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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, 2023
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
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Large accelerated filer☑
Accelerated filer
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Non-accelerated filer☐
Smaller reporting company
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Emerging growth company
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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. ☐
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
72,420,073 shares of common stock outstanding as of September 30, 2023.

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
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.
AOCLAccumulated Other Comprehensive Loss
ARNAlliance Reservations Network
AUDAustralian Dollar
AwazeAwaze Limited, formerly Compass IV Limited, an affiliate of Platinum Equity, LLC
CompanyTravel + Leisure Co. and its subsidiaries
EPSEarnings Per Share
FASBFinancial Accounting Standards Board
GAAPGenerally Accepted Accounting Principles in the United States
LIBORLondon Interbank Offered Rate
NQNon-Qualified stock options
NZDNew Zealand Dollar
PSUPerformance-vested restricted Stock Units
RSURestricted Stock Unit
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPESpecial Purpose Entity
Spin-offSpin-off of Wyndham Hotels & Resorts, Inc.
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.

2
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, 2023, the related condensed consolidated statements of income, comprehensive income and deficit for the three-month and nine-month periods ended September 30, 2023 and 2022, and of cash flows for the nine-month periods ended September 30, 2023 and 2022, 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, 2022, 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 22, 2023, 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, 2022, 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 25, 2023


3
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Net revenues
Service and membership fees$419 $410 $1,263 $1,222 
Vacation ownership interest sales433 403 1,172 1,099 
Consumer financing107 104 313 302 
Other27 20 66 45 
Net revenues986 937 2,814 2,668 
Expenses
Operating428 417 1,275 1,202 
Cost of vacation ownership interests 43 39 107 125 
Consumer financing interest29 20 81 55 
Marketing141 125 379 337 
General and administrative108 117 347 358 
Depreciation and amortization28 30 83 91 
Restructuring2 — 12 8 
COVID-19 related costs— — — 2 
Asset recoveries, net— — (1)(1)
Total expenses779 748 2,283 2,177 
Loss on sale of business— — 2 — 
Operating income207 189 529 491 
Interest expense64 48 183 143 
Other (income), net(2)(19)(3)(16)
Interest (income)(3)(2)(9)(3)
Income before income taxes148 162 358 367 
Provision for income taxes38 46 96 101 
Net income from continuing operations110 116 262 266 
Gain on disposal of discontinued business, net of income taxes— — 5 — 
Net income attributable to Travel + Leisure Co. shareholders$110 $116 $267 $266 
Basic earnings per share
Continuing operations$1.50 $1.39 $3.48 $3.15 
Discontinued operations— — 0.07 — 
$1.50 $1.39 $3.55 $3.15 
Diluted earnings per share
Continuing operations$1.49 $1.38 $3.46 $3.12 
Discontinued operations— — 0.07 — 
$1.49 $1.38 $3.53 $3.12 

See Notes to Condensed Consolidated Financial Statements.
4
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Net income attributable to Travel + Leisure Co. shareholders$110 $116 $267 $266 
Foreign currency translation adjustments, net of tax(15)(34)(15)(64)
Other comprehensive loss, net of tax(15)(34)(15)(64)
Comprehensive income$95 $82 $252 $202 

See Notes to Condensed Consolidated Financial Statements.
5
TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)

September 30,
2023		December 31,
2022
Assets
Cash and cash equivalents$238 $550 
Restricted cash (VIE - $80 as of 2023 and $83 as of 2022)154 138 
Trade receivables, net184 160 
Vacation ownership contract receivables, net (VIE - $2,102 as of 2023 and $2,164 as of 2022)2,460 2,370 
Inventory1,149 1,193 
Prepaid expenses247 202 
Property and equipment, net655 658 
Goodwill959 955 
Other intangibles, net201 207 
Other assets408 324 
Total assets$6,655 $6,757 
Liabilities and (deficit)
Accounts payable$71 $65 
Accrued expenses and other liabilities818 876 
Deferred income435 399 
Non-recourse vacation ownership debt (VIE)1,893 1,973 
Debt3,729 3,669 
Deferred income taxes706 679 
Total liabilities7,652 7,661 
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, 223,641,713 issued as of 2023 and 222,895,523 as of 20222 2 
Treasury stock, at cost – 151,221,431 shares as of 2023 and 144,499,361 shares as of 2022(7,155)(6,886)
Additional paid-in capital4,268 4,242 
Retained earnings1,971 1,808 
Accumulated other comprehensive loss(94)(79)
Total stockholders’ (deficit)(1,008)(913)
Noncontrolling interest11 9 
Total (deficit)(997)(904)
Total liabilities and (deficit)$6,655 $6,757 

