Travel + Leisure Co. (NYSE: TNL) is a global leader in the vacation ownership and membership travel industry. The company develops, markets, and sells vacation ownership interests (VOIs) and provides consumer financing for these purchases. Additionally, it operates a variety of travel-related businesses, including vacation exchange brands and travel memberships, catering to modern leisure travelers.
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Vacation Ownership - Develops, markets, and sells vacation ownership interests to individual consumers, provides consumer financing for VOI purchases, and offers property management services at resorts. Includes the Club Wyndham program, a dynamic points-based vacation ownership system.
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Travel and Membership - Operates vacation exchange brands, travel technology platforms, travel memberships, and direct-to-consumer rentals. Includes the RCI vacation exchange network and Travel + Leisure GO, a subscription-based travel club inspired by the Travel + Leisure magazine.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael D. Brown ExecutiveBoard | President and CEO | Member of Orlando Economic Partnership, Chair of ARDA Board of Directors, Advisory Council Member at Enzian Theatre, Board Member at Hispanic Chamber of Commerce Metro Orlando. | CEO since 2018, led the spin-off of Wyndham Hotels and acquisition of Travel + Leisure brand, with over 30 years of experience in leisure travel. | View Report → |
Amandine Robin-Caplan Executive | Chief Brand and Communications Officer | Board Member at Columbia University Maison Française, Keep America Beautiful. | Joined TNL in 2023, previously held senior communications roles at Pernod Ricard and Netflix, with expertise in multicultural marketing and brand strategy. | |
James J. Savina Executive | General Counsel and Corporate Secretary | None. | General Counsel since 2018, previously General Counsel at Kraft Heinz, with expertise in corporate governance and legal operations. | |
Kimberly Marshall Executive | Chief Human Resources Officer | None. | CHRO since 2018, with extensive HR leadership experience at TNL and prior roles at PSS World Medical, CHEP Americas, and The Walt Disney Company. | |
Michael A. Hug Executive | Chief Financial Officer (CFO) | None. | CFO since 2018, announced retirement by June 2025; previously CFO of Wyndham Vacation Ownership and CPA with Ernst & Young. | |
Sy Esfahani Executive | Chief Technology Officer (CTO) | None. | CTO since 2021, previously CIO at Qatar Airways and MGM Resorts International, with expertise in enhancing operations and customer experience through technology. | |
Thomas M. Duncan Executive | Chief Accounting Officer (CAO) | None. | CAO since 2022, with over 20 years of financial leadership experience at TNL and its predecessors, including roles as SVP of Finance and Controller. | |
Denny Marie Post Board | Director | Board Member at Vital Farms, Bluestone Lane Holdings, Libbey Glass. | Director since 2018, former CEO of Red Robin Gourmet Burgers, with over 30 years of experience in consumer-driven industries. | |
George Herrera Board | Director | President and CEO of Herrera-Cristina Group, Chair of TNL Corporate Governance Committee. | Director since 2006, former CEO of the U.S. Hispanic Chamber of Commerce, with expertise in management, finance, and government relations. | |
James E. Buckman Board | Lead Director | Board Member at Wyndham Hotels & Resorts. | Lead Director since 2010, with extensive legal and corporate governance expertise from roles at Cendant Corporation and York Capital Management. | |
Louise F. Brady Board | Director | Co-founder of Piedmont Capital Partners, Board Member at Comcast Corporation, Blue Current, Piedmont Triad Partnership, The Bryan Foundation, and others. | Director since 2016, with expertise in finance, innovation, and entrepreneurship. | |
Lucinda C. Martinez Board | Director | Trustee at Alvin Ailey American Dance Theater, Advisory Board Member at Hispanic Scholarship Fund. | Director since 2021, founder of Lumark, LLC, and former VP of Multicultural Marketing at Netflix and Warner Media. | |
Michael H. Wargotz Board | Director | None. | Director since 2006, former Chair of TNL Audit Committee, with expertise in financial reporting and compliance. | |
Ronald L. Rickles Board | Director | None. | Director since 2018, former senior partner at Deloitte & Touche, with expertise in financial reporting, internal controls, and corporate governance. | |
Stephen P. Holmes Board | Non-Executive Chairman of the Board | Non-Executive Chairman of Wyndham Hotels & Resorts. | Former CEO of TNL (2006–2018), led the spin-off of Wyndham Hotels and Resorts, with extensive experience in hospitality and corporate governance. |
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Given the ongoing structural headwinds in your exchange business and the pressure from consolidation and internal exchanges, what specific strategies are you implementing to drive more substantial growth in Travel & Membership beyond the flat to 2% EBITDA increase you've projected?
