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 ...

Financial Data and Key Metrics Changes - The third quarter adjusted EBITDA was reported at $248 million, reflecting a 6% increase year-over-year, while adjusted diluted earnings per share rose by 20% to $1.54 [16][27] - The adjusted EBITDA margin for the third quarter remained flat at 25% compared to the prior quarter and the previous year [2] - Year-to-date adjusted EBITDA growth is 5%, and adjusted EPS growth is 16% [16] Business Line Data and Key Metrics Changes - The Vacation Ownership segment reported revenues of $812 million, an 8% increase, with adjusted EBITDA also increasing by 8% to $203 million [39] - The Travel Membership segment generated $174 million in revenue, down from $183 million in the prior year, with adjusted EBITDA decreasing to $62 million from $65 million [18] - Total owner arrivals were ahead, with a length of stay 5% above the fourth quarter of 2019 [29] Market Data and Key Metrics Changes - Forward resort booking sales volume per guest increased, with Q4 owner nights on the books 7% ahead of the same period in 2019 [3] - The exchange member count has started to recover, but the transaction propensity remains below pre-COVID levels [18][24] Company Strategy and Development Direction - The company acquired the rights to the Vacation Ownership business of Sports Hospitality Ventures, aiming to develop a network of sports-themed resorts [12][35] - The strategic goal includes adding incremental Vacation Ownership revenue streams under the Travel + Leisure brand, with a focus on capital-efficient development [13][35] - The company plans to streamline operations in the Travel and Membership segment to align costs with revised revenue forecasts [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the Travel and Membership segment will see growth in 2024, citing stabilization in transaction propensity [48] - The company anticipates that the fourth quarter will mark the trough in revenue momentum for the Travel and Membership segment [34] - Management noted that 80% of owners have fully paid for their timeshare, indicating resilience against economic downturns [14] Other Important Information - The company returned $98 million to shareholders in Q3 through dividends and share repurchases, aiming to reduce outstanding shares by 10% for the full year [8] - The adjusted free cash flow for the nine months was $81 million, down from $195 million in the same period last year, primarily due to higher originations and interest payments [41] Q&A Session Summary Question: What gives confidence that Travel and Membership will trough in Q4? - Management noted stabilization in transaction propensity and a rebound in membership growth as key factors [48][49] Question: Can you walk through the guidance cut for this year? - The guidance cut was primarily due to a $15 million reduction in the Travel and Membership business forecast for Q4 [60] Question: What are the dynamics affecting free cash flow conversion? - The free cash flow conversion is expected to be around 50%, influenced by timing in the receivable portfolio and increased corporate interest expense [83][84] Question: How significant is the Sports Illustrated acquisition? - The acquisition is expected to be capital efficient, with most costs being cash out the door that will be recovered through product sales [134] Question: What is the outlook for tour flow? - Tour flow expectations are for double-digit growth in Q4 and for the full year, with higher teens anticipated [118]

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section details the unaudited interim financial statements, management's analysis, market risks, and internal controls [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides the unaudited interim financial statements for the three and nine-month periods, reviewed by independent auditors [Report of Independent Registered Public Accounting Firm](index=6&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP reviewed the Company's interim financial statements and found no material modifications needed for U.S. GAAP conformity - The auditors are **not aware of any material modifications** that should be made to the accompanying interim financial statements for them to be in conformity with U.S. GAAP[12](index=12&type=chunk) [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The company reported net revenues of $986 million for Q3 2023, with net income attributable to shareholders at $110 million Q3 & Nine Months 2023 vs 2022 Income Statement Highlights (in millions, except EPS) | Metric | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $986 | $937 | $2,814 | $2,668 | | **Operating Income** | $207 | $189 | $529 | $491 | | **Net Income to Shareholders** | $110 | $116 | $267 | $266 | | **Diluted EPS** | $1.49 | $1.38 | $3.53 | $3.12 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets slightly decreased to $6.655 billion, while total stockholders' deficit increased to $997 million Balance Sheet Summary (in millions) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $6,655 | $6,757 | | Cash and cash equivalents | $238 | $550 | | Vacation ownership contract receivables, net | $2,460 | $2,370 | | **Total Liabilities** | $7,652 | $7,661 | | Debt | $3,729 | $3,669 | | Non-recourse