[PART I FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents Travel + Leisure Co.'s unaudited condensed consolidated financial statements for Q3 2024, including income, balance sheets, cash flows, and notes [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q3 2024 net revenues slightly increased to $993 million, but operating and net income attributable to shareholders decreased Condensed Consolidated Statements of Income (In millions, except per share amounts) | | **Three Months Ended Sep 30** | | **Nine Months Ended Sep 30** | | | :--- | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | **Net revenues** | **$993** | **$986** | **$2,893** | **$2,814** | | Operating income | $189 | $207 | $527 | $529 | | Income before income taxes | $130 | $148 | $356 | $358 | | Net income from continuing operations | $97 | $110 | $260 | $262 | | **Net income attributable to shareholders** | **$97** | **$110** | **$292** | **$267** | | **Diluted EPS from continuing operations** | **$1.39** | **$1.49** | **$3.66** | **$3.46** | | **Diluted EPS** | **$1.39** | **$1.49** | **$4.11** | **$3.53** | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$6.70 billion** as of Sep 30, 2024, while total liabilities decreased to **$7.56 billion** Condensed Consolidated Balance Sheet Highlights (In millions) | | **Sep 30, 2024** | **Dec 31, 2023** | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $194 | $282 | | Vacation ownership contract receivables, net | $2,612 | $2,527 | | Inventory | $1,208 | $1,135 | | Goodwill | $971 | $962 | | **Total assets** | **$6,698** | **$6,738** | | **Liabilities and (Deficit)** | | | | Non-recourse vacation ownership debt | $2,029 | $2,071 | | Debt | $3,548 | $3,575 | | **Total liabilities** | **$7,559** | **$7,655** | | **Total (deficit)** | **($861)** | **($917)** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$366 million** YTD 2024, while investing and financing activities used cash Cash Flow Summary for Nine Months Ended Sep 30 (In millions) | | **2024** | **2023** | | :--- | :--- | :--- | | Net cash provided by operating activities | $366 | $198 | | Net cash used in investing activities | ($101) | ($46) | | Net cash used in financing activities | ($374) | ($444) | | **Net change in cash, cash equivalents and restricted cash** | **($109)** | **($296)** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details segment information, revenue recognition, the **$50 million** Accor Vacation Club acquisition, debt, and restructuring charges - The company operates through two segments: Vacation Ownership (develops, markets, and sells VOIs) and Travel and Membership (vacation exchange, travel clubs)[17](index=17&type=chunk)[18](index=18&type=chunk) - On March 1, 2024, the company acquired the Accor Vacation Club business for **$50 million** to expand its international portfolio in the Asia Pacific region[50](index=50&type=chunk) - A **$32 million** gain was recognized in the first nine months of 2024 from the expiration of guarantees related to the sale of the European vacation rentals business[56](index=56&type=chunk)[141](index=141&type=chunk) - In Q3 2024, the company initiated a restructuring plan, incurring **$14 million** in charges, primarily for personnel-related costs from a reduction of approximately 300 employees[129](index=129&type=chunk) Disaggregation of Net Revenues (Nine Months Ended Sep 30, in millions) | Segment/Category | 2024 | 2023 | | :--- | :--- | :--- | | **Vacation Ownership** | **$2,358** | **$2,265** | | - Vacation ownership interest sales | $1,265 | $1,172 | | - Property management & reimbursable | $637 | $610 | | - Consumer financing | $335 | $313 | | **Travel and Membership** | **$538** | **$553** | | - Transaction revenues | $381 | $395 | | - Subscription revenues | $134 | $137 | | **Total Net Revenues** | **$2,893** | **$2,814** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong leisure travel demand driving VOI sales, moderated VPGs, improved Travel and Membership profitability, and capital deployment [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Q3 2024 net revenues increased slightly, but net income declined due to higher costs; nine-month net income rose from a disposal gain Q3 2024 vs Q3 2023 Operating Statistics | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Gross VOI sales (in millions) | $606 | $598 | 1.3% | | Tours (in 000s) | 195 | 187 | 4.5% | | Volume per guest (VPG) | $3,012 | $3,108 | (3.1)% | | Total Transactions (in 000s) | 378 | 410 | (7.7)% | - Vacation Ownership Q3 revenue increased by **$13 million**, driven by a **4.5% increase in tours**, though VPG decreased **3.1%** due to a