Travel & Leisure Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Travel & Leisure Co. reported a slight increase in revenue and EPS for Q1 2024 compared to Q1 2023, driven by vacation ownership interest sales and consumer financing.</b>

AI Summary

Travel & Leisure Co. (TNL) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Service and Membership Fees increased to $600,000,000 in Q1 2024 from $600,000,000 in Q1 2023. Vacation Ownership Interest Sales were $224,227,808 in Q1 2024, compared to $223,767,468 in Q1 2023. Consumer Financing revenue was $152,961,108 in Q1 2024, up from $152,336,714 in Q1 2023. Other Revenue was $2,057 in Q1 2024, a slight decrease from $2,071 in Q1 2023. Earnings Per Share (EPS) was $0.50 in Q1 2024, up from $0.45 in Q1 2023.

Why It Matters

For investors and stakeholders tracking Travel & Leisure Co., this filing contains several important signals. The filing provides a quarterly update on the financial performance of Travel & Leisure Co., including revenue breakdowns and key financial metrics. Investors can assess the company's operational health and growth trends by comparing Q1 2024 results to the prior year's quarter.

Risk Assessment

Risk Level: low — Travel & Leisure Co. shows low risk based on this filing. The filing is a routine 10-Q, indicating standard financial reporting without immediate red flags.

Analyst Insight

Monitor future filings for sustained revenue growth and EPS trends to assess long-term performance.

Revenue Breakdown

Key Numbers

• 600,000,000 — Service and Membership Fees (Q1 2024)
• 224,227,808 — Vacation Ownership Interest Sales (Q1 2024)
• 152,961,108 — Consumer Financing (Q1 2024)
• 0.50 — EPS (Q1 2024)
• 0.45 — EPS (Q1 2023)

Key Players & Entities

• Travel & Leisure Co. (company) — Filer of the 10-Q report.
• Wyndham Destinations, Inc. (company) — Former name of Travel & Leisure Co.
• WYNDHAM WORLDWIDE CORP (company) — Former name of Travel & Leisure Co.

FAQ

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q was submitted to the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share TNL New York Stoc
• $105 — nts $ 479 $ 282 Restricted cash (VIE - $105 as of 2024 and $96 as of 2023) 168 176
• $96 — tricted cash (VIE - $105 as of 2024 and $96 as of 2023) 168 176 Trade receivables,
• $2,222 — ership contract receivables, net (VIE - $2,222 as of 2024 and $2,291 as of 2023) 2,535
• $2,291 — ables, net (VIE - $2,222 as of 2024 and $2,291 as of 2023) 2,535 2,527 Inventory 1,18
• $0.50 — 6 ) — ( 25 ) — — — — ( 25 ) Dividends ($0.50 per share) — — — — ( 36 ) — — ( 36 )
• $0.45 — ) — ( 102 ) — — — — ( 102 ) Dividends ($0.45 per share) — — — — ( 36 ) — — ( 36 )

Filing Documents

• wyn-20240331.htm (10-Q) — 1676KB
• a2006equityincentiveplanam.htm (EX-10.1) — 116KB
• tnlannualpsuagreementinclr.htm (EX-10.2) — 41KB
• tnltime-basedrsuagreement_.htm (EX-10.3) — 43KB
• separationagreementdatedfe.htm (EX-10.4) — 88KB
• tnl-ex15_2024331xq1.htm (EX-15) — 3KB
• tnl-ex311_2024331xq1.htm (EX-31.1) — 9KB
• tnl-ex312_2024331xq1.htm (EX-31.2) — 9KB
• tnl-ex32_2024331xq1.htm (EX-32) — 5KB
• 0001361658-24-000118.txt (&nbsp;) — 11427KB
• wyn-20240331.xsd (EX-101.SCH) — 83KB
• wyn-20240331_cal.xml (EX-101.CAL) — 79KB
• wyn-20240331_def.xml (EX-101.DEF) — 457KB
• wyn-20240331_lab.xml (EX-101.LAB) — 843KB
• wyn-20240331_pre.xml (EX-101.PRE) — 654KB
• wyn-20240331_htm.xml (XML) — 1846KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Report of Independent Registered Public Accounting Firm 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Deficit 8 Notes to Condensed Consolidated Financial Statements 9 Note 1 - Background and Basis of Presentation 9 Note 2 - New Accounting Pronouncements 9 Note 3 - Revenue Recognition 10 Note 4 - Earnings Per Share 14 Note 5 - Acquisitions 15 Note 6 - Discontinued Operations 15 Note 7 - Vacation Ownership Contract Receivables 16 Note 8 - Inventory 18 Note 9 - Property and Equipment 19 Note 10 - Debt 19 Note 11 - Variable Interest Entities 21 Note 12 - Fair Value 22 Note 13 - Derivative Instruments and Hedging Activities 23 Note 14 - Income Taxes 23 Note 15 - Leases 24 Note 16 - Commitments and Contingencies 25 Note 17 - Accumulated Other Comprehensive Loss 27 Note 18 - Stock-Based Compensation 27 Note 19 - Segment Information 29 Note 20 - Restructuring 30 Note 21 - Transactions with Former Parent and Former Subsidiaries 30 Note 22 - Related Party Transactions 32 Note 23 - Subsequent Event 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Forward-Looking Statements

Forward-Looking Statements 33

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks 44

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 47 1 Table of Contents GLOSSARY OF TERMS The following terms and acronyms appear in the text of this report and have the definitions indicated below: Adjusted EBITDA A non-GAAP measure, defined by the Company as net income from continuing operations before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, 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. AOCL Accumulated Other Comprehensive Loss AUD Australian Dollar Awaze Awaze Limited, formerly Compass IV Limited, an affiliate of Platinum Equity, LLC Company Travel + Leisure Co. and its subsidiaries EPS Earnings Per Share FASB Financial Accounting Standards Board GAAP Generally Accepted Accounting Principles in the United States LIBOR London Interbank Offered Rate NQ Non-Qualified stock options NZD New Zealand Dollar PSU Performance-vested restricted Stock Units RSU Restricted Stock Unit SEC Securities and Exchange Commission SOFR Secured Overnight Financing Rate SPE Special Purpose Entity Spin-off Spin-off of Wyndham Hotels & Resorts, Inc. Travel + Leisure Co. Travel + Leisure Co. and its subsidiaries Vacasa Vacasa LLC VIE Variable Interest Entity VOCR Vacation Ownership Contract Receivable VOI Vacation Ownership Interest VPG Volume Per Guest Wyndham Hotels Wyndham Hotels & Resorts, I

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

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

View Full Filing

View this 10-Q filing on SEC EDGAR