Travel + Leisure Co. (TNL) Travel + Leisure Co. Morgan Stanley Global Consumer & Retail Conference 2025 December 2, 2025 8:00 AM EST
Company Participants
Michael Brown – CEO, President & Director
Erik Hoag – Chief Financial Officer
Conference Call Participants
Stephen Grambling – Morgan Stanley, Research Division
Presentation
Stephen Grambling
Morgan Stanley, Research Division
I think they’re just kicking it right off and what a better way to kick off our Global Retail and Consumer Conference on travel Tuesday then with Travel and Leisure. So Michael, Erik, thank you for joining us.
We’re talking this morning about how Travel and Leisure is actually one of the best-performing stocks in my entire coverage. You’ve almost doubled the performance of the S&P 500 year-to-date. That’s excluding a very healthy dividend. And it’s also a big dichotomy versus even some of your closest peers. So excited to dig into how you’re doing that, how you continue to drive idiosyncratic growth. One of the things that you’ve talked about are your 3 priorities. So maybe we can start there in terms of what those priorities are and why they’re the right priorities for the company today and how they’re going to continue to drive growth.
Question-and-Answer Session
Michael Brown
CEO, President & Director
Sure. Well, why don’t we start with one of the biggest priorities is just staying focused on our core business. Our company is successful when we don’t take our eye off the ball, and that is attaching to an addressable market, direct marketing, getting them on tour to buy a vacation product that is part of the macro trend, which is bigger accommodation supported by a brand. We’ve been very successful in doing that.
I believe fundamentally, the biggest reason our equity has moved beyond our capital allocation is just consistent
