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COO & CFO Marc Crossman stated that PLBY Group continues to expect growth from Honey Burdette in the second half of the year, supported by a strong full-price retail business which saw a 28% comp. CEO Ben Kohn added that Honey Burdette is being integrated into the broader Playboy ecosystem, like the Playmate contest, for cross-promotional benefits. Regarding legal costs, Kohn confirmed one of two major litigations is complete, but one remains ongoing, so some drag on the business will continue for an unknown duration.

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The company has seen strong growth in all subscription metrics, reaching 66,000 paying subscribers. While specific metrics on attach rate and retention are not yet being disclosed, they noted that a price increase was financially beneficial despite a slight dip in conversion, indicating manageable price sensitivity.

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CFO Amanda Crawford reported strong progress, with 66,000 paying subscribers and positive trends in MRR, attach rate, and retention. While not sharing specific metrics, she noted that although a price increase led to a slightly lower conversion rate, the trade-off was favorable for revenue. She stated the company is excited about the subscription's long-term financial impact and its role in transitioning Owlet to a pediatric health platform.

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President & CEO David Barry and CFO Bo Heitz explained that the plan to get Tabacon's EBITDA multiple below 9x relies on operational levers, such as growing the high-margin attractions business and ramping up the new Choyan River experience, rather than major CapEx. David Barry noted that the recovery in group travel has been building progressively since 2022, supported by a favorable Canadian dollar and Canada's positive international perception. He also mentioned that while visitation from some countries like China is still recovering, other markets like Japan and South Korea are very strong, ensuring robust demand.

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President & CEO David Barry and CFO Bo Heitz clarified that the path to lowering Tabacon's EBITDA multiple below 9x relies on operational enhancements, such as optimizing the thermal river attractions' capacity and ramping up the newly launched Choyan experience, rather than major capital investments. On group travel, Barry explained that the recovery has been a steady build over the past few years, not a sudden rebound in 2025. He noted that while Chinese travel is still recovering, strong demand from markets like Japan and South Korea, aided by favorable FX, is driving positive performance.

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CEO Andrea Owen attributed the momentum to foundational business growth, including new product assortments and an expanding retail footprint. Debbie Propst, President of Global Retail, elaborated that the North America retail business, which is almost entirely direct-to-consumer, saw adjusted orders up 14% and is outperforming the wholesale business due to new collections, new stores, and improved marketing attribution.

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CEO Andrea Owen stated it was a combination of both factors. Vice President of Global Retail, Debbie Propst, elaborated that strong execution was amplified by momentum from ongoing initiatives. She highlighted the success of new products, honed marketing capabilities that improved return on ad spend, and selling programs like design services that are driving a 10% higher average order value. She expressed confidence in continued momentum for the segment.

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John Michael, President of the Americas Contract segment, attributed the extended order-to-delivery timeline to a 40% increase in large, complex projects (over $5 million) and clients ordering earlier to accommodate longer construction schedules. CFO Jeff Stutz added that this phenomenon is also occurring internationally and that the company's backlog has stabilized at a higher 10-12 week level post-COVID, compared to 7-8 weeks previously. Regarding industry drivers, John Michael highlighted strong activity in financial services, banking, pharma, and public sector, along with a notable uptick in the technology sector. Jeff Stutz also noted international growth from large projects and key wins in technology in India and healthcare in the Middle East.

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CFO Bernard McCracken explained the Q1 GMV guidance reflects a difficult comparison to the prior year when the company was actively liquidating its shoe and kids' inventory before the licensing transition. CEO Andrew McLean addressed the holiday customer question by stating the company will not chase unprofitable volume with deep discounts. Instead, the plan is to engage value-conscious customers during specific winter and summer sale events and then introduce them to other product franchises at various price points to broaden their purchasing habits.

