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CEO Ben Kohn detailed that the paid voting contest's initial sign-ups have already surpassed 50% of the total goal without marketing, with potential for millions in high-margin revenue. Regarding new licensing deals, he confirmed they exceed seven figures annually but declined to give forward guidance to protect brand health. Kohn described the Miami hospitality plan as an asset-light, high-margin partnership with a space already identified. COO & CFO Marc Crossman and CEO Ben Kohn explained the licensing commission settlement was an opportunistic move to reduce future expenses and improve margins starting in the current quarter.

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The company stated that the paid voting contest has exceeded initial expectations and is a key integration strategy. They declined to give specific forward guidance on licensing but noted new deals are significant and the focus is on quality partnerships driven by content. The Miami hospitality venue will be an asset-light model with a carefully chosen partner. The licensing commission settlement was an opportunistic move to reduce future expenses starting in Q3.

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Executive Marc Crossman stated that Honey Birdette's sales comps will ease in Q2 and that a potential $1 million tariff impact is being offset by price increases. CEO Ben Kohn confirmed the Byborg partnership includes a $20 million annual minimum guarantee and that a shareholder vote on a related equity investment is scheduled for June 16. Kohn also detailed a strong growth pipeline for new licensing deals in gaming and hospitality, alongside ancillary revenue opportunities from the magazine, such as paid voting and calendars, expected to materialize in the second half of the year.

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CFO Ned Preston clarified the price increase would be around $2 for monthly plans and that the G&A increase was due to one-time items like the biohacking conference. Executive Chairman Jirka Rysavy added that the price increase would affect over 80% of customers and that it was too early to forecast Ignaton revenue, with a larger launch planned for after Labor Day. Mr. Preston also noted Ignaton is now available for direct purchase online.

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CFO Ned Preston specified the price increase would be around $2 for monthly plans, in the mid-to-high teens percentage range, and confirmed the G&A increase was due to one-time items like the biohacking conference. Executive Chairman Jirka Rysavy stated it was difficult to forecast Ignaton's revenue but noted the launch would be larger than originally planned due to its initial success. He added that the launch would occur after Labor Day, with marketing plans still being finalized.

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CEO James Colquhoun confirmed the softer Q2 forecast was entirely due to variance in the Marketplace business, stemming from travel issues in Egypt, and that the core business performance remains on track. He explained his new role will focus on media licensing for Gaia and technology licensing for Igniton, which he positioned as a quantum technology company. CFO Ned Preston clarified that the discontinued business represented $1.2 million in revenue in the prior year and will be broken out in the 10-Q.

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Executive James Colquhoun stated that over half the price increase was realized by year-end, with the remainder flowing through until October 2025. He confirmed the churn impact was manageable and the net effect was positive. Executive Jirka Rysavy said the Igniton brand will be introduced in May/June and start selling in July. He noted that while direct courses ($1.1M in revenue) were discontinued, Igniton is expected to generate more than that in the second half of the year, but declined to provide a specific forecast.

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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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Executive Chairman Mark Goldston detailed the retail strategy, which involves a major CPG sales firm and a phased rollout starting with a completely refreshed and rebranded Shakeology in Q1 2026. He noted more specifics would come in future calls. Interim CFO Brad Ramberg explained the restructuring charge was spread across all OpEx lines and that current levels represent a good run rate. CEO Carl Daikeler stated that digital subscriber retention has been stable and predictable, and he anticipates the robust upcoming content schedule will support this stability and future growth.

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The company has hired a major sales firm to manage the retail launch of a completely redesigned Shakeology product line in Q1 2026, starting with a limited rollout. The recent $2.5M restructuring charge was spread across all OpEx lines, and the current levels for tech and G&A are considered a stable run rate. The digital business is showing stable retention and conversion, with a strong upcoming content pipeline expected to support stability and a return to growth.

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CFO Matthew Amigh stated the company does not comment on future pricing but confirmed a pricing action on packaged coffee was executed in May across the wholesale market. CEO Chris Mondzelewski noted that the club channel is a significant opportunity and that BRCC now has programs with all three major club retailers. Regarding the Salt Lake City property, Amigh explained it is held for sale as the company seeks a more size-appropriate headquarters, with no change to the head office structure.

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CFO Steve Kadenacy stated that pricing actions will follow competitors and be implemented in the second half of the year. He confirmed BRCC is 95% hedged for 2025 green coffee needs and is actively managing 2026. He noted the largest retail customer grew 3% due to aggressive promotional pricing, while the rest of the FDM channel grew 400% driven by new distribution. CEO Chris Mondzelewski added that the strategy is driving significant unit trial.

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CEO Chris Mondzelewski and CFO Steve Kadenacy addressed the questions. Mondzelewski explained the DTC strategy is to stabilize and grow the subscriber base rather than chase one-time buyers, noting subscriber churn has already stabilized. Kadenacy added that any DTC outperformance would be upside to guidance. Regarding the largest customer, Mondzelewski affirmed the relationship is strong, with Head of IR Matt McGinley clarifying sales grew 8% in 2024. Kadenacy explained that the barter media credits are an asset that will accrete into marketing expense when used, providing a cash-efficient boost to the P&L.

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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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CFO Thomas Croal stated that confidence in the margin target comes from historical seasonality, as Q1 is typically the lowest-performing quarter, and a belief that they can tightly manage labor costs to achieve improvements. CEO Wook Kim addressed tariffs, noting significant uncertainty from vendors on equipment and material costs, and stated they might pause construction if prices do not stabilize. Regarding new store performance, both executives commented that it was too early for a definitive assessment, with results being a mix of average and above-average.

