Financial Data and Key Metrics Changes - The preliminary results of the annual meeting indicate that both Jeff Tangney and Kara Wampler have been elected as directors until the 2028 Annual Meeting [8] - Deloitte's appointment as the independent auditor for fiscal year 2026 has been ratified [8] - The nonbinding advisory vote on the compensation of named executive officers for the fiscal year ended March 31, 2025, has been approved [8] Business Line Data and Key Metrics Changes - No specific data or metrics related to individual business lines were provided in the meeting [9] Market Data and Key Metrics Changes - No specific market data or metrics were discussed during the meeting [9] Company Strategy and Development Direction and Industry Competition - The company has proposed to elect two class one directors and ratify the independent auditor, indicating a focus on governance and oversight [6] - The approval of executive compensation suggests a strategy to align management incentives with shareholder interests [7] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [9] Other Important Information - The meeting was conducted virtually, and voting was completed in accordance with Doximity's Bylaws and Delaware law [2][3] - The meeting was attended by the CEO, CFO, Board of Directors, and representatives from Deloitte, indicating a strong governance structure [2] Q&A Session All Questions and Answers - No Q&A session was recorded or reported in the meeting [9]

Financial Data and Key Metrics Changes - The preliminary results of the annual meeting indicate that both Jeff Tangney and Kara Wampler have been elected as directors until the 2028 Annual Meeting [8] - Deloitte's appointment as the independent auditor for fiscal year 2026 has been ratified [8] - The nonbinding advisory vote on named executive officers' compensation for the fiscal year ended March 31, 2025, has been approved [8] Business Line Data and Key Metrics Changes - No specific data or metrics related to individual business lines were discussed in the meeting [9] Market Data and Key Metrics Changes - No specific market data or metrics were provided during the meeting [9] Company Strategy and Development Direction and Industry Competition - The company has recommended the passage of all proposals presented at the meeting, indicating a unified strategy among the Board of Directors [7] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [9] Other Important Information - The meeting was conducted virtually, and voting was completed in accordance with Doximity's Bylaws and Delaware law [2][3] - The meeting was attended by the CEO, CFO, Board of Directors, and representatives from Deloitte, indicating a strong governance structure [2] Q&A Session All Questions and Answers - No Q&A session was recorded or reported in the meeting [9]

Summary of Intel (INTC) 2025 Conference Call Company Overview - **Company**: Intel Corporation (INTC) - **Date of Conference**: August 28, 2025 Key Points Government Investment - The U.S. government invested **$8.9 billion** in Intel, acquiring **433 million shares** and **$240 million** in warrants [3][4] - This investment replaces previous grants, providing immediate cash flow and reducing uncertainty regarding milestone achievements [4][5] - The government’s stake is seen as beneficial for customer perception and support [6][11] Financial Position - Intel raised nearly **$7 billion** in cash through various means, including the government investment and a **$2 billion** investment from SoftBank [15][16] - The company is focused on deleveraging, with **$3.8 billion** in bonds maturing this year [16] - Future capital needs will depend on the success of the foundry business and demand for new technologies [17] Foundry Business - The foundry business is critical for Intel's future, with expectations of external customer engagement to drive volume and ROI [32][33] - The company is confident in maintaining a majority stake in the foundry business, which is essential for its strategic direction [9][10] - Intel is working on ramping up its **14A** technology node, with expectations for customer commitments by **2027** [41][42] Technology Development - The **18A** technology node is progressing well, with improvements in yield and performance expected to benefit the **14A** node [24][33] - The company is targeting high-performance computing markets while also exploring opportunities in mobile [39] Product Roadmap - Intel's notebook segment is performing well, with the **Lunar Lake** product gaining traction [44] - The desktop segment has faced challenges, but the upcoming **NovaLake** product aims to improve market position [45] - The data center products are mixed, with ongoing efforts to enhance performance across the portfolio [47][48] Capital Expenditure (CapEx) - Intel plans to maintain