v3.22.2
Condensed Consolidated Statements Of Income/(Loss) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Net revenues        
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] 1 0 8 [2] (1)
COVID-19 related costs 0 1 2 2
Asset recoveries, net (2) 0 (1) 0
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 0 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 0 (2) 0 (2)
Net income attributable to Travel + Leisure Co. shareholders $ 100 $ 72 $ 151 $ 100
Basic earnings per share        
Continuing operations [3] $ 1.17 $ 0.85 $ 1.76 $ 1.18
Discontinued operations [3] 0 (0.02) 0 (0.02)
Basic earnings per share [3] 1.17 0.83 1.76 1.16
Diluted earnings per share        
Continuing operations [3] 1.16 0.84 1.75 1.17
Discontinued operations [3] 0 (0.02) 0 (0.02)
Diluted earnings per share [3] $ 1.16 $ 0.82 $ 1.75 $ 1.15
Service and membership fees        
Net revenues        
Net revenues $ 410 $ 388 $ 812 $ 736
Vacation ownership interest sales        
Net revenues        
Net revenues 400 294 697 466
Consumer financing        
Net revenues        
Net revenues 99 102 198 201
Other        
Net revenues        
Net revenues $ 13 $ 13 $ 24 $ 22
[1] Includes $3 million of stock-based compensation expense for the six months ended June 30, 2022 associated with the 2022 restructuring.
[2] Included in Restructuring on the Condensed Consolidated Statements of Income.
[3] Earnings per share amounts are calculated using whole numbers.

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