Travel & Leisure (TNL) risk factors, 2025 10-K

Risks Related to Our Business and Our Industry

1. 01The timeshare industry is highly competitive and we are subject to risks related to competition that may adversely affect our performance
2. 02Our travel club businesses operate in a highly competitive global environment and may take longer than expected to achieve the levels of revenues, customer acceptance and profitability we expect
3. 03Acquisitions, dispositions and other strategic transactions may not prove successful and could result in operating difficulties
4. 04Our revenues are highly dependent on the health of the travel industry and declines in or disruptions to the travel industry such as those caused by economic conditions, terrorism or acts of gun violence, political strife, severe weather events and other natural disasters, war, and pandemics may adversely affect us
5. 05We are subject to numerous business, financial, operating and other risks common to the timeshare industry and the leisure travel industry more broadly, any of which could reduce our revenues and our ability to make distributions and limit opportunities for growth
6. 06Our international operations are subject to additional risks not generally applicable to our domestic operations
7. 07We are subject to risks related to our vacation ownership receivables portfolio
8. 08The growth of our business and the execution of our business strategies depend on the services of our senior management and our associates

Risks Related to Technology, Data Privacy and Cybersecurity

1. 09Failure to maintain the integrity of internal or customer data or to protect our systems from cyber-attacks could disrupt our business, damage our reputation, and subject us to significant costs, fines or lawsuits
2. 10on a global basis attempting to gain access to such information as well as our source code information, and the integrity and protection of that customer, shareholder, and employee data and proprietary information is critical to us
3. 11We rely on information technologies and systems to operate our business, which involves reliance on third-party service providers and on uninterrupted operation of service facilities

Risks Related to Indebtedness and Tax Treatment

1. 12We are subject to certain risks related to our indebtedness, hedging transactions, securitization of certain of our assets, surety bond requirements, the cost and availability of capital and the extension of credit by us
2. 13Changes in U.S. federal, state and local or foreign tax law, interpretations of existing tax law, or adverse determinations by tax authorities, could increase our tax burden or otherwise adversely affect our financial condition or results of operations
3. 14We are responsible for certain of Avis Budget Group, Inc.'s contingent and other corporate liabilities
4. 15Changes to estimates or projections used to assess the fair value of our assets or operating results that are lower than our current estimates may cause us to incur impairment losses and require us to write-off all or a portion of the remaining value of our goodwill or other intangibles of companies we have acquired

Risks Related to Legal, Regulatory and Reputational Matters

1. 16Negative public perception regarding our industry could have an adverse effect on our operations
2. 17Our business is subject to extensive regulation and the cost of compliance or failure to comply with such regulations may adversely affect us
3. 18The insurance we carry may not always pay, or be sufficient to pay or reimburse us, for our liabilities, losses or replacement costs
4. 19We are subject to risks related to environmental, social and governance activities

Risks Related to the Spin-Off

1. 20Our success depends in part on our ongoing relationship with Wyndham Hotels
2. 21We are responsible for certain contingent and other corporate liabilities incurred prior to the Spin-off
3. 22Certain directors who serve on our Board also serve on the board of directors of and own common stock of Wyndham Hotels

Risks Related to the Ownership of Our Common Stock

1. 23The trading price of our shares of common stock may continue to fluctuate
2. 24Provisions in our certificate of incorporation and by-laws and under Delaware law may prevent or delay an acquisition of Travel + Leisure Co. which could impact the trading price of our common stock
3. 25We cannot provide assurance that we will continue to pay dividends or purchase shares of our common stock under our share repurchase program