+ INVESTOR PRESENTATION Fall 2022 TRAVEL+ LEISURE Forward Looking Statements Disclaimer This presentation includes "forward-looking statements" as that term is defined by the Securities and Exchange Commission ("SEC"). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "may, ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $230 million and adjusted EPS of $1.27 for Q2 2022, reflecting strong performance compared to $193 million in EBITDA and $0.88 in EPS in the prior year [7][23] - The adjusted EBITDA margin improved to 24.9%, an increase of 70 basis points year-over-year and 40 basis points compared to Q2 2019 [8] - The company expects Q3 adjusted EBITDA to be between $230 million and $240 million, raising full-year adjusted EBITDA guidance to $860 million to $880 million [20][34] Business Line Data and Key Metrics Changes - The Vacation Ownership segment reported revenue of $735 million and EBITDA of $187 million, increases of 22% and 36% respectively over Q2 2021 [24] - The Travel and Membership segment saw a revenue decline of 3% in Q2 but finished up 5% for the first half of the year, with subscription revenue increasing by 5% and transaction revenue declining by 6% [16][27] Market Data and Key Metrics Changes - The company noted that the South, Southwest, and Hawaii regions showed the most demand, while the West Coast and international markets lagged [10] - Drive-to arrivals increased from 73% in March to 79% in June, indicating a shift in consumer behavior towards more accessible vacation options [10] Company Strategy and Development Direction - The company is focused on increasing the percentage of sales financed, which rose to approximately 65% from 55% in the prior year, aiming to grow high-margin net interest income [14] - The company plans to return $350 million to $400 million to shareholders through buybacks and dividends, representing about 10% of its market cap [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued robust vacation ownership demand, with booking pace at 2019 levels and nearly 90% of 2019 second-half room nights already booked [9][52] - The management highlighted that inflation is seen as a net positive for the business model, as rising hotel and vacation rental rates enhance the value proposition for customers [15] Other Important Information - The company added nine new Travel Clubs in Q2 and expects more in Q3, with a focus on driving transactions to these new clubs [17][19] - The company reported a strong balance sheet and cash flow generation, with a net corporate leverage ratio of 3.7 times at the end of the quarter [31] Q&A Session All Questions and Answers Question: Can you talk about what's going on in the West and whether that's just a year-over-year comparison issue? - Management noted that the West Coast is marginally lagging, with occupancy differences of only 2-3 percentage points, which could improve with remaining bookings [40] Question: Are you seeing consumers trade from a fly-to market to a drive-to market? - Management indicated that the increase in drive-to arrivals is a natural shift due to longer airport lines and ease of travel, but it is not a dramatic change [42] Question: How do you grow the Travel and Membership segment from here? - Management expects high-single-digit growth in the Travel and Membership segment for the second half of the year, driven by strategic shifts and increased affiliate engagement [44] Question: Can you share any perspectives on the economic context for later this year and early next year? - Management reiterated confidence in the second half of the year, with booking pace remaining strong and low cancellation rates indicating consumer certainty [52][54] Question: What are the key variables driving volatility in the new fee-based businesses? - Management identified four key variables, including demand for the travel platform and the propensity of memberships, indicating a positive outlook for growth [55] Question: How do you think about the VPG range going up? - Management attributed the increase in VPG to improved close rates and a combination of factors including inflation and demand, with a slight moderation expected due to the new owner mix [59][60] Question: Can you discuss the recent securitization and changes in advance rates? - Management explained that the decrease in advance rates was due to higher interest rates, not performance issues, and highlighted the strength of the portfolio [62][63] Question: Is there enough inventory available in the vacation exchange business? - Management acknowledged that higher owner occupancies could impact available inventory but did not indicate significant revenue or EBITDA impacts from this [104]

