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CEO Patrick Pacious attributed the outperformance to factors like increased road trips due to lower gas prices, long-term trends like manufacturing reshoring, and a growing retiree customer base. CFO Scott Oaksmith added that strong growth in business travel (up 10%) was a key contributor. Regarding the upscale segment, Oaksmith clarified that the reported RevPAR decline was due to portfolio shifts on a full-system basis, and on a same-store basis, the segment's RevPAR was slightly positive.

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CEO William Feehery attributed the strength in regulatory services to a fully built-out and well-executing commercial team, as well as easier year-over-year comparisons. He contrasted the current high interest in non-animal testing with the period after the Modernization Act 2.0, noting that the key difference is the FDA is now sending a clear signal of its intent to the market, which is driving significant engagement.

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CFO Sean Dell'Orto clarified the group pace, noting Q2 is roughly flat, Q3 is weaker (down 10%) due to tough comps, but Q4 is very strong (up 18%). He stated that about 90% of the year's group business is on the books and holding steady. For future years, he noted a drop-off in 2026 pace, attributing it to current market uncertainty causing delays in decision-making.

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CEO Mark Wang confirmed that while Q1 tour flow was down due to a focus on tour quality and hurricane-related sales center delays, they still expect tour flow growth for the full year. He noted that VPG significantly outperformed expectations in Q1 and that the company now anticipates mid-to-higher single-digit VPG growth for the remainder of the year, assuming stable market conditions.

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CEO Mark Wang explained that the integration is progressing well, with the new regional structure in place and cost savings on track. CFO Dan Matthewes confirmed the guidance adjustment was primarily due to hurricanes, with minor additional factors. Mark Wang clarified that softer local marketing was a result of prioritizing other tour types amid staffing shortages, an issue that is now improving.

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Mark Hoplamazian, President and CEO, outlined the key conditions: achieving an 80% share tender, securing all necessary antitrust clearances (primarily in Mexico), and completing the process to acquire any remaining shares. He expressed confidence in completing the deal, stating that the primary outstanding item they are waiting on is the antitrust clearance.

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President and CEO Mark Hoplamazian responded that while he would 'never say never,' creating a lower-tier conversion brand is not a current priority due to potential risks to brand equity. CFO Joan Bottarini quantified that the Americas all-inclusive net package RevPAR was down about 4% due to hurricanes, which equated to an EBITDA impact of approximately $4-6 million for the quarter.

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CFO Angela Korch affirmed the company's commitment to the current dividend level, highlighting strong free cash flow generation. CEO Kirsten Lynch identified reducing wait times as a key focus, pointing to investments in technology like Mobile Pass and My Epic Gear, as well as physical lift upgrades, as primary strategies to reduce friction and get guests on the mountain faster.

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CFO Michele Allen clarified that the 2025 RevPAR guidance of 2% to 3% growth has been built on a baseline that excludes the 140 basis point benefit from hurricanes seen in Q4 2024. This creates a 30 basis point headwind for the full year 2025 and a particularly unfavorable comparison for the fourth quarter.

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CFO Ellie Mertz provided a direct answer, stating that Airbnb had 'over 10% growth of supply as of the end of Q3, which is down several points based on the removals' of lower-quality listings.

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CEO John Geller stated the initiatives are 'totally coincidental' and 'totally unrelated.' He emphasized that Marriott Vacations has operated as a separate, independent company since its spin-off in 2011, and their business strategies are developed independently despite the brand licensing agreement.

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CFO Jason Marino explained that adjusting the inventory mix involves selling lower-cost repurchased inventory and modulating product offerings, a process that is not transparent to the customer. CEO John Geller added that they are in a good inventory position across all brands. Regarding capital allocation, Marino stated that while the long-term goal is to lower leverage to around 3x, the company views its shares as 'materially undervalued' and will balance buybacks with debt reduction.

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Executive Jennifer Hutcheson clarified that the modest CapEx increase is due to the timing of cash payments, not new projects. Regarding the Gaylord Rockies, CEO Colin Reed, EVP & COO Patrick Chaffin, and President & CFO Mark Fioravanti explained they are targeting mid-to-high teens unlevered returns for a potential two-phased, 450-room expansion, supported by strong forward bookings and existing F&B and meeting space capacity.

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President and CEO Tony Capuano stated that the stimulus has not yet materially impacted consumer performance, though development signings remain strong despite a lack of support for the property sector. He noted that an early peak into 2025 suggests China's RevPAR could be flat. CFO and EVP, Development Leeny Oberg added that Q3 and October RevPAR in Greater China was slightly better than expected, with a marginal pickup in cross-border travel to Tier 1 cities.

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