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CFO and COO Gina Goetter explained that the primary margin offset in outer years is the amortization of capitalized video game development costs, which will mainly impact the Wizards segment's margin percentage. She confirmed the 2025 guidance incorporates the announced tariffs on Chinese imports, which is the main exposure for Hasbro, with minimal impact from Mexico or Canada.

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CEO Jason Lippert stated that the plan does not currently reflect tariffs but estimated a potential 50 basis point impact from China tariffs, which he believes can be mostly mitigated through pricing and supplier negotiations. He noted that 99% of chassis steel is domestic. CFO Lillian Etzkorn confirmed that established pass-through mechanisms exist for steel and aluminum. Regarding mix, Lippert anticipates the elevated single-axle trailer mix, which rose in 2024, will begin to normalize sometime in Q2 2025 as dealer inventories of that product have been addressed.

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CEO Jason Lippert stated that the RV mix should normalize, with low-content single-axle trailers expected to decrease from their recent peak. He projected 2025 wholesale shipments to be in the 335,000 to 355,000 unit range. Regarding China, he noted that LCI has been actively de-risking its supply chain since 2020. VP of Finance and Treasurer Lillian Etzkorn added that commodity price pass-throughs are not expected to be a material factor in the upcoming year.

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CFO Jonathan Root stated that the quality of dealer inventory is much higher entering 2025, with a better mix of redesigned touring bikes. He explained that dealer support in 2025 will be more surgical and model-specific, rather than broad, family-wide support as seen in 2024. CEO Jochen Zeitz added that the strategic pricing of 2025 models also positively impacts this dynamic.

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Chief Financial Officer Jonathan Root explained that the 'quality of inventory' is significantly better entering 2025, with a healthier mix of desirable, redesigned Touring models. Consequently, dealer support will be more 'surgical' and targeted at specific models rather than the broad, family-wide support seen in 2024. Chief Executive Officer Jochen Zeitz added that strategic pricing for 2025 models also reduces the need for such support.

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CFO Jonathan Root stated that the quality of dealer inventory is much better heading into 2025, with a strong mix of the new, well-received touring models. He explained that unlike the broad support applied in 2024, support in 2025 will be more surgical and targeted at specific models. CEO Jochen Zeitz added that the strategic pricing for 2025 models is another important factor that has been received positively.

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CFO Jonathan Root detailed the path to the 15% OI margin target, highlighting benefits from aligning production with retail (leverage), achieving a real $400M in cost productivity, surgical pricing actions, and disciplined OpEx. CEO Jochen Zeitz added that dealer support includes significant co-marketing funds, achievable retail targets, and enhanced digital lead generation, not just inventory management.

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CFO Jonathan Root outlined the path to the 15% margin, citing benefits from aligning production with sales (leverage), achieving the $400 million cost productivity goal, surgical pricing actions, and strong OpEx discipline. CEO Jochen Zeitz added that dealer support includes significant marketing investments, achievable retail targets, and initiatives to drive digital traffic and leads to the network.

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CFO Jonathan Root detailed the path to the 15% margin target, citing the positive impact of aligning production with retail to restore operating leverage, achieving the $400 million cost productivity goal, implementing surgical pricing actions, and maintaining strong OpEx discipline, as shown by the 11% reduction in Q3.

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CEO Ynon Kreiz affirmed a positive long-term industry view, noting the 2024 market stabilized better than expected and that a normalized movie slate will provide buoyancy in 2025. He described the 'Mattel Brick Shop' as a new growth driver that leverages the company's design and supply chain strengths. Notably, it will be launched under the trusted Mattel parent brand rather than the Mega brand.

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CFO Anthony DiSilvestro acknowledged the question and clarified that while the tax rate favorability does move the EPS up within the guided range, the effect was not significant enough to warrant a change to the overall $1.35 to $1.45 range.

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CEO Philip Singleton and President/COO Anthony Aisquith described October and November as strong months, with December being more typical. Regarding margins, Singleton explained that exiting brands are sold at or below cost, creating a drag on gross profit. He noted, however, that current model year margins are holding up well. CFO Jack Ezzell added that this margin pressure will likely persist into Q2 but should improve as they clear through the discontinued inventory.

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CEO Austin Singleton expressed cautious optimism for a slight new boat margin improvement in 2025 as dated inventory clears, likely in the second half of the fiscal year. Executive Jack Ezzell added that Q4 margins were suppressed by restructuring charges and should normalize higher. Ezzell quantified the cost savings, stating a March action of $10 million is partially baked in, with another $5 million action from September expected to benefit fiscal 2025.

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CEO David Foulkes confirmed the back-half loaded plan was consistent, citing the need to ramp from inefficient, low production levels in late 2024. CFO Ryan Gwillim explained the $80 million share repurchase figure is a baseline, established while carefully managing debt leverage during a period of trough earnings. He noted that if strong cash flow continues, the repurchase amount could increase.

