Travel+Leisure Timeshare Market Dynamics and Financial Overview
Presentation of Financial Information
Financial information discussed in this presentation includes non-GAAP measures such as
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted diluted EPS, Adjusted free cash flow,
Adjusted free cash flow conversion, gross VOI sales and Adjusted net income, which include
or exclude certain items, as well as non-GAAP guidance. The Company utilizes non-GAAP
measures on a regular basis to assess performance of its reportable segments and allocate
resources. These non-GAAP measures differ from reported GAAP results and are intended
to illustrate what management believes are relevant period-over-period comparisons and are
helpful to investors when considered with GAAP measures as an additional tool for further
understanding and assessing the Company's ongoing operating performance by adjusting
for items which in our view do not necessarily reflect ongoing performance. Management also
internally uses these measures to assess our operating performance, both absolutely and in
comparison to other companies, and in evaluating or making selected compensation decisions.
Exclusion of items in the Company's non-GAAP presentation should not be considered an
inference that these items are unusual, infrequent or non-recurring. See the appendix to this
presentation for definitions of these Non-GAAP measures, and full reconciliations of non-GAAP
financial measures to the most directly comparable GAAP financial measures where applicable.
The Company may use its website as a means of disclosing information concerning its
operations, results and prospects, including information which may constitute material
nonpublic information, and for complying with its disclosure obligations under SEC Regulation
FD. Disclosure of such information will be included on the Company's website in the Investor
Relations section at travelandleisureco.com/investors. Accordingly, investors should monitor
that Investor Relations section of the Company website, in addition to accessing its press releases,
its submissions and filings with the SEC, and its publicly noticed conference calls and webcasts.
About Travel + Leisure Co.
As the world's leading membership and leisure travel company, Travel + Leisure Co. (NYSE:TNL)
transformed the way families vacation with the introduction of the most dynamic points-based
vacation ownership program at Club Wyndham, and the first vacation exchange network, RCI.
The company delivers more than six million vacations each year at 245+ timeshare resorts
worldwide, through tailored travel and membership products, and via Travel + Leisure GO -
the signature subscription travel club inspired by the pages of Travel + Leisure magazine.
With hospitality and responsible tourism at the heart of all we do, our 18,000+ dedicated
associates bring out the best in people and places around the globe. We put the world on
vacation. Learn more at travelandleisureco.com.
Forward-Looking Statements
This presentation includes "forward-looking statements" as that term is defined by the
Securities and Exchange Commission ("SEC"). Forward-looking statements are any statements
other than statements of historical fact, including statements regarding our expectations,
beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking
statements can be identified by the use of words such as "may," "will," "expects," "should,"
"believes," "plans," "anticipates," "estimates,” “predicts," "potential," "continue," "outlook,"
or other words of similar meaning. Forward-looking statements are subject to risks and
uncertainties that could cause actual results of Travel + Leisure Co. and its subsidiaries
(“Travel + Leisure Co.” or “we”) to differ materially from those discussed in, or implied by, the
forward-looking statements. Factors that might cause such a difference include, but are not
limited to, risks associated with: the acquisition of the Travel + Leisure brand and the future
prospects and plans for Travel + Leisure Co., including our ability to execute our strategies
to grow our cornerstone timeshare and exchange businesses and expand into the broader
leisure travel industry through new business extensions; our ability to compete in the highly
competitive timeshare and leisure travel industries; uncertainties related to acquisitions,
dispositions and other strategic transactions; the health of the travel industry and declines or
disruptions caused by adverse economic conditions (including inflation, higher interest rates,
and recessionary pressures), terrorism or acts of gun violence, political strife, war (including
hostilities in Ukraine and the Middle East), pandemics, and severe weather events and other
natural disasters; adverse changes in consumer travel and vacation patterns, consumer
preferences and demand for our products; increased or unanticipated operating costs and
other inherent business risks; our ability to comply with financial and restrictive covenants
under our indebtedness; our ability to access capital and insurance markets on reasonable
terms, at a reasonable cost or at all; maintaining the integrity of internal or customer data and
protecting our systems from cyber-attacks; uncertainty with respect to potential resurgences
of the novel coronavirus global pandemic ("COVID-19") and its impacts; the timing and
amount of future dividends and share repurchases, if any; and those other factors disclosed
as risks under "Risk Factors" in documents we have filed with the SEC, including in Part I,
Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed
with the SEC on February 22, 2023. We caution readers that any such statements are based
on currently available operational, financial and competitive information, and they should
not place undue reliance on these forward-looking statements, which reflect management's
opinion only as of the date on which they were made. Except as required by law, we undertake
no obligation to review or update these forward-looking statements to reflect events or
circumstances as they occur.
TRAVEL+
LEISURE
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