The personalities when it comes to tomorrow's sports, yeah, >> are the pinnacle of the sport, the traditional sport that we're talking about. When your founders alongside you are Tiger Woods and Rory Mroy and you rope in participants like Justin Thomas and Max Homa and all of the other top golfers who are known, >> what exactly then does it mean to have that kind of power and how do you harness it. >> Are there benefits and drawbacks to having that kind of very topheavy invisible kind of >> talent.I think i ...

Topgolf raised its full-year revenue guidance as football fans took some extra time out for golf https://t.co/QuWAQNwRdu ...

Financial Data and Key Metrics Changes - In Q3 2025, adjusted EBITDAre was $319 million, a decrease of 3.3% year-over-year, while adjusted FFO per share was $0.35, down 2.8% compared to Q3 2024 [4][5] - Year-to-date, adjusted EBITDAre and adjusted FFO per share increased by 2.2% and 60 basis points, respectively, compared to 2024 [4] - Comparable hotel total RevPAR improved by 80 basis points compared to Q3 2024, driven by better-than-expected transient demand and higher rates [5][6] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin declined by 50 basis points year-over-year to 23.9%, primarily due to increased wages and benefits [5][24] - Transient revenue grew by 2%, with double-digit growth at resort properties, particularly in Maui, San Francisco, New York, and Miami [6][21] - Group room revenue decreased approximately 5% year-over-year, attributed to renovation disruptions and the Jewish holiday calendar shift [7][22] Market Data and Key Metrics Changes - Maui experienced a 20% RevPAR growth, driven by increased occupancy and strong out-of-room spending [6][7] - Total group revenue pace in Maui is up 13% for 2026, indicating continued recovery momentum [7] - San Francisco's total group revenue pace for 2026 is up over 20%, with group rate pacing up 10% [56] Company Strategy and Development Direction - The company is focusing on capital allocation decisions that enhance long-term shareholder value, including transformational renovations and strategic asset sales [10][11] - A second agreement with Marriott for transformational renovations at four properties is expected to enhance long-term performance [11] - The company aims to leverage its investment-grade balance sheet and diversified portfolio to outperform in the current environment [16][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued recovery of leisure travel and the affluent consumer's prioritization of premium experiences [58] - The company raised its full-year 2025 guidance for comparable hotel RevPAR and total RevPAR to approximately 3% and 3.4%, respectively, reflecting strong performance [15][24] - Management noted that the bifurcation of the consumer market is likely to benefit upper-upscale and luxury hotels [16] Other Important Information - The company collected $5 million in business interruption proceeds for Hurricanes Helene and Milton, totaling $24 million for the year [9] - Capital expenditure guidance for 2025 is set at $605-$640 million, including significant investments for redevelopment and repositioning projects [13][26] - The company has a strong liquidity position with $2.2 billion available, facilitating strategic capital allocation decisions [27] Q&A Session Summary Question: Can we expect more asset trading in the market based on current performance? - Management indicated they will be opportunistic with capital allocation regarding dispositions and acquisitions, highlighting successful asset sales this year [33][34] Question: How are you selecting hotels and markets for investment? - The company screens assets to determine capital allocation, focusing on transformational renovations that reposition properties for better performance [42][44] Question: What are the expectations for group booking pace in 2026? - Group revenue pace for 2026 is up 5%, with strong performance expected in key markets like San Francisco and Maui [49][56] Question: How is the company managing wage and benefits increases? - Wage rate growth is expected to be lower in 2026, with New York being the only major market with upcoming labor contract negotiations [82] Question: What are the tailwinds for growth potential in 2026? - The absence of major storms on the Gulf Coast and strong performance from properties like The Don CeSar are expected to contribute positively to growth [88][90]

