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    Sean Wagner • Citigroup

    Sean Wagner's questions to Polaris Inc (PII) leadership

    Sean Wagner's questions to Polaris Inc (PII) leadership • Q2 2025

    Question

    Sean Wagner, on for James Hardiman, requested a bridge for the year-over-year EPS decline, clarification on Q3 margin expectations, and an outlook on when promotional activity might normalize.

    Answer

    CFO Robert Mack attributed the Q2 EPS decline to unfavorable mix, higher promotions, incentive compensation, and tariffs, partially offset by operational efficiencies and lower warranty costs. For Q3, he and CEO Michael Speetzen highlighted tariffs and incentive comp as key headwinds. They stated it is too early to predict when promotions will normalize, as it depends heavily on interest rates and consumer demand.

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    Sean Wagner's questions to Six Flags Entertainment Corp (FUN) leadership

    Sean Wagner's questions to Six Flags Entertainment Corp (FUN) leadership • Q1 2025

    Question

    Sean Wagner, on behalf of James Hardiman, inquired about the expected attendance and sales growth for the second quarter relative to the 2% increase in operating days, and asked for quantification of the attendance impact from the Easter and Boysenberry Festival calendar shifts.

    Answer

    CEO Richard Zimmerman reiterated that the second and third quarters represent the primary opportunity for the combined company, with a focus on higher-margin operating days. CFO Brian Witherow added that while specific quarterly guidance isn't provided, the added days in Q2 are considered higher value. He noted that weather impacted April by approximately 175,000 visits but expects the incremental days in May and June to have greater upside. A final quantification for the Boysenberry Festival shift will be available after the event concludes.

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    Sean Wagner's questions to Winnebago Industries Inc (WGO) leadership

    Sean Wagner's questions to Winnebago Industries Inc (WGO) leadership • Q2 2025

    Question

    Sean Wagner requested color on the expected phasing of top-line revenue and margins in the second half of the year and asked about the company's ideal inventory turn target, which is currently around 2x.

    Answer

    CFO Bryan Hughes indicated that the company expects sequential improvement in both top-line and margins in Q3 and Q4, driven by leverage from higher sales volumes. He explained there is no specific target for inventory turns, as the focus is on partnering with dealers to balance their efficiency needs with having adequate product on hand for customers.

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    Sean Wagner's questions to Winnebago Industries Inc (WGO) leadership • Q1 2025

    Question

    Sean Wagner asked for tangible drivers behind recent retail strength, how that might translate into a second-half recovery, and whether dealer appetite for new orders has increased.

    Answer

    CEO Michael Happe pointed to several "green shoots," including positive October industry retail, low industry inventory, and improving consumer confidence. He noted Winnebago's internal retail data for November and early December showed continued year-over-year improvement. While dealer ordering is not yet broadly robust, he confirmed the Towables business has seen a recent uptick in its backlog.

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    Sean Wagner's questions to BRP Inc (DOOO) leadership

    Sean Wagner's questions to BRP Inc (DOOO) leadership • Q4 2025

    Question

    Sean Wagner, on for James Hardiman, asked for an update on March retail trends and whether, excluding tariffs, previous targets for OpEx improvement were still valid.

    Answer

    CFO Sebastien Martel described March retail trends as soft, similar to February, attributing it to consumer uncertainty around tariffs. Regarding OpEx, Martel noted the situation is too fluid to confirm targets, explaining that while a worst-case tariff scenario would be disruptive, he believes a transition period for any trade rule changes is more likely, allowing BRP time to adapt.

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    Sean Wagner's questions to Viking Holdings Ltd (VIK) leadership

    Sean Wagner's questions to Viking Holdings Ltd (VIK) leadership • Q4 2024

    Question

    Sean Wagner, on for James Hardiman, asked about the expected trajectory of the 2025 booking curve, recent booking trends, and the company's plans for CapEx and excess cash.

    Answer

    President and CFO Leah Talactac clarified that the booking curve's flattening reflects the sale of remaining, lower-yielding Q4 inventory. She acknowledged a slower February after a record January but expressed confidence due to the long booking window. Regarding capital, she stated priorities are supporting the ship order book, maintaining a large cash reserve for stability and flexibility, and reinvesting in the business for organic growth, while remaining open to strategic acquisitions.

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