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Journey + Leisure Co. (TNL) Journey + Leisure Co. Morgan Stanley World Client & Retail Convention 2025 December 2, 2025 8:00 AM EST
Firm Individuals
Michael Brown – CEO, President & Director
Erik Hoag – Chief Monetary Officer
Convention Name Individuals
Stephen Grambling – Morgan Stanley, Analysis Division
Presentation
Stephen Grambling
Morgan Stanley, Analysis Division
I feel they’re simply kicking it proper off and what a greater solution to kick off our World Retail and Client Convention on journey Tuesday then with Journey and Leisure. So Michael, Erik, thanks for becoming a member of us.
We’re speaking this morning about how Journey and Leisure is definitely one of many best-performing shares in my whole protection. You’ve got nearly doubled the efficiency of the S&P 500 year-to-date. That is excluding a really wholesome dividend. And it is also an enormous dichotomy versus even a few of your closest friends. So excited to dig into the way you’re doing that, the way you proceed to drive idiosyncratic progress. One of many issues that you have talked about are your 3 priorities. So perhaps we are able to begin there when it comes to what these priorities are and why they’re the precise priorities for the corporate right now and the way they’ll proceed to drive progress.
Query-and-Reply Session
Michael Brown
CEO, President & Director
Certain. Nicely, why do not we begin with one of many largest priorities is simply staying centered on our core enterprise. Our firm is profitable once we do not take our eye off the ball, and that’s attaching to an addressable market, direct advertising and marketing, getting them on tour to purchase a trip product that’s a part of the macro development, which is larger lodging supported by a model. We have been very profitable in doing that.
I consider basically, the largest motive our fairness has moved past our capital allocation is simply constant
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