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Leah Talactac, President & CFO, and Linh Banh, EVP of Finance, clarified that they have consistently aimed for mid-single-digit growth and did not guide for a specific tick-up. They reiterated that the current position is strong. Regarding expenses, Banh explained that quarterly variances are normal due to timing of maintenance, ship deliveries, and itinerary mix. She emphasized that for the first half of 2025, operating expense growth was well below revenue growth, leading to a 45% increase in adjusted EBITDA, and confirmed that quarterly fluctuations should be expected.

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President and CFO Leah Talactac and EVP of Finance Linh Banh responded that booking curve development is nuanced and not subject to a fixed rule. Talactac cited a past example where the 2024 Ocean booking rate actually increased as the year progressed due to dynamic pricing. They explained that given the strong current demand and a stable macro environment, they remain confident in their ability to dynamically price the remaining inventory to achieve mid-single-digit yield growth.

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President and CFO Leah Talactac and EVP of Finance Linh Banh responded that pricing is dynamic and not bound by a fixed pattern. Talactac cited a past instance where Ocean pricing growth for 2024 actually accelerated over time. They asserted that given the current strong demand and a stable macro environment, they are confident in their ability to achieve mid-single-digit yield growth, as it is not a 'rule of thumb' that rates must decline.

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President and CFO Leah Talactac confirmed that 2026 is ahead on both rate and volume but deferred a more detailed discussion to the next earnings call. Chairman and CEO Torstein Hagen detailed significant barriers to entry, emphasizing Viking's control of 72 premier docking locations, including long-term exclusive contracts in Paris and near the Karnak temple in Egypt, which are difficult for competitors to replicate.

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EVP of Finance Linh Banh reiterated the company's goal of mid-to-high single-digit yield growth and expressed confidence in the current 2025 position. Regarding Egypt, Banh noted it represents only a couple of percentage points of total capacity, so small movements won't significantly impact overall results. CEO Torstein Hagen added that Viking's ships in Egypt are the best on the river, supporting the product's long-term strength.

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CEO Craig Billings confirmed the expectation to be the sole operator for 'some period of time' but declined to speculate on the duration, as it depends on future regulatory decisions in other Emirates. He stressed that Wynn's financial projections were compelling even with the assumption of multiple competitors, so being the sole operator provides significant potential upside.

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CEO Craig Billings specified that the bulk of the delayed CapEx is the Encore Las Vegas tower remodel. He cautioned against using this as a read-through for New York costs, as the issue was specific to certain high-tariff items. Billings and executive Brian Gullbrants both confirmed they are not seeing any softening in group business, attributing the strong 2026 pace to the favorable timing of large, cyclical conventions.

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CEO Craig Billings avoided direct guidance but expressed strong confidence, noting that excluding the Super Bowl, all key volume metrics were up year-over-year, with a great room base and robust transient demand. He confirmed that any potential Thailand project would be pursued through a subsidiary of the U.S.-listed entity, Wynn Resorts, Limited.

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CFO Julie Cameron-Doe clarified that after normalizing for table games hold and accounting for higher ADRs impacting comp costs, there was no underlying negative trend in gaming revenue. CEO Craig Billings added that metrics like slot handle (up 3.5%) show business health. Executive Brian Gullbrants stated that the group business outlook is healthy, pacing toward a record year in 2024. He expects 2025 group room nights to be similar to 2024 by design, allowing the company to push rates and manage inventory around the Encore Tower renovation.

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Co-Founder & CEO Jason Robins explained that the flat Monthly Unique Payers (MUPs) metric was primarily due to the loss of Jackpocket's large user base in Texas. He confirmed the customer base is roughly in the 80/20 range but emphasized that the top 20% still represents millions of diversified customers, not just high rollers.

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Co-Founder & CEO Jason Robins explained that the flat monthly unique payers (MUPs) were primarily due to the loss of Jackpocket in Texas, a very large lottery state. Regarding customer mix, he confirmed the company is roughly in the 80/20 range, which he considers normal, but noted that for DraftKings, 20% of customers still represents millions of people, indicating a well-diversified base.