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CFO Bernard McCracken explained that the Q1 GMV comparison is difficult because the prior-year period included the liquidation of company-owned shoe and kids' inventory. CEO Andrew McLean addressed the promotional strategy, stating the company will not chase unprofitable, discount-driven volume. Instead, it will target value-focused customers during specific winter and summer sale events and work to introduce them to other product franchises at various price points to encourage full-price purchases.

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CFO Bernard McCracken explained the Q1 GMV growth appears slower because the prior year's Q1 included the liquidation of shoe and kids' inventory, creating a difficult comparison. CEO Andrew McLean addressed the holiday customer question by stating that while they value all customers, the more price-sensitive segment will be targeted during specific winter and summer sale events rather than with deep discounts during peak holiday periods. The goal is to use these sales as an entry point and then introduce these customers to other product franchises at various price points to encourage broader brand engagement.

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CFO Bernard McCracken clarified that while the club channel is a significant contributor to GMV growth, the underlying U.S. e-commerce business is also growing, up mid-single digits when excluding licensed categories. CEO Andrew McLean added that the club channel provides access to a valuable 'Evolver' customer. He explained that attracting younger customers is a conscious strategy to reverse the file's aging trend, noting that the average customer age has now stabilized year-over-year for the first time in years.

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CFO Bernard McCracken explained that the difference between revenue and GMV guidance is due to the transition of kids and footwear products to licensing arrangements. This transition has a more pronounced negative impact on reported revenue in Q4, while GMV remains unaffected as it includes sales of all Lands' End branded products. Regarding marketing, McCracken stated the company plans to maintain spending as a consistent percentage of revenue to continue driving the 'flywheel' of new customer acquisition, with an expectation to begin leveraging that spend as margins improve.

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Executive Marc Beer provided network figures of over 8,600 providers and around 4,700 clinics, emphasizing that the focus is on practitioner effectiveness, not just numbers. CEO Bret Christensen confirmed that GLP-1s are the majority of the BioteRx program but are offered as a service and are not core to the company's growth strategy. He stated Biote will follow FDA guidance and that the BioteRx platform enables the addition of other products in the future.

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Executive Justin Schreiber described the HRT offering as a comprehensive, high-quality care program involving extensive lab work and physician consultations, leading to high-quality revenue. While not disclosing specific patient numbers, he stated there is a clear path to scaling the business significantly. CFO Marc Benathen added that the 2025 guidance is conservative, including only a few million dollars in revenue from male HRT, which suggests potential upside if the company executes on its growth plans for the offering.

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Chief Product Officer Donna Boyer explained that compounding was introduced primarily to ensure member access amid branded drug shortages, which drove the Q4 acceleration. She stated the company is well-positioned to pivot back to branded medications as supply improves, leveraging its broad formulary and prior authorization platform. Boyer mentioned they are actively evaluating other options, like compounded liraglutide, to provide lower-cost cash-pay alternatives. She reiterated that insurance-covered branded drugs remain the most affordable option for members, and the company's focus is on facilitating that access.

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Chief Product Officer Donna Boyer explained that compounding was introduced to address branded medication shortages and that the company is well-positioned to pivot back as supply resolves. She stated that with a broad formulary and plans to evaluate other options like liraglutide, they do not expect a return to previous slowdowns. Boyer noted that insurance-covered branded drugs remain the lowest-cost option for members, which is why WW focuses on expediting prior authorizations. She added that the company is evaluating compounded liraglutide to provide a lower-cost cash-pay option for members.

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Interim President and CEO Tara Comonte explained that cost and access to medication are the primary reasons for clinical subscriber churn, which the new compounding offering helps address. She confirmed the latter part of the question, stating that a critical long-term strategy is to provide an 'off-ramp' for members to transition from medication to WW's sustainable behavioral program for long-term success, as most users do not intend to stay on GLP-1s for life.

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CEO Sima Sistani reiterated that members trust WW for safe and effective options, making FDA-approved medications the preferred path. However, she acknowledged that with persistent shortages and coverage issues, the company is 'investigating alternative paths to best serve our members' to improve access and health equity.

