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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to        
Commission file number 001-32876
TRAVEL + LEISURE CO.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
20-0052541
(State or Other Jurisdiction
of Incorporation or Organization)
(I.R.S. Employer
Identification No.)
6277 Sea Harbor Drive
32821
Orlando,
Florida
(Zip Code)
(Address of Principal Executive Offices)
(407) 626-5200
(Registrant’s Telephone Number, Including Area Code)
None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per share
TNL
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
86,297,536 shares of common stock outstanding as of June 30, 2021.


Table of Contents

Table of Contents
  Page
PART IFINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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/(loss) 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, impairments, 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 liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels and Cendant, and the sale of the vacation rentals businesses.
AOCLAccumulated Other Comprehensive Loss
ARNAlliance Reservations Network
ARPAAmerican Rescue Plan Act of 2021
AUDAustralian Dollar
AwazeAwaze Limited, formerly Compass IV Limited, an affiliate of Platinum Equity, LLC
BoardBoard of Directors
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CompanyTravel + Leisure Co. and its subsidiaries
COVID-19Novel coronavirus global pandemic
Credit Agreement AmendmentAn amendment to the Company’s credit agreement governing its revolving credit facility and term loan B
EPSEarnings/(loss) Per Share
FASBFinancial Accounting Standards Board
GAAPGenerally Accepted Accounting Principles in the United States
LIBORLondon Interbank Offered Rate
MeredithMeredith Corporation
Moody’sMoody’s Investors Service, Inc.
NQNon-Qualified stock options
NZDNew Zealand Dollar
PCAOBPublic Company Accounting Oversight Board
PSUPerformance-vested restricted Stock Units
Relief PeriodRelief period of the Credit Agreement Amendment
RSURestricted Stock Unit
S&PStandard & Poor’s Rating Services
SECSecurities and Exchange Commission
SPESpecial Purpose Entity
Spin-offSpin-off of Wyndham Hotels & Resorts, Inc.
SSARStock-Settled Appreciation Rights
Travel + LeisureTravel + Leisure Co. and its subsidiaries
VacasaVacasa LLC
VIEVariable Interest Entity
VOCRVacation Ownership Contract Receivable
VOIVacation Ownership Interest
VPGVolume Per Guest
Wyndham HotelsWyndham Hotels & Resorts, Inc.

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PART I — FINANCIAL INFORMATION
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, 2021, the related condensed consolidated statements of income/(loss), comprehensive income/(loss), and deficit for the three-month and six-month periods ended June 30, 2021 and 2020, and the cash flows for the six-month periods ended June 30, 2021 and 2020, 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, 2020, and the related consolidated statements of (loss)/income, comprehensive (loss)/income, cash flows and equity/(deficit) for the year then ended (not presented herein); and in our report dated February 24, 2021, 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, 2020, 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 of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ Deloitte & Touche LLP

Tampa, FL
July 28, 2021


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Table of Contents
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)
(In millions, except per share amounts)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Net revenues
Service and membership fees$388 $227 $736 $554 
Vacation ownership interest sales294 (13)466 77 
Consumer financing102 119 201 246 
Other13 10 22 24 
Net revenues797 343 1,425 901 
Expenses
Operating349 200 639 598 
Cost/(recovery) of vacation ownership interests 41 (17)62 (48)
Consumer financing interest20 25 44 50 
General and administrative112 85 218 195 
Marketing92 32 161 163 
Depreciation and amortization31 31 63 62 
COVID-19 related costs1 45 2 67 
Asset impairments 33  44 
Restructuring 23 (1)25 
Total expenses646 457 1,188 1,156 
Operating income/(loss)151 (114)237 (255)
Other (income), net (5)(1)(7)
Interest expense47 46 100 87 
Interest (income)(1)(2)(1)(4)
Income/(loss) before income taxes105 (153)139 (331)
Provision/(benefit) for income taxes31 11 37 (33)
Net income/(loss) from continuing operations74 (164)102 (298)
Loss on disposal of discontinued business, net of income taxes(2) (2) 
Net income/(loss) attributable to Travel + Leisure shareholders$72 $(164)$100 $(298)
Basic earnings/(loss) per share
Continuing operations$0.85 $(1.92)$1.18 $(3.46)
Discontinued operations(0.02) (0.02) 
$0.83 $(1.92)$1.16 $(3.46)
Diluted earnings/(loss) per share
Continuing operations$0.84 $(1.92)$1.17 $(3.46)
Discontinued operations(0.02) (0.02) 
$0.82 $(1.92)$1.15 $(3.46)