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With minimal net owner growth in 2024, largely attributed to the Accor Vacation Club acquisition, how do you plan to achieve net owner growth organically in 2025 while replacing exiting long-term owners and increasing your new owner transaction mix?
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Considering the loan loss provision remained at 20% due to increased delinquencies in the first half of 2024, what concrete measures are you taking to reduce delinquencies and move towards your long-term provision target of 18-19%?
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While you've noted that the Sports Illustrated brand won't have a meaningful financial impact until next year, what lessons from the successful integration of Accor Vacation Club are you applying to accelerate the growth and profitability of this new venture in 2025?
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Despite strong VPGs and consistent consumer demand, you've reported minimal owner growth and are in a "replacement mode" for owners; how are you addressing this issue to ensure not only the retention of existing owners but also the expansion of your owner base in a market with changing consumer dynamics?
Research analysts who have asked questions during Travel & Leisure earnings calls.
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Elizabeth Dove
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1 question for TNL
Ian Zaffino
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1 question for TNL
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Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Interval International | The global exchange business competes with other vacation exchange companies, most notably this competitor, as well as certain timeshare developers and clubs that offer vacation exchange through their own internal networks of properties. |
The vacation ownership industry has consolidated over the last 20 years, leaving multiple well-capitalized branded companies, including this competitor. | |
The vacation ownership industry has consolidated over the last 20 years, leaving multiple well-capitalized branded companies, including this competitor. | |
Disney Vacation Club | The vacation ownership industry has consolidated over the last 20 years, leaving multiple well-capitalized branded companies, including this competitor. |
Holiday Inn Club Vacations | The vacation ownership industry has consolidated over the last 20 years, leaving multiple well-capitalized branded companies, including this competitor. |
Recent press releases and 8-K filings for TNL.
- Viking Cruises Ltd, a wholly owned subsidiary of Viking Holdings Ltd, has priced a private offering of $1.7 billion aggregate principal amount of 5.875% Senior Notes due 2033.
- The offering is expected to close on October 7, 2025.
- The net proceeds from the Notes, along with cash on hand, are intended to redeem all outstanding 5.875% Senior Notes due 2027 and refinance finance leases for four ships: the Viking Orion, Viking Mars, Viking Jupiter, and Viking Octantis.
- On August 19, 2025, Travel + Leisure Co. entered into a Fourth Supplemental Indenture for the issuance and sale of $500,000,000 aggregate principal amount of 6.125% senior secured notes due 2033.
- The company expects to use the net proceeds from these new notes primarily to redeem all of its outstanding 6.60% secured notes due October 2025 and to repay outstanding borrowings under its secured revolving credit facility due June 2030.
- The 2025 Notes will be redeemed on September 4, 2025.
- The new 6.125% senior secured notes bear interest at 6.125% per year, payable semi-annually on March 1 and September 1, commencing March 1, 2026, and will mature on September 1, 2033.
- Travel + Leisure Co. launched and priced a private offering of $500 million aggregate principal amount of senior secured notes due 2033, bearing interest at 6.125% per year.
- The net proceeds from the offering will be used primarily to redeem all outstanding 6.60% secured notes due October 2025 and repay outstanding borrowings under its revolving credit facility.
- The company issued a notice of conditional redemption for up to $350 million of its 2025 Notes, expected on September 4, 2025, contingent on the offering's closing, which is anticipated on August 19, 2025.
