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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 September 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:
86,356,226 shares of common stock outstanding as of September 30, 2021.


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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

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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 AmendmentThe first 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
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 + Leisure Co.Travel + 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 September 30, 2021, the related condensed consolidated statements of income/(loss), comprehensive income/(loss), and deficit for the three-month and nine-month periods ended September 30, 2021 and 2020, and cash flows for the nine-month periods ended September 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
October 27, 2021


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TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)
(In millions, except per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net revenues
Service and membership fees$378 $291 $1,114 $845 
Vacation ownership interest sales344 196 810 273 
Consumer financing103 115 304 360 
Other14 12 36 37 
Net revenues839 614 2,264 1,515 
Expenses
Operating352 263 992 861 
Cost/(recovery) of vacation ownership interests 43 22 105 (26)
Consumer financing interest19 26 63 76 
General and administrative106 101 325 295 
Marketing101 84 261 247 
Depreciation and amortization31 32 93 94 
COVID-19 related costs1 14 3 81 
Asset impairments 6  50 
Restructuring 2 (1)27 
Total expenses653 550 1,841 1,705 
Operating income/(loss)186 64 423 (190)
Other (income), net (5)(2)(11)
Interest expense47 52 147 138 
Interest (income)(1)(2)(1)(5)
Income/(loss) before income taxes140 19 279 (312)
Provision/(benefit) for income taxes39 (21)76 (54)
Net income/(loss) from continuing operations101 40 203 (258)
Loss on disposal of discontinued business, net of income taxes  (2) 
Net income/(loss) attributable to Travel + Leisure Co. shareholders$101 $40 $201 $(258)
Basic earnings/(loss) per share
Continuing operations$1.16 $0.47 $2.35 $(3.00)
Discontinued operations  (0.02) 
$1.16 $0.47 $2.33 $(3.00)
Diluted earnings/(loss) per share
Continuing operations$1.15 $0.47 $2.33 $(3.00)
Discontinued operations  (0.03) 
$1.15 $0.47 $2.30 $(3.00)

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 EndedNine Months Ended
September 30,September 30,
2021202020212020
Net income/(loss) attributable to Travel + Leisure Co. shareholders$101 $40 $201 $(258)
Other comprehensive (loss)/income, net of tax
Foreign currency translation adjustments, net of tax(15)21 (26)(4)
Other comprehensive (loss)/income, net of tax(15)21 (26)(4)
Comprehensive income/(loss)$86 $61 $175 $(262)

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

September 30,
2021
December 31,
2020
Assets
Cash and cash equivalents$346 $1,196 
Restricted cash (VIE - $94 as of 2021 and $92 as of 2020)128 121 
Trade receivables, net125 115 
Vacation ownership contract receivables, net (VIE - $2,136 as of 2021 and $2,458 as of 2020)2,292 2,482 
Inventory1,270 1,347 
Prepaid expenses196 204 
Property and equipment, net678 666 
Goodwill962 964 
Other intangibles, net222 131 
Other assets382 387 
Total assets$6,601 $7,613 
Liabilities and (deficit)
Accounts payable$60 $62 
Accrued expenses and other liabilities953 929 
Deferred income394 447 
Non-recourse vacation ownership debt (VIE)1,957 2,234 
Debt3,386 4,184 
Deferred income taxes700 725 
Total liabilities7,450 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, 222,180,902 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 capital4,180 4,157 
Retained earnings1,511 1,390 
Accumulated other comprehensive loss(42)(16)
Total stockholders’ (deficit)(857)(975)
Noncontrolling interest8 7 
Total (deficit)(849)(968)
Total liabilities and (deficit)$6,601 $7,613 

See Notes to Condensed Consolidated Financial Statements.
6

Table of Contents
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Nine Months Ended
September 30,
20212020
Operating activities
Net income/(loss)$201 $(258)
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 amortization93 94 
Provision for loan losses120 391 
Deferred income taxes(27)(134)
Stock-based compensation24 14 
Asset impairments 50 
Non-cash lease expense13 19 
Non-cash interest17 16 
Other, net5 (2)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables(9)24 
Vacation ownership contract receivables60 205 
Inventory(14)(107)
Deferred income(58)(60)
Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities8 (28)
Net cash provided by operating activities435 224 
Investing activities
Property and equipment additions(40)(56)
Acquisitions(37) 
Purchase of investments (50)
Other, net 8 
Net cash used in investing activities(77)(98)
Financing activities
Proceeds from non-recourse vacation ownership debt930 1,462 
Principal payments on non-recourse vacation ownership debt(1,202)(1,556)
Proceeds from debt10 1,065 
Principal payments on debt(561)(521)
Proceeds from notes issued 643 
Repayment of notes(252)(42)
Repayments of vacation ownership inventory arrangement (10)
Payment of deferred acquisition consideration(30)(11)
Dividends to shareholders(79)(112)
Proceeds from issuance of common stock7 4 
Repurchase of common stock (128)
Debt issuance/modification costs(9)(17)
Net share settlement of incentive equity awards(9)(2)
Net cash (used in)/provided by financing activities(1,195)775 
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(6)(5)
Net change in cash, cash equivalents and restricted cash(843)896 
Cash, cash equivalents and restricted cash, beginning of period1,317 502 
Cash, cash equivalents and restricted cash, end of period474 1,398 
Less: Restricted cash128 122 
Cash and cash equivalents$346 $1,276 

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 — —