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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, 2022
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)
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Delaware | | 20-0052541 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
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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:
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Title of each class | Trading Symbol | Name 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.
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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:
81,280,625 shares of common stock outstanding as of September 30, 2022.
Table of Contents
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PART I | FINANCIAL INFORMATION | |
Item 1. | | |
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Item 2. | | |
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Item 3. | | |
Item 4. | | |
PART II | OTHER INFORMATION | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
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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:
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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, 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 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 |
ARN | Alliance Reservations Network |
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AUD | Australian Dollar |
Awaze | Awaze Limited, formerly Compass IV Limited, an affiliate of Platinum Equity, LLC |
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Company | Travel + Leisure Co. and its subsidiaries |
COVID-19 | Novel coronavirus global pandemic |
EPS | Earnings Per Share |
FASB | Financial Accounting Standards Board |
First Amendment | The first amendment to the Company’s credit agreement governing its revolving credit facility and term loan B entered on July 15, 2020 |
GAAP | Generally Accepted Accounting Principles in the United States |
LIBOR | London Interbank Offered Rate |
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NQ | Non-Qualified stock options |
NZD | New Zealand Dollar |
PSU | Performance-vested restricted Stock Units |
Relief Period | Relief period of the First Amendment, spanning from July 15, 2020 through April 1, 2022, or upon earlier termination by the Company |
RSU | Restricted Stock Unit |
S&P | Standard & Poor’s Rating Services |
SEC | Securities and Exchange Commission |
Second Amendment | The renewal of the Company’s credit agreement governing its revolving credit facility and term loan B entered on October 22, 2021 |
SOFR | Secured Overnight Financing Rate |
SPE | Special Purpose Entity |
Spin-off | Spin-off of Wyndham Hotels & Resorts, Inc. |
SSAR | Stock-Settled Appreciation Rights |
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
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, 2022, the related condensed consolidated statements of income, comprehensive income and deficit for the three-month and nine-month periods ended September 30, 2022 and 2021, and cash flows for the nine-month periods ended September 30, 2022 and 2021, 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, 2021, and the related consolidated statements of income/(loss), comprehensive income/(loss), cash flows and deficit for the year then ended (not presented herein); and in our report dated February 23, 2022, 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, 2021, 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, 2022
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net revenues | | | | | | | |
Service and membership fees | $ | 410 | | | $ | 378 | | | $ | 1,222 | | | $ | 1,114 | |
Vacation ownership interest sales | 403 | | | 344 | | | 1,099 | | | 810 | |
Consumer financing | 104 | | | 103 | | | 302 | | | 304 | |
Other | 20 | | | 14 | | | 45 | | | 36 | |
Net revenues | 937 | | | 839 | | | 2,668 | | | 2,264 | |
Expenses | | | | | | | |
Operating | 417 | | | 352 | | | 1,202 | | | 992 | |
Cost of vacation ownership interests | 39 | | | 43 | | | 125 | | | 105 | |
Consumer financing interest | 20 | | | 19 | | | 55 | | | 63 | |
Marketing | 125 | | | 101 | | | 337 | | | 261 | |
General and administrative | 117 | | | 106 | | | 358 | | | 325 | |
Depreciation and amortization | 30 | | | 31 | | | 91 | | | 93 | |
Restructuring | — | | | — | | | 8 | | | (1) | |
COVID-19 related costs | — | | | 1 | | | 2 | | | 3 | |
Asset recoveries, net | — | | | — | | | (1) | | | — | |
| | | | | | | |
Total expenses | 748 | | | 653 | | | 2,177 | | | 1,841 | |
Operating income | 189 | | | 186 | | | 491 | | | 423 | |
Interest expense | 48 | | | 47 | | | 143 | | | 147 | |
Interest (income) | (2) | | | (1) | | | (3) | | | (1) | |
Other (income), net | (19) | | | — | | | (16) | | | (2) | |
Income before income taxes | 162 | | | 140 | | | 367 | | | 279 | |
Provision for income taxes | 46 | | | 39 | | | 101 | | | 76 | |
Net income from continuing operations | 116 | | | 101 | | | 266 | | | 203 | |
| | | | | | | |
Loss on disposal of discontinued business, net of income taxes | — | | | — | | | — | | | (2) | |
| | | | | | | |
| | | | | | | |
Net income attributable to Travel + Leisure Co. shareholders | $ | 116 | | | $ | 101 | | | $ | 266 | | | $ | 201 | |
| | | | | | | |
| | | | | | | |
Basic earnings per share | | | | | | | |
Continuing operations | $ | 1.39 | | | $ | 1.16 | | | $ | 3.15 | | | $ | 2.35 | |
Discontinued operations | — | | | — | | | — | | | (0.02) | |
| $ | 1.39 | | | $ | 1.16 | | | $ | 3.15 | | | $ | 2.33 | |
Diluted earnings per share | | | | | | | |
Continuing operations | $ | 1.38 | | | $ | 1.15 | | | $ | 3.12 | | | $ | 2.33 | |
Discontinued operations | — | | | — | | | — | | | (0.03) | |
| $ | 1.38 | | | $ | 1.15 | | | $ | 3.12 | | | $ | 2.30 | |
See Notes to Condensed Consolidated Financial Statements.
