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Table of Contents


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 September 30, 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:
68,405,120 shares of common stock outstanding as of September 30, 2024.


Table of Contents

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.
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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 and integration costs associated with mergers, 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
NQNon-Qualified stock options
NZDNew Zealand Dollar
PSUPerformance-vested restricted Stock Units
RSURestricted Stock Unit
SECSecurities and Exchange Commission
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.

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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 Information
We have reviewed the accompanying condensed consolidated balance sheet of Travel + Leisure Co. and subsidiaries (the "Company") as of September 30, 2024, the related condensed consolidated statements of income, comprehensive income and deficit for the three-month and nine-month periods ended September 30, 2024 and 2023, and of cash flows for the nine-month periods ended September 30, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information 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
This interim financial information is 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 information 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
October 23, 2024


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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net revenues
Vacation ownership interest sales$455 $433 $1,265 $1,172 
Service and membership fees400 419 1,232 1,263 
Consumer financing114 107 335 313 
Other24 27 61 66 
Net revenues993 986 2,893 2,814 
Expenses
Operating434 428 1,314 1,275 
Marketing152 141 417 379 
General and administrative111 108 350 347 
Consumer financing interest35 29 101 81 
Depreciation and amortization29 28 86 83 
Cost of vacation ownership interests 27 43 82 107 
Restructuring14 2 14 12 
Asset impairments/(recoveries), net2  2 (1)
Total expenses804 779 2,366 2,283 
Loss on sale of business   2 
Operating income189 207 527 529 
Interest expense63 64 189 183 
Other (income), net(1)(2)(6)(3)
Interest (income)(3)(3)(12)(9)
Income before income taxes130 148 356 358 
Provision for income taxes33 38 96 96 
Net income from continuing operations97 110 260 262 
Gain on disposal of discontinued business, net of income taxes  32 5 
Net income attributable to Travel + Leisure Co. shareholders$97 $110 $292 $267 
Basic earnings per share
Continuing operations$1.40 $1.50 $3.68 $3.48 
Discontinued operations  0.45 0.07 
$1.40 $1.50 $4.13 $3.55 
Diluted earnings per share
Continuing operations$1.39 $1.49 $3.66 $3.46 
Discontinued operations  0.45 0.07 
$1.39 $1.49 $4.11 $3.53 

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 EndedNine Months Ended
September 30,September 30,
2024202320242023
Net income attributable to Travel + Leisure Co. shareholders$97 $110 $292 $267 
Foreign currency translation adjustments, net of tax21 (15)9 (15)
Other comprehensive income/(loss), net of tax21 (15)9 (15)
Comprehensive income attributable to Travel + Leisure Co. shareholders$118 $95 $301 $252 

See Notes to Condensed Consolidated Financial Statements.
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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)


September 30,
2024
December 31,
2023
Assets
Cash and cash equivalents$194 $282 
Restricted cash (VIE - $86 as of 2024 and $96 as of 2023)155 176 
Trade receivables, net152 179 
Vacation ownership contract receivables, net (VIE - $2,218 as of 2024 and $2,291 as of 2023)2,612 2,527 
Inventory1,208 1,135 
Prepaid expenses233 229 
Property and equipment, net594 655 
Goodwill971 962 
Other intangibles, net215 199 
Other assets364 394 
Total assets$6,698 $6,738 
Liabilities and (deficit)
Accounts payable$55 $73 
Accrued expenses and other liabilities779 807 
Deferred income450 442 
Non-recourse vacation ownership debt (VIE)2,029 2,071 
Debt3,548 3,575 
Deferred income taxes698 687 
Total liabilities7,559 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, 224,443,436 issued as of 2024 and 223,767,468 as of 20232 2 
Treasury stock, at cost – 156,101,172 shares as of 2024 and 152,336,714 shares as of 2023(7,362)(7,196)
Additional paid-in capital4,309 4,279 
Retained earnings2,250 2,067 
Accumulated other comprehensive loss(61)(70)
Total stockholders’ (deficit)(862)(918)
Noncontrolling interest1 1 
Total (deficit)(861)(917)
Total liabilities and (deficit)$6,698 $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)

