Travel + Leisure Co. (TNL) SEC Filings & Earnings Calls

Credit risk on vacation ownership contract receivables

“Provision for loan losses 241 219” · word for word

Decline in Travel and Membership segment revenue

“Service and membership fees 396 407” · word for word

Negative equity position

“Total stockholders’ (deficit) ( 1,019 ) ( 981 )” · word for word

Travel and Membership segment revenue declined 5% YoY, with lower transaction revenue per transaction.

“Travel and Membership revenue decreased 5% to $157 million in the second quarter of 2026 compared to the same period in the prior year.” · word for word

Resort optimization initiative resulted in $6M inventory write-downs and impairments in Q2, $25M YTD.

“The Company incurred $6 million and $25 million of inventory write-downs and impairments during the three and six months ended June 30, 2026.” · word for word

Travel & Membership segment revenue and EBITDA decline; lower-margin transaction mix.

“Travel and Membership revenue decreased 8%... driven by a $13 million decrease in transaction revenue due to a 10% decrease in revenue per transaction and flat transaction volume.”

Inventory write-downs and impairments of $19 million from resort optimization.

“The Company incurred $19 million of inventory write-downs and impairments during the three months ended March 31, 2026.” · word for word

Decrease in operating cash flow and adjusted free cash flow due to working capital and debt repayments.

“Net cash provided by operating activities was $38 million compared to $121 million... Adjusted free cash flow was effectively neutral compared to $152 million... driven by an increase in cash utilization for working capital items, mainly inventory acquisitions.” · word for word

Credit loss risk on vacation ownership receivables

“Provision for loan losses $100M vs $91M, +9.9% YoY”

Travel and Membership segment revenue decline

“Travel and Membership net revenues $165M vs $180M, -8.3% YoY”

Inventory Write-downs and Impairments

“Inclusive of $216 million in inventory write-downs and impairments related to the Resort Optimization Initiative.” · word for word

Economic Sensitivity

“Factors that might cause such a difference include, but are not limited to, risks associated with: the health of the travel industry and declines or disruptions caused by adverse economic conditions (including inflation, higher interest rates, and recessionary pressures)...” · word for word

Inventory write-downs and impairments of $210M in Q4 related to Resort Optimization Initiative.

“Net loss of $61 million, inclusive of $210 million in inventory write-downs and impairments related to the Resort Optimization Initiative”

Travel and Membership segment revenue declined 6% in Q4, Adjusted EBITDA down 10%.

“Travel and Membership revenue decreased 6% to $148 million; Adjusted EBITDA decreased 10% to $47 million” · word for word

Elevated Loan Delinquencies

“Similar to a number of other companies, we are experiencing some pressure on our loan portfolio primarily due to delinquencies remaining elevated over historical levels.” · word for word

Exchange Rate Headwinds

“At our Travel and Membership business, 2025 continued to reflect the impacts of exchange headwinds, which resulted in lower revenues.” · word for word

Tariff and Trade Uncertainty

“Recent tariff actions and other trade restrictions have increased this uncertainty.” · word for word

Declining Exchange Member Counts

“Given recent declines in the number of exchange members, this business may be negatively impacted in the future if we are required to purchase additional inventory to supplement the inventory supplied by exchange members.” · word for word