Travel+Leisure Co (NYSE:TNL)
$ 49.97 -1.03 (-2.02%) Market Cap: 3.42 Bil Enterprise Value: 8.80 Bil PE Ratio: 8.48 PB Ratio: 0 GF Score: 82/100
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Q3 2024 Travel + Leisure Co Earnings Call Transcript

Oct 23, 2024 / 12:00PM GMT
Release Date Price: $47.27 (+4.03%)

Key Points

Positve
  • Travel+Leisure Co (TNL) reported a strong adjusted EBITDA of $242 million, which was above the midpoint of their guidance range.
  • The company achieved a healthy 24.4% adjusted EBITDA margin, demonstrating resilience despite economic headwinds.
  • Vacation ownership business showed good momentum with VPG performance consistently above $3,000, reflecting strong customer value perception.
  • The average FICO score on originations increased from 725 to 742, indicating improved credit quality.
  • Travel+Leisure Co (TNL) successfully integrated Accor Vacation Club, achieving initial targets ahead of schedule and generating over $3 million in adjusted EBITDA year-to-date.
Negative
  • Higher interest rates and variable compensation resulted in a $14 million headwind, slightly impacting adjusted EBITDA year-over-year.
  • Gross VOI sales growth was modestly below expectations, primarily due to weaker performance in Las Vegas and hurricane impacts.
  • Exchange volumes faced pressure due to industry consolidation and transformation challenges in the Travel and Membership segment.
  • The company experienced a $5 million volume impact due to hurricanes, affecting tour arrivals and resort operations.
  • There is potential for increased cost of sales in the future as newly developed inventory becomes a larger portion of the mix.
Operator

(background music)

Greetings, and welcome to the Travel and Leisure Third Quarter 2024 earnings call.

At this time, all participants will be in listen-only mode.

A question and answer session will follow the formal presentation. If anybody today should require operator assistance during the conference, please press star-zero from your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Jill Greer of Investor Relations. Ms. Greer you may now begin.

Jill Greer;Leisure Co;Investor Relations
Travel

+-

Thanks Rem. Good morning, everyone, and thanks for joining our third-quarter call. With us this morning are Michael Brown, our President and Chief Executive Officer, and Mike Hug, our Chief Financial Officer. Michael will provide an overview of our financial results and our longer-term growth strategy, and Mike will then provide greater detail on the quarter, our balance sheet and the outlook for the rest of the year. Following our prepared remarks, we'll

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