Mike Brown, President & CEO of Travel + Leisure (TNL), breaks down the company’s latest earnings report and consumer demand. “We saw demand at its peak in 1Q during March,” the last month of the quarter, he says. “Our bookings have been very consistent with what we expected in 2025.” As TNL sells timeshares, he says that their membership sticks around because of their prepayments. He talks about how the timeshare business has changed since the 2008 housing crisis, becoming more brand and hospitality-focused.