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Analyst
Robin Farley
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 92on tracked calls
- Challenge rate
- 13%12 of 92 questions
- Companies
- 11questioned at least once
- Reporting periods
- 8with 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 92 of 92 questions from 11 companies
CCLCarnival14 questions · 8 reporting periods · 0 of 14 challenging
Calendar 2026 Q3
just your thoughts about synergies or would something like that make sense for Carnival or just any view on that?
Show response
Josh declined to comment on the specific transaction and reaffirmed focus on the core cruise business, calling land assets ancillary bolt-ons.
It talked about '27 price and load being at record levels. It didn't say higher
Show response
Josh clarified that 2027 occupancy and price are both higher year-over-year, not merely at record levels.
Calendar 2026 Q2
the 100 basis point change is really just occurring on that last 15%
Show response
Management gave segment-level color, noting North American brands' occupancy advantage unwound more than European brands'.
Calendar 2026 Q1
just spell out a little clearly what dividend and share repurchase over the next 3 years.
Show response
Weinstein noted the dramatically different cash profile versus a decade ago. Both the dividend and $2.5 billion buyback authorization are starting points expected to grow.
Did anything change from 4 weeks ago aside from obviously the changes in fuel?
Show response
Weinstein confirmed PROPEL targets were stress-tested in various scenarios and reflect long-term confidence despite current geopolitical events. Minimal exposure to affected region.
Calendar 2025 Q4
Typically, at this point, right, you would be over 80% booked for Q1?
Show response
Weinstein confirmed Q1 is nearly fully booked and slightly better positioned than last year.
are you factoring in that those things will continue at that level? Or are you kind of assuming that those would be at the rate that you'd originally thought?
Show response
Weinstein described the guidance as their best estimate, noting they're still in the middle of Wave season and need more time to see how it develops.
Calendar 2025 Q3
anything you can quantify with Celebration Key when you look at the impact on forward bookings where you could sort of say, it's causing an x percent premium
Show response
Weinstein confirmed Celebration Key is meeting return expectations with a nice premium on ticket prices but declined to quantify the specific premium.
When we talk about historic price levels, does that mean sort of in line with or is that actually suggesting prices above?
Show response
Weinstein confirmed both North American and European brands are at historical record high pricing levels.
Calendar 2025 Q2
Can you characterize a little bit how demand for Europe is in Q3?
Show response
Weinstein confirmed strong European Q3 demand and noted onboard spending continued strong through the quarter and into first two weeks of June.
Calendar 2025 Q1
Is there a way to think about either the dollar amount of ongoing structural, you know, net cruise cost expense reduction, and also excluding from that the higher charter cost from the Seaborn ship?
Show response
Bernstein quantified permanent cost savings at roughly a third of the $65 million Q1 cost favorability.
does that suggest that you're not raising the next three quarters yield because, you know, you want to be cautious, obviously, given the environment. But there would be that potential if your expec...
Show response
Weinstein confirmed onboard spend growth of 10% YoY in Q1 was accelerating and March trends hadn't slowed, but stopped short of promising upside.
Calendar 2024 Q4
how much and really how little you may have in your yield guidance today for Celebration Key
Show response
Weinstein disclosed Celebration Key touches only 5% of 2025 sailings but 15%+ in 2026 on full-year run rate. Confirmed seeing expected premium.
I assume that you're not factoring in the lower interest cost from some of that very expensive debt
Show response
Bernstein confirmed opportunity exists to refinance double-digit rate debt callable in first half, with some interest savings already in forecast.
LVSLas Vegas Sands11 questions · 6 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
you said that reinvestment would level off in the second half. And just I just wanted to make sure that I’m
Show response
Management separated reinvestment optimization from OpEx and confirmed the OpEx growth rate will be slower in the second half.
Calendar 2026 Q1
Any sort of -- I know it's early big picture
Show response
Patrick framed IR2 as targeting 20%+ return on the total investment, validated by the productivity seen from MBS highest-end products.
were you suggesting that IR2 will be focusing on one or the other of those markets
Show response
Patrick said IR2 targets all high-value tourists, not solely VIP. The luxury product will naturally attract rolling program patrons, plus the entertainment venue will draw high-value visitors.
