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    James Hardiman

    Senior Vice President and Leisure Analyst at Citigroup

    James Hardiman is a Senior Vice President and Leisure Analyst at Citigroup, specializing in equity research focused on the cruise lines, hotels, and broader leisure sectors. He regularly covers major publicly traded companies such as Carnival Corporation, Royal Caribbean, Norwegian Cruise Line Holdings, and related leisure firms, providing industry insight and actionable stock recommendations. With nearly two decades of experience, Hardiman began his analyst career at the investment firm Longbow Research before moving to Wedbush Securities and later joining Citigroup, where he has distinguished himself with high success rates and strong returns on TipRanks, often ranking among top performers in his coverage universe. He is a FINRA-registered representative holding several securities licenses, and is recognized for his incisive research, media commentary, and thought leadership within the leisure and travel industry.

    James Hardiman's questions to BRP (DOOO) leadership

    James Hardiman's questions to BRP (DOOO) leadership • Q2 2026

    Question

    James Hardiman of Citi asked about the industry dynamic between current and non-current models, particularly in ORV, and how BRP's retail performance might evolve in the second half. He also sought early thoughts on fiscal 2026, including the impact of inventory normalization and the potential tariff headwind.

    Answer

    CEO José Boisjoli noted that while many OEMs are becoming more cautious with shipments, BRP is well-positioned with low inventory and new products, expecting to gain market share in H2. He anticipates the H2 industry trend will be similar to Q2. CFO Sébastien Martel added that for fiscal 2026, the tariff headwind could be around $120-$130 million on a run-rate basis before mitigation efforts, which the company will actively work to reduce.

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    James Hardiman's questions to BRP (DOOO) leadership • Q1 2026

    Question

    James Hardiman asked for details on retail trends throughout the quarter, particularly in April and May, and questioned whether BRP's more favorable tariff position creates a competitive advantage.

    Answer

    CEO Jose Boisjoli noted that underlying retail trends have not significantly changed, with premium vehicles continuing to outperform entry-level models. He stated that while BRP's tariff situation is manageable, he believes all OEMs will eventually find ways to mitigate tariff impacts. He identified the primary risk as the uncertainty tariffs create for consumer confidence, which is causing some customers to delay purchases.

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    James Hardiman's questions to BRP (DOOO) leadership • Q2 2025

    Question

    James Hardiman asked for a quantification of the inventory reduction's impact on earnings to better understand fiscal 2026 potential. He also questioned why expected interest rate cuts are not leading to a more optimistic outlook for the first half of next year.

    Answer

    CFO Sebastien Martel referenced a prior comment that the inventory correction represented a $3 to $4 per share impact, which could be a tailwind in a normalized year. Regarding interest rates, he explained that while cuts would help, BRP faces a headwind from expiring interest rate caps. He also expressed uncertainty that rate cuts alone would be enough to offset broader consumer macroeconomic concerns.

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    James Hardiman's questions to BRP (DOOO) leadership • Q1 2025

    Question

    James Hardiman of Citigroup Inc. questioned the company's underlying earnings power following a significant guidance reduction, asking how the new forecast reconciles with previous commentary about a normalized earnings potential of around $11.50 per share. He also inquired about the strategic "goodwill" in supporting dealers at the expense of BRP's own profitability and whether this support is expected to yield tangible future benefits.

    Answer

    CEO Jose Boisjoli explained that the guidance change was driven by higher-than-expected snowmobile inventory, softer Marine trends, and a softer U.S. market, which prompted a more cautious dealer reaction than anticipated. He reiterated that supporting dealers is a core, long-term strategy. CFO Sebastien Martel quantified the headwinds, noting that the snow season, the Marine business drag ($1.50/share), and the one-time inventory reduction represent a $3 to $4 EPS impact that should normalize in the future, reaffirming the business's higher underlying earnings potential.

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    James Hardiman's questions to Viking Holdings (VIK) leadership

    James Hardiman's questions to Viking Holdings (VIK) leadership • Q2 2025

    Question

    James Hardiman from Citigroup Inc. inquired if the faster capacity growth in the Ocean segment puts downward pressure on its pricing. He also asked about the impact of booking mix on the 4% advanced booking per PCD growth for 2026 and whether the capacity expansion in Egypt could be a pricing tailwind in 2027.

    Answer

    Torstein Hagen, Founder, Chairman & CEO, asserted that Ocean growth is a result of an outstanding product, not a drag on pricing, highlighting strong demand from guests seeking a "quiet serene experience." He noted that new, high-demand destinations like Egypt and India are small components and don't significantly impact the overall average but demonstrate the brand's strength in launching new products. He emphasized the brand's core promise of "no children, no casinos, no nickel and diming" as a key differentiator.

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    James Hardiman's questions to Viking Holdings (VIK) leadership • Q1 2025

    Question

    James Hardiman followed up on the 2026 pricing curve, asking for the strategic rationale behind a potential acceleration in pricing from this point forward. He also asked if Viking is seeing any hesitation from American consumers traveling to Europe.

    Answer

    EVP of Finance Linh Banh highlighted strong booking momentum in April and May and the advanced state of their 2026 bookings (37% sold) as evidence of consumer and brand strength. She emphasized that their sticky bookings provide significant revenue visibility. Regarding travel to Europe, Banh stated they are seeing no issues; on the contrary, with approximately 70% of itineraries in Europe, their strong booking curves indicate robust demand.

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    James Hardiman's questions to Viking Holdings (VIK) leadership • Q1 2025

    Question

    James Hardiman followed up on 2026 pricing, asking for the strategic rationale behind a potential acceleration in pricing from this point forward, especially in a 'dicier' economy. He also asked if Viking was seeing any hesitation from American consumers traveling to Europe.

