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CFO Scott Bowman attributed the softer comp guidance to weaker new patient trends, tougher year-over-year comparisons, and macroeconomic headwinds. He stated the company does not provide a breakdown of EBITDA guidance for continuing versus discontinued operations. CEO Sanjiv Razdan clarified that the company is pursuing 'dynamic revenue management' with smaller, more frequent price actions, such as the new 'kickstart plan,' rather than a single large increase.

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Executive Sanjiv Razdan stated there has been no meaningful slowdown in the refranchising process. Executive Jake Singleton declined to provide an April comp figure but noted the corporate clinic comp was positive, though it trailed the franchise comp. Regarding pricing, Razdan indicated it could add double-digit millions to system-wide sales. Singleton clarified that the impact would be back-loaded to the second half of the year and that marketing expenses would likely begin to normalize in Q3.

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Executive Sanjiv Razdan stated the company aims to complete the complex refranchising process in the first half of the year. He noted that labor costs have been stable and the company is taking a thoughtful, 'dynamic' approach to pricing rather than aggressive hikes to protect value. Executive Jake Singleton quantified the pricing impact on comp guidance at 1.5% to 2%. Sanjiv Razdan clarified that new services ('Joint 3.0') are in an exploratory phase for the next 12-18 months, with the current focus on strengthening the core business.

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CEO Sanjiv Razdan explained that the immediate pricing change affects the walk-in rate to make recurring memberships more attractive, with all pricing levers under review. Executive Jake Singleton noted that comps cooled due to general economic headwinds and the election cycle. Regarding refranchising, Razdan stated he is still assessing the strategy, while Singleton added the process was slightly delayed to allow potential buyers to meet the new CEO.

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CFO John Enwright attributed about half of the revenue guidance increase to acquisitions, offset slightly by divestitures, with the remainder from expected organic business improvement, particularly in Q4. CEO Carlos Quezada explained that cemetery growth will be driven by the completion of high-end inventory projects delayed in the first half, which will unlock large-dollar sales. President Steven Metzger described the M&A pipeline as "strong," stating the company is in several conversations but will remain selective to acquire high-quality assets and maintain a regular cadence of deals moving forward.

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CFO John Enwright estimated the Q2 property sale could generate around $6 million in proceeds, which is already factored into the company's guidance. CEO Carlos Quezada expressed strong confidence in the cemetery segment returning to 10-20% preneed property sales growth in Q2, citing the completion of development projects and resolution of inventory issues that affected Q1. Quezada also confirmed that April's funeral business continued the positive trend of low single-digit growth in both volume and pricing. Regarding tariffs, Enwright stated the impact is expected to be immaterial, at less than 10 basis points for the full year.

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Executive Steve Metzger stated that the company has been cultivating relationships and building its M&A pipeline, focusing on larger, high-impact transactions similar to their successful acquisitions from 2019-2023. CEO Carlos Quezada detailed several 2025 funeral growth drivers, including the 'passion for service' program, an enhanced e-commerce strategy, and the continued ramp-up of the pre-arranged funeral sales program, which he described as being in its 'fifth inning.' He affirmed that the 30%+ consolidated EBITDA margin is sustainable, absent any major unforeseen economic events.

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CEO Carlos Quezada identified centralizing accounts payable and leveraging scale on technology as other efficiency opportunities. He affirmed that a 40%+ funeral EBITDA margin is a realistic goal for 2025. Executive Steve Metzger added that the company is pursuing divestitures of non-core assets and excess real estate, potentially generating $20-$30 million. Quezada concluded by highlighting the company's commitment to its pricing strategy and debt reduction.

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SVP Benjamin Porten provided examples of reservation system efficiencies, such as simplifying the host's seating process from three terminals to one and observing faster table turns by bussers due to the 'psychological pressure' of promised reservation times. He explained that confidence in the 'light rice' option stems from its successful implementation in Kura Japan, which saw ticket growth. The feature is now possible due to new touch panels and has already rolled out to 50 U.S. restaurants in just ten days.

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Benjamin Porten explained that the new, more intuitive 'Mr. Fresh' lid, combined with a new tutorial video on the order panel, will significantly reduce server time spent explaining the system to new guests. Regarding the reservation system, he highlighted its potential to drive traffic by capturing the estimated 20% of guests who currently abandon the waitlist, noting that Japan's experience showed it helped smooth demand into shoulder periods.

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CEO Adam L. Michaels explained that the core M&A criteria remain (deli-focused, own manufacturing) but have been refined by a full pipeline of inbound interest, making a West Coast presence less critical due to logistics improvements. He confirmed a strong, ongoing partnership with Costco and bullishness on the entire club channel, including new items at BJ's. CFO Anthony Gruber deferred quantifying the May pricing actions to a future call.

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CEO Adam Michaels stated that over 85% of Q4 revenue growth was volume-driven. He explained that pricing actions are taken continuously in response to commodity costs and can sometimes be in the low double-digits, implemented collaboratively with retail partners. Michaels reaffirmed the goal of consistent double-digit revenue growth and a long-term EBITDA margin target in the teens, with an expectation to be in the double-digits, barring extreme commodity volatility.

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CEO Adam Michaels clarified that pricing contributed only about 10% of the revenue growth, with volume driving the vast majority. He stated future pricing actions are very targeted on a small list of underperforming items, not broad-based. On M&A, he noted he has more time to focus on the pipeline but will not overpay. He confirmed that trade spend is already accelerating, as part of a 42% increase in marketing, R&D, and trade investment, and he plans to continue that trend.

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CEO Adam Michaels stated that over 80% of the quarter's growth was volume-driven. He indicated that a significant ramp in trade spend toward the 10% of revenue goal is more likely in 2025, as protecting gross margin is the current priority. He deferred specifying the new Walmart products but confirmed they are proteins launching next month. On M&A, he said the pipeline is active but his recent focus has been on internal operational matters.

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CEO Andrew Carnie stated that Scorpios Bodrum opened successfully in June and is expected to build momentum, similar to the Mykonos location. He noted the Tulum opening is delayed to most likely next year due to construction pauses. On member feedback, he said members want continued focus on great service and unique experiences, and confirmed that member retention has remained consistent.

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CFO Thomas Allen quantified the trend, stating that like-for-like in-house revenue improved from down high-single digits in January to down low-single digits by March and April. CEO Andrew Carnie added that member surveys have been generally positive and attributed the spending weakness to macro factors rather than specific service issues, reiterating the company's focus on enhancing the overall member experience.

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CFO Thomas Allen quantified the trend, stating like-for-like in-house revenue improved from down high-single digits in January to down low-single digits by March and April. CEO Andrew Carnie added that member surveys are generally positive and the spending weakness is viewed as a global macro trend, so the company's focus remains on enhancing the overall member experience.

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