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,
20232022
Operating activities
Net income$267 $266 
Gain on disposal of discontinued business, net of income taxes(5)— 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses257 216 
Depreciation and amortization83 91 
Deferred income taxes28 15 
Stock-based compensation31 34 
Non-cash interest15 14 
Non-cash lease expense12 12 
Loss on sale of business2 — 
Asset recoveries, net— (1)
Other, net— 9 
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables(23)(37)
Vacation ownership contract receivables(354)(283)
Inventory17 (10)
Prepaid expenses(46)18 
Other assets(35)(2)
Accounts payable, accrued expenses, and other liabilities(78)(85)
Deferred income27 10 
Net cash provided by operating activities198 267 
Investing activities
Property and equipment additions(42)(36)
Acquisitions(6)(2)
Proceeds from sale of investments— 8 
Other, net2 2 
Net cash used in investing activities - continuing operations(46)(28)
Net cash used in investing activities - discontinued operations— (6)
Net cash used in investing activities(46)(34)
Financing activities
Proceeds from non-recourse vacation ownership debt1,207 1,155 
Principal payments on non-recourse vacation ownership debt(1,282)(1,193)
Proceeds from debt1,404 20 
Principal payments on debt(960)(13)
Repayment of notes(405)(2)
Repurchase of common stock(269)(240)
Dividends to shareholders(104)(103)
Payment of deferred acquisition consideration(14)(19)
Debt issuance/modification costs(11)(12)
Net share settlement of incentive equity awards(10)(7)
Repayments of vacation ownership inventory arrangement(6)(6)
Proceeds from issuance of common stock6 6 
Net cash used in financing activities(444)(414)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(4)(11)
Net change in cash, cash equivalents and restricted cash(296)(192)
Cash, cash equivalents and restricted cash, beginning of period688 497 
Cash, cash equivalents and restricted cash, end of period392 305 
Less: Restricted cash154 136 
Cash and cash equivalents$238 $169 
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, 202278.4 $2 $(6,886)$4,242 $1,808 $(79)$9 $(904)
Net income— — — — 64 — — 64 
Other comprehensive loss— — — — — (2)— (2)
Issuance of shares for RSU vesting0.3 — — — — — — — 
Net share settlement of stock-based compensation— — — (5)— — — (5)
Change in stock-based compensation— — — 10 — — — 10 
Repurchase of common stock(2.5)— (102)— — — — (102)
Dividends ($0.45 per share)— — — — (36)— — (36)
Balance as of March 31, 202376.2 2 (6,988)4,247 1,836 (81)9 (975)
Net income— — — — 94 — — 94 
Other comprehensive income— — — — — 2 — 2 
Issuance of shares for RSU vesting0.3 — — — — — — — 
Net share settlement of stock-based compensation— — — (5)— — — (5)
Employee stock purchase program issuances0.1 — — 5 — — — 5 
Change in stock-based compensation— — — 12 — — — 12 
Repurchase of common stock(2.6)— (102)— — — — (102)
Dividends ($0.45 per share)— — — — (35)— — (35)
Non-controlling interest ownership change— — — — — — 1 1 
Other— — — (1)— — — (1)
Balance as of June 30, 202374.0 2 (7,090)4,258 1,895 (79)10 (1,004)
Net income— — — — 110 — — 110 
Other comprehensive loss— — — — — (15)— (15)
Change in stock-based compensation— — — 9 — — — 9 
Repurchase of common stock(1.6)— (65)— — — — (65)
Dividends ($0.45 per share)— — — — (34)— — (34)
Non-controlling interest ownership change— — — — — — 1 1 
Other— — — 1 — — — 1 
Balance as of September 30, 202372.4 $2 $(7,155)$4,268 $1,971 $(94)$11 $(997)