CapEx around **$18 billion** annually, with potential adjustments based on foundry demand [55][58] - The company is focusing on improving efficiency in capital deployment and equipment reuse [56] Gross Margin and Financial Goals - Intel aims to improve gross margins, targeting a return to the **40%** range, with foundry operations expected to contribute positively [61][62] - The company acknowledges the need for better pricing strategies and cost management to enhance profitability [63][65] Vision and Future Outlook - The leadership sees significant potential in the foundry business, which could enhance shareholder value if successful [69][71] - The focus will be on executing product strategies, listening to customer needs, and maintaining financial discipline [70][71] Additional Insights - The government’s involvement is viewed as a strategic endorsement, but the success of the foundry business ultimately relies on Intel's execution [11][12] - The company is open to both financial and strategic investments in the foundry segment, but significant external funding is not expected in the near term [21][22] - The risk factors outlined in SEC filings are meant to communicate potential challenges but should not deter customer engagement [30][35]

Summary of Cisco's Earnings Call Company Overview - **Company**: Cisco Systems, Inc. - **Key Executives**: - Jitu Patel, President and Chief Product Officer - Mark Patterson, EVP and Chief Financial Officer Core Industry Insights - **Industry**: Networking and Cybersecurity - **Trends**: - Increased demand for AI infrastructure and services - Shift towards integrated platforms rather than standalone products - Growing importance of security integrated within networking solutions Key Points and Arguments 1. Integration and Innovation - Cisco has shifted from operating as a collection of business units to a more integrated platform approach, enhancing innovation and product synergy [7][8] - The focus is on creating a cohesive technology stack that combines networking and security, which is expected to provide a competitive advantage [12][19] 2. AI and Network Traffic - The rise of agentic AI will lead to significant changes in network traffic patterns, requiring infrastructure that can handle increased and sustained traffic [10][42] - Cisco is positioned to address these needs with its smart switch technology that integrates security and network processing [12][30] 3. Financial Discipline and Growth - Cisco reported strong earnings growth, with earnings expected to outpace revenue growth in the upcoming quarters [55][56] - The company is focusing on productivity and resource allocation to capitalize on AI and infrastructure opportunities [14][17] 4. Strategic Partnerships - Cisco has established a strategic partnership with NVIDIA, integrating their technologies to enhance AI capabilities and market positioning [36][38] - This partnership allows Cisco to be part of NVIDIA's reference architecture, which is crucial for enterprise AI deployments [38][39] 5. Infrastructure Constraints - Cisco anticipates three major constraints in the future: infrastructure limitations, trust deficits in AI systems, and data gaps [28][30] - The company is actively working to address these constraints through its product offerings and strategic initiatives [30] 6. Zero Trust Security Model - Cisco is implementing a universal Zero Trust Network Access (ZTNA) framework to enhance security across all devices and applications, including AI agents [50][51] - This approach aims to mitigate risks associated with over-provisioning permissions and ensure secure access for both human and machine identities [49][50] 7. Market Positioning and Future Outlook - Cisco is well-positioned to benefit from the ongoing digital transformation and the need for modernized data centers and workplaces [22][23] - The company is focusing on re-architecting its offerings to ensure they are AI-ready and resilient against future challenges [23][44] 8. Cultural Shift - A significant cultural change within Cisco emphasizes building innovative products rather than relying solely on acquisitions, fostering a more agile and responsive organization [64][65] - This shift has led to increased employee engagement and a renewed sense of purpose within the company [65] Additional Important Insights - Cisco's acquisition of Splunk enhances its ability to correlate network and security data, improving incident response times [23] - The company is adapting to global supply chain challenges and tariffs, leveraging its scale to mitigate impacts [58][59] This summary encapsulates the key insights and strategic directions discussed during Cisco's earnings call, highlighting the company's focus on innovation, integration, and addressing future challenges in the networking and cybersecurity landscape.

