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Here are 1-2 brief analogies for Travel+Leisure Co. (TNL):

1. It's like **Marriott or Hilton**, but focused on selling fractional ownership of vacation properties (timeshares) and vacation club memberships rather than just nightly hotel stays.

2. It's like **Netflix for vacation properties**, offering members recurring access to a global network of resorts and travel experiences.

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• Vacation Ownership Interests: Sales of fractional interests or points that grant customers access to a portfolio of resorts for a specific period each year.
• Vacation Exchange Services: Operating global exchange networks that allow vacation owners to trade their owned weeks or points for stays at thousands of affiliated resorts worldwide.
• Travel Clubs and Membership Programs: Offering membership-based programs that provide exclusive travel discounts, curated experiences, and concierge services.

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Travel+Leisure Co. (symbol: TNL) primarily sells its vacation ownership products and related services directly to **individual consumers** rather than to other businesses.

The company serves the following categories of individual customers:

1. Families and Multi-Generational Travelers: These customers are typically seeking spacious accommodations (e.g., multi-bedroom suites, full kitchens) and resort amenities that cater to groups and children. They often desire a consistent and convenient vacation option for their family's annual trips, providing a home-away-from-home experience.

2. Frequent Leisure Travelers and Explorers: This category includes individuals or couples who vacation regularly and value the flexibility and variety offered by vacation ownership. They are attracted to the ability to exchange their ownership points or weeks for stays at a diverse portfolio of resorts across various destinations worldwide, allowing them to explore new places and experiences.

3. Vacationers Seeking Predictability and Value: These customers are motivated by the desire for predictable vacation planning and perceived long-term value. They appreciate the ability to pre-book quality accommodations and commit to taking regular vacations, often viewing it as a disciplined approach to leisure travel and a way to secure future vacation experiences (beyond annual maintenance fees).

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Michael D. Brown President and Chief Executive Officer

Michael D. Brown serves as President and Chief Executive Officer (CEO) of Travel + Leisure Co. and is a member of its Board of Directors. He joined the company in 2017, and in June 2018, he led its evolution to Wyndham Destinations as an independent public company, following the spin-off of Wyndham Hotels & Resorts. In 2021, Wyndham Destinations acquired the Travel + Leisure brand, subsequently becoming Travel + Leisure Co. Brown is a leisure travel industry veteran with over 30 years of experience. Prior to his current role, he served as Chief Operating Officer at Hilton Grand Vacations (HGV), where he also held leadership positions in sales and marketing. Before joining HGV in 2008, Brown spent more than 16 years at Marriott International and Marriott Vacation Club International, holding various leadership roles in sales, operations, development, and finance across the U.S., Europe, and the Caribbean.

Erik Hoag Chief Financial Officer

Erik Hoag was appointed Chief Financial Officer (CFO) of Travel + Leisure Co. in May 2025. As CFO, he leads the company's global finance organization, including accounting and controls, financial planning and analysis, treasury, tax, investor relations, consumer finance, and all operational finance activities. With over 25 years of financial leadership expertise, Hoag previously served as Chief Financial Officer and Chief Integration Officer of FIS, a global provider of technology solutions for financial institutions. During his tenure at FIS, he was involved in numerous acquisitions and played a key role in the sale of FIS's merchant acquiring business to private equity firm GTCR in 2023. Hoag also served on the Board of Directors of private equity-owned Capco until its sale to Wipro in 2021. His prior experience includes leadership positions in finance at Bank of America, Truist, and HSBC.

Jeffrey Myers Chief Sales and Marketing Officer – Vacation Ownership

Jeffrey Myers serves as Chief Sales and Marketing Officer for the Vacation Ownership business line of Travel + Leisure Co., and is a member of the Executive Committee. In this capacity, he oversees the development and delivery of sales and marketing strategies, programs, and sales training across the company’s Vacation Ownership brands in the United States, Canada, Mexico, and the Caribbean. With over 30 years of industry experience, Myers joined the company in 1991. He has held progressive leadership roles, including Executive Vice President of Sales for Club Wyndham and WorldMark by Wyndham. Myers was appointed Chief Sales and Marketing Officer in 2009, a role he held for Wyndham Vacation Ownership from 2008 to 2018.

Sy Esfahani Chief Technology Officer

Sy Esfahani serves as Chief Technology Officer of Travel + Leisure Co., a position he has held since November 2021. Prior to joining Travel + Leisure Co., Esfahani was Chief Information Officer at Qatar Airways Group from February 2019 to June 2021. He also served as Global Chief Information Officer for MGM Resorts International from 2013 to 2019. Esfahani has held various technology leadership roles in the trade show production and financial services industries.

