Thank you, Rob. Good morning, everyone. Before we begin, I'd like to remind you that our discussion 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 a 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. Please note that all references to EBITDA, net income, diluted earnings per share, and free cash flow made during the call are on an adjusted basis as disclosed in our earnings This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our results in our longer-term growth strategy, and then Eric Hoag, our Chief financial officer will provide greater detail on our results, capital allocation strategy, and outlook for 2026. Following our prepared remarks, we will open the call up for questions. Finally, all comparisons today are to the same period of the prior year unless specifically stated. With that, I'll turn the call over to Mike.

And thank you for joining us. Travel and Leisure delivered another great quarter. Thanks to the hard work of our team, we are carrying forward the positive momentum achieved in 2025. First quarter EBITDA exceeded guidance, driven by strong execution in our vacation ownership business and resilient owner demand. In the quarter, we achieved gross VOI sales growth of 7%, EBITDA margin expansion of 180 basis points, and EPS growth of 31%. It starts with delivering outstanding vacation experiences for our owners and members. We convert that owner satisfaction into recurring demand, predictable cash flow, and consistent capital returns. Our first quarter results are a clear validation of that strategy and a proof point of the durability of our model, even as the macroeconomic environment remains uncertain. In the quarter, we generated revenue of $961 million, EBITDA of $225 million, and EPS of $1.45, with compounding growth across the P&L. We are seeing continued strength in our vacation ownership business, with 7% gross VOI sales growth and above plan BPG. Tour growth of 5% was above our 2025 tour growth rate of 3%. I have to emphasize that we achieved these impressive results while executing on our resort optimization initiative, which naturally pressures those metrics. During the quarter, we returned $128 million to shareholders through dividends and share repurchases. Our dividend increased 7% to $0.60 per share, and we repurchased 1.2 million shares in the quarter. We are investing in the business to drive long-term profit. We continue to make meaningful progress advancing our multi-brand strategy and digital roadmap, and this balanced approach, delivering near-term results and returning meaningful cash to investors while investing for the future, we create long-term shareholder value. Macroeconomic uncertainty and geopolitical risk have been prominent in the news. With recent trends we are seeing with our consumer and across the business, owner base remains healthy. They are prioritizing travel, and we are not seeing any meaningful shifts in their behavior. First quarter gross bookings were up year over year. The booking window remained steady at approximately 100 days, and average length of stay is unchanged year over year at just over four days. The distance traveled to our resorts in Q1 was actually up slightly to last year, indicating consumers' willingness to travel to our resorts. The data suggests that in uncertain economic times, our value proposition becomes even more relevant. For the 80% of owners that have paid off their loan, they are vacationing for the cost of annual maintenance fees. This value proposition is clear to our owners and is best reflected in our 97% retention rate for owners that are current on their loan or paid it off. As we enter our peak peak sales season, we are mindful of the macro backdrop and its potential to influence consumer behavior. That said, the trends we are seeing remain healthy, our value proposition continues to resonate, and the model is performing as designed, positioning us to outperform across cycles. We continue to make meaningful progress advancing our multi-brand strategy and solve clear proof points of its success. Margaritaville is rapidly approaching $150 million in annual VOI sales, reflecting the success of our revitalization efforts. In the Accor Vacation Club brand, we expect to nearly double our VOI sales in 2026. We also began selling Eddie Bauer Adventure Club at select sales centers. In March, we welcomed guests to our first Eddie Bauer Resort in Moab, Utah. We are seeing strong interest, and early momentum has exceeded our expectations. Sports Illustrated Resorts sales are now underway at our new Nashville Sales Center. We also announced our new Sports Illustrated Resort location in Baton Rouge, home to Louisiana State University and Southern University. As the brand's fourth resort, Baton Rouge is a highly complementary, sports-centric university market that fits well within the clubs growing. Overall, combined VOI sales from these brands are expected to approach 10% of our sales mix this year, and we expect that to increase further in the years ahead. Scaling our multi-brand strategy remains a critical pillar of our long-term growth plan, enabling us to reach new customer segments and meaningfully expand our addressable market. The progress we are seeing across the portfolio gives us confidence that this strategy is gaining traction and developing as we envisioned. On the partnership front, we recently renewed and expanded a five-year agreement with United Expanded Parks and Resorts, owner of SeaWorld and Bush Partnership that began in 2013. In addition to our current on-site kiosk and promotional activations, the new agreement expands our presence across additional parks. This meaningfully increases our ability to introduce new families to our Vacation Club offerings and provide current owners with exclusive events and experiences. Overall, the expanded partnership strengthens our top-of-funnel demand prospects. 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. We are realizing all the expense savings outlined last quarter, and we've been able to sustain our historical sales growth rates despite the resort closures. In summary, we've started 2026 from a position of strength with clear visibility to the key drivers of our performance and momentum in our core vacation ownership business. We are reiterating our full-year outlook, and I remain confident in our ability to drive growth, generate meaningful cash flow, and continue creating long-term shareholder value. now i'll turn the call over to eric to further elaborate on our results capital allocation framework and outlook i'll frame my comments in three parts how the business performed how we ran it and how we're allocating capital starting with performance first quarter results were ahead of our expectations continuing the trajectory we discussed on our february call despite a more

