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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 March 31, 2024
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:
71,263,534 shares of common stock outstanding as of March 31, 2024.


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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

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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, asset impairments/recoveries, 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
EPSEarnings Per Share
FASBFinancial Accounting Standards Board
GAAPGenerally Accepted Accounting Principles in the United States
LIBORLondon Interbank Offered Rate
NQNon-Qualified stock options
NZDNew Zealand Dollar
PSUPerformance-vested restricted Stock Units
RSURestricted Stock Unit
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPESpecial Purpose Entity
Spin-offSpin-off of Wyndham Hotels & Resorts, Inc.
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.

2

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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 March 31, 2024, the related condensed consolidated statements of income, comprehensive income and deficit for the three-month periods ended March 31, 2024 and 2023, and of cash flows for the three-month periods ended March 31, 2024 and 2023, 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, 2023, and the related consolidated statements of income, comprehensive income, cash flows and deficit for the year then ended (not presented herein); and in our report dated February 21, 2024, 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, 2023, 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
April 24, 2024


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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
20242023
Net revenues
Service and membership fees$419 $420 
Vacation ownership interest sales369 338 
Consumer financing110 103 
Other18 18 
Net revenues916 879 
Expenses
Operating438 420 
Cost of vacation ownership interests 34 30 
Consumer financing interest33 25 
Marketing121 112 
General and administrative112 124 
Depreciation and amortization28 28 
Total expenses766 739 
Loss on sale of business 2 
Operating income150 138 
Interest expense64 58 
Other (income), net(2)(2)
Interest (income)(4)(3)
Income before income taxes92 85 
Provision for income taxes26 22 
Net income from continuing operations66 63 
Gain on disposal of discontinued business, net of income taxes 1 
Net income attributable to Travel + Leisure Co. shareholders$66 $64 
Basic earnings per share
Continuing operations$0.93 $0.81 
Discontinued operations 0.01 
$0.93 $0.82 
Diluted earnings per share
Continuing operations$0.92 $0.81 
Discontinued operations  
$0.92 $0.81 

See Notes to Condensed Consolidated Financial Statements.
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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended
March 31,
20242023
Net income attributable to Travel + Leisure Co. shareholders$66 $64 
Foreign currency translation adjustments, net of tax(15)(2)
Other comprehensive loss, net of tax(15)(2)
Comprehensive income attributable to Travel + Leisure Co. shareholders$51 $62 

See Notes to Condensed Consolidated Financial Statements.
5

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

March 31,
2024
December 31,
2023
Assets
Cash and cash equivalents$479 $282 
Restricted cash (VIE - $105 as of 2024 and $96 as of 2023)168 176 
Trade receivables, net187 179 
Vacation ownership contract receivables, net (VIE - $2,222 as of 2024 and $2,291 as of 2023)2,535 2,527 
Inventory1,187 1,135 
Prepaid expenses269 229 
Property and equipment, net614 655 
Goodwill993 962 
Other intangibles, net197 199 
Other assets394 394 
Total assets$7,023 $6,738 
Liabilities and (deficit)
Accounts payable$65 $73 
Accrued expenses and other liabilities798 807 
Deferred income452 442 
Non-recourse vacation ownership debt (VIE)2,057 2,071 
Debt3,867 3,575 
Deferred income taxes709 687 
Total liabilities7,948 7,655 
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, 224,227,808 issued as of 2024 and 223,767,468 as of 20232 2 
Treasury stock, at cost – 152,961,108 shares as of 2024 and 152,336,714 shares as of 2023(7,221)(7,196)
Additional paid-in capital4,281 4,279 
Retained earnings2,097 2,067 
Accumulated other comprehensive loss(85)(70)
Total stockholders’ (deficit)(926)(918)
Noncontrolling interest1 1 
Total (deficit)(925)(917)
Total liabilities and (deficit)$7,023 $6,738 

See Notes to Condensed Consolidated Financial Statements.