    Answer

    EVP of Finance Linh Banh pointed to the strong booking momentum in April and May and the highly advanced booking curve (37% sold for 2026) as evidence of their brand and consumer strength. Regarding travel to Europe, she stated that with approximately 70% of itineraries there and 2025 nearly sold out, Viking is seeing the opposite of hesitation, observing strong consumer demand.

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    James Hardiman's questions to United Parks & Resorts (PRKS) leadership

    James Hardiman's questions to United Parks & Resorts (PRKS) leadership • Q2 2025

    Question

    James Hardiman followed up on the impact of Epic Universe's opening, asking specifically about admissions per capita trends in Orlando and whether the company had become more promotional there. He also requested quantification of the impacts from weather, calendar shifts, and increased marketing.

    Answer

    CEO Marc Swanson declined to provide park-specific per capita data but noted that revenue at SeaWorld Orlando was positive for the quarter. He attributed the broader pressure on admissions per capita to necessary promotional activity in response to significant weather headwinds across the company. Swanson also clarified that the benefit from the Easter holiday shift was almost entirely offset by the negative impact of poor weather during the quarter.

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    James Hardiman's questions to United Parks & Resorts (PRKS) leadership • Q3 2024

    Question

    James Hardiman from Citigroup Inc. requested a reconciliation for the decline in EBITDA and cash from operations despite relatively flat revenue. He also sought clarification on whether recent commentary about real estate monetization signaled new opportunities beyond hotel partnerships.

    Answer

    CEO Marc Swanson explained the EBITDA decline was due to cost pressures, primarily in labor, but emphasized that overall costs were well-managed. Regarding real estate, Swanson clarified that while there's nothing specific to announce, the company and its board are actively exploring various ways to monetize its valuable land holdings, not limited to just hotel development.

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    James Hardiman's questions to United Parks & Resorts (PRKS) leadership • Q1 2024

    Question

    On behalf of James Hardiman, Sean Wagner asked for clarification on April's revenue performance, specifically if in-park per capita spending trends were similar to Q1. He also inquired about any other significant calendar-related comparisons or operating day shifts to consider for the remainder of the year.

    Answer

    CEO Marc Swanson confirmed that in-park per capita spending was positive in April and that they had not seen a pullback in guest spending. CFO James Mikolaichik added that while there are minor quarterly trades, the full-year operating day count is expected to be relatively flat, noting they expect to regain days lost to significant hurricane closures in late 2023.

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    James Hardiman's questions to Six Flags Entertainment Corporation/NEW (FUN) leadership

    James Hardiman's questions to Six Flags Entertainment Corporation/NEW (FUN) leadership • Q2 2025

    Question

    James Hardiman of Citi analyzed the revised guidance, asking for a breakdown of the EBITDA reduction between Q2 performance and second-half expectations, particularly the impact of lost season pass revenue. He also questioned the timing and effectiveness of the pulled-forward advertising spend and its effect on operating expenses.

    Answer

    CFO Brian Witherow attributed the guidance cut primarily to lower-than-expected attendance volume, driven by a significant shortfall in the active pass base from weather disruptions in May and June. Regarding costs, he explained the decision to pull forward advertising was made before the worst weather hit. He noted cost savings were always planned to be back-half loaded, where the largest opportunities exist with the least disruption to the guest experience.

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    James Hardiman's questions to Six Flags Entertainment Corporation/NEW (FUN) leadership • Q4 2024

    Question

    James Hardiman inquired about the strategic framework for portfolio optimization and monetizing smaller parks. He also requested an update on the $80 million revenue synergy target, its timing, the performance of the all-park pass, and how much is included in the 2025 guidance.

    Answer

    CEO Richard Zimmerman explained that portfolio optimization aims to reduce complexity and focus on core assets, citing the marketing of undeveloped land as an example. CFO Brian Witherow noted that revenue synergy realization is about a year behind due to system integration needs but emphasized the attendance growth opportunity is much larger. He stated that only a modest contribution from the new all-park pass is included in the 2025 guidance.

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    James Hardiman's questions to Six Flags Entertainment Corporation/NEW (FUN) leadership • Q3 2024

    Question

    James Hardiman asked management to address the market narrative about being surprised by the investment needs at legacy Six Flags parks and questioned the 2025 margin profile, including how to model the path to the $800 million free cash flow target.

    Answer

    CEO Richard Zimmerman countered the narrative, stating the business is resilient and consumer demand is strong, as shown by a 20% attendance increase in October. CFO Brian Witherow added that margin improvement is a key focus, driven by attendance leverage and operational efficiencies like better labor management. He declined to provide specific EBITDA guidance but reiterated the components of the free cash flow calculation, including elevated near-term CapEx.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership

    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q2 2025

    Question

    James Hardiman of Citi asked for clarification on the positive second-half retail outlook and questioned how the company could make its new, sub-$6,000 small displacement motorcycle profitable, a goal that has historically been elusive.

    Answer

    CEO Jochen Zeitz reaffirmed the positive H2 retail outlook for North America. Regarding the new motorcycle, he called it a 'significant unlock' for the company, stating that both it and a forthcoming iconic cruiser will be profitable. He attributed this success to a long development cycle since 2021 and key learnings, but did not provide specifics on the cost structure.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q2 2025

    Question

    James Hardiman of Citi sought clarification on the positive retail outlook for the second half and asked for more detail on the new small displacement bike, particularly how it can be profitable where previous attempts have failed.

    Answer

    CEO Jochen Zeitz confirmed the positive H2 retail sales outlook for North America, citing improving trends and easier comps. Regarding the new bike, he stated it has been in development since 2021 and is engineered to be profitable, representing a significant unlock for the company, but he declined to share specific details on the engineering or cost structure.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q2 2025

    Question

    James Hardiman of Citi sought clarification on the positive second-half retail outlook and asked how the company plans to make its new small displacement motorcycle profitable, a feat that has been elusive in the past.