[PART I FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the first half of 2022 [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents unaudited consolidated financial statements for Q2 and H1 2022, showing increased revenues and net income driven by Vacation Ownership Condensed Consolidated Statements of Income Highlights (Q2 & H1 2022 vs 2021) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $922 million | $797 million | $1,731 million | $1,425 million | | **Operating Income** | $185 million | $151 million | $302 million | $237 million | | **Net Income from Continuing Operations** | $100 million | $74 million | $151 million | $102 million | | **Net Income Attributable to Shareholders** | $100 million | $72 million | $151 million | $100 million | | **Diluted EPS from Continuing Operations** | $1.16 | $0.84 | $1.75 | $1.17 | Condensed Consolidated Balance Sheet Highlights (As of June 30, 2022) | Metric | June 30, 2022 (in millions) | December 31, 2021 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $241 million | $369 million | | Vacation ownership contract receivables, net | $2,304 million | $2,309 million | | Total assets | $6,477 million | $6,588 million | | Non-recourse vacation ownership debt | $1,842 million | $1,934 million | | Debt | $3,379 million | $3,379 million | | Total liabilities | $7,323 million | $7,382 million | | Total stockholders' (deficit) | ($854 million) | ($801 million) | Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30) | Metric | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $230 million | $290 million | | Net cash used in investing activities | ($29 million) | ($62 million) | | Net cash used in financing activities | ($315 million) | ($1,098 million) | | Net change in cash, cash equivalents and restricted cash | ($119 million) | ($871 million) | [Note 1 - Background and Basis of Presentation](index=14&type=section&id=Note%201%20-%20Background%20and%20Basis%20of%20Presentation) The company operates two segments: Vacation Ownership and Travel and Membership, with Extra Holidays reclassified to Vacation Ownership in Q2 2022 - The company's two reportable segments are **Vacation Ownership** (comprising the Wyndham Destinations business line) and **Travel and Membership** (comprising Panorama and Travel + Leisure Group business lines)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - Organizational changes in Q2 2022 led to the reclassification of the Extra Holidays business from the Travel and Membership segment to the Vacation Ownership segment, with prior period data restated[32](index=32&type=chunk)[34](index=34&type=chunk) [Note 3 - Revenue Recognition](index=15&type=section&id=Note%203%20-%20Revenue%20Recognition) This note details revenue recognition policies and disaggregates revenues by segment, showing significant growth in Vacation Ownership sales Disaggregation of Net Revenues by Segment (Six Months Ended June 30) | Segment & Revenue Source | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | **Vacation Ownership** | | | | Vacation ownership interest sales | $697 million | $466 million | | Property management & reimbursable | $374 million | $327 million | | Consumer financing | $198 million | $201 million | | *Total Vacation Ownership* | *$1,344 million* | *$1,057 million* | | **Travel and Membership** | | | | Transaction revenues | $282 million | $268 million | | Subscription revenues | $90 million | $84 million | | *Total Travel and Membership* | *$389 million* | *$370 million* | | **Total Net Revenues** | **$1,731 million** | **$1,425 million** | - Contract liabilities, representing advance payments for services not yet rendered, stood at **$391 million** as of June 30, 2022, up from **$382 million** at year-end 2021, primarily deferred subscription and VOI trial package revenue[51](index=51&type=chunk) [Note 10 - Debt](index=20&type=section&id=Note%2010%20-%20Debt) As of June 30, 2022, total debt was $5.221 billion, with the company in compliance with all debt covenants and $1.4 billion available capacity Debt Composition as of June 30, 2022 | Debt Category | Amount (in millions) | | :--- | :--- | | Non-recourse vacation ownership debt | $1,842 million | | Corporate Debt (Secured Notes, Term Loan, etc.) | $3,379 million | | **Total Debt** | **$5,221 million** | - The company renewed its USD timeshare receivables conduit facility in March 2022, extending the term to July 2024 and reducing capacity from **$800 million** to **$600 million**[83](index=83&type=chunk) - As of June 30, 2022, the company was in compliance with its key financial covenants: a maximum first lien leverage ratio of **4.75 to 1.0** (actual **3.72 to 1.0**) and a minimum interest coverage ratio of **2.50 to 1.0** (actual **4.62 to 1.0**)[89](index=89&type=chunk)[90](index=90&type=chunk) [Note 19 - Segment Information](index=31&type=section&id=Note%2019%20-%20Segment%20Information) This note breaks down financial performance by segment, showing significant revenue and Adjusted EBITDA growth in Vacation Ownership for H1 2022 Segment Performance (Six Months Ended June 30) | Segment | Net Revenues 2022 (in millions) | Net Revenues 2021 (in millions) | Adjusted EBITDA 2022 (in millions) | Adjusted EBITDA 2021 (in millions) | | :--- | :--- | :--- | :--- | :--- | | Vacation Ownership | $1,344 million | $1,057 million | $291 million | $204 million | | Travel and Membership | $389 million | $370 million | $146 million | $146 million | | **Total