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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Three Months Ended
March 31,
20242023
Operating activities
Net income$66 $64 
Gain on disposal of discontinued business, net of income taxes (1)
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses78 71 
Depreciation and amortization28 28 
Deferred income taxes22 33 
Stock-based compensation9 10 
Non-cash interest7 5 
Non-cash lease expense4 4 
Loss on sale of business 2 
Other, net1 6 
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables(3)3 
Vacation ownership contract receivables(93)(82)
Inventory(2)(6)
Prepaid expenses(40)(51)
Other assets(8)(19)
Accounts payable, accrued expenses, and other liabilities(30)(75)
Deferred income8 15 
Net cash provided by operating activities47 7 
Investing activities
Acquisitions, net of cash acquired(40)(6)
Property and equipment additions(17)(12)
Other, net 1 
Net cash used in investing activities(57)(17)
Financing activities
Proceeds from non-recourse vacation ownership debt431 273 
Principal payments on non-recourse vacation ownership debt(439)(276)
Proceeds from debt506 478 
Principal payments on debt(216)(267)
Repayment of notes(2)(402)
Repayments of vacation ownership inventory arrangement (6)
Debt issuance/modification costs(5) 
Net share settlement of incentive equity awards(9)(5)
Repurchase of common stock(25)(101)
Dividends to shareholders(38)(37)
Net cash provided by/(used in) financing activities203 (343)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(4)(1)
Net change in cash, cash equivalents and restricted cash189 (354)
Cash, cash equivalents and restricted cash, beginning of period458 688 
Cash, cash equivalents and restricted cash, end of period647 334 
Less: Restricted cash168 138 
Cash and cash equivalents$479 $196 
See Notes to Condensed Consolidated Financial Statements.
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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, 202371.4 $2 $(7,196)$4,279 $2,067 $(70)$1 $(917)
Net income— — — — 66 — — 66 
Other comprehensive loss— — — — — (15)— (15)
Issuance of shares for RSU/PSU vesting0.5 — — — — — — — 
Net share settlement of stock-based compensation— — — (9)— — — (9)
Change in stock-based compensation— — — 9 — — — 9 
Repurchase of common stock(0.6)— (25)— — — — (25)
Dividends ($0.50 per share)— — — — (36)— — (36)
Other— — — 2 — — — 2 
Balance as of March 31, 202471.3 $2 $(7,221)$4,281 $2,097 $(85)$1 $(925)
Common Shares OutstandingCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestTotal Deficit
Balance as of December 31, 202278.4 $2 $(6,886)$4,242 $1,808 $(79)$9 $(904)
Net income— — — — 64 — — 64 
Other comprehensive loss— — — — — (2)— (2)
Issuance of shares for RSU vesting0.3 — — — — — — — 
Net share settlement of stock-based compensation— — — (5)— — — (5)
Change in stock-based compensation— — — 10 — — — 10 
Repurchase of common stock(2.5)— (102)— — — — (102)
Dividends ($0.45 per share)— — — — (36)— — (36)
Balance as of March 31, 202376.2 $2 $(6,988)$4,247 $1,836 $(81)$9 $(975)

See Notes to Condensed Consolidated Financial Statements.
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TRAVEL + LEISURE CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are in millions, except share and per share amounts)
(Unaudited)
1.    Background and Basis of Presentation
Background
Travel + Leisure Co. and its subsidiaries (collectively, “Travel + Leisure Co.,” or the “Company”) is a global provider of hospitality services and travel products. The Company has two reportable segments: Vacation Ownership and Travel and Membership.
The Vacation Ownership segment develops, markets, and sells vacation ownership interests (“VOIs”) to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. This segment includes the Wyndham Destinations business line.
The Travel and Membership segment operates a variety of travel businesses, including vacation exchange brands, travel technology platforms, travel memberships, and direct-to-consumer rentals. This segment is comprised of the Exchange and Travel Club business lines.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q include the accounts and transactions of Travel + Leisure Co., as well as the entities in which Travel + Leisure Co. directly or indirectly has a controlling financial interest. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements.
The Company presents an unclassified balance sheet which conforms to that of the Company’s peers and industry practice.
In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates and assumptions. In management’s opinion, the Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2023 Consolidated Financial Statements included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 21, 2024.
