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Torstein Hagen, Founder, Chairman & CEO, expressed little concern about competition, highlighting protective moats like controlling 110 prime docking locations and stating the bigger concern is having enough capacity. Leah Talactac, President & CFO, addressed M&A by stating that any acquisition must be scalable, margin-accretive, and complementary to the brand. Hagen added that management has an "owner's mentality" and would only pursue a deal that clearly benefits shareholders.

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CEO Joseph Ferraro explained that Q1 pricing was impacted by the Easter shift, but he expects the pricing exit rate in June to be strong, setting up a seasonally improved summer. CFO Izilda Martins clarified that the $1 billion EBITDA is a target they are striving for amid macro uncertainty, rather than a formal reiteration of guidance. If achieved, she anticipates adjusted free cash flow would be in the mid-$300M to $400M range, reflecting the company's ability to adapt its variable cost structure.

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CEO Joseph Ferraro clarified that the volume trend was a deliberate strategy to prioritize higher-margin business and improve utilization by forgoing low-priced, brand-agnostic rentals. CFO Izilda Martins reaffirmed the company's confidence in achieving over $1 billion in sustainable annual EBITDA, citing normalizing fleet costs, operational efficiencies, and disciplined fleet management as key drivers.

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CFO Brian Witherow stated that the second and third quarters represent the biggest opportunity and are expected to generate 95% or more of full-year EBITDA, with Q2 having significant potential due to expanded operating days. He identified parks in underpenetrated markets as having the greatest attendance growth opportunities. He gave Six Flags Over Texas as an example where days are being added in June, and noted the company is looking for opportunities to add days in fast-growing markets.

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CFO Brian Witherow confirmed there are no major fiscal calendar comparability issues in 2025 and noted a later Easter is typically a slight positive. Regarding per caps, he cautioned against using a small, seasonally light quarter as a run rate for the full year. He reiterated that while the volume-focused strategy may pressure admission per caps, the company still targets low-to-mid-single-digit price increases.

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CFO Brian Witherow confirmed legacy Six Flags had cut ~400 operating days versus pre-pandemic levels but said no final decision has been made on how many to add back, noting they will 'dribble some days back' responsibly. For Q4, he clarified the net impact is a reduction of 20-25 operating days on a combined basis, resulting from fewer days at legacy Cedar Fair partially offset by more days at legacy Six Flags.

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CEO Tony Capuano reported 'terrific progress' on the digital transformation, with testing underway and a rollout to select-brand hotels planned for the second half of the year, expecting benefits in efficiency and merchandising. CFO Leeny Oberg confirmed she 'absolutely' expects residential fees to rebound, stating the decline is purely due to the timing of project completions and that the underlying business is growing well.

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CFO Leeny Oberg explained that stronger international RevPAR is tied to factors like higher GDP growth in markets such as India, where Marriott's room growth is also in the double digits. She also pointed to strong cross-border travel, aided by a strong U.S. dollar, which has driven outstanding demand in regions like Europe and Japan.

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President and CEO Tony Capuano noted that while food and beverage spend for meetings remains strong, there's a slight pullback in outlets and lounges, except in the luxury tier where spending was up 2%. CFO and EVP, Development Leeny Oberg stated that while specific hotel renovations will be complete, others will begin, and she does not expect these factors to meaningfully impact 2025 results.

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CEO Mark Wang stated that strong performance was broad-based and not concentrated in any single geography, citing robust results in Hawaii, New York, Orlando, and Texas, among others. He noted that while the lower-end new buyer cohort has stabilized but not improved, the company is maneuvering around this by tightening tour qualifications. He emphasized the continued strong performance of existing owners.

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CEO Geoffrey Ballotti noted recent positive momentum, with RevPAR improving 400 basis points in the last week of April and May pacing in line with the revised outlook. He emphasized that pricing is holding firm. CFO Michele Allen added that the biggest disconnect from the initial guide was weaker-than-expected leisure demand, while weekday trends and pricing remain strong. She stated the low end of the U.S. outlook assumes a 3% decline for the rest of the year, consistent with March/April trends, while the high end assumes a rebound in consumer sentiment.

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CFO Michele Allen confirmed that the benefit from the higher fee PAR pipeline is already factored into the 2025 guidance. She explained that this strategy is a key component of the company's expected RevPAR outperformance, alongside the brand's distribution platform and the significant impact from infrastructure-related spending.

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CEO Geoffrey Ballotti attributed the economy segment's performance to cyclical factors and favorable comps, stating that new competitor brands have not slowed Wyndham's development pipeline or net room growth. CFO Michele Allen added that while China's stimulus doesn't change their outlook for continued recovery, it does make them more confident in achieving it.

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CEO Jason Liberty stated there were no material differences in booking behavior across markets or segments, though he noted a potential consumer shift toward their all-inclusive value proposition. CFO Naftali Holtz clarified that the yield growth contribution for the year is roughly split 50/50 between new hardware and like-for-like pricing, with the exception of Q3, where timing effects make like-for-like pricing the primary driver.

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CFO Naftali Holtz explained that cost timing shifts this year are primarily due to supply chain impacts on an unusually high number of dry dock projects. CEO Jason Liberty clarified that the 'moderate yield growth' formula has a range; new hardware typically adds about one point, while new private destinations can push growth to the higher end of that range. He noted the outlook considers these factors against a backdrop of increasingly tough year-over-year comparisons.

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CEO Josh Weinstein stated there was nothing unusual to report in luxury, with both Seabourn and Cunard making 'great progress' year-over-year. He confirmed that Celebration Key is on track operationally and is already achieving the price premiums the company had expected, with everything proceeding as planned.

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CEO Harry Sommer described the booking pace as 'steady as she goes,' highlighting outperformance in Europe and Alaska for the summer. He noted luxury brands are slightly slower while the NCL brand is performing better. On costs, Sommer stated savings came in faster than expected. CFO Mark Kempa confirmed that while some savings were accelerated, they continue to see opportunities in 2025 and 2026, as reflected in the low cost growth guidance.

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CEO Marc Swanson identified the slow recovery of international visitation as a primary headwind, noting it remains down significantly from 2019 levels but represents a future tailwind. He also cited capturing more summer attendance as an opportunity. On capital allocation, Swanson discussed monetizing real estate through development or sale-leasebacks. CFO James Mikolaichik added that interest savings from a recent refinancing will help offset future cash tax increases, underscoring the company's strong free cash flow.

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CEO Marc Swanson confirmed the board is actively considering all options for returning capital to shareholders but did not specify future plans. He estimated the EBITDA impact from Hurricane Milton in Q4 to be approximately $9 million to $10 million, noting the significant disruption to park operations, particularly in Tampa.

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CFO James Mikolaichik stated that planned wage increases and competitive pressures are being managed effectively through strategic labor scheduling and marketing deployment. CEO Marc Swanson reiterated the Board's belief that the stock is materially undervalued and that an announcement on capital allocation is expected in the coming weeks. He added that the company is entering its peak cash-generating season, and CFO Mikolaichik highlighted that the share count is already down 14% year-over-year.

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CEO John Zillmer highlighted the GPO network's continued growth as a key profitability driver, pointing to organic expansion and potential acquisitions. CFO Jim Tarangelo confirmed that the margin progression from the record new business won in recent years will continue to be a benefit in fiscal 2025, with a steady state expected by fiscal 2026.

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CEO Patrick Pacious highlighted three key future growth drivers: realizing the high-RevPAR pipeline, expanding international business, and growing ancillary revenues. Regarding extended-stay, he expressed confidence, stating that Choice's brands like WoodSpring Suites dominate new construction and are seeing increased interest due to their proven models.

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