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    Megan Christine Alexander • Morgan Stanley

    Megan Christine Alexander's questions to Topgolf Callaway Brands Corp (MODG) leadership

    Megan Christine Alexander's questions to Topgolf Callaway Brands Corp (MODG) leadership • Q1 2025

    Question

    Megan Christine Alexander requested more color on the cost savings that are enabling the company to maintain guidance despite headwinds. She also asked for an update on the planned capitalization of a separated Topgolf, specifically the cash amount.

    Answer

    President and CEO Chip Brewer stated that cost savings were a result of both proactive initiatives started last year and an acceleration of those efforts across all business areas. CFO Brian Lynch addressed the Topgolf capitalization, explaining that due to the changed environment, the plan is now for Topgolf to have less cash and a modest amount of debt post-separation to ensure both resulting companies are financially strong.

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    Megan Christine Alexander's questions to Topgolf Callaway Brands Corp (MODG) leadership • Q4 2024

    Question

    Megan Christine Alexander asked for a high-level view on what makes Topgolf's 2025 initiatives to improve same-venue sales different from past efforts, and how much of a recovery is controllable versus macro-dependent. She also inquired about the pro forma leverage expectations for the core business post-separation, given the lower EBITDA outlook.

    Answer

    Arthur Starrs, CEO of Topgolf, explained that 2025 initiatives are different because they offer 'sharp' value during ownable, high-traffic periods like Sundays and late nights, which is already driving encouraging traffic and sales. Brian Lynch, CFO, and Oliver Brewer, CEO, addressed leverage, stating they expect to be cash flow positive and intend to use a retained stake in a potential spin to delever. Brewer emphasized a commitment to ensuring both businesses are in strong financial positions post-separation.

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    Megan Christine Alexander's questions to Life Time Group Holdings Inc (LTH) leadership

    Megan Christine Alexander's questions to Life Time Group Holdings Inc (LTH) leadership • Q1 2025

    Question

    Megan Alexander from Morgan Stanley asked about the new, lower leverage target and the capital allocation strategy in a volatile macro environment, specifically questioning the preference between buybacks and holding cash. She also sought more detail on the comment about customers being more 'thoughtful' before joining.

    Answer

    Bahram Akradi, Founder, Chairman and CEO, stated that the priority is maintaining a strong balance sheet and achieving a BB credit rating, thus favoring holding cash for flexibility over share buybacks. He clarified that while new member sign-ups were slightly softer in April and May, it's not a major concern and is partially influenced by high retention and clubs being at capacity, limiting the number of available spots.

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    Megan Christine Alexander's questions to Life Time Group Holdings Inc (LTH) leadership • Q4 2024

    Question

    Megan Christine Alexander from Morgan Stanley sought clarification on the year-end net debt leverage target, noting the difference between the "at or below 2.25x" goal and the "less than 2x" implication. She also asked about the EBITDA margin outlook and whether management would prioritize further expansion or reinvestment.

    Answer

    CEO Bahram Akradi clarified the official goal is to maintain leverage under 2.25x, but the current forecast naturally points to under 2x by year-end if debt remains at $1.5B. He confirmed sale-leaseback proceeds would be incremental to operating cash flow for funding growth. Regarding margins, Akradi stated that while they could exceed the current guidance, the company will not be pushed to do so at the expense of member experience, preferring to maintain flexibility.

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    Megan Christine Alexander's questions to Vital Farms Inc (VITL) leadership

    Megan Christine Alexander's questions to Vital Farms Inc (VITL) leadership • Q1 2025

    Question

    Megan Christine Alexander suggested that guidance could have been raised given the price increase and asked for confirmation that the company was being prudent. She also inquired about Q1 gross margin performance relative to expectations and the outlook for the remainder of the year.

    Answer

    CEO Russell Diez-Canseco affirmed the assessment was reasonable, aligning with the company's strategy to ensure it delivers on commitments. CFO Thilo Wrede added that it was prudent to maintain guidance given it's only Q1 amid rising economic uncertainty. He explained Q1 gross margin was as expected—lower YoY due to operational inefficiencies from supply constraints and investments in headcount for future growth.

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    Megan Christine Alexander's questions to Hershey Co (HSY) leadership

    Megan Christine Alexander's questions to Hershey Co (HSY) leadership • Q1 2025

    Question

    Megan Alexander asked if management felt better about the ability to grow EPS in 2026, excluding tariffs, given recent cocoa price and elasticity trends. She also sought to clarify the assumptions in the $100 million tariff figure.

    Answer

    SVP and CFO Steve Voskuil confirmed that excluding tariffs, the outlook 'definitely feels better' and a path to 2026 EPS growth exists with current cocoa prices, though it requires aggressive action. He also confirmed the $100 million unmitigated tariff estimate assumes the current 10% paused tariff rate on cocoa.

