

110

 

 

$

1.27

 

7.7

%

Income taxes on adjusted net income

 

61

 

 

 

 

 

 

 

39

 

 

 

 

 

Interest expense

 

94

 

 

 

 

 

 

 

100

 

 

 

 

 

Depreciation

 

56

 

 

 

 

 

 

 

58

 

 

 

 

 

Stock-based compensation expense (d)

 

21

 

 

 

 

 

 

 

16

 

 

 

 

 

Interest income

 

(2

)

 

 

 

 

 

 

(1

)

 

 

 

 

Adjusted EBITDA

$

399

 

 

 

 

23.1

%

 

$

322

 

 

 

 

22.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Shares Outstanding

 

86.4

 

 

 

 

 

 

 

87.1

 

 

 

 

 

Amounts may not calculate due to rounding. The tables above reconcile certain non-GAAP financial measures to their closest GAAP measure. The presentation of these adjustments is intended to permit the comparison of particular adjustments as they appear in the income statement in order to assist investors’ understanding of the overall impact of such adjustments. In addition to GAAP financial measures, the Company provides adjusted net income, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted EPS to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods, by adjusting for certain items which in our view do not necessarily reflect ongoing performance. We also internally use these measures to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. These supplemental disclosures are in addition to GAAP reported measures. Non-GAAP measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. Our presentation of adjusted measures may not be comparable to similarly-titled measures used by other companies. See “Presentation of Financial Information” and table 6 for the definitions of these non-GAAP measures.

(a)

Amortization of acquisition-related intangible assets is excluded from adjusted net income and adjusted EBITDA.

(b)

Includes $1 million of inventory impairments for the three and six months ended June 30, 2022, included in Cost of vacation ownership interests on the Condensed Consolidated Statements of Income.

(c)

Represents the tax effects on the adjustments.

(d)

All stock-based compensation is excluded from adjusted EBITDA.

(e)

Includes $3 million of stock-based compensation expenses for the six months ended June 30, 2022 associated with the 2022 restructuring.

 

Table 4

Travel + Leisure Co.

Non-GAAP Measure: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow

(in millions)

 

 

Six Months Ended June 30,

 

 

2022

 

2021

 

 

 

 

 

Net cash provided by operating activities

 

$

230

 

 

$

290

 

Property and equipment additions

 

 

(24

)

 

 

(25

)

Sum of proceeds and principal payments of non-recourse vacation ownership debt

 

 

(87

)

 

 

(213

)

Free cash flow

 

$

119

 

 

$

52

 

COVID-19 related adjustments (a)

 

 

2

 

 

 

4

 

Adjusted free cash flow (b)

 

$

121

 

 

$

56

(a)

Includes cash paid for COVID-19 expenses factored into the calculation of Adjusted EBITDA.

(b)

The Company had $29 million of net cash used in investing activities and $315 million of net cash used in financing activities for the six months ended June 30, 2022, and $62 million of net cash used in investing activities and $1.1 billion of net cash used in financing activities for the six months ended June 30, 2021.

Table 5

Travel + Leisure Co.

COVID-19 Related Impacts

(in millions)

The table below presents the COVID-19 related impacts on our results of operations for the six months ended June 30, 2022, and the related classification on the Condensed Consolidated Statements of Income. There were no COVID-19 related impacts recognized during the three months ended June 30, 2022.

Six Months Ended

 

Vacation

Ownership

 

Travel and

Membership

 

Corporate &

Other

 

Consolidated

 

Non-GAAP

Adjustments

 

Income Statement

Classification

June 30, 2022

 

 

 

 

 

 

Employee compensation related and other

 

$

 

$

 

$

2

 

$

2

 

$

2

 

COVID-19 related costs

Total COVID-19

 

$

 

$

 

$

2

 

$

2

 

$

2

 

 

The tables below present the COVID-19 related impacts on our results of operations for the three and six months ended June 30, 2021, and the related classification on the Condensed Consolidated Statements of Income:

Three Months Ended

 

Vacation

Ownership

 

Travel and

Membership

 

Corporate &

Other

 

Consolidated

 

Non-GAAP

Adjustments

 

Income Statement

Classification

June 30, 2021

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

Provision

 

$

(26

)

 

$

 

$

 

$

(26

)

 

$

 

Vacation ownership interest sales

Recoveries

 

 

10

 

