Financial Data and Key Metrics Changes - The company reported a 4% growth in revenue, exceeding USD 2.2 billion, with EBITDA improving by 3% to USD 818 million [3][20] - The Adjusted Funds From Operations (AFF) grew by 3% to USD 328 million, leading to an interim dividend declaration of HKD 33.8 per share [3][20] Business Line Data and Key Metrics Changes - The enterprise segment saw an 11% year-on-year revenue growth, driven by a 14% increase in cloud projects and a 6% growth in high bandwidth fiber lines [11][20] - Mobile services revenue grew by 5%, with a significant increase in roaming revenue by 7%, reaching 104% of pre-pandemic levels [8][24] - Fixed broadband subscriber base grew by over 140%, contributing to a 3% overall growth in fiber users [10][21] Market Data and Key Metrics Changes - The China revenue grew by 13%, supported by demand for SD WAN services and data center uptake by Mainland Chinese entities [13] - The mobile business added 45,000 new customers, with a 21% increase in 5G subscribers, reaching a penetration rate of 54% [9][25] Company Strategy and Development Direction - The company is focusing on AI technology to enhance customer offerings and improve operational efficiency, achieving a 7% cost savings across the overall cost base [4][18] - Continued investment in digital infrastructure, including a 100 terabit core backbone network and expansion of 5G capabilities [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about enterprise growth, targeting 10% to 12% for the full year, supported by a healthy project pipeline and economic recovery in Hong Kong [35][36] - The company anticipates sustained growth in roaming revenue due to increased consumer outbound travel and commercial activities [37][38] Other Important Information - The company achieved a stable EBITDA margin of 37% and improved its gross debt to EBITDA ratio to 3.11x [20][31] - The company maintains a BBB investment grade rating and has sufficient liquidity to manage upcoming bond maturities [32][33] Q&A Session Summary Question: What is the guidance for interest costs in the second half? - Management expects full-year interest savings to be at least 25% to 30% assuming no significant spikes in interest rates [34] Question: Will enterprise growth of 11% be maintained for the full year 2025? - Management is optimistic about maintaining 10% to 12% growth for the full year, supported by a healthy pipeline and economic recovery [35][36] Question: Do you expect strong roaming revenue growth to be maintained for the remainder of 2025? - Management is positive about maintaining growth in roaming revenue due to increased consumer and commercial activities [37][38] Question: Is it possible to capitalize on low interest rates through refinancing into more floating debt? - Management indicated a willingness to leverage low rates while maintaining a prudent balance between fixed and floating debt [40] Question: What is the outlook for working capital in the second half? - Management expects better working capital management in the second half, as the first half typically requires higher funding [41] Question: Is there guidance for full-year growth in AFF? - Management is optimistic that AFF growth will exceed 3% for the full year [42]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved total revenue of $112.1 million, representing a year-over-year growth of 36% and organic growth of 28% [16][17] - Adjusted EBITDA improved to $11.9 million compared to $4.6 million in the same quarter last year [17] - Annual Recurring Revenue (ARR) increased by 32%, exiting the quarter at $424 million [18] - The company ended the quarter with a registered user growth of approximately 2.3 million, or 12% year-over-year, totaling 20.9 million registered users [18] Business Line Data and Key Metrics Changes - Subscription revenue grew by 35% in Q2, accounting for 95% of total revenue [17] - The Mantle acquisition added 39 new clients in 2025, with 14 being Alchemy digital banking clients, indicating successful cross-selling opportunities [7][8] - The company signed nine new digital banking platform clients and renewed six existing clients during the quarter [21] Market Data and Key Metrics Changes - The company reported a remaining performance obligation of approximately $1.6 billion, representing 3.7 times the live ARR and up 30% compared to the previous year [22] - The company expects to net over 300,000 users from financial institution consolidations in 2025 [20] Company Strategy and Development Direction - The company aims to integrate account opening with online banking and data marketing to enhance user experience and drive cross-sell opportunities [11][13] - The Mantle acquisition is seen as a strategic platform to create new logo relationships, with a focus on onboarding and account opening as essential innovations for attracting core deposits [10][14] - The company plans to manage the Alchemy and Mantle sales teams under one leader to leverage integrated platform capabilities [14][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment for their products, driven by the necessity for digital transformation in financial institutions [5][14] - The company anticipates continued growth in ARR and user base, with a focus on maintaining low churn rates despite M&A activities within