Financial Data and Key Metrics Changes - Banco Macro's net income for Q2 2025 totaled ARS 101.1 billion, representing a 209% increase compared to the previous quarter, primarily driven by higher net interest income and net fee income [4][5] - Total comprehensive income for the quarter reached ARS 157.1 billion, a 241% increase from the previous quarter [5] - The annualized ROE and ROA were reported at 123.5% [5] - Provision for loan losses increased by 47% quarter on quarter and 349% year on year, totaling ARS 103 billion [6][14] Business Line Data and Key Metrics Changes - Net interest income for Q2 2025 was ARS 696.9 billion, a 14% increase from the previous quarter and a 163% increase year on year [6][7] - Income from interest on loans increased by 19% quarter on quarter and 30% year on year, representing 69% of total interest income [8] - Net fee income totaled ARS 108.4 billion, a 16% increase from the previous quarter and a 34% increase year on year, with credit card fees increasing by 90% [11][12] Market Data and Key Metrics Changes - Banco Macro's market share in private sector loans reached 9.2% as of June 2025 [15] - Total deposits increased by 4% quarter on quarter and 13% year on year, with private sector deposits also increasing by 4% quarter on quarter [16][17] - The nonperforming loans (NPL) ratio reached 2.06%, with consumer portfolio NPLs deteriorating to 2.81% [17][18] Company Strategy and Development Direction - The bank aims to maintain a loan growth guidance of 60% for 2025 and a deposit growth guidance of 30% [38][39] - Banco Macro is focused on optimizing its deposit base and improving efficiency standards while managing asset quality [18][19] - The bank is open to analyzing potential M&A opportunities if favorable conditions arise [51] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in funding costs and anticipated some reduction in net interest margins (NIMs) in Q3 due to market volatility [24][26] - The bank expects NPLs to increase to between 2.5% to 3% of total loans by the end of the year due to high real interest rates [26][33] - The effective income tax rate was reported at 39%, lower than the previous year [14] Other Important Information - Banco Macro's capital adequacy ratio was reported at 30.5%, with a Tier one ratio of 9% [18] - The bank's liquidity remains strong, with a liquid assets to total deposit ratio of 67% [18] Q&A Session Summary Question: Impact on NIMs and asset quality from interest rate volatility - Management acknowledged higher volatility and increased funding costs, forecasting a slight reduction in NIMs for Q3 [24][26] Question: ROE expectations for the second half of the year - Management maintained an ROE guidance of 8% to 10% for 2025 [26] Question: Cost of risk expectations - Management estimated a cost of risk similar to the previous year, around 4% [27] Question: Tier one ratio forecast - Management forecasted a Tier one ratio of approximately 28.75% by the end of 2025 [30] Question: Quality of the retail loan portfolio - Management noted some deterioration in asset quality due to rising interest rates, expecting continued deterioration in the third quarter [32][33] Question: Funding growth strategy - Management emphasized the importance of maintaining growth in both peso and dollar deposits while managing funding costs [36][38] Question: Loan growth guidance - Management confirmed a loan growth guidance of 60% for 2025 and a deposit growth guidance of 30% [39][40]

Financial Data and Key Metrics Changes - Banco Macro's net income for Q2 2025 totaled ARS 101.1 billion, representing a 209% increase compared to the previous quarter, primarily driven by higher net interest income and net fee income [4][5] - Total comprehensive income for the quarter reached ARS 157.1 billion, a 241% increase from the previous quarter [5] - The annualized ROE and ROA were reported at 123.5% [5] - Provision for loan losses increased by 47% quarter-on-quarter and 349% year-on-year, totaling ARS 103 billion [6] - Net interest income for Q2 2025 was ARS 696.9 billion, a 14% increase from the previous quarter and a 163% increase year-on-year [6][7] Business Line Data and Key Metrics Changes - Income from interest on loans increased by 19% quarter-on-quarter and 30% year-on-year, totaling ARS 746.1 billion [7] - Income from government and private securities rose by 18% quarter-on-quarter and 54% year-on-year [7][8] - Net fee income for Q2 2025 was ARS 108.4 billion, a 16% increase from the previous quarter and a 34% increase year-on-year [11] - Other operating income decreased by 37% quarter-on-quarter and 24% year-on-year, totaling ARS 45.8 billion [12] Market Data and Key Metrics Changes - Banco Macro's market share in private sector loans reached 9.2% as of June 2025 [16] - Total deposits increased by 4% quarter-on-quarter and 13% year-on-year, totaling ARS 62 trillion [17] - Nonperforming loans to total financial ratio was reported at 2.06% [18] - The current ratio of total allowances under expected credit losses over nonperforming loans was 137% [18] Company Strategy and Development Direction - The company aims to maintain a loan growth guidance of 60% for 2025 and a deposit growth guidance of 30% [40][41] - Banco Macro is focused on optimizing its deposit base and improving efficiency standards while managing asset quality [19][20] - The bank is open to M&A opportunities but currently has no specific targets [53] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in funding costs and anticipated a slight reduction in net interest margins