volatile macro backdrop. What stands out is not just the strength of our results, but how the business performs across compounding in the first quarter is clear. Revenue grew 3 percent, EBITDA grew 11 percent, net income grew 22 percent, and earnings per share grew 31 percent, with tour flow feeding the top line and operating leverage and capital allocation driving outsized growth in earnings per share. In our vacation ownership business, this segment continues to operate at a high level with results in the quarter showing steady demand and strong execution. Gross VOI sales were $549 million, up 7% year-over-year, driven by tour flow growth of 5% and continued strength in volume per guest, which increased 3% to $3,321. Tour flow remains strong in the quarter consistent with the momentum we saw exiting 2025. While our new owner mix was slightly below prior year levels, we remain confident that it will increase as the year progresses. Top of funnel demand remains strong and we view mix in the quarter as more a function of conversion dynamics rather than a change in underlying demand. Segment EBITDA was 191 million, up 20% year-over-year with margin expansion driven by operating leverage, improved inventory efficiency, and the benefits of our resort optimization initiative. Broader perspective, demand remains stable. While we're always mindful of the macro environment, it's important to remember that most of our VOI sales come from existing owners who have effectively prepaid for their vacations. As a result, their travel behavior is less sensitive to economic changes, and our performance is driven by the strength of those long-term relationships through repeat usage, retention, and ongoing upgrade activity over time. Performance remains within our expectations, with provision rates slightly down year-over-year in the first quarter. We are seeing some movement in early-stage delinquencies, particularly in more recent vintages which we would expect to influence provision over time. With that said, we still expect our full year provision rate to be modestly below prior year levels. The underlying credit profile of new originations remains healthy, with weighted average FICO scores remaining above 740 and average down payments trending above 20%. In the quarter, transactions were flat year-over-year, reflecting a continued mixed shift within the business, with declines in exchange activity, offset by growth in travel clubs. Exchange membership was approximately 3.3 million subscribers, down about 2% year-over-year. As expected, the mixed shift continues to pressure revenue per transaction, and segment revenue was $165 million, down 8% year-over-year. Segment EBITDA was $59 million, down 13%. This reflects the continued mix shift within the business, with declines in the higher margin exchange business and growth in lower margin travel clubs. Travel and membership remains a capital-light, high-margin business that generates significant free cash flow. Our focus is on managing the business for cash and flexibility as we reposition the platform to improve returns over time. We exited the quarter with leverage in line with our expectations, just below 3.2 times. As a reminder, leverage typically trends higher earlier in the year and declines as we generate free cash flow over the course of the year. Liquidity remains strong with over $1 billion dollars of available capacity, including cash on hand and our revolver, supported by consistent free cash flow generation and the continued access to the securitization markets. In March, we executed our first ABS transaction of the year, raising $325 million at a 98% advance rate and 5.1% coupon. This transaction reflects our ability to access capital at rates well below the average interest rate on our portfolio creating significant net interest income even in a more volatile macro environment. Balance sheath provides the liquidity and flexibility to allocate capital across growth opportunities and return meaningful cash to shareholders. To our outlook I want to take a moment to discuss capital allocation. Our framework remains unchanged. We focus on deploying capital where it generates the highest risk adjusted return on a per share basis while maintaining a resilient balance sheet and returning excess capital to shareholders through a consistent dividend and share repurchases. When returns are compelling, we also pursue opportunistic M&A that is well aligned with our strategy and accretive to growth. When you step back, the business continues to generate returns well above our cost of capital while returning a meaningful portion of that value. We are reaffirming our full-year 2026 guidance, which reflects continued strength in the vacation ownership business, cost management and travel and membership, and the impact of our resort optimization initiative. While still early in the year, performance in the first quarter was ahead of our plan, and our full-year outlook continues to appropriately reflect both the current environment and the trends we're seeing in the business. For the full year, we continue to expect gross VOI sales to be in the range of 2.5 to 2.7, billion, EBITDA in the range of $1.03 and $1.055 billion, and volume per guest to be in the range of $3,175 and $3,275. We need to expect to convert roughly half of our full-year EBITDA into free cash flow. We took inventory drawdowns in our Chicago and Nashville Sports Illustrated resorts where sales are now underway. That investment did impact first-quarter free cash flow, but does not change our full-year free cash flow conversion expectation. Our full-year adjusted tax rate to be approximately 29% and year-over-year EPS growth to be in the teams, supported by EBITDA growth, lower interest expense, and in the quarter we expect growth VOI sales to be in the range of $660 and $690 million, EBITDA in the range of $260 and $270 million, and volume per guest to be in the range of $3,200 and $3,250. This reflects a continuation of first quarter trends while recognizing that growth can vary across quarters based on mix and timing. Outlook reflects a business that's performing as expected with downside appropriately managed given the current environment and upside driven by execution. As the business continues to perform as designed, we're seeing steady demand, strong execution across the platform, and continued conversion of earnings into cash over time. As we move through 2026, we remain focused on executing against our plan, allocating capital to the highest return opportunities, and compounding value on a per-share basis. We can now open the line.