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Executives expressed confidence in the margin target, noting Q1 is seasonally weak and they will manage labor costs tightly. They acknowledged significant uncertainty around tariffs, stating they might pause new construction if costs rise too much, but are waiting for prices to stabilize. The performance of the newest restaurants is mixed and it's too early to judge.

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CEO Claudia Goldfarb reported a steady increase in sell-through, with units per door per week rising from 12 to 16, attributing this to consumers returning for Sow Good's quality after trying competitor products. She confirmed that excess inventory at key retailers has been cleared through targeted promotions and the company was in approximately 1,900-2,000 doors at quarter-end. Goldfarb addressed inventory quality by noting a two-year shelf life on most products and a strategy to work through older SKUs while introducing new, cleaner-ingredient items. Regarding competition, she stated many smaller players have exited and that large CPGs appear to be underperforming, possibly due to lower-quality co-manufacturing.

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Executive Claudia Goldfarb explained that the new product categories leverage existing management expertise and target markets ripe for cleaner-ingredient alternatives, requiring minimal capital expenditure for a second-half launch. She stated that the sales recovery is driven by both new retail partnerships and stabilized velocity in core accounts, which have worked through excess inventory. Regarding the $20.3 million in inventory, Goldfarb noted its two-year shelf life and temperature-controlled storage, clarifying the reduction strategy is focused on aggressively opening new retail doors rather than discounting.

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Executive Claudia Goldfarb stated that reorders for products unaffected by heat remain strong. She believes the freeze-dried candy category is entering a 'steady state' after the initial frenzy, but acknowledged that the melted product issue has made it difficult to get a clear read on everyday velocity. Regarding private label, Goldfarb confirmed they are actively pursuing opportunities with retailers that operate exclusively in that space to utilize production capacity. However, she clarified that they are not currently considering co-manufacturing for other brands to avoid diluting the Sow Good brand's strong presence.

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CFO Robert Peterson confirmed there have been no production issues with the Asteria facility and that the company plans to expand its penetration throughout 2025 in a measured way to avoid clinic disruption. Regarding guidance, Peterson acknowledged potential risk to the 2-4% procedure growth target but reiterated confidence in the overall full-year revenue and EBITDA guidance. CEO Bret Christensen added that while the timing of results from commercial changes is hard to predict, they have a clear line of sight to achieving their goals.

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Executive Marc Beer confirmed that benefits from the Asteria acquisition are included in the 2025 guidance but did not provide a specific gross margin target. He and CFO Robert Peterson stated they have not seen an increase in clinic churn, attributing the slowdown to lower new clinic growth, not existing customer loss. Regarding supplements, Beer noted the guidance reflects the overall slowdown in new clinic 'quick starts' and that the Amazon channel itself is progressing well.

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CFO Bob Peterson confirmed they are on track with Asteria, having licensed approximately 30 states that align with core markets. CEO Teresa Weber added that some states like California have longer, less predictable timelines. Regarding 2025, Weber expressed confidence by noting that prior to the software rollout and hurricanes, the company was already seeing the accelerated growth it had projected. Peterson affirmed that focusing on key growth drivers sets them up well for 2025.

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CFO Anya Hamill reiterated the full-year gross margin guidance of 'high 30s' but declined to provide quarterly specifics, confirming a willingness to trade margin points for top-line growth. President and CEO Jason Vieth stated it was too early for sales data on the new liquid creamer but noted the transition was executed exceptionally well. He clarified that the coconut supply issue is not a long-term ceiling, as Laird is 'barely scratching the surface' of total available supply, and the bottleneck was a temporary issue related to qualifying high-quality suppliers, which is now being resolved.

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The new Scorpios in Bodrum opened in June and is expected to perform well over time, similar to the Mykonos location. The Tulum opening is delayed due to a hurricane and is now expected next year. Members continue to want unique experiences and great service, areas where the company is focused and seeing improved satisfaction scores. Member retention remains consistent.

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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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Executives are excited about the two new Scorpios locations opening this year and have plans for further expansion in subsequent years. For Soho Home, they see significant growth potential by expanding the product assortment into new categories like outdoor furniture and lighting. The business is digital-first, which supports a higher profit model, and its margins grew substantially in 2023.

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CEO Rick Stollmeyer stated that while they are not pre-announcing any price changes, strong ARPS growth from upselling to higher tiers may make a broad price increase unnecessary, though it remains an option for next year. He highlighted promising consumer-side progress, citing a 40% year-over-year increase in MINDBODY app bookings in October. He affirmed they are actively testing and modeling the expansion of consumer marketing efforts for 2019, balancing growth with profitability.

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CEO Rick Stollmeyer stated that several thousand businesses have opted into dynamic pricing, with business adoption being the main focus for growth. He shared that consumer marketing tests successfully drove app downloads, re-engagement, and inbound business leads. He confirmed the web version of the MINDBODY app was scheduled to launch by the end of summer.

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CEO Rick Stollmeyer reported that early results from the new app are encouraging, with increased discovery and rebookings. He clarified the web version, launching next quarter, will focus on new user acquisition by leading with compelling offers like dynamic pricing that don't require immediate registration. He also mentioned a major payments integration project is underway to enable card-present solutions in the English 8 countries by year-end.

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CEO Rick Stollmeyer stated that the company expects to have full card-present and card-not-present payment processing in all eight core English-speaking countries by the end of 2018. For the mobile booking breakdown, he directed the question to a slide in the investor deck. He also confirmed the new consumer website will initially lead with promotional products.

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