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CEO Jason Robins confirmed a belief that DraftKings gained market share in basketball, attributing the success to significant improvements in live betting, which has been boosted by recent technology acquisitions. Regarding handle growth in mature states, Robins explained that handle is just one of several metrics, alongside hold rate and promotional efficiency, that combine to drive contribution profit growth.

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CEO Jason Robins confirmed that investments in live betting are the primary reason for the flat EBITDA guidance, stating these investments will be neutral in 2025 but EBITDA-positive in 2026 and beyond. CFO Alan Ellingson added that any initial debt issuance would be for general corporate purposes to establish a market presence, with no specific immediate use in mind.

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CEO Jason Robins stated that Q3 hold was neutral and as expected. Regarding Illinois, he confirmed that DraftKings has begun implementing measures to mitigate the tax impact, which is factored into their promotional efficiency improvements. However, he noted that this is still a work in progress and not fully realized, representing potential upside for future guidance.

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CEO Patrick Pacious explained that the guidance accounts for strategic terminations of underperforming hotels, which are being replaced by higher-revenue properties. CFO Scott Oaksmith added the China deal was already in prior guidance. He also clarified the operating guarantee was a limited, $20M lifetime potential liability tied to a specific portfolio of 13 managed hotels from the Radisson acquisition.

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CEO Patrick Pacious confirmed that the high velocity of conversions, which can open in as little as three months, means many don't sit in the pipeline for long. He also mentioned that Q1 is a typical period for pipeline cleanup. CFO Scott Oaksmith explained that the pipeline's composition (2/3 new build) is the inverse of openings (2/3 conversion) because new builds have a much longer duration from signing to opening. Pacious added that this mix has been consistent for some time.

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CFO Scott Oaksmith explained it's difficult to provide a direct correlation but stated the fees are significantly higher than the 5% average royalty rate, based on reservations delivered. He confirmed the Westgate deal does not mute the overall effective royalty rate growth guidance. CEO Patrick Pacious and CFO Scott Oaksmith both addressed franchisee sentiment, stating there is no pushback as these partnerships are additive, targeting different stay occasions or markets and bringing new guests into the Choice ecosystem.

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CEO Patrick Pacious expressed confidence in Q4, citing positive macro trends and November bookings tracking ahead of the prior year. CFO Scott Oaksmith confirmed an increased use of key money to secure higher revenue-intense hotels in a competitive new-build environment, but expects this to normalize long-term.

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CFO Leeny Oberg explained that with conversions representing about 30% of signings for several years, the pipeline composition has shifted. She expects roughly one-third of future openings to be conversions, which is sufficient to support the mid-single-digit net rooms growth target. President & CEO Anthony Capuano added that the new midscale brands and portfolio deals present further conversion opportunities.

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CFO Leeny Oberg defended the current 'under construction' definition as the most logical but did not provide an alternative calculation. For IMFs, she specified that in Q1, 21% of U.S. & Canada hotels were paying incentive fees, up from 20% a year ago. She noted this compares to 60% globally and that fees are coming strongly from both premium and luxury tiers.

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CFO Leeny Oberg estimated that conversions could represent 30% to 40% of openings in 2025. CEO Tony Capuano noted that key money is the preferred tool for competitive deals, particularly in upper upscale and luxury tiers. Leeny Oberg added that investment in growth is overwhelmingly key money, with the company continuing to see strong returns on these contracts.

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CFO and EVP, Development Leeny Oberg stated that key money trends are stable, with about one-third of deals using it and the amount per deal remaining similar. President and CEO Tony Capuano added it's being used selectively in broader quality tiers. Oberg noted the hurricane-related IMF was immaterial and confirmed the recent $70 million operating profit guarantee reserve was an unusual, long-dated one from the Starwood acquisition, with no other guarantees of that size or length remaining.

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Chairman and CEO Thomas Baltimore expressed confidence in finding future efficiencies through operational deep dives and technology. CFO Sean Dell'Orto stated definitively that asset sales are not contingent on the planned refinancing. Regarding Hawaii's 2026 group pace, Dell'Orto explained that the Hawaii Convention Center will be shut down for renovation, impacting citywide demand for that year.