4
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income attributable to Travel + Leisure Co. shareholders | $ | 116 | | | $ | 101 | | | $ | 266 | | | $ | 201 | |
| | | | | | | |
Foreign currency translation adjustments, net of tax | (34) | | | (15) | | | (64) | | | (26) | |
| | | | | | | |
| | | | | | | |
Other comprehensive loss, net of tax | (34) | | | (15) | | | (64) | | | (26) | |
Comprehensive income | $ | 82 | | | $ | 86 | | | $ | 202 | | | $ | 175 | |
See Notes to Condensed Consolidated Financial Statements.
5
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
| | | | | | | | | | | |
| September 30, 2022 | | December 31, 2021 |
Assets | | | |
Cash and cash equivalents | $ | 169 | | | $ | 369 | |
Restricted cash (VIE - $85 as of 2022 and $84 as of 2021) | 136 | | | 128 | |
Trade receivables, net | 167 | | | 131 | |
Vacation ownership contract receivables, net (VIE - $2,031 as of 2022 and $2,061 as of 2021) | 2,358 | | | 2,309 | |
Inventory | 1,146 | | | 1,216 | |
Prepaid expenses | 206 | | | 227 | |
Property and equipment, net | 736 | | | 689 | |
Goodwill | 950 | | | 961 | |
Other intangibles, net | 211 | | | 219 | |
Other assets | 301 | | | 339 | |
| | | |
Total assets | $ | 6,380 | | | $ | 6,588 | |
Liabilities and (deficit) | | | |
Accounts payable | $ | 66 | | | $ | 62 | |
Accrued expenses and other liabilities | 852 | | | 939 | |
Deferred income | 393 | | | 382 | |
Non-recourse vacation ownership debt (VIE) | 1,882 | | | 1,934 | |
Debt | 3,391 | | | 3,379 | |
Deferred income taxes | 699 | | | 686 | |
| | | |
Total liabilities | 7,283 | | | 7,382 | |
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, 222,763,360 issued as of 2022 and 222,250,970 as of 2021 | 2 | | | 2 | |
Treasury stock, at cost – 141,602,063 shares as of 2022 and 136,320,631 shares as of 2021 | (6,778) | | | (6,534) | |
Additional paid-in capital | 4,227 | | | 4,192 | |
Retained earnings | 1,750 | | | 1,587 | |
Accumulated other comprehensive loss | (112) | | | (48) | |
Total stockholders’ (deficit) | (911) | | | (801) | |
Noncontrolling interest | 8 | | | 7 | |
Total (deficit) | (903) | | | (794) | |
Total liabilities and (deficit) | $ | 6,380 | | | $ | 6,588 | |
See Notes to Condensed Consolidated Financial Statements.
