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with all the moving parts and 1 time pieces called out in the 2026 cost guidance
Is that delta primarily just the outsized mix of the Caribbean in Q1?
I would think that given your relative exposure to some of your peers in Europe that maybe that's a net benefit to you guys?
I would think would mean that you're now ahead on bookings. So but I think you're still in line.
connect the dots between some of the programs that you've been talking about, Josh. Right? The AIDA evolution program and some of the things going on with Carnival
you anticipate where we sit today having to to to meaningfully change any itinerary
Should the narrative ultimately be that that you saw a little bit of a lull in booking demand, but that you held strong on pricing throughout.
can you give us any indication of what you think the long-term opportunity is there, specifically kind of how you guys think about the return profile for Celebration Key
outside of bookings and onboard spend, which you've talked about, are there any other forward indicators that you think might be a good indicator of your consumer sentiment
is there anything quantifiable that we should be thinking about that would weigh on per diems as we work our way through the year
how much of that organic turnaround do you think it's a function of sort of factors taking place in the industry versus, I don't know, self-help
I was hoping maybe you could quantify those pieces. The $200 million to $300 million for Predictions, I don't think you were previously quite as explicit.
I think a lot's been made fair or unfair about sort of this Marvel Super Heroes versus Final Fantasy comparison.
what are you assuming from a point of sale perspective? And are there any sort of tailwinds as we think about whether it's inventories being a little depleted heading into the year?
maybe help us unpack sort of the structural margins of Wizards versus sort of the or at least the tabletop business versus, you know, some of these other offsets
Where are retailers with respect to your product versus last year?
this KPop Demon Hunters' press release did mention Wizards of the Coast. would curious what the thoughts are there
One is the direct import versus domestic, which I think you believe is more just a timing issue which you should get back in the second half
the raise seems a bit more muted, right? So call it $60 million at the midpoint. Help us bridge some of that.
maybe help us understand the CPX exposure to the rest of the world specifically those ten percent tariff countries, and how you think about, again, moving production out of China.
GFC level industry declines and COVID level inflation is that also sort of what's built into this unchanged EBITDA guide?
I was getting to something in the $1.3 billion, $1.4 billion range but that didn't really account for the step-up in D&A. So should it ultimately be higher than that number
The cost savings number that you've laid out there, $175 million looks like a lot of that's going to fall through to the bottom line, maybe two-thirds of that.
My guess is that April probably looked a little bit more like the first quarter where you were seeing elevated promo.
Is there any concern that market share gains could be offset by category declines if those demographic headwinds
help us understand that target while factoring in the return of sports there and the introduction of Sprint
any help you could give us sort of bridging what I think is about 4% to 8% wholesale growth
maybe speak a little bit more about how that's possible, right? That profitability component in particular
how much of that is the tariff slide, right, and the movement that we could see in the tariff numbers
I would love a little bit of color on the various tariff sources. I guess, China and Mexico
You're guiding revenues to be flat to down modestly. But operating margin to be up.
maybe you just haven't kept pace with an industry that's growing their ship offerings
Is this stuff gonna carry over so much so that we should not be anticipating meaningful yield growth in 2027?
do you think the consumer is slowing? Do you think that you have lost any credibility with consumers
I am assuming we should maybe still be modeling February to be down in terms of yields
do we still need trends to improve from here
that reaccelerates in 2026 to get to that 245 that's about 20% earnings growth
you did 105% roughly in 2024, that's going to be mid-103 range in 2025. What's that look like
Curious if you guys would generally agree with those shape of events and what, if anything, you could tell us about July.
I wanted to sort of zoom in on the idea that we're turning the corner
Maybe if you could help us think about your business sort of organic versus inorganic
I guess where I struggle a little bit is to get to anything less than [ $18 ] if I don't assume that yields are, I don't know, less than they were this year
How should we model those going forward? I'm assuming that the new build piece goes up with capacity
10 ships, you're going to start in 2027. I'm assuming all 10 ships won't be up and running by 2027
Other projects, are they keeping pace with you? Are there other projects being greenlighted in an environment like this?
do you think this does anything to help or hurt incremental licenses, or could this maybe allow you to be the only show in town for even longer?