their client base [19][20] - Management remains optimistic about achieving long-term financial objectives and driving shareholder value [28] Other Important Information - The company ended the quarter with $87 million in cash and marketable securities, having reduced its revolver by $10 million [27] - The Mantle acquisition is expected to contribute positively to adjusted EBITDA in 2026, despite being dilutive in the short term [26] Q&A Session Summary Question: What kind of starting ARPU for new logos are you seeing compared to the blended average? - Mantle adds 30% to 40% of ARR to a new logo deal, with new logos averaging around $800,000 of ARR [32][33] Question: How did the new user growth break down between new customers and existing ones? - In Q2, 25% of the 400,000 new digital users were from new implementations, while 75% were from existing clients [36] Question: Can you provide an update on the bank channel and how Mantle can improve that opportunity? - Banks under contract represent 13% of total clients, with plans to implement 16 banks on the online banking platform [39][40] Question: Can you quantify the term fees that were pulled forward? - Term fees during the quarter represented about 70% of the revenue beat, with approximately $1 million pulled forward [42] Question: What customer types are most attracted to Mantle? - The buyer for Mantle is almost any financial institution, driven by the need to attract core deposits [48] Question: How does M&A activity impact the company? - The company has benefited from M&A activity, gaining close to 500,000 net digital users over the last four years [91] Question: What is the contribution of Mantle to the backlog this quarter? - Mantle contributed just over $10 million of revenue in the quarter, slightly ahead of expectations [93]

Financial Data and Key Metrics Changes - System-wide sales increased by 13.9% to $1.3 billion, while same-store sales declined by 1.9% for the quarter [7][25] - Total revenue increased by 12% to $174.3 million compared to the prior year [25] - Adjusted EBITDA rose by 14.3% to $59.2 million, and adjusted EPS was $1 per diluted share, a 1.6% increase year-over-year [27] Business Line Data and Key Metrics Changes - Company-owned restaurant sales increased by $2.6 million due to same-store sales growth of 3.6% [25] - Cost of sales as a percentage of company-owned sales was 75.2%, a decline of 70 basis points [26] - The implementation of the Wingstop Smart Kitchen has led to a consistent average ticket time of ten minutes [26][15] Market Data and Key Metrics Changes - The company opened 129 net new restaurants globally in the second quarter, marking a nearly 20% growth rate [9][20] - The international business is showing strong demand, with new restaurants in Sydney and Paris exceeding expectations [21][22] Company Strategy and Development Direction - The company aims to scale brand awareness, drive menu innovation, expand delivery channels, and invest in digital transformation [9][19] - The long-term target is to achieve average unit volumes (AUVs) of $3 million, supported by the success of the Wingstop Smart Kitchen [17][19] - The company has updated its guidance for unit growth to 17% to 18% for 2025, reflecting strong demand from brand partners [20][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged uncertainty in consumer behavior and spending habits but remains focused on executing strategies [10][22] - The company expects to return to positive same-store sales growth as the year progresses, particularly in the latter half of the third quarter [38][86] - Management expressed confidence in the long-term strategies and the potential of the Wingstop Smart Kitchen to enhance operational efficiency [41][43] Other Important Information - The company has increased its quarterly dividend from $0.27 to $0.30 per share, reflecting the strength of its business model [28] - The digital database has grown by 30%, now approaching 60 million, which will support the upcoming loyalty program [18][56] Q&A Session Summary Question: Clarification on third quarter guidance - Management noted some softness in consumer demand but expects to return to growth as comparisons ease in the latter half of the third quarter [36][38] Question: Impact of Smart Kitchen on sales - Early results from the Smart Kitchen indicate improvements in speed and guest satisfaction, with sales outperformance noted in the Dallas Fort Worth market [41][43] Question: Unit growth and franchisee demand - The company is encouraged by the pace of development and the record level of sold commitments, indicating strong franchisee demand [46][50] Question: Details on the loyalty program - The loyalty program is designed to create an emotional connection with guests, leveraging insights from the growing digital database [56][57] Question: Impact of value deals on customer behavior - The 20 for 20 bundle performed well, leading to higher average checks and demonstrating the company's ability to offer value without sacrificing margins [62][63] Question: Changes in delivery mix with Smart Kitchen - Restaurants with Smart Kitchen are seeing mid-single-digit growth in delivery sales, indicating improved performance [69] Question: Future unit growth normalization - Management is focused on disciplined and sustainable growth, with a strong pipeline of sold commitments supporting future expansion [98][100]

