Securitization Strategy & Optimization - Securitization accelerates cash flow by converting receivables into cash, reducing the wait time for mortgage receivables to pay off from 7-10 years[2] - The company aims to increase securitization activity following the Bluegreen integration[3] - The optimization program is underway in Q4 '24[4] - The company is increasing its average share repurchase pace from $100 million per quarter to $150 million per quarter[5] Financial Impact & Cash Flow - Pre-optimization, the company securitized 55% of current receivables, resulting in $1.9 billion in proceeds[10] - The 2025E target range for securitization is 65-70% of current receivables, generating $2.3-2.5 billion in proceeds[10] - The target securitization rate is 70-80% of current receivables, potentially unlocking approximately $700 million of incremental cash[10, 11] - The full program impacts Adjusted EBITDA by $39 million, with minimal impact to underlying free cash flow[12] - Approximately $700 million of incremental cash is unlocked with only $9 million of underlying cash flow impact (EBITDA impact)[13] Liquidity & Implementation - The company has significant excess liquidity, including over $150 million in unrestricted cash, $871 million in revolver capacity, and $627 million in unsecuritized non-delinquent receivables as of Q3 '24[7] - The company's 2025 Adjusted EBITDA guidance contemplates $25 million of additional financing interest expense[16]