Financial Data and Key Metrics Changes - The company generated approximately $4 billion in revenue, with EBITDA of nearly $1 billion, reflecting a revenue growth of about 4% and EBITDA growth of roughly 6% year-to-date [2][3] - Earnings per share (EPS) increased by 14%, and free cash flow per share rose by over 20% [3] - The company raised its guidance for gross vacation ownership interest sales, volume per guest, and Adjusted EBITDA, with a modest increase in free cash flow outlook [3] Business Line Data and Key Metrics Changes - The vacation ownership segment constitutes about three-quarters of the company, characterized by predictable revenue and strong cash flows [2] - The travel and membership segment, making up roughly a quarter of the company, has a member base of about 3 million, with high recurring revenue from multi-year contracts [2] - Approximately two-thirds of transactions come from existing owners, indicating strong repeat business [6][9] Market Data and Key Metrics Changes - The consumer base is primarily composed of individuals in their early 50s with an average household income of around $120,000, with 70% of buyers being Gen X, Gen Z, or millennials [6] - There are no significant fluctuations noted in consumer behavior across different geographies [7] Company Strategy and Development Direction - The company aims to focus on upgrading existing owners and attracting new owners, with a long-term target mix of 35% new owners and 65% existing owners [9] - New brands such as Sports Illustrated and Eddie Bauer are being introduced, with expectations for growth in 2026 [12][20] - The company is also looking to improve its consumer finance portfolio and expects a decline in loan loss provisions moving into 2026 [12][14] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the durability of the consumer base, noting consistent trends in key performance indicators [4] - There is an expectation for lower loan loss provisions in 2026 compared to 2025, with improvements in credit quality and collection capabilities [14][17] - The company is focused on capital allocation, balancing investments in growth with shareholder returns through dividends and share buybacks [49][50] Other Important Information - The company is currently operating with a leverage ratio of approximately 3.3, with a target to reduce it to around 2.25 to 3 over time [41] - The optimal inventory level is between two to three years, but the current inventory stands at four to five years due to new brand requirements and inventory recycling [42][43] Q&A Session Summary Question: How is the consumer sentiment in the travel and leisure sector? - The management noted that the consumer remains strong, with predictable characteristics and a focus on improving credit quality [6][9] Question: What are the expectations for new brands in 2026? - The company is optimistic about the growth of new brands like Eddie Bauer and Sports Illustrated, focusing on establishing a network and scaling operations [20][21] Question: How does the company view the competitive landscape and potential M&A opportunities? - The management acknowledged a narrowing universe of potential acquisition targets in the timeshare space but emphasized a focus on driving shareholder returns through internal investments [39][40]

