Travel + Leisure Co. (TNL) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. As such, the Zacks rating upgrade for Travel Leisure Co. is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS esti ...

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Travel + Leisure Co. (NYSE:TNL) Q1 2024 Earnings Conference Call April 24, 2024 8:00 AM ET Company Participants Jill Greer - VP, IR Michael Brown - President & CEO Mike Hug - CFO Conference Call Participants Joe Greff - JP Morgan David Katz - Jefferies Chris Woronka - Deutsche Bank Patrick Scholes - Truist Securities Ben Chaiken - Credit Suisse Ian Zaffino - Oppenheimer Brandt Montour - Barclays Operator Greetings, and welcome to the Travel + Leisure First Quarter 2024 Earnings Conference Call. At this time ...

Table of Contents 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 March 31, 2024 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) (State or Other Jurisdiction of Incorpo ...

Exhibit 99.1 Travel + Leisure Co. Reports First Quarter 2024 Results ORLANDO, Fla. (April 24, 2024) — Travel + Leisure Co. (NYSE:TNL), the world's leading membership and leisure travel company, today reported first quarter 2024 financial results for the three months ended March 31, 2024. Highlights and outlook include: "We are off to a solid start for the year with a 15 percent increase in tours, 28 percent growth in new owner tours and volume per guest above $3,000," said Michael D. Brown, president and ch ...

Financial Data and Key Metrics Changes - The company reported a fourth quarter adjusted EBITDA of $240 million, a 7% increase year-over-year, and a full year adjusted EBITDA of $908 million, reflecting a 6% year-over-year growth [36][52] - Adjusted diluted earnings per share for the fourth quarter was $1.98, which includes a $0.37 income tax benefit, leading to a 52% increase [36][52] - Full year adjusted EPS grew by 26% over the prior year, with a cumulative capital return to shareholders since spin exceeding $2.1 billion [38][50] Business Line Data and Key Metrics Changes - Vacation Ownership segment reported a revenue increase of 5% to $776 million in the fourth quarter, with adjusted EBITDA rising 12% to $208 million [53] - Gross VOI sales for the full year increased 8% to $2.15 billion, with a VPG of $3,128 [40] - Travel and Membership segment revenue was $158 million in the fourth quarter, down from $163 million the previous year, with adjusted EBITDA of $52 million compared to $57 million [54] Market Data and Key Metrics Changes - Tours increased by 17% year-over-year in the fourth quarter and 18% for the full year, indicating strong consumer demand [41] - New owner transaction mix improved by 330 basis points in the fourth quarter and 240 basis points for the full year [41] - Forward bookings for 2024 owner nights are ahead of 2023 levels, reflecting robust consumer demand [48] Company Strategy and Development Direction - The company aims for growth through a multi-brand strategy, recently acquiring the rights to the Sports Illustrated Vacation Ownership business and the Accor Vacation Club brand [44][46] - The focus remains on enhancing marketing standards and ensuring profitable partnerships to drive new owner growth [6][7] - The company expects to leverage its strong relationships with partners like Wyndham Hotels to enhance marketing capabilities and drive growth [71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving low single-digit EBITDA growth in the Travel and Membership segment for 2024, despite challenges [43] - The company anticipates a return to high single-digit growth rates in the long term as interest rates subside and operational efficiencies improve [15][63] - Management highlighted the importance of maintaining credit quality and managing provisions effectively, with expectations for provisions to remain in the 18% to 19% range [81] Other Important Information - The company returned approximately 15% of its market capitalization to shareholders through dividends and share repurchases [38][50] - Adjusted free cash flow for the year was $379 million, resulting in a 42% adjusted EBITDA to free cash flow conversion [57] - The company plans to recommend a dividend increase to $0.50 per share for the first quarter of 2024, reflecting confidence in future performance [51] Q&A Session Summary Question: Can you discuss the growth expectations for tours? - Management expects tour growth to exceed 10% for the year, building on the previous year's 18% growth [5][6] Question: How is the cost structure for the B2B and B2C business? - The company believes the cost structure is right-sized and is focused on maintaining EBITDA levels with minimal top-line growth [8][9] Question: What are the expectations for the Travel and Membership segment? - Management anticipates low single-digit EBITDA growth for this segment in 2024, with a focus on improving margins [75] Question: How is the company managing its capital allocation strategy? - The company remains committed to dividends and strategic M&A opportunities, with a focus on long-term growth [90][91] Question: What is the outlook for the Accor acquisition? - The Accor acquisition is expected to provide incremental growth, with plans for future expansion and synergies [65][66]