Calendar 2025 Q4
is there anything you would say that is like a gating issue or sort of a natural point at which maybe it wouldn't even be reasonable to think that the building could do more
Show response
Rob admitted consistent under-forecasting, said it feels sustainable with diverse customer geography and continuous new customer acquisition. Wouldn't guess whether it goes to $3.1-3.2B.
any early signs of kind of Chinese New Year levels for demand in Macao, anything you're seeing at this point
Show response
Patrick declined to discuss current quarter but noted Macao market growth overall is encouraging with premium-focused liquidity.
Calendar 2025 Q3
I don't know if we've heard your thoughts to recently on any potential opportunity in the UAE
Show response
Patrick praised UAE tourism infrastructure but said it's not a market they're actively pursuing, only following developments.
You said something earlier in the call about how you're kind of only halfway there with what you hope to do or plan to do there
Show response
Grant outlined remaining work: continued reinvestment calibration across segments, distribution team reset at smaller properties, and leveraging Londoner super high-end capacity.
Calendar 2025 Q2
Are you thinking about revisiting what you consider a normal hold percent in Singapore
Show response
Rob cautioned against revising hold based on one quarter, noting the metric now shifts with player betting preferences and side bet adoption.
how do you get comfortable that it's sustainable as you get past some of the July events and the calendar not being as sustainable
Show response
Rob argued events rearrange visitation rather than create it, pointing to overall market strength. Grant noted operators continue filling the calendar with diverse entertainment.
Calendar 2025 Q1
Macao has talked about kind of wanting to review the non-gaming investments and efforts of the concessionaires
Show response
Dr. Wong explained the government wants each concessionaire to specialize rather than duplicate efforts, with LVS committed to additional 20% non-gaming investment as GGR grows.
You did mention that it may take 12 months. So I wonder if you could just talk a little bit about do you think that your market share results in Q1, did the new Londoner rooms contribute
Show response
Patrick acknowledged underperformance and the need for full portfolio strength to recapture EBITDA share, noting 1,400-1,600 keys were unavailable on average.
WYNNWynn Resorts11 questions · 7 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
how would you describe sort of the current competitive environment in Macau.
Show response
Farley asked about the Macau competitive environment; management called it very competitive but stable on promotions and reinvestment.
how you think that might change the competitive landscape or any aspect there?
Show response
Farley asked how Las Vegas go-private deals could reshape the landscape; management said they mainly signal the industry's undervaluation.
Calendar 2026 Q1
what your thoughts are about the timing for recovery in that market, sort of independent of when you ultimately end up opening
Show response
Too early to forecast recovery pace but cited incredible airlift, transit hub, government tourism commitment. Some demographics ready to return today, others more cautious. Demand curve on travel historically extremely flexible, cited 2017 Vegas and 9/11 recoveries.
Calendar 2025 Q4
Can you talk a little bit more broadly about what you're seeing in the environment? Others are talking about how much more competitive it's gotten.
Show response
Acknowledged one operator publicly stated driving incremental reinvestment with natural market responses. But market-wide band is only about 200bps. Not an all-out promotional war. Wynn modulates reinvestment day-by-day with basis-point precision thanks to technology improvements.
is the expectation given the room remodel disruption, it would be reasonable to think that EBITDA would be down year-over-year
Show response
Management clarified the 2026 vs 2025 comment was purely theoretical to illustrate long-term focus. They don't opine on market direction. Focus is on being a share taker regardless of market environment, thinking on 5-7 year arc.
Calendar 2025 Q3
what were you factoring into your base case when you originally laid it out?
Show response
Base case assumed 2 competitors in $3-5B GGR market with fair share premium. Market size assumption was not dependent on competitor-driven draw, based on airlift, locals market, high GDP per capita. No announced competition introduces conservatism.