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CEO David Foulkes stated there were no one-time factors in the Mercury share gain but advised focusing on the 130 basis point year-to-date gain as a more stable metric. CFO Ryan Gwillim characterized the Navico outlook as showing stability and potential for marginal Q4 sales and margin growth driven by new products, but not a 'huge inflection.'

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CEO Mike Speetzen explained that the final EPS guide was impacted by softer late Q4 retail, higher finished goods inventory requiring lower 2025 production, and a significant headwind from resetting employee incentive compensation. CFO Bob Mack added that the strong free cash flow guidance is driven by lower CapEx after a heavy investment cycle and a planned $150-$200 million reduction in finished goods inventory.

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CEO Mike Speetzen suggested that 'flat is probably a good starting point' for 2025 EPS, reflecting a cautious outlook on retail. CFO Robert Mack listed tailwinds like operational efficiencies and lower interest rates, and headwinds like a challenged industry, bonus normalization, and commodity pressure. Regarding Marine, Speetzen and Mack affirmed their commitment, highlighting that the business has strong EBITDA margins, generates significant cash flow, and holds market-leading positions, making it a core part of the portfolio.

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Executive Michael McLamb cited encouraging retail activity post-hurricanes in November, generally positive boat show traffic, and improved clarity in the geopolitical environment as reasons for optimism. Executive Bill McGill added that January was showing improvement after a tough December. On the Florida recovery, McGill noted that while disrupted stores are back to normal, the timeline is less certain for communities with significant storm damage, as customers need to get their lives and properties back in order.

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CEO Bill McGill and CFO Michael McLamb clarified that they expect the heavy promotional environment to continue, not necessarily accelerate, which could pressure margins in the near term. McLamb explained that cost-cutting initiatives are working to offset inflation, with the goal of moving SG&A as a percentage of sales from ~27% partway towards the fiscal 2023 level of ~26%, acknowledging it is a challenge.

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CEO Michael Happe expressed confidence in the back half of the year due to emerging "green shoots." CFO Bryan Hughes quantified the Motorhome margin pressures, noting deleverage (~4.5 pts) and discounting (~3 pts) were the largest factors, while the Grand Design start-up was a smaller drag of less than 1 point, with expectations for it to be accretive by the end of fiscal 2025.

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President and CEO Michael Happe clarified the comment was a general projection that conditions would be better in 12-15 months. He reiterated that the company is planning for potential favorability beginning in the spring of calendar 2025 (fiscal Q3), driven by factors like easing inventory and a better post-election economic environment, but declined to provide a precise timeline for each subsegment.

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CFO Bruce Beckman described the shipment delays as having a minimal, modest impact, shifting some volume from Q2 into the second half of the year. CEO Steven Menneto explained that after being a drag, the former Tommy's markets are expected to provide a tailwind for a few months as liquidated inventory is sold.

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An executive, likely CFO Bruce Beckman, reported that inventories, which were 4-5 weeks high, are now in line with historical trends, but dealers are expected to lower them further in FY25. The slight Q4 EBITDA miss was attributed to higher-than-expected promotional spending. CEO Steve Menneto commented that while rate cuts would be a long-term positive, the exact inflection point for consumer demand is difficult to predict.

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CEO Josh Weinstein attributed the acceleration to a combination of factors rather than a single initiative, including better advertising, strong trade partner performance, and improved website usability. He specifically called out the Alaska season as being "off the charts" and a significant contributor, as it tends to attract a higher percentage of new-to-cruise guests. He summarized the strategy as a continued focus on "doing the basics better."

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CFO Sebastien Martel explained that the year-round product revenue guidance was reduced by about $165 million at the midpoint. He specified that approximately 80% of this adjustment comes from the side-by-side category, reflecting market softness and a cautious shipment plan. The remainder is split between ATVs and 3-wheel vehicles. He reiterated a bullish long-term view on ORV.

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CFO Sebastien Martel stated that on a percentage of revenue basis, the current forecast for powersports promotions is in line with pre-COVID levels, though the absolute cost is higher due to elevated interest rates impacting retail financing programs. He identified potential interest rate cuts as a key catalyst that would provide comfort to dealers by lowering their significant floor plan financing costs, which are currently about 500 basis points higher than pre-COVID.

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CEO Josh Weinstein stated definitively that the 2026 targets do not assume a return to China, as former Costa ships have been successfully redeployed to the higher-yielding Carnival Cruise Line brand. He highlighted that the European recovery is accelerating, with Q2 bookings for European brands showing double-digit increases in both volume and price versus 2019, significantly closing the yield gap with North American brands.

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CEO Josh Weinstein described European demand as strong across all brands, noting that while close-in demand is high, the booking window is also lengthening, which signals a normalization of booking patterns. Regarding the newbuild pipeline, Weinstein confirmed the plan is for one to two ships per year but stated it is still uncertain whether that cadence will begin in 2027 or later, highlighting the company's current low order book.

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CEO Josh Weinstein explained that the Q1 deployment profile is heavily weighted towards long-lead-time itineraries like World Cruises, which naturally results in a more gradual occupancy ramp. CFO David Bernstein confirmed that the strong booking momentum from November, which exceeded 2019 levels, has continued into December.

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