See Notes to Condensed Consolidated Financial Statements.
8
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, 202185.9 $2 $(6,534)$4,192 $1,587 $(48)$7 $(794)
Net income— — — — 51 — — 51 
Other comprehensive income— — — — — 3 — 3 
Issuance of shares for RSU vesting0.3 — — — — — — — 
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, 202285.4 2 (6,579)4,200 1,603 (45)8 (811)
Net income— — — — 100 — — 100 
Other comprehensive loss— — — — — (33)— (33)
Issuance of shares for RSU vesting0.1 — — — — — — — 
Net share settlement of stock-based compensation— — — (1)— — — (1)
Employee stock purchase program issuances0.1 — — 5 — — — 5 
Change in stock-based compensation— — — 12 — — — 12 
Repurchase of common stock(1.7)— (83)— — — — (83)
Dividends ($0.40 per share)— — — — (35)— — (35)
Other— — (1)1 — — — — 
Balance as of June 30, 202283.9 2 (6,663)4,217 1,668 (78)8 (846)
Net income— — — — 116 — — 116 
Other comprehensive loss— — — — — (34)— (34)
Issuance of shares for RSU vesting0.1 — — — — — — — 
Net share settlement of stock-based compensation— — — (1)— — — (1)
Change in stock-based compensation— — — 10 — — — 10 
Repurchase of common stock(2.8)— (115)— — — — (115)
Dividends ($0.40 per share)— — — — (34)— — (34)
Other— — — 1 — — — 1 
Balance as of September 30, 202281.2 $2 $(6,778)$4,227 $1,750 $(112)$8 $(903)

See Notes to Condensed Consolidated Financial Statements.
9
TRAVEL + LEISURE CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are in millions, except share and per share amounts)
(Unaudited)
1.    Background and Basis of Presentation
Background
Travel + Leisure Co. and its subsidiaries (collectively, “Travel + Leisure Co.,” or the “Company”) is a global provider of hospitality services and travel products. The Company has two reportable segments: Vacation Ownership and Travel and Membership.

The Vacation Ownership segment develops, markets, and sells vacation ownership interests (“VOIs”) to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. This segment is substantially comprised of the Wyndham Destinations business line.

The Travel and Membership segment operates a variety of travel businesses, including vacation exchange brands, travel technology platforms, travel memberships, and direct-to-consumer rentals. This segment is comprised of the Exchange and Travel Club business lines.

Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q include the accounts and transactions of Travel + Leisure Co., as well as the entities in which Travel + Leisure Co. directly or indirectly has a controlling financial interest. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements.

The Company presents an unclassified balance sheet which conforms to that of the Company’s peers and industry practice.

In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates and assumptions. In management’s opinion, the Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2022 Consolidated Financial Statements included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 22, 2023.

2.    New Accounting Pronouncements
Recently Issued Accounting Pronouncements
Business Combinations—Joint Venture Formations. In August 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The guidance was issued in an effort to reduce the diversity in practice and requires a joint venture to initially measure its assets and liabilities at fair value on the formation date. This guidance is effective prospectively for all joint ventures within the scope of the standard that are formed on or after January 1, 2025. Existing joint ventures have the option to apply the guidance retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures.

Recently Adopted Accounting Pronouncements
Presentation of Financial Statements. In July 2023, the FASB issued guidance which amends various SEC paragraphs pursuant to the issuance of SEC Staff Accounting Bulletin No. 120. The bulletin added interpretive guidance for public companies to consider when entering into share-based payment transactions while in possession of material non-public information (i.e., “spring-loaded” awards). This guidance became effective upon issuance and the adoption of this guidance did not have an impact on the Company's Condensed Consolidated Financial Statements and related disclosures. The Company will monitor future stock-based awards and will include additional disclosures in future filings, if applicable.

10
Contract Assets and Contract Liabilities from Contracts with Customers Acquired in a Business Combination. In October 2021, the FASB issued guidance which requires companies to apply Accounting Standards Codification (“ASC”) 606 - Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805 - Business Combinations. This generally will result in companies recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date. This guidance became effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date. The Company early adopted this guidance in 2022. The adoption of this guidance has not had a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures.

Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the FASB issued guidance which eliminates the accounting guidance in ASC 310-40 Troubled Debt Restructurings for Creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. This guidance became effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As a result of adopting this guidance the Company added the required disclosure of current-period gross write-offs in Note 7—Vacation Ownership Contract Receivables. Aside from this additional disclosure the adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements or related disclosures.

3.    Revenue Recognition
Vacation Ownership
The Company develops, markets, and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Company’s sales of VOIs are either cash sales or developer-financed sales. Developer-financed sales are typically collateralized by the underlying VOI. Revenue is recognized on VOI sales upon transfer of control, which is defined as the point in time when a binding sales contract has been executed, the financing contract has been executed for the remaining transaction price, the statutory rescission period has expired, and the transaction price has been deemed to be collectible.

For developer-financed sales, the Company reduces the VOI sales transaction price by an estimate of uncollectible consideration at the time of the sale. The Company’s estimates of uncollectible amounts are based largely on the results of the Company’s static pool analysis which relies on historical payment data by customer class.

In connection with entering into a VOI sale, the Company may provide its customers with certain non-cash incentives, such as credits for future stays at its resorts. For those VOI sales, the Company allocates the sales price between the VOI sale and the non-cash incentive. Non-cash incentives generally have expiration periods of two years or less and are recognized at a point in time upon transfer of control.

The Company provides day-to-day property management services including oversight of housekeeping services, maintenance, and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Such agreements are generally for terms of one year or less and are renewed automatically on an annual basis. The Company’s management agreements contain cancellation clauses, which allow for either party to cancel the agreement, by either a majority board vote or a majority vote of non-developer interests. The Company receives fees for such property management services which are collected monthly in advance and are based upon total costs to operate such resorts (or as services are provided in the case of resort renovation activities). Fees for property management services typically approximate 10% of budgeted operating expenses. The Company is entitled to consideration for reimbursement of costs incurred on behalf of the property owners’ association in providing management services (“reimbursable revenue”). These reimbursable costs principally relate to the payroll costs for management of the associations, club and resort properties where the Company is the employer and are reflected as a component of Operating expenses on the Condensed Consolidated Statements of Income. The Company reduces its management fee revenue for amounts it has paid to the property owners’ association that reflect maintenance fees for VOIs for which it retains ownership, as the Company has concluded that such payments are consideration payable to a customer.

11
Property management fee revenues and reimbursable revenues are recognized when the services are performed and are recorded as a component of Service and membership fees on the Condensed Consolidated Statements of Income. Property management fee and reimbursable revenues were (in millions):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Management fee revenues$110 $106 $326 $313 
Reimbursable revenues96 85 284 252 
Property management fees and reimbursable revenues$206 $191 $610 $565 

One of the associations that the Company manages paid its Travel and Membership segment $8 million and $7 million for exchange services during the three months ended September 30, 2023 and 2022, and $25 million and $24 million during the nine months ended September 30, 2023 and 2022.

Travel and Membership
Travel and Membership derives a majority of its revenues from membership dues and fees for facilitating members’ trading of their timeshare intervals. Revenues from membership dues represent the fees paid by members or affiliated clubs on their behalf. As a provider of vacation exchange services, the Company enters into affiliation agreements with developers of vacation ownership properties to allow owners of VOIs to trade their intervals for intervals at other properties affiliated with the Company’s vacation exchange network and, for some members, for other leisure-related services and products. The Company recognizes revenues from membership dues paid by the member on a straight-line basis over the membership period as the performance obligations are fulfilled through delivery of publications, if applicable, and by providing access to travel-related products and services. Estimated net contract consideration payable by affiliated clubs for memberships is recognized as revenue over the term of the contract with the affiliated club in proportion to the estimated average monthly member count. Such estimates are adjusted periodically for changes in actual and forecasted member activity. For additional fees, members have the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and, for certain members, for other leisure-related services and products. The Company also derives revenue from facilitating bookings of travel accommodations for travel club members. Revenue is recognized when these transactions have been confirmed, net of expected cancellations.

The Company’s vacation exchange business also derives revenues from programs with affiliated resorts, club servicing, and loyalty programs; and additional exchange-related products that provide members with the ability to protect trading power or points, extend the life of deposits, and combine two or more deposits for the opportunity to exchange into intervals with higher trading power. Revenues from other vacation exchange related product fees are deferred and recognized upon the occurrence of a future exchange, event, or other related transaction.

