Quarterly report pursuant to Section 13 or 15(d)

Revenue From Contracts With Customers

v3.22.1
Revenue From Contracts With Customers
 3 Months Ended
Mar. 31, 2022
Revenue from Contracts with Customers [Abstract]  
Revenue From Contracts With Cutomers 3. Revenue from Contracts with Customers

The table below sets forth the Company’s disaggregated revenue by category from contracts with customers (in thousands):

For the Three Months Ended

March 31,

2022

2021

Sales of VOIs (1)

$

99,028

$

55,931

Fee-based sales commission revenue (1)

24,084

25,718

Resort and club management revenue (2)

26,198

24,928

Cost reimbursements (2)

18,064

16,608

Title fees and other (1)

3,082

2,274

Other revenue (2)

1,927

1,695

Revenue from customers

172,383

127,154

Interest income (3)

22,198

19,261

Other income, net

548

—

Total revenue

$

195,129

$

146,415

(1) Included in the Company’s sales of VOIs and financing segment described in Note 14.

(2) Included in the Company’s resort operations and club management segment described in Note 14.

(3) Interest income of $22.1 million and $19.1 million for the three months ended March 31, 2022 and 2021, respectively, is included in the Company’s sales of VOIs and financing segment described in Note 14.

As of March 31, 2022 and December 31, 2021, the Company had commission receivables, net of an allowance, of $16.4 million and $17.4 million, respectively, related to third-party sales of VOIs, which are included in other assets in the unaudited consolidated balance sheets. Commission receivables relate to contracts with customers, including amounts associated with the Company’s contractual right to consideration for completed performance obligations, and

are settled when the related cash is received. Commission receivables are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time.

Contract liabilities include payments received or due in advance of satisfying performance obligations, including points awarded to customers as an incentive for the purchase of VOIs that may be redeemed in the future, advance deposits on owner programs for future services, and deferred revenue on prepaid vacation packages for future stays at the Company’s resorts. Both points incentives and owner programs are recognized upon redemption, and deferred revenue for vacation packages is recognized net of sales of marketing expenses upon customer stays.

The following table sets forth the Company’s contract liabilities as of March 31, 2022 and December 31, 2021 (in thousands):

March 31,

December 31,

2022

2021

Point incentives

$

2,473

$

2,676

Owner programs

1,995

2,159

Deferred revenue vacation packages

1,264

1,274

$

5,732

$

6,109