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CEO Sima Sistani explained that the primary difference is the societal paradigm shift in recognizing obesity as a chronic disease, driven by new medications. She stated that payers and employers are now actively seeking these solutions, making the B2B2C model viable. Progress is already underway, with insurance-covered dietitian consultations rolling out in the coming months.

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CEO Natalya Leahy stated that the National Geographic Disney partnership is gaining significant momentum with a strong roadmap for 2025. She highlighted specific initiatives, including direct mail campaigns to new audiences with minimal overlap with the current guest base and providing access to premier 'earmarked' Disney travel agencies. Leahy expressed confidence that these efforts will generate strong returns in 2025 based on the foundation established in 2024.

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CEO Sven-Olof Lindblad explained that the international push is in its very early stages, starting with Great Britain, and they are currently testing which itineraries are most attractive to that market, suspecting polar regions, Galapagos, and Alaska will be popular. He clarified that the 2026 occupancy target is based on traditional business drivers, and any success from international expansion would be an additional accelerator on top of that baseline plan. He noted early efforts are also underway in markets like India and China.

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CEO Bahram Akradi described the kids' offering as a "humongous part" of the company's success and a key differentiator, noting that family memberships have the highest retention. However, he stated that the company does not break out specific metrics for this segment. Executive Erik Weaver added that kids' programming saw record participation and engagement this year.

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Founder, Chairman and CEO Bahram Akradi clarified that their process for increasing existing member dues is not club-specific but is managed system-wide by a sophisticated AI algorithm. This system identifies eligible members across the portfolio for periodic increases, a process that occurs 7-8 times a year and is now so fine-tuned that it results in minimal incremental attrition.

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CEO Brian Kocher stated that any action increasing trial and penetration is favorable and that these trends are factored into their growth outlook. He noted that while different commodities have different strengths, oat milk generally performs very well in coffee products, and its growth is linked to the expansion of the foodservice channel.

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Executive Brian Kocher attributed the outperformance to traditional category management tools, including consistent supply and innovation. He emphasized that as a solutions provider, they help their customers win, and in turn, they benefit from the growth of the successful brands they support.

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President and CEO Jason Vieth confirmed that stockouts did impact Q4, estimating a loss of approximately $1 million in net sales, and noted there will be a lingering impact in Q1. He explained the issue was driven by unexpectedly high demand for coconut milk-based products, which have long lead times. Vieth stated that new suppliers have been secured and the issue should be resolved by the end of Q1. Regarding coffee, he attributed the 40-50% growth to strong performance in 'coffee solutions,' including functional coffees with performance mushrooms, which are gaining traction in both wholesale and online channels.

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President and CEO Jason Vieth explained that while the e-commerce business remains strong with sticky subscription revenue, the wholesale channel is expected to be an even larger growth driver in 2025. This is due to new distribution in major national accounts like Kroger and Target, alongside continued velocity gains in the natural channel. Vieth noted that both powdered and liquid creamers are performing well, but highlighted that coffee and instant latte products have been 'on fire' and are key to the grocery channel expansion, particularly new functional SKUs with adaptogenic mushrooms.

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Interim CEO Tom Conrad noted the software team is more than double the size of the hardware team. CFO Saori Casey added that R&D is the largest group by headcount and that cost optimization efforts are ongoing beyond layoffs, targeting areas like real estate and vendor spend. Both executives emphasized a focus on scrutinizing all expenses to ensure they drive the highest returns, implying a continuous efficiency effort rather than a single step-down.

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CEO Patrick Spence reiterated that the slowdown in new household growth was primarily due to cyclical category challenges that existed before the app issues, though the app misstep was also a factor. He described the customer service enhancements as a combination of temporary and permanent changes, highlighting the addition of weekend support and the strategic, long-term use of Sierra AI to improve service quality and efficiency.