vacation ownership debt | $1,893 | $1,973 | | **Total (Deficit)** | ($997) | ($904) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was $198 million for the nine months ended September 30, 2023, with significant cash used in financing activities Cash Flow Summary for Nine Months Ended Sep 30 (in millions) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $198 | $267 | | **Net cash used in investing activities** | ($46) | ($34) | | **Net cash used in financing activities** | ($444) | ($414) | | **Net change in cash, cash equivalents and restricted cash** | ($296) | ($192) | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the accounting policies and financial figures presented in the consolidated statements [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, condition, and liquidity, highlighting strong leisure demand amidst macroeconomic uncertainties and strategic capital deployment - The company continues to see **strong demand for leisure travel**, but faces uncertainty from inflationary pressures, rising interest rates, and recession risk[166](index=166&type=chunk) - A strategic shift to increase new owner sales is moderating Volume Per Guest (VPG) levels, though they remain above pre-pandemic levels[166](index=166&type=chunk) - The company believes it has **sufficient liquidity** to meet ongoing cash needs, including the repayment of **$300 million in notes due April 2024**[216](index=216&type=chunk) Q3 2023 vs Q3 2022 Consolidated Results (in millions) | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $986 | $937 | $49 | | **Operating Income** | $207 | $189 | $18 | | **Net Income** | $110 | $116 | ($6) | [Results of Operations](index=48&type=section&id=Results%20of%20Operations) For Q3 2023, consolidated net revenues rose 5.2% to $986 million, driven by the Vacation Ownership segment, despite a 5.2% decrease in net income Q3 2023 Operating Statistics vs Q3 2022 | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | **Vacation Ownership** | | | | | Gross VOI sales (in millions) | $598 | $555 | 7.8% | | Tours (in 000s) | 187 | 158 | 18.0% | | Volume per guest (VPG) | $3,108 | $3,393 | (8.4%) | | **Travel and Membership** | | | | | Total transactions (in 000s) | 410 | 439 | (6.5%) | - Vacation Ownership revenue increased by **$58 million** in Q3 2023, driven by a **39% increase in gross VOI sales** from more tours, despite a lower VPG. Adjusted EBITDA for the segment rose by **$15 million**[184](index=184&type=chunk)[185](index=185&type=chunk) - Travel and Membership revenue decreased by **$9 million** in Q3 2023 due to lower transaction volumes. Adjusted EBITDA for the segment fell by **$3 million**[189](index=189&type=chunk)[190](index=190&type=chunk) [Financial Condition](index=58&type=section&id=Financial%20Condition) As of September 30, 2023, total assets decreased by $102 million, primarily due to cash used for debt repayment and shareholder returns, while total liabilities saw a net decrease of $9 million - Total assets decreased primarily due to a **$312 million drop in Cash and cash equivalents**, which was used for debt repayment (**$400 million**), share repurchases (**$269 million**), and dividends (**$104 million**)[214](index=214&type=chunk) - Total liabilities saw a net decrease of **$9 million**, with an **$80 million reduction** in non-recourse debt and a **$58 million decrease** in accrued expenses, partially offset by a **$60 million increase** in corporate debt[214](index=214&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $238 million in cash and $547 million available under its revolving credit facility, with significant capital deployment towards share repurchases and dividends - As of September 30, 2023, the company had **$547 million of available capacity** under its **$1.0 billion revolving credit facility**[218](index=218&type=chunk) - During the first nine months of 2023, the company repurchased **6.7 million shares for $267 million** and paid **$104 million in dividends**[247](index=247&type=chunk)[248](index=248&type=chunk) Material Future Contractual Obligations (in millions) | Category | Total Commitment | | :--- | :--- | | Debt | $3,743 | | Non-recourse debt | $1,911 | | Interest on debt | $1,212 | | Purchase commitments | $763 | | Operating leases | $109 | | **Total** | **$7,738** | [Quantitative and Qualitative Disclosures About Market Risks](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company is exposed to interest rate and foreign currency risks, though a 10% change is not expected to materially affect financials, while a 100-basis point interest rate change would impact annual interest expense by $15 million - A hypothetical **10% change in interest rates or foreign currency exchange rates** is not expected to have a **material effect** on the company's financials[253](index=253&type=chunk) - A **100-basis point change** in underlying interest rates would impact annual consumer financing interest expense by **$5 million** and annual corporate debt interest expense by **$10 million**[254](index=254&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes in internal control over financial reporting during the quarter - Management concluded that the company's **disclosure controls and procedures were effective** as of the end of the