2.    New Accounting Pronouncements
Recently Issued Accounting Pronouncements
Business Combinations—Joint Venture Formations. In August 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The guidance was issued in an effort to reduce diversity in practice and requires a joint venture to initially measure its assets and liabilities at fair value on the formation date. This guidance is effective prospectively for all joint ventures within the scope of the standard that are formed on or after January 1, 2025. Existing joint ventures have the option to apply the guidance retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures.
Disclosure improvements. In October 2023, the FASB issued guidance to modify the disclosure and presentation requirements of a variety of topics in the codification. Among other updates, amendments specific to the Company include updates to disclosure requirements related to derivative instruments, diluted earnings per share, commitments, and amounts and terms of unused lines of credit. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures.
Segment Reporting. In November 2023, the FASB issued guidance to enhance segment disclosures by requiring incremental segment information on an annual and interim basis for all public entities. Among other provisions, this guidance will require public entities to disclose significant segment expenses that are regularly provided to the chief
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operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. This guidance is effective for all public entities for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures.
Improvements to Income Tax Disclosures. In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures through improvements in rate reconciliation and income taxes paid information. Among other provisions, this guidance requires public entities to disclose specific categories in the rate reconciliation, using both percentages and reporting currency amounts; and present cash taxes paid on a disaggregated basis. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures.
3.    Revenue Recognition
Vacation Ownership
The Company develops, markets, and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Company’s sales of VOIs are either cash sales or developer-financed sales. Developer-financed sales are typically collateralized by the underlying VOI. Revenue is recognized on VOI sales upon transfer of control, which is defined as the point in time when a binding sales contract has been executed, the financing contract has been executed for the remaining transaction price, the statutory rescission period has expired, and the transaction price has been deemed to be collectible.
For developer-financed sales, the Company reduces the VOI sales transaction price by an estimate of uncollectible consideration at the time of the sale. The Company’s estimates of uncollectible amounts are based largely on the results of the Company’s static pool analysis which relies on historical payment data by customer class.
In connection with entering into a VOI sale, the Company may provide its customers with certain non-cash incentives, such as credits for future stays at its resorts. For those VOI sales, the Company allocates the sales price between the VOI sale and the non-cash incentive based upon the relative standalone selling price of the performance obligations within the contract. Non-cash incentives generally have expiration periods of two years or less and are recognized at a point in time upon transfer of control.
The Company provides day-to-day property management services including oversight of housekeeping services, maintenance, and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Such agreements are generally for terms of one year or less and are renewed automatically on an annual basis. The Company’s management agreements contain cancellation clauses, which allow for either party to cancel the agreement, by either a majority board vote or a majority vote of non-developer interests. The Company receives fees for such property management services which are collected monthly in advance and are based upon total costs to operate such resorts (or as services are provided in the case of resort renovation activities). Fees for property management services typically approximate 10% of budgeted operating expenses. The Company is entitled to consideration for reimbursement of costs incurred on behalf of the property owners’ association in providing management services (“reimbursable revenue”). These reimbursable costs principally relate to the payroll costs for management of the associations, club and resort properties where the Company is the employer and are reflected as a component of Operating expenses on the Condensed Consolidated Statements of Income. The Company reduces its management fee revenue for amounts it has paid to the property owners’ association that reflect maintenance fees for VOIs for which it retains ownership, as the Company has concluded that such payments are consideration payable to a customer.
Property management fee revenues and reimbursable revenues are recognized when the services are performed and are recorded as a component of Service and membership fees on the Condensed Consolidated Statements of Income. Property management fee and reimbursable revenues were (in millions):
Three Months Ended
March 31,
20242023
Management fee revenues$113 $107 
Reimbursable revenues98 92 
Property management fees and reimbursable revenues$211 $199 
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One of the associations that the Company manages paid its Travel and Membership segment $9 million and $8 million for exchange services during the three months ended March 31, 2024 and 2023.