for Q3 2025 due to market volatility [24][26] - The bank expects some deterioration in asset quality, projecting nonperforming loans to rise to between 2.5% to 3% of total loans by year-end [28][35] - The effective income tax rate was reported at 39%, lower than the previous year [14] Other Important Information - Banco Macro's capital adequacy ratio was reported at 30.5%, with an excess capital of ARS 3.13 trillion [19] - The liquidity ratio of liquid assets to total deposits was 67% [19] Q&A Session Summary Question: Impact on NIMs and asset quality from interest rate volatility - Management acknowledged higher volatility and increased funding costs but noted that net interest margins had widened in Q2 2025. They expect a slight reduction in NIMs for Q3 due to these factors [24][26] Question: ROE expectations for the second half of 2025 - Management maintained the ROE guidance range of 8% to 10% for 2025, despite macroeconomic challenges [28] Question: Quality of the retail loan portfolio - Management indicated a general deterioration in asset quality across the system, with expectations of continued increases in delinquency rates [35] Question: Funding strategy and loan growth guidance - Management emphasized the importance of maintaining growth in both peso and dollar deposits, with a loan growth guidance of 60% for 2025 [40][41] Question: Inflation adjustment item in the P&L - Management confirmed that the inflation adjustment item is due to inflation accounting [55] Question: Expected loan growth for 2025 and 2026 - Management projected a 60% loan growth for 2025 and a 45% growth for 2026 [56]

Financial Data and Key Metrics Changes - The company reported a consolidated sales increase of 5% to $3.65 billion for Q2 2025, with comparable sales (comps) also increasing by 5% [16][11] - Gross profit for Q2 was $1.35 billion, representing 37.06% of net sales, with an increase of 33 basis points from the previous year [17] - Non-GAAP earnings per diluted share were $4.38, slightly up from $4.37 in the previous year [19] Business Line Data and Key Metrics Changes - The company is focusing on three growth areas: repositioning real estate and store portfolio, driving growth in key categories, and expanding its e-commerce business [12][13] - The company opened one additional House of Sport location in Q2 and plans to open 13 more in Q3, aiming for a total of approximately 35 by year-end [12] - E-commerce continues to grow faster than the overall company, driven by a strong product pipeline and app engagement [13] Market Data and Key Metrics Changes - The company is gaining market share from online-only and omni-channel retailers, with a two-year comp stack of 9.5% and a three-year comp stack of 11.5% [16] - The company expects full-year comp sales growth in the range of 2% to 3.5%, up from a prior expectation of 1% to 3% [21] Company Strategy and Development Direction - The company is enthusiastic about the strategic benefits of the pending acquisition of Foot Locker, which is expected to close on September 8 [8] - The acquisition aims to create a global leader in the sports retail industry, enhancing partnerships with leading sports brands and expanding the total addressable market [8] - The company is committed to investing in stores and marketing to revitalize the Foot Locker business post-acquisition [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term strategies and the strength of its operating model, despite a complex macroeconomic environment [10][21] - The company is navigating the tariff environment effectively, with minimal impact on Q2 and a cautious outlook for the back half of the year [36][109] - Management raised full-year guidance based on strong Q2 performance and ongoing confidence in business execution [10][21] Other Important Information - The company ended Q2 with approximately $1.2 billion in cash and cash equivalents, with no borrowings on its $2 billion unsecured credit facility [19] - The company plans to invest approximately $1 billion in net capital expenditures for the full year [23] Q&A Session Summary Question: Update on Foot Locker acquisition and revitalization plans - Management sees a tremendous opportunity with Foot Locker and plans to invest in stores and marketing to turn the business around [30][31] Question: Impact of tariffs on demand and pricing - Management reported strong performance despite sporadic price increases and is confident in navigating the tariff environment [36] Question: Consumer behavior and category performance - Management noted broad-based growth across key segments, with no signs of consumer slowdown [40][41] Question: Gross margin expectations - Management expects gross margin to expand, balancing various factors including tariffs and strategic investments [68] Question: Accretion from Foot Locker deal - Management remains confident that the acquisition will be accretive, with ongoing evaluations post-transaction [72][87] Question: Game Changer performance - Game Changer continues to perform well, with significant user growth and integration with DICK'S Media Network [78] Question: Athletic footwear pricing and consumer absorption - Management indicated that selective price increases have not negatively impacted consumer demand [107] Question: Traffic dynamics between store formats - Management expressed enthusiasm for the performance of House of Sport and Fieldhouse stores, focusing on overall performance rather than traffic alone [115]

