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

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32876 TRAVEL + LEISURE CO. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorpo ...

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

Start Time: 08:30 January 1, 0000 9:21 AM ET Travel + Leisure Co. (NYSE:TNL) Q4 2023 Earnings Conference Call February 21, 2024, 08:30 AM ET Company Participants Michael Brown - President and CEO Mike Hug - CFO Conference Call Participants Chris Woronka - Deutsche Bank Joe Greff - JPMorgan David Katz - Jefferies Patrick Scholes - Truist Securities Brandt Montour - Barclays Dany Asad - Bank of America Isaac Sellhausen - Oppenheimer Operator Greetings. Welcome to Travel + Leisure Fourth Quarter '23 Earnings C ...

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

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

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

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32876 TRAVEL + LEISURE CO. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Inc ...

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 ...