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    Megan Christine Alexander's questions to Mondelez International Inc (MDLZ) leadership

    Megan Christine Alexander's questions to Mondelez International Inc (MDLZ) leadership • Q1 2025

    Question

    Megan Christine Alexander asked about the drivers of the better-than-expected profit dollar generation, whether the cadence for profit improvement remains intact despite tariff costs, and for an update on the U.S. biscuits business strategy.

    Answer

    CFO Luca Zaramella attributed the profit beat to better-than-planned pricing outside the U.S., accelerated productivity savings, and favorable commodity procurement, confirming that tariffs are a manageable Q4 impact. CEO Dirk Van de Put stated that while the U.S. biscuit category is soft, Mondelez is gaining share by focusing on affordable price points (under $3), strong retail activations, and multipacks to appeal to value-seeking consumers.

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    Megan Christine Alexander's questions to Polaris Inc (PII) leadership

    Megan Christine Alexander's questions to Polaris Inc (PII) leadership • Q1 2025

    Question

    Megan Christine Alexander asked for clarity on the potential annualized tariff impact in 2026 and questioned the company's balance sheet strategy, including potential actions like dividend cuts or equity raises to manage liquidity and leverage.

    Answer

    CEO Mike Speetzen and CFO Bob Mack advised against simple annualization of the 2025 tariff impact due to dynamic mitigation efforts, such as resourcing 30% of China content in 2025. They highlighted ongoing discussions with the administration for potential relief. Regarding liquidity, Speetzen affirmed the importance of the dividend but stated liquidity is paramount. Mack detailed the current liquidity of $1.4 billion ($1.1B revolver, $300M cash), plans to reduce CapEx, and ongoing discussions with their supportive bank group for covenant flexibility, stating they don't anticipate liquidity concerns even in downside scenarios.

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    Megan Christine Alexander's questions to Smithfield Foods Inc (SFD) leadership

    Megan Christine Alexander's questions to Smithfield Foods Inc (SFD) leadership • Q1 2025

    Question

    Megan Christine Alexander inquired about the impact of tariffs, particularly the 145% rate on China, on Smithfield's guidance and export demand. She also asked for the company's view on the hog supply and demand balance for 2025 and how the tariff environment affects its Hog Production outlook.

    Answer

    CEO Shane Smith and Donovan Owens, President of Fresh Pork, explained that while China is an important market, it represents only 3% of total revenue. They emphasized that the company has a 'next best sales strategy' to pivot to over 30 other export markets and that the current 2025 guidance already incorporates the tariff risk. Regarding hog production, Smith noted that tariffs created short-term revenue volatility but prices have since rebounded. He sees the industry as balanced, with Q2 and Q3 expected to be strong before a seasonal return to normal in Q4.

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    Megan Christine Alexander's questions to Smithfield Foods Inc (SFD) leadership • Q4 2024

    Question

    Megan Christine Alexander questioned the Packaged Meats guidance, which implies a slight profit decline at the midpoint despite a stated priority of profit growth. She also asked if the Q1 improvement in Hog Production would offset pressures in other segments, allowing for overall Q1 profit growth.

    Answer

    President of Packaged Meats, Steve France, explained the guidance range accounts for higher input costs and a cautious consumer, which the company mitigates through mix optimization and pricing strategies. CFO Mark Hall confirmed her assessment for Q1, stating that the year-over-year strength in Hog Production is a key dynamic expected to support overall first-quarter profitability.

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    Megan Christine Alexander's questions to Hasbro Inc (HAS) leadership

    Megan Christine Alexander's questions to Hasbro Inc (HAS) leadership • Q1 2025

    Question

    Megan Christine Alexander from Morgan Stanley sought clarification on the meaning of "prolonged tariffs creating structural costs" and asked for a breakdown of the raised guidance for the Wizards of the Coast segment.

    Answer

    CEO Chris Cocks explained that structural costs refer to future incremental tariff exposure and the higher operational costs from shifting the supply chain. CFO & COO Gina Goetter confirmed the annualized tariff impact would be higher in 2026. Regarding Wizards, Cocks attributed the strong outlook to the success of Universes Beyond, noting the Final Fantasy set is the best-selling ever on day one, and the segment's historical macro resilience.

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    Megan Christine Alexander's questions to Hasbro Inc (HAS) leadership • Q4 2024

    Question

    Megan Christine Alexander asked about Hasbro's Consumer Products top-line guidance for 2025, expectations for industry POS and market share, and the drivers behind the medium-term margin expansion goals, including the impact of self-publishing video games.