- Travel + Leisure Co. reported strong Q2 2025 results, with revenue over $1 billion, adjusted EBITDA of $250 million, and adjusted EPS of $1.65, all showing year-over-year growth.
- The company returned $107 million of capital to shareholders in Q2 2025, comprising $37 million in dividends and $70 million in share repurchases.
- The Vacation Ownership segment continued its strong performance, with a volume per guest (VPG) of $3,251 in Q2 2025, leading to an increased full-year VPG guidance range of $3,200 to $3,250.
- Despite the strength in Vacation Ownership, the Travel and Membership segment experienced a 6% year-over-year revenue decline to $166 million and an 11% adjusted EBITDA decline to $55 million in Q2 2025.
- The company reaffirmed its full-year adjusted EBITDA guidance of $955 million to $985 million and gross VOI sales guidance of $2.4 billion to $2.5 billion.
- Travel + Leisure Co. (TNL) successfully amended its Credit Agreement on June 25, 2025, establishing a new $1 billion revolving credit facility that matures in June 2030. This refinances the previous $1 billion revolving credit facility which was scheduled to mature in October 2026.
- The amendment includes improved terms such as a 25 basis point reduction in pricing spreads on borrowings and letters of credit.
- It also eliminated a legacy Term SOFR credit spread adjustment and reduced the minimum interest coverage ratio from 2.50:1.00 to 2.00:1.00.
- TNL's Chief Financial Officer, Erik Hoag, noted that these changes enhance the company's balance sheet and provide financial flexibility for growth.
- Strong consumer demand: The company reported a robust Q1 performance with strong vacation ownership sales and transaction values averaging $20-25K; 80% of owners have already paid off their loans, supporting recurring revenue.
- Resilient business model: The model leverages a mix of vacation ownership, management fees, and a $3.1B securitized consumer note portfolio, delivering stable margins in the 22-25% range.
- New growth initiatives: Management highlighted expansion into new lifestyle brands such as Sports Illustrated Resorts, Margaritaville, and Accor, along with the strategic deployment of digital and AI tools to boost consumer engagement and travel club membership.
- Robust capital allocation: A disciplined approach features consistent free cash flow conversion, a dividend yield of around 4.6%, regular share repurchases (7-10% retired since 2018), and moderate leverage at approximately 3x.
- Erik Hoag has been appointed as the new CFO, effective May 19, 2025, replacing retiring CFO Michael Hug, who served for 26 years ( ).
- He will lead the company's global finance functions amid a period of strategic growth and brand expansion, including recent acquisitions ( ).
- Hoag brings over 25 years of financial leadership experience, and his compensation package includes a base salary of $650,000 with substantial equity awards ( ).
- Strong Q1 2025 performance: Reported adjusted EBITDA of $202 million , net income of $73 million, net revenue of $934 million, and $1.07 diluted EPS with robust Vacation Ownership results driving VPGs above $3,000 .
- Capital returns surged: Achieved a 12% dividend rise (dividends increased to $0.56 per share/$41 million) and executed $70 million in share repurchases, totaling $111 million returned to shareholders .
- Segment performance: Vacation Ownership revenue increased 4% to $755 million while Travel and Membership revenue declined 7% to $180 million .
- Strong balance sheet: Secured a $350 million ABS transaction at 5.2% and renewed a $600 million ABS facility extended to August 2027 .
- Guidance update: Provided Q2 adjusted EBITDA guidance of $245–255 million and reaffirmed full-year guidance of $955–985 million .
- Operational improvements: Enhanced collections in April coupled with adjustments addressing early quarter shortfalls .
- The company is targeting a 35%-40% owner mix with strong customer upgrade behavior—buyers are expected to upgrade their initial purchase 2.6x, generating high-margin upgrades.
- It is leveraging partnerships, such as with Allegiant Airlines, and preparing to expand its domestic footprint with Sports Illustrated branded properties to tap premium leisure markets.
- The firm continues its disciplined capital allocation by executing ABS transactions at around 5.2% interest, prioritizing steady dividend increases and consistent share buybacks.