v3.22.2.2
Condensed Consolidated Statements Of Income/(Loss) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net revenues        
Net revenues $ 937 $ 839 $ 2,668 $ 2,264
Expenses        
Operating 417 352 1,202 992
Cost of vacation ownership interests 39 43 125 105
Consumer financing interest 20 19 55 63
Marketing 125 101 337 261
General and administrative 117 106 358 325
Depreciation and amortization 30 31 91 93
Restructuring [1] 0 0 8 (1)
COVID-19 related costs 0 1 2 3
Asset recoveries, net 0 0 (1) 0
Total expenses 748 653 2,177 1,841
Operating income 189 186 491 423
Interest expense 48 47 143 147
Interest (income) (2) (1) (3) (1)
Other (income), net (19) 0 (16) (2)
Income before income taxes 162 140 367 279
Provision for income taxes 46 39 101 76
Net income from continuing operations 116 101 266 203
Loss on disposal of discontinued business, net of income taxes 0 0 0 (2)
Net income attributable to Travel + Leisure Co. shareholders $ 116 $ 101 $ 266 $ 201
Basic earnings per share        
Continuing operations [2] $ 1.39 $ 1.16 $ 3.15 $ 2.35
Discontinued operations [2] 0 0 0 (0.02)
Basic earnings per share [2] 1.39 1.16 3.15 2.33
Diluted earnings per share        
Continuing operations [2] 1.38 1.15 3.12 2.33
Discontinued operations [2] 0 0 0 (0.03)
Diluted earnings per share [2] $ 1.38 $ 1.15 $ 3.12 $ 2.30
Service and membership fees        
Net revenues        
Net revenues $ 410 $ 378 $ 1,222 $ 1,114
Vacation ownership interest sales        
Net revenues        
Net revenues 403 344 1,099 810
Consumer financing        
Net revenues        
Net revenues 104 103 302 304
Other        
Net revenues        
Net revenues $ 20 $ 14 $ 45 $ 36
[1] Includes $3 million of stock-based compensation expense for the nine months ended September 30, 2022, associated with the 2022 restructuring.
[2] Earnings per share amounts are calculated using whole numbers.

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