    Answer

    Chairman, President & CEO, Jochen Zeitz, confirmed the positive H2 retail outlook for North America, citing improving trends and easier comps. Regarding the new bike, he called it a 'significant unlock' for the company, stating that after years of development since 2021, the company is confident it can achieve profitability in this segment for the first time, though he did not provide specific details on the strategy.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q1 2025

    Question

    James Hardiman requested detailed color on the various sources of the projected tariff impact, particularly from the EU and China, and asked about the risk of anti-American sentiment affecting sales. He also questioned whether the withdrawal of guidance was driven more by tariff uncertainty or underlying demand weakness.

    Answer

    CEO Jochen Zeitz explained that the largest tariff impact stems from China sourcing, despite it being a small portion of total spend, due to the 145% duty. He expressed cautious optimism about a favorable trade deal with Europe. CFO Jonathan Root added that the tariff situation is extremely fluid, contributing to the guidance withdrawal. Regarding demand, Jochen Zeitz noted that sequential improvement was seen from February through April in North America and that anti-American sentiment has not been a significant issue.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q1 2025

    Question

    James Hardiman from Citigroup Inc. requested a detailed breakdown of the tariff impacts from China, Mexico, and the EU, and asked about the risk of anti-American sentiment. He also questioned how much of the guidance withdrawal was due to tariffs versus underlying consumer demand trends, specifically asking about April sales.

    Answer

    CEO Jochen Zeitz explained that the largest tariff impact comes from China sourcing (estimated $75M-$100M of the total $130M-$175M impact) due to 145% duties, despite China sourcing being less than 6% of total spend. He expressed cautious optimism about a favorable EU trade deal and noted no significant anti-American sentiment impacting sales. Zeitz also revealed that North American retail saw sequential improvement from February through April. CFO Jonathan Root added that the situation remains fluid, which is why the guidance was withdrawn.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q4 2024

    Question

    James Hardiman of Citi requested a detailed bridge for the 2025 operating margin guidance, seeking to understand how margins are expected to increase while revenue is projected to be flat to down, especially if OpEx tracks sales.

    Answer

    Chief Financial Officer Jonathan Root provided a margin walk from the 2024 result of 6.7%. He outlined key drivers for the guided 7% to 8% range, including: slightly favorable pricing, negative impacts from foreign exchange and product mix (due to more Softails), reduced manufacturing unfavorability compared to 2024, and favorability from lower operating expenses.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q4 2024

    Question

    James Hardiman of Citi requested a detailed bridge for the 2025 operating margin guidance, questioning how margins are expected to increase when revenue is guided flat-to-down and factors like foreign exchange and product mix are expected to be unfavorable.

    Answer

    CFO Jonathan Root provided a margin walk from the 2024 result of 6.7%. He noted that while volume is relatively flat and both FX and mix (due to more Softails) present headwinds, these will be offset by favorable pricing and lower operating expenses. The OpEx favorability is driven by the full-year benefit of headcount reductions and other productivity savings, contributing to the guided 7% to 8% operating margin.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q4 2024

    Question

    James Hardiman from Citi asked for a detailed bridge to the 2025 operating margin guidance, seeking to understand how margin is expected to increase when revenue is projected to be flat to down and OpEx is expected to track revenue.

    Answer

    CFO Jonathan Root outlined the margin bridge from the 6.7% achieved in 2024. He noted that while volume is relatively flat and both FX and mix (due to more Softails) are slight negatives, the company expects favorability from pricing actions. Additionally, he highlighted expected favorability from lower OpEx, driven by headcount reductions, which contributes to the guided 7% to 8% operating margin range for 2025.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q3 2024

    Question

    James Hardiman of Citigroup Inc. questioned the strategy of aligning wholesale shipments with retail sales (implying flat inventory) given the retail weakness, and asked about the confidence level in avoiding further destocking in 2025.

    Answer

    CFO Jonathan Root reiterated the focus on reducing dealer inventory, aiming for a 20% reduction from Q3 levels to end 2024 at similar levels to the start of the year. CEO Jochen Zeitz added that they feel confident this is the right approach, as the significant adjustments made this year will position them correctly for 2025.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q3 2024

    Question

    James Hardiman of Citigroup questioned the strategy of aligning wholesale shipments with retail sales given the market weakness, and asked about the company's confidence in avoiding further destocking in 2025.

    Answer

    CFO Jonathan Root stated the plan is to reduce dealer inventory by another 20% from Q3 levels, bringing it to a similar level as the start of 2024. He stressed the importance of prioritizing inventory for core categories like Touring and CVO to protect market share gains. CEO Jochen Zeitz added that management is confident this is the correct inventory level and represents a significant adjustment for the year.

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    James Hardiman's questions to HARLEY-DAVIDSON (HOG) leadership • Q3 2024

    Question

    James Hardiman from Citigroup Inc. questioned the strategy of aligning wholesale shipments with retail sales given the current retail weakness and asked about the confidence in avoiding further destocking in 2025.

    Answer

    CFO Jonathan Root confirmed the focus on reducing dealer inventory, noting a 13% Q3 reduction from Q2 and a target for another 20% cut in Q4 to end the year at levels similar to the start of 2024. CEO Jochen Zeitz added that they are confident this is the appropriate level of adjustment for the year.

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    James Hardiman's questions to Camping World Holdings (CWH) leadership

    James Hardiman's questions to Camping World Holdings (CWH) leadership • Q2 2025

    Question

    James Hardiman from Citi asked for an update on the company's key guideposts for units, price, and margin, and how the internal outlook for full-year EBITDA has shifted. He also requested early thoughts on fiscal 2026, noting Camping World's optimism contrasts with others in the industry.