Core Insights - Halliburton reported Q2 2025 GAAP revenue of $5.51 billion, exceeding expectations by 1.7%, but showed a 5.5% decline year-over-year [1][2][5] - Adjusted EPS for the quarter was $0.55, aligning with consensus estimates, while net income fell to $472 million, a decrease of 33.4% compared to the previous year [1][2][5] - The company faces margin pressures and a cautious outlook due to subdued demand in the oilfield services market [1][13] Financial Performance - Revenue for Q2 2025 was $5.51 billion, down from $5.83 billion in Q2 2024, reflecting a 5.5% year-over-year decline [2][5] - Operating margin decreased to 13% from 17.7% in the previous year, indicating ongoing profitability challenges [2][5] - Free cash flow dropped to $582 million, a 41.7% decrease from $999 million in Q2 2024 [2] - Net income for the quarter was $472 million, down from $709 million in the previous year, marking a 33.4% decline [2][5] Segment Performance - The Completions & Production segment generated $3.17 billion in revenue, an 8% decrease year-over-year, with operating income down 3% from Q1 2025 [6] - The Drilling & Evaluation segment reported $2.34 billion in revenue, down 3.8% year-over-year, with operating income decreasing 11% compared to Q1 2025 [7] - North America revenue was $2.26 billion, down 9% year-over-year, while Latin America and the Middle East/Asia regions also experienced declines [8][9] Strategic Focus - Halliburton operates in over 70 countries, focusing on oilfield services and products, with core segments in Completions & Production and Drilling & Evaluation [3][4] - The company emphasizes digital transformation, international growth, and sustainability, with capital expenditures targeted at 6% of revenue in 2024 [4] - Halliburton Labs has been expanded to support the transition to sustainable energy [4] Technological Advancements - The company launched EarthStar 3DX for enhanced geological insights and introduced automated drilling technologies in partnership with Nabors Industries [10] - A closed-loop hydraulic fracturing system was developed with Chevron U.S.A to improve well performance [10] Capital Management - Halliburton returned $250 million to shareholders through share repurchases and maintained a quarterly dividend of $0.17 per share [12] - Total capital expenditures for the quarter were $354 million, reflecting the company's commitment to capital discipline [11] Future Outlook - Management has adopted a cautious outlook, anticipating softer demand in the oilfield services sector and highlighting risks related to oil and gas price volatility [13]

Financial Data and Key Metrics Changes - The company reported $6 billion in revenue for Q2 2025, with core operating earnings of $292 million and an operating margin of 4.8% [5][25] - Adjusted earnings per share were $3.47, slightly down from $3.60 a year ago, while operating cash flow increased to $296 million from $291 million [5][26] - Full-year net performance outlook was increased by approximately $25 million to over $150 million, reflecting strong operating performance [7][39] Business Line Data and Key Metrics Changes - In the Seating segment, sales were $4.5 billion, a 1% increase year-over-year, while adjusted earnings were $299 million, down 1% [26] - The E Systems segment saw sales of $1.6 billion, also down 1% year-over-year, with adjusted earnings of $76 million, reflecting a decline in operating margins [27][28] - The company won multiple awards in both segments, including significant contracts with major automakers like BMW and Ford [9][10][11] Market Data and Key Metrics Changes - Global vehicle production increased by 3% year-over-year, but was flat on a Lear sales-weighted basis, with North American production down 3% and European production down 2% [23] - Production volumes in China increased by 9%, indicating a shift in market dynamics [23] Company Strategy and Development Direction - The company aims to extend its leadership in Seating, expand margins in E Systems, and enhance operational excellence through automation and restructuring [6][12] - Investments in digital tools and partnerships, such as with Palantir, are expected to drive efficiency gains and improve operational capabilities [8][16] - The focus remains on high-quality programs that generate strong risk-adjusted returns, particularly in the context of ongoing macroeconomic uncertainties [12][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business despite macro uncertainties, reinstating full-year guidance based on strong performance [7][39] - The company is cautious about customer production schedules, embedding a 2% discount in their outlook due to potential headwinds from tariffs and model changeovers [73][74] - Future cash flow expectations are impacted by tariff recovery timing and restructuring investments, with a focus on improving operational efficiency [93][94] Other Important Information - The company has successfully refinanced its $2 billion revolver, extending its maturity and strengthening its liquidity position [40][41] - The company plans to repurchase $250 million worth of stock for the full year, reflecting a commitment to returning excess cash to shareholders [42] Q&A Session Summary Question: Outlook on margin deceleration in the second half - Management acknowledged that the majority of margin deceleration is due to weaker volumes, but emphasized confidence in generating margin expansion through efficiency programs [46][47] Question: Details on awards from Ford - The component business won is for the next generation F-150 and F-250, with ongoing quoting processes for just-in-time business [54][67] Question: Clarification on performance metrics - Management confirmed that the increase in restructuring savings is primarily expected in the second half, with a strong performance anticipated in both segments [62][63] Question: Volume and sales outlook - The company noted a cautious approach to customer production schedules, reflecting uncertainty in the market and adjustments based on model changeovers [72][73] Question: Revenue from conquest award with EV OEM - The conquest award is expected to generate about $50 million in additional revenue starting late this year, with full effects seen in 2026 and 2027 [78][79]

Financial Data and Key Metrics Changes - The company reported a 13% improvement in earnings per share (EPS) over the first quarter, driven by increased net interest income and disciplined expense management [3][19] - Net interest income for the quarter was $62 million, a $2 million increase from the first quarter, with a net interest margin (NIM) expansion of 4 basis points [19][20] - Adjusted return on average assets (ROAA) was 1.29%, contributing to the increase in EPS [6][24] - Total non-interest expenses were $49.6 million, an increase of $3 million, but down 9% on an annualized basis compared to the first half of 2024 [23][24] Business Line Data and Key Metrics Changes - Loan growth reached an annualized rate of 8%, with strong new loan production, despite a planned runoff of M2 equipment finance loans [3][26] - Capital markets revenue improved significantly, up more than 50% from the first quarter, totaling $10 million for the second quarter [4][21] - Wealth management revenue remained consistent at $5 million for the second quarter, reflecting an 8% growth compared to the same period in 2024 [22] Market Data and Key Metrics Changes - The company holds the number one market share in the Quad Cities and Cedar Rapids, Iowa markets, and is ranked sixth in Des Moines, Iowa, indicating strong competitive positioning [9][10] - Total deposits declined slightly by $19 million or 1% on an annualized basis during the second quarter, while average deposit balances rose by $72 million compared to the first quarter [27] Company Strategy and Development Direction - The company is focused on three primary lines of business: traditional banking, wealth management, and LITEQ lending, with significant opportunities identified in each [8][14] - A digital transformation initiative is underway to improve operational efficiency and enhance customer experience, expected to be completed by the first half of 2027 [11][12] - The company aims to strengthen its core deposit base as a top strategic initiative, which is expected to improve funding mix and profitability [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about solid loan growth for the remainder of the year, guiding for gross loan growth in the range of 8% to 10% in the second half [4][6] - The company anticipates capital markets revenue to normalize over the next four quarters, with a strong pipeline of transactions expected to close [5][6] - Management highlighted the importance of relationships in navigating economic uncertainties and emphasized the company's commitment to community engagement [7] Other Important Information - The company plans to call and replace $70 million of subordinated debt in September, which is expected to maintain current Tier 2 total risk-based capital levels [30][74] - The effective tax rate for the quarter was 5%, up from 1% in the prior quarter, primarily due to higher pretax income [31][32] Q&A Session All Questions and Answers Question: Can you talk about the margin and the outlook? - The company is guiding for a static to up four basis points in NIM for the third quarter, assuming no Fed rate cuts [34][35] Question: What is the appetite for buybacks going forward? - The company is building capital at a fast pace and will evaluate capital deployment options in the back half of the year [51][53] Question: What are the implications of the latest legislation for affordable housing? - Management does not anticipate immediate impacts but sees significant long-term implications for LITEQ allocations [56][58] Question: Can you provide insights on the credit side, particularly non-performing loans? - There is a high correlation between the decline in non-performing loans and net charge-offs, primarily from the M2 equipment finance segment [111][112]

2025 Half Year Results Lloyds Banking Group 24 July 2025 2024 Results Lloyds Banking Group 1 Business and strategic update Charlie Nunn Strategy delivering sustained strength in financial performance Purpose Helping Britain Prosper Delivering on strategy to the benefit of customers and wider stakeholders Sustained strength in financial performance 20th February 2025 Strong capital generation, supporting 15% increase in interim dividend Reaffirmed 2025 guidance; confident in 2026 Lloyds Banking Group Lloyds ...