6
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, |
| 2022 | | 2021 |
Operating activities | | | |
Net income | $ | 266 | | | $ | 201 | |
| | | |
Loss on disposal of discontinued business, net of income taxes | — | | | 2 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Provision for loan losses | 216 | | | 120 | |
Depreciation and amortization | 91 | | | 93 | |
Stock-based compensation | 34 | | | 24 | |
Deferred income taxes | 15 | | | (27) | |
Non-cash interest | 14 | | | 17 | |
Non-cash lease expense | 12 | | | 13 | |
Asset recoveries, net | (1) | | | — | |
Other, net | 9 | | | 5 | |
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | | | |
Trade receivables | (37) | | | (9) | |
Vacation ownership contract receivables | (283) | | | 60 | |
Inventory | (10) | | | (14) | |
| | | |
| | | |
Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities | (69) | | | 8 | |
Deferred income | 10 | | | (58) | |
| | | |
| | | |
Net cash provided by operating activities | 267 | | | 435 | |
Investing activities | | | |
Property and equipment additions | (36) | | | (40) | |
| | | |
| | | |
Acquisitions | (2) | | | (37) | |
Proceeds from sale of investments | 8 | | | — | |
Other, net | 2 | | | — | |
Net cash used in investing activities - continuing operations | (28) | | | (77) | |
Net cash used in investing activities - discontinued operations | (6) | | | — | |
Net cash used in investing activities | (34) | | | (77) | |
Financing activities | | | |
Proceeds from non-recourse vacation ownership debt | 1,155 | | | 930 | |
Principal payments on non-recourse vacation ownership debt | (1,193) | | | (1,202) | |
Proceeds from debt | 20 | | | 10 | |
Principal payments on debt | (13) | | | (561) | |
| | | |
Repayment of notes | (2) | | | (252) | |
Repurchase of common stock | (240) | | | — | |
Dividends to shareholders | (103) | | | (79) | |
Payment of deferred acquisition consideration | (19) | | | (30) | |
Debt issuance/modification costs | (12) | | | (9) | |
Net share settlement of incentive equity awards | (7) | | | (9) | |
Repayments of vacation ownership inventory arrangement | (6) | | | — | |
| | | |
| | | |
Proceeds from issuance of common stock | 6 | | | 7 | |
| | | |
| | | |
| | | |
Net cash used in financing activities | (414) | | | (1,195) | |
Effect of changes in exchange rates on cash, cash equivalents and restricted cash | (11) | | | (6) | |
Net change in cash, cash equivalents and restricted cash | (192) | | | (843) | |
Cash, cash equivalents and restricted cash, beginning of period | 497 | | | 1,317 | |
Cash, cash equivalents and restricted cash, end of period | 305 | | | 474 | |
Less: Restricted cash | 136 | | | 128 | |
| | | |
Cash and cash equivalents | $ | 169 | | | $ | 346 | |
See Notes to Condensed Consolidated Financial Statements.
7
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF DEFICIT
(In millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Shares Outstanding | | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Non-controlling Interest | | Total Deficit |
Balance as of December 31, 2021 | 85.9 | | | $ | 2 | | | $ | (6,534) | | | $ | 4,192 | | | $ | 1,587 | | | $ | (48) | | | $ | 7 | | | $ | (794) | |
Net income | — | | | — | | | — | | | — | | | 51 | | | — | | | — | | | 51 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 3 | | | — | | | 3 | |
| | | | | | | | | | | | | | | |
Issuance of shares for RSU vesting | 0.3 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Net share settlement of stock-based compensation | — | | | — | | | — | | | (5) | | | — | | | — | | | — | | | (5) | |
Change in stock-based compensation | — | | | — | | | — | | | 12 | | | — | | | — | | | — | | | 12 | |
Repurchase of common stock | (0.8) | | | — | | | (45) | | | — | | | — | | | — | | | — | | | (45) | |
Dividends ($0.40 per share) | — | | | — | | | — | | | — | | | (35) | | | — | | | — | | | (35) | |
Non-controlling interest ownership change | — | | | — | | | — | | | — | | | — | | | — | | | 1 | | | 1 | |
Other | — | | | — | | | — | | | 1 | | | — | | | — | | | — | | | 1 | |
Balance as of March 31, 2022 | 85.4 | | | 2 | | | (6,579) | | | 4,200 | | | |