Travel + Leisure Co.

Greetings, and welcome to the Travel and Leisure Q3 2025 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad, and we ask that you please ask one question and one follow-up, then return to the queue. If anyone requires operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Eric Hogue, Chief Financial Officer. Please go ahead, Eric.

Thank you, Kevin. Good morning to everyone. Before we begin, we would like to remind you that our discussions today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements, and the forward-looking statements made today are effective only as of today. We undertake no obligation to publicly update or revise these statements. The factors that could cause actual results to differ are discussed in our SEC filings and in our press release accompanying this earnings call. You can find a reconciliation of the non-GAAP financial measures discussed in today's call in the earnings press release available on our Investor Relations website. This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our third quarter results and our longer-term growth strategy. And then I will provide greater detail on the quarter our balance sheet, and outlook for the rest of the year. Following our prepared remarks, we'll open up the call for questions. Finally, all comparisons today are to the same period of the prior year unless specifically stated. With that, I'm pleased to turn the call over to Michael Brown.

Good morning, and thanks for joining us. Travel and Leisure delivered another exceptional quarter that reflects the strength of our model and the consistency of our execution. During today's call, Eric will focus on the specifics around our quarterly metrics, and I will dedicate more time to our strategic priorities and progress against them. Our strategy is focused on delivering outstanding vacation experiences for our owners and members while building lasting value for our shareholders. We're executing this strategy by broadening our brand reach, expanding our data-driven marketing, investing in digital innovation and enabling our associates to deliver excellence every day. Leisure demand remains robust and vacations continue to be a priority. In the quarter, we generated over $1 billion in revenue, $266 million in adjusted EBITDA, and $1.80 in adjusted earnings per share, all of meaningfully year over year. Our strong free cash flow generation allowed us to return $106 million to shareholders during the quarter. These results were fueled by the strength of our vacation ownership business with sustained momentum in volume per guest or BPG. We ended the quarter at $3,304 above the high end of our guidance range. This marks our 18th consecutive quarter with VPGs over 3,000 since we changed our credit quality standards in 2020. Tour flow remained healthy this quarter at 200,000 tours, a clear sign that our consumers' appetite for travel remains strong. By focusing on high-quality tours and owner engagement, we are driving stronger close rates and higher long-term value. These results reflect the core of our business, a resilient customer base, built around leisure travel, and a compelling value proposition. Beyond this quarter's results, we continue to advance three strategic priorities to drive sustainable growth. First, expanding our brand portfolio. In September, we announced our newest Sports Illustrated resort in Chicago, just one block off Michigan Avenue. The property will be transformed into approximately 250 units by late 2026, while remaining open during construction. We also recently launched the Eddie Bauer Adventure Club in partnership with Authentic Brands Group. Sales are now underway, and the first resort in Moab, Utah is set to welcome owners in early 2026. This progress builds on a year of expansion. where we've grown our portfolio with Sports Illustrated Resorts, Accor Vacation Club, and Margaritaville Vacation Club locations. Each brand targets a distinct traveler profile, expanding our reach and diversifying revenue streams. Sports Illustrated Resorts delivers immersive sports-themed experiences. Accor Vacation Club expands our reach into a growing international market. Margaritaville Vacation Club offers a laid back lifestyle built around fun and relaxation, and Eddie Bauer Adventure Club introduces an outdoor focused brand. Together, these brands expand our addressable market, deepen engagement with younger and more diverse travelers, and generate incremental VOI sales from customers seeking fresh and distinctive vacation experiences. Second, we are focused on elevating the owner and guest experience. We are investing in digital and AI tools that make vacation planning seamless while redesigning our on-property experience to be more immersive and personalized. This goes beyond satisfaction scores. Our goal is to drive deeper engagement, repeat usage, and ultimately greater lifetime value. In 2025, our owner engagement scores have increased over 120 basis points versus the prior year. We have also reached 215,000 downloads on our Club Wyndham app, with 28% of bookings coming through the app, a clear sign that our digital investments are enhancing engagement. We are pleased to announce that a WorldMark app officially launched in the App Store as well. Lastly, on the third strategic priority, driving operational discipline and scale, we continue to focus on efficiency and sustainable growth. By leveraging our scale, we are driving healthy margins even against the more dynamic macroeconomic backdrop. This approach has allowed us to expand our adjusted EBITDA margin year over year from 24% to 25%, positioning us to balance strong near-term performance and long-term value creation. Looking ahead to the final quarter of 2025, we've seen no significant change in our customer behavior related to BPG, portfolio performance, and booking pace. Booking pace is consistent to the prior year, which gives us confidence that our consumers are prioritizing travel. We are also encouraged by the growing interest from younger generations, with almost 70% of new buyers coming from Gen X, Millennial, and Gen Z households. We are building a platform that combines a recurring revenue model with strong cash generation, enabling the enterprise to invest in new opportunities. Looking ahead, we see opportunities to expand our owner base, deepen engagement, and leverage our scales in ways that enhance revenue and profitability. At the same time, we remain disciplined in how we invest and allocate capital. ensuring that each decision supports shareholder value creation through sustainable growth and our consistent dividend and share repurchase program. Since then, we have returned $2.8 billion to shareholders. During that time, we have consistently paid a dividend and reduced our share count by 35%, giving our shareholders a bigger stake in a growing business. With that, I will hand it over to Eric to walk through our financial performance, capital allocation, and how we are positioning the business for the remainder of the year. Eric?