Financial Data and Key Metrics Changes - The company reported total revenue of approximately $56 million, down 20% year-over-year, with adjusted EBITDA showing a 97% improvement to negative $0.1 million, reflecting operational progress [15][16][22] - Year-to-date adjusted EBITDA improved by $13.2 million, and operating cash flow increased by $15 million, indicating a disciplined approach to cost management [3][19] - Free cash flow for Q3 was negative $3 million, with year-to-date free cash flow at negative $10 million, but adjusted free cash flow improved by $17 million compared to the previous year [18][20][22] Business Line Data and Key Metrics Changes - Subscription revenue was $19.4 million, down 16% year-over-year, primarily due to a planned decline in pass subscriptions, but showed stabilization with flat quarter-over-quarter performance [16][17] - Travel revenue was $33.9 million, also down 20% year-over-year, driven by fewer members and lower occupancy of 56%, although average daily rate (ADR) increased by 25% [18] Market Data and Key Metrics Changes - The company had nearly 11,000 members at the end of Q3, consisting of approximately 9,500 active club members and 1,100 active pass members, indicating a focus on high-value, long-term club memberships [16][17] Company Strategy and Development Direction - The company is focused on four strategic pillars: operational efficiency, brand elevation, member experience, and digital platform [6][7] - A new pass membership program was launched, designed to provide more flexible travel opportunities and enhance member value, with pre-sales showing strong interest [4][10] - The proposed business combination with BuyerLink was terminated, but the company remains committed to its digital strategy and transformation initiatives [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting the operational improvements and strategic shifts that are expected to stabilize subscription revenue and improve profitability in 2026 and beyond [15][22] - The company anticipates continued improvement in EBITDA margins and is focused on building a robust technology and digital marketing platform to enhance growth potential [4][12] Other Important Information - The CFO, Michael Arthur, announced his departure, with a commitment to ensure a smooth transition while the search for a successor begins [13][14] Q&A Session Summary Question: Could you talk about two features of the new Pass and goals for 2026? - The new Pass offers significantly more travel opportunities without access to hotels, focusing on properties controlled by the company, allowing better monetization of available nights [24][25] Question: Any initial plans for the marketing engine? - The company has been testing landing pages and has increased spending on search engine marketing, showing promising early results [27][28] Question: Has the search for a new CFO begun? - The search for a new CFO has just started, and the company is early in the process [29]