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CFO Carl Aure clarified that EBITDA flow-through in the second half of the year should be consistent with or slightly better than Q2, with further leverage expected in fiscal 2026. Executive Steven Fife detailed that October was a record month despite stockouts that impacted November and early December. He explained that January sales were softer because many customers on subscription received multiple months' worth of product in late December, a factor already incorporated into the company's reiterated guidance.

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Executive Jim Heindlmeyer attributed the strong organic growth in part to a significant, multi-year royalty recovery from an audit, which should also increase ongoing revenue from that catalog. He also credited the work of Reservoir's internal sync and marketing teams, along with broader positive industry trends, for contributing to the growth.

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CFO Jim Heindlmeyer confirmed that while the timing of licenses contributed to the strong quarter, the performance also reflects robust demand and the team's excellent execution. CEO Golnar Khosrowshahi added that advertising has been the primary driver of sync performance, as film and TV licensing continues to recover post-strike, with film trailers also remaining a consistent source of high-value placements.

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CEO Jim McCann and President Tom Hartnett highlighted that a Friday Valentine's Day is the best placement for sales and that having five selling days after the Super Bowl is a significant advantage over the prior year. An executive noted that corporate gifting revenue was approximately $70 million, down from $84 million the previous year, due to clients reducing spend, AOV, and order volume. Hartnett added that despite the decline, the company remains bullish on the corporate business and plans to retool its offerings.

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CEO Jim McCann, President Tom Hartnett, and CFO Bill Shea detailed the expansion of same-day delivery from its historical floral base to non-floral gifts like Cheryl's Cookies and Harry & David baskets, leveraging their existing florist network in a multi-year rollout. Regarding marketing, McCann noted the spend was strategically held for the less discretionary holiday period. Hartnett added that the allocation would be flexible and similar to prior years, focusing on optimizing returns across the marketing funnel.

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CEO Jim McCann confirmed that the contentious election cycle is driving up media costs and creating a distraction, making customer acquisition challenging. He stated that the company sees a 'significant opportunity' to increase marketing efforts more meaningfully after the election. President Tom Hartnett added that while they see costs moderating, it is not universal, and the company has a clear marketing 'playbook' ready for the post-election period.

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President & COO Mary Fox confirmed that the transition to the new media agency has been positive after some initial choppiness in Q1. She highlighted benefits such as better buying power, access to superior media spots, and more agile, real-time optimization of spend. She also noted an increased focus on localized marketing tactics to drive showroom traffic and an expansion of influencer marketing efforts.

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CFO Keith Siegner explained that providing a precise figure is difficult because new products create a 'halo effect' that lifts the entire portfolio, including core Sactionals. CEO Shawn Nelson added that the PillowSac Accent Chair's sales have already outstripped robust plans, and the ultimate goal of innovations like AnyTable is to sell more high-ticket Sactionals. He suggested the topic would be addressed more at the upcoming Investor Day.

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CEO Shawn Nelson explained that the company is excited about the new products and that the EverCouch fits seamlessly into the current showroom footprint, which was originally designed to sell couches. He noted that while they are not concerned about space for current launches, they have 'clever and exciting solutions' for future platform introductions that will be innovative and true to the Lovesac brand, with more details to come later in the year.

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President and CEO Nathan Schultz confirmed the 79% YoY increase in questions asked in Q3, attributing it to investments in the Q&A experience. He explained the strategy is to pivot Q&A from just providing an answer to a full learning experience, leading users to flashcards, study guides, and further questions. Schultz stated that the next step is to amplify this value proposition through the upcoming winter branding program to convert engaged users into loyal subscribers.

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All six core brands are considered to have great potential for growth, with hOmeLabs and Pursteam mentioned as examples. The company is not ranking them as they all have unique opportunities. The 2025 product roadmap is being finalized and will include a mix of new categories and potential relaunches of discontinued products under existing brands. More details will be provided in the Q4 results call.