Financial Data and Key Metrics Changes - The company generated approximately $4 billion in revenue, with EBITDA of nearly $1 billion, reflecting a revenue growth of about 4% and EBITDA growth of roughly 6% year-to-date [2][3] - Earnings per share (EPS) increased by 14%, and free cash flow per share rose by over 20% [3] - The company raised its guidance for gross vacation ownership interest sales, volume per guest, and Adjusted EBITDA, while modestly increasing the outlook for free cash flow [3] Business Line Data and Key Metrics Changes - The vacation ownership segment constitutes about three-quarters of the company, characterized by predictable revenue and strong cash flows [2] - The travel and membership segment, making up roughly a quarter of the company, has a member base of around 3 million, with high recurring revenue from multi-year contracts [2] - Approximately two-thirds of transactions come from existing owners, indicating strong repeat business [6][9] Market Data and Key Metrics Changes - The consumer base is primarily composed of individuals in their early 50s with an average household income of about $120,000, with 70% of buyers being Gen X, Gen Z, or millennials [6] - There are no significant fluctuations noted in consumer behavior across different geographies [7] Company Strategy and Development Direction - The company aims to focus on upgrading existing owners and attracting new owners, with a long-term target mix of 35% new owners and 65% existing owners [9] - New brands such as Sports Illustrated and Eddie Bauer are being introduced, with expectations for growth in 2026 [12][20] - The company is also looking to improve its consumer finance portfolio and expects a decline in loan loss provisions moving into 2026 [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the consumer base and the company's ability to drive demand through proactive marketing strategies [3][10] - The company anticipates a lower loan loss provision in 2026 compared to 2025, with improvements in credit quality and collection capabilities [14][17] - Management noted that the travel clubs segment has shown strong growth, contributing positively to overall revenue [32] Other Important Information - The company is currently operating with a leverage ratio of approximately 3.3, with plans to reduce it to around 3.2 by year-end [41] - The optimal inventory level is targeted between two to three years, with current inventory at four to five years due to new brand requirements and inventory recycling initiatives [42][43] Q&A Session Summary Question: How is the consumer sentiment in the travel and leisure sector? - Management indicated that the consumer remains strong, with consistent trends in key performance indicators such as booking windows and arrivals [4] Question: What is the strategy for new owner sales versus existing owner sales? - Management highlighted that existing owner transactions are driving sales, with a focus on upgrades and direct marketing to new owners [9][10] Question: What are the expectations for the loan loss provision in 2026? - Management expects the loan loss provision to be lower in 2026 than in 2025, potentially settling at or below 20% [14][15] Question: How does the company view potential M&A opportunities in the timeshare space? - Management noted that while the universe of potential acquisition targets has narrowed, the focus remains on driving shareholder returns through internal investments and capital allocation [39][40] Question: How does the company differentiate itself from competitors like Airbnb? - Management emphasized the consistent quality and experience offered by Travel + Leisure timeshares compared to the variability often associated with Airbnb [57]

Financial Data and Key Metrics Changes - For FY 2025, Travel + Leisure generated approximately $4 billion in revenue, with EBITDA just under $1 billion, reflecting a revenue growth of about 4% and EBITDA growth of roughly 6% year-to-date [2][3] - Earnings per share (EPS) increased by 14%, and free cash flow per share rose by over 20% [3] - The company raised its guidance for gross vacation ownership interest sales, volume per guest, adjusted EBITDA, and modestly increased the outlook for free cash flow [3] Business Line Data and Key Metrics Changes - The vacation ownership segment constitutes about three-quarters of the company, characterized by predictable revenue and strong cash flows [2] - The travel and membership segment, making up roughly a quarter of the company, has a member base of about 3 million, with high recurring revenue from multi-year contracts [2] - Approximately two-thirds of transactions come from existing owners, indicating strong repeat business [6][10] Market Data and Key Metrics Changes - The consumer base for Travel + Leisure is stable, with new owners averaging in their early 50s and a household income of around $120,000 [6] - There are no significant fluctuations noted across different geographical markets [7] Company Strategy and Development Direction - The company plans to focus on upgrading existing owners and attracting new owners, with a long-term target mix of 35% new owners and 65% existing owners [10] - New brands such as Sports Illustrated and Eddie Bauer are being introduced, alongside continued growth in existing brands like Margaritaville and Accor Vacation Club [13][25] - The company is also looking to improve its consumer finance portfolio and expects a modest pickup in spreads as interest rates decline [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the consumer base and the ability to drive demand through direct marketing strategies [11][12] - The loan loss provision is expected to decrease in 2026 compared to 2025, with a target of settling at or below 20% [14][17] - The company is focused on capital allocation, balancing investments in growth with shareholder returns through dividends and share buybacks [55] Other Important Information - The company is currently operating at a leverage ratio of approximately 3.3, with a target of reducing it to around 2.25 to 3 over time [47] - The optimal inventory level is between two to three years, but the current inventory stands at four to five years due to new brand requirements and inventory recycling initiatives [48][49] Q&A Session Summary Question: How is the consumer sentiment in the travel and leisure sector? - Management noted that the consumer remains strong, with consistent trends in key performance indicators such as booking windows and arrivals [4][6] Question: What is the outlook for new brands like Sports Illustrated and Eddie Bauer? - The focus for 2026 will be on scaling these brands, with expectations for growth but not immediate inclusion in financial modeling [25][30] Question: How does the company view the competitive landscape and potential M&A opportunities? - The company is aware of the narrowed universe of potential acquisition targets in the timeshare space and is focused on driving shareholder returns through internal investments and capital allocation [44][45] Question: What is the company's approach to capital allocation? - The company maintains a disciplined approach to capital allocation, with a commitment to dividends and share buybacks while investing for growth [55]