strategic focus on new owners[168](index=168&type=chunk) - Travel and Membership Q3 revenue decreased by **$6 million** due to lower transaction volumes, but cost savings from restructuring kept Adjusted EBITDA flat year-over-year[169](index=169&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=57&type=section&id=Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) Financial condition remains stable with decreased assets and liabilities; liquidity is strong from operations, credit facility, and debt markets - As of Sep 30, 2024, the company had **$194 million** in cash and **$724 million** available under its revolving credit facility[196](index=196&type=chunk)[197](index=197&type=chunk) - The company is in compliance with its debt covenants, with an interest coverage ratio of **4.23 to 1.0** (minimum 2.50) and a first lien leverage ratio of **3.39 to 1.0** (maximum 4.25)[76](index=76&type=chunk)[77](index=77&type=chunk)[199](index=199&type=chunk) - Capital deployment YTD includes **$165 million** for share repurchases and **$108 million** for dividends; **$509 million** remains for future repurchases[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) Material Cash Requirements (as of Sep 30, 2024, in millions) | Commitment | **Next 12 Months** | **Total** | | :--- | :--- | :--- | | Debt | $297 | $3,571 | | Non-recourse debt | $226 | $2,051 | | Interest on debt | $340 | $1,151 | | Purchase commitments | $273 | $695 | | Operating leases | $29 | $101 | | **Total** | **$1,165** | **$7,569** | [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=65&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) Primary market risks are interest rate and foreign currency fluctuations; a 100 basis point interest rate change would impact annual debt interest expense by **$11 million** - A **100 basis point** change in interest rates would impact annual debt interest expense by **$11 million** and consumer financing interest expense by **$4 million**[230](index=230&type=chunk) - A hypothetical **10%** change in foreign currency exchange rates would change the fair value of outstanding forward contracts by approximately **$6 million**, generally offset by the underlying exposure being hedged[229](index=229&type=chunk) [Item 4. Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal control - The principal executive and financial officers concluded that disclosure controls and procedures were effective as of the end of the reporting period[231](index=231&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[231](index=231&type=chunk) [PART II OTHER INFORMATION](index=66&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings not expected to materially affect its financial condition or operations - The company is involved in ordinary course legal proceedings which are not expected to have a material adverse effect on its financial condition[233](index=233&type=chunk) [Item 1A. Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for 2023 - As of September 30, 2024, no material changes have occurred to the risk factors disclosed in the 2023 Form 10-K[234](index=234&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2024, the company repurchased **1,583,100 shares** for approximately **$70 million**, with **$509 million** remaining for future repurchases Issuer Purchases of Equity Securities (Q3 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2024 | 381,642 | $46.11 | | August 2024 | 0 | N/A | | September 2024 | 1,201,458 | $43.63 | | **Total** | **1,583,100** | **$44.23** | [Item 6. Exhibits](index=68&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32), a letter regarding unaudited interim financial information (15), and Inline XBRL files (101 series)[238](index=238&type=chunk)

Travel + Leisure Co. (TNL) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.49 per share. This compares to earnings of $1.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.37%. A quarter ago, it was expected that this company would post earnings of $1.39 per share when it actually produced earnings of $1.52, delivering a surprise of 9.35%.Over the last four quarters, the compan ...

Exhibit 99.1 ORLANDO, Fla. (October 23, 2024) — Travel + Leisure Co. (NYSE:TNL), the world's leading vacation ownership and membership travel company, today reported third quarter 2024 financial results for the three months ended September 30, 2024. Highlights and outlook include: • Net income of $97 million, $1.39 diluted earnings per share from continuing operations, on net revenue of $993 million (1) • Adjusted EBITDA of $242 million and adjusted diluted earnings per share of $1.57 • Volume per guest (VP ...