Financial Data and Key Metrics Changes - Postpaid service revenues grew 9% year over year, an acceleration from Q1, while total service revenues grew 6%, significantly outpacing closest competitors [18] - Adjusted free cash flow reached $4.6 billion, setting a new Q2 record, with an industry-leading adjusted free cash flow conversion from service revenues of 26% [18] - Core adjusted EBITDA growth was 6% year over year, with full-year expectations for core adjusted EBITDA set between $33.3 billion and $33.7 billion [23][24] Business Line Data and Key Metrics Changes - The business group led the industry in net additions, with postpaid account nets accelerating year over year [6] - The company achieved its highest ever business 5G broadband net additions, continuing to lead the overall broadband industry in net additions for the fourteenth consecutive quarter [13] - ARPA (Average Revenue Per Account) grew over 5%, marking the highest growth in eight years, with customers increasingly selecting premium rate plans [6][17] Market Data and Key Metrics Changes - The company surpassed 20% share of households in smaller markets and rural areas, achieving its goal set for 2025 [108] - The competitive environment remains dynamic, with the company benefiting from increased customer speeds and lower costs in real terms over the past few years [35] - The company is focused on expanding its network in smaller markets and rural areas, with plans to increase site coverage significantly through acquisitions and new builds [12][88] Company Strategy and Development Direction - The company announced a multiyear partnership with Cable to enhance mobile service offerings to small and mid-market businesses, aiming for incremental growth in an area with previously low exposure [7] - The strategy emphasizes maintaining a competitive edge through network leadership and customer experience, with ongoing investments in infrastructure and technology [9][10] - The company is committed to digital transformation, with significant progress in customer engagement through its app, which has over 75 million installs [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a competitive environment, highlighting the unique value proposition of best network, best value, and best experiences [19] - The company anticipates continued strong growth in service revenues and customer additions, with expectations for postpaid net additions raised to between 6.1 million and 6.4 million for the year [22] - Management noted the potential for significant growth in the broadband sector, particularly through fiber investments and partnerships [97] Other Important Information - The company is set to close the acquisition of MetroNet, which is expected to enhance its fiber capabilities and customer base [25][99] - A recent agreement to divest its 800 megahertz licenses is anticipated to generate approximately $2.9 billion in cash, with additional potential upside [27] - The company expects a $1.5 billion benefit to cash taxes in 2026 from recent legislation, which will be allocated thoughtfully [26] Q&A Session Summary Question: What is the outlook for churn in the second half and the competitive environment? - Management indicated that while churn increased in Q2 due to rate plan optimizations, they expect it to decrease in Q3 and remain flat to slightly up year over year [36][37] Question: Can you provide more details on fiber growth and potential inorganic opportunities? - Management confirmed that the fiber business is expected to add 100,000 net additions this year, with ongoing evaluations for inorganic growth opportunities [39][40] Question: How does the company plan to improve network perception among prospective customers? - Management acknowledged that while current customers recognize the network's quality, efforts will focus on advertising and customer experience to enhance perception among prospective customers [62][66] Question: What is the current market share in rural areas and future expectations? - Management reported surpassing 20% market share in rural areas and expressed optimism for further growth, especially with the integration of U.S. Cellular assets [108][112] Question: How will the $1.5 billion tax benefit be utilized? - Management stated that the capital will be deployed thoughtfully, considering various options such as M&A, buybacks, or network investments [106]