Core Insights - Travel and Leisure is one of the best-performing stocks in the coverage, nearly doubling the performance of the S&P 500 year-to-date, excluding dividends [2] Group 1: Company Performance - The stock has shown significant growth compared to peers, indicating strong idiosyncratic growth strategies [2] - The company has established three key priorities that are expected to drive continued growth [2]

Summary of Travel + Leisure Conference Call Company Overview - **Company**: Travel + Leisure - **Industry**: Travel and Leisure - **Performance**: The company has nearly doubled the performance of the S&P 500 year to date, excluding dividends, indicating strong market performance [1][2] Core Priorities and Growth Strategy - **Core Business Focus**: The primary priority is to stay focused on the core business, which involves direct marketing and expanding the addressable market through new brand launches [2][3] - **Brand Expansion**: New brands such as Sports Illustrated, Margaritaville, Accor, and Eddie Bauer are expected to bring incremental Total Addressable Market (TAM) [3][4] - **Consumer Lifestyle Trends**: The company aims to align vacation experiences with personal lifestyles, leveraging macro travel trends [4][9] Customer Experience and Technology - **Guest Experience Initiatives**: Significant investments are being made to improve customer experience, including the launch of the Club Wyndham app and a new AI customer service agent named Voya [12][21] - **Technology Investment**: A shift towards technology-driven solutions is evident, with a focus on enhancing booking and customer service processes [12][71] Financial Metrics and Consumer Behavior - **Repurchase Rate**: For every $1 spent by a customer, they are expected to spend an additional $2.60 over ten years, indicating strong customer loyalty [10][11] - **FICO Score Adjustment**: The minimum FICO score for customers was raised from 600 to 640, resulting in lower delinquencies and defaults, thus improving the financial health of the customer base [24][25] Operational Discipline and Brand Management - **Brand Management**: The company emphasizes the importance of executing existing brands effectively before adding new ones, ensuring operational discipline [16][17] - **Inventory Management**: Plans to streamline inventory by removing underperforming properties are in place, which is expected to positively impact overall performance [60][68] Capital Allocation and Shareholder Returns - **Capital Allocation Strategy**: The company prioritizes investments in business growth, dividends, and share buybacks, with a total shareholder yield currently around double digits [69][70] - **Technology Investment**: A significant portion of capital expenditure is directed towards technology to enhance guest services [71] Market Outlook and Consumer Health - **Consumer Health**: The company reports strong consumer performance, with forward bookings remaining robust despite macroeconomic challenges [32][33] - **Loan Loss Provision**: The company anticipates a loan loss provision rate of 21%, consistent with historical trends, and expects this to decrease in the medium term [38][50] Conclusion - Travel + Leisure is strategically positioned for growth through brand expansion, enhanced customer experience, and disciplined operational management. The focus on technology and consumer satisfaction, combined with a solid financial strategy, supports a positive outlook for the company moving forward.

