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CEO Strauss Zelnick attributed the anticipation to the massive, ongoing success of GTA V, which has created a huge, actively engaged consumer base with enormous pent-up demand for a new iteration. On pricing, he reiterated that the company focuses on delivering superior value rather than a specific price point, and that pricing is determined at the label level for each release.

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CEO Strauss Zelnick reaffirmed the release schedule through the end of the calendar year. Regarding Project Ethos, he stated the departing leader will remain an advisor, with 31st Union and 2K executives managing the transition, and that the company remains fully committed to the project.

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CEO Strauss Zelnick maintained the company's policy of not commenting on hardware manufacturers' plans but affirmed support for successful platforms. Regarding 'Project Eagle,' he said the playtest was successful in generating useful community feedback that the development team is incorporating.

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CFO Craig Felenstein identified faster market expansion, new product additions, and growth in adjacent markets like iGaming as key variables that could drive revenue above the 15% CAGR. CEO Carsten Koerl attributed the strong Marketing Services growth to delivering better CPA returns for a broad base of operators. Felenstein added that organic growth was over 20%, excluding a recent acquisition.

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CEO Carsten Koerl outlined a long-term vision focused on four growth avenues: continued leadership in sports betting, expansion into the large iGaming market, leveraging data for hyper-personalization in media, and developing its business with governments and regulators. He detailed that AI is being used in three ways: driving internal efficiency, optimizing client value (like in MTS), and creating true innovation by combining sports, fan, and liquidity data.

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CEO Neal Menashe estimated market share in South Africa could be 30-40% but noted official data is scarce. He stated competition is managed through operational efficiency and brand resonance. CFO Alinda Van Wyk described the tax environment as stable and collaborative. Menashe confirmed Botswana's launch was successful but had a minor impact on the quarter as it began in February. He affirmed the company is actively looking at M&A globally, including in the U.S., if the price and fit are right, leveraging their strong balance sheet.

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Executive Neal Menashe confirmed that the budget for 2025 maintains marketing spend at 23% of revenue, which represents a larger absolute number due to higher revenue projections. Regarding the dividend, Menashe stated the increase to $0.04 per quarter reflects confidence and a commitment to shareholder returns. He indicated an aim to exceed the prior year's total dividend payout of $0.25 per share, contingent on M&A opportunities.

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Executive Neal Menashe addressed the questions, stating that for U.S. iGaming, the plan is to grow revenue without increasing investment. In Canada, lessons from Ontario are being applied to prepare for Alberta, and they are actively combating brand cybersquatting. For Africa, he estimated the TAM at around $5 billion, highlighting their head start, local expertise, and strong regulatory relationships as key competitive moats. He noted that major competitors are largely absent, seemingly focused on other markets like Brazil, which Super Group is avoiding.

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Gregory S. Marcus (executive) attributed the box office momentum to high-quality, broad-based content and unexpected hits, which he believes is healthy for attracting diverse demographics. He explained that the company's pricing strategy focuses on driving attendance to build long-term moviegoing habits, which benefits all ancillary revenues. He identified digital ordering as the future solution for managing concession lines and improving per caps. Chad Paris (executive) clarified that the Q1 labor cost increase was an anomaly due to a tough comparison with the prior year's strike-impacted quarter, where operating hours were severely reduced, and he does not expect that level of pressure to continue.

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CEO Gregory S. Marcus explained that their pricing strategy, which focuses on driving attendance through value promotions, is under constant evaluation. He noted that while screen count growth is a consideration, cash flow remains the priority, and the transaction market is currently quiet. Marcus also highlighted the significant opportunity in digital concession ordering to increase basket size through automated upselling. Regarding the Movie Club, he expressed optimism about its potential to build steady cash flow and movie-going habits, while noting its performance might differ from competitors due to Marcus's already strong 'Value Tuesday' program. Executive Chad Paris added that the quality of the 2025 film slate, rather than just the quantity of releases, is expected to be a key driver of growth.

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CEO Gregory S. Marcus acknowledged that while the theatre business historically performs well in recessions due to its value proposition, the recent success is a combination of factors including a strong film mix and specific operational changes like value promotions. Regarding M&A, he stated that while the company is open to opportunities, the market is currently quiet as potential sellers, many of whom are family-owned, are waiting for market stability before making decisions.

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CEO Tom Lesinski expressed excitement about the enhanced AMC partnership, stating it unlocks a "huge opportunity" with new, better inventory that will have a material impact in the second half of the year. CFO Ronnie Ng added that having the full network available for the Platinum product will have a greater-than-linear growth effect. Regarding NCMX, Lesinski highlighted how products like 'Blueprint' and 'Bullseye' allow NCM to compete effectively for performance-based ad dollars. He confirmed that the strong upcoming film slate is creating positive buzz and "sustainable excitement," driving client interest.

