Travel & Leisure Co.
For the period ended Mar 31, 2024. Filed Apr 24, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 24, 2024
TNL$75.33+0.4%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | ||
|---|---|---|
| PART I · FINANCIAL INFORMATION | ||
| 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 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 33 |
| Forward-Looking Statements | 33 | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risks | 44 |
| Item 4. | Controls and Procedures | 44 |
| PART II | OTHER INFORMATION | |
| Item 1. | Legal Proceedings | 45 |
| Item 1A. | Risk Factors | 45 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 45 |
| Item 3. | Defaults Upon Senior Securities | 45 |
| Item 4. | Mine Safety Disclosures | 45 |
| Item 5. | Other Information | 45 |
| Item 6. | Exhibits | 46 |
| Signatures | 47 | |
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, Inc. |
PART I — FINANCIAL INFORMATION
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.