I wonder if you could give us a sense of group pace after Q1, just to get a sense of sort of underlying demand after the benefit, obviously CON/AGG rotating in
Show response
Management declined to break down group forecast by quarter but expressed confidence in full-year 2026 outlook.
Calendar 2025 Q2
what's your expectation for how long before another project that's already under construction might -- that you might have that competition?
Show response
Management expects to be sole operator for extended period; timeline depends on regulatory changes and other Emirates decisions. Base case assumed multiple competitors and was still compelling.
Calendar 2025 Q1
Can you give us a sense of sort of what projects? And also what's the scale of that the increase in that CapEx cost?
Show response
Encore Tower remodel is high $200M of the $375M delayed; rest is smaller US projects. Management said the cost read-through to greenfield projects like New York would not be instructive.
some of the larger hotel companies have talked about softening group
Show response
Management said they are not experiencing softening group. Brian Gullbrants attributed 2026 strength to NADA, CONEXPO, and large alternating-cycle groups.
Calendar 2024 Q4
Some others in Vegas have have talked about thinking they can grow EBITDA despite the tough comp with Super Bowl last year.
Show response
Management declined specific guidance but cited strong transient booking demand, healthy group room base at strong ADRs, and retail sales up 3% in January on tough comps.
HOGHarley-Davidson, Inc.9 questions · 7 reporting periods · 1 of 9 challenging
Calendar 2026 Q2
it sounds like you don’t expect that to change your 2027 in terms of cost saves or anything regarding margins
Show response
Asked whether supplier issues threaten the 2027 cost savings and whether Q2 already exceeds the 2027 motor company EBITDA margin target. Starrs said results are ahead of plan but would not adjust targets.
Calendar 2026 Q1
just wondering what medium term is 2029 medium term just to kind of put a finer point on thinking about the targets?
Show response
Starrs defined medium term as 3 to 5 years; Root walked the tariff math off an $83 million midpoint and said refunds are only a small assumed benefit.
Calendar 2025 Q4
I wanted to ask a little bit about the expectation for retail to be flat globally.
Show response
Root listed the product puts and takes without quantifying US retail; Starrs confirmed the LiveWire commitment is capped at the reduced $75 million loan.
Calendar 2025 Q3
if you could help us quantify whether that will be a greater amount year-over-year, just again, kind of thinking about
Show response
Root gave useful family-level inventory colour but refused to quantify 2026 shipments, deferring to formal 2026 guidance.
Calendar 2025 Q2
is the transaction assuming any kind of growth in retail sales of Harley growth and receivables?
Show response
Root answered the guarantee question flatly, which matters because HDFS was over 40% of company earnings last year.
can you help us quantify what earnings come out of your go-forward number in exchange for those proceeds?
Show response
Root described the origination retention change and pointed to a directional earnings curve on slide 24 rather than quantifying the earnings give-up.
Calendar 2025 Q1
So I guess what's different today that would make that -- makes sense to sell it with that?
Show response
Zeitz rejected the premise directly and said the review is about unlocking unrecognised value, not a sale.
I know you talked about increasing marketing spend. Is there anything else -- I mean, pricing was a net positive in Q1
Show response
Zeitz deflected to competitor discounting and the marketing fund shift without committing to a pricing action.
Calendar 2024 Q4
this is your guidance for motorcycle revenue flat to down 5%. I think you said price would be positive for the year.
Show response
Root confirmed the decomposition directly: flat retail, wholesale off modestly, pricing a modest tailwind.
RCLRoyal Caribbean Group9 questions · 7 reporting periods · 2 of 9 challenging
Calendar 2026 Q2
whether record for 2027 means up year-over-year compared to the same time last year.
Show response
Naf said 2027 is pacing well at higher prices; Jason clarified 'record pricing' means higher than the prior period and load factor is in line, managed by AI yield tools.
Calendar 2026 Q1
Is it fair to assume that you would kind of fully expect that to come back in 2027
Show response
Naftali confirmed the Mediterranean impact is a 2026 issue only. 2027 bookings show no consumer impact from geopolitical events. Robin also confirmed Perfect Day Mexico construction has resumed after environmental pause.
