v3.23.3
Condensed Consolidated Statements Of Income/(Loss) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net revenues        
Net revenues $ 986 $ 937 $ 2,814 $ 2,668
Expenses        
Operating 428 417 1,275 1,202
Cost of vacation ownership interests 43 39 107 125
Consumer financing interest 29 20 81 55
Marketing 141 125 379 337
General and administrative 108 117 347 358
Depreciation and amortization 28 30 83 91
Restructuring [1] 2 0 12 8
COVID-19 related costs 0 0 0 2
Asset recoveries, net 0 0 (1) (1)
Total expenses 779 748 2,283 2,177
Loss on sale of business [2] 0 0 2 0
Operating income 207 189 529 491
Interest expense 64 48 183 143
Other (income), net (2) (19) (3) (16)
Interest (income) (3) (2) (9) (3)
Income before income taxes 148 162 358 367
Provision for income taxes 38 46 96 101
Net income from continuing operations 110 116 262 266
Gain on disposal of discontinued business, net of income taxes 0 0 5 0
Net income attributable to Travel + Leisure Co. shareholders $ 110 $ 116 $ 267 $ 266
Basic earnings per share        
Continuing operations [3] $ 1.50 $ 1.39 $ 3.48 $ 3.15
Discontinued operations [3] 0 0 0.07 0
Basic earnings per share [3] 1.50 1.39 3.55 3.15
Diluted earnings per share        
Continuing operations [3] 1.49 1.38 3.46 3.12
Discontinued operations [3] 0 0 0.07 0
Diluted earnings per share [3] $ 1.49 $ 1.38 $ 3.53 $ 3.12
Service and membership fees        
Net revenues        
Net revenues $ 419 $ 410 $ 1,263 $ 1,222
Vacation ownership interest sales        
Net revenues        
Net revenues 433 403 1,172 1,099
Consumer financing        
Net revenues        
Net revenues 107 104 313 302
Other        
Net revenues        
Net revenues $ 27 $ 20 $ 66 $ 45
[1] Includes $3 million of stock-based compensation expense for the nine months ended September 30, 2022, associated with the 2022 restructuring.
[2] Represents the loss on sale of the Love Home Swap business.
[3] Earnings per share amounts are calculated using whole numbers.

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