Doug Hekking

“There are two primary drivers that impacted this quarter's results that I want to briefly discuss. First, the company recorded an estimated preliminary non-cash goodwill impairment charge of $29 million related to the higher reporting unit.”

“As Kevin alluded to and Walter kind of contributed as well, HIA is diversifying within its own channel, and it had the initial foray into retail towards the latter part of the quarter and also entered both Canada and the U.K. And so those things consume some operational resources as well.”

“Just for context, and we talked about a little bit of this in the prerelease. When you roll a lot of information out, as Jim said, it takes some time to process.”

“I think the timing, you'll see that systematically kind of happen over the year. They have a plan for a fairly meaningful launch of a new relationship at the beginning of May.”

“As we evaluated the acquisition and the models, when we announced we wanted to be thoughtful in our communication. Looking at Hyatt's forecast and models, we're comfortable with the range we communicated: $145 million to $160 million, which represents growth from 29% to 42% over the $112 million they achieved in 2024.”