Travel & Leisure Co. Q4 FY2024 earnings call

• Vacation Ownership: 2024 saw 8% tour growth, new order transactions increased to 35%, signed national and regional partnerships, launched new Club Wyndham app with over 40,000 downloads and 80% positive reviews, plans to revamp WorldMark by Wyndham website and launch new app. • Core Vacation Club: ABC off to strong start with adjusted EBITDA $6M, tours and VPG above projections, integration seamless, Sports Illustrated making progress with sales planned in 2025. • Travel and Membership: Team made progress, adjusted EBITDA flat to 2% growth, managed costs, capital allocation included $2.00 per share dividend and 7% share repurchase, completed timeshare receivable financing and secured loan facility.

Vacation Ownership: In 2024, delivered $929 million of adjusted EBITDA. Vacation Club sales were within expected range, with tours growing 8% offsetting a 1% mix-driven VPG reduction, resulting in 7% enterprise-wide gross vacation ownership sales growth. Adjusted EBITDA margin was strong. Core Vacation Club: ABC contributed $6 million adjusted EBITDA, with tours and VPG above initial projections, integration of organizations and cultures seamless. Travel and Membership: Achieved adjusted EBITDA growth within flat to 2% range, exchange transactions down but offset by travel club business growth and cost management.

• Full-year 2025 adjusted EBITDA guidance $955M - $985M, gross BOLI sales $2.4M - $2.5M, BPGs $3,050 - $3,150, travel membership adjusted EBITDA flat to up 2%, effective tax rate 28% - 30%, adjusted free cash flow conversion >50%. • First quarter 2025 adjusted EBITDA $195M - $205M, BOI sales $495M - $515M, BPGs $3,150 - $3,250, tax rate 29% - 31%, Q1 dividend $0.56 per share (12% increase from Q4).

• Delinquencies higher in prior quarters but gap closing. • Interest rate environment could impact financing and expense. • Foreign exchange volatility may impact results. • Sports Illustrated launch risks. • Structural headwinds in travel and membership exchange business.

Q: Dany Asad asks about VPG and tour growth, A: Michael Brown explains 2024 tour growth, midyear softness in Las Vegas, and 2025 mid-single-digit tour growth confidence.

Q: Dany Asad asks about VPG quantification, A: Michael Brown says $3,284 in Q4 VPG was aided by mix but still strong above $3,000.

Q: Chris Woronka asks about financing trends, A: Michael Hug says no change in propensity to finance, consumers remain strong with high FICO.

Q: Chris Woronka asks about travel membership transformation, A: Michael Brown says focus on organic growth but open to opportunities.

Q: David Katz asks about consumer receptivity, A: Michael Brown talks about macro sentiment, VPG, forward bookings, and delinquencies.

Q: Patrick Scholes asks about interest rate impact, A: Michael Hug says minor headwind in 2025, Michael Brown clarifies Sports Illustrated announcements.

Q: Lizzie Dove asks about VPG guidance and Sports Illustrated, A: Michael Brown explains Q1 VPG high due to owner quarter, Sports Illustrated focus on product and consumer acceptance.

Q: Steven Grambling asks about owner growth, A: Michael Brown talks about replacing exiting owners with new ones for net growth.

Q: Ben Chaiken asks about VO cost and travel membership growth, A: Michael Hug says VO cost fluctuation normal, travel membership growth from existing customer focus.

Q: Brandt Montour asks about loan loss provision and forward bookings, A: Michael Hug says majority due to prior quarter delinquencies, Michael Brown talks about forward bookings focus.