Travel and Membership
Travel and Membership derives a majority of its revenues from membership dues and fees for facilitating members’ trading of their timeshare intervals. Revenues from membership dues represent the fees paid by members or affiliated clubs on their behalf. As a provider of vacation exchange services, the Company enters into affiliation agreements with developers of vacation ownership properties to allow owners of VOIs to trade their intervals for intervals at other properties affiliated with the Company’s vacation exchange network and, for some members, for other leisure-related services and products. The Company recognizes revenues from membership dues paid by the member on a straight-line basis over the membership period as the performance obligations are fulfilled through delivery of publications, if applicable, and by providing access to travel-related products and services. Estimated net contract consideration payable by affiliated clubs for memberships is recognized as revenue over the term of the contract with the affiliated club in proportion to the estimated average monthly member count. Such estimates are adjusted periodically for changes in actual and forecasted member activity. For additional fees, members have the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and, for certain members, for other leisure-related services and products. The Company also derives revenue from facilitating bookings of travel accommodations that were acquired from various sources. Revenue is recognized when these transactions have been confirmed, net of expected cancellations.
The Company’s vacation exchange business also derives revenues from programs with affiliated resorts, club servicing, and loyalty programs; and additional exchange-related products that provide members with the ability to protect trading power or points, extend the life of deposits, and combine two or more deposits for the opportunity to exchange into intervals with higher trading power. Revenues from other vacation exchange related product fees are deferred and recognized upon the occurrence of a future exchange, event, or other related transaction.
The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term.
Other Items
The Company records property management service revenues for its Vacation Ownership segment and RCI Elite Rewards revenues for its Travel and Membership segment gross as a principal.
Contract Liabilities
Contract liabilities generally represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities consisted of (in millions):
March 31,
2024
December 31, 2023
Deferred subscription revenue$164 $161 
Deferred VOI trial package revenue133 136 
Deferred VOI incentive revenue82 81 
Deferred exchange-related revenue (a)
62 59 
Deferred co-branded credit card programs revenue5 6 
Deferred other revenue 8 1 
Total$454 $444 
(a)Includes contractual liabilities to accommodate members for cancellations due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.
In the Company’s Vacation Ownership business, deferred VOI trial package revenue represents consideration received in advance for a trial VOI, which allows customers to utilize a vacation package typically within three years of purchase, but may extend longer for certain programs. Deferred VOI incentive revenue represents payments received in advance for additional travel-related services and products at the time of a VOI sale. Revenue is recognized when a customer utilizes the additional services and products, which is typically within two years of the VOI sale, but may extend longer for certain programs.
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Within the Company’s Travel and Membership business, deferred subscription revenue represents billings and payments received in advance from members and affiliated clubs for memberships in the Company’s travel programs which are recognized in future periods. Deferred exchange-related revenue primarily represents payments received in advance from members to book vacation exchanges which are recognized upon the future confirmed transaction. Deferred revenue also includes other leisure-related service and product revenues which are recognized as customers utilize the associated benefits.
Changes in contract liabilities for the periods presented were as follows (in millions):
Three Months Ended
March 31,
20242023
Beginning balance$444 $400 
Additions95 90 
Revenue recognized(85)(71)
Ending balance$454 $419 
Capitalized Contract Costs
The Vacation Ownership segment incurs certain direct and incremental selling costs in connection with VOI trial package and incentive revenues. Such costs are capitalized and subsequently recognized over the utilization period when usage or expiration occurs, which is typically within three years from the date of sale. As of both March 31, 2024 and December 31, 2023, these capitalized costs were $46 million and are included within Other assets on the Condensed Consolidated Balance Sheets.
The Travel and Membership segment incurs certain direct and incremental selling costs to obtain contracts with customers in connection with subscription revenues and exchange–related revenues. Such costs, which are primarily comprised of commissions paid to internal and external parties and credit card processing fees, are deferred at the inception of the contract and recognized when the benefit is transferred to the customer. As of March 31, 2024, the capitalized costs were $17 million, of which $11 million was included in Prepaid expenses and $6 million was included in Other assets on the Condensed Consolidated Balance Sheets. As of December 31, 2023, these capitalized costs were $16 million, of which $11 million was included in Prepaid expenses and $5 million was included in Other assets on the Condensed Consolidated Balance Sheets.
Practical Expedients
The Company has not adjusted the consideration for the effects of a significant financing component if it expected, at contract inception, that the period between when the Company will satisfy the performance obligation and when the customer will pay for that good or service will be one year or less.
Performance Obligations
A performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied.
