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CFO Dennis Schemm confirmed the EPS guidance change was a direct result of the pre-mitigated tariff impact estimate increasing from $38 million to $50 million. CEO Mike Dennison added that the motorized two-wheel business has a margin profile in line with the core powersports business and its growth has been significant enough to more than offset the decline in the side-by-side market.

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CFO Dennis Schemm explained the guidance range reflects execution on the product roadmap amid macro headwinds, with the back half expected to be stronger. CEO Mike Dennison added that hitting the high end of the EPS range is dependent on executing the internal $25 million cost reduction plan. On tariffs, Dennison noted the situation is fluid, but the biggest concern is the secondary impact on consumer demand and OEM partners.

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CFO Dennis Schemm confirmed the bike business is expected to be flat year-over-year, implying a sequential decline to the $78-$80 million range. CEO Mike Dennison addressed gross margins, expecting sequential improvement in PVG, a rebound in AAG margins as inventory actions conclude, and relatively flat margins in the SSG segment (bike and Marucci). He noted that long-term margin improvement will be driven by cost-out initiatives.

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CEO Mark Barrocas attributed the strong Q2 domestic results to robust POS growth and high consumer demand that accelerated through the quarter. He indicated that while the back-half outlook is conservative due to potential consumer reactions to price increases, Q3 demand has remained strong. For future growth, Barrocas highlighted significant innovation coming in the beauty category and a new product launching in the outdoor category. CFO Patraic Reagan reinforced the focus on beauty by referencing recent key marketing hires in that division.

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CEO Mark Adam Barrocas confirmed plans to expand into sporting goods, beauty retailers, and grocery channels in 2025. He noted that while it's hard to generalize, many 2024 products will see a full-year impact in 2025 as global rollouts take about 12 months. He specifically highlighted Shark CryoGlow as a potential '$100 million-plus opportunity' for the year, emphasizing the strong pre-launch consumer engagement and continuous flow of innovation.

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Topgolf CEO Artie Starrs identified the early week '50% off golf' offer and the Summer Fun Pass as major drivers of the 6% traffic increase, which was offset by a lower ticket size. He attributed the strong July trend to consistent and effective marketing. Starrs explained the Q3 guidance reflects ongoing softness in the corporate events business, which tempers the strong momentum from walk-in and reservation channels.

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Arthur Starrs, CEO of Topgolf, attributed the Q4 events success to giving local teams more flexibility in product and pricing and better leveraging scale to share learnings across markets. For 2025, he expects walk-in traffic to perform slightly better than events. Oliver Brewer, President and CEO, clarified that the core business revenue decline is primarily driven by a $60 million foreign exchange headwind, a more competitive product launch cycle, and the intentional resizing of the Jack Wolfskin business.

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CFO Jay Stasz explained the guidance update reflects strong Q2 results and that while the churn outlook was moderated, it remains conservative. He reiterated that Q3 is seasonally a slower quarter for net member growth but pointed to slight membership gains over the last four quarters as a positive trend.

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CFO Jay Stasz noted that while Gen Z typically has lower Black Card penetration than other generations, the trend has been consistent year-over-year. CEO Colleen Keating explained that the format optimization was informed by a balance of consumer survey data showing a preference for strength and direct observation of how members use the clubs. She emphasized that the company constantly tests new formats in its corporate-owned clubs to see what resonates most with members.

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Founder, Chairman, and CEO Bahram Akradi attributed the 2025 unit count to a focus on optimizing construction costs and strengthening the balance sheet. EVP & CFO Erik Weaver confirmed that typical Q3 membership seasonality is expected, but cautioned that year-over-year comparisons are affected by the different scale of new club openings. Akradi added that underlying trends remain very strong.

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Bahram Akradi, Founder, Chairman and CEO, explained the guidance remains guarded due to macroeconomic uncertainty, despite strong retention and in-center spend. Regarding tariffs, Akradi stated the impact is de minimis, as the company can mitigate costs through value engineering and favorable contractor negotiations. Erik Weaver, Executive Vice President and CFO, added that most fitness equipment is sourced from Italy and Sweden, not regions subject to the discussed tariffs.

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Executive Erik Weaver confirmed that Q1 comps are expected to be higher than the full-year average due to lapping prior strategic initiatives and attributed the strong EBITDA flow-through to robust average dues and retention. CEO Bahram Akradi explained that club capacity is managed by total visits, which creates pricing power and waitlists in saturated clubs, noting a significant, ongoing opportunity to raise dues on legacy members to current rack rates.