period[256](index=256&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control[256](index=256&type=chunk) [PART II - OTHER INFORMATION](index=53&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides disclosures on legal proceedings, risk factors, equity sales, and other miscellaneous information [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and lawsuits arising in the ordinary course of business, none of which are expected to have a material adverse effect - The company is involved in various claims and lawsuits, none of which are expected to have a **material adverse effect** on its financial results or condition[258](index=258&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 - As of September 30, 2023, there have been **no material changes** to the risk factors set forth in the company's 2022 Annual Report on Form 10-K[259](index=259&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2023, the company repurchased approximately 1.6 million shares for about $65 million, with $210 million remaining available for future repurchases Share Repurchases for Quarter Ended September 30, 2023 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2023 | 773,316 | $41.40 | | August 2023 | 819,577 | $40.26 | | September 2023 | — | $— | | **Total** | **1,592,893** | **$40.82** | - As of September 30, 2023, the company had approximately **$210 million remaining** under its share repurchase authorization[260](index=260&type=chunk) [Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None - There were **no defaults** upon senior securities[263](index=263&type=chunk) [Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - This item is **not applicable** to the company[264](index=264&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) None - No other information was reported under this item[265](index=265&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amendments to agreements, certifications by the CEO and CFO, and XBRL data files - Exhibits filed include the Twelfth Amendment to an indenture and servicing agreement, officer certifications (Rule 13a-14(a) and Section 1350), and Inline XBRL documents[266](index=266&type=chunk) [Signatures](index=55&type=section&id=Signatures) This section contains the required signatures for the filing

Financial Data and Key Metrics - Q2 adjusted EBITDA was $236 million, a 3% increase YoY, and adjusted EPS was $1.33, a 5% improvement YoY [1] - Adjusted EBITDA margin was 25%, flat YoY, impacted by higher interest expense and investment in new owner growth [122] - Net corporate leverage ratio was 3.7x at the end of Q2, expected to decline below 3.5x by year-end [113] - Q2 VPG was $3,150, at the top end of guidance and 30% above 2019 levels [143] - Q2 share repurchases totaled $100 million, with $275 million remaining under the approved program [127] Business Segment Performance - Vacation Ownership segment revenue was $768 million, up 4% YoY, with adjusted EBITDA of $187 million, flat YoY [18] - Travel and Membership segment revenue was $179 million, down from $188 million YoY, with adjusted EBITDA of $62 million, down from $64 million YoY [19] - Blue Thread tours increased 20% YoY, outperforming overall tour growth of 15% [29] - Travel Club transactions declined 9% YoY, consistent with prior expectations [16] Market and Consumer Trends - Owner nights booked for H2 2023 are ahead of 2019 levels, with room nights up 4% due to longer stays [41] - Booking windows remain stable at 120 days, with search patterns starting 160 days in advance, indicating strong travel demand [53] - Delinquencies in the consumer finance portfolio normalized in Q2 but remain within expectations [124] - Exchange member count is recovering but not enough to offset lower transaction propensity [19] Strategic Direction and Industry Competition - The company reaffirmed full-year adjusted EBITDA guidance of $925 million to $945 million and gross VOI sales of $2.1 billion to $2.2 billion [30] - Strategic focus on new owner growth, with new owner transactions increasing to 34% of total transactions, up 200 bps YoY [28] - Opportunities for diversification in the VO business, with potential for new brands and market expansion [51] - The company is well-positioned with four years of inventory on the balance sheet, minimizing exposure to rising construction costs [152] Management Commentary on Operating Environment and Outlook - Management expressed confidence in the resilience of the timeshare model, with 80% of owners having fully paid for their timeshares [110] - The company expects Q3 adjusted EBITDA to be in the range of $245 million to $260 million, with Travel and Membership contributing $60 million to $65 million [3] - Full-year loan loss provision guidance remains at 18% to 19%, with Q3 provision expected to exceed 19% [33] - Management highlighted the strong performance of the Mexican exchange market and consistent demand across geographies [151] Other Key Information - The company completed a $300 million ABS transaction in July with a weighted average coupon of 6.72% and an advance rate of 92% [112] - Adjusted free cash flow was $11 million in H1 2023, down from $121 million YoY due to higher loan originations and interest payments [128] - The effective tax rate for the full year is expected to be between 27% and 28% [95] Q&A