Travel & Leisure Co.
For the period ended Mar 31, 2026. Filed Apr 22, 2026.
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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, 2026 · Filed Apr 22, 2026
TNL$80.35+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In millions)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2026 | 2025 | |
| Operating activities | ||
| Net income | $79 | $73 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for loan losses | 100 | 91 |
| Depreciation and amortization | 32 | 30 |
| Deferred income taxes | 29 | 22 |
| Inventory write-downs and impairments | 19 | — |
| Stock-based compensation | 13 | 14 |
| Non-cash interest | 6 | 6 |
| Non-cash lease expense | 3 | 4 |
| Other, net | (5) | 2 |
| Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | ||
| Trade receivables | 18 | (14) |
| Vacation ownership contract receivables | (68) | (52) |
| Inventory | (78) | 6 |
| Prepaid expenses | (49) | (37) |
| Other assets | 27 | 20 |
| Accounts payable, accrued expenses, and other liabilities | (98) | (70) |
| Deferred income | 10 | 26 |
| Net cash provided by operating activities | 38 | 121 |
| Investing activities | ||
| Property and equipment additions | (19) | (21) |
| Purchase of investments | (8) | — |
| Proceeds from the sale of investments | 9 | — |
| Acquisitions, net of cash acquired | — | (1) |
| Net cash used in investing activities | (18) | (22) |
| Financing activities | ||
| Proceeds from non-recourse vacation ownership debt | 536 | 502 |
| Principal payments on non-recourse vacation ownership debt | (555) | (450) |
| Proceeds from debt, notes issued, and term loans | 812 | 632 |
| Principal payments on debt, notes, and term loans | (640) | (618) |
| Repurchase of common stock | (87) | (70) |
| Dividends paid to shareholders | (41) | (41) |
| Net share settlement of incentive equity awards | (16) | (13) |
| Debt issuance/modification costs | (6) | (5) |
| Proceeds from issuance of common stock | 4 | 2 |
| Other, net | — | (2) |
| Net cash provided by/(used in) financing activities | 7 | (63) |
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | 3 | 2 |
| Net change in cash, cash equivalents and restricted cash | 30 | 38 |
| Cash, cash equivalents and restricted cash, beginning of period | 426 | 329 |
| Cash, cash equivalents and restricted cash, end of period | 456 | 367 |
| Less: Restricted cash | 202 | 179 |
| Cash and cash equivalents | $254 | $188 |
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