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CFO Sean Dell'Orto ranked group business as the strongest due to its solid base of definite bookings. He placed leisure second, noting strong performance in drive-to markets and a healthy outlook for the summer. Business transient was ranked third, showing solid short-term performance but with a very narrow booking window. He confirmed that June looks healthier than May for leisure, independent of the Easter shift.

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Chairman and CEO Thomas Baltimore stated the Royal Palm's EBITDA ramp-up would likely take a normal 2-3 years. CFO Sean Dell'Orto clarified the tough Q1 comp was due to broad-based strength in January and February of the prior year, which was a more significant factor than the Easter calendar shift.

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President & CEO James Risoleo described the debt capital markets as 'wide open' with a pickup in transaction activity, though a bid-ask spread persists. He stated that acquisitions are 'not at the top of our list,' as the company currently sees better value in reinvesting in its own assets, paying dividends, and repurchasing its stock, which he called a 'screaming bargain.'

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EVP and CFO Sourav Ghosh confirmed the guidance assumes sales beyond the 14 units with current deposits, but noted the EBITDA would not be recognized until Q4 2025. Regarding corporate rates, he stated the increase is expected to be 'close to the mid-single-digit number,' aligning with reports from major hotel brands.

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EVP and CFO Sourav Ghosh reported that Q3 leisure rates were relatively flat year-over-year, having normalized at approximately 50% above 2019 levels, and he expects this to be a stable baseline for 2025. He also confirmed that the $1.75 billion run-rate EBITDA figure is a long-term potential that assumes the full $75-$80 million recovery from Maui, not a forecast for 2025.

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CFO Jonathan Root confirmed there are no guarantees on growth or loss levels, highlighting the partners' confidence in H-D's management. He explained that H-D will now retain one-third of retail originations, receiving a premium and servicing fees for the other two-thirds. He directed investors to the earnings deck for a directional view of the post-transaction earnings curve.

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CEO Jochen Zeitz clarified that the company is not planning to sell HDFS but is evaluating options to unlock value in a win-win scenario for stakeholders, correcting a market rumor. He noted that competitors are promoting more heavily but HOG has been targeted. He also shared proprietary research indicating that 60% of non-owners are delaying purchases due to economic uncertainty and interest rates. CFO Jonathan Root added that mix changes could pressure overall pricing.

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Chief Financial Officer Jonathan Root clarified that wholesale units are expected to be 'flat to down a little bit,' with the volume decline being offset by the positive pricing actions. On retail sales, he reiterated the company's guidance for a flat year-over-year performance in 2025, acknowledging the macroeconomic uncertainties but not providing a more specific numerical range.

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CEO Jochen Zeitz responded that LiveWire has taken significant actions, expecting to reduce its cash burn by 40% next year and lower its breakeven point. He affirmed the strategic importance of investing prudently in LiveWire to secure a leadership position in electrification for Harley-Davidson's future, while also stating that the business is evaluated on a year-by-year basis.

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President & CEO Jason Liberty explained that the previous wider guidance range was established during a period of significant geopolitical noise, and the current, tighter range reflects a return to historical forecasting practices for this point in the year. He noted that continued strength in close-in demand could lead to results at the top end or better. Regarding spending, Liberty stated that trends for ticket and onboard revenue are very similar, with both competing against strong comps. He added that the increasing volume of pre-cruise purchases continues to be a tailwind, as guests who buy in advance spend about 2.5 times more overall.

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CEO Jason Liberty confirmed April's strength applies to all future bookings and explained that the 2026 booked position is intentionally 'in line' with the prior year to avoid being 'too booked' and to allow for future revenue optimization. CFO Naftali Holtz clarified the 2026 capacity change is a minor 30 basis point adjustment due to rounding and refinements in dry dock and delivery schedules.

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CEO Jason Liberty indicated they would not wait until the 2027 launch to order more ships, calling the current 10-ship plan an 'initial order.' He noted that while the cost per berth is elevated, the total capital is significantly less than one ocean liner. He confirmed the river product is expected to be a yield tailwind with a strong margin and ROIC profile, though it will have seasonal operations.

