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Management attributed the contract sales decline to faster-than-predicted VPG moderation at Bluegreen as the company lapped the high-growth launch period of HGV Max.

Sales execution fell short of expectations in the back half of the quarter, specifically localized to high-volume operations in Orlando and Myrtle Beach.

The company observed a shift in transaction mix toward trust-based sales and new buyers; while these carry lower average VPG, management views them as critical for long-term embedded value.

Tour growth remained robust at 6%, marking the fourth consecutive quarter of growth and indicating that recent softness is an execution issue rather than a demand-related trend.

Profitability was supported by cost efficiency programs and a disciplined approach to margins, which expanded to 23% despite the top-line sales pressure.

The Bluegreen integration continues to drive value, with Max membership reaching 40% of the total base, representing a 24% increase over the prior year.

Full-year EBITDA guidance is maintained based on the assumption that corrective leadership and training actions will bridge the sales gap in the second half of the year.

VPG expectations for the full year were revised downward to a low-to-mid-single-digit decline, reflecting the Q2 performance and anticipated high-single-digit declines in Q3.

Management expects the bad debt provision to improve in the back half of the year as higher-equity loans from recent underwriting changes comprise a larger portion of the pool.

The company remains committed to returning capital, targeting approximately $150 million in share repurchases per quarter, provided it does not increase net leverage for the full year.

Inventory optimization through the disposal of non-core assets is expected to reduce the fee burden on EBITDA by $10 million to $12 million on a run-rate basis.

A non-cash loss of $48 million was recorded following the disposition of non-core assets, a move intended to recycle capital and reduce inventory carrying costs.

The company reported $54 million in net contract sales deferrals under ASC 606 related to pre-sales at the Ka Haku project, which reduced reported GAAP revenue.

Loan loss provisions reached 17%, the high end of the target range, driven by a higher propensity to borrow and a shift toward trust-based products which require higher upfront provisioning.

Management identified a leadership gap in specific markets as the primary driver of execution misses and has installed new leadership to rectify performance.

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Management clarified the increase was driven by a higher propensity for customers to borrow and a product mix shift toward trust sales, rather than portfolio deterioration.

Delinquency trends remain stable or improving, particularly at Bluegreen, due to higher down payment requirements implemented last year.

The CEO identified these as leadership and operational issues rather than market-wide demand problems, noting that legacy HGV operations in the same markets performed well.

Corrective actions include new leadership, increased recruiting investments, and enhanced training, with performance expected to normalize by Q4.

The company will participate in a 'waterfall' of proceeds when the third-party developer eventually sells the properties, though this is treated as a gain contingency.

The primary immediate benefit is the removal of future maintenance fee obligations and the ability to recycle capital into higher-quality inventory.

The acquisition is performing slightly ahead of expectations, contributing to a shift from fee-for-service to owned contract sales.

Management expects a $20 million EBITDA benefit this year, accelerating to between $25 million and $30 million in 2027.