The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term.

Other Items
The Company records property management service revenues for its Vacation Ownership segment and RCI Elite Rewards revenues for its Travel and Membership segment gross as a principal.

12
Contract Liabilities
Contract liabilities generally represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities consisted of (in millions):
September 30,
2023		December 31, 2022
Deferred subscription revenue$163 $164 
Deferred VOI trial package revenue128 101 
Deferred VOI incentive revenue78 70 
Deferred exchange-related revenue (a)
59 53 
Deferred co-branded credit card programs revenue7 9 
Deferred other revenue 1 3 
Total$436 $400 
(a)Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.

In the Company’s Vacation Ownership business, deferred VOI trial package revenue represents consideration received in advance for a trial VOI, which allows customers to utilize a vacation package typically within three years of purchase, but may extend longer for certain programs. Deferred VOI incentive revenue represents payments received in advance for additional travel-related services and products at the time of a VOI sale. Revenue is recognized when a customer utilizes the additional services and products, which is typically within two years of the VOI sale, but may extend longer for certain programs.

Within the Company’s Travel and Membership business, deferred subscription revenue represents billings and payments received in advance from members and affiliated clubs for memberships in the Company’s travel programs which are recognized in future periods. Deferred exchange-related revenue primarily represents payments received in advance from members to book vacation exchanges which are recognized upon the future confirmed transaction. Deferred revenue also includes other leisure-related service and product revenues which are recognized as customers utilize the associated benefits.

Changes in contract liabilities for the periods presented were as follows (in millions):
Nine Months Ended
September 30,
20232022
Beginning balance$400 $382 
Additions257 218 
Revenue recognized(221)(205)
Ending balance$436 $395 

Capitalized Contract Costs
The Vacation Ownership segment incurs certain direct and incremental selling costs in connection with VOI trial package and incentive revenues. Such costs are capitalized and subsequently recognized over the utilization period when usage or expiration occurs, which is typically within three years from the date of sale. As of September 30, 2023 and December 31, 2022, these capitalized costs were $45 million and $35 million and are included within Other assets on the Condensed Consolidated Balance Sheets.

The Travel and Membership segment incurs certain direct and incremental selling costs to obtain contracts with customers in connection with subscription revenues and exchange–related revenues. Such costs, which are primarily comprised of commissions paid to internal and external parties and credit card processing fees, are deferred at the inception of the contract and recognized when the benefit is transferred to the customer. As of September 30, 2023, the capitalized costs were $17 million, of which $11 million are included in Prepaid expenses and $6 million are included in Other assets on the Condensed Consolidated Balance Sheets. As of December 31, 2022, the capitalized costs were $18 million, of which $11 million are included in Prepaid expenses and $7 million are included in Other assets on the Condensed Consolidated Balance Sheets.
13

Practical Expedients
The Company has not adjusted the consideration for the effects of a significant financing component if it expected, at contract inception, that the period between when the Company will satisfy the performance obligation and when the customer will pay for that good or service will be one year or less.

Performance Obligations
A performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied.

The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions):
10/1/2023 - 9/30/202410/1/2024 - 9/30/202510/1/2025 - 9/30/2026ThereafterTotal
Subscription revenue$96 $37 $16 $14 $163 
VOI trial package revenue121 2 2 3 128 
VOI incentive revenue78 — — — 78 
Exchange-related revenue56 3 — — 59 
Co-branded credit card programs revenue3 3 1 — 7 
Other revenue1 — — — 1 
Total$355 $45 $19 $17 $436 

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Disaggregation of Net Revenues
The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments (in millions):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Vacation Ownership
Vacation ownership interest sales$433 $403 $1,172 $1,099 
Property management fees and reimbursable revenues206 191 610 565 
Consumer financing107 104 313 302 
Fee-for-Service commissions40 36 108 87 
Ancillary revenues26 20 62 45 
Total Vacation Ownership812 754 2,265 2,098 
Travel and Membership
Transaction revenues121 129 395 411 
Subscription revenues46 47 137 137 
Ancillary revenues7 7 21 24 
Total Travel and Membership174 183 553 572 
Corporate and other
Ancillary revenues1 — 4 — 
Eliminations(1)— (8)(2)
Total Corporate and other— — (