Financial Data and Key Metrics Changes - The company reported total revenue of $301.2 million for fiscal year 2025, a 6.1% increase from $283.9 million in the previous year [18] - Adjusted EBITDA for the year was $88.7 million, up from $83.4 million, reflecting a positive trend in profitability [18] - Same store sales declined by 4.1%, but showed sequential improvement each month in the fourth quarter [18] Business Line Data and Key Metrics Changes - The retail business remained steady, while league operations experienced low single-digit growth, and the events business faced a high single-digit decline [18] - The acquisition of Boomers and two new water parks contributed an additional $7 million in EBITDA [19] - Food and beverage revenue showed positive same store comps, with food revenue up 2.5% and alcohol comps down 2.7%, indicating a shift in consumer preferences [12][19] Market Data and Key Metrics Changes - California, which accounts for approximately 20% of total sales, contributed $6 million to the same store sales decline [19] - New York is showing positive trends, with marketing efforts yielding favorable results [56] Company Strategy and Development Direction - The company is focused on building a premier location-based entertainment platform in North America, with significant investments in water parks and family entertainment centers [9] - The strategy includes enhancing guest experiences, expanding operating cash flow, and increasing free cash flow [21] - The company aims to reach 100 Lucky Strike locations by year-end, up from 55 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the business, particularly in July, which saw double-digit growth year-over-year [6][21] - The company anticipates total revenue growth of 5% to 9% for fiscal year 2026, translating to $1.26 billion to $1.31 billion in revenue [21] - Management highlighted the importance of marketing investments to capture additional market share and improve brand awareness [47] Other Important Information - The company acquired 58 properties for $36 million, which will enhance its operational flexibility and is expected to be accretive to earnings [9][20] - The liquidity position remains strong at $342 million, with $60 million in cash [22] Q&A Session Summary Question: Can you walk us through the assumptions embedded in the new targets for 2026? - Management indicated that July's positive performance and increased marketing investments are key components of the guidance [25] Question: How do you see the cadence playing out between the quarters in 2026? - Management expects good double-digit growth in September, with the fourth quarter projected to be $10 million to $20 million higher than the second quarter [29] Question: What is the outlook for the events side of the business? - Management noted that the comp gets easier starting in September, and they are focusing on increasing marketing spend to capture market share [33] Question: How are you approaching the water parks and family entertainment centers compared to bowling? - The same operational playbook is applied, focusing on improving asset quality and enhancing food and beverage offerings [36] Question: What is the expected trajectory for location operating costs? - Management indicated that location operating costs are expected to return to historical trends after accounting for non-cash charges [65] Question: Can you provide insights on the impact of marketing investments on recent performance? - Management noted that increased marketing spend has driven significant results, particularly in the successful summer season pass program [46] Question: What is the expected annualized cost to operate Boomers? - Boomers is currently running close to a 25% EBITDA margin, with revenue expectations to increase over the next twelve months [80] Question: What is the non-acquisition CapEx guidance for FY 2026? - Non-acquisition CapEx is expected to be around $130 million, down from previous levels as the company focuses on high ROI initiatives [82]

Financial Data and Key Metrics Changes - The fixed service revenue declined by 6.2% year over year, with 3% attributed to lower connection revenue, equating to approximately €20 million decline in the quarter [13][15] - EBITDA decrease is primarily due to a direct impact from revenue decline, with close to 100% of the €100 million decline being a direct drop from service revenue [10] Business Line Data and Key Metrics Changes - The B2C mobile market saw a competitive environment with aggressive pricing, where offers for 30 GB were priced at €5 in May, now reduced to 20 GB for €7 [6][7] - The B2B segment experienced a revenue decline of 2%, with high competition and many small players entering the market [8][9] Market Data and Key Metrics Changes - The volume of net adds in the French market was low compared to previous years, with Q2 net adds comparable to last year, totaling around 80,000 for all players [6][21] - The market share of the incumbent remains high, indicating potential growth opportunities despite declining prices [9] Company Strategy and Development Direction - The company is focusing on reducing CapEx, which has declined by 24% this year, driven by lower network investment and a decrease in collection fees as FTTH is rolled out [20][22] - The company is well advanced in 5G rollout, covering approximately 85% of the population, and has 41 million home passes for FTTH [22][24] Management Comments on Operating Environment and Future Outlook - Management noted that the competitive environment has softened slightly in July and August after a peak in May, indicating a potential