Kimberly A. Marshall Chief Human Resources Officer

Kimberly A. Marshall serves as Chief Human Resources Officer of Travel + Leisure Co. since June 2018. Before this role, she was Executive Vice President, Human Resources, for Wyndham Vacation Ownership, which she initially joined as Senior Vice President of Human Resources. Her previous experience includes leading Human Resources for PSS World Medical, serving as Senior Vice President of Human Resources at CHEP Americas, and Vice President of Human Resources at Centex Corporation. Marshall also held roles in Finance and Human Resources at The Walt Disney Company, and worked with PricewaterhouseCoopers and Arthur Andersen & Co.

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Key Risks to Travel+Leisure (TNL)

1. Economic Uncertainty and Consumer Behavior: Travel+Leisure's business, particularly its Vacation Ownership and Travel and Membership segments, is highly susceptible to adverse economic conditions. Sustained inflation, high interest rates, and the risk of recession create uncertainty in consumer spending on travel and leisure activities. This economic environment also contributes to pressure on the company's loan portfolio, with delinquencies remaining above historical levels, potentially impacting financial stability and growth prospects.
2. High Debt Levels and Loan Portfolio Pressures: Travel+Leisure carries significant debt, which exceeds the cash on its balance sheet, and its debt is not well covered by operating cash flow. The company has acknowledged experiencing elevated delinquencies in its loan portfolio, which poses a risk to its consumer financing operations and could affect the profitability and financial stability of the Vacation Ownership segment.
3. Industry Consolidation and Competitive Pressures: The Travel and Membership segment of Travel+Leisure has experienced a decline in revenues, partly attributed to industry consolidation and increasing competition in the travel and leisure market. To maintain its competitive edge, the company needs to differentiate its offerings and enhance member benefits.

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The emergence of flexible, subscription-based luxury travel clubs and membership models that offer access to diverse high-end properties and curated experiences without the significant upfront purchase cost, long-term commitment, and resale difficulties associated with traditional timeshare ownership. This evolving segment directly competes for consumers seeking premium vacation experiences by providing greater variety, convenience, and financial flexibility, potentially eroding the addressable market for new timeshare sales.

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Vacation Ownership

Travel and Membership (Travel Clubs and Exchange Services)

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1. Expansion of the Vacation Ownership Business: Travel+Leisure continues to focus on growing its core vacation ownership segment. This includes increasing gross Vacation Ownership Interest (VOI) sales by attracting more first-time buyers and maintaining strong Volume Per Guest (VPG) performance. The company has seen consistent VPG above $3,000 and an increase in tours, particularly new owner tours.

2. Strategic Brand Expansion and New Product Offerings: The company is broadening its brand portfolio and launching new initiatives to attract a wider and younger demographic of travelers. Examples include the introduction of Sports Illustrated Resorts and the Eddie Bauer Adventure Club, as well as the expansion of existing brands like Accor Vacation Club in Asia and Margaritaville.

3. Digital Innovation and Enhanced Owner Experience: Investments in technology and digital platforms are aimed at improving the overall owner experience and engagement. The successful adoption of apps like Club Wyndham, which now accounts for a significant portion of bookings, and the launch of the Worldmark app, are key to driving increased usage and loyalty within their membership base.

4. Favorable Leisure Travel Demand: A robust and sustained demand for leisure travel provides a positive underlying market for Travel+Leisure's products and services. The company emphasizes that its business model, built on recurring behavior, is less sensitive to short-term economic fluctuations and benefits from a highly visible recurring revenue base from sources like owner upgrades, financing, and management fees.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Travel + Leisure Co. repurchased $235 million of common stock in full-year 2024.
• For the nine months ended September 30, 2025, the company repurchased $210 million of common stock.
• As of May 2024, the Board approved an increase to the authorized capacity of the share repurchase program by $0.5 billion, with $253 million remaining in the authorization as of September 30, 2025.

Share Issuance

• The company reported proceeds from the issuance of common stock totaling $27 million for the nine months ended September 30, 2025.

Inbound Investments

• Travel + Leisure Co. completed a $300 million term securitization on October 15, 2025, and a $325 million term securitization on October 18, 2024, to access capital markets.
• In the second quarter of 2025, the company renewed its $600 million USD timeshare receivables conduit facility, extending its maturity to August 2027.

Outbound Investments

• The company announced plans to develop sports-themed resorts, starting with the Sports Illustrated brand, and launched the Eddie Bauer Adventure Club.
• Travel + Leisure Co. acquired the Accor Vacation Club in early 2024, expanding its presence in Asia-Pacific.
• The company acquired the Travel + Leisure brand to broaden its reach and expand its membership travel business.

Capital Expenditures

• For the three months ended March 31, 2025, net cash used in investing activities, which includes property and equipment additions (capital expenditures), was $22 million.
• The company is investing in digital and AI tools to enhance customer engagement and streamline vacation planning.
• Capital allocation also focuses on growth initiatives, including new brands and sales infrastructure, and maintaining operational efficiency through disciplined capital allocation and low-cost recovery programs for inventory.