Financial Data and Key Metrics Changes - Reported contract sales increased by 10% to $721 million, and adjusted EBITDA was $248 million with margins excluding reimbursements at 22% [13][23] - Total revenue excluding cost reimbursements grew by 11% to $1.1 billion [23] - Adjusted free cash flow for the quarter was $185 million, with a cash flow conversion rate of 75% [29][30] Business Line Data and Key Metrics Changes - Contract sales in the real estate business were $721 million, up 10% year-over-year, with VPG growing 15% to over $4,100 [24] - Rental and ancillary revenues reached $187 million, with a segment loss of $19 million due to elevated expenses [28] - Financing business revenue was $125 million, with segment profit at $70 million and margins of 56% [25] Market Data and Key Metrics Changes - Occupancy rate remained flat at 77%, with consolidated arrivals in the second quarter ahead of the prior year [14] - The marketing package pipeline was robust with over 725,000 packages, indicating solid booking growth [14] - Member count was 725,000 at the end of the quarter, with a net owner growth (NOG) of just under 1% [15][28] Company Strategy and Development Direction - The company is focused on enhancing lead generation, execution, and product enhancements to support EBITDA and cash flow goals [17][18] - Integration with Bluegreen is progressing well, achieving $89 million in cost synergies, with a target of $100 million by year-end [19] - The company maintains a disciplined approach to process and execution while adapting to macroeconomic volatility [10][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased macroeconomic volatility but emphasized the company's strong fundamentals and proactive initiatives [10][12] - The company is maintaining its EBITDA guidance for the year, expecting to navigate through potential uncertainties effectively [12][31] - Management expressed confidence in the demand for experiences over goods, which may continue to grow despite economic challenges [86] Other Important Information - The company repurchased $150 million worth of stock during the quarter, with a commitment to continue capital returns [30] - The liquidity position included $259 million in unrestricted cash and $870 million available under the revolving credit facility [32] Q&A Session Summary Question: Consumer behavior and forward bookings - Management noted no material changes in forward bookings, attributing stability to the prepaid nature of owner and package sales [35][37] Question: New owner mix versus owned mix - Management indicated that the mix is controllable and expects continued strong performance despite seasonal shifts [39][40] Question: Balance sheet optimization - Management clarified that a portion of unsecuritized receivables is not immediately securitizable but has a path for future securitization [46][50] Question: VPG performance and Bluegreen customer upgrades - Management reported strong VPG growth across all segments, particularly among Bluegreen owners, with significant outperformance [53] Question: KPIs and growth expectations - Management expects mid to higher single-digit VPG growth for the remainder of the year, despite some challenges in tour flow [60] Question: Strategic initiatives for financing and engagement - Management is standardizing financing programs and enhancing value propositions to drive engagement and performance [64][68]

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