    Answer

    Chairman & CEO Marcus Lemonis stated that new unit growth projections have been raised, used unit goals remain consistent, and the gross margin target is now above 30%. He maintained the long-term SG&A improvement goal of 600-700 basis points but noted near-term ASP pressure makes 350-400 bps more likely for the year. For 2026, Lemonis expressed confidence in continued growth in both new and used segments through higher productivity from fewer locations, stating, "We don't really give a shit about everybody else."

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    James Hardiman's questions to Camping World Holdings (CWH) leadership • Q2 2025

    Question

    James Hardiman of Citigroup Inc. asked for an update on the company's key performance guideposts for units, price, and margin, and how the internal outlook for full-year EBITDA has shifted. He also requested early thoughts on fiscal year 2026.

    Answer

    Chairman & CEO Marcus Lemonis confirmed that new unit projections have been raised and the gross margin goal is to remain above 30%. He reiterated the long-term SG&A improvement target of 600-700 basis points, noting its achievement depends on ASPs recovering. For 2026, Lemonis stated, "We're not expecting '26 to be anything but up for us," driven by continued new and used business growth, fewer rooftops, and a tighter expense structure, irrespective of the broader industry.

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    James Hardiman's questions to Camping World Holdings (CWH) leadership • Q4 2024

    Question

    James Hardiman asked for color on the sales cadence after a strong January and moderate February, the current consumer interest rate environment, the impact of Q4 insurance claims on SG&A, and the confidence level in the used RV opportunity.

    Answer

    CEO Marcus Lemonis attributed February's moderation to weather, which created pent-up demand and a strong sales backlog for March. He stated that consumer finance rates are roughly 50-100 basis points lower than a year ago. Executive Matt Wagner quantified the Q4 insurance claim impact on SG&A at approximately $6 million, which is expected to normalize. Lemonis expressed high confidence in the used RV strategy for 2025, noting that record procurement in January and February is central to their plan to drive "outsized increases in our EBITDA" and improve the company's leverage ratio.

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    James Hardiman's questions to Camping World Holdings (CWH) leadership • Q3 2024

    Question

    James Hardiman questioned the sensitivity of the 2025 outlook to broader industry performance, asking about potential upside or downside scenarios. He also asked for an update on the M&A trajectory and store count, given the recent net decline in dealerships.

    Answer

    CEO Marcus Lemonis described the 2025 outlook as conservative and 'idiosyncratic,' based on internal drivers like the used business recovery and not dependent on major macro improvements. Regarding M&A, Lemonis, Matt Wagner, and Lindsey Christen explained that while they are disciplined in closing underperforming stores, they see a highly opportunistic environment and expect to meet or exceed their historical target of 12-15 acquisitions in 2025.

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    James Hardiman's questions to BRUNSWICK (BC) leadership

    James Hardiman's questions to BRUNSWICK (BC) leadership • Q2 2025

    Question

    James Hardiman of Citigroup questioned why full-year guidance remained unchanged despite a significant reduction in the estimated tariff impact, suggesting a weaker underlying business outlook. He also asked for clarification on the earnings phasing between Q3 and Q4, noting the easy comparison from the prior year's Q3 inventory reduction.

    Answer

    CFO Ryan Gwillim explained that the initial guidance already anticipated some tariff mitigation, so the net change was less dramatic than it appeared. He acknowledged a slightly softer market but denied a major downgrade to the core business outlook. CEO David Foulkes added that while July retail trends are positive, the company remains cautious until the trend is more sustained. Regarding phasing, Gwillim noted that while Q3 has an easy comp, the year-over-year production increase will be even greater in Q4.

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    James Hardiman's questions to BRUNSWICK (BC) leadership • Q1 2025

    Question

    James Hardiman asked for the gross tariff number before mitigation, questioned the drivers of the weak Q2 guidance, and sought to understand if second-half tailwinds would outweigh tariff headwinds.

    Answer

    Ryan Gwillim (executive) stated that providing a gross tariff number is difficult due to accounting complexities but confirmed significant mitigation is underway. He attributed the Q2 outlook to the accounting for full-year tariffs and conservatism on sales volume. David Foulkes (executive) and Gwillim both affirmed that for the second half, the benefits from more efficient operations and easier year-over-year production comparisons should outweigh the negative tariff impact.

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    James Hardiman's questions to BRUNSWICK (BC) leadership • Q4 2024

    Question

    James Hardiman asked what had changed in the last three months to lower the midpoint of the 2025 earnings outlook and questioned the wholesale versus retail shipment cadence and year-end inventory targets.

    Answer

    CEO David Foulkes identified a significant negative shift in foreign exchange (FX) rates as the primary reason for the revised outlook. CFO Ryan Gwillim confirmed plans to undership retail in H1 2025, with a flip in H2. Foulkes added that the goal is to end 2025 with weeks-on-hand inventory lower than year-end 2024, targeting a normalized level around 35 weeks.

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    James Hardiman's questions to BRUNSWICK (BC) leadership • Q3 2024

    Question

    James Hardiman inquired about inventory levels, asking if the Q4 guidance cut implies lower year-end inventory than previously expected, and questioned if the 2025 earnings view has been lowered following the 2024 guidance reduction.

    Answer

    CFO Ryan Gwillim confirmed that the company will continue to reduce pipeline inventory, with the Q4 adjustment reflecting cautious ordering from channel partners, not a change in inventory strategy. CEO David Foulkes added that the ultimate driver is retail demand, and with pipelines already very low, he believes the setup for 2025 EPS growth remains constructive as long as retail sales hold steady.