Financial Performance - Net revenues for 2023 reached $3,750 million, a 5.1% increase from $3,567 million in 2022[322]. - Operating income increased to $720 million in 2023, up from $653 million in 2022, representing a 10.3% growth[322]. - Net income attributable to Travel + Leisure Co. shareholders was $396 million in 2023, compared to $357 million in 2022, reflecting an increase of 10.9%[324]. - Basic earnings per share for continuing operations rose to $5.24 in 2023, up from $4.27 in 2022, marking a 22.8% increase[322]. - The cumulative total return for Travel + Leisure Co. from December 31, 2018, to December 31, 2023, was $131.98, compared to $181.15 for the S&P Midcap 400 Index[198]. Assets and Liabilities - Total assets decreased slightly to $6,738 million in 2023 from $6,757 million in 2022[326]. - The company’s total liabilities remained stable at $7,655 million in 2023, slightly down from $7,661 million in 2022[326]. - The company’s total deficit as of December 31, 2023, was $917 million, compared to $904 million in 2022, showing a slight increase of 1.4%[332]. - The allowance for doubtful accounts decreased to $143 million in 2023 from $168 million in 2022, representing a reduction of approximately 14.9%[349]. - The total balance of restricted cash for securitizations increased to $96 million in 2023 from $83 million in 2022, indicating a growth of 15.7%[346]. Cash Flow and Capital Expenditures - Cash and cash equivalents at the end of 2023 were $282 million, down from $550 million at the end of 2022[326]. - The company repurchased common stock worth $307 million in 2023, a decrease from $352 million in 2022, reflecting a reduction of approximately 12.8%[332]. - The company issued dividends of $1.80 per share in 2023, up from $1.60 per share in 2022, marking a 12.5% increase[332]. - The company had accrued expenses and other liabilities of $807 million as of December 31, 2023, compared to $876 million in 2022[437]. Debt and Financing - As of December 31, 2023, the total outstanding balance of variable rate borrowings was $1.231 billion, comprising $364 million in non-recourse debt and $867 million in corporate debt[303]. - The company’s total debt, including finance leases, was $3,575 million as of December 31, 2023, down from $3,669 million in 2022[438]. - The Company closed a placement of term notes with an initial principal amount of $250 million, secured by VOCRs, bearing interest at a weighted average coupon rate of 6.33%[443]. - The Company had $394 million in other assets as of December 31, 2023, up from $324 million in 2022[436]. - The combined weighted average interest rate on the Company's total non-recourse vacation ownership debt was 5.9% in 2023[451]. Revenue Segments - The Vacation Ownership segment generated $3,041 million in total revenues for 2023, up from $2,835 million in 2022, reflecting a growth of 7.3%[392]. - The Travel and Membership segment reported total revenues of $711 million for 2023, a decrease from $735 million in 2022, indicating a decline of 3.3%[392]. - Management fee revenue increased to $432 million in 2023 from $413 million in 2022, while reimbursable revenues rose to $382 million from $350 million in the same period[379]. - Total property management fees and reimbursable revenues reached $814 million in 2023, up from $763 million in 2022 and $691 million in 2021[379]. Market Risks - The company assesses market risks based on changes in interest and foreign currency exchange rates using a sensitivity analysis[302]. - The company anticipates that SOFR and asset-backed commercial paper rates will remain its primary market risk exposures[305]. - A hypothetical 10% change in interest rates would result in a $2 million increase or decrease in annual consumer financing interest expense and a $5 million increase or decrease in annual debt interest expense[302]. - The fair value of outstanding foreign exchange hedging instruments was $61 million as of December 31, 2023, with a potential $5 million change in fair value from a 10% change in foreign currency exchange rates[302]. Acquisitions and Goodwill - The company acquired Playbook365 for $13 million, which includes $6 million in cash and contingent consideration valued at $7 million, potentially rising to $24 million based on financial metrics[398]. - The company acquired the Travel + Leisure brand for a total of $100 million, with $35 million paid at closing and additional payments of $20 million in 2021, 2022, and $15 million in 2023, with a remaining $10 million due in June 2024[400]. - As of December 31, 2023, the company's total goodwill increased to $962 million, up from $955 million in 2022, with $935 million attributed to the Travel and Membership segment[409]. - The Company completed its annual goodwill impairment test as of October 1, 2023, and determined that no impairment exists[364]. Taxation - The effective income tax rate for the company in 2023 was 19.4%, down from 26.7% in 2022, primarily due to changes in valuation allowances and foreign tax credits[413]. - The company had deferred income tax liabilities of $1,067 million as of December 31, 2023, compared to $1,040 million in 2022[412]. - The ending balance of unrecognized tax benefits decreased to $22 million in 2023 from $25 million in 2022, with potential penalties and interest liabilities of $3 million and $10 million respectively as of December 31, 2023[414][418]. Vacation Ownership Contracts - Vacation ownership contract receivables (VOCRs) increased to $3.101 billion in 2023 from $2.911 billion in 2022, with net VOCR originations of $1.43 billion in 2023, up from $1.14 billion in 2022[419][421]. - The allowance for loan losses on VOCRs rose to $574 million in 2023 from $541 million in 2022, reflecting a provision for loan losses of $348 million during 2023[422]. - The total vacation ownership receivables, net of securitized liabilities and allowance for loan losses, reached $579 million in 2023, up from $517 million in 2022, indicating a growth of approximately 12%[468]. - The fair value of vacation ownership contract receivables, net, was estimated at $2,527 million as of December 31, 2023, down from $2,829 million in 2022[477].

Exhibit 99.1 Travel + Leisure Co. Reports Fourth Quarter and Full-Year 2023 Results and Provides 2024 Outlook ORLANDO, Fla. (February 21, 2024) — Travel + Leisure Co. (NYSE:TNL), the world's leading membership and leisure travel company, today reported fourth quarter and full-year 2023 financial results for the period ended December 31, 2023. Fourth quarter 2023 highlights: Full-year 2023 highlights: Outlook: "Our team produced strong year-over-year growth in revenue, vacation ownership sales and adjusted E ...

Travel + Leisure Co. (NYSE:TNL) Q3 2023 Earnings Conference Call October 25, 2023 8:30 AM ET Company Participants Chris Agnew - Senior Vice President, Investor Relations Michael Brown - President & Chief Executive Officer Mike Hug - Chief Financial Officer Conference Call Participants Joe Greff - JPMorgan David Katz - Jefferies Dany Asad - Bank of America Brandt Montour - Barclays Patrick Scholes - Truist Securities Chris Woronka - Deutsche Bank Isaac Sellhausen - Oppenheimer Operator Hello and welcome to t ...

Table of Contents 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) (State or Other Jurisdiction of Inc ...