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CEO Jason Liberty acknowledged that while it's too early for specific 2025 guidance, her characterization of the historical 3-4% initial guidance was 'more or less' accurate. Regarding the order book, he stated that orders are largely set through 2027 and possibly into 2028, but the company has options available and remains committed to a strategy of moderate capacity growth distributed across its global brands and markets.

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Grant Chum, President & CEO of Sands China, responded that the events calendar in Macau is consistently being filled by all operators, establishing the city as a regional entertainment hub. Chairman & CEO Robert Goldstein added that events often rearrange visitation rather than create new demand, and the market's underlying strength is the more important factor. Regarding Singapore's hold, Goldstein stated they would not adjust the normalized hold percentage based on one quarter, as it's a moving target dependent on game mix and player behavior.

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President and COO Patrick Dumont and Chairman and CEO Robert Goldstein expressed strong confidence in the Macau market's growth to $30 billion, supported by their ongoing investments. They believe the base mass segment will return, though the timing is uncertain. Regarding New York, Robert Goldstein acknowledged it as a strong market but shared significant concern that the 'inevitable' introduction of iGaming could dilute the value of a land-based casino.

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Chairman and CEO Robert Goldstein highlighted Macao gaming's resilience and double-digit growth, which has not followed the negative trend seen in luxury retail. He, along with Sands China CEO Grant Chum, noted it was too early to predict the impact of stimulus measures, emphasizing that Macao's outperformance has been driven by the premium segment, with a base mass recovery representing significant future upside.

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President and COO Patrick Dumont clarified that Q1 results were impacted by not having the full room inventory available. CEO and President of Sands China Grant Chum added that the 12-month timeline reflects a gradual optimization process and acknowledged a Q1 market share loss they intend to reverse. Regarding non-gaming investment, Chum mentioned projects like the Venetian arena upgrade, while Executive Vice Chairman Dr. Wilfred Wong noted the government is encouraging specialization among operators and coordinating the use of additional investment funds.

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CEO Josh Weinstein responded that demand for Europe in Q3 is "looking great." He confirmed that onboard spending was strong throughout the second quarter and has continued into the start of the third quarter. However, he noted that the current full-year guidance already incorporates their expectations for both ticket and onboard revenue performance for the remainder of the year.

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CEO Josh Weinstein responded that Q3 demand for Europe is "looking great." He confirmed that onboard spending was strong throughout the quarter and has continued into June. However, he noted that the current full-year guidance already incorporates expectations for both ticket and onboard revenue, while reiterating the goal is always to outperform.

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CEO Josh Weinstein acknowledged the strength in Q1, noting that onboard spending accelerated to 10% year-over-year growth, and confirmed there could be upside if those trends continue. CFO David Bernstein specified that about one-third of the $65 million Q1 cost beat represented permanent savings, emphasizing the company's continuous search for efficiencies.

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CEO Josh Weinstein stated that the impact of Celebration Key is included in the guidance, but noted its effect in 2025 is limited as it will only feature on 5% of sailings, a figure set to grow to over 15% in 2026. CFO David Bernstein confirmed there is an opportunity to lower interest expense by refinancing debt, and that a small amount of savings is already factored into the forecast, but successful transactions could provide further upside.

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CEO Josh Weinstein directly confirmed, "we are starting off even better for '25 than we did for 2024," citing higher occupancy and higher prices. CFO David Bernstein clarified the expense question, stating that of the $100 million in cost benefits for the year, about $20 million was related to one-time items like pension credits.

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CFO Sebastien Martel clarified that the industry, excluding snowmobiles, was down 5% in Q1 and that softness continued. He explained that even with declining retail, H2 can be strong due to corrected inventory and new product launches. CEO Jose Boisjoli responded that the company is sensitive to the pricing environment, confirming no price hikes on current MY25 models but indicating some increases for P&A and a careful approach to MY26 pricing to minimize tariff-related increases.

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CFO Sebastien Martel stated the original guidance assumed a flat industry, with BRP gaining volume as wholesale matched retail. He declined to give a new forecast due to uncertainty. CEO Jose Boisjoli confirmed they have taken mitigating actions, including renting U.S. warehouses and pre-shipping about a month's worth of inventory across the border.