Financial Data and Key Metrics Changes - Adjusted EBITDAre for Q3 2025 was $319 million, a decrease of 3.3% year-over-year, while adjusted FFO per share was $0.35, down 2.8% compared to Q3 2024 [4][5] - Year-to-date, Adjusted EBITDAre and adjusted FFO per share were up 2.2% and 60 basis points, respectively, compared to 2024 [4] - Comparable hotel total RevPAR improved by 80 basis points compared to Q3 2024, driven by better-than-expected transient demand and higher rates [5][6] Business Line Data and Key Metrics Changes - Transient revenue grew by 2%, with double-digit growth at resort properties, particularly in Maui, San Francisco, New York, and Miami [6][7] - Group room revenue decreased approximately 5% year-over-year due to renovation disruptions and the Jewish holiday calendar shift, although definite group room nights on the books increased to 4 million for 2025 [7][22] - F&B revenue was flat, with outlet revenue growing 6% but banquet and catering revenue declining due to lower group business volume [18][19] Market Data and Key Metrics Changes - Maui experienced a 20% RevPAR growth driven by increased occupancy and strong out-of-room spending [7] - San Francisco's total group revenue pace for 2026 is up over 20%, indicating a strong recovery [56] - The overall transient revenue for resorts was up approximately 2%, with significant growth in luxury leisure travel [21] Company Strategy and Development Direction - The company is focusing on capital allocation decisions that enhance long-term shareholder value, including transformational renovations and strategic asset sales [10][11] - A second agreement with Marriott for transformational renovations at four properties is expected to enhance long-term performance and market competitiveness [11] - The company aims to leverage its investment-grade balance sheet and diversified portfolio to outperform in the current environment [16][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued recovery of leisure travel and the performance of upper-upscale and luxury hotels [16] - The company raised its full-year 2025 guidance for comparable hotel RevPAR and total RevPAR to approximately 3% and 3.4%, respectively, reflecting strong performance year-to-date [15][24] - Management noted that the bifurcation of consumer spending is likely to benefit the company due to its focus on higher-end properties [16] Other Important Information - The company collected $5 million in business interruption proceeds for Hurricanes Helene and Milton, bringing the total for the year to $24 million [9] - Capital expenditure guidance for 2025 is set at $605 million to $640 million, including significant investments for redevelopment and repositioning projects [13][26] - The company has a strong liquidity position with $2.2 billion in total available liquidity and a leverage ratio of 2.8 times [27] Q&A Session Summary Question: Can we expect more asset trading in the market based on current performance? - Management indicated they will be opportunistic with capital allocation regarding dispositions and acquisitions, highlighting successful asset sales this year [33][34] Question: How are you selecting hotels and markets for investment? - The company screens assets to determine where to invest capital, focusing on transformational renovations that reposition properties for better performance [42][44] Question: What is the outlook for group booking pace in 2026? - Group revenue pace for 2026 is up 13% compared to last year, with strong bookings already in place [48] Question: How is the company managing wage and benefits increases? - Wage rate growth is expected to be around 6% for 2025, with a potential decrease in growth for 2026 [82] Question: What are the expectations for growth potential in 2026 without major storms? - Management expressed optimism about performance in 2026, particularly for properties like The Don CeSar and the Ritz Naples, which are expected to benefit from strong consumer demand [90]

Core Insights - Volkswagen's financial performance in Q3 was significantly impacted by tariffs, resulting in a nearly $1 billion hit to the bottom line, with total tariff costs for the first nine months reaching $2.44 billion [1][2] - The company has lowered its financial expectations for the year, projecting an operating return on sales of 2% to 3% and a net cash flow of breakeven [2] Financial Performance - Volkswagen reported a Q3 revenue increase of 2.3% year-over-year to 80.3 billion euros, but faced an operating loss of 1.3 billion euros compared to a profit of 2.83 billion euros in the previous year [6] - The group operating margin was reported at 5.4%, but increased trading tariffs are expected to burden the company by up to 5 billion euros on a full-year basis [2] Tariff Impact - The US tariffs on imported vehicles amounted to 800 billion euros ($925 million) in Q3, contributing to a total tariff impact of 2.1 billion euros ($2.44 billion) for the first nine months [1] - The tariff exposure in Q2 was higher at $1.52 billion, prior to a trade deal with the EU that reduced some tariffs to 15% starting in August, while 27.5% tariffs remain for vehicles made in Mexico [4] Production and Deliveries - Total vehicle deliveries increased by 1% in the first nine months, but US deliveries fell by 8%, highlighting the challenges faced in the American market [5] - Volkswagen is in discussions with the US government to potentially expand vehicle production in the US, with an Audi plant being considered [6] Brand and Market Challenges - The Porsche brand faced a significant charge of $5.92 billion related to changes in its electric vehicle rollout and brand goodwill, indicating ongoing challenges within the company [3] - The operating result (EBIT) for Volkswagen last year was 21.7 billion euros, meaning the current tariff-related losses equate to 23% of last year's profit [3]