We'll now be conducting the question and answer session. If you'd like to ask a question at this time, please press star 1 from your telephone keypad, and the confirmation tone indicates your lines in the question queue. Let me press star 2 if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please for a poll for first question. Thank you, and the first question comes from the line of Chris Farocca with Deutsche Bank. Please receive your questions.

Hey, good morning, guys, and congratulations on a nice start to the year. You know, Michael, you guys have started off, you know, with a nice collection here of the Sports Illustrated, Eddie Bauer, and Margaritaville Resorts. So, you know, three distinct brands in addition to the core brands that you started with. But the question is kind of, you know, to what extent do you think you can possibly grow those brands further? And are you seeing any attractive opportunities on the hotel conversion front that kind of, you know, enable those?

I'm very pleased with how each of the brands, the additional one that I'd add to that is a core vacation club, which is since our name change, and that, as we mentioned, will double the sales this year. When you look across all of those brands, our anticipation is we want to grow each of them to support the growth of our Battleship brand, the Wyndham brand. As we start to look at how each of them can grow, I think the total revenue potential bear, We want to get each of these up to about $200 million plus, and if you start to think about those four brands and stack that level of growth, you can have the revitalization of Margaritaville, as you heard, highly successful. And then the last two, Eddie Bauer, recently last year, and it's really picking up momentum in Q1, and then we'll start Sports Illustrated. So we believe the success of adding new brands is the execution of the ones we already have, starting with Wyndham, ending with our latest announcement, our latest startup sales, which is Sports Illustrated. So those are key to our strategy, and we think we're going to grow, and I think that validates and is providing more clarity and precision around our long-term growth rate on BOI.

Okay. Very helpful. Thanks, Michael. So just as a follow-up, yeah, I know you guys mentioned a little bit of uptick in early delinquency activity. I guess I don't know, Eric, if there's any more detail you wanted to ask. And then again, the question comes out of it is, do you think that ultimately opens up an opportunity to, you know, essentially reacquire some of that inventory at favorable pricing, or are you not quite down that path yet?

