Mike Brown

We run a sales and marketing business.

We run a management business.

We operate the club so that we can get people from one of our 280 resorts to another.

And we access the ABS market three times a year to –

to sell our notes and gain cash flow.

I think it's the management of all of that together.

When you look at our company's performance, the satisfaction of our customer base, and the growth of our brands, we've been highly successful and shown growth and showed a way to grow and it's shown through in our equity.

But it's the experienced leadership to combine

several very complicated businesses together to make sure that it's seamless for the consumer and that we're also ultimately fulfilling our mission, which is getting people on great vacation.

So I would say it's the complexity of the management as opposed to an individual component that's really hard to operate.

I would just add that one component that has become more complex is the development of real estate has become a lot more expensive ground up.

So we've moved to a conversion strategy in a lot of our new resorts.

Right.

Well, what we find in our product is the vast majority, irrespective of the brands, are going to want to be in a situation where they want to know what they can expect from their vacation.

And a Margaritaville guest is going to want a sand, a drink in your hand, that type of lifestyle.

Whereas

Our newest brand, Eddie Bauer, these are people that want to hike in Zion National Park or get to the great outdoors and enjoy a family reunion.

Either way, our financial demographics are what I explained earlier.

But what we see as the travel trend is people want experiences that match their personal lifestyle as opposed to four walls.

And then they have to go find their experience outside of the resort.