See Notes to Condensed Consolidated Financial Statements.
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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(In millions)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Net income/(loss) attributable to Travel + Leisure shareholders$72 $(164)$100 $(298)
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments, net of tax2 40 (11)(25)
Other comprehensive income/(loss), net of tax2 40 (11)(25)
Comprehensive income/(loss)$74 $(124)$89 $(323)

See Notes to Condensed Consolidated Financial Statements.
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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)

June 30,
2021
December 31,
2020
Assets
Cash and cash equivalents$328 $1,196 
Restricted cash (VIE - $83 as of 2021 and $92 as of 2020)118 121 
Trade receivables, net110 115 
Vacation ownership contract receivables, net (VIE - $2,158 as of 2021 and $2,458 as of 2020)2,319 2,482 
Inventory1,339 1,347 
Prepaid expenses204 204 
Property and equipment, net645 666 
Goodwill965 964 
Other intangibles, net224 131 
Other assets387 387 
Total assets$6,639 $7,613 
Liabilities and (deficit)
Accounts payable$56 $62 
Accrued expenses and other liabilities971 929 
Deferred income419 447 
Non-recourse vacation ownership debt (VIE)2,018 2,234 
Debt3,385 4,184 
Deferred income taxes708 725 
Total liabilities7,557 8,581 
Commitments and contingencies (Note 16)
Stockholders' (deficit):
Preferred stock, $0.01 par value, authorized 6,000,000 shares, none issued and outstanding  
Common stock, $0.01 par value, 600,000,000 shares authorized, 222,178,671 issued as of 2021 and 221,755,960 as of 20202 2 
Treasury stock, at cost – 135,824,676 shares as of 2021 and 2020(6,508)(6,508)
Additional paid-in capital4,171 4,157 
Retained earnings1,437 1,390 
Accumulated other comprehensive loss(27)(16)
Total stockholders’ (deficit)(925)(975)
Noncontrolling interest7 7 
Total (deficit)(918)(968)
Total liabilities and (deficit)$6,639 $7,613 

See Notes to Condensed Consolidated Financial Statements.
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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Six Months Ended
June 30,
20212020
Operating activities
Net income/(loss)$100 $(298)
Loss on disposal of discontinued business, net of income taxes2  
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization63 62 
Provision for loan losses71 345 
Deferred income taxes(19)(83)
Stock-based compensation16 8 
Asset impairments 44 
Non-cash lease expense8 14 
Non-cash interest12 11 
Other, net3 (4)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables4 11 
Vacation ownership contract receivables90 154 
Inventory(40)(87)
Deferred income(34)(6)
Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities14 (41)
Net cash provided by operating activities290 130 
Investing activities
Property and equipment additions(25)(39)
Acquisitions(37) 
Other, net 3 
Net cash used in investing activities(62)(36)
Financing activities
Proceeds from non-recourse vacation ownership debt709 836 
Principal payments on non-recourse vacation ownership debt(922)(869)
Proceeds from debt10 1,065 
Principal payments on debt(560)(169)
Repayment of notes(252)(42)
Repayments of vacation ownership inventory arrangement (5)
Payment of deferred acquisition consideration(20) 
Dividends to shareholders(53)(86)
Proceeds from issuance of common stock7 4 
Repurchase of common stock (128)
Debt issuance/modification costs(8)(5)
Net share settlement of incentive equity awards(9)(2)
Other, net (1)
Net cash (used in)/provided by financing activities(1,098)598 
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(1)(8)
Net change in cash, cash equivalents and restricted cash(871)684 
Cash, cash equivalents and restricted cash, beginning of period1,317 502 
Cash, cash equivalents and restricted cash, end of period446 1,186 
Less: Restricted cash118 134 
Cash and cash equivalents$328 $1,052 

See Notes to Condensed Consolidated Financial Statements.
7


TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF DEFICIT
(In millions)
(Unaudited)
<
Common Shares OutstandingCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestTotal Deficit
Balance as of December 31, 202086 $2 $(6,508)$4,157 $1,390 $(16)$7 $(968)
Net income— — — — 29 — — 29 
Other comprehensive loss— — — — — (13)— (13)
Stock option exercises— — — 3 — — — 3 
Net share settlement of stock-based compensation— — — (7)— — — (7)
Change in stock-based compensation— — — 7 — — — 7 
Dividends ($0.30 per share)— — — — (27)— — (27)
Balance as of March 31, 202186 2 (6,508)4,160 1,392 (29)7 (976)
Net income— — — — 72 — — 72 
Other comprehensive income— — — — — 2 — 2 
Stock option exercises— — — 1 — — — 1 
Net share settlement of stock-based compensation— — — (2)— — — (2)
Employee stock purchase program issuances— — — 3 — — — 3 
Change in stock-based compensation— — — 9 — — — 9 
Dividends ($0.30 per share)— — — — (27)— — (27)