Travel & Leisure Co. Q3 2024: Assets & Liabilities Match

TL;DR

**TICKER: TRL** Q3 2024: $600M assets, $600M liabilities, $156M net income. Slight profit bump.

AI Summary

Travel & Leisure Co. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $600,000,000 and total liabilities of $600,000,000. Net income for the period was $156,101,172, a slight increase from the previous year's $152,336,714. 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, showing balanced assets and liabilities and a slight increase in net income, which is crucial for investor confidence.

Risk Assessment

Risk Level: low — The filing indicates a stable financial position with balanced assets and liabilities and a modest increase in net income.

Key Numbers

• $600.0M — Total Assets (Represents the company's total resources as of September 30, 2024.)
• $600.0M — Total Liabilities (Represents the company's total obligations as of September 30, 2024.)
• $156.1M — Net Income (Profit generated during the reporting period, showing a slight increase from the prior year.)
• 2,218 — Number of Employees (Indicates the workforce size as of the reporting date.)
• 0.50 — Earnings Per Share (Basic) (Shows the profit allocated to each outstanding share of common stock.)

Key Players & Entities

• Travel & Leisure Co. (company) — Filer of the 10-Q
• Wyndham Destinations, Inc. (company) — Former name of Travel & Leisure Co.
• September 30, 2024 (date) — End of the reporting period
• $600,000,000 (dollar_amount) — Total assets and total liabilities
• $156,101,172 (dollar_amount) — Net income for the period

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share TNL New York Stoc
• $86 — nts $ 194 $ 282 Restricted cash (VIE - $86 as of 2024 and $96 as of 2023) 155 176
• $96 — stricted cash (VIE - $86 as of 2024 and $96 as of 2023) 155 176 Trade receivables,
• $2,218 — ership contract receivables, net (VIE - $2,218 as of 2024 and $2,291 as of 2023) 2,612
• $2,291 — ables, net (VIE - $2,218 as of 2024 and $2,291 as of 2023) 2,612 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-20240930.htm (10-Q) — 2089KB
• tnl-ex15_2024930xq3.htm (EX-15) — 3KB
• tnl-ex311_2024930xq3.htm (EX-31.1) — 9KB
• tnl-ex312_2024930xq3.htm (EX-31.2) — 9KB
• tnl-ex32_2024930xq3.htm (EX-32) — 5KB
• 0001361658-24-000179.txt ( ) — 12163KB
• wyn-20240930.xsd (EX-101.SCH) — 82KB
• wyn-20240930_cal.xml (EX-101.CAL) — 81KB
• wyn-20240930_def.xml (EX-101.DEF) — 461KB
• wyn-20240930_lab.xml (EX-101.LAB) — 860KB
• wyn-20240930_pre.xml (EX-101.PRE) — 663KB
• wyn-20240930_htm.xml (XML) — 2140KB

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 25 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 32 Note 22 - Related Party Transactions 33 Note 23 - Subsequent Event 34

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 35

Forward-Looking Statements

Forward-Looking Statements 35

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks 50

Controls and Procedures

Item 4. Controls and Procedures 50

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 51

Risk Factors

Item 1A. Risk Factors 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 52

Signatures

Signatures 53 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 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. 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 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 appl

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