Start Time: 08:30 January 1, 0000 9:21 AM ET
Travel + Leisure Co. (NYSE:TNL)
Q4 2023 Earnings Conference Call
February 21, 2024, 08:30 AM ET
Company Participants
Michael Brown - President and CEO
Mike Hug - CFO
Conference Call Participants
Chris Woronka - Deutsche Bank
Joe Greff - JPMorgan
David Katz - Jefferies
Patrick Scholes - Truist Securities
Brandt Montour - Barclays
Dany Asad - Bank of America
Isaac Sellhausen - Oppenheimer
Operator
Greetings. Welcome to Travel + Leisure Fourth Quarter '23 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note, this conference is being recorded.
I will now turn the conference over to Michael Hug, Executive Vice President and CFO. Thank you. You may begin.
Mike Hug
Thank you, Sherry, and good morning to everyone. Before we begin, we would like to remind you that our discussions today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements, and the forward-looking statements made today are effective only as of today. We undertake no obligation to publicly update or revise these statements. The factors that could cause actual results to differ are discussed in our SEC filings and in our earnings press release accompanying this earnings call.
And you can find a reconciliation of the non-GAAP financial measures discussed in today's call in the earnings press release available on our website at travelandleisureco.com/investors. This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our fourth quarter full year results and outlook. And then I will provide greater detail on the quarter, our balance sheet and outlook for the rest of the year. Following our prepared remarks, we will open up the call for questions.
With that, I'm pleased to turn the call over to Michael Brown.
Michael Brown
Good morning, and thank you for joining us. As you saw from the press release, we had a solid finish to the year with fourth quarter adjusted EBITDA of $240 million, a 7% increase over the prior year. Adjusted diluted earnings per share was $1.98, inclusive of a $0.37 income tax benefit, which Mike will discuss. Excluding this benefit, our adjusted EBITDA -- adjusted earnings per share growth would have been 24% over Q4 2022.
Our full year 2023 results reflect an intense focus on organic execution, delivering 5% year-over-year top line growth, 6% year-over-year adjusted EBITDA growth to $908 million, 10% adjusted EBITDA growth in Vacation Ownership, our core business segment, reflecting strong consumer demand for our product and great execution by our teams and 26% adjusted EPS growth over the prior year.