The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions):
4/1/2024 - 3/31/20254/1/2025 - 3/31/20264/1/2026 - 3/31/2027ThereafterTotal
Subscription revenue$94 $36 $16 $18 $164 
VOI trial package revenue124 3 3 3 133 
VOI incentive revenue82    82 
Exchange-related revenue59 2 1  62 
Co-branded credit card programs revenue3 2   5 
Other revenue8    8 
Total$370 $43 $20 $21 $454 
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Disaggregation of Net Revenues
The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments (in millions):
Three Months Ended
March 31,
20242023
Vacation Ownership
Vacation ownership interest sales$369 $338 
Property management fees and reimbursable revenues211 199 
Consumer financing110 103 
Fee-for-Service commissions18 27 
Ancillary revenues17 18 
Total Vacation Ownership725 685 
Travel and Membership
Transaction revenues140 147 
Subscription revenues45 45 
Ancillary revenues8 8 
Total Travel and Membership193 200 
Corporate and other
Ancillary revenues1  
Eliminations(3)(6)
Total Corporate and other(2)(6)
Net revenues$916 $879 
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4.    Earnings Per Share
The computations of basic and diluted earnings per share (“EPS”) are based on Net income attributable to Travel + Leisure Co. shareholders divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding. The following table sets forth the computations of basic and diluted EPS (in millions, except per share data):
Three Months Ended
March 31,
20242023
Net income from continuing operations attributable to Travel + Leisure Co. shareholders$66 $63 
Gain on disposal of discontinued business attributable to Travel + Leisure Co. shareholders, net of income taxes 1 
Net income attributable to Travel + Leisure Co. shareholders$66 $64 
Basic earnings per share (a)
Continuing operations$0.93 $0.81 
Discontinued operations 0.01 
$0.93 $0.82 
Diluted earnings per share (a)
Continuing operations$0.92 $0.81 
Discontinued operations  
$0.92 $0.81 
Basic weighted average shares outstanding71.5 77.5 
RSUs,(b) PSUs (c) and NQs (d)
0.5 0.8 
Diluted weighted average shares outstanding (e)
72.0 78.3 
Dividends:
Aggregate dividends paid to shareholders (f)
$38 $37 
(a)Earnings per share amounts are calculated using whole numbers.
(b)Excludes 0.5 million and 1.0 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the three months ended March 31, 2024 and 2023. These shares could potentially dilute EPS in the future.
(c)Excludes performance-vested restricted stock units (“PSUs”) of 0.9 million for both the three months ended March 31, 2024 and 2023, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future.
(d)Excludes 1.7 million and 2.3 million of outstanding non-qualified stock options (“NQs”) that would have been anti-dilutive to EPS for the three months ended March 31, 2024 and 2023. These outstanding NQs could potentially dilute EPS in the future.
(e)The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period.
(f)The Company paid cash dividends of $0.50 per share during the three months ended March 31, 2024 and $0.45 per share during the three months ended March 31, 2023.
Share Repurchase Program
The following table summarizes stock repurchase activity under the current share repurchase program (in millions):
SharesCost
As of December 31, 2023127.8 $6,411 
Repurchases0.6 25 
As of March 31, 2024128.4 $6,436 
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Since the inception of the Company’s share repurchase program in August 2007 proceeds received from stock option exercises have increased the repurchase capacity by $81 million. As of March 31, 2024, the Company had $146 million of remaining availability under the program.
The Company had $3 million of excise tax related to share repurchases accrued as of March 31, 2024 and December 31, 2023, included within Treasury stock on the Condensed Consolidated Balance Sheets.
5.    Acquisitions
Accor Vacation Club. On March 1, 2024, the Company acquired the vacation ownership business of Accor for $50 million ($44 million net of cash acquired) subject to customary post-closing adjustments based on final valuation information and additional analysis. The fair value of purchase consideration was comprised of $40 million net cash paid at closing, and $4 million to be paid in April 2024. The acquisition creates a new line of business for Travel + Leisure Co. as Accor Vacation Club adds to the Company’s portfolio of brand affiliations and expands its international portfolio in the Asia Pacific region. Accor will receive a percentage of the associated vacation ownership sales revenue as a licensing fee under a licensing agreement.
