Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Income

v3.22.4
Consolidated Statements Of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net Revenues      
Net revenues $ 3,567 $ 3,134 $ 2,160
Expenses      
Operating 1,603 1,359 1,130
Cost of vacation ownership interests 157 157 2
Consumer financing interest 79 81 101
General and administrative 479 434 398
Marketing 451 363 329
Depreciation and amortization 119 124 126
Restructuring [1] 14 (1) 39
Asset impairments/(recoveries), net 10 (5) [2] 52
COVID-19 related costs 2 4 88
Total expenses 2,914 2,516 2,265
Operating income/(loss) 653 618 (105)
Interest expense 195 198 192
Interest (income) (6) (3) (7)
Other (income), net (22) (6) (14)
Income/(loss) before income taxes 486 429 (276)
Provision/(benefit) for income taxes 130 116 (23)
Net income/(loss) from continuing operations 356 313 (253)
Gain/(loss) on disposal of discontinued business, net of income taxes 1 (5) (2)
Net income/(loss) attributable to Travel + Leisure Co. shareholders $ 357 $ 308 $ (255)
Basic earnings/(loss) per share      
Continuing operations [3] $ 4.27 $ 3.62 $ (2.95)
Discontinued operations [3] 0.01 (0.06) (0.02)
Basic earnings/(loss) per share [3] 4.28 3.56 (2.97)
Diluted earnings/(loss) per share      
Continuing operations [3] 4.23 3.58 (2.95)
Discontinued operations [3] 0.01 (0.06) (0.02)
Diluted earnings/(loss) per share [3] $ 4.24 $ 3.52 $ (2.97)
Service and membership fees      
Net Revenues      
Net revenues $ 1,611 $ 1,502 $ 1,139
Vacation ownership interest sales      
Net Revenues      
Net revenues 1,484 1,176 505
Consumer financing      
Net Revenues      
Net revenues 406 404 467
Other      
Net Revenues      
Net revenues $ 66 $ 52 $ 49
[1] Includes $3 million of stock-based compensation expense for the year ended December 31, 2022 associated with the 2022 restructuring plans.
[2] Includes $1 million of inventory impairments for the year ended December 31, 2022, included in Cost of vacation ownership interests on the Consolidated Statements of Income/(Loss). Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating expenses on the Consolidated Statements of Income/(Loss).
[3] Earnings/(loss) per share amounts are calculated using whole numbers.