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    James Hardiman's questions to MARINEMAX (HZO) leadership

    James Hardiman's questions to MARINEMAX (HZO) leadership • Q3 2025

    Question

    James Hardiman asked about the drivers behind the consumer demand drop-off in April and the subsequent improvement in July, as well as the outlook for Q4 and any initial thoughts on fiscal 2026.

    Answer

    CFO Mike McLamb attributed the April pause to a confluence of tariff headlines, global tensions, and tax law uncertainty, noting these factors have since eased, contributing to a better July. CEO Brett McGill added that April was a 'cliff' effect, whereas July's start was more stable. For Q4, McLamb expects continued challenges but noted positive same-store sales are possible, though not factored into guidance. For fiscal 2026, they see a favorable setup for margin improvement if inventory normalizes, but the macro outlook remains uncertain.

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    James Hardiman's questions to MARINEMAX (HZO) leadership • Q2 2025

    Question

    James Hardiman asked for a breakdown of the 11% same-store sales growth between unit volume and average selling price (ASP), and questioned the sharp deceleration from strong Q2 growth to an expected decline in April.

    Answer

    Michael McLamb, an executive, clarified that unit volumes were down mid-single digits in the quarter, meaning the 11% growth was driven by a significant ASP increase due to a premium product mix shift, partly from delayed Florida sales. He cautioned that the April slowdown reflects a tough comparison to the prior year and broad consumer uncertainty caused by tariffs, and that a similar ASP lift should not be expected.

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    James Hardiman's questions to MARINEMAX (HZO) leadership • Q1 2025

    Question

    James Hardiman from Citi sought a clean, apples-to-apples view of inventory unit growth and asked about the expected cadence of same-store sales for the rest of the year to achieve the 'flattish' full-year target, especially given the January improvement.

    Answer

    Executive Michael McLamb stated there were no anomalies in the year-over-year inventory comparison; levels were simply higher than planned due to lighter sales. He reiterated the target for full-year inventory orders to be around or slightly below the prior year. Regarding sales cadence, Executive Bill McGill credited technology and improved consumer sentiment for the January uptick. McLamb added that the path to flattish full-year comps is supported by easier comparisons in the back half of the year, particularly in the September quarter.

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    James Hardiman's questions to MARINEMAX (HZO) leadership • Q4 2024

    Question

    James Hardiman inquired about the quantifiable impact of Hurricane Helene on Q4 results, the assumptions for hurricane impacts in the fiscal 2025 guidance, the trajectory of customer borrowing rates, and the unit versus price breakdown for Q4 same-store sales.

    Answer

    CFO Michael McLamb quantified Hurricane Helene's impact as approximately $30 million on revenue and over $6 million on the bottom line for Q4. He advised caution in modeling Q1 2025 due to the storms' disruption in Florida, which constitutes about 25% of the company's business. McLamb noted that retail financing rates are down about 100 basis points year-over-year and that Q4 unit volume declined only slightly, outperforming the broader industry's ~20% drop. CEO Bill McGill added that the hurricane timing created a tough start for Q1.

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    James Hardiman's questions to MATTEL INC /DE/ (MAT) leadership

    James Hardiman's questions to MATTEL INC /DE/ (MAT) leadership • Q2 2025

    Question

    James Hardiman of Citigroup Inc. asked about the magnitude of recent price increases, the potential for market share gains, and requested a bridge from the initial to the current full-year guidance.

    Answer

    CFO Paul Ruh stated that pricing actions were minimal and necessary, while CEO Ynon Kreiz noted Mattel is competitively well-positioned due to its supply chain flexibility. Ruh clarified the guidance change was driven primarily by widening the top-line growth range to 1-3% (from 2-3%) to reflect consumer uncertainty, which then flows through to EPS.

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    James Hardiman's questions to MATTEL INC /DE/ (MAT) leadership • Q3 2024

    Question

    James Hardiman asked for an early outlook on cost inflation for 2025 and other margin factors. He also inquired if wholesale shipments would track retail sales one-to-one in Q4, and how that compares to the prior year's destocking.

    Answer

    CFO Anthony DiSilvestro stated it was too early to comment on 2025 but noted the year-to-date deflation benefit has been shrinking each quarter and is expected to flip to slight inflation in Q4. Regarding inventory, he suggested there is potential for a slight tailwind from wholesale outpacing retail in Q4 compared to the prior year, as inventory was slightly elevated coming into 2024.

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    James Hardiman's questions to HASBRO (HAS) leadership

    James Hardiman's questions to HASBRO (HAS) leadership • Q2 2025

    Question

    James Hardiman of Citigroup Inc. sought to reconcile the significant Q2 earnings beat with the more modest full-year guidance raise, asking for details on the offsetting weakness in the Consumer Products (CP) segment and the nature of its Q2 performance.

    Answer

    CFO & COO Gina Goetter explained the CP guide reflects the Q2 revenue shortfall being treated as a permanent loss, deleverage impacts, and retailers pushing back holiday resets. CEO Chris Cocks described a 'tale of two categories,' with bullishness on games but 'cautious optimism' for toys due to tariff uncertainty and potential stockouts of hot items. Goetter clarified the Q2 CP issue was primarily a timing shift from direct import to domestic fulfillment.

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    James Hardiman's questions to HASBRO (HAS) leadership • Q1 2025

    Question

    James Hardiman of Citigroup Inc. questioned the cautious nature of the guidance, asking if it fully incorporates a worst-case scenario (145% tariff, GFC-level declines), and inquired about the risk from tariffs on the rest of the world.

    Answer

    CFO & COO Gina Goetter confirmed the guidance embeds the 145% China tariff and a retail sales decline scenario similar to 2008-2009. CEO Chris Cocks stated their base outlook assumes a 10% reciprocal tariff for the rest of the world and that any increase would be a headwind. Goetter emphasized that the company is making 'no regret moves' on supply chain diversification regardless of the tariff outcome.