This transaction was accounted for as a business acquisition. As of March 31, 2024, the Company has recognized the assets and liabilities of Accor Vacation Club based on estimates of their acquisition date fair values. The determination of the fair values of the acquired assets and assumed liabilities, including goodwill and other intangible assets, requires significant judgment. The preliminary purchase price allocations resulted in the recognition of: (i) $32 million of Goodwill, none of which is expected to be deductible for Australian income tax purposes; (ii) $8 million of Inventory; (iii) $8 million of Trade receivables, net; (iv) $3 million of Property and equipment, net; and (v) $8 million of Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. This business is included within the Vacation Ownership segment.
Playbook365. On January 3, 2023, the Company acquired the Playbook365 business for $13 million, comprised of $6 million of cash paid at closing and contingent consideration with a fair market value of $7 million, which can range up to $24 million, based on the achievement of certain financial metrics. If these financial metrics are achieved, the Company would be required to make payments in the first quarter of 2025 and/or 2026. Playbook365 is a youth and amateur sports management platform. This platform was integrated with Travel Club’s event lodging management platform to create an all-in-one solution in the youth sports market. This acquisition was made to broaden the products and services offered by Travel Club.
This transaction was accounted for as a business acquisition. The Company recognized the assets and liabilities of Playbook365 based on estimates of their acquisition date fair values. The determination of the fair values of the acquired assets and assumed liabilities, including goodwill and other intangible assets, required significant judgment. The purchase price allocation included: (i) $5 million of developed software with a weighted average life of four years included within Property and equipment, net on the Condensed Consolidated Balance Sheets; (ii) $5 million of Goodwill; (iii) $3 million of definite-lived intangible assets with a weighted average life of four years primarily consisting of customer relationships included within Other intangibles, net on the Condensed Consolidated Balance Sheets; and (iv) $7 million of Accrued expenses and other liabilities. All of the goodwill and other intangible assets are expected to be deductible for income tax purposes. This business is included within the Travel and Membership segment. The Company completed purchase accounting for this transaction during the third quarter of 2023.
Travel + Leisure. On January 5, 2021, the Company acquired the Travel + Leisure brand from Dotdash Meredith (formerly Meredith Corporation) for $100 million, $35 million of which was paid at closing. The Company made additional payments of $20 million, $20 million, and $15 million during each of the second quarters of 2021, 2022, and 2023. The majority of these payments were reflected as cash used in Financing activities on the Condensed Consolidated Statements of Cash Flows. The remaining $10 million payment is due in June 2024. This transaction was accounted for as an asset acquisition, with the full consideration allocated to the related trademark indefinite-lived intangible asset. The Company acquired the Travel + Leisure brand to accelerate its strategic plan to broaden its reach with the launch of new travel services, expand its membership travel business, and amplify the global visibility of its leisure travel products.
6.    Discontinued Operations
During 2018, the Company sold its European vacation rentals business. In connection with this sale, during the three months ended March 31, 2023, the Company recognized a $1 million Gain on disposal of discontinued business, net of income taxes associated with value added tax refunds.
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7.    Vacation Ownership Contract Receivables
The Company generates vacation ownership contract receivables (“VOCRs”) by extending financing to the purchasers of its VOIs. Vacation ownership contract receivables, net consisted of the following (in millions):
March 31,
2024
December 31,
2023
Vacation ownership contract receivables:
Securitized (a)
$2,222 $2,291 
Non-securitized (b)
874 810 
Vacation ownership contract receivables, gross3,096 3,101 
Less: allowance for loan losses561 574 
Vacation ownership contract receivables, net$2,535 $2,527 
(a)Excludes $18 million of accrued interest on VOCRs as of both March 31, 2024 and December 31, 2023, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.
(b)Excludes $8 million of accrued interest on VOCRs as of both March 31, 2024 and December 31, 2023, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.
During the three months ended March 31, 2024 and 2023, the Company’s securitized VOCRs generated interest income of $80 million and $76 million. Such interest income is included within Consumer financing revenue on the Condensed Consolidated Statements of Income.
During the three months ended March 31, 2024 and 2023, the Company had net VOCR originations of $334 million and $316 million, and received principal collections of $241 million and $234 million. The weighted average interest rate on outstanding VOCRs was 14.6% and 14.7% as of March 31, 2024 and December 31, 2023.
