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Interval Leisure Group Reports First Quarter 2012 Results

Interval Leisure Group (Nasdaq: IILG) ("ILG") today announced results for the three months ended March 31, 2012.

  • Earnings per share of $0.27 vs. $0.23 in the prior year.
  • ILG consolidated revenue increased by 8.3% year over year.
    • Membership and Exchange segment revenue increased 4.6%
    • Management and Rental segment revenue is up 25.7%. Excluding pass-through revenue, Management and Rental segment revenue is up 39.3%.
  • Total active Interval Network members increased by 1.5%.
  • Average revenue per member increased by 4.4%.
  • Adjusted EBITDA increased by 7.8%.
  • Free cash flow was $34.5 million, an increase of $8.0 million or 30.3%.

"Interval Leisure Group started 2012 with success at every level. ILG's consolidated revenue increased by 8.3%, which was driven by an improvement of 4.6% in Membership and Exchange and 25.7% in Management and Rental. This incremental topline growth reflects a meaningful contribution from Interval International’s new products and services, strong results at Aston and Trading Places and the addition of Vacation Resorts International, our most recent acquisition. Average revenue per Interval Network member is at a five-year high, while Platinum membership and Club Interval Gold products are being adopted by our developer clients at an impressive rate," said Craig M. Nash, Chairman, President and Chief Executive Officer of Interval Leisure Group. "The shared ownership industry is seeing signs of renewed optimism as new capital returns to the market and the number of tours by prospective buyers is increasing."

Financial Summary & Operating Metrics (in millions, except per share amounts and percentages)

Three Months Ended March 31,

Quarter Over Quarter Change
Metrics   2012   2011  
Revenue $126.7   $117.0 8.3%
Membership and Exchange revenue $100.9 $96.4 4.6%
Management and Rental revenue $25.8 $20.6 25.7%
Gross profit $83.9 $79.5 5.6%
Net income attributable to common stockholders $15.2 $13.2 15.4%
Diluted EPS $0.27 $0.23 17.4%
Adjusted EBITDA* $47.8 $44.4 7.8%
Balance sheet data   March 31, 2012   December 31, 2011
Cash and cash equivalents $179.9 $195.5
Debt $335.8 $340.1
Three Months Ended

March 31,

Over Quarter

Cash flow data   2012   2011  
Net cash provided by operating activities $37.6 $29.4 27.9%
Free cash flow*   $34.5   $26.5   30.3%

* “Adjusted EBITDA” and “Free cash flow” are non-GAAP measures as defined by the Securities and Exchange Commission (the “SEC”). Please see “Presentation of Financial Information,” “Glossary of Terms” and “Reconciliations of Non-GAAP Measures” below for an explanation of non-GAAP measures used throughout this release.


First Quarter 2012 Consolidated Operating Results

Consolidated revenue for the first quarter ended March 31, 2012 was $126.7 million, an increase of 8.3% from $117.0 million for the first quarter of 2011.

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