 

 

 

 

 

 

10

 

 

 

 

Cost of vacation ownership interests

Employee compensation related and other

 

 

1

 

 

 

 

 

 

 

1

 

 

 

1

 

COVID-19 related costs

Total COVID-19

 

$

(15

)

 

$

 

$

 

$

(15

)

 

$

1

 

 

Six Months Ended

 

Vacation

Ownership

 

Travel and

Membership

 

Corporate &

Other

 

Consolidated

 

Non-GAAP

Adjustments

 

Income Statement

Classification

June 30, 2021

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

Provision

 

$

(26

)

 

$

 

$

 

$

(26

)

 

$

 

 

Vacation ownership interest sales

Recoveries

 

 

10

 

 

 

 

 

 

 

10

 

 

 

 

 

Cost of vacation ownership interests

Employee compensation related and other

 

 

1

 

 

 

 

 

1

 

 

2

 

 

 

2

 

 

COVID-19 related costs

Lease related

 

 

(1

)

 

 

 

 

 

 

(1

)

 

 

(1

)

 

Restructuring

Total COVID-19

 

$

(16

)

 

$

 

$

1

 

$

(15

)

 

$

1

 

 

 

Table 6

Definitions

 

Adjusted Diluted Earnings per Share: A non-GAAP measure, defined by the Company as Adjusted net income divided by the diluted weighted average number of common shares. Adjusted Diluted Earnings per Share is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods.

 

Adjusted EBITDA: A non-GAAP measure, defined by the Company as net income from continuing operations before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing revenues) and income taxes, each of which is presented on the Condensed Consolidated Statements of Income. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, impairments, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels and Cendant, and the sale of the vacation rentals businesses. We believe that when considered with GAAP measures, Adjusted EBITDA is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods. We also internally use these measures to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. Adjusted EBITDA should not be considered in isolation or as a substitute for net income/(loss) or other income statement data prepared in accordance with GAAP and our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

 

Adjusted EBITDA Margin: A non-GAAP measure, represents Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA Margin is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods.

 

Adjusted Free Cash Flow: A non-GAAP measure, defined by the Company as net cash provided by operating activities from continuing operations less property and equipment additions (capital expenditures) plus the sum of proceeds and principal payments of non-recourse vacation ownership debt, while also adding back cash paid for transaction costs for acquisitions and divestitures, separation adjustments associated with the spin-off of Wyndham Hotels, and certain adjustments related to COVID-19. TNL believes FCF to be a useful operating performance measure to evaluate the ability of its operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, its ability to grow its business through acquisitions and equity investments, as well as its ability to return cash to shareholders through dividends and share repurchases. A limitation of using Adjusted free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating TNL is that Adjusted free cash flow does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows.

 

Adjusted Free Cash Flow Conversion: Adjusted free cash flow as a percentage of Adjusted EBITDA. Forward-looking outlook regarding Adjusted Free Cash Flow Conversion is provided only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation is available without unreasonable effort.

 

Adjusted Net Income: A non-GAAP measure, defined by the Company as net income from continuing operations adjusted to exclude separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, amortization of acquisition-related assets, debt modification costs, impairments, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent and the tax effect of such adjustments. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels and Cendant, and the sale of the vacation rentals businesses. Adjusted Net Income is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods.

 

Average Number of Exchange Members: Represents paid members in our vacation exchange programs who are considered to be in good standing.

 

Free Cash Flow (FCF): A non-GAAP measure, defined by TNL as net cash provided by operating activities from continuing operations less property and equipment additions (capital expenditures) plus the sum of proceeds and principal payments of non-recourse vacation ownership debt. TNL believes FCF to be a useful operating performance measure to evaluate the ability of its operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, its ability to grow its business through acquisitions and equity investments, as well as its ability to return cash to shareholders through dividends and share repurchases. A limitation of using FCF versus the GAAP measure of net cash provided by operating activities as a means for evaluating TNL is that FCF does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows.

 

Gross Vacation Ownership Interest Sales: A non-GAAP measure, represents sales of vacation ownership interests (VOIs), including sales under the fee-for-service program before the effect of loan loss provisions. We believe that Gross VOI sales provide an enhanced understanding of the performance of our vacation ownership business because it directly measures the sales volume of this business during a given reporting period.

