Quarterly report pursuant to Section 13 or 15(d)

Revenue From Contracts With Customers

v3.22.2
Revenue From Contracts With Customers
 6 Months Ended
Jun. 30, 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

For the Six Months Ended

June 30,

June 30,

2022

2021

2022

2021

Sales of VOIs (1)

$

144,261

$

91,812

$

243,290

$

147,743

Fee-based sales commission revenue (1)

18,850

35,618

42,934

61,336

Resort and club management revenue (2)

26,826

25,443

53,022

50,371

Cost reimbursements (2)

16,168

15,552

34,232

32,160

Title fees and other (1)

3,434

2,863

6,517

5,137

Other revenue (2)

2,525

2,136

4,452

3,831

Revenue from customers

212,064

173,424

384,447

300,578

Interest income (3)

23,506

19,595

45,704

38,856

Other income, net

—

439

473

278

Total revenue

$

235,570

$

193,458

$

430,624

$

339,712

(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 $23.4 million and $19.5 million for the three months ended June 30, 2022 and 2021, respectively, and $45.5 million and $38.7 million for the six months ended June 30, 2022 and 2021, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 14.

As of June 30, 2022 and December 31, 2021, the Company had commission receivables, net of an allowance, of $7.8 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 and marketing expenses upon customer stays. Contract liabilities are included in deferred income in the unaudited consolidated balance sheet as of such date.

The following table sets forth the Company’s contract liabilities as of June 30, 2022 and December 31, 2021 (in thousands):

June 30,

December 31,

2022

2021

Point incentives

$

3,266

$

2,676

Owner programs

2,096

2,159

Deferred revenue vacation packages

1,203

1,274

$

6,565

$

6,109