v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has two reportable segments: Vacation Ownership and Travel and Membership. The reportable segments presented below are those for which discrete financial information is available and which are utilized on a regular basis by the chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management uses Adjusted EBITDA to assess the performance of the reportable segments. Adjusted EBITDA is 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. (“Wyndham Hotels”) and Cendant, and the sale of the vacation rentals businesses. The Company believes that Adjusted EBITDA is a useful measure of performance for its segments which, when considered with GAAP measures, the Company believes gives a more complete understanding of its operating performance. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.
The following tables present the Company’s segment information (in millions):
Three Months EndedSix Months Ended
June 30,June 30,
Net revenues2024202320242023
Vacation Ownership$807 $768 $1,533 $1,453 
Travel and Membership177 179 370 379 
Total reportable segments984 947 1,903 1,832 
Corporate and other (a)
1 2 (3)(3)
Total Company$985 $949 $1,900 $1,829 
Three Months EndedSix Months Ended
June 30,June 30,
Reconciliation of Net income to Adjusted EBITDA2024202320242023
Net income attributable to Travel + Leisure Co. shareholders$129 $94 $195 $157 
Gain on disposal of discontinued business, net of income taxes(32)(5)(32)(5)
Interest expense63 61 127 119 
Interest (income)(3)(3)(8)(6)
Provision for income taxes36 36 62 58 
Depreciation and amortization28 28 56 55 
Legacy items12 2 13 7 
Stock-based compensation11 12 20 22 
Restructuring— 11 — 11 
Acquisition and divestiture related costs— — 2 — 
Loss on sale of business (b)
— — — 2 
Adjusted EBITDA$244 $236 $435 $420 
Three Months EndedSix Months Ended
June 30,June 30,
Adjusted EBITDA2024202320242023
Vacation Ownership$206 $187 $340 $319 
Travel and Membership62 62 137 133 
Total reportable segments268 249 477 452 
Corporate and other (a)
(24)(13)(42)(32)
Total Company$244 $236 $435 $420 
(a)Includes the elimination of transactions between segments.
(b)Represents the loss on sale of the Love Home Swap business.
Segment Assets (a)
June 30,
2024		December 31, 2023
Vacation Ownership$5,046 $4,980 
Travel and Membership1,343 1,353 
Total reportable segments6,389 6,333 
Corporate and other304 405 
Total Company$6,693 $6,738 
(a)Excludes investment in consolidated subsidiaries.