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Travel & Leisure (TNL)

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.

  1. 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.

  2. 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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NamePositionExternal RolesShort 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.

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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.

  1. 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?

  2. 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?

  3. 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%?

  4. 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?

  5. 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?

Program DetailsProgram 1
Approval DateAugust 20, 2007
End Date/DurationNo time limit
Total Additional Amount$7.0 billion
Remaining Authorization$441 million (as of December 31, 2024)
DetailsCapacity increased 10 times, most recently by $500 million in May 2024

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

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.

Travel + Leisure Co. Reports Strong Q3 2025 Results and Raises Full-Year Guidance
·$TNL
Earnings
Guidance Update
Share Buyback
  • Travel + Leisure Co. reported strong Q3 2025 results, with revenue of $1,044 million (up 5% year-over-year), adjusted EBITDA of $266 million (up 10%), and adjusted EPS of $1.80 (up 15%).
  • The company raised its full-year 2025 guidance, now expecting adjusted EBITDA between $965 million and $985 million (midpoint of $975 million) and gross VOI sales between $2.45 billion and $2.50 billion.
  • TNL returned $106 million to shareholders in Q3 2025, including $36 million in dividends and $70 million in share repurchases, and anticipates generating approximately $500 million in adjusted free cash flow for the full year.
  • The Vacation Ownership business demonstrated robust performance with VPG (volume per guest) at $3,304 (up 10%), and credit quality remains strong with weighted average FICO scores for new originations above 740.
2 days ago
Travel + Leisure Co. Reports Strong Third Quarter 2025 Results and Raises Full-Year Guidance
·$TNL
Earnings
Guidance Update
Share Buyback
  • Travel + Leisure Co. reported net income of $111 million and diluted earnings per share of $1.67 on net revenue of $1.04 billion for the third quarter of 2025. Adjusted EBITDA was $266 million and Adjusted diluted earnings per share was $1.80.
  • The Vacation Ownership segment revenue increased 6% year-over-year to $876 million, with Volume per guest (VPG) rising 10% to $3,304.
  • The company increased the mid-point of its full-year Adjusted EBITDA guidance to $975 million, with a new range of $965 million to $985 million.
  • Travel + Leisure Co. returned $106 million to shareholders in Q3 2025, including $36 million in dividends and $70 million in share repurchases.
2 days ago
Travel + Leisure Co. Reports Third Quarter 2025 Results and Raises Full-Year Guidance
·$TNL
Earnings
Guidance Update
Share Buyback
  • Travel + Leisure Co. reported net revenue of $1.04 billion, net income of $111 million, and diluted earnings per share of $1.67 for the third quarter of 2025.
  • The company achieved Adjusted EBITDA of $266 million and Adjusted diluted earnings per share of $1.80 in Q3 2025.
  • Vacation Ownership revenue increased 6% year-over-year to $876 million, with Volume per guest (VPG) rising 10% to $3,304.
  • Travel + Leisure Co. increased the mid-point of its full-year Adjusted EBITDA guidance to $975 million, with a new range of $965 million to $985 million.
  • The company returned $106 million to shareholders in Q3 2025, comprising $36 million in dividends and $70 million in share repurchases.
2 days ago
Travel + Leisure Co. Completes Term Securitization
·$TNL
Debt Issuance
  • Travel + Leisure Co. completed its third term securitization of 2025, issuing $300 million in principal amount of asset-backed notes.
  • The transaction had an overall weighted average coupon of 4.78% and an advance rate of 98.00%.
  • This issuance achieved a 32 basis point improvement in coupon from the last transaction, reaching funding levels not seen since early 2022.
Oct 15, 2025, 5:00 PM
Viking Cruises Ltd Prices Senior Unsecured Notes Offering
·$TNL
Debt Issuance
  • Viking Cruises Ltd, a wholly owned subsidiary of Viking Holdings Ltd, has priced a private offering of $1.7 billion aggregate principal amount of 5.875% Senior Notes due 2033.
  • The offering is expected to close on October 7, 2025.
  • The net proceeds from the Notes, along with cash on hand, are intended to redeem all outstanding 5.875% Senior Notes due 2027 and refinance finance leases for four ships: the Viking Orion, Viking Mars, Viking Jupiter, and Viking Octantis.
Sep 29, 2025, 9:22 PM
Travel + Leisure Co. Issues New Senior Secured Notes and Announces Redemption of Existing Notes
·$TNL
Debt Issuance
  • On August 19, 2025, Travel + Leisure Co. entered into a Fourth Supplemental Indenture for the issuance and sale of $500,000,000 aggregate principal amount of 6.125% senior secured notes due 2033.
  • The company expects to use the net proceeds from these new notes primarily to redeem all of its outstanding 6.60% secured notes due October 2025 and to repay outstanding borrowings under its secured revolving credit facility due June 2030.
  • The 2025 Notes will be redeemed on September 4, 2025.
  • The new 6.125% senior secured notes bear interest at 6.125% per year, payable semi-annually on March 1 and September 1, commencing March 1, 2026, and will mature on September 1, 2033.
Aug 19, 2025, 12:00 AM
Travel + Leisure Co. Announces Pricing of Senior Secured Notes Offering
·$TNL
Debt Issuance
  • 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 $350 million of its 2025 Notes, expected on September 4, 2025, contingent on the offering's closing, which is anticipated on August 19, 2025.
Aug 5, 2025, 12:00 AM
Travel + Leisure Co. Reports Strong Q2 2025 Results and Raises Full-Year VPG Guidance
·$TNL
Earnings
Guidance Update
Share Buyback
  • 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 $2.5 billion.
Jul 23, 2025, 8:05 PM
Travel + Leisure Co. Extends Revolving Credit Facility Maturity
·$TNL
Debt Issuance
  • 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 $1 billion revolving credit facility which was scheduled to mature in October 2026.
  • The amendment includes improved terms such as a 25 basis point reduction in pricing spreads on borrowings and letters of credit.
  • It also eliminated a legacy Term SOFR credit spread adjustment and reduced the minimum interest coverage ratio from 2.50:1.00 to 2.00:1.00.
  • TNL's Chief Financial Officer, Erik Hoag, noted that these changes enhance the company's balance sheet and provide financial flexibility for growth.
Jun 25, 2025, 12:00 AM
Travel + Leisure Co FY2025 Conference Overview on Consumer Demand & Multi-Brand Growth
·$TNL
Dividends
Share Buyback
New Projects/Investments
  • 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.
Jun 4, 2025, 2:15 AM