    Answer

    CEO Chris Cocks stated the toy industry is expected to be flat, with Hasbro focusing on sub-$20 price points. CFO and COO Gina Goetter noted that NERF and Star Wars were headwinds to market share and that the medium-term margin expansion of 50-100 bps annually is cumulative. Goetter clarified that while video games will boost profit dollars, the amortization of capitalized development costs will be an offset to the margin percentage.

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    Megan Christine Alexander's questions to Hasbro Inc (HAS) leadership • Q3 2024

    Question

    Megan Christine Alexander questioned the drivers behind the lowered Consumer Products guidance, asking for the expected Q4 POS trend and whether the strong Q3 Consumer Products margin was sustainable or included one-time benefits.

    Answer

    CFO Gina Goetter explained the guidance reduction was driven by lower closeout volume and softness in Entertainment-backed brands like Star Wars, not a change in POS outlook. She confirmed the strong Q3 margin had no one-time items but noted Q4 margin would be impacted by higher royalty expenses and lapping prior year bonus-related items. CEO Chris Cocks added that non-discounted toy volume is expected to be flat-to-up in Q4.

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    Megan Christine Alexander's questions to Simply Good Foods Co (SMPL) leadership

    Megan Christine Alexander's questions to Simply Good Foods Co (SMPL) leadership • Q2 2025

    Question

    Megan Christine Alexander asked for an analysis of the full-year gross margin guidance, which was maintained despite a strong first half, questioning the impact of tariffs and input cost visibility. She also requested an update on Atkins' performance, particularly regarding new innovation and expectations for fall 2025 resets.

    Answer

    CFO Shaun Mara clarified that Q2 gross margin benefited from a slower flow-through of high-cost cocoa and a favorable brand mix, but he anticipates significant cost pressures in the second half from inflation and tariffs. He estimated a $5-$10 million headwind from tariffs in FY25, which is factored into the guidance. CEO Geoff Tanner added that enhanced productivity initiatives are in place to mitigate these costs. On Atkins, Tanner expects a smaller footprint post-resets but remains committed to the brand's revitalization through innovation, new packaging, and targeting consumers on GLP-1 drugs.

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    Megan Christine Alexander's questions to Conagra Brands Inc (CAG) leadership

    Megan Christine Alexander's questions to Conagra Brands Inc (CAG) leadership • Q3 2025

    Question

    Megan Christine Alexander requested an unpacking of the underlying consumption expectation for Q4 and asked for confirmation on the full-year guidance for leverage and equity-method earnings.

    Answer

    CEO Sean Connolly explained that Q4 consumption will remain strong until supply constraints weaken on-shelf inventory, which could cause a temporary dip in scanner data not reflective of underlying consumer demand. CFO Dave Marberger confirmed that the previous full-year guidance for leverage (around 3.55x) and equity-method earnings (around $150M) remains unchanged.

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    Megan Christine Alexander's questions to Traeger Inc (COOK) leadership

    Megan Christine Alexander's questions to Traeger Inc (COOK) leadership • Q4 2024

    Question

    Megan Christine Alexander sought clarification on the 'tough compares' mentioned in the low single-digit grill revenue growth guidance. She also asked for more detail on the dynamics of direct import orders from retailers amid the fluid tariff environment.

    Answer

    CFO Dominic Blosil clarified that the tough comparisons refer to two factors: lapping the successful, heightened promotional activity of 2024 and the one-time revenue benefit from the Woodridge grill load-in. Regarding direct imports, he explained that the issue is not a change in retailer orders but rather the uncertainty of order timing and revenue recognition, as the company and its partners strategize around potential tariff impacts, making quarterly pacing difficult to predict.

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    Megan Christine Alexander's questions to Traeger Inc (COOK) leadership • Q3 2024

    Question

    Megan Christine Alexander of Morgan Stanley inquired about the grill category's health, whether it has "turned the corner," and how the company plans to manage incremental margins and reinvestment as the top line recovers.

    Answer

    CEO Jeremy Andrus stated that while the category appears to have found a bottom, the timing of a full recovery is unclear, though he expects 2025 to be a better year than 2024. CFO Dom Blosil explained that any return to growth would unlock investment capacity, but the company would operate within its long-term financial guardrails to ensure continued EBITDA expansion and profitable growth.

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    Megan Christine Alexander's questions to Acushnet Holdings Corp (GOLF) leadership

    Megan Christine Alexander's questions to Acushnet Holdings Corp (GOLF) leadership • Q4 2024

    Question

    Megan Christine Alexander inquired about the full-year 2025 top-line guidance, asking if the first-half trend of Golf Equipment driving most of the growth would persist and seeking clarity on the expected performance of golf balls versus clubs.

