Financial Data and Key Metrics Changes - Gross bookings increased by 5% year over year, while revenue grew by 6% [6][23] - Adjusted EBITDA margins expanded by nearly two points [6][23] - Booked room nights rose by 7%, reaching 105 million [24] - Adjusted EBITDA was $908 million, with a margin of 24% [31] Business Line Data and Key Metrics Changes - B2B bookings grew by 17%, marking the sixteenth consecutive quarter of double-digit growth [9][30] - Advertising revenue increased by 19%, with a record number of active partners [9] - Brand Expedia was the largest and fastest-growing consumer brand, with multi-item attach rates at their highest since the pandemic [10] - Hotels.com bookings declined slightly, but room nights accelerated due to a brand relaunch [10] - Vrbo's room nights grew in line with the market, but bookings declined due to lower daily rates and higher cancellations [10] Market Data and Key Metrics Changes - The U.S. travel market was described as muted, with consumers at the higher end remaining resilient [7] - International revenue growth was up 13%, with notable strength in Asia, which grew almost 30% [26][30] - Bookings outside the U.S. grew by high single digits, with Brand Expedia growing 13% [17] Company Strategy and Development Direction - The company focuses on three strategic priorities: delivering more value for travelers, investing in growth opportunities, and driving operating efficiencies [10][19] - AI is leveraged across all priorities to enhance user experience and operational efficiency [14][20] - The company aims to optimize its marketing spend while continuing to invest in growth drivers [36] Management's Comments on Operating Environment and Future Outlook - Management noted an uptick in overall travel demand since July, particularly in the U.S. [8] - The company raised its annual guidance based on solid first-half performance and current trends [8][35] - Management expressed confidence in the company's ability to navigate a challenging U.S. consumer spending environment [38] Other Important Information - The company has $9.2 billion in total liquidity, including $6.7 billion in unrestricted cash [33] - Free cash flow on a trailing twelve-month basis was $2 billion, reflecting the strength of the asset-light model [33] - The company plans to continue share repurchases, with $2.3 billion remaining in the program [34] Q&A Session Summary Question: Future growth alignment with strategic priorities - Management expressed confidence in the portfolio mix and the ability to capture traffic from AI partners [40][42] Question: Hotels.com performance outlook - Management highlighted improvements from the brand relaunch and new capabilities like price alerts [48][50] Question: Marketing leverage in B2C business - Management discussed improvements in product quality and direct traffic conversion as key drivers for marketing leverage [55][56] Question: Promotional environment impact - Management noted an increase in supplier-driven promotions due to price sensitivity in the U.S. market [58][60] Question: AI's role in B2B growth - Management indicated that AI is being explored for onboarding inventory and enhancing customer support [66][70] Question: International growth potential - Management emphasized a focused approach to international markets, with strong growth in specific regions like Japan and Brazil [76][78] Question: Brand Expedia's market share - Management confirmed that Brand Expedia is taking share in various markets, supported by a strong value proposition [88][90] Question: Loyalty program performance - Management reported high single-digit growth in active loyalty members, particularly among higher-tier members [120][121]