Calendar 2025 Q4
Wanted to ask about the new ship order, the discovery class
Show response
Michael Bayley deflected Discovery details, saying current social media speculation on size and capacity is inaccurate. Naftali attributed sustainable cost control to three factors: 6.7% capacity growth driving economies of scale, AI and technology finding better ways to run the business, and the proven formula maintaining yield-cost spread.
Calendar 2025 Q3
I also wanted to think a little bit about your 2026 comments. To clarify, when you talk about the anemic net cruise cost growth, is that sort of anemic before
Show response
Jason confirmed anemic cost guidance is all-in including Beach Club and destination ramp-up costs. On bookings, explained more short-duration product drives closer-in load factor patterns but 2026 book position is optimal at rates higher than expected.
Calendar 2025 Q2
Why you at the top end of the yield range? What's your change in thinking there that the top end of the yield range came down a little
Show response
Jason explained the range narrowing is simply returning to normal guidance practices after Q1's macro-driven expansion, not a change in conviction.
is growth in onboard spend still higher than growth in ticket price? Or how should we think about that relationship
Show response
Jason said ticket and onboard trends are similar in growth, with pre-cruise sales still in early innings of effectiveness driving 2.5x more total spend.
Calendar 2025 Q1
capacity growth rate in 2026 is just like slightly lower growth rate than it was previously
Show response
Naftali confirmed the change is approximately 30 basis points from drydock scheduling refinements and minor hardware timing, not a strategic shift.
is it fair to say there still room for that load factor to come down? In other words, if you can sort of wait out a little bit of uncertainty
Show response
Jason framed the in-line 2026 book position as optimal per their revenue management models, noting historical regret of being overbooked and leaving yield upside on the table.
Calendar 2024 Q4
your ambitions are much more than these initial 10 river ships in terms of how quickly you could order more
Show response
Jason said additional orders will come before 2027 launch. Cost per berth elevated but total spend is small relative to ocean ships. Expects yield and margin tailwind.
HLTHilton Worldwide8 questions · 7 reporting periods · 4 of 8 challenging
Calendar 2026 Q2
a lot of commentary about the strong midweek business and group that definitely is a pickup from last quarter.
Show response
Nassetta attributed leisure's third-place ranking to Easter and holiday timing and expects both high-end and middle-class leisure to grow.
Could you break out just the World Cup piece of it just separately?
Show response
Nassetta split the 2.7% U.S. benefit into roughly 1.7% World Cup and 100 basis points of easier comps, a direct quantification.
Calendar 2026 Q1
last quarter, you had a slide that showed that 100 basis point raise in RevPAR would be 100 basis point raise in EBITDA
Show response
Jacobs clarified the $25-30M EBITDA per RevPAR point rule of thumb. The 1-point RevPAR raise translated to a $20M EBITDA midpoint raise due to Middle East impact, IMF, and FX headwinds.
Calendar 2025 Q4
your EPS guide typically, EPS grows at a higher rate than your EBITDA growth. And just kind of wondering what
Show response
Jacobs attributed EPS-EBITDA gap to share repurchases and interest expense from moving leverage toward 3.25x; adjusted EPS growth in low double digits. Nassetta previewed lifestyle brand between Motto and Canopy plus undergraduate brand, both imminent.
Calendar 2025 Q3
Looking at your fee revenue the year, kind of fee revenue per room, it's growing even with more economy rooms and more rooms in China
Show response
Jacobs said rooms opened outside China are at same or higher fee-per-room rates; growth driven by RevPAR increases, rising take rates, and strong mid-market brands. Nassetta added no more China MLAs planned; own brands growing at higher rates there.
Calendar 2025 Q2
Kevin, you had meant the timing of non-RevPAR fees. I wonder if you could just give a little bit of color around
Show response
Jacobs confirmed Q2 EBITDA beat was predominantly timing, termination fees (including Playa-related) pulled forward from Q3, plus ancillary non-RevPAR lines and corporate expense timing. Full-year guidance kept consistent.
