My explanation, with only some very loose basis on actual study - hopefully the concept comes through in text...
There is another dimension for propagation of events in addition the the usual ones. Call it "hypertime" (in the vein of hyperspace). The rationale is that when you are time traveling "backwards" in spacetime, your own local clock is still moving forwards. So rationalize time travel by saying that you always travel forward in hypertime.
Imagine then that events in spacetime are always propagating forward in hypertime. In fact, all of spacetime history is propagating through hypertime. So if you travel in hypertime to go "back in time", when you go back you are actually traveling forward in hypertime but slow enough that the propagation of the past spacetime catches up with you. Then you modify that past. But the changes you make don't propagate through hypertime faster than the speed of light - so they do not modify the "initial" future. Instead, there is a new "future" that is propagating out from that new change, making a new future, but offset in hypertime from the original frame. So there are now two universes, both propagating forward in hypertime, but they can't influence each other.
So this means when you travel back to the future, you can travel back to either the "modified" propagation, or to the "original" propagation.