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]

Core Insights - A recent study from the University of Manchester indicates that the development of luxury tourism in some African countries, aimed at attracting high-spending tourists and boosting economic growth, has had limited positive effects and has even caused negative impacts [1][2] Group 1: Economic Impact - International institutions, including the World Bank, have long recommended that African countries focus their development strategies on luxury tourism, believing it could achieve "high value, low impact" growth that protects the environment and benefits local communities [1] - The study reveals that luxury resorts and all-inclusive hotels in Africa are often isolated from surrounding communities, leading to minimal local spending by tourists [1] - Employment opportunities for local residents in these luxury facilities are limited, with most profits flowing overseas, and many high-profit eco-resorts are foreign-owned [1] Group 2: Social Impact - The development of luxury tourism has not significantly improved the living standards of ordinary local residents in Africa [1] - In Mauritius, for example, many locals complain that high-quality beaches are increasingly monopolized by luxury resorts, resulting in a loss of access for the local population [1] Group 3: Environmental Concerns - The environmental issues associated with luxury tourism are significant, as many luxury tourists travel by private jets, contributing to a higher global carbon footprint [2] - The reliance on European and North American customers for this tourism model has led to criticisms of it being a form of "pseudo-carbon reduction" [2] - The study's lead researcher emphasizes the need for African countries to find a new balance between economic diversification and sustainable tourism development to ensure that the tourism industry genuinely benefits local societies [2]