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Financial Data and Key Metrics Changes - The company reported revenues of $985 million, a 4% increase year-over-year, with adjusted EBITDA of $244 million, at the high end of guidance [58][87] - Adjusted net income was $108 million, translating to $1.52 per share, reflecting a 14% growth in adjusted EPS [54] - The adjusted EBITDA margin was maintained at 24.8%, indicating strong margin performance despite revenue growth [87] Business Line Data and Key Metrics Changes - The vacation ownership segment saw a 5% increase in revenues, with gross VOI sales reaching $607 million, contributing to a 10% increase in adjusted EBITDA for this segment [88] - The Travel and Membership segment maintained flat adjusted EBITDA with a slight decline in revenue, offset by higher revenue per transaction [89] Market Data and Key Metrics Changes - New owner tours increased by 22%, contributing to a total tour growth of 13% [59] - The average VPG (Volume Per Guest) was reported at $3,051, which was above expectations, leading to an increase in VPG guidance for the year by $50 [61] Company Strategy and Development Direction - The company is focusing on a multigrain strategy to drive consistent growth in vacation ownership, leveraging brands like Accor and Sports Illustrated to expand market share [39] - Investments in new marketing locations and channels have yielded positive results, with a 140% increase in active packages this year [34] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about consumer demand for leisure travel, expecting strong performance in the second half of the year [2][51] - The company anticipates a slight increase in loan loss provisions but believes the overall business model remains resilient and capable of overcoming challenges [85][137] Other Important Information - The company closed a $375 million ABS transaction at a rate of 5.6%, showing improvements in financing conditions [66] - Share repurchases totaled $70 million in the second quarter, with $578 million remaining under the authorization [67] Q&A Session Summary Question: Loan loss provisions compared to 2019 levels - Management clarified that while provisions are back to 2019 levels, the quality of the loan mix has improved, suggesting lower provisions should be expected [10] Question: Growth potential of Accor as a brand - Management indicated that Accor's international focus presents a growth opportunity, although North America remains the strongest market for timeshare [8] Question: Future demand trends in Hawaii - Management noted that they are not observing any unusual demand trends in Hawaii, maintaining a positive outlook based on year-on-year increases in owner room nights [145] Question: Impact of delinquency rates on provisions - Management acknowledged that delinquency rates have increased, particularly among lower FICO score borrowers, but emphasized that the overall portfolio remains manageable [111][137] Question: Marketing channel effectiveness - Management expressed satisfaction with the current marketing channel mix and highlighted the success of new partnerships in driving growth [95]

The reported revenue compares to the Zacks Consensus Estimate of $984.37 million, representing a surprise of +0.06%. The company delivered an EPS surprise of +9.35%, with the consensus EPS estimate being $1.39. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Net Revenues- Vacation Ownership: $807 million versus the five-analyst avera ...