Thanks for the question, Chris. So maybe a couple of comments on the loan loss provision. Maybe I'll start with how we actually performed. So maybe even going back to the fourth quarter, fourth quarter provisions was roughly 19% was down year over year. Full year 2025 provision was 20.7%. First quarter start to the year, we're down to 19%. So we've had two quarters of year over year decline. Second, regarding the early stage delinquency, predominantly in newer cohorts of loans, loans originated over the last several quarters, I do think that these will ultimately manifest into the provision. But third, there are several components to the loan loss provision calculus that I think are worth it. Second, down payment rates, which are up, which is a good guide for the provision for FICO scores remain stable and healthy at above 740, which is another good guide for the provision. And maybe the last thing I'd say.

Very good. Very helpful. Thanks, guys.

Our next question comes from the line of Patrick Scholz with Truist Securities. Please receive your questions.

Great. Good morning, Mike and Eric. Mike, I wonder if you could just put to bed, you know, any concerns. And it sounds like you have already, but just finalize it here. Any changes or concerns for the remaining three quarters versus your guidance early in the year? Certainly the algebra says if you beat on one cue versus your guide, but maintain implied the rest of the year down slightly. Is it simply just Iran has happened since you reported in mid-February that kind of keeps you cautious? and there's nothing else in your business that has, as your outlook has changed. Is that a fair assumption?

You've nailed it, Patrick, but let me first say, let me first say, let me first speak to Hordid in mid-February. Nothing's changed in our confidence in the building for the remainder of this year, prospectively. You've seen the results in Q1, which I would characterize as an extremely strong quarter. We had a great Q1 last year. I view this quarter as the high end of our range. If you remember last year, we had Liberation Day this year. There's a war going on which creates macro and geopolitical uncertainty, exactly as we signed, given that we get a daily report card in the form of BPG, continues to perform extremely well. Eric just spoke that we're monitoring early stage delinquencies, but that's more retrospective. And I think between the macro uncertainty, not micro uncertainty, we think our business is performing extremely well. I think the last piece of this puzzle is that Q1 is about 21% of our full-year number. If it was 29 versus 21, we might be having a different conversation. But early in the year, business is performing well, macroeconomy. We just want to be cognizant of what's going on outside of our business. and given that it's very early in the year, be thoughtful about that. So that was a very extended way to agree.

Thank you. I just wanted to put that to rest. I'm sure as the court of progression you may get questions, so we have the answer in writing there. Eric, my question for you, you talked about the earlier stage delinquency specifically in newer cohorts. Does that mean the newer first-time buyers? And specifically, what is it about those? Is it maybe a little bit weaker, relatively weaker financial demographic, a younger customer than, say, your less newer or your legacy cohorts? Could you explain a little bit more about that?

Yeah, sure, Patrick. So when I say newer cohorts, these are the more recent cohorts, I think the last three quarters. When you sort of double-click into the characteristics within the cohorts, there's not a single attribute that I would say is maybe worth calling out. It's not tied to FICO. It's not tied to income band. It's in the last several quarters.

Thank you. We'll hop back in the queue. Thanks, Patrick.

Questions are from the line of Stephen Grambling with Morgan Stanley. Please receive your questions.

Hey, thank you. I think I heard in the comments that you said that the new owner mix is a little bit lower than expected. You attribute that to conversion dynamics. I'm wondering if you could just expand on what is happening in terms of the conversion dynamics there that might be impacting it and how you expect that to evolve over the course of the year.

Mike, I would say that's a result of a positive story we have, which is growth in our new owner tour growth. There was a lot of commentary last year around our ability to grow new owner tours in Q1. Although our total tour growth was 5%, our new owner tour growth was 7%, which is extremely strong. That's always step one in total business. Dynamics, basically, our close rate was lower in Q1. That's natural. Anytime you scale the business and grow new owner tour flow or any tour flow, you're likely to suffer maybe a little bit of, we've got that, but we think that we're growing year on year, which was separate.