Reportable Segments** | **$1,733 million** | **$1,427 million** | **$437 million** | **$350 million** | - The company uses **Net Revenues** and **Adjusted EBITDA** as key metrics to assess segment performance, with Adjusted EBITDA reconciled to Net Income[144](index=144&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong recovery in Vacation Ownership driving H1 2022 growth, liquidity, capital resources, and capital deployment strategies Key Operating Statistics (Q2 2022 vs Q2 2021) | Metric | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | **Vacation Ownership** | | | | | Gross VOI sales | $527 million | $383 million | 37.7% | | Tours (in thousands) | 148 | 117 | 26.6% | | Volume Per Guest (VPG) | $3,489 | $3,151 | 10.7% | | **Travel and Membership** | | | | | Total transactions (in thousands) | 443 | 457 | (3.1%) | - For Q2 2022, consolidated net revenues increased by **$125 million** year-over-year, primarily driven by a **$159 million** increase in the Vacation Ownership segment, partially offset by a **$5 million** decrease in Travel and Membership[182](index=182&type=chunk)[183](index=183&type=chunk)[186](index=186&type=chunk) - The company maintains a strong liquidity position with **$998 million** available on its revolving credit facility as of June 30, 2022, sufficient to meet obligations including **$400 million** in notes due March 2023[214](index=214&type=chunk)[215](index=215&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity sources include cash from operations, cash on hand, a $1.0 billion revolving credit facility, and access to debt markets - The company's credit facility was renewed in 2021, extending the commitment period to October 2026, with compliance with all financial covenants as of June 30, 2022[215](index=215&type=chunk)[219](index=219&type=chunk) - The company actively uses asset-backed securitizations to finance its VOCRs, closing a **$275 million** financing in Q1 2022 and another **$275 million** subsequent to quarter-end in July 2022[222](index=222&type=chunk)[223](index=223&type=chunk)[171](index=171&type=chunk) Material Future Contractual Obligations | Obligation Type | Total Amount (in millions) | | :--- | :--- | | Debt | $3,379 million | | Non-recourse debt | $1,842 million | | Interest on debt | $975 million | | Purchase commitments | $799 million | | Operating leases | $145 million | | **Total** | **$7,205 million** | [Capital Deployment](index=50&type=section&id=Capital%20Deployment) Capital deployment focuses on business growth, cash flow optimization, and shareholder value, including share repurchases and dividend payments - The company repurchased **2.5 million shares** for **$128 million** in the first six months of 2022, with **$700 million** remaining available under the share repurchase program as of June 30, 2022[242](index=242&type=chunk)[243](index=243&type=chunk) - Cash dividends of **$0.40 per share** were paid in Q1 and Q2 2022, totaling **$70 million** for the first half, an increase from **$0.30 per share** in the prior year[244](index=244&type=chunk) - Anticipated spending for 2022 includes **$150-$170 million** for vacation ownership development projects and **$55-$60 million** for capital expenditures[237](index=237&type=chunk)[238](index=238&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company faces interest rate and foreign currency risks, with a 10% change not materially affecting earnings or cash flows - The company's primary market risks are **interest rate** and **foreign currency exchange rate** fluctuations[250](index=250&type=chunk) - A **100 basis point** change in interest rates on variable rate debt would result in a **$4 million** change in annual consumer financing interest expense and a **$3 million** change in annual corporate debt interest expense[251](index=251&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2022, 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 period[254](index=254&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[254](index=254&type=chunk) [PART II OTHER INFORMATION](index=53&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and exhibits for the reporting period [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and lawsuits, none of which are expected to have a material adverse effect on financial results - The company states that ongoing legal proceedings are **not expected to have a material impact** on its financial results[255](index=255&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported for the period ended June 30, 2022 - No material changes to the company's risk factors were reported for the period ended June 30, 2022[256](index=256&type=chunk) [Item 2. 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) This section details common stock repurchases in Q2 2022, totaling 1,724,986 shares at an average price of $48.12 per share Share Repurchases for Q2 2022 | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | April 2022 | 214,530 | $53.66 | | May 2022 | 818,319 | $50.08 | | June 2022 | 692,137 | $44.08 | | **Total Q2** | **1,724,986** | **$48.12** | - The Board of Directors increased the share repurchase program authorization by **$500 million** in April 2022, bringing the total authorization to **$6.5 billion**[259](index=259&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - The exhibits filed include CEO and CFO certifications (31.1, 31.2, 32) and various Inline XBRL documents (101 series)[263](index=263&type=chunk)