Calendar 2025 Q1
Kevin mentioned in the opening remarks that some of the outperformance in the non-RevPAR fee related was timing related
Show response
Jacobs confirmed Q1 beat was mostly timing; non-RevPAR fees outperformed and will continue above algorithm. Nassetta emphasized fees per room will grow structurally.
Calendar 2024 Q4
it seems like for twenty-five that the EBITDA growth rate is a little bit lower than the sort of midpoint of your RevPAR unit growth
Show response
Jacobs explained FX drag and one-time comps account for the gap; adjusted for those, FY2025 EBITDA is above algorithm. Nassetta added bottom-line is higher than Investor Day plan.
Show 5 more companies
HSTHost Hotels & Resorts8 questions · 6 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
I wanted to circle back to the comment about the incentive management fees and kind of flow through to EBITDA
Show response
Sourav: IMF varies by contract; a RevPAR point is now ~$28-30M of EBITDA (down from $32-37M after the 4 Seasons sale); IMF stabilizes once triggered, no meaningful further H2 jump. Direct.
Calendar 2026 Q1
did that help or hurt you for Q1 or for the full year, you know, in either direction?
Show response
Sourav confirmed the change is a net benefit but said he could not quantify it on the call; partial.
Calendar 2025 Q4
just wondering if you could talk a little bit about what type of assets you're looking at to use those proceeds for
Show response
Risoleo outlined acquisition criteria: assets with upside from Host's asset management platform, diverse demand generators (group, leisure, BT), and strong market growth drivers. Also focused on maintaining geographic diversification. No specific targets in mind currently.
Calendar 2025 Q3
Just wondering if you could give us a little color on the nights increase versus rate increase just since it feels like overall group, not just for host, but across the industry
Show response
Ghosh confirmed 2026 group pace is primarily room-night driven: of the ~5% pace increase, just over 3% is from group room nights with rate a slight contributor. Group room nights on books slightly above prior year's percentage of full-year expectation.
is there anything -- can you characterize if you feel like there's a market or a type of -- just anything that you feel like would enhance your portfolio
Show response
Risoleo firmly stated acquisitions are very low priority. Cannot generate returns through acquisitions that match other capital allocation options (reinvestment, dividends, dispositions). Evaluates everything in the market but nothing currently underwrites.
Calendar 2025 Q2
Can you talk a little bit about the transaction environment? Just -- you sold an asset, just sort of broadly what the environment is like for that? And also any opportunities to buy
Show response
Risoleo noted pickup in transaction activity over last 90 days with bid-ask spreads narrowing in some cases. Emphasized many industry assets haven't been invested in since COVID. Buying not top priority, prefers portfolio reinvestment, dividends, and buybacks at current valuations.
Are you seeing at least in the very near term, something maybe a little bit better than the sort of delta you're talking about versus April
Show response
Ghosh confirmed July trending well vs expectations but declined to provide numbers. Noted short-term nature of group bookings (sometimes 1 week or days out) as reason for maintaining caution in Q3 forecast.
Calendar 2024 Q4
Are you including in guidance just the condos for which you have deposits, or in other words, could there be upside to that
Show response
Ghosh confirmed guidance assumes more than the 14 deposits received, with EBITDA recognition expected only in Q4 upon key handover.
DKNGDraftKings Inc.7 questions · 7 reporting periods · 3 of 7 challenging
Calendar 2026 Q2
could you kind of talk us through, was there like an increase in what you thought you'd make in market making that's sort of offsetting some promotional
Show response
Robins said the guide's big pieces are ~$1B core EBITDA and $200-300M predictions investment; sport outcomes drove an ~$80M Q2 revenue headwind.
Calendar 2026 Q1
Some other sportsbooks noted sport outcome hold impact in Q1. You haven't really mentioned that.
Show response
Robins said Q1 outcomes were slightly positive (tens of millions), too minor to call out, and detailed profitability across Predictions layers.