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    James Hardiman's questions to HASBRO (HAS) leadership • Q4 2024

    Question

    James Hardiman requested a more specific EBITDA target for 2027 within the 'Playing to Win' outlook. He also asked for a bridge to the 2025 margin expansion guidance, questioning the offsets to the significant net cost savings.

    Answer

    CFO and COO Gina Goetter hinted that 2027 EBITDA would be closer to the high end of the analyst's estimated range. For the 2025 margin bridge, she explained that volume and mix provide a one-point benefit, supply chain impacts (including tariffs offset by productivity) are net neutral, and the remaining accretion comes from savings in managed operating expenses.

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    James Hardiman's questions to HASBRO (HAS) leadership • Q3 2024

    Question

    Speaking for James Hardiman, Sean Rooney asked about Hasbro's expectations for the holiday season, retailer sentiment, and key brands. He also inquired about future cost-saving opportunities and their expected split between COGS and OpEx.

    Answer

    CEO Chris Cocks stated the toy industry is expected to be down modestly and highlighted Play-Doh, Beyblade X, TRANSFORMERS, and the board game portfolio as key holiday drivers. CFO Gina Goetter characterized retailer sentiment as unchanged and supportive. Regarding cost savings, she noted the split would likely be 50-50 between supply chain and managed expenses next year, with 'design to value' savings beginning to contribute.

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    James Hardiman's questions to WINNEBAGO INDUSTRIES (WGO) leadership

    James Hardiman's questions to WINNEBAGO INDUSTRIES (WGO) leadership • Q3 2025

    Question

    James Hardiman of Citi asked about inventory management, questioning if the company's goal of two turns is achievable this year and if this discipline puts them at a disadvantage against peers shipping more aggressively. He also asked for the retail assumption behind the wholesale forecast and the price increase needed to offset the potential tariff impact.

    Answer

    CEO Michael Happe stated that two turns is a long-term goal aligned with dealer health, acknowledging it may sacrifice short-term share but is the right long-term strategy. CFO Bryan Hughes clarified the retail assumption is close to wholesale, implying a slight destock, and quantified the unmitigated tariff risk as roughly $30-40 million in costs that would need to be offset.

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    James Hardiman's questions to WINNEBAGO INDUSTRIES (WGO) leadership • Q4 2024

    Question

    James Hardiman asked for details within the fiscal 2025 guidance, including inventory turns, ASPs, and market share. He also questioned the company's commitment to the Marine segment following a significant write-down on Chris-Craft and asked about potential interest in a competitor's divested marine assets.

    Answer

    SVP and CFO Bryan Hughes projected modest ASP increases for Motorhomes but headwinds for Towables and Marine, with continued destocking in Motorized. President and CEO Michael Happe affirmed a strong commitment to the Marine business, framing the Chris-Craft impairment as a cyclical issue and highlighting Barletta's strength. He declined to comment on specific M&A but reiterated the goal to grow the non-RV business.

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    James Hardiman's questions to CARNIVAL (CCL) leadership

    James Hardiman's questions to CARNIVAL (CCL) leadership • Q2 2025

    Question

    James Hardiman sought to connect the booking lull in April to the 2026 book position moving from 'ahead' to 'in line,' asking if the company maintained pricing discipline during the slowdown. He also asked about the potential for itinerary changes due to the Middle East conflict.

    Answer

    CEO Josh Weinstein affirmed the strategy of not panicking or making reactive pricing decisions during periods of volatility, given their long booking curve. Regarding the Middle East, he stated that any potential impact is limited to a couple of ships based out of Dubai late in the year and into 2026. He reassured that the company already avoids the Red Sea and has no significant exposure to the immediate conflict area through the end of 2026, with guest and crew safety being paramount.

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    James Hardiman's questions to CARNIVAL (CCL) leadership • Q2 2025

    Question

    James Hardiman sought to connect the booking lull in April to the 2026 book position moving from "ahead" to "in line," asking if the company held firm on pricing during the slowdown. He also asked if any meaningful itinerary changes are anticipated due to the current Middle East conflict.

    Answer

    CEO Josh Weinstein generally agreed with the assessment, stating that the company doesn't need to panic or make reactive pricing decisions during periods of volatility, as the teams are focused on managing the yield curve for the long term. Regarding the Middle East, he noted that only a couple of ships based out of Dubai at the end of the year would be potentially impacted and that mitigation plans are in place, with no other significant exposure in the region through 2026.

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    James Hardiman's questions to CARNIVAL (CCL) leadership • Q1 2025

    Question

    James Hardiman of Citigroup asked about any forward-looking consumer sentiment indicators beyond bookings, such as payment behavior. He also inquired about the long-term ROIC opportunity beyond the 12% target and the potential timing for new long-term goals.

    Answer

    CEO Josh Weinstein reported no unusual signals from other indicators like cancellations. He stated that the 12% ROIC target is not an endpoint and that mid-teens is a realistic goal, driven by commercial execution and investments like Celebration Key. He anticipates discussing new long-term targets in early 2026, after the current ones are achieved.

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    James Hardiman's questions to CARNIVAL (CCL) leadership • Q4 2024

    Question

    James Hardiman asked about the sustainability of organic growth, seeking to distinguish between industry-wide tailwinds and company-specific initiatives. He also questioned the apparent deceleration in per diem growth implied by the 2025 guidance.

    Answer

    CEO Josh Weinstein acknowledged industry strength but emphasized significant self-help, pointing to nearly 10% same-ship yield growth and closing the historical performance gap with peers. He attributed this to improved execution and the large value proposition versus land-based vacations. Regarding per diem trends, he reiterated that the guidance reflects current information ahead of the critical wave booking season.

