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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to        
Commission file number 001-32876
TRAVEL + LEISURE CO.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
20-0052541
(State or Other Jurisdiction
of Incorporation or Organization)
(I.R.S. Employer
Identification No.)
6277 Sea Harbor Drive
32821
Orlando,
Florida
(Zip Code)
(Address of Principal Executive Offices)
(407) 626-5200
(Registrant’s Telephone Number, Including Area Code)
None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per share
TNL
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
83,824,510 shares of common stock outstanding as of June 30, 2022.


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Table of Contents
  Page
PART IFINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
1

Table of Contents

GLOSSARY OF TERMS
The following terms and acronyms appear in the text of this report and have the definitions indicated below:

Adjusted EBITDA
A non-GAAP measure, defined by the Company as Net income from continuing operations before Depreciation and amortization, Interest expense (excluding Consumer financing interest), early extinguishment of debt, Interest income (excluding Consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, impairments, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc. and Cendant, and the sale of the vacation rentals businesses.
AOCLAccumulated Other Comprehensive Loss
AUDAustralian Dollar
AwazeAwaze Limited, formerly Compass IV Limited, an affiliate of Platinum Equity, LLC
CompanyTravel + Leisure Co. and its subsidiaries
COVID-19Novel coronavirus global pandemic
EPSEarnings Per Share
FASBFinancial Accounting Standards Board
First AmendmentThe first amendment to the Company’s credit agreement governing its revolving credit facility and term loan B entered on July 15, 2020
GAAPGenerally Accepted Accounting Principles in the United States
LIBORLondon Interbank Offered Rate
NQNon-Qualified stock options
NZDNew Zealand Dollar
PSUPerformance-vested restricted Stock Units
Relief PeriodRelief period of the First Amendment, spanning from July 15, 2020 through April 1, 2022, or upon earlier termination by the Company
RSURestricted Stock Unit
S&PStandard & Poor’s Rating Services
SECSecurities and Exchange Commission
Second AmendmentThe renewal of the Company’s credit agreement governing its revolving credit facility and term loan B entered on October 22, 2021
SPESpecial Purpose Entity
Spin-offSpin-off of Wyndham Hotels & Resorts, Inc.
SSARStock-Settled Appreciation Rights
Travel + Leisure Co.Travel + Leisure Co. and its subsidiaries
VacasaVacasa LLC
VIEVariable Interest Entity
VOCRVacation Ownership Contract Receivable
VOIVacation Ownership Interest
VPGVolume Per Guest
Wyndham HotelsWyndham Hotels & Resorts, Inc.

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PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited).
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of Travel + Leisure Co.

Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Travel + Leisure Co. and subsidiaries (the "Company") as of June 30, 2022, the related condensed consolidated statements of income, comprehensive income and deficit for the three-month and six-month periods ended June 30, 2022 and 2021, and the cash flows for the six-month periods ended June 30, 2022 and 2021, and the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2021, and the related consolidated statements of income/(loss), comprehensive income/(loss), cash flows and deficit for the year then ended (not presented herein); and in our report dated February 23, 2022, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
The interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Tampa, FL
July 28, 2022


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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Net revenues
Service and membership fees$410 $388 $812 $736 
Vacation ownership interest sales400 294 697 466 
Consumer financing99 102 198 201 
Other13 13 24 22 
Net revenues922 797 1,731 1,425 
Expenses
Operating404 349 785 639 
Cost of vacation ownership interests 46 41 86 62 
Consumer financing interest17 20 34 44 
General and administrative121 112 241 218 
Marketing119 92 213 161 
Depreciation and amortization31 31 61 63 
Restructuring1  8 (1)
COVID-19 related costs 1 2 2 
Asset recoveries, net(2) (1) 
Total expenses737 646 1,429 1,188 
Operating income185 151 302 237 
Interest expense47 47 94 100 
Other expense/(income), net7  4 (1)
Interest (income)(1)(1)(2)(1)
Income before income taxes132 105 206 139 
Provision for income taxes32 31 55 37 
Net income from continuing operations100 74 151 102 
Loss on disposal of discontinued business, net of income taxes (2) (2)
Net income attributable to Travel + Leisure Co. shareholders$100 $72 $151 $100 
Basic earnings per share
Continuing operations$1.17 $0.85 $1.76 $1.18 
Discontinued operations (0.02) (0.02)
$1.17 $0.83 $1.76 $1.16 
Diluted earnings per share
Continuing operations$1.16 $0.84 $1.75 $1.17 
Discontinued operations (0.02) (0.02)
$1.16 $0.82 $1.75 $1.15 

See Notes to Condensed Consolidated Financial Statements.
4

Table of Contents
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Net income attributable to Travel + Leisure Co. shareholders$100 $72 $151 $100 
Foreign currency translation adjustments, net of tax(33)2 (30)(11)
Other comprehensive (loss)/income, net of tax(33)2 (30)(11)
Comprehensive income$67 $74 $121 $89 