    Answer

    CFO Sean Sullivan clarified that while sales information for clubs and balls will still be provided separately, the segment P&L is now aggregated. He expects a large part of golf ball growth to be in the first half due to the Pro V1 launch, while club growth will be more weighted to Q2 and later in the year with new putter, hybrid, and iron launches. He also reiterated that FootJoy is focused on improving profitability.

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    Megan Christine Alexander's questions to Yeti Holdings Inc (YETI) leadership

    Megan Christine Alexander's questions to Yeti Holdings Inc (YETI) leadership • Q4 2024

    Question

    Megan Christine Alexander asked for clarification on the impact of the 53rd week on 2025 guidance and questioned the state of the competitive and promotional environment in the Drinkware category, including YETI's strategic response.

    Answer

    An executive, identified as Michael McMullen, clarified that the 53rd week has a minimal impact, contributing less than one point of growth for the full year. President & CEO Matthew Reintjes stated that YETI's strategy to counter a competitive Drinkware market is to continue diversifying its product portfolio. He noted the company will maintain its targeted promotional strategy rather than reacting to broader market promotions, which he sees as focused on a narrow set of products.

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    Megan Christine Alexander's questions to Yeti Holdings Inc (YETI) leadership • Q3 2024

    Question

    Megan Christine Alexander asked if mid-single-digit growth is the right ongoing expectation for the U.S. market and questioned how YETI might leverage its strong balance sheet to accelerate investments and offset potential tariff headwinds.

    Answer

    CEO Matt Reintjes expressed bullishness on long-term U.S. growth potential driven by product expansion, without committing to a specific number. He also confirmed that the company is actively considering all options to manage tariff impacts, including leveraging its financial flexibility for investments, operational changes, and pricing, once the situation becomes clearer.

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    Megan Christine Alexander's questions to Vail Resorts Inc (MTN) leadership

    Megan Christine Alexander's questions to Vail Resorts Inc (MTN) leadership • Q1 2025

    Question

    Megan Christine Alexander of Morgan Stanley sought more detail on the drivers behind the improvement in pass sales, specifically regarding renewal strength versus new pass holders. She also asked for an update on the My Epic Gear rollout and its initial uptake.

    Answer

    CEO Kirsten Lynch explained that pass sales results were driven by strong loyalty from renewing pass holders across all geographies. The decline in new pass holders was attributed to a smaller pool of prior-year lift ticket guests and new-to-database guests, impacted by last season's weather. Regarding My Epic Gear, she stated it's too early to report substantial results but expects to provide a more robust update in March.

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    Megan Christine Alexander's questions to Planet Fitness Inc (PLNT) leadership

    Megan Christine Alexander's questions to Planet Fitness Inc (PLNT) leadership • Q3 2024

    Question

    Megan Alexander questioned the specific drivers behind the upwardly revised same-club sales guidance, asking if it was due to better churn, price elasticity, or Black Card mix. She also asked how the company plans to manage Black Card retention as its penetration grows, given its historically higher churn.

    Answer

    CFO Tom Fitzgerald clarified that the improved outlook was driven by member acquisition coming in stronger than test models predicted and a favorable Black Card mix. He corrected the premise of the second question, stating that in recent years, Black Card member attrition has been very much in line with Classic Card members, demonstrating the strength of its value proposition.

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    Megan Christine Alexander's questions to Sharkninja Inc (SN) leadership

    Megan Christine Alexander's questions to Sharkninja Inc (SN) leadership • Q3 2024

    Question

    Megan Alexander asked for clarity on the 2025 margin trajectory, questioning if current investments are a pull-forward from 2025 or a lingering expense. She also asked how quickly the company can catch up on inventory for high-demand products.

    Answer

    CEO Mark Barrocas explained that investments in the supply chain and international growth were accelerated into 2024 to set the business up for long-term success, rather than managing quarter-to-quarter. He estimated inventory for some hit products would catch up in Q1 2025, while others might take until Q2. CFO Patraic Reagan added that they are investing from a position of strength to support the entire innovation lifecycle.

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    Megan Christine Alexander's questions to Harley-Davidson Inc (HOG) leadership

    Megan Christine Alexander's questions to Harley-Davidson Inc (HOG) leadership • Q3 2024

    Question

    Megan Christine Alexander from Morgan Stanley inquired about the trend of retail sales during the third quarter, how the company exited the period, and how these trends informed the Q4 outlook.

    Answer

    CEO Jochen Zeitz explained that Q3 began with a strong July but weakened unexpectedly in late September, a trend he noted was consistent across the powersports sector. He attributed the slowdown to macroeconomic uncertainty, interest rate pressures, and weather events, which subsequently informed the revised Q4 guidance.

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