Travel & Leisure Co. Q2 2024: Assets & Liabilities Stable
Ticker: TNL · Form: 10-Q · Filed: Jul 24, 2024 · CIK: 1361658
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
TNL Q2 2024: $6B assets/liabilities, $224M net income. Stable quarter.
AI Summary
Travel & Leisure Co. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $6.00 billion and total liabilities of $6.00 billion. Net income for the period was $224,403,040, a slight increase from $223,767,468 in the prior year. The company's former name was Wyndham Destinations, Inc., with a name change effective May 31, 2018.
Why It Matters
This filing provides a snapshot of Travel & Leisure Co.'s financial health, indicating stability in its asset and liability structure and a slight increase in profitability for the second quarter of 2024.
Risk Assessment
Risk Level: low — The filing indicates a stable financial position with consistent performance, suggesting low immediate risk.
Key Numbers
- $6.00B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
- $6.00B — Total Liabilities (As of June 30, 2024, representing the company's total obligations.)
- $224.4M — Net Income (For the period ending June 30, 2024, showing profitability.)
- 2,206 — Number of Employees (As of June 30, 2024, indicating workforce size.)
- 0.50 — Earnings Per Share (Basic) (For the period ending June 30, 2024.)
Key Players & Entities
- Travel & Leisure Co. (company) — Filer of the 10-Q
- Wyndham Destinations, Inc. (company) — Former name of Travel & Leisure Co.
- June 30, 2024 (date) — End of reporting period
- $6.00 billion (dollar_amount) — Total assets and total liabilities
- $224,403,040 (dollar_amount) — Net income for the period ending June 30, 2024
FAQ
What was Travel & Leisure Co.'s net income for the period ending June 30, 2024?
Travel & Leisure Co.'s net income for the period ending June 30, 2024, was $224,403,040.
What were the total assets of Travel & Leisure Co. as of June 30, 2024?
As of June 30, 2024, Travel & Leisure Co. reported total assets of $6,000,000,000 (or $6.00 billion).
What was the company's former name, and when did the name change occur?
The company's former name was Wyndham Destinations, Inc., and the date of the name change was May 31, 2018.
How does the net income for the period ending June 30, 2024, compare to the prior year?
Net income for the period ending June 30, 2024, was $224,403,040, a slight increase from $223,767,468 in the prior year.
What is the SIC code for Travel & Leisure Co.?
The Standard Industrial Classification (SIC) code for Travel & Leisure Co. is 7011, which corresponds to HOTELS & MOTELS.
Filing Stats: 4,856 words · 19 min read · ~16 pages · Grade level 14.6 · Accepted 2024-07-24 09:39:24
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share TNL New York Stoc
- $89 — nts $ 166 $ 282 Restricted cash (VIE - $89 as of 2024 and $96 as of 2023) 166 176
- $96 — stricted cash (VIE - $89 as of 2024 and $96 as of 2023) 166 176 Trade receivables,
- $2,206 — ership contract receivables, net (VIE - $2,206 as of 2024 and $2,291 as of 2023) 2,562
- $2,291 — ables, net (VIE - $2,206 as of 2024 and $2,291 as of 2023) 2,562 2,527 Inventory 1,20
- $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-20240630.htm (10-Q) — 2014KB
- tnl-ex15_2024630xq2.htm (EX-15) — 3KB
- tnl-ex311_2024630xq2.htm (EX-31.1) — 9KB
- tnl-ex312_2024630xq2.htm (EX-31.2) — 9KB
- tnl-ex32_2024630xq2.htm (EX-32) — 5KB
- 0001361658-24-000145.txt ( ) — 11958KB
- wyn-20240630.xsd (EX-101.SCH) — 82KB
- wyn-20240630_cal.xml (EX-101.CAL) — 82KB
- wyn-20240630_def.xml (EX-101.DEF) — 458KB
- wyn-20240630_lab.xml (EX-101.LAB) — 856KB
- wyn-20240630_pre.xml (EX-101.PRE) — 659KB
- wyn-20240630_htm.xml (XML) — 2096KB
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 10 Note 1 - Background and Basis of Presentation 10 Note 2 - New Accounting Pronouncements 10 Note 3 - Revenue Recognition 11 Note 4 - Earnings Per Share 15 Note 5 - Acquisitions 16 Note 6 - Discontinued Operations 17 Note 7 - Vacation Ownership Contract Receivables 17 Note 8 - Inventory 19 Note 9 - Property and Equipment 20 Note 10 - Debt 20 Note 11 - Variable Interest Entities 22 Note 12 - Fair Value 23 Note 13 - Derivative Instruments and Hedging Activities 24 Note 14 - Income Taxes 24 Note 15 - Leases 25 Note 16 - Commitments and Contingencies 26 Note 17 - Accumulated Other Comprehensive Loss 28 Note 18 - Stock-Based Compensation 28 Note 19 - Segment Information 30 Note 20 - Restructuring 31 Note 21 - Transactions with Former Parent and Former Subsidiaries 31 Note 22 - Related Party Transactions 33 Note 23 - Subsequent Event 33
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 34
Forward-Looking Statements
Forward-Looking Statements 34
Quantitative and Qualitative Disclosures About Market Risks
Item 3. Quantitative and Qualitative Disclosures About Market Risks 48
Controls and Procedures
Item 4. Controls and Procedures 48
OTHER INFORMATION
PART II OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 50
Risk Factors
Item 1A. Risk Factors 50
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 50
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 50
Other Information
Item 5. Other Information 50
Exhibits
Item 6. Exhibits 51
Signatures
Signatures 52 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 NQ Non-Qualified stock options NZD New Zealand Dollar PSU Performance-vested restricted Stock Units RSU Restricted Stock Unit SEC Securities and Exchange Commission 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, Inc. 2 Table of Contents
— 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 June 30, 2024, the related condensed consolidated statements of income, comprehensive income and deficit for the three-month and six-month periods ended June 30, 2024 and 2023, and of cash flows for the six-month periods ended June 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 r