Calendar 2025 Q4
in the EBITDA number, how much of that is a built-in EBITDA loss? Can you help us quantify for your prediction market start-up costs
Show response
Robins confirmed Maine and Alberta launch spend is in the guide and pegged predictions fixed cost in the tens of millions plus some incremental marketing.
Calendar 2025 Q3
can you talk a little bit about, I assume, your access to the official sports data or there are other things that will enable you to offer a parlay product
Show response
Robins said liquidity-based predictions can't replicate sportsbook parlay combinability, though DraftKings could offer a better version than peers.
Calendar 2025 Q2
it looks like the first quarter where your unique users on a kind of trailing 12-month basis was flat sequentially.
Show response
Robins attributed the flat MUPs mainly to lapping Jackpocket Texas, and said the customer mix is roughly the standard 80-20 split.
Calendar 2025 Q1
I wonder if you could talk a little bit about your market share in basketball.
Show response
Robins credited live-betting investment (SimpleBet) with better hold and adoption, driving handle and share gains.
Calendar 2024 Q4
this is I think, the second quarter in a row, you raised revenue guidance for '25, but the EBITDA guidance hasn't changed.
Show response
Robins confirmed live-betting investment is the reason EBITDA held while revenue rose, but declined to quantify the 2026 benefit.
MARMarriott International7 questions · 5 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I wanted to ask about the conversions. You mentioned that signings in the quarter were about a third
Show response
Capuano argued conversions will remain durable even if new-build activity rises, citing dedicated resources and a brand stack well-suited to conversions.
Calendar 2025 Q4
Can you just clarify, is that all organic with acquisitions be on top of that?
Show response
Leeny confirmed 4.5-5% NUG is entirely organic; acquisitions would be on top. On royalty rate, reaffirmed they are comfortable with the change.
Calendar 2025 Q2
what conversions as a percent of openings needs to grow to next year for to hit that same kind of mid-single-digit range in unit growth
Show response
Leeny cited roughly 1/3 conversion openings as sustainable level, supported by several years of elevated conversion signings. Pipeline 5%+ above prior year. Tony highlighted mid-scale doubling and Series brand for portfolio conversions.
Calendar 2025 Q1
you mentioned in the release that you're kind of defining it a little bit differently with the conversion rooms in there
Show response
Leeny defended including conversion rooms in under-construction metric as it reflects rooms expected to open soon, but did not provide a year-over-year comparable excluding conversions.
Sometimes you've shared metrics about kind of what percent of hotels in the U.S. are fee paying and kind of how that may have changed year-over-year
Show response
Leeny provided detailed IMF stats: 60% globally (vs 61% prior year), 21% in U.S. (up from 20%). Internationally around 75%. Asia in low 80% range.
Calendar 2024 Q4
Roughly what percent of that are you expecting to come from conversions versus new construction?
Show response
Leeny projected 30-40% of 2025 openings from conversions, down from over half in 2024 which was elevated by MGM/Sonder.
Is that a mix of that key money, some loans, some equity slivers sort of how should we think about
Show response
Investments are overwhelmingly key money. Debt guarantees and operating profit guarantees are relatively smaller. Occasional recyclable loans.
NCLHNorwegian Cruise Line Holdings6 questions · 5 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
anything that you would call out for 2027 that we should be aware of in terms of itineraries
Show response
CEO said open-jaw itineraries should improve over time but declined to parse net yield by 2027 quarter.
Calendar 2026 Q1
Do you believe the situation in the Middle East is negatively impacting bookings for Caribbean and Alaska?
Show response
CEO confirmed some U.S. demand impact from the broader environment but said the Q4 spread is driven by the Norwegian-brand turnaround, not specifically the war.
Calendar 2025 Q2
why bring down the top end of the range
Show response
Kempa reframed the narrowing as raising the bottom, with guidance reflecting best current visibility and onboard revenue as the main remaining variable.
Calendar 2025 Q1
Can you tell us a bit about what price on the books is on a year-over-year basis
Show response
Kempa explained the ATS gap reflects the shift to shorter booking window Caribbean itineraries rather than underlying weakness, with pricing and load within historical ranges.