The Company records the difference between VOCRs and the variable consideration included in the transaction price for the sale of the related VOIs as a provision for loan losses on VOCRs. The activity in the allowance for loan losses on VOCRs was as follows (in millions):
Three Months Ended
March 31,
20242023
Allowance for loan losses, beginning balance$574 $541 
Provision for loan losses, net (a)
78 71 
Contract receivables write-offs, net(91)(82)
Allowance for loan losses, ending balance$561 $530 
(a)Recorded as a reduction to Net revenue.
Credit Quality for Financed Receivables and the Allowance for Credit Losses
The basis of the differentiation within the identified class of financed VOI contract receivables is the consumer’s Fair Isaac Corporation (“FICO”) score. A FICO score is a branded version of a consumer credit score widely used within the U.S. by the largest banks and lending institutions. FICO scores range from 300 to 850 and are calculated based on information obtained from one or more of the three major U.S. credit reporting agencies that compile and report on a consumer’s credit history. The Company updates its records for all active VOI contract receivables with a balance due on a rolling monthly basis to ensure that all VOI contract receivables are scored at least every six months. The Company groups all VOI contract receivables into five different categories: FICO scores ranging from 700 to 850, from 600 to 699, below 600, no score (primarily comprised of consumers for whom a score is not readily available, including consumers declining access to FICO scores and non-U.S. residents), and Asia Pacific (comprised of receivables in the Company’s Travel + Leisure Vacation Clubs Asia Pacific business for which scores are not available).
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The following table details an aging analysis of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions):
As of March 31, 2024
700+600-699<600No ScoreAsia PacificTotal
Current$1,805 $741 $134 $82 $177 $2,939 
31 - 60 days22 27 12 2 6 69 
61 - 90 days14 18 11 2 5 50 
91 - 120 days10 12 11 1 4 38 
Total$1,851 $798 $168 $87 $192 $3,096 
As of December 31, 2023
700+600-699<600No ScoreAsia PacificTotal
Current$1,835 $735 $120 $83 $183 $2,956 
31 - 60 days22 28 13 2 1 66 
61 - 90 days12 16 10 1  39 
91 - 120 days10 16 12 2  40 
Total$1,879 $795 $155 $88 $184 $3,101 
The Company ceases to accrue interest on VOI contract receivables once the contract has remained delinquent for greater than 90 days and reverses all of the associated accrued interest recognized to date against interest income included within Consumer financing revenue on the Condensed Consolidated Statements of Income. At greater than 120 days, the VOI contract receivable is written off to the allowance for loan losses. In accordance with its policy, the Company assesses the allowance for loan losses using a static pool methodology and thus does not assess individual loans for impairment.
The following tables detail the year of origination of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions):
As of March 31, 2024
700+600-699<600No ScoreAsia PacificTotal
2024$234 $60 $ $13 $41 $348 
2023698 292 45 25 78 1,138 
2022363 176 45 13 17 614 
2021154 81 25 3 11 274 
202078 36 10 3 10 137 
Prior324 153 43 30 35 585 
Total$1,851 $798 $168 $87 $192 $3,096 
As of December 31, 2023
700+600-699<600No ScoreAsia PacificTotal
2023$850 $292 $27 $33 $107 $1,309 
2022407 202 46 14 18 687 
2021172 90 27 4 12 305 
202086 39 10 4 10 149 
2019131 65 18 11 13 238 
Prior233 107 27 22 24 413 
Total$1,879 $795 $155 $88 $184 $3,101 
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The table below represents the gross write-offs of financing receivables by year of origination (in millions):
Three Months Ended
March 31, 2024
2024$ 
202343 
202222 
202110 
20203 
Prior16 
Total$94 
8.    Inventory
Inventory consisted of the following (in millions):
March 31,
2024
December 31,
2023
Completed VOI inventory$938 $899 
Estimated VOI recoveries206 207 
Land held for VOI development29 20 
VOI construction in process10 5 
Vacation exchange credits and other4 4 
Total inventory$1,187 $1,135 
As VOI inventory is completed it is transferred into property and equipment until such units are registered and made available for sale. Once registered and available for sale, the units are then transferred back into completed inventory. The Company had net transfers of VOI inventory from property and equipment of $39 million during the three months ended March 31, 2024 and net transfers of VOI inventory to property and equipment of $19 million during the three months ended and March 31, 2023.