See Notes to Condensed Consolidated Financial Statements.
5

Table of Contents
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)

June 30,
2022
December 31,
2021
Assets
Cash and cash equivalents$241 $369 
Restricted cash (VIE - $83 as of 2022 and $84 as of 2021)137 128 
Trade receivables, net142 131 
Vacation ownership contract receivables, net (VIE - $1,992 as of 2022 and $2,061 as of 2021)2,304 2,309 
Inventory1,192 1,216 
Prepaid expenses211 227 
Property and equipment, net730 689 
Goodwill955 961 
Other intangibles, net213 219 
Other assets352 339 
Total assets$6,477 $6,588 
Liabilities and (deficit)
Accounts payable$70 $62 
Accrued expenses and other liabilities941 939 
Deferred income391 382 
Non-recourse vacation ownership debt (VIE)1,842 1,934 
Debt3,379 3,379 
Deferred income taxes700 686 
Total liabilities7,323 7,382 
Commitments and contingencies (Note 16)
Stockholders' (deficit):
Preferred stock, $0.01 par value, authorized 6,000,000 shares, none issued and outstanding  
Common stock, $0.01 par value, 600,000,000 shares authorized, 222,726,725 issued as of 2022 and 222,250,970 as of 20212 2 
Treasury stock, at cost – 138,847,397 shares as of 2022 and 136,320,631 shares as of 2021(6,663)(6,534)
Additional paid-in capital4,217 4,192 
Retained earnings1,668 1,587 
Accumulated other comprehensive loss(78)(48)
Total stockholders’ (deficit)(854)(801)
Noncontrolling interest8 7 
Total (deficit)(846)(794)
Total liabilities and (deficit)$6,477 $6,588 

See Notes to Condensed Consolidated Financial Statements.
6

Table of Contents
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Six Months Ended
June 30,
20222021
Operating activities
Net income$151 $100 
Loss on disposal of discontinued business, net of income taxes 2 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses125 71 
Depreciation and amortization61 63 
Stock-based compensation24 16 
Deferred income taxes16 (19)
Non-cash interest10 12 
Non-cash lease expense8 8 
Asset recoveries, net(1) 
Other, net17 3 
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables(11)4 
Vacation ownership contract receivables(128)90 
Inventory(8)(40)
Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities(41)14 
Deferred income7 (34)
Net cash provided by operating activities230 290 
Investing activities
Property and equipment additions(24)(25)
Purchase of investments(6) 
Acquisitions (37)
Other, net1  
Net cash used in investing activities(29)(62)
Financing activities
Proceeds from non-recourse vacation ownership debt655 709 
Principal payments on non-recourse vacation ownership debt(742)(922)
Proceeds from debt 10 
Principal payments on debt(4)(560)
Repayment of notes(2)(252)
Repurchase of common stock(127) 
Dividends to shareholders(70)(53)
Payment of deferred acquisition consideration(19)(20)
Net share settlement of incentive equity awards(6)(9)
Debt issuance/modification costs(6)(8)
Proceeds from issuance of common stock6 7 
Net cash used in financing activities(315)(1,098)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(5)(1)
Net change in cash, cash equivalents and restricted cash(119)(871)
Cash, cash equivalents and restricted cash, beginning of period497 1,317 
Cash, cash equivalents and restricted cash, end of period378 446 
Less: Restricted cash137 118 
Cash and cash equivalents$241 $328 

See Notes to Condensed Consolidated Financial Statements.
7


TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF DEFICIT
(In millions)
(Unaudited)
Common Shares OutstandingCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestTotal Deficit
Balance as of December 31, 202185.9 $2 $(6,534)$4,192 $1,587 $(48)$7 $(794)
Net income— — — — 51 — — 51 
Other comprehensive income— — — — — 3 — 3 
Issuance of shares for RSU vesting0.3 — — — — — — — 
Net share settlement of stock-based compensation— — — (5)— — — (5)
Change in stock-based compensation— — — 12 — — — 12 
Repurchase of common stock(0.8)— (45)— — — — (45)
Dividends ($0.40 per share)— — — — (35)— — (35)
Non-controlling interest ownership change— — — — — — 1 1 
Other— — — 1 — — — 1 
Balance as of March 31, 202285.4 2 (6,579)4,200 1,603 (45)8 (811)
Net income— — — — 100 — — 100 
Other comprehensive loss— — — — — (33)— (33)
Issuance of shares for RSU vesting0.1 — — — — — — — 
Net share settlement of stock-based compensation— — — (1)— — — (1)
Employee stock purchase program issuances0.1 — — 5 — — — 5 
Change in stock-based compensation— — — 12 — — — 12