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    James Hardiman's questions to CARNIVAL (CCL) leadership • Q3 2024

    Question

    James Hardiman sought more detail on the 2025 cost outlook, asking about the underlying inflation assumptions and potential offsets beyond the disclosed impacts from Celebration Key and dry docks. He also asked about the potential business impact from the widening conflict in the Middle East.

    Answer

    CFO David Bernstein noted that while it's difficult to predict inflation, the company continues to work on cost-saving opportunities to provide an offset, with more detailed guidance to come in December. CEO Josh Weinstein addressed the geopolitical question, stating the Middle East is not a major source market and the company is not sailing in the region. He added that unless the conflict escalates significantly, the impact is minimal as their ships are mobile.

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    James Hardiman's questions to Norwegian Cruise Line Holdings (NCLH) leadership

    James Hardiman's questions to Norwegian Cruise Line Holdings (NCLH) leadership • Q1 2025

    Question

    James Hardiman sought clarification on the guidance assumption that booking 'choppiness' stabilizes, asking if the current booking run-rate is sufficient to meet targets or if further improvement is needed. He also asked what the recent trends imply for the 2026 outlook, specifically if a dynamic of higher price and lower occupancy should be expected.

    Answer

    CEO Harry Sommer clarified that while he wouldn't extrapolate from one strong week, the current booking pace and pricing are sufficient to hit the full-year guidance. Regarding 2026, CFO Mark Kempa stated it's too early to draw detailed conclusions from a few weeks of data but reaffirmed strong confidence in achieving the 'Charting the Course' targets for 2026, noting the booked position is well ahead of historical averages.

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    James Hardiman's questions to Norwegian Cruise Line Holdings (NCLH) leadership • Q4 2024

    Question

    James Hardiman of Citi followed up on occupancy, asking about the expected rate in 2026 and beyond. He also requested a bridge from the 2025 guidance to the 2026 "Charting the Course" targets, noting the implied acceleration in earnings growth.

    Answer

    President and CEO Harry Sommer indicated that a "mild tailwind" on occupancy in 2026 is a reasonable expectation due to deployment shifts, but declined to provide specific figures. To bridge to the 2026 targets, he highlighted that the 2025 EPS growth is 29% on an FX-adjusted basis, making the 2026 growth bar less steep. He reiterated that the company's algorithm of moderate capacity growth, single-digit yield growth, and low cost growth will enable them to achieve their targets.

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    James Hardiman's questions to Norwegian Cruise Line Holdings (NCLH) leadership • Q3 2024

    Question

    James Hardiman asked for clarification on per diem pricing trends, questioning the acceleration in Q3 and implied deceleration in Q4, and inquired about the sustainability of the wide spread between yield and cost growth relative to the 2026 targets.

    Answer

    CFO Mark Kempa explained that Q4 pricing guidance of around 5% is strong considering a tough 14% comp from the prior year and headwinds from Middle East redeployments. CEO Harry Sommer added that while the 2024 yield/cost spread is exceptional, the primary focus remains on achieving the absolute 2026 financial targets for margin, EPS, leverage, and ROIC, with the strong 2024 performance increasing their confidence.

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    James Hardiman's questions to Polaris (PII) leadership

    James Hardiman's questions to Polaris (PII) leadership • Q1 2025

    Question

    James Hardiman questioned the status of the original $1.10 EPS guidance (ex-tariffs) and how the incentive compensation headwind might swing back as a tailwind, impacting current and future year earnings.

    Answer

    CEO Mike Speetzen explained that the original guidance and the tariff impact cannot be viewed independently, as high tariffs would likely slow consumer spending further, making the original forecast moot. He emphasized the focus is on navigating the current situation. Regarding incentive compensation, Speetzen stated that the majority is profit sharing for employees. While it's a Board discussion, his desire is not to negatively impact that compensation for employees dealing with factors outside their control.

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    James Hardiman's questions to Polaris (PII) leadership • Q4 2024

    Question

    James Hardiman of Citigroup Inc. asked for details on ORV dealer inventory levels, including days-on-hand, and questioned if the inventory reduction was complete. He also inquired about the company's debt covenants in light of the lean financial outlook.

    Answer

    CEO Mike Speetzen confirmed ORV dealer inventory was around 100 days of supply and that while the bulk of the reduction is complete, further adjustments are needed in the recreational sub-segment, snow, and marine. CFO Bob Mack assured that debt covenants were proactively renegotiated in Q4 2024, providing sufficient headroom for 2025, and that the company is prioritizing debt paydown.

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    James Hardiman's questions to Polaris (PII) leadership • Q3 2024

    Question

    James Hardiman asked why Q3 retail was considered worse than expected when the decline was less severe than in Q2. He also sought more detail on inventory progress versus 2019 and questioned the 'flat EPS' starting point for 2025, given that a stable retail environment should imply shipment growth.

    Answer

    CEO Mike Speetzen explained the negative surprise was driven by the depth of competitor promotions on noncurrent inventory and a progressive weakening of the consumer backdrop after July. He reiterated high confidence in hitting year-end inventory targets, with units substantially below 2019 levels and DSO just over 100 days. He clarified his 'flat EPS' comment for 2025 assumes shipments could also be flat, reflecting a cautious view that retail may remain challenged next year.

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    James Hardiman's questions to ROYAL CARIBBEAN CRUISES (RCL) leadership

    James Hardiman's questions to ROYAL CARIBBEAN CRUISES (RCL) leadership • Q1 2025

    Question

    Speaking for James Hardiman, Sean Wagner asked about the role of occupancy in the 2025 guidance and the future opportunity from new Icon class ships. He also asked for the specific occupancy assumption for 2025 and the outlook for the equity income line.

    Answer

    CFO Naftali Holtz noted a significant opportunity to increase occupancy on both new and existing ships, which contributes to maximizing overall yield. He declined to provide a specific occupancy target for 2025 but said it is trending consistently. He also stated that the equity income line is expected to be consistent throughout the year with no specific factors to call out.