Core Insights - The Company hosted the 9th Becoming Aces Awards, recognizing 20 youth changemakers in Taiwan and launched the "Rising Star in Digital Impact" award in collaboration with the 91APP Foundation [1][2] - The 2025 program emphasizes "Growing Together with Others," focusing on youth-led social innovation and public value [2] - The initiative includes the "Becoming Aces Running Program," encouraging past awardees to train for the Taipei Marathon half-marathon [5][6] Company Initiatives - The Becoming Aces platform, established in 2015, has recognized around 200 youth changemakers over nine years, showcasing achievements in social innovation and technology-driven initiatives [2][3] - The inaugural "Rising Star in Digital Impact" award honors youth for innovative applications of digital technology, e-commerce, and AI, with a focus on women's empowerment and local brand innovation [3][4] - The 2025 program featured "Becoming Aces Table 3.0," which included alumni collaboration on dishes inspired by local culture and public forums on various themes [4] Future Directions - The Company aims to leverage AI technologies and cross-sector collaborations to enhance youth participation and amplify social impact across Asia [6] - The Becoming Aces initiative is evolving into a long-term community-based practice, symbolized by the structured training for the Taipei Marathon [5][6] - The 91APP Foundation supports Taiwan's digital innovation and e-commerce development, connecting over 600 professionals to drive progress in industries and society [7][8]

Core Insights - Travel + Leisure Co. will have key executives participate in upcoming industry conferences, indicating active engagement with investors and stakeholders [1] Conference Participation - Michael D. Brown, President and CEO, will participate in a fireside chat at the Morgan Stanley Global Consumer & Retail Conference on December 2, 2025, at 8:00 a.m. EST [1] - Erik Hoag, CFO, will also participate in a fireside chat at the Barclays Eat, Sleep, Play, Shop Conference on December 3, 2025, at 1:30 p.m. EST [1]

Core Insights - RCI has launched an upgraded cruise program through a strategic partnership with Open Network Exchange (ONE), enhancing value and options for its over three million members [1][2][4] Group 1: Program Enhancements - The new cruise program offers members greater exchange options on unique sailings tailored to various interests, including luxury, family-focused, adults-only, and culturally-enriching experiences [2][3] - Members can save up to 25% off public rates on cruises from all major cruise lines, along with access to special offers and members-only deals [2][3] Group 2: Strategic Partnership - The partnership with ONE aims to leverage technology and expertise to provide enhanced flexibility and choice for RCI members, allowing them to design personalized travel experiences [3][4] - The upgraded cruise program is set to be available to members starting mid-December, aligning with planning for 2026 spring break travel [3] Group 3: Company Overview - RCI is a leader in membership travel services within the vacation ownership industry, providing access to over 3,600 affiliated resorts in more than 100 countries [5] - The company is part of the Travel and Membership business at Travel + Leisure Co. [5]

Core Viewpoint - The article emphasizes the importance of making contrarian bets based on macro views and specific stock turnaround stories to achieve significant returns with a favorable risk/reward profile [1]. Group 1 - The author has over fifteen years of experience in investment strategies focused on macroeconomic perspectives and stock-specific opportunities [1]. - The approach taken is to identify and capitalize on investment opportunities that may not be widely recognized by the market [1]. - The article suggests that a favorable risk/reward profile is essential for successful investment strategies [1].

Core Insights - Travel + Leisure has named Brazil the 2026 Destination of the Year, highlighting its diverse offerings from Amazonian adventures to coastal retreats and urban discoveries [1][2] - The selection marks the eleventh year of the Destination of the Year program, with previous winners including Thailand, Costa Rica, and Italy [1] Summary by Sections Destination Highlights - Brazil is characterized by incredible energy and diversity, making it an ideal choice for travelers in 2026 [2] - The cover story features Brazilian pop star Anitta, who shares her connection to Rio and the unique experiences Brazil offers [2] - Key attractions include Rio de Janeiro's Carnival, the innovative food scene in Belém, and the beaches of Bahia [2] Regional Experiences - Rio de Janeiro is known for its Carnival celebrations, music scene, and iconic beaches like Ipanema [2] - The Bahian coast features pristine beaches and preserved Portuguese architecture in places like Itacaré and Paraty [2] - São Paulo serves as a cosmopolitan hub for contemporary art and dining, while quilombo communities provide insights into Afro-Brazilian culture [2] Publication Details - A comprehensive guide to Brazil will be available on TravelandLeisure.com and in the December/January 2026 issue, which hits newsstands on November 21 [3] - Citi / AAdvantage is the presenting sponsor for the 2026 Destination of the Year program, which includes a special event to celebrate Brazil [3]