Core Insights - Popular reported strong Q2 2025 earnings, with EPS at $3.09, exceeding the consensus estimate of $2.54, and revenue at $800 million, surpassing the expected $792.79 million [1][2] - The company raised its quarterly dividend and announced a new share repurchase program, indicating a positive outlook [1] Financial Performance - EPS (GAAP) increased by 26.0% year-over-year from $2.46 in Q2 2024 to $3.09 in Q2 2025 [2] - Revenue (GAAP) grew by 8.9% year-over-year from $734.6 million in Q2 2024 to $800 million in Q2 2025 [2] - Net interest income rose to $631.5 million, an 11.1% increase from $568.3 million in the previous year [2] - Net interest margin improved to 3.49%, up from 3.22% a year earlier [2] Business Strategy - Popular focuses on personal and commercial banking, with over half of its loan portfolio tied to real estate in Puerto Rico [3] - The company is investing in technology upgrades and digital transformation to enhance customer experience and operational efficiency [4] Quarterly Highlights - Net income for the quarter reached $210.4 million, a significant increase from the prior quarter [5] - Deposit balances grew to $67.22 billion, reflecting a $1.40 billion increase from the first quarter [6] - Non-performing loans decreased, with the non-performing loan ratio narrowing to 0.82% from 0.96% a year earlier [7] Capital Position - The Common Equity Tier 1 ratio stood at 15.91%, indicating a strong capital position [9] - The company repurchased 1.14 million shares valued at $112 million during the quarter, nearing completion of a $500 million buyback plan [9] Future Outlook - Management did not provide new financial guidance but reiterated loan growth targets of 3-5% for fiscal 2025 [12] - The quarterly dividend was raised by 7% to $0.75 per share, pending board approval [13]

Financial Data and Key Metrics Changes - In Q1 FY26, total revenue increased by 18% to 1,277 million ZAR, with subscription revenue also rising by 18% to 1,141 million ZAR [11][28] - Annual recurring revenue (ARR) grew by 18% to 4,574 million ZAR, and on a U.S. Dollar basis, it increased by 24% to $254 million [5][13] - Earnings per share (EPS) rose by 19% to 8.55 ZAR [15][33] - The company maintained a strong balance sheet with net cash and cash equivalents of 1,103 million ZAR [16][34] Business Line Data and Key Metrics Changes - Kartrak, the operations management SaaS platform, generated subscription revenue of 1,100 million ZAR, an increase of 19% [7][29] - Karoo Logistics, the delivery as a service offering, reported revenue of 121 million ZAR, up 20% [10][22] - Kartrak's operating profit margin remained stable at 30% despite increased investments in sales capacity [11][15] Market Data and Key Metrics Changes - South Africa's subscription revenue growth accelerated to 16%, contributing 70% of total subscription revenue [17][21] - Southeast Asia and the Middle East saw subscriber growth accelerate to 22%, with subscription revenue growth reaching 30% [18][19] - European subscription revenue growth accelerated to 22%, now accounting for 10% of total subscription revenue [20][21] Company Strategy and Development Direction - The company aims to strengthen its leadership position in South Africa while expanding its distribution footprint in Asia and Europe [23][24] - A disciplined capital allocation strategy prioritizes organic growth and innovation, with a focus on returning capital to shareholders when growth opportunities are limited [25][26] - The company is committed to maintaining a strong financial profile while pursuing profitable growth opportunities in underpenetrated markets [4][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for both consumer and commercial customers in South Africa [41] - The company does not foresee significant impacts from U.S. tariffs on its Southeast Asia operations, attributing growth to local market dynamics [41] - Management reaffirmed the FY26 growth outlook, emphasizing the importance of strategic investments in sales and marketing [35][36] Other Important Information - The company reported a healthy subscription gross margin of 74% and a customer retention rate of 95% [16][28] - Free cash flow generation resumed, benefiting from disciplined working capital management [33][34] Q&A Session Summary Question: Subscriber growth trajectory in South Africa - Management noted strong traction in both commercial and consumer customer growth, expecting this trend to continue [41] Question: Impact of U.S. tariffs on Southeast Asia subscriber growth - Management believes that local economic growth is driving subscriber growth, not U.S. tariffs [41] Question: Cross-selling initiatives and their impact on ARR and ARPU - Management aims for a 6% increase in ARPU this year, with good progress made in Q1 [43] Question: Expansion strategy in Southeast Asia versus Africa - Management indicated that the market opportunity in Southeast Asia is larger than in Africa, driving the expansion strategy [44] Question: Mix between subscriber growth and cross-selling initiatives - Management reported a 2% uplift from cross-selling, with expectations for further increases as initiatives gain momentum [45] Question: Hiring capacity plans and their impact on subscription growth - Management expects a correlation between increased sales staff and subscriber growth, targeting a 28% increase in subscriber growth with a 70% increase in sales staff [47] Question: Contract performance rollout in South Africa - Management highlighted significant progress with the contract tag, viewing it as a game changer in the marketplace [52]