Financial PerformanceTNL faces headwinds in both of its main business units, which could restrain EBITDA growth for the year.
Market TrendsThe Exchange business faces structural headwinds from industry consolidation, expected to weigh on overall EBITDA growth.
Sales ImpactAccelerating new owner sales compresses VPG and rising interest rates in the financing business, leading to a $30m EBITDA headwind.