Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Travel + Leisure Co. (TNL) , which belongs to the Zacks Leisure and Recreation Services industry, could be a great candidate to consider.When looking at the last two reports, this company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 7.36%, on average, in the last two quarters.For the last reported q ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companie ...

Travel + Leisure Co.’s (TNL) shares have surged 46.6% in the past year compared with the industry and the S&P 500’s growth of 26.1% and 31%, respectively.On Wednesday, the stock closed at $53.99, only 5.1% below its 52-week high but 42.1% above its 52-week low. Technical indicators imply TNL's continued strong performance. The stock is trading above its 50-day moving average, signaling robust upward momentum and price stability. This technical strength underscores positive market sentiment and confidence in ...

For the quarter ended September 2024, Travel + Leisure Co. (TNL) reported revenue of $993 million, up 0.7% over the same period last year. EPS came in at $1.57, compared to $1.54 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.01 billion, representing a surprise of -1.85%. The company delivered an EPS surprise of +5.37%, with the consensus EPS estimate being $1.49.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

[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 ...