Travel + Leisure Co (NYSE:TNL) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET Company Participants Christopher Agnew - SVP, FP&A and IR Michael Brown - CEO, President & Director Michael Hug - EVP & CFO Conference Call Participants Joseph Greff - JPMorgan Chase & Co. Charles Scholes - Truist Securities Ian Zaffino - Oppenheimer Stephen Grambling - Goldman Sachs Group Benjamin Chaiken - Crédit Suisse Chris Woronka - Deutsche Bank Operator Good morning, and welcome to the First Quarter 2022 Earning ...

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, 2022 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 ...

Financial Performance & Targets - For the three months ended December 31, 2021, net revenue was $870 million and Gross VOI Sales was $432 million[9] - For the twelve months ended December 31, 2021, net revenue was $3222 billion and Gross VOI Sales was $15 billion[11, 12] - The company is targeting an Adjusted EBITDA growth rate of 11-14% from 2021-2025[23] - The company is targeting an Adjusted FCF conversion range of 58-63% from 2022-2025[23] Vacation Ownership - Wyndham Destinations has a scale of 245+ resorts and 833K owners[46] - Approximately 80% of owners have no loans outstanding[53] - The annual retention rate of owners is about 98%[54] - Sales to Millennials/GenX account for 65% of sales[55] RCI Business - RCI has 36 million members and 4200 resorts across ~110 countries[71, 72] Growth Outlook - Vacation Ownership is projected to have a revenue CAGR of 9-10% from 2021-2025, with Gross VOI Sales between $25 billion and $26 billion in 2025[99] - Travel and Membership is projected to have a revenue CAGR of 27-30% from 2021-2025[104]

Call Start: 08:30 January 1, 0000 9:05 AM ET Travel + Leisure Co. (NYSE:TNL) Q4 2021 Earnings Conference Call February 23, 2022, 8:30 AM ET Company Participants Michael Brown – President and Chief Executive Michael Hug – Chief Financial Officer Christopher Agnew – Investor Relations Conference Call Participants Joseph Greff – JPMorgan Ben Chaiken – Credit Suisse Chris Woronka – Deutsche Bank Securities Patrick Scholes – Truist Securities David Katz – Jefferies Operator Off again. [Operator Instructions]. G ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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) Delaware 20-0052541 (State or Ot ...

Call End: Travel + Leisure Co. (NYSE:TNL) Q3 2021 Earnings Conference Call October 27, 2021 8:30 a.m. ET Company Participants Michael Brown - CEO, President & Director Michael Hug - EVP & CFO Christopher Agnew - SVP, IR Conference Call Participants Joseph Greff - JPMorgan Chris Woronka - Deutsche Bank Securities Ian Zaffino - Oppenheimer Patrick Scholes - Truist Securities Stephen Grambling - Goldman Sachs David Katz - Jefferies Ben Chaiken - Credit Suisse Operator Good morning, and welcome to the Third Qua ...

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, 2021 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 ...