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EVP and CFO Erik Weaver cited strong flow-through from dues, robust retention, and high demand for DPT as reasons for the guidance raise. Founder, Chairman and CEO Bahram Akradi emphasized that member retention is the best in company history (over 70%) and is the primary driver. He explained that future pricing will be used strategically on a club-by-club basis to manage capacity and experience, rather than through blanket increases, leveraging the gap between current member rates and rack rates.

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CEO Jochen Zeitz affirmed the company's commitment to a significant, double-digit percentage reduction in dealer inventory by year-end. CFO Jonathan Root added that the model year launch will shift to the fall to help extend the selling season, with special edition models continuing to be released throughout the year to maintain excitement.

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CEO Jochen Zeitz explained that the reintroduction of entry-level bikes is part of the "selective expansion" pillar of the Hardwire strategy, made possible by freed-up CapEx. He stressed that unlike past models, these new bikes are engineered to be profitable. CFO Jonathan Root detailed that the model year shift to the fall is a multi-year effort based on dealer feedback to extend the selling season. He noted it's a "Herculean effort" for the internal teams and will begin with some model year '26 bikes this fall.

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Chief Executive Officer Jochen Zeitz stated that the company is continuously evaluating LiveWire's performance and long-term prospects. He highlighted that significant actions have already been taken to streamline the business, reducing the guided 2025 operating loss to $70-$80 million (from $110 million) and cutting cash burn by over 40%. He assured that management is weighing the benefits against the costs of the investment.

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CEO Jochen Zeitz stated that current promotions are selective, focusing on interest rate assistance and are less aggressive than competitors. CFO Jonathan Root followed up by stating that Q4 gross margin will be "quite challenged" due to the significant reduction in wholesale shipments. He confirmed they will continue using rate-focused promotions to support dealers and drive retail traffic.

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CEO Michael Speetzen credited Indian's outperformance to a superior product lineup, including the Power Plus and Scout models, strong global distribution, and a major competitor being distracted. Regarding ORV retail, he was hesitant to call a bottom, describing the market as 'less volatile' but noted that consumer reluctance on big-ticket items persists, particularly in the recreation segment.

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CFO Bob Mack explained the offset is dynamic and hard to forecast, as it depends on the timing of sourcing changes, USMCA compliance improvements, and potential policy shifts. He noted about 20% of the tariffed inventory cost from this year would defer into 2026. CEO Mike Speetzen added that no single segment's view has changed dramatically relative to others, as the broader economic uncertainty affects all of them. Mack noted the positive retail performance of heavyweight motorcycles as a bright spot.

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CEO Mike Speetzen confirmed that assuming similar retail trends from Q3 into Q4 was a fair assessment for all segments, with the exception of the snowmobile business, which is an unknown variable dependent on weather. He stated definitively that no easing of the promotional environment is expected in Q4, noting that while Polaris has made some MSRP adjustments to reduce the need for constant deals, the overall market remains highly promotional.

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CFO Paul Ruh attributed the revenue gap to a shift from direct import to domestic shipping, which delays revenue recognition, and confirmed that channel inventories are at appropriate levels. CEO Ynon Kreiz stated the back-half outlook has not been tempered; rather, the wider guidance range reflects general consumer uncertainty, and he remains excited about momentum in key brands.

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CFO Anthony DiSilvestro noted no material changes in orders but mentioned potential volatility in direct import shipments. CEO Ynon Kreiz suggested that industry dynamics could shift, allowing Mattel to strengthen its position as a trusted partner. The CFO clarified that the double-digit Q2-to-date POS growth was driven by the Easter timing shift, with year-to-date POS up low single digits.

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CFO Anthony DiSilvestro explained that while retail inventory is slightly elevated, creating a Q1 headwind, the company is confident in its full-year growth drivers. He stated that the guidance includes a range of mitigating actions for tariffs but declined to share specific details of their 'playbook' to maintain a competitive edge. CEO Ynon Kreiz emphasized that Mattel's geographically balanced supply chain is a proactive, multi-year strategic advantage that provides significant flexibility.

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CFO Anthony DiSilvestro described retailer sentiment as positive, noting they prioritize toys as a strategic category. He confirmed Mattel is well-positioned with appropriate inventory levels and a full slate of demand drivers. He also stated there was no change to the overall outlook for the power brands for the year.