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents the company's unaudited condensed consolidated financial statements for the periods ended June 30, 2024 and 2023 [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Reports increased net income for Q2 and H1 2024, driven by higher net revenues and a gain on disposal Condensed Consolidated Statements of Income (in millions) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | **Net revenues** | $985 | $949 | $1,900 | $1,829 | | Vacation ownership interest sales | 441 | 401 | 810 | 739 | | Service and membership fees | 413 | 424 | 832 | 844 | | **Operating income** | 189 | 183 | 339 | 322 | | **Net income from continuing operations** | 97 | 89 | 163 | 152 | | Gain on disposal of discontinued business | 32 | 5 | 32 | 5 | | **Net income attributable to shareholders** | $129 | $94 | $195 | $157 | | **Diluted EPS** | $1.81 | $1.25 | $2.73 | $2.05 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Details the company's financial position as of June 30, 2024, showing slightly lower assets and liabilities Condensed Consolidated Balance Sheet Highlights (in millions) | | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$6,693** | **$6,738** | | Cash and cash equivalents | $166 | $282 | | Vacation ownership contract receivables, net | $2,562 | $2,527 | | **Total Liabilities** | **$7,577** | **$7,655** | | Debt | $3,577 | $3,575 | | Non-recourse vacation ownership debt (VIE) | $2,000 | $2,071 | | **Total (Deficit)** | **($884)** | **($917)** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Shows a significant increase in operating cash flow for the first half of 2024 compared to the prior year Six Months Ended June 30 Cash Flow Summary (in millions) | | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $221 | $110 | | Net cash used in investing activities | ($81) | ($33) | | Net cash used in financing activities | ($261) | ($386) | | **Net change in cash, cash equivalents and restricted cash** | **($126)** | **($310)** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, acquisitions, debt, and segment performance [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial results, highlighting strong leisure travel demand and operational performance - Business saw strong demand for leisure travel in H1 2024, leading to higher tours and **Gross VOI sales**[165](index=165&type=chunk) - The Travel and Membership segment's profitability increased due to **cost savings** from a 2023 strategic realignment[166](index=166&type=chunk) - The company is experiencing some pressure on its loan portfolio, with an **increase in delinquencies** on loans with original FICO scores below 700[168](index=168&type=chunk) - On March 1, 2024, the company **acquired Accor Vacation Club for $50 million** to expand its international portfolio in the Asia Pacific region[170](index=170&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Details revenue and Adjusted EBITDA growth for Q2 and H1 2024, led by the Vacation Ownership segment Q2 2024 vs Q2 2023 Operating Statistics | Metric | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | Gross VOI sales (in millions) | $607 | $557 | 8.9% | | Tours (in 000s) | 192 | 170 | 12.7% | | Volume per guest (VPG) | $3,051 | $3,150 | (3.1)% | | Total Transactions (in 000s) | 399 | 416 | (4.1)% | Segment Adjusted EBITDA (in millions) | Segment | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Vacation Ownership | $206 | $187 | $340 | $319 | | Travel and Membership | $62 | $62 | $137 | $133 | | **Total Company** | **$244** | **$236** | **$435** | **$420** | [Financial Condition](index=59&type=section&id=Financial%20Condition) Outlines changes in assets, liabilities, and deficit from year-end 2023 to June 30, 2024 - Total assets decreased by **$45 million**, driven by a **$116 million decrease in cash** and a $59 million decrease in Property and equipment, net[204](index=204&type=chunk) - Total liabilities decreased by **$78 million**, primarily due to a **$71 million decrease in Non-recourse vacation ownership debt** and a $23 million decrease in Accounts payable[204](index=204&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) Confirms sufficient liquidity from operations, cash reserves, and credit facilities to meet obligations - As of June 30, 2024, the company had **$166 million of cash** and cash equivalents and **$694 million of available capacity** under its $1.0 billion revolving credit facility[207](index=207&type=chunk)[208](index=208&type=chunk) - The company was in compliance with its debt covenants as of June 30, 2024, with an interest coverage ratio of **4.15 to 1.0** and a first lien leverage ratio of **3.50 to 1.0**[210](index=210&type=chunk) Material Future Contractual Obligations (in millions) | Obligation | 7/1/24 - 6/30/25 | Total | | :--- | :--- | :--- | | Debt | $297 | $3,601 | | Non-recourse debt | $229 | $2,021 | | Interest on debt | $347 | $1,193 | | Purchase commitments | $250 | $699 | | Operating leases | $29 | $97 | | **Total** | **$1,152** | **$7,611** | [Capital Deployment](index=64&type=section&id=Capital%20Deployment) Details the strategy for business growth and shareholder returns, including share repurchases and dividends - In H1 2024, the company repurchased **2.2 million shares for $95 million**, with **$578 million** remaining available under the share repurchase authorization[234](index=234&type=chunk)[235](index=235&type=chunk) - The company paid dividends of $0.50 per share in Q1 and Q2 2024, totaling **$73 million** for the first six months[236](index=236&type=chunk) - Anticipated 2024 spending includes **$105-$130 million** on vacation ownership development and **$90-$100 million** on capital expenditures[230](index=230&type=chunk)[231](index=231&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=65&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) Assesses market risks from interest rate and currency fluctuations, concluding no material impact is expected - A **100-basis point change** in underlying interest rates on variable rate debt would result in a **$4 million** change in annual consumer financing interest expense and a **$12 million** change in annual debt interest expense[242](index=242&type=chunk) - A hypothetical **10% change** in foreign currency exchange rates would result in a change to the fair value of outstanding forward contracts of approximately **$6 million**[241](index=241&type=chunk) [Item 4. Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of the company's disclosure controls and procedures as of June 30, 2024 - Based on an evaluation as of June 30, 2024, the principal executive and financial officers concluded that the company's **disclosure controls and procedures were effective**[243](index=243&type=chunk) - **No changes occurred** during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[244](index=244&type=chunk) [PART II - OTHER INFORMATION](index=67&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and lawsuits arising in the ordinary course of business - The company is involved in various claims and lawsuits, but **none are expected to have a material adverse effect** on its results of operations or financial condition[246](index=246&type=chunk) [Item 1A. Risk Factors](index=67&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 - As of June 30, 2024, there have been **no material changes** to the risk factors set forth in the company's 2023 Annual Report on Form 10-K[247](index=247&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the company's Q2 2024 share repurchase activity and the remaining authorization under the program Issuer Purchases of Equity Securities (Q2 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2024 | 635,888 | $45.62 | | May 2024 | 490,888 | $44.82 | | June 2024 | 430,188 | $44.17 | | **Total** | **1,556,964** | **$44.96** | - The Board of Directors increased the share repurchase program authorization by **$500 million** in May 2024, with approximately **$578 million** remaining available under the plan[249](index=249&type=chunk) [Item 6. Exhibits](index=69&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amended corporate governance documents and certifications

Exhibit 99.1 ORLANDO, Fla. (July 24, 2024) — Travel + Leisure Co. (NYSE:TNL), the world's leading membership and leisure travel company, today reported second quarter 2024 financial results for the three months ended June 30, 2024. Highlights and outlook include: (1) • Adjusted EBITDA of $244 million and adjusted diluted earnings per share of $1.52 • Raising full year 2024 adjusted EBITDA guidance to $915 to $935 million • Returned $105 million to shareholders through $35 million of dividends and $70 millio ...

Core Viewpoint - Travel + Leisure Co. (TNL) is expected to report second-quarter earnings on July 24, 2024, with a consensus estimate indicating a 4.5% growth in adjusted earnings per share compared to the previous year [2][11]. Financial Performance - TNL's earnings have surpassed expectations in three of the last four quarters, with an average surprise of 15.9% [1]. - The consensus estimate for net revenues in the upcoming quarter is $984.4 million, reflecting a 3.7% increase from the same quarter last year [12]. - The company anticipates gross vacation ownership interest (VOI) sales between $580 million and $610 million, up from $557 million reported in the prior year [13]. Segment Analysis - The Vacation Ownership segment is expected to contribute positively to revenue growth due to increased tours and VOI sales, although this may be partially offset by a decline in volume per guest (VPG) [3]. - The Travel and Membership segment is anticipated to face challenges due to lower transaction volumes, but increased revenue per transaction from price hikes may provide some offset [4]. Cost Management - TNL's bottom line is likely to benefit from reduced general and administrative expenses and lower operating costs in the Travel and Membership segment, alongside leverage from increased revenues [14]. Earnings Expectations - TNL has an Earnings ESP of 0.00%, indicating uncertainty regarding an earnings beat this quarter [6]. - The company currently holds a Zacks Rank of 2, suggesting a favorable outlook but lacking the combination of positive Earnings ESP and a higher rank necessary for a strong earnings beat [16][24].

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels. One company value investors might notice is Travel Leisure Co. (TNL) . TNL is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with P/E rat ...