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    James Hardiman's questions to ROYAL CARIBBEAN CRUISES (RCL) leadership • Q4 2024

    Question

    James Hardiman of Citigroup sought details on the new River Cruise venture, asking about the delivery schedule for the 10 ships and the target demographic. He also questioned the significant increase in 2025 CapEx to $5 billion and how to model this spending in future years.

    Answer

    CEO Jason Liberty stated the initial 10-ship river order will deliver two ships in 2027 and four per year thereafter, emphasizing it is 'not a hobby.' CFO Naftali Holtz addressed CapEx, attributing the $5 billion to new ship deliveries (Star of the Seas, Celebrity Xcel) and major investments in private destinations like the Costa Maya port and the Nassau Beach Club, all supported by growing cash flow.

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    James Hardiman's questions to ROYAL CARIBBEAN CRUISES (RCL) leadership • Q3 2024

    Question

    James Hardiman asked what has fundamentally changed to drive the company's significantly improved return profile and where returns might settle long-term. He also questioned the strategic, non-financial considerations for investing in land-based destinations to extend competitive advantages.

    Answer

    CEO Jason Liberty attributed the higher returns to long-term investments in brand leadership, innovative ships, destination experiences like Perfect Day, and technology. He stated the ultimate strategic goal is to keep customers within the Royal Caribbean 'ecosystem' by delivering a 'lifetime of vacations.' This involves creating more experiences—through building, buying, or partnering—to increase engagement and loyalty with their customer base.

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    James Hardiman's questions to LINCOLN ELECTRIC HOLDINGS (LECO) leadership

    James Hardiman's questions to LINCOLN ELECTRIC HOLDINGS (LECO) leadership • Q4 2024

    Question

    James Hardiman, on for Saree Boroditsky, asked for more detail on the flat organic sales growth outlook, seeking a breakdown by end market and product type (consumables, equipment, automation), and inquired about the cautiousness of industrial OEM customers.

    Answer

    CFO Gabe Bruno provided a detailed end-market outlook, anticipating continued pressure in Heavy Industries and Construction, with Energy expected to be positive for the full year. CEO Steven Hedlund addressed OEM cautiousness, citing significant uncertainty around potential trade tariffs as a primary factor, emphasizing the need for organizational agility.

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    James Hardiman's questions to LiveWire Group (LVWR) leadership

    James Hardiman's questions to LiveWire Group (LVWR) leadership • Q3 2024

    Question

    Questioned the strategy of aligning wholesale shipments with retail sales given the retail weakness and asked about the risk of needing further inventory destocking in 2025.

    Answer

    Management defended the strategy, stating they are focused on reducing dealer inventory to levels similar to the start of the year. They believe this is the right level, partly because the quality of the inventory is higher with the new Touring platform, which reduces the risk of an overhang for 2025.

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    James Hardiman's questions to CARNIVAL (CUK) leadership

    James Hardiman's questions to CARNIVAL (CUK) leadership • Q2 2023

    Question

    James Hardiman of Citigroup sought to confirm the calculations for the three-year targets, estimating approximately $6.7 billion in 2026 adjusted EBITDA and a 3.5x leverage ratio. He also asked for the expected trajectory of the cash balance and net debt through 2026.

    Answer

    CEO Josh Weinstein confirmed the EBITDA and leverage math was accurate. CFO David Bernstein added that the cash balance is expected to decline over time toward the pre-pause target of $2.0-$2.5 billion as the company rebuilds its financial position, though a precise year-by-year forecast is complex. He noted that total liquidity would decrease as debt is paid down.

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    James Hardiman's questions to CARNIVAL (CUK) leadership • Q1 2023

    Question

    James Hardiman from Citi asked for clarification on like-for-like per diems to understand underlying pricing power separate from mix impacts from cabin types. He also questioned the cost trajectory, noting the increase from Q1 to Q2 and seeking clarity on the exit rate for 2023 and expectations for 2024.

    Answer

    CEO Josh Weinstein confirmed that like-for-like pricing is up and emphasized the cruise industry's strong value proposition compared to land-based vacations. CFO David Bernstein added that Q4 yields are expected to be up versus 2019, indicating higher pricing once mix issues resolve. On costs, Bernstein attributed the Q2 increase to higher occupancy and dry dock timing, advising to focus on full-year guidance as a more reasonable run rate.

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    James Hardiman's questions to CARNIVAL (CUK) leadership • Q4 2022

    Question

    James Hardiman of Citi asked about the strategy of using opaque booking channels for discounting and the company's confidence in recovering pricing power. He also questioned if the 'tripledemic' of seasonal viruses was having any observable impact on booking trends.

    Answer

    CEO Josh Weinstein defended the use of opaque channels as a tool to optimize total bottom-line revenue, not just ticket price, and affirmed their ability to pull back on them as conditions improve. He stated that they see no material business impact from seasonal viruses, as consumer behavior regarding travel is returning to normal.

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    James Hardiman's questions to CARNIVAL (CUK) leadership • Q3 2022

    Question

    James Hardiman inquired about the impact of the recent booking surge on pricing, seeking to reconcile the Q3 per diem decline with the strong pricing outlook for 2023. He also asked for an open-ended perspective on Carnival-specific versus industry-wide challenges and opportunities.

    Answer

    CEO Josh Weinstein noted that 2023 pricing is higher now than earlier in the year, driven by relaxed protocols and increased advertising. CFO David Bernstein added that the Q3 per diem was impacted by a delayed ramp-up in ad spend. On challenges, Weinstein stated the entire cruise industry is undervalued versus land-based vacations and highlighted Carnival's specific opportunities to improve its commercial operations.

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