Calendar 2024 Q4
your official sort of thoughts about the river cruise business
Show response
Sommer firmly ruled out river cruises, emphasizing focus on the existing 13-ship order book and current strategy.
price and load factor in each quarter in 2025 was at the same or higher than last year
Show response
Kempa redirected from quarter-by-quarter price/load detail to confirm they are in optimal booked position overall.
MGMMGM Resorts2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
How should we think about kind of what level of share repurchase you might be thinking about for '25?
Show response
Jonathan highlighted accelerating buyback pace: $120M in Q4 then $300M in January alone, driven by compelling valuation at current share price.
With that $150 million, is that part of what gets you to flat in Vegas for the year or is that the incremental?
Show response
Jonathan clarified $150M is company-wide not Vegas-specific, declined to guide explicitly while noting goal to overcome Super Bowl and renovation headwinds.
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 |
|---|---|---|
| CCL Carnival | 14 | 0%none of 14 questions |
| LVS Las Vegas Sands | 11 | 0%none of 11 questions |
| WYNN Wynn Resorts | 11 | 0%none of 11 questions |
| HOG Harley-Davidson, Inc. | 9 | 11%1 of 9 questions |
| RCL Royal Caribbean Group | 9 | 22%2 of 9 questions |
| HLT Hilton Worldwide | 8 | 50%4 of 8 questions |
| HST Host Hotels & Resorts | 8 | 0%none of 8 questions |
| DKNG DraftKings Inc. | 7 | 43%3 of 7 questions |
| MAR Marriott International | 7 | 0%none of 7 questions |
| NCLH Norwegian Cruise Line Holdings | 6 | 33%2 of 6 questions |
- CCLCarnival · 14 questions0%none of 14 questions
- LVSLas Vegas Sands · 11 questions0%none of 11 questions
- WYNNWynn Resorts · 11 questions0%none of 11 questions
- HOGHarley-Davidson, Inc. · 9 questions11%1 of 9 questions
- RCLRoyal Caribbean Group · 9 questions22%2 of 9 questions
- HLTHilton Worldwide · 8 questions50%4 of 8 questions
- HSTHost Hotels & Resorts · 8 questions0%none of 8 questions
- DKNGDraftKings Inc. · 7 questions43%3 of 7 questions
- MARMarriott International · 7 questions0%none of 7 questions
- NCLHNorwegian Cruise Line Holdings · 6 questions33%2 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 | 14 | 14%2 of 14 questions | 10 |
| 2025 Q1 | 15 | 7%1 of 15 questions | 9 |
| 2025 Q2 | 14 | 21%3 of 14 questions | 10 |
| 2025 Q3 | 12 | 8%1 of 12 questions | 8 |
| 2025 Q4 | 12 | 8%1 of 12 questions | 9 |
| 2026 Q1 | 11 | 27%3 of 11 questions | 9 |
| 2026 Q2 | 12 | 8%1 of 12 questions | 10 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q414 questions · challenge rate 14% (2 of 14 questions) · 10 companies
- 2025 Q115 questions · challenge rate 7% (1 of 15 questions) · 9 companies
- 2025 Q214 questions · challenge rate 21% (3 of 14 questions) · 10 companies
- 2025 Q312 questions · challenge rate 8% (1 of 12 questions) · 8 companies
- 2025 Q412 questions · challenge rate 8% (1 of 12 questions) · 9 companies
- 2026 Q111 questions · challenge rate 27% (3 of 11 questions) · 9 companies
- 2026 Q212 questions · challenge rate 8% (1 of 12 questions) · 10 companies
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth30
- Demand28
- Guidance Reliability15
- Margin15
- Competitive Dynamics14
- Geographic Expansion13
- Capital Allocation12
- Pricing10
- Product Launch7
- M&A6
Show all 19 topics
- Capex Investment6
- Cost Pressure4
- Macroeconomic4
- Trade Tariffs2
- Supply Chain1
- Inventory1
- Subscriber Growth1
- Innovation & R&D1
- Regulation Policy1