Cost PressuresThere are a few cost considerations in 2025, including a significant step-up in the license fee and elevated maintenance fees, which present a near-term headwind to rentals expense.
Earnings ExpectationsHGV reported 3Q24 adj. EBITDA of $276mm, below both the Citizens JMP estimate and the consensus expectations of $322mm and $284mm, respectively.
Sales Force ChallengesThe last 3 quarters have been tumultuous, with the sales force stretched in many situations, affecting efficiency and closing rates.