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CEO Jose Boisjoli clarified that while BRP may lose some share in H2 due to inventory correction, he expects to gain share over the full upcoming season (August '24 to July '25) thanks to new products. Regarding electric motorcycles, he expressed confidence based on a strong product with fast charging, a well-known brand, a solid dealer rollout plan, and favorable regulatory trends in Europe.

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CEO Jose Boisjoli responded that while BRP will continue to grow its core powersports business, the company must plan for long-term growth, and the Marine market offers the same scale as powersports. He acknowledged that the timing of their recent push was not ideal and execution wasn't perfect, but reiterated that Marine is a long-term play and the company needs to navigate the current industry inventory bubble.

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CFO Craig Felenstein quantified the FX impact as a €10 million headwind to revenue and a €3-€4 million headwind to EBITDA for the full year 2025, explaining why guidance was maintained despite strong underlying business performance. CEO Carsten Koerl added that the ING Arena deal remains accretive to margin and cash targets but did not re-confirm a specific EBITDA number.

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CEO Carsten Koerl explained the deal's value is based on their own ROI analysis and ability to better monetize the rights. CFO Craig Felenstein detailed that the cash consideration includes prepayments to leagues, which improves free cash flow, and that the assets will be written down to fair market value, creating a lower cost base. He clarified the implied revenue figure is their estimate for the assets in 2025 and does not include future upsell and cross-sell opportunities.

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CEO Carsten Koerl and CFO Craig Felenstein both unequivocally confirmed that 2025 EBITDA margins are expected to be higher than 2024 margins. Koerl added that adoption of the 4Sight product is a broad mix across geographies and client tiers (Tier 1, 2, and 3), with its primary goal of stimulating live betting proving to be successful.

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CFO Mark Kempa explained that the advanced ticket sales metric is influenced by the strategic shift to more close-to-home Caribbean itineraries, which naturally have shorter booking windows. He reiterated that forward pricing is up and load factors are within optimal historical ranges. He also noted that close-to-home cruising continues to perform well. CEO Harry Sommer added that the upcoming enhancements to Great Stirrup Cay are expected to provide a unique tailwind for Q4 Caribbean demand.

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CFO Mark Kempa shifted the focus from quarter-by-quarter comparisons to being in the 'best optimal booked position' over a 12-24 month horizon, which he believes the company has achieved. CEO Harry Sommer firmly stated that the company is focused on its core ocean cruise business and its robust order book of 13 ships. He expressed no interest in diversifying into river cruising, emphasizing the company's commitment to its current successful strategy.

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CEO Harry Sommer confirmed that her interpretation was 'broadly correct,' emphasizing that the focus is on hitting the 2026 targets, not a specific spread in any single year, though he doesn't expect wide variations. CFO Mark Kempa specified that when referencing 'sub-inflationary,' they are looking at global inflation, which they currently benchmark in the 3% zone, while acknowledging this figure can be volatile.

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CEO Mike Speetzen and CFO Bob Mack explained that Polaris uses a sophisticated, data-driven approach to continuously optimize its dealer footprint, focusing on coverage and quality over raw numbers. They reiterated that the expectation for the ORV industry in 2025 is to be slightly down, with Polaris aiming to hold share in a potentially volatile market due to competitor promotions.

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CFO Robert Mack clarified that of the $280M in savings, the non-volume-dependent portion ($210M) is already in the 2024 run rate. The remainder is tied to production, but a return in volume would also reverse a $140M negative absorption headwind. CEO Mike Speetzen declined to quantify a potential 2025 EPS recovery, reiterating that their 'flat' outlook for next year refers to shipments, implying retail could remain challenged, and that it's too early to provide specific 2025 guidance.

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CEO Peter Jackson declined to elaborate on the company's strategy, stating that he had addressed the topic in his earlier, more expansive answer and had nothing further to add.

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CEO Peter Jackson firmly declined to elaborate, stating, 'Robin, I doubted that earlier, and I don't have anything further to say.' His response referred back to his initial commentary where he explicitly ruled out a surcharge, calling other measures the 'best customer option.'

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