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CEO Thomas Lesinski responded that attendance is the primary growth driver and his outlook is in sync with market forecasts for a strong 2025 and 2026, noting it's the first full year post-disruptions. He described advertiser sentiment as 'really good' due to industry stability and NCM's enhanced data capabilities. While expecting a better upfront season, he acknowledged the trend of last-minute scatter market buys continues. Mr. Lesinski confirmed very high demand for premium screens tied to Platinum inventory and expressed optimism for a 'nice comeback' in the local business segment following reinvestment in the sales team.

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CFO Ronnie Ng explained the Q4 guidance reflects a difficult year-over-year comparison due to 2023's Taylor Swift concert film and an anticipated mix shift toward lower-CPM G/PG-rated films in December. CEO Thomas Lesinski expressed strong optimism for 2025, expecting significant growth from a normalized film slate driving both attendance and higher revenue per attendee. On capital allocation, Lesinski affirmed the primary focus remains the share buyback program, characterizing recent small investments as strategic and opportunistic rather than a shift in strategy.

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CEO Mark Locke asserted that any successful sports-based product will require official league relationships, positioning Genius well, and confirmed the buyback is "entirely opportunistic." CFO Nicholas Taylor clarified that because the NCAA deal's value is concentrated in March Madness, the primary financial impact will be realized in 2026, with minimal contribution to the 2025 guide.

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CEO Mark Locke explained that the expected shift to in-play betting is materializing as operators focus on its higher margins, with products like BetVision being key drivers. CFO Nicholas Taylor clarified that the guidance philosophy remains conservative but is more accurate this year due to increased visibility. CEO Mark Locke humorously added they are still the 'same conservative bricks we've always been.'

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CEO Sean Gamble confirmed the premium trend remains strong with no signs of a trade-down, but stressed the focus is on elevating the entire moviegoing experience. He sees the upcoming slate as a tailwind for premium mix. Regarding China, Gamble stated it is not a current concern, as its importance to Hollywood's global box office has diminished and there are no signs of it impacting release schedules.

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President and CEO Sean Gamble acknowledged that moviegoing is historically resilient in tough economic times, though it's hard to quantify the 'trade-down' benefit, noting that consumers continue to purchase premium offerings. CFO Melissa Thomas added that while they are mindful that price is a key deterrent, they see room for modest, data-driven ticket price growth long-term, but cautioned that Q4 pricing may be flat to down due to lapping last year's Taylor Swift concert film.

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Executive Kyle Sauers explained the revenue impact by highlighting the gap between 50%+ GGR growth and flat net revenue, noting this would be a meaningful driver of profitability once removed. CEO Richard Schwartz did not provide a specific percentage for cross-sell players but emphasized its strategic importance. He described product features like in-app mini game lobbies designed to reduce friction and encourage players to engage with multiple verticals simultaneously.

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CEO Richard Gelfond bluntly reiterated his strong confidence that major Hollywood films will secure releases in China, citing recent approvals and direct communications. Regarding brand perception, he stated that IMAX is viewed as a local, prestigious brand in China, where it has a large footprint and high brand value. He also pointed out that IMAX is a Canadian company, mitigating any potential for an 'American brand' backlash.

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CEO Richard Gelfond described the "Narnia" deal as a complex arrangement that serves as a template for eventizing specific, high-profile films with streamers, not just any movie. He attributed the China success primarily to a strong film slate, pent-up demand, and effective marketing. IMAX China CEO Daniel Manwaring affirmed the forward-looking Chinese slate is robust, with more big-budget "Filmed for IMAX" titles and a stronger Hollywood slate than in 2024.

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CFO Natasha Fernandes clarified the $1.2B box office figure is a new, specific forecast. CEO Richard Gelfond dismissed concerns of 'superhero fatigue,' pointing to a well-balanced slate and the success of films like 'Deadpool.' He attributed any past fatigue to an oversupply from streaming. He declined to provide details on the new technology being used by Christopher Nolan.

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CFO Stuart Canfield confirmed that EA expects to grow in FY '26 even without Battlefield, driven by an FC rebound, SCAPE, and The Sims. CEO Andrew Wilson stated that while College Football benefited from pent-up demand, future growth will be driven by the sport's rising popularity and the creation of a combined American football ecosystem with Madden, which he believes is in its "very early stages."

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