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    David Hargreaves

    Managing Director at Barclays

    David Hargreaves is a Managing Director at Stifel Financial, specializing in the coverage of leisure-related high-yield credits. With a career spanning 30 years, he has developed expertise in analyzing major leisure sector companies, delivering in-depth credit research and investment recommendations to institutional clients. Hargreaves is recognized for his long-standing industry presence and high-caliber analysis, having built his reputation over decades of market cycles. He is affiliated with professional organizations such as CFA Society New York, reflecting his industry credentials and dedication to professional standards.

    David Hargreaves's questions to LINDBLAD EXPEDITIONS HOLDINGS (LIND) leadership

    David Hargreaves's questions to LINDBLAD EXPEDITIONS HOLDINGS (LIND) leadership • Q1 2025

    Question

    David Hargreaves inquired about how Q1 capacity adjustments specifically impacted yields, the current stage of implementing dynamic pricing, and for an update on the sales and capacity plans for the Antarctica flight program.

    Answer

    CFO Rick Goldberg explained that lower Q1 capacity from dry dock timing was a primary factor in driving higher occupancy and yields. CEO Natalya Leahy stated that while dynamic pricing is showing progress, there is more to come, and highlighted growth from new channels. She also confirmed the Antarctica program is performing exceptionally well, is nearly sold out for 2026, and that capacity for the 'Fly Cruise' option has been increased for 2026 and 2027 to meet high demand.

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    David Hargreaves's questions to LINDBLAD EXPEDITIONS HOLDINGS (LIND) leadership • Q3 2024

    Question

    David Hargreaves of Barclays asked for clarification on the quarter's tax inflection and inquired whether the increased commissions and royalties from the new National Geographic and Disney agreement are now fully reflected in the company's margin structure.

    Answer

    Executive L. Dyson Dryden stated he would follow up offline on the specific tax accounting question but noted that cash taxes remain minimal due to significant NOLs. He clarified that the financial impact of the new partnership agreement is not yet fully reflected in the results. The associated costs will be implemented over time, with step-ups in royalties occurring next year and another in 2026 as the full benefits of the collaboration come to fruition.

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    David Hargreaves's questions to Park Hotels & Resorts (PK) leadership

    David Hargreaves's questions to Park Hotels & Resorts (PK) leadership • Q4 2024

    Question

    David Hargreaves asked about any plans to access the debt markets given current spending and a flattish outlook, and also requested an update on the company's target leverage range.

    Answer

    Chairman and CEO Thomas Baltimore stated there is no current need to access debt markets, citing $1.4 billion in liquidity and proceeds from planned asset sales. He reaffirmed that the company's guiding principle for leverage remains 3 to 5 times net debt to EBITDA and that they are confident in getting inside 5x in the near future.

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    David Hargreaves's questions to IGT leadership

    David Hargreaves's questions to IGT leadership • Q2 2024

    Question

    Asked for clarification on the company's leverage target and the specifics of its debt repayment plan following the transaction.

    Answer

    The leverage target of around 3x is a long-term goal that accounts for future investments like the Lotto bid, not a revision of prior statements. The $2 billion debt repayment will include a required term loan paydown, with the remainder flexibly allocated to bonds or the revolver.

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