That's helpful. And then one unrelated question just on free cash flow. I think you made a couple of comments in the intro remarks. But can you just maybe elaborate on any kind of puts and takes to think about impacting free cash flow conversion over the course of this year? And then maybe if you can remind us how to think through free cash flow conversion differences between the segments even as we think about the vacation ownership versus P&M segment.

Start maybe a little bit with free cash flow for the full year. We're reiterating roughly 50%, roughly half of adjusted EBITDA should convert to free cash flow. I will say that the pace of free cash flow in 2026 will be backloaded. We've got inventory investments that we're making. We've made in the first quarter associated with Nashville and Chicago. We've got inventory investments backloaded. And then from a conversion perspective.

Great.

Thank you. Our next questions are from the line of David Katz with Jeffries. Please receive your questions.

Hi, good morning everyone. Thanks so much. I think a lot of the commentary around the VOI business is very clear. What I'd love to get just a little more color on is, you know, what you're including as we go through the quarters for the remainder of the year in your guidance for, you know, one, the, you know, travel and exchange. It is, you know, flat the high end of the bracket and, you know, down some number of the bottom end. You know, that kind of, you know, help is what I'm looking for. And then with respect to the resort optimization, I'd love to get a clearer sense of what exactly you're baking in for the quarters and the remainder of the year and whether comps, you know, from that, you know, are sort of flat, challenge, you know, et cetera. I think hopefully that's a clear question.

It is, David. So, it's Eric. So, let me give you a couple of components associated with what's driving the year for us. So, we had mid-single-digit tour flow growth in the first quarter. Our second quarter and our full year expect similar trends, mid-single-digit tour flow growth. We expect gross VOI sales to also be mid-single digits in both the second quarter and in the full year. I think about the travel and membership business as a little bit of an extension from where we finished 2025. And some of those stats are the following. The travel and membership business was down 9% in 2025. They were down 10% in the fourth quarter. They were down 13% here in the first quarter. So I think an extrapolation of the travel and membership business in 2026 is that the resort often has been a bit of a tailwind for us. This morning you're going to see that the – Very helpful.

Congrats on the quarter. Thank you.

Our next questions are from the line of Ben Chaykin with Mizuho Security. Please receive your questions.

Hey, good morning. Thanks for taking my question. Maybe we could – my understanding is that you're effective. Imagine that would create a pretty powerful upgrade opportunity. So, my question is, one, am I on the right track, or is it a bigger opportunity upgrading the 180,000 or so Worldmark customers' new combined portfolio, Worldmark, Eddie Bauer?

Great question. Yeah, what we're trying to do is basically put a booster to Worldmark. The Worldmark owner base has a clear travel demand, and we've heard time and time again And they love that outdoor experience, the chance for families to be together for pet-friendly resorts. And the plan for Walmart is to highly, highly align the Eddie Bauer Venture Club with it. It, in effect, operates as a singular club. The success in Q1 is right along the lines of what you laid out, Ben, is being with a slightly different experience that owners are going to get to enjoy. What I would say is, though, even though it exceeded our expectation, I don't think we've really unleashed the full power of what that brand is going to be. And what I mean by that is that in our world, it takes time to get fully registered in all jurisdictions, and we're partially registered in a few, but not all. We've opened only nine sales locations, and we've only announced one resort. You can expect more this year, and you can expect more nice destinations. And I think as the Worldmark base, the upgrade opportunity, the ability to own Worldmark and buy incremental into the Eddie Bauer system that pertains to Casa and then what you're – Well, as we've always shared, we'll make our decisions on what we think is a travel and membership business. We've had a decline for the reasons we've all spoken about in the past. Despite that and despite what happened over the last three to five years in that business, we've been able to maintain our overall travel and leisure mid-single digits growth enterprise-wide on an evened basis. We believe that is very much in our grasp, despite what's happening on the exchange side. We continue to focus first on organic growth by adding new business lines and new focus. We think the membership is realistic, but we're looking to outperform that. And outperforming it is not easy, but we're constantly looking both inside the timeshare space and outside for new lines of business. And we are working on those business lines, and we're going to keep working until we can change or bend the curve to be additive to our story, not opportunity. We'll evaluate it. We're focused on trying to bend the curve from the current decline trajectory because we know with the strength of our VO business that that provides an additive nature to it.