 

Leverage Ratio: The Company calculates leverage ratio as net debt divided by Adjusted EBITDA as defined in the credit agreement.

 

Net Debt: Net debt equals total debt outstanding, less non-recourse vacation ownership debt and cash and cash equivalents.

 

Tours: Represents the number of tours taken by guests in our efforts to sell VOIs.

 

Travel and Membership Revenue per Transaction: Represents transaction revenue divided by transactions, provided in two categories; Exchange, which is primarily RCI, and Travel Club.

 

Travel and Membership Transactions: Represents the number of vacation bookings recognized as revenue during the period, net of cancellations, provided in two categories; Exchange, which is primarily RCI, and Travel Club.

 

Volume Per Guest (VPG): Represents Gross VOI sales (excluding tele-sales upgrades, which are non-tour upgrade sales) divided by the number of tours. The Company has excluded non-tour upgrade sales in the calculation of VPG because non-tour upgrade sales are generated by a different marketing channel. We believe that VPG provides an enhanced understanding of the performance of our Vacation Ownership business because it directly measures the efficiency of its tour selling efforts during a given reporting period.

 



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In the coming three holidays, this route of Rishikesh may remain jammed, you can also choose this route.

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Everyone has made it their goal to travel during the three-day public holiday on August 15, there will hardly be anyone who will not use these public holidays. Though there are many places to visit near Delhi but if you want to visit Rishikesh with friends then let us tell you that in such place you can get a lot of crowd in these three days. In addition, you may have to face traffic jams when driving from Delhi to Rishikesh. In such a situation, today we will tell you some such routes, with the help of which you can to some extent avoid traffic jams.

Route 1: New Delhi – Meerut – Muzaffarnagar – Roorkee – Haridwar – Rishikesh via NH 334

For those who choose Route 1, it takes about 6 hours to reach Rishikesh via NH 334. Rishikesh is 235 km away from New Delhi. On this route, the road will take you through some important places like Meerut and Muzaffarnagar. The roads are in very good condition, it is easy to walk a short distance from here. In the coming 3 days holiday this place between Rishikesh and Nainital will be better, which place would you like to visit?

(Image credit: TOI.com)

Route 2: New Delhi – Hapur – Chandpur – Najibabad – Haridwar – Rishikesh Via NH 9

-2-9

If you choose route 2, it will take you around 7 hours to reach Rishikesh via the NH 9 and the total distance from New Delhi to Rishikesh is around 288 km. You can plan to visit here on the weekend, leave on Saturday morning and then rest in the evening and start your trip the next day. Then you can come to Delhi at night on Monday ie 15th August. These 6 countries will fulfill the dream of living abroad, lakhs of rupees will be given to the citizens upon their settlement

(Image credit: Economic Times)

Short stop in Meerut and Haridwar –

Coming from Route 1 you will see many Punjabi dhabas in Meerut. Here you can stop to have some breakfast water. This stopover is perfect from where you can eat delicious parathas. Once you reach Haridwar you can have your lunch by stopping here and also visit some ghats and famous temples here. This place is one of the holiest places in the country and large numbers of pilgrims come here to wash away their sins and seek blessings. Rishikesh is 25 km from here which you can reach in 45 to 60 minutes. Now that you have seen the place to visit, book a government guest house for less than Rs 1800

(Image credit: indiatimes.com)

How to reach – How to reach

-how to reach

Apart from the road, if you are thinking of traveling by train and plane, you can go this way.

By plane: Jolly Grant Airport is the nearest airport at a distance of 21 km. This airport is connected to many places across the country.

By train: Rishikesh railway station is well connected to the rail network and trains run from all over the country. I have seen many hill stations near Manali, Mussoorie, now see these magnificent hill stations near Dehradun

Places to visit in Rishikesh – Places in Rishikesh

-Places-in-Rishikesh

There are many places to see in Rishikesh but there are some places you can visit in a 1 to 2 days trip such as Beasi, Kaudiyala, Mun ki Reti, Bharat Mandir, Rishikund, Terah Manzil Temple.