Nine Months Ended
September 30,
20242023
Operating activities
Net income$292 $267 
Gain on disposal of discontinued business, net of income taxes(32)(5)
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses316 257 
Depreciation and amortization86 83 
Stock-based compensation29 31 
Non-cash interest18 15 
Deferred income taxes11 28 
Non-cash lease expense10 12 
Asset impairments2  
Loss on sale of business 2 
Other, net(7) 
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables40 (23)
Vacation ownership contract receivables(405)(354)
Inventory 17 
Prepaid expenses(5)(46)
Other assets5 (35)
Accounts payable, accrued expenses, and other liabilities6 (78)
Deferred income 27 
Net cash provided by operating activities366 198 
Investing activities
Property and equipment additions(58)(42)
Acquisitions, net of cash acquired(44)(6)
Proceeds from sale of assets1  
Other, net 2 
Net cash used in investing activities(101)(46)
Financing activities
Proceeds from non-recourse vacation ownership debt1,251 1,207 
Principal payments on non-recourse vacation ownership debt(1,294)(1,282)
Proceeds from debt1,503 1,404 
Principal payments on debt(1,236)(960)
Repayment of notes and term loans(307)(405)
Repurchase of common stock(162)(269)
Dividends to shareholders(108)(104)
Debt issuance/modification costs(12)(11)
Net share settlement of incentive equity awards(9)(10)
Payment of deferred acquisition consideration(9)(14)
Repayments of vacation ownership inventory arrangement (6)
Proceeds from issuance of common stock9 6 
Net cash used in financing activities(374)(444)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (4)
Net change in cash, cash equivalents and restricted cash(109)(296)
Cash, cash equivalents and restricted cash, beginning of period458 688 
Cash, cash equivalents and restricted cash, end of period349 392 
Less: Restricted cash155 154 
Cash and cash equivalents$194 $238 
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)
Net income— — — — 129 — — 129 
Other comprehensive income— — — — — 3 — 3 
Stock option exercises0.1 — — 1 — — — 1 
Employee stock purchase program issuances0.1 — — 5 — — — 5 
Change in stock-based compensation— — — 11 — — — 11 
Repurchase of common stock(1.6)— (70)— — — — (70)
Dividends ($0.50 per share)— — — — (37)— — (37)
Other— — (1)— — — — (1)
Balance as of June 30, 202469.9 2 (7,292)4,298 2,189 (82)1 (884)
Net income— — — — 97 — — 97 
Other comprehensive income— — — — — 21 — 21 
Stock option exercises— — — 2 — — — 2 
Change in stock-based compensation— — — 9 — — — 9 
Repurchase of common stock(1.6)— (70)— — — — (70)
Dividends ($0.50 per share)— — — — (36)— — (36)
Balance as of September 30, 202468.3 $2 $(7,362)$4,309 $2,250 $(61)$1 $(861)
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, 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)
Net income— — — — 94 — — 94 
Other comprehensive income— — — — — 2 — 2 
Issuance of shares for RSU vesting0.3 — — — — — — — 
Net share settlement of stock-based compensation— — — (5)— — — (5)
Employee stock purchase program issuances0.1 — — 5 — — — 5 
Change in stock-based compensation— — — 12 — — — 12 
Repurchase of common stock(2.6)— (102)— — — — (102)
Dividends ($0.45 per share)— — — — (35)— — (35)
Non-controlling interest ownership change— — — — — — 1 1 
Other— — — (1)— — — (1)
Balance as of June 30, 202374.0 2 (7,090)4,258 1,895 (79)10 (1,004)
Net income— — — — 110 — — 110 
Other comprehensive loss— — — — — (15)— (15)
Change in stock-based compensation— — — 9 — — — 9 
Repurchase of common stock(1.6)— (65)— — — — (65)
Dividends ($0.45 per share)— — — — (34)— — (34)
Non-controlling interest ownership change— — — — — — 1 1 
Other— — — 1 — — — 1 
Balance as of September 30, 202372.4 $2 $(7,155)$4,268 $1,971 $(94)$11 $(997)

