Oct 27, 2026 earnings call — Raised guidance, acquisitions and multi-brand scaling
Q3 revenue of $1.1 billion and EBITDA of $283 million; company raised full-year guidance to the top end of the range.
Revenue $1.1B (est $1.1B) · EPS $2.21 (est $2.05) · Next-quarter revenue outlook $2.6B–$2.7B
Key quotes
"We closed the Spinnaker Resorts acquisition ahead of schedule on August 1."
"Which is moving from proof of concept to a scale platform."
"Through the third quarter, we returned $364 million to shareholders through dividends and share repurchases, and deployed $350 million towards acquisitions."
Analyst Q&A 7
conversion rates and employee retention
Q (Stephen Grambling · Morgan Stanley): Are you seeing any change this quarter in conversion rates between existing and new owners, and any change in competitive dynamics for retaining sales talent? Also, what are the building blocks for next year given acquisitions and new brands?
A: Management said there was no impact on conversion or talent movement and VOI performance was consistent through the quarter and into October. For 2027 they see their existing framework intact: they still expect 6% to 8% gross VOI sales and mid single digit EBITDA growth, and expect roughly $150 million of incremental liquidity next year with about half from acquired receivables and half from resort optimization.
"big picture, as I think about 2027, we still see our 6% to 8% gross VOI sales and mid single digit EBITDA growth algorithm intact." — Erik D. Hoag (CFO)
long-term algo and credit provision
Q (David Katz · Jefferies): Will new brands change your long-term growth algorithm, and is the decline in the loan loss provision circumstantial or something you are driving strategically?
A: Management said the current outlook for VOI and EBITDA does not change and the new brands broaden the platform to help maintain the algorithm. They said the provision fell 150 basis points year over year in Q3, helped by a lower share of sales finance and improving credit trends; they expect the full year loan loss provision to be closer to 20% versus 2021 versus 21% and said improvements are driven by underwriting, new owner engagement, and better servicing and collections.
"You know, in the quarter, we benefited from lower percentage of sales finance, but more than anything, the underlying credit trends also continue to improve." — Erik D. Hoag (CFO)
Spinnaker VPG gap and travel club plans
Q (Chris Woronka · Deutsche Bank): How did the early closing of the Spinnaker deal affect reported VPG and can you close its VPG gap to legacy levels over time? Also, any updates on the travel club (TNM) strategy or M&A appetite?
A: They said yes there is opportunity to close the VPG gap; the acquired business VPGs are about where the enterprise was pre-COVID and they will evaluate resort upgrades, points, and sales approaches while focusing on a world-class integration and cost synergies with a full-year sales benefit in 2027. On the travel club, they said TNM is an important EBITDA and cash contributor, they remain open to alternatives, and will evaluate transactions if they can unlock greater shareholder value while also trying to inflect TNM revenue and get the last drop of EBITDA and cash flow from it.
"We are evaluating the way they sell and components that they have that have made them successful until now, and maybe there is some things we can incorporate." — Michael D. Brown (CEO)
cost saves and owner upgrade plans
Q (Ben Chaiken · Mizuho): You mentioned $16 million of cost saves for 2027 — is that separate from portfolio streamlining and what caused it? Also, for Yes& and Spinnaker, what upgrade penetration do you expect across their 100k+ owners and how will you sell upgrades?
A: They said they removed $16 million of cost in the travel and membership business in Q3 to align cost with revenue trends, and this is fully incorporated into their mid single digit expectation for 2027. For the acquired owners, they plan resort capital upgrades, introduce a points product, are surveying owners, will start a first sales push in November at select sites, aim to realize cost savings within 12 months, and said they would be disappointed if the combined businesses did not roughly double over several years.
"So, yes, we took out $16 million worth of cost in the travel and membership business during the third quarter." — Erik D. Hoag (CFO)
membership trend and EBITDA actions
Q (Ian Zaffino · Oppenheimer): Membership counts looked stable this quarter — any color and how should we think about trends going forward? Also, can you stabilize TNM EBITDA or should we expect continued declines?
A: They said the affiliate member base is relatively stable and the industry consolidation means members increasingly transact within their clubs, lowering transaction propensity; they plan investments to reduce friction, including self-service booking in 2027. On expenses, they ran a cost program in Q3 that impacted roughly 300 employees and will keep focusing on efficiency while the business faces top-line headwinds.
"During the third quarter, we did go through a cost program that impacted roughly 300 employees" — Erik D. Hoag (CFO)
new owner tour growth outlook
Q (Trey Bowers · Wells Fargo): New owner tours drove tour growth — is that mainly from new brands, and how long will the tail of new owner growth last and affect NOG?
A: They said extending brands is intended to sustain long-term new owner tour growth and new owner transactions in the thirties. They noted year-to-date new owner tour growth is up nearly 10%, around 8%, Sports Illustrated is currently immaterial but could matter in 3 to 4 years, and they can continue to grow new owner tours with the current strategy.
"the much shorter answer is we can absolutely continue to grow new owner tours and new owner transactions with the strategy that we have employed." — Michael D. Brown (CEO)
regional performance and deal pipeline
Q (JPMorgan): Which geographies or portfolio segments outperformed or underperformed in Q3? And is there a pipeline for more deals like Spinnaker and Yes&?
A: They said they saw no regional weakness; Orlando and Las Vegas performed very well, Nashville produced more tours after opening, owner metrics showed no noticeable change, and the portfolio and FICO mix remained strong. They also said they will evaluate any VO or travel and membership opportunities that are strategic fits and financially accretive, and their aperture is open to both traditional acquisitions and building new, high-recognition brands.
"Our core business you know, our biggest destination, Orlando and Las Vegas, performed very well." — Michael D. Brown (CEO)