stabilization in pricing [6][7] - The company believes that the direction of CapEx reduction is sustainable due to lower data consumption growth expectations and reduced network investment needs [24] Other Important Information - The expected gross proceeds from the tower transaction are €480 million, with net proceeds estimated around €460 million after costs [14][18] Q&A Session Summary Question: Competitive environment in France - Management acknowledged high competition in the mobile market, particularly on the budget end, and noted that the market has softened slightly in recent months [6][8] Question: Barriers to growth in B2B business - Management indicated that the B2B market is competitive with declining prices and many small players, impacting growth [8] Question: Fixed service revenue decline details - Management confirmed a 6.2% decline in fixed service revenue, with connection fees being a significant driver [15] Question: Net proceeds from tower transaction - Management clarified that net proceeds from the tower transaction would be around €460 million [18] Question: Impact of mobile network outage on net adds - Management stated that net adds in Q2 were comparable to last year, with improvements noted in the competitive landscape [21] Question: Sustainability of CapEx reduction - Management explained that the CapEx reduction is driven by lower network investment needs and a decrease in collection fees, indicating sustainability [24]

Financial Data and Key Metrics Changes - The company reported total revenue of $301.2 million for fiscal year 2025, a 6.1% increase from $283.9 million in the previous year [19] - Adjusted EBITDA for the year was $88.7 million, up from $83.4 million, reflecting a positive trend in profitability [19] - Same store sales declined by 4.1%, but showed sequential improvement each month in the fourth quarter [19] Business Line Data and Key Metrics Changes - The retail business remained steady, while league operations experienced low single-digit growth and the events business faced a high single-digit decline [19] - The acquisition of Boomers and two new water parks contributed an additional $7 million in EBITDA [19] - Food revenue showed positive same store comps of 2.5%, while alcohol comps were down 2.7% but improving [12][19] Market Data and Key Metrics Changes - California, which accounts for approximately 20% of total sales, contributed $6 million to the same store sales decline [20] - New York is performing well, with positive comps attributed to increased marketing efforts [56] Company Strategy and Development Direction - The company is focused on building a premier location-based entertainment platform in North America, with significant investments in water parks and family entertainment centers [8][10] - The strategy includes enhancing guest experiences and expanding market leadership through acquisitions and organic growth [10] - The company aims to reach 100 Lucky Strike locations by year-end, up from 55 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive momentum heading into fiscal year 2026, driven by strong July performance and the successful season pass program [6][22] - The company anticipates total revenue growth of 5% to 9% for fiscal year 2026, translating to $1.26 billion to $1.31 billion in revenue [22] - Management highlighted the importance of marketing investments to capture additional market share and improve brand awareness [47] Other Important Information - The company acquired 58 properties for $36 million, which will lower GAAP rent expense and capitalized lease expense in fiscal year 2026 [21][22] - The liquidity position remains strong at $342 million, with $60 million in cash [23] Q&A Session Summary Question: Can you walk us through the assumptions embedded in the new targets for 2026 EBITDA guidance? - Management noted that July showed positive growth, and the guidance reflects increased marketing investments and the expected positive impact from newly acquired assets [26][27] Question: How do you see the cadence playing out between the quarters in fiscal 2026? - Management expects double-digit growth in September, with the fourth quarter projected to be $10 million to $20 million higher than the second quarter [30] Question: What is the outlook for the events side of the business? - Management indicated that the comp gets easier starting in September, and they are focusing on increasing marketing spend to capture market share [34] Question: How are you approaching the business of water parks and family entertainment centers compared to bowling? - The same playbook is applied, focusing on improving asset quality and enhancing food and beverage offerings [36] Question: What is the expected trajectory for location operating costs? - Management indicated that location operating costs are expected to return to historical trends after accounting for non-cash charges [66] Question: Can you provide insights on the impact of marketing investments on recent performance? - Management highlighted that increased marketing spend has driven significant results, particularly in the successful season pass program [46] Question: What is the expected annualized cost to operate Boomers? - Boomers is currently running close to a 25% EBITDA margin, with expectations for revenue growth in the next twelve months [84] Question: What is the non-acquisition CapEx guidance for FY 2026? - Non-acquisition CapEx is expected to be around $130 million, down from the previous year as the company focuses on high ROI initiatives [85]