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Why You Should Travel To Rajasthan In August

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Why You Should Travel To Rajasthan In August


Jaipur: The long weekend is just around the corner and if you haven’t planned a trip yet, add a visit to Rajasthan to your plans. With the onset of the monsoon season, the scorching heat of June and July is behind us and the weather is pleasant to visit the “Desert State of India”. In fact, the month of August is one of the best times to experience Rajasthan in all its verdant splendor that surrounds the state’s historic forts.Also read – Rajasthan: Woman fills in well with 4 children, all die; she survives

Why you should travel to Rajasthan in August

In August, Rajasthan enjoys light rains and comfortable temperatures of around 33 degrees Celsius due to the advent of monsoon rains. During this period the weather is just perfect – not too hot or not too cold. Also read – Explained: What is Lumpy Skin Disease That Killed Over 3,000 Cattle in Rajasthan, Gujarat?

Plus, the rain showers turn the state’s barren and arid land green, making up for the spectacular views. During this time, the view from the top of the forts and historical sites is one of lush greenery – a sight not to be missed. In addition, the rain and pleasant weather make the hard work to climb the summit worthwhile. Also read – Tina Dabi shares images showing Jaisalmer’s monsoon beauty after Rajasthan receives its heaviest rainfall in 66 years

Sightseeing in Rajasthan in August

Udaipur

This image shows the Ganges River in Udaipur. (Photo/AFP)

Udaipur – the city of lakes – is a sight to behold in August. The city has seven lakes including Fateh Sagar Lake, Lake Pichola, Swaroop Sagar Lake, Rangsagar and Doodh Talai Lake which are recharged by the monsoon rains. Travelers can book a stay at the Taj Lake Palace right in the middle of Lake Pichola for breathtaking views of the city. Aside from these beautiful lakes, the city is home to some of the country’s grandest palaces, which are major tourist attractions.

jalore

Jalore Fort (Source: Facebook)

Tucked away in Aravallis, Jalore is another great place to visit during the monsoons. During this period, the Aravalli forest is particularly spectacular after fresh rain showers. Jalore is also called the city of granite and majesty. Sundha Mountain, just outside the city limits, is a great place to visit and the views from the top are stunning. Make time for Jalore Fort and Swarn Giri Fort as well, they are some of the city’s top attractions.

Other

Garh Palace (Bundi) (Photo/ Pinterest)

A grand spectacle, Bundi is all about magnificent forts and ancient baoris (stepped reservoirs). During the monsoon these step reservoirs are filled with fresh water and make for a breathtaking view. Also, the hills around Bundi are revived with green vegetation and the rivers have swelled again after the rains.

Mount Abu

Mount Abu (India only/Getty Images)

The beautiful hill station in Rajasthan always enjoys pleasant weather and it’s even better during the monsoons. Mount Abu offers countless activities for tourists like trekking, hiking, zip lining to name a few. But if you want it to be a peaceful vacation, you can visit places like Guru Sikhar, Nakki Lake, Mount Abu Sanctuary, Toad Rock Viewpoint, Dilwara Jain Temple, among others.

jaipur

Hawa Mahel, Jaipur (Photo/Pinterest)

The Pink City shines in all its glory in August. After the monsoon showers have washed away all the dust and dryness of summer, Jaipur’s fantastic architecture looks like it has had a fresh coat of paint. The colors of the red sandstone monuments emerge after rain and Jantar Mantar, Hawa Mahal, Mandir Palace, Laxmi Narayan Temple, City Palace, Amer Fort, Jaigarh Fort, Rambagh Palace and other places look like they have get a new life.



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Top Things To Do In Jodhpur

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Located on the edge of the Thar Desert in western Rajasthan, Jodhpur continues to be a global tourist magnet. Jodhpur has been given several epithets such as Blue City and Sun City. The Rajasthanis affectionately call it Jodhana. The former capital of the Marwar kingdom is home to Rajasthan’s largest fort and several grand palaces, temples, gardens and markets full of old world charm and offers an amazing travel experience. Here we present you the best things to do in Jodhpur. By Karan Kaushik

Things to do in Jodhpur

Walk through the pages of history at Mehrangarh Fort

Mehrangarh, often touted as the citadel of the sun, stands tall and proud as Rajasthan’s greatest fortress. It was built by Rao Jodha in 1459. Perched on a sheer bluff 400 feet above the city, this burnished red sandstone structure is backed by many stories. Its beauty has attracted many admirers such as Rudyard Kipling; he called it “the work of giants.” Today it is widely regarded as one of the best preserved forts in India. The main attraction of the fort is its Museum. Miniature paintings, palanquins, weapons and valuable mementos of the royal family are on display here. The main attractions of the fort are Sangar Chowki, Zenana Mahal and Phool Mahal.