Financial Data and Key Metrics Changes - In Q2 2025, AudioEye achieved revenue of $9.9 million, representing a 16% increase year-over-year and marking the 38th consecutive quarter of growth [15][5] - Annual Recurring Revenue (ARR) increased by $1.1 million sequentially and $4.9 million year-over-year to $38.2 million [15][5] - Adjusted EBITDA for Q2 2025 was $1.9 million, a 31% increase year-over-year [21] - The company expects adjusted EBITDA margins to reach the high 20s by Q4 2025 [6] Business Line Data and Key Metrics Changes - The enterprise channel grew by 25% year-over-year, contributing approximately 45% of revenue and ARR, while the partner and marketplace channel grew around 10%, contributing about 55% [19] - The company is phasing out lower-margin legacy services from acquired companies, which has impacted ARR and revenue numbers [19][10] Market Data and Key Metrics Changes - The European Accessibility Act (EAA) went into effect in late June 2025, creating significant demand for AudioEye's services in the EU [10] - The company is seeing a growing pipeline in the EU, which has reportedly tripled from Q2 to Q3 2025 [29][34] Company Strategy and Development Direction - AudioEye aims to achieve annual adjusted EPS growth of 30% to 40% over the next three years [7] - The company is focusing on integrating recent acquisitions to standardize offerings and eliminate duplicate systems, which is expected to enhance cash flow [9] - There is a strong emphasis on expanding presence in the EU and targeting agencies that create websites for clients [46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about accelerating ARR and revenue growth in the second half of 2025, driven by strong demand in the enterprise business [5][6] - The company anticipates that the enforcement of the EAA will lead to increased legal actions for non-compliance, further driving demand for its services [10][11] - Management noted that the digital accessibility lawsuits have increased, which is expected to benefit AudioEye's growth [28] Other Important Information - The company repurchased approximately $1.8 million of shares in Q2 2025 [22] - As of June 30, 2025, AudioEye had $6.9 million in cash and $6.6 million in available debt facilities [22] Q&A Session Summary Question: Impact of phased-out customers on numbers - Management indicated that acquisition-related churn is expected to impact ARR by approximately $1 million to $1.5 million in 2025, primarily due to the migration to AudioEye products [25][26] Question: Digital accessibility lawsuits trend - Management acknowledged that digital accessibility lawsuits are likely up, estimating a 10% to 20% increase, and noted that the company is outgrowing the market [28] Question: EU pipeline visibility - Management reported that the pipeline for the EU business has tripled from the previous quarter, indicating strong growth potential [29][34] Question: Expansion strategy in the EU - Management confirmed that the company is adding salespeople and increasing marketing efforts in the EU to drive growth [36] Question: Title II of the DOJ update - Management expects significant momentum from partners in the government-adjacent space as they prepare for the implementation of Title II [49]

Earnings Presentation A number of forward-looking statements will be made during this presentation. Forward-looking statements are any statements that are not historical facts. These forward-looking statements are based on the current expectations of Motorola Solutions, and we can give no assurance that any future results or events discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of ...

Financial Data and Key Metrics Changes - The company generated $2.6 billion in operating cash flow in Q2 2025, which is higher than the same period in 2024 despite lower oil prices, with WTI averaging $11 per barrel lower [4][6] - Adjusted profit was reported at $0.39 per diluted share, while reported profit was $0.26 per share [21] - Free cash flow before working capital was approximately $700 million, driven by strong operational performance [21][22] - The effective tax rate increased due to a shift in the jurisdictional mix of income, with an adjusted effective tax rate expected to be around 32% for Q3 [22] Business Line Data and Key Metrics Changes - Oil and gas production reached 1.4 million BOE per day, exceeding guidance, with notable performance in The Rockies and an uplift from the Mukhaizna contract extension [6][22] - The Midstream and Marketing segment generated positive earnings, outperforming guidance due to improved crude marketing margins and gas marketing optimization [11][26] - OxyChem's pretax income fell below guidance due to weaker pricing for caustic and PVC, leading to a lowered full-year guidance range of $800 million to $900 million [27][28] Market Data and Key Metrics Changes - The company reported a 13% reduction in year-to-date Permian unconventional well costs compared to 2024, driven by enhanced efficiencies [10] - The Gulf of America production was impacted by curtailments and maintenance, but new projects are expected to improve production capacity in the future [54][63] Company Strategy and Development Direction - The company is focused on optimizing its portfolio and has achieved $950 million in additional divestitures since Q1 2025, totaling nearly $4 billion since January 2024 [19][30] - The company is committed to reducing debt, having repaid approximately $7.5 billion in the last 13 months, significantly ahead of its targets [5][31] - The company sees significant potential in carbon capture and enhanced oil recovery (EOR), with a belief that CO2 EOR could recover an additional 50 to 70 billion barrels of oil in the U.S. [16][71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of cost reductions achieved through operational efficiencies and structural changes [9][22] - The outlook for the second half of the year remains strong, with expectations for increased production across all main operating areas [24][26] - The company anticipates that the recent legislative changes will provide significant cash tax benefits, estimated at $700 million to $800 million [29][36] Other Important Information - The Stratos project is on track to start capturing CO2 this year, with significant milestones achieved in its development [12][14] - The company has signed additional commercial agreements for carbon dioxide removal sales, indicating a strong market for carbon removal technologies [14] Q&A Session Summary Question: Follow-up on cash tax rate and benefits from the One Big Beautiful Bill - Management confirmed that 35% of the estimated $700 million to $800 million cash tax benefit will be realized in 2025, with the remainder in 2026 [35][36] Question: Free cash implications of the Oman contract - Management highlighted the competitive nature of the Oman contract and its potential for future production increases [38][40] Question: Strategic focus on carbon business and point source opportunities - Management reiterated ongoing interest in point source capture and the potential for industrial sources of CO2 to collaborate [46][47] Question: Production capacity in the Gulf of America - Management discussed the expected ramp-up in production due to water floods and ongoing optimization efforts [54][55] Question: Trajectory of OxyChem income and PVC oversupply - Management indicated that the PVC oversupply is influenced by global market conditions, particularly from China, and does not expect a significant recovery in 2026 [84][85] Question: EOR opportunities and shale EOR viability - Management acknowledged the economic viability of shale EOR with current crude prices and emphasized the need to address CO2 availability constraints [97]

