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Analyst
Jaime Katz
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters).
- Questions
- 20on tracked calls
- Challenge rate
- 5%1 of 20 questions
- Companies
- 3questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 20 of 20 questions from 3 companies
HASHasbro8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2025 Q3
can we think about this staying sort of structurally higher than it maybe has been in the past?
Show response
Goetter confirmed product development at its new watermark level, driven by Wizards/Digital with some toy innovation increase. Expects similar levels going forward.
Can you just maybe help us think about what the long-term growth prognosis is for D&D relative to MAGIC
Show response
Cocks noted 5 D&D games in development ranging from casual/kid to high-end action-adventure/RPG. Baldur's Gate III proved consumer appetite. D&D Beyond virtual tabletop driving 50% traffic increase.
Calendar 2025 Q2
I'm curious if you guys would be able to reset expectations for that. Are there any structural changes maybe that you've seen that can lift that to above 40%
Show response
Goetter confirmed no change to out-year margin expectations, Exodus depreciation will be a drag pulling Wizards margins back under 40% in future periods.
Can you talk about, I guess, maybe what that means more concisely and then what that portends for CP, particularly next year
Show response
Cocks confidently projected CP growth in 2026 driven by Spider-Man, Star Wars, Avengers Doomsday. Goetter explained SKU rationalization includes pruning C&D-level SKUs and cutting US-unviable products at 145% tariff levels.
Calendar 2025 Q1
can you talk a little bit about what you guys are seeing at value price points? I think from other consumer discretionary firms. We're just hearing incremental weakness
Show response
Cocks reported no incremental weakness signals, consumers behaving normally, toys performing well in Q1, Easter as expected. Noted toys as occasion and passion-based category.
strong revenue performance with sort of a weaker market share performance. And I'm wondering if maybe that's a function of just decreasing inventories or working down inventories at retailers.
Show response
Cocks briefly noted lean inventories as opportunity. Goetter clarified CP toy performance was on plan; licensing drove upside rather than toy POS.
Calendar 2024 Q4
How do you think about what you determine you want to out-license versus what you want to keep on some of these long-lived brands?
Show response
Cocks explained three-tier brand framework (growth/optimized/reinvent). NERF is 'reinvent' with broader safe active play mandate. Out-licensing remains on table with 50%+ POS lifts at partners.
I hope you can drive a little bit further down into the incremental cost savings and maybe the differences in what you found between the $750 million and the $100 million
Show response
Goetter identified three new cost savings sources beyond supply chain: gross-to-net optimization, design-to-value work starting to hit P&L, and managed expense transformation.
CCLCarnival6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q4
can you talk a little bit about the behavior of consumers between income levels because we've been hearing a lot about this K-shaped demand patterns
Show response
Weinstein reported no meaningful demand differences across contemporary, premium, and luxury segments. Average U.S. household income of guests in the $100-150K range.
maybe the experience improves with fewer people on the ship? So maybe how is the occupancy being optimized
Show response
Weinstein said brands have leeway to optimize the price-occupancy balance, potentially missing occupancy by a little if it generates more total revenue.
Calendar 2025 Q1
as we think about the ARC of expenses, can you help us sort of flow through whether those are more equal or if maybe that is more weighted to Q2 those dry docks?
Show response
Bernstein confirmed cost phasing unchanged from December: Q2 and Q3 above full-year rate, Q4 below.
Has that decoupled a little bit and moved a little bit higher just so, you know, we could have more certainty on what the rest of the year looks like.
Show response
Bernstein confirmed bookings are above the top end of all historical ranges, with approximately 80% booked for the remainder of the year versus 70% at the top end of prior ranges.
Calendar 2024 Q4
how to think about balancing filling the rest of 2025 with pulling forward more demand from 2026
Show response
Weinstein noted the company had record bookings for the further-out year while managing the booking curve on a case-by-case basis by brand.
is there some non-newbuild CapEx we should be thinking of, like, level that will be in these brand-building projects
Show response
Weinstein quantified Celebration Key at $600M, Relax Away at a few hundred million, and AIDA evolutions at tens of millions per ship.
HOGHarley-Davidson, Inc.6 questions · 5 reporting periods · 1 of 6 challenging
Calendar 2026 Q1
can you talk a little bit more specifically about the top opportunities that are being targeted
Show response
Starrs named the three buckets but explicitly declined further detail, while reaffirming the $150 million plus target for 2027 and beyond.
Calendar 2025 Q4
what you envision as the potential for the motor company operating margin beyond '26
Show response
Starrs gave no margin range at all, deferring the entire question to the May strategy announcement.
And then do you have a target for leverage metrics at the 2026 given that you're still paying down some debt?
Show response
Root confirmed no leverage target exists yet; Starrs offered only the EUR 700 million note maturity as a concrete data point.
Calendar 2025 Q3
what kind of sales growth do you think would be reasonable? Or what level of shipments maybe for us
Show response
Root offered no volume threshold, answering only that margin recovery is the mirror image of 2025's drivers and pointing to spring for a plan.
Calendar 2025 Q2
The $300 million that's going into HDFS, should we dump that into 3Q or 4Q?
Show response
Root split the close across Q3 and Q4 without amounts; Zeitz gave no magnitude for the new AI-led efficiency program, deferring to future calls.
Calendar 2024 Q4
what was the strategic purpose of rolling out a new product where there's low demand in the segment?
Show response
Donnez justified the maxi scooter on S2 platform reuse and Kymco expertise but gave no margin opportunity or investment figure.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| HAS Hasbro | 8 | 0%none of 8 questions |
| CCL Carnival | 6 | 0%none of 6 questions |
| HOG Harley-Davidson, Inc. | 6 | 17%1 of 6 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 5 | 20%1 of 5 questions | 3 |
| 2025 Q1 | 4 | 0%none of 4 questions | 2 |
| 2025 Q2 | 3 | 0%none of 3 questions | 2 |
| 2025 Q3 | 3 | 0%none of 3 questions | 2 |
| 2025 Q4 | 4 | 0%none of 4 questions | 2 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
- 2024 Q45 questions · challenge rate 20% (1 of 5 questions) · 3 companies
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand8
- Margin5
- Cost Pressure4
- Pricing3
- Capital Allocation3
- Capex Investment3
- Macroeconomic2
- Guidance Reliability2
- Innovation & R&D2
- Revenue Growth2
Show all 13 topics
- Competitive Dynamics2
- Inventory1
- Product Launch1