Appreciate it.

Thanks, Ben. The next questions are from the line of Ian Zafino with Oppenheimer. Please proceed with your questions.

Hi, great. Thank you very much. You know, as far as BPGs, how do we think about that? And I know you gave guidance for a full year, but how do we think about that, you know, throughout the year? I'm just thinking about you talking about mix earlier. Does that kind of impact how you're thinking about BPGs? because I guess we were under the belief that BBGs would be coming down just given, you know, more new owner mix, and now it seems like the mix is changing a little bit. So any kind of color you could give us on where you think BBGs are going?

Well, you're thinking about it the right way, Ian. BBG will take natural pressure on an enterprise basis when you get a higher new owner mix. We're heading into Q2 and Q3, which naturally higher new owner moments are an execution issue. So as you look at the cadence.

Okay, thank you. And then I guess as a follow-up, you know, I know the question that I ran kind of came up. You know, any kind of potential softness you might see? Like how do you think that's actually going to play out? Is it a matter of, you know, fuel prices are high and that's what might soften demand? Is it just kind of like a sentiment thing where consumers – how does it actually manifest itself? are this year.

I would also look at BPGs to modify. They haven't. They've continued to perform extremely well. We said we're monitoring early stage delinquencies. There's nothing in the travel trends that's noticeably moved. In fact, it feels like it's a sign. We look at these because we're looking for early signs. All we can report is what we know on April the 22nd, And what we would know on April the 22nd is early warning signs have not shown up in our travel trends, but we'll continue to monitor them.

Okay, thank you very much.

Our next questions are from the line of Lucy Dose with Goldman Sachs. Please receive your questions.

Hi, good morning. Thanks for taking the question. I guess on a similar theme, just thinking about that new owner mix that you mentioned and being a key focus for this year, I guess, like, I think typically in precedent times where there's a macro slowdown, like getting that new owner to make that big purchase has typically been tougher. Can you maybe walk through how you're thinking about like levers that you have to drive that new owner growth this year? Have you pushed that more for the remainder of the year?

Well, it all starts with what happened. And then secondly, you have to look at your conversion rates. And the 7% growth in Q1, I can't emphasize it enough, is a big one coming out of Q1. We have laid the groundwork with our partnerships. We've laid the groundwork with the execution to be able to grow top of funnel key metric. And now our focus will be, and our team's already very focused on it, is the next stage down the funnel, which is conversion. Unquestionably, as consumers' confidence rises and falls, just like every single metric that's in every single business, it fluctuates. And we will have fluctuation in almost all of our metrics on the owner and the new owner side. I think what we rest on is that as we monitor and get ahead of any metric that starts to adjust, our team is quick to react, whether it's in cost management, whether changing our strategies, either on the marketing side or the sales side, that we feel, as we mentioned in our prepared remarks, we think we can outperform across all cycles because there's a ton of value in the business. The key meta-funnel, both owner and new owners, that we can execute further down the funnel and have a lot of levers to make sure that we ultimately deliver the results.

Super clear. And then going back to the strategic review that you're undergoing, I think last quarter you mentioned the swing factor was somewhere in between $15 million and $25 million in terms of our benefit. I know we'll get the cue later, but just any sense of how we're tracking and kind of range of outcomes in terms of, like, you know, coming in at the low end versus the higher end of that as we get through the year.

So, just to clarify, when you say strategic initiative, you're referring to the resort optimization initiative plan through the first 90 days.

Great. Thank you.

Thanks, Lizzie. The next questions come from the line of Trey Bowers with Wells Fargo. Please receive your questions.

Hey, guys. Just a couple of modeling questions on the free cash flow side of things. As we think about inventory for the year, is there a chance that, you know, as we look to EBITDA to free cash flow conversion, if another city where you wanted to add inventory popped up, you know, could that shift things or if just kind of the pace and timing of VOI sales caused what would be some of this conversion to kind of get pushed into 27? And then second, just around non-recourse debt. Is that expected to be kind of neutral this year or a bit of a draw or a bit of a positive?