Inventory Obligations
The Company has entered into inventory sale transactions with third-party developers for which the Company has conditional rights and obligations to repurchase the completed properties from the developers subject to the properties conforming to the Company’s vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party. Under the sale of real estate accounting guidance, the conditional rights and obligations of the Company constitute continuing involvement and thus the Company was unable to account for these transactions as a sale.
The following table summarizes the activity related to the Company's inventory obligations (in millions):
Las Vegas (a)
Other (b)
Total
December 31, 2023$ $8 $8 
Purchases 33 33 
Payments (34)(34)
March 31, 2024$ $7 $7 
December 31, 2022$30 $7 $37 
Purchases 12 12 
Payments(30)(13)(43)
March 31, 2023$ $6 $6 
(a)Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.
(b)Included in Accounts payable on the Condensed Consolidated Balance Sheets.
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9.    Property and Equipment
Property and equipment, net consisted of the following (in millions):
March 31,
2024
December 31, 2023
Capitalized software$770 $756 
Building and leasehold improvements (a)
633 665 
Furniture, fixtures and equipment165 168 
Finance leases44 41 
Land28 28 
Construction in progress22 24 
Total property and equipment1,662 1,682 
Less: accumulated depreciation and amortization1,048 1,027 
Property and equipment, net$614 $655 
(a)Includes $216 million and $256 million of unregistered VOI inventory as of March 31, 2024 and December 31, 2023.
10.    Debt
The Company’s indebtedness consisted of the following (in millions):
March 31,
2024
December 31,
2023
Non-recourse vacation ownership debt: (a)
Term notes (b)
$1,824 $1,707 
USD bank conduit facility (due September 2025) (c)
136 261 
AUD/NZD bank conduit facility (due December 2024) (d)
97 103 
Total$2,057 $2,071 
Debt: (e)
$1.0 billion secured revolving credit facility (due October 2026) (f)
$292 $ 
$300 million 2018 secured term loan B (due May 2025) (g)
283 284 
$598 million 2023 secured incremental term loan B (due December 2029) (h)
582 583 
$300 million 5.65% secured notes (due April 2024)300 300 
$350 million 6.60% secured notes (due October 2025) (i)
348 348 
$650 million 6.625% secured notes (due July 2026)646 646 
$400 million 6.00% secured notes (due April 2027) (j)
404 404 
$650 million 4.50% secured notes (due December 2029)644 643 
$350 million 4.625% secured notes (due March 2030)347 347 
Finance leases21 20 
Total$3,867 $3,575 
(a)Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities, the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.36 billion and $2.42 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of March 31, 2024 and December 31, 2023.
(b)The carrying amounts of the term notes are net of deferred financing costs of $24 million and $22 million as of March 31, 2024 and December 31, 2023.
(c)The Company has a borrowing capacity of $600 million under the USD bank conduit facility through September 2025. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than October 2026.
(d)The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2024. Borrowings under this facility are required to be repaid no later than January 2027.
(e)The carrying amounts of the secured notes and term loan are net of unamortized discounts of $19 million and $20 million as of March 31, 2024 and December 31, 2023, and net of unamortized debt financing costs of $11 million and $12 million as of March 31, 2024 and December 31, 2023.
(f)The weighted average effective interest rate on facility borrowings was 7.67% and 7.47% as of March 31, 2024 and December 31, 2023.
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(g)The weighted average effective interest rate on facility borrowings was 7.85% and 7.49% as of March 31, 2024 and December 31, 2023.
(h)The weighted average effective interest rate on facility borrowings was 8.78% and 9.25% as of March 31, 2024 and December 31, 2023.
(i)Includes $2 million of unamortized losses from the settlement of a derivative as of both March 31, 2024 and December 31, 2023.
(j)Includes $5 million and $6 million of unamortized gains from the settlement of a derivative as of March 31, 2024 and December 31, 2023.
Sierra Timeshare 2024-1 Receivables Funding LLC
On March 21, 2024, the Company closed on a placement of a series of term notes payable, issued by Sierra Timeshare 2024-1 Receivables Funding LLC, with an initial principal amount of $