Core Points - Volkswagen has indicated that it cannot rule out production stoppages due to supply chain issues stemming from a dispute over Dutch chip maker Nexperia, which poses a threat to Europe's auto sector [1][2][3] - The Dutch government seized control of Nexperia last month, raising concerns about intellectual property, while China has restricted exports of essential products needed by European car manufacturers [2][7] - Volkswagen has communicated to its staff that, while production has not yet been affected by chip shortages, the situation is dynamic and could change in the short term [2][3] Production Impact - Reports suggest that Volkswagen may plan production stoppages starting next Wednesday, initially affecting the Golf series and subsequently other models [4] - The company is currently monitoring the situation closely and has not confirmed any specific plans regarding production halts [4][6] - Volkswagen will temporarily pause production of its Golf and Tiguan models at its Wolfsburg plant on Friday for an unrelated inventory issue, clarifying that this is not connected to chip supply problems [5] Industry Context - The ongoing dispute over Nexperia adds to existing global trade tensions impacting European carmakers, including increased U.S. import tariffs and Chinese export restrictions on rare earths [7] - Other automakers, such as BMW and Mercedes, are also taking steps to secure their production in light of the Nexperia situation [7] - Recent discussions between Dutch and Chinese economy ministers did not yield a resolution to the Nexperia impasse [8]

Group 1 - Volkswagen (VW) is experiencing a production slowdown for the Golf and Tiguan models due to concerns over a supply chain shock linked to a chip shortage from a key supplier in the Netherlands [1] - VW has denied that the production pause is due to chip supply issues, stating that the adjustment was planned to align with seasonal inventory trends, and the pause is expected to end by the end of the week [2] - The Dutch government has implemented emergency measures on the China-owned semiconductor maker Nexperia, which has resulted in the Chinese government banning exports of Nexperia's semiconductor products, crucial for Europe's auto industry [3] Group 2 - The European Automobile Manufacturers' Association (ACEA) has indicated that while alternative chips are available, the process of re-homologation and ramp-up could take several months, with existing stocks of Nexperia components potentially running out within weeks [4] - ACEA's director general, Sigrid de Vries, emphasized that despite efforts to diversify supply chains, risks cannot be completely eliminated, affecting a wide range of suppliers and nearly all members of the association [4] - The current situation has been described as alarming, with a call for quick and pragmatic solutions from all involved countries [5]

Core Insights - Volkswagen is set to suspend production of key models, including the Golf, at its Wolfsburg plant due to semiconductor supply shortages [1] Group 1 - Volkswagen is facing significant production challenges due to a lack of semiconductor supplies [1] - The suspension of production will affect major models, indicating a broader impact on the company's output and sales [1]

Core Insights - The article highlights the financial struggles of a professional golfer named Scott, who is burdened with approximately $300,000 in debt, including $220,000 in student loans and an $80,000 IRS bill [1][2]. Group 1: Debt Accumulation - Scott's pursuit of a professional golf career led to significant debt accumulation, including student loans and an IRS tax bill due to discrepancies in reported expenses [1][4]. - His agent's theft of about $250,000 further exacerbated his financial situation, highlighting the risks athletes face with financial advisors [2][6]. Group 2: IRS Audit and Tax Issues - Scott was audited by the IRS, which revealed discrepancies between his reported golf expenses and the deductions claimed, resulting in a substantial back-tax bill [4][5]. - The audit process is noted to be rare, with only about 1% of tax returns audited from 2013 to 2021, but certain red flags can increase the likelihood of an audit [5]. Group 3: Seeking Solutions - Scott expressed a desire to connect with someone who has successfully managed to pay off a similar level of debt, indicating a need for guidance and support [6]. - The article emphasizes the importance of careful selection of financial advisors and agents, as many athletes have faced financial exploitation [6].

There aren’t many reversible golf courses in the world. But they can be a lot of fun for golfers—and a challenge for designers.https://t.co/xnLinno0dm ...