Hey, Trey, good morning. Yes, so pre-cash flow, the pace of pre-cash flow in 2026 is going to be back and loaded. With the Chicago and Nashville spent, the inventory investments that we made in the first quarter, we've got additional investment that we're making in the second quarter. So we've got some conviction around converting roughly half of EBITDA into free cash flow on the full year, but you're going to see it really manifest in the back half of the year. From a portfolio perspective, I would say it's generally neutral.

Okay. Just from the brand perspective, are there other Sports Illustrators or Eddie Bowers out there that you guys are talking to, you know, both of those brands are not brands that I think a lot of people are super resonate with consumers, but obviously it's doing something really positive for you guys. Could you just maybe walk through why, you know, Eddie Bauer and SI are kind of brands that are bringing in new owners? Is it the brand itself, or is it kind of just what you've done with the brand that is causing it to resonate? Thanks a lot.

Well, I would say that I believe the Sports Illustrated is an iconic brand that almost everyone equated to Margaritaville, which is not your typical hospitality brand, and yet everyone associates it with a lifestyle. So brands that express reflective of have taken the opportunity to find new markets through the line.

If I could sneak it in with a core, will the license fees around that be similar to what you guys have with the guys at Wyndham, or is that a different structure to that deal?

Final questions from the line of Branch Montour with Barclays. Please proceed with your questions.

Good morning, everybody. Thanks for squeezing me in. So I'm having a little bit of trouble wrapping my head around the delinquency stuff. I wanted to go back to that quickly because it's not really super clear to us what's driving it. If there's no obvious characteristic you'd call out, or nor really it seems like that you want to blame the macro for this. So, you know, you've seen a lot of mini delinquency cycles. You called it a wobble. How would you say it feels, this one feels, in terms of how it would play out? Like, is it worse than, I'm assuming it's better than the one you saw at this time last year? And then what are you kind of assuming when you say that the provision should still get better, and you called out a bunch of good guys? On the bad guy side, what do you kind of assume in terms of like, you know, where it stabilizes, when it stabilizes, or anything you can kind of give us there?

Hey, Grant. The first thing I'd say is that it's early stage delinquencies. You know, it's early in the cycle. We've seen it, wanted to communicate it. And the reason I wanted to bring up some of the good guys that are also running against the loan loss provision is just in the middle of April. We've still got convictions.

AI, you guys, you've done. But I wanted to more ask about how you're planning to use the solution side, i.e., you know, enhancing the top of the funnel and sort of working with the bigger models out there that are disrupting some of the ways in which consumers find their travel options. And so, you know, is that something you're doing directly or planning to do directly with tech companies? Are you working through the brand companies that you partner with to speak to them and work with them? Or what can you tell us about progress on that initiative?

Let me start with AI, and then I'll just move to some technology updates as well to show some – to showcase some positive things we're doing. On the AI front, we view sort the two opportunities there is per $5,000-ish through AI. I think we want to lower transaction prices and move up the chain from there, and that's work going forward. On the digital side, a lot of exciting things happen. We talked about Club Windham app that we launched and was received very well. We spoke recently about the Worldmark app that we launched last year. We already have 20% of our bookings, which is pretty amazing how recent that app was launched and how quickly that was adopted. And we launched the Margaritaville app in Q1. So when you think about the cadence of Q-team and this – Thanks, everyone. Thanks, Brent.

Thank you. This now concludes our question and answer session. I'd like to turn the floor back over to Michael and Brown for closing comments.

Thanks, Rob. Thanks for joining us today, everyone. To wrap up, we've had a great start to 2026 and our strategic priorities are clear. We remain focused on discipline execution to deliver strong results in 2026 while continuing to scale our multi-brand strategy to drive long-term profitable growth. Eric and I look forward to continuing the conversation with many of you at upcoming conferences and again on our second quarter call. Thank you for your time and continued interest in travel and leisure.

Thank you. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.