Financial Performance & Debt Reduction - Occidental generated approximately $2.6 billion in operating cash flow before working capital in Q2 2025[6, 11] - The company repaid $7.5 billion of debt over the last 13 months, reducing annual interest expense by ~$410 million[7, 24] - Additional divestitures of approximately $950 million were announced since Q1 2025[7, 11, 24] - Unrestricted cash balance as of June 30, 2025, was $2.3 billion[27] Cost Reduction & Efficiency - $150 million of additional 2025 capital and opex reductions are planned[7, 13] - Cumulative cost reductions of $500 million are expected in 2025, enhancing cash flow[7] - Domestic operating cost reduction drivers are expected to save ~$150 million in 2025[13] - Permian unconventional well costs in 1H25 were 13% lower than the 2024 average[15] Production & Operations - Total company production was 1,400 Mboed in Q2 2025[11, 27] - OxyChem pre-tax income was $213 million in Q2 2025[27] - Midstream adjusted pre-tax income was $116 million in Q2 2025[27]

Financial Data and Key Metrics Changes - For the second quarter of 2025, the company reported a 6% increase in fee-related earnings, a 99% increase in adjusted EBITDA, and a 19% increase in adjusted net income compared to 2024 [6][7] - Year-to-date fee-related earnings, adjusted EBITDA, and adjusted net income were up 14%, 17%, and 19% respectively compared to 2024 [6] - The fee-related earnings margin for the quarter was 42%, which is 200 basis points higher than the second quarter of last year [6] Business Line Data and Key Metrics Changes - The infrastructure segment accounted for $1,900,000,000 of fundraising in the first half of the year, contributing significantly to growth [8] - Private credit was the highest contributor to fundraising for the quarter, with expectations of increased diversification in private credit allocations [9] - Absolute return strategies (ARS) had a strong quarter with a multi-strategy composite returning approximately 6% on a gross basis, leading to a 7% increase in fee-paying AUM year-to-date [10][11] Market Data and Key Metrics Changes - Total assets under management (AUM) reached $86,000,000,000, a 5% increase compared to the end of 2024 [7] - Fundraising for the first half of the year totaled $5,300,000,000, a 52% increase from 2024, marking the highest first half fundraising total on record [7] Company Strategy and Development Direction - The company is focused on building out its individual investor channel and has made progress with its distribution joint venture, Grove Lane [11] - The company is also in the market with a structured alternative investment solution, indicating a strategic move towards innovative investment products [12] - AI is a key strategic focus, with increasing adoption expected to enhance efficiency and profitability [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the macro environment, noting strong demand for alternative investments and improved clarity around tax policy [13] - The company remains cautious due to ongoing volatility around interest rates and tariffs, but is well-positioned with $12,000,000,000 of dry powder for investment opportunities [14] - The firm aims to double its fee-related earnings by 2028, reflecting confidence in long-term growth prospects [30] Other Important Information - The company announced plans for its first Investor Day on October 15 in New York, aiming to showcase its growth profile and value proposition [15] - The firm has a strong financial position with robust cash generation and growing unrealized carried interest, which surpassed $900,000,000 this quarter [14][30] Q&A Session Summary Question: Retail uptake on the Evergreen retail vehicle and status on the private equity vehicle - Management indicated that the infrastructure interval fund is generating modest sales and is optimistic about the future of this channel, emphasizing a multiyear build [33][34] - Regarding private equity, management aims to develop their own product similar to infrastructure, with ongoing efforts to communicate progress [37] Question: Performance of absolute return business and fee rate influences - Management noted that while internal forecasts remain unchanged, improved performance has positively impacted the pipeline for ARS [42] - The fee rate has seen slight fluctuations due to idiosyncratic factors, but overall demand remains stable [44][46] Question: Re-ups in a volatile environment - Management reported strong re-ups and client tenure, with expectations for improved fundraising in 2025 compared to 2024 [51][54] Question: Fee pressures in private markets - Management stated that fee conversations have been constructive, with no significant pressures observed [56] Question: Differentiated origination capabilities in infrastructure - Management highlighted the flexible investment model that allows for diverse capital deployment, enhancing deal flow and client solutions [62][66] Question: AI opportunities and modeling - Management emphasized the integration of AI across various functions to improve efficiency and decision-making, with ongoing discussions on best practices [72][76]