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The recent Sky Lagoon expansion improved the high-end experience to address throughput issues. While there are opportunities for further development like a hotel through their partnership, there are no current commitments. In Jasper, recovery is quick, with 7 of 8 hotels reopened. The reduced room supply is expected to drive significant market compression and rate growth. Q4 rates are already up year-over-year, with continued growth expected into 2025.

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The company is optimistic about a quick recovery in Jasper for 2025, potentially accelerated by lodging compression, as their properties are intact and the overall park is largely unaffected. The current guidance range is based on a set of key assumptions about reopening, and the employee housing situation is being addressed with government support.

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The executive explained that while the Chinese market is recovering slowly, increased travel from other Asian countries like Japan, Korea, and India is filling the gap, supported by increased airlift. The eventual full return of Chinese tourism is expected to create positive compression and higher yields. Assets like the Columbia Icefield are seeing recovering productivity, aided by strong sales of the bundled 'Pursuit Pass.'

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Pursuit's margin expansion is driven by the high operating leverage of its attractions, where incremental revenue from volume flows through at a high margin, combined with rate increases and efficiency gains. The $20M in growth CapEx includes projects like an additional boat for Maligne Lake and an expansion at Sky Lagoon. GES expects to maintain an 8% or higher EBITDA margin even in odd-numbered years due to the high flow-through from returning show sizes and ongoing lean/productivity initiatives.

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The executive confirmed that they have crossed the inflection point, and revenue from First Day programs now exceeds the decline from the traditional à la carte model, reversing a long-term trend. Regarding working capital, the shift to a more predictable B2B model improves forecasting and collection, and while it's a timing issue, it doesn't necessarily mean a larger credit facility is needed.

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Executives clarified that First Day Complete actually increases store traffic as students come in to pick up their materials, creating more opportunities for general merchandise sales. The strong merchandise sales in the quarter were driven by a combination of closing smaller, less productive stores and particularly strong performance in graduation products, which exceeded expectations even against a tough prior-year comparison.

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The company responded that the First Day Complete program actually increases store traffic because students come in to pick up their materials, which provides an opportunity to boost general merchandise sales. The strong merchandise sales despite fewer stores were attributed to a combination of closing underperforming locations and exceptionally strong sales of graduation products during the quarter.

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President and CEO Hana Khouri explained that the asset sale was taken off the table because market conditions led to offers that significantly undervalued the asset. The company pivoted to securing debt, which, once obtained, will allow them to re-evaluate and potentially accelerate project timelines. On the food and beverage mix, Khouri stated that while alcohol sales remain dominant, the percentage of food sales at The Colony venue has been slowly increasing over time.

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President and CEO Hana Khouri stated that the Puttery events business is building as expected for a new brand, with a strong pipeline for Q4 holiday events and a significant return in corporate demand. She noted a temporary 'reverse COVID effect' from summer travel but expects a pickup in the back half of the year. Regarding gameplay, Khouri identified a 30-35 minute sweet spot per course. She explained they are using data from existing venues to optimize course design and manage guest flow with on-course beverage service to enhance the experience during any potential waits.

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CEO Hana Khouri stated that the Drive Shack venues are currently performing at their expected run-rate levels, with potential upside as the events business continues to recover and potentially captures some share from walk-in revenue. Regarding new Puttery venues, she explained that most will feature two or three courses. The company learned from its first location that four courses are not always optimal, and that space can sometimes be better utilized for additional seating or bars to drive higher-margin event revenue. The upcoming New York City location, while being the largest, will prioritize event space over adding more courses.

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President and CEO Hana Khouri clarified that the initial delays for The Colony were primarily due to the onset of the COVID-19 pandemic itself. She acknowledged that supply chain challenges persist but stated the team has become adept at anticipating issues and pre-purchasing materials to stay on schedule. Regarding the F&B mix, Khouri expects most new venues, which are in densely populated urban areas, will resemble the Charlotte model with a higher beverage mix, particularly alcohol. She added that the company is also actively working to increase food spend.

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