Turning to the Resort Optimization Initiative we announced last quarter, this effort involves removing a small number of aging, lower-demand resorts to strengthen our overall resort system for owners while also improving the financial health of travel and leisure in our club HOAs.

Apr 22, 2026 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2026-04-22 | transcript 0c947f6f-fa77-437f-90b4-5055cfbbef46 | chars 7357-7638 | segment 7

We are taking targeted revenue and cost actions to mitigate the headwinds in our travel and membership segment, leaving us well-positioned to deliver sustainable growth and consistent returns.

Jul 23, 2025 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2025-07-23 | transcript f4dd3391-14b7-446e-aefa-f1ee9778e1d3 | chars 6733-6925 | segment 6

We expect travel and membership to remain challenged through year end.

Jul 23, 2025 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2025-07-23 | transcript f4dd3391-14b7-446e-aefa-f1ee9778e1d3 | chars 14213-14283 | segment 14

Our owners showed continued demand for vacation ownership in the first quarter. This was most clearly reflected in our best daily measure, volume per guest, or VPG. Our VPG was $3,212, up from 2024 and notably above $3,000. We also measure consumer demand through our owner's desire to visit our properties, as shown in resort bookings. We saw an acceleration of resort bookings as the quarter progressed. Mike will speak to a third important KPI, performance of the portfolio, during his overview. Our performance in Q1 is a great reminder of the characteristics of the timeshare business. that are often overlooked, starting with the reality that our owners continue to prioritize their travel and generally do not view vacations as discretionary. Travel patterns do tend to shift with economic conditions, and in that regard, we monitor drive-to versus fly-to arrival percentages, as well as booking windows. There's been no change in the percent of owners driving to our resorts, and we have only seen a modest reduction in our booking window. Compared to the same time last year, the booking window has decreased from 130 to 116 days. We see strong build for the upcoming months, and our second quarter reservations on the books are in line with expectations. When you combine VPGs, forward bookings, and travel trends, we currently see our consumer as quite resilient.

Apr 23, 2025 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2025-04-23 | transcript 04985188-13e3-4827-814a-04b66380fd61 | chars 3956-5330 | segment 3

We will continue to execute against our core timeshare and travel and membership business plans. which we expect to deliver mid-single-digit adjusted EBITDA growth and allow us to generate significant adjusted free cash flow.

Feb 19, 2025 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2025-02-19 | transcript fb8a9f3f-2904-4efe-943f-3be50bc2df8a | chars 6627-6852 | segment 6

With a broad geographic footprint and a variety of ownership options, we expect to expand our share by meeting the vacation travel needs of a wide range of consumers.

Oct 23, 2024 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2024-10-23 | transcript 85ef75bf-c291-447b-8af6-08c89d5644fd | chars 5574-5740 | segment 5

With a broad geographic footprint and a variety of ownership options, we intend to expand our share by meeting the vacation travel needs of a broader range of consumers.

Jul 24, 2024 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2024-07-24 | transcript 0c3dae26-4053-4bf2-8699-7a132a4e8810 | chars 5656-5825 | segment 5

Turning to our travel and membership business, this segment produces solid margins and cash flows. Our focus in this area has been on driving higher margin transactions, primarily with our existing Vacation Club customers. Our progress here is evidenced in the 4% increase in revenue per transaction that we saw in the quarter, which combined with cost discipline produces higher returns.

Jul 24, 2024 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2024-07-24 | transcript 0c3dae26-4053-4bf2-8699-7a132a4e8810 | chars 6899-7287 | segment 7

From our view, demand for leisure travel remains robust.

Apr 24, 2024 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2024-04-24 | transcript 894561d8-9a2f-4c75-9544-256aba5eac5d | chars 3044-3100 | segment 3

A recent Future Partners report showed that financial optimism among travelers has improved and excitement to travel remains elevated.

Apr 24, 2024 / CEO / receipt, needs a key / Michael Brown, CEO | earnings call 2024-04-24 | transcript 894561d8-9a2f-4c75-9544-256aba5eac5d | chars 3447-3581 | segment 3