Go ziplining over the Blue City

The Flying Fox Zipline Tour in Jodhpur is an exciting experience that will stay in your memory forever. Former British Prime Minister Boris Johnson described this zip line as Jodhpur’s best part. “The zip lines send you around the moats and pinnacles like Batman,” he had said. The zipline takes you over two desert lakes and the Rao Jodha Ecopark, offering stunning views of Mehrangarh and the Blue City.

Rao Jodha Desert Rock Park

Located near the famous Mehrangarh Fort, this 72-hectare ecologically restored desert came back to life in 2006 after careful reconstruction. Rao Jodha Desert Rock Park, once an arid, decaying, barren land of vegetation, now boasts a local nursery, convenience store and cafe. Visitors can even hike trails amidst the 250 native plant species here and embark on a mission to spot several species of reptiles and over 200 birds along the way.

Revel in the Umaid Bhawan Palace

The magnificent Umaid Bhawan Palace has hosted prolific figures from around the world over the past few decades. The palace is a fine example of Indo-Saracenic architectural style and was named after and built by Maharaja Umaid Singh. It is also known as the Chittar Palace due to the use of Chittar sandstone in its construction. Interestingly, no mortar was used in the entire construction. Instead, hand-carved blocks of sandstone were interlocked. Today is part of the palace doubles as a hotel, while the others house model airplanes, guns, antique clocks, and priceless crockery for the public.

Admire the architecture of Rajasthan at Mandore Garden

Like Jodhpur itself, Mandore Garden has many names. Maddodara, Mandowar, and Mandavyapura-Durga are some of the oldest names all believed to have descended from Rishi Mandavya. Locals believe that the gardens were originally tended by Nagas, followed by Pratiharas, Chahamanas, Sultans of Delhi and finally Rathores. Today the garden is the site of many magnificent antiques temple, monuments and high rock terraces. The monoliths here date from the early fifth century. Indeed are two intricately carved monoliths depicting scenes from Krishna Leela were excavated in 1909-10. On the other side, the hilltop Mandore Palace and Fort date back to the sixth century. The highlight at Mandore Gardens, however, is the government-run museum, which houses artifacts and relics of historical importance.

Explore the twin lakes of Ranisar-Padamsar

These interconnected pristine waters are considered the twin lakes of Jodhpur and are located near Mehrangarh Fort. Both lakes date back to 1459 and were built with the intention of natural water conservation. Although it’s in a largely deserted area Condition, these lakes have a very unique quality – they rarely run out of water. Head here at the height of dawn to enjoy the water in all its glory and watch the towering fortress dance in the waves.

Take gram worthy photos in Jaswant Thada

Dating from 1899, Jaswant Thada is a famous cenotaph. While it now serves as the cremation ground for the Marwar Rajput royal family, it was originally built by Maharaja Sardar Singh of Jodhpur in memory of his father, Maharaja Jaswant Singh II. That cenotaph is built entirely of thin and intricately carved marble slabs. They have been polished to shine under the summer sun. The main cenotaph – that of Maharaja Jaswant Singh – is surrounded by portraits of rulers. In addition, the Jaswant Thada site features pavilions, a tiered garden, three other cenotaphs and a small lake.

Shop at the Clock Tower Market

No trip to Jodhpur is complete without going on a Shopping Spree. Enjoy hot Pjas Kachoris and Mirchi commander before you start splurging on everything Rajasthani. The Sardar Market in Girdikot is centered around the famous Ghantaghar or Clock Tower. The market sells everything from Jodhpuri mojaris to Lehariya Sarees, Dupattas, Safas, ethnic jewelry and more.

Plan a detour to Osian

Ossian or Osiyan is an oasis town in the Thar desert of Jodhpur district. Often referred to as the Khajuraho of Rajasthan, this historic city is famous for its Hindu and Jain temples. While here, visit the Jain Mahavira Temple which houses an idol of Mahavira made of cow’s milk, mud and a gold cloak. Then there is the Sachayee Mata Mandir, the most important Hindu temple in Osian. You may also fancy a camel safari or an ATV ride in the sandy terrain of Osian.

Feature Image Credit: Shutterstock; Hero photo credit: Makm Photography/Unsplash

Related: Looking for a cultural holiday? Drive straight to Rajasthan!



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