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 will monitor updates to the regulations as they become effective and adjust its disclosures as needed in future filings.
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. This guidance is expected to only affect disclosures, rather than the Company’s financial statements. These changes will be incorporated into the Company’s filings beginning with its Annual Report on Form 10-K for the year ended December 31, 2024.
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. This guidance is expected to only affect disclosures, rather than the Company’s financials, and will be incorporated into its filings once effective.
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.
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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 EndedNine Months Ended
September 30,September 30,
2024202320242023
Management fee revenues$112 $110 $339 $326 
Reimbursable revenues104 96 298 284 
Property management fees and reimbursable revenues$216 $206 $637 $610 
One of the associations that the Company manages paid the Travel and Membership segment $9 million and $8 million for exchange services during the three months ended September 30, 2024 and 2023, and $26 million and $25 million during the nine months ended September 30, 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.
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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):
September 30,
2024
December 31, 2023
Deferred subscription revenue$156 $161 
Deferred VOI trial package revenue143 136 
Deferred VOI incentive revenue86 81 
Deferred exchange-related revenue (a)
60 59 
Deferred co-branded credit card programs revenue4 6 
Deferred other revenue 2 1 
Total$451 $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.
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):
Nine Months Ended
September 30,
20242023
Beginning balance$444 $400 
Additions246 257 
Revenue recognized(239)(221)
Ending balance$451 $436 
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 September 30, 2024 and December 31, 2023, these capitalized costs were $48 million and $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 September 30, 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.
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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):
10/1/2024 - 9/30/202510/1/2025 - 9/30/202610/1/2026 - 9/30/2027ThereafterTotal
Subscription revenue$89 $35 $15 $17 $156 
VOI trial package revenue134 3 3 3 143 
VOI incentive revenue86    86 
Exchange-related revenue57 2 1  60 
Co-branded credit card programs revenue3 1   4 
Other revenue2    2 
Total$371 $41 $19 $20 $451 
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 EndedNine Months Ended
September 30,September 30,
2024202320242023
Vacation Ownership
Vacation ownership interest sales$455 $433 $1,265 $1,172 
Property management fees and reimbursable revenues216 206 637 610 
Consumer financing114 107 335 313 
Fee-for-Service commissions16 40 61 108 
Ancillary revenues24 26 60 62 
Total Vacation Ownership825 812 2,358 2,265 
Travel and Membership
Transaction revenues116 121 381 395 
Subscription revenues44 46 134 137 
Ancillary revenues8 7 23 21 
Total Travel and Membership168 174 538 553 
Corporate and other
Ancillary revenues1 1 2 4 
Eliminations(1)(1)(5)(8)
Total Corporate and other  (3)(4)
Net revenues$993 $986 $2,893 $2,814 
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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 EndedNine Months Ended
September 30,September 30,
2024202320242023
Net income from continuing operations attributable to Travel + Leisure Co. shareholders$97 $110 $260 $262 
Gain on disposal of discontinued business attributable to Travel + Leisure Co. shareholders, net of income taxes  32 5 
Net income attributable to Travel + Leisure Co. shareholders$97 $110 $292 $267 
Basic earnings per share (a)
Continuing operations$1.40 $1.50 $3.68 $3.48 
Discontinued operations  0.45 0.07 
$1.40 $1.50 $4.13 $3.55 
Diluted earnings per share (a)
Continuing operations$1.39 $1.49 $3.66 $3.46 
Discontinued operations  0.45 0.07 
$1.39 $1.49 $4.11 $3.53 
Basic weighted average shares outstanding69.8 73.3 70.7 75.3 
RSUs,(b) PSUs (c) and NQs (d)
0.4 0.3 0.3 0.4 
Diluted weighted average shares outstanding (e)
70.2 73.6 71.0 75.7 
Dividends:
Aggregate dividends paid to shareholders (f)
$35 $33 $108 $104 
(a)Earnings per share amounts are calculated using whole numbers.
(b)Excludes 0.7 million and 0.8 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2024 and 1.0 million and 1.3 million of RSUs that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2023. These shares could potentially dilute EPS in the future.
(c)Excludes performance-vested restricted stock units (“PSUs”) of 0.7 million for both the three and nine months ended September 30, 2024 and 0.8 million of PSUs for both the three and nine months ended September 30, 2023, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future.