Alex Fuhrman • Craig-Hallum Capital Group LLC

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CEO David Barry and CFO Bo Heitz explained that near-term value creation at Tabacon will come from operational levers, such as growing the thermal river attractions as standalone businesses and ramping up the new Cholian River experience, rather than major capital projects. Regarding group travel, David Barry noted a gradual, multi-year recovery to normal levels, supported by strong demand for Canada and robust visitation from markets like Japan and South Korea, which helps offset the slower recovery from others like China.

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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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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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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 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 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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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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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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