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CEO Chris Cocks clarified the 40% unique player growth refers specifically to organized play participants, a highly measurable subset, and noted that all other metrics also point to robust total player base growth. CFO & COO Gina Goetter attributed the CP guidance downgrade to retailers pausing Q2 orders and pushing back shelf resets, which impacted the annual outlook and inventory flow for the second half.

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CFO & COO Gina Goetter confirmed this interpretation, stating the unchanged Consumer Products guidance reflects a wide range of outcomes, with the segment's potential margin pressure being offset by Wizards' outperformance and accelerated cost savings. CEO Chris Cocks noted that pricing power comes from innovation and strong brands like Marvel, Star Wars, and the upcoming PLAY-DOH Barbie collaboration, while aiming to protect key price points like $9.99 and $19.99.

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CEO Chris Cocks maintained the ~$10 million per month revenue expectation from MONOPOLY GO! and highlighted that Baldur's Gate 3 also significantly outperformed forecasts. CFO and COO Gina Goetter clarified that the anticipated Q1 revenue decline for Consumer Products is primarily due to the timing shift of Easter.

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CFO Gina Goetter confirmed the decline is driven by MAGIC set timing, specifically the tough comparison to last year's Lord of the Rings holiday set, which creates significant volume deleverage impacting the margin. CEO Chris Cocks added that the timing of a major January set release is also shifting some sell-in from Q4 into the next fiscal year.

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Executive Neil Bowden confirmed that positive sales performance has continued into the start of fiscal 2026. However, he stated the decision to pull the annual outlook was driven entirely by the uncertain global consumer environment and unpredictable trade landscape, not by internal performance. Carrie Baker, President of Brand & Commercial, addressed the wholesale channel, stating that fiscal 2026 is considered a 'trough' year after the completion of major streamlining efforts. She indicated plans for expansion in travel retail in APAC and with influential partners in EMEA.

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Executive Neil Bowden explained that with limited time left in the year, they added conservatism to the DTC comp forecast but noted potential upside in Wholesale. Carrie Baker, President of Brand & Commercial, attributed the December strength to well-trained teams, effective inventory management, and the significant impact of marketing activations following the Snow Goose launch. Dani Reiss, Chairman and CEO, confirmed positive consolidated DTC comps in January, driven by outstanding store performance globally, while also noting the company continued to invest in marketing because it was proving effective.

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President Carrie Baker identified apparel, windwear, and footwear as key growth drivers in Q1, particularly in APAC, and confirmed the core heavyweight down category is also expected to grow. CEO Dani Reiss explained that while quarterly guidance isn't provided, they anticipate driving toward positive D2C comps in the peak season to meet the annual low single-digit growth target.

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CFO Jim Swanson explained that pulling guidance was a response to the multitude of uncertainties affecting both consumer behavior and the cost environment, not one single factor. He clarified that current business trends have not worsened. For sourcing details, he directed the question to the company's 10-K filing. CEO Tim Boyle added that Columbia's highly diversified sourcing is a significant competitive advantage.

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CEO Tim Boyle affirmed that the company began moving sourcing out of China years ago and has very small exposure, though he noted trade wars are generally not beneficial. CFO Jim Swanson quantified the exposure as approximately 20% for footwear and a low single-digit percent for apparel. Regarding Q4 gross margin, Swanson reiterated that the primary driver for expansion is having much cleaner inventory than a year ago, resulting in significantly lower wholesale closeout sales.

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CEO Andy L. Nemeth reiterated that the company's goal is to mitigate as much of the tariff impact as possible through multiple levers, including sourcing and product solutions, in partnership with customers. President, RV, Jeff Rodino noted that while RV retail has been resilient, the revised guidance reflects caution due to consumer confidence, and production levels are expected to align with this more conservative outlook.

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CEO Andy L. Nemeth attributed the enthusiasm to a combination of OEM discipline, improved consumer confidence, and strong underlying interest in the outdoor lifestyle. CFO Andrew Roeder confirmed 50 basis points of rate relief is baked into the plan. Nemeth added that no impact from tariffs is currently included in the guidance, citing confidence in their risk mitigation strategies.

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CEO Andy L. Nemeth generally agreed with a second-half weighted recovery but suggested the RV segment could see improvement earlier due to extremely lean inventories. President, Powersports Kip Ellis confirmed the Powersports outlook follows a similar pattern, with proactive inventory cuts leading to a potential pivot around mid-Q2 or in the second half of 2025.

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