Session Summary Question: Close rate trends for new and existing owners [116] - Close rates normalized in Q2, with rates still above historical norms for owner, Blue Thread, and non-affinity new owner tours [45] - Close rates in July are consistent with June levels and expected to remain stable for the rest of the year [34] Question: Margin expectations for VO in Q3 and Q4 [116] - Margins are expected to improve in Q4, with Q3 pressure due to high new owner tour volume [36] - Full-year VO margins are expected to be comparable to 2022 levels [65] Question: Geographic spread of demand [63] - Demand is consistent across key markets, with no significant regional variations [150] - The Mexican exchange market has shown strong resurgence, benefiting from mid-haul travel demand [151] Question: Inventory strategy amid rising rates [58] - The company has minimal inventory spend due to four years of inventory on the balance sheet, reducing exposure to rising costs [152] Question: Capital allocation and buyback pace [89] - Share repurchases will be evaluated monthly, with continued buybacks expected through year-end [90] Question: Consumer behavior and transaction size [66] - VPG declines are primarily due to close rate normalization, with no significant changes in transaction size or consumer propensity [67] Question: Securitization terms and credit spreads [73] - Credit spreads have tightened, with potential for further improvement if interest rate uncertainty decreases [77][85]

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 June 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 Incorpor ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $184 million, an 8% increase over the prior year, and adjusted earnings per share (EPS) of $0.89, a 29% improvement over Q1 2022 [4][10] - The company repurchased 3% of its shares outstanding in the first quarter, reflecting confidence in 2023 free cash flow [4][10] Business Line Data and Key Metrics Changes - The Vacation Ownership segment reported revenue of $685 million and adjusted EBITDA of $131 million, increases of 12% and 25% respectively over the first quarter of 2022 [11] - The Travel and Membership segment generated revenue of $200 million, flat compared to the prior year, with adjusted EBITDA decreasing to $71 million from $82 million due to higher costs [11] Market Data and Key Metrics Changes - Forward bookings for owners are pacing above 2019 levels, indicating strong demand in major destination markets such as Orlando, Las Vegas, and Hawaii [5][7] - Length of stay remains 6% above 2019 levels, reflecting ongoing consumer demand [5] Company Strategy and Development Direction - The company is focused on maintaining a resilient business model with $19 billion of embedded revenue potential over the next 10 years from the existing owner base [8] - The company raised its adjusted EBITDA guidance for the full year to a range of $925 million to $945 million, while reiterating expectations for gross VOI sales between $2.1 billion and $2.2 billion [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the trends observed in April returned to pre-March levels, indicating that the dip in performance was temporary [16][28] - The company remains optimistic about summer leisure travel, with expectations for continued growth in new owner business [27][28] Other Important Information - The company reported a use of cash of $8 million in adjusted free cash flow for the quarter, compared to a source of cash of $146 million in the same period of 2022 [12] - The company expects to maintain a free cash flow conversion rate of 55% to 60% in 2023 [13] Q&A Session Summary Question: Can you discuss the monthly cadence within the quarter and what you are seeing in April regarding close rates and VPG? - Management observed that metrics were strong in January and February, with a temporary dip in March due to market volatility, but trends returned to normal in April [16] Question: What are the expectations for Travel and Membership growth in the second half of the year? - Management expects growth in the second half, driven by new owners entering the timeshare space [17] Question: Are there differences in performance by geographic region? - Management noted some impact on West Coast operations in late March, but performance metrics returned to normal in April [22] Question: What is the strategy for the exchange business moving forward? - Management acknowledged the long-term headwinds in the exchange space but emphasized maintaining market share and revenue per transaction [24] Question: How is summer leisure travel shaping up year-over-year? - Management is optimistic about summer travel, with strong forward bookings and a positive outlook based on April trends [27][28] Question: Can you provide insight into consumer financing trends? - Management indicated that the propensity to finance is strategic, with improvements in portfolio quality leading to higher prepayment rates [48] Question: What is the refinancing strategy given upcoming maturities? - Management expressed confidence in their ability to refinance upcoming debt, with a strong capital structure in place [50][51]

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, 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 Incorpo ...