Eric Wold • B. Riley Securities

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President, Chairman & CEO Adam Aron explained that the new '50% off Tuesdays and Wednesdays' initiative is designed to boost traffic on historically slower days, which gave them the confidence to raise prices on busier days. He noted that consumer willingness to pay for premium formats supports this strategy. For food and beverage, Aron stated the focus is on a multi-pronged approach: increasing menu variety, driving more items per transaction, and selective price increases. Regarding the pre-show, he clarified the NCM ad deal is contractual, but AMC is streamlining its own promotional content and may reduce the number of trailers to shorten the overall pre-show time, an action that was anticipated when making the NCM deal.

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CEO Sean Gamble described the H2 Latin American slate as a "mixed bag," noting some films like 'Zootopia 2' should resonate well, while others like 'Wicked for Good' will likely over-index in the U.S. CFO Melissa Thomas stated that the company continues to see strategic pricing opportunities, using data and analytics to maximize revenue while ensuring guests perceive strong value.

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CEO Thomas Lesinski noted that advertiser budgeting has relaxed since the tariff debates, and strong Q3 pacing gives them optimism for Q4, contingent on no major economic issues. He also explained that strategic investments are being managed dynamically against business performance, with cost efficiencies offsetting some new spending, and the pace of investment will depend on how the rest of the year unfolds.

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CEO Tom Lesinski acknowledged that pacing had softened slightly since the Q4 call due to increased advertiser hesitancy, particularly around tariff uncertainty affecting categories like government and auto. He noted that categories like pharma, CPG, and travel remain strong. CFO Ronnie Ng added that the scatter market is performing exceptionally well, up more than double year-over-year. Regarding upfronts, Lesinski stated that NCM intends to hold to its current cancellation policies for the remainder of the current upfront period but anticipates more flexibility will be required in negotiations for the next upfront cycle.

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CFO Ronnie Ng explained that the advertising market is evolving, with more advertisers buying closer to campaign dates in the scatter market. He noted that NCM's upfront pricing was stable year-over-year, outperforming streaming platforms. Ng also mentioned there is significant momentum for premium format ad packages, which are a key initiative, but it's too early for specific metrics. He clarified these packages would likely be sold to multiple advertisers rather than on an exclusive basis.

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CFO & Treasurer Chad Paris explained that the strong 2026 group pace is driven by renovated meeting spaces across Wisconsin properties, including Milwaukee, and noted the positive but anecdotal impact of the convention center expansion. Regarding theater pricing, Paris detailed the increase in the Everyday Matinee program to $7.50 or $8.50 and the implementation of a roughly $1 surcharge on select blockbuster films. Chairman, President & CEO Gregory S. Marcus added that the company's pricing strategy remains focused on building long-term attendance, viewing it as an investment in habitual moviegoing.

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Chad Paris (executive) explained that the modest concession per capita increase was almost entirely due to less aggressive inflationary pricing compared to prior years, with customer incidence and basket size remaining stable. He noted that while the company has successfully passed on costs before, it will be cautious about future price hikes in a softening economy. Regarding the Hilton Milwaukee, Gregory S. Marcus (executive) and Chad Paris (executive) described the renovation as both a necessary update and a strategic investment to align with the expanded convention center. They anticipate the refreshed, premium product will allow them to capture more group business and benefit from being the newest, most attractive hotel connected to the center.

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CFO Chad Paris explained it is difficult to precisely quantify the promotions' benefit but noted overwhelmingly positive customer feedback and stated the company will lap the changes in May of the following year. CEO Gregory S. Marcus added that the hotel M&A market is slow, not just due to interest rates, but because potential sellers are not currently pressured to transact. He suggested lower rates might actually help loosen the market.

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CFO Mike McLamb noted that while the industry aims to keep inventory in check, the unexpectedly sharp sales decline in the June quarter is forcing manufacturers to reset production plans for 2026. CEO Brett McGill added that the recovery in parts of Florida has been slower than anticipated, with damaged docks and homes still having a more significant impact than previously realized.

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Executive William McGill confirmed the April softness was across all segments. Executive Michael McLamb explained the issue was less about price and more about consumer paralysis from tariff uncertainty, which rendered promotions less effective. McGill characterized the current environment as a "buyer's market," even for premium products, but McLamb expressed optimism for margin recovery once uncertainty clears.

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CEO Bill McGill anticipated that promotional activity will remain high but noted that MarineMax's higher-end product mix and new models help distance the company from the most intense discounting. Regarding Florida's recovery, McGill explained it's a complex process involving marina and dock rebuilding, power restoration, and the return of seasonal residents, which will take time. CFO Michael McLamb added that the company's diversified business model provides flexibility in a promotional environment.

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CEO Richard Gelfond stated that the IMAX consumer has proven to be less price-sensitive, consistently paying a premium for a superior experience, as evidenced by strong advance ticket sales for major films. He believes exhibitor discounting is driven by their own capacity challenges and is unlikely to significantly alter the consumer dynamic for IMAX.

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CEO Richard Gelfond expressed high confidence that any film import reductions in China would target smaller-budget movies, not the tentpoles IMAX features. He noted that Chinese exhibitor sentiment is actually increasing due to record-breaking performance. Regarding the 'Filmed for IMAX' program, Gelfond identified available release slots as the main gating factor, not camera supply, emphasizing a strategy of selectivity for the right content.

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CEO Steven Menneto explained that strong new product performance has reduced the need for aggressive promotions and their approach has remained consistent. CFO Bruce Beckman added that promotional levels are expected to be lower in Q4 year-over-year and that the competitive environment should moderate. Regarding dealers, Menneto stated their health is 'pretty good across the board,' which Beckman reinforced by noting the company's active monitoring and satisfaction with the network's current standing.

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CEO Steven Menneto attributed the strong ASPs to a favorable product mix skewed towards premium Malibu and larger Pursuit models, which are popular with current cash buyers. He noted that while their promotional spending decreased sequentially from Q4, they still anticipate a competitive retail environment during the boat show season.

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President and CEO Chip Brewer responded that there have been no meaningful shifts in midweek versus weekend business recently. On the venue pipeline, he explained that the number of openings has been adjusted to reflect current business conditions and maximize cash flow, but affirmed that the development pipeline and new venue returns remain excellent.

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CEO Marc Swanson affirmed the company's ability to continue raising prices, citing its strong value proposition relative to Orlando competitors, while maintaining a focus on total revenue growth. Interim CFO James Forrester stated that mobile app penetration for all in-park purchases is currently just under one-third, highlighting substantial room for future growth.

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Executive L. Dyson Dryden stated that approximately 99% of the full-year 2024 projected marine revenue is booked. He explained that guidance was maintained due to Q4 seasonality headwinds, such as dry docks, and to account for potential cancellations, even in a normal environment. Both CEO Sven-Olof Lindblad and L. Dyson Dryden attributed the strong net yield growth to the successful implementation of dynamic pricing technology, though Dryden cautioned against extrapolating this rate of increase, suggesting future gains would be more occupancy-driven.

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Executive Stephen Berman explained that retailers are conservative with unproven IP like "Dog Man," but JAKKS has plans to react quickly to strong sell-through. He emphasized that the company avoids taking large inventory risks on new properties. Executive John Kimble addressed the margin question, reiterating the full-year target of at least 30% gross margin and noting that Q4 is a smaller quarter where percentages can be volatile.

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