Financial Data and Key Metrics Changes - Adjusted earnings for the second quarter were reported at $1.4 billion or $2.2 per share, reflecting a 16% decrease year-over-year due to less favorable underwriting and investment margins [7][21] - The adjusted return on equity was 14.6%, well above the cost of capital and near the mid-teen target range [8] - Free cash flow allowed the company to return approximately $900 million to shareholders through dividends and share repurchases [8][18] Business Segment Data and Key Metrics Changes - Group Benefits adjusted earnings were $400 million, down 25% from the previous year due to less favorable life and non-medical health underwriting [8][22] - Retirement and Income Solutions (RIS) reported adjusted earnings of $368 million, down 10% year-over-year, primarily due to lower recurring interest margins [11][24] - Asia adjusted earnings were $350 million, down 22% year-over-year, with sales up 9% on a constant currency basis [13][26] - Latin America adjusted earnings totaled $233 million, up 3% and 15% on a constant currency basis, driven by volume growth [14][28] - EMEA adjusted earnings were $100 million, up 30% on both a reported and constant currency basis, primarily due to strong volume growth [15][29] Market Data and Key Metrics Changes - Total liability exposures increased by 6% year-over-year, exceeding the 2025 outlook range of 3% to 5% [12] - In Japan, sales increased by 29% on a constant currency basis, while Korea saw a 36% increase year-over-year [13][50] - EMEA's quarterly run rate is expected to remain above its 2025 guidance of $70 million to $75 million for the remainder of the year [29] Company Strategy and Development Direction - The company is executing its "New Frontier" growth strategy, focusing on managing expenses, returning capital to shareholders, and capitalizing on market trends [6][19] - Strategic partnerships, such as with Workday, are aimed at enhancing the benefits experience and driving sales growth [10][15] - Recent acquisitions and partnerships, including Pinebridge Investments and Chariot Re, are expected to support growth in the investment management platform [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on commitments despite the current economic environment [6] - The company anticipates improvements in underwriting and investment margins in the upcoming quarters [39][72] - Management noted that the current quarter's results do not fully reflect the company's earnings power, with expectations for better performance in the second half of the year [19][36] Other Important Information - The company has repurchased approximately $2 billion of its common stock year-to-date, with a total of nearly $16 billion repurchased since 2021 [18][34] - Cash and liquid assets at holding companies were reported at $5.2 billion, exceeding the target buffer range [18][34] - The effective tax rate on adjusted earnings was approximately 24%, at the bottom end of the 2025 guidance range [30] Q&A Session Summary Question: Observations on elevated claims in the sector - Management indicated that the elevated claims were not surprising and expected improvements in the non-medical health ratio in the upcoming quarters [38][39] Question: Outlook for Chariot Re and growth opportunities - Management views Chariot Re as a vehicle for growth, focusing on MetLife-originated liabilities and anticipating more transactions [44][46] Question: Strong sales in Japan and Korea - Management reported strong sales performance driven by new product launches and expects to remain at the top end of guidance for Asia sales [49][52] Question: Stability of retirement spreads - Management expects core spreads to remain stable, with some seasonality anticipated in Q3 [53][56] Question: Analysis of disability claims - Management clarified that the pressure on disability claims was related to specific clients and not indicative of broader trends [61][62] Question: Update on commercial mortgage loan reserves - Management acknowledged an increase in reserves for commercial mortgages, indicating it reflects stabilization in the market [65][66] Question: Implementation of Gen AI - Management expressed excitement about the potential of AI, highlighting ongoing investments and improvements in processes to leverage emerging technologies [98][100]

Q2 2025 Highlights - Sales reached $877 million, a 12% increase overall, with 9% organic growth[6] - Operating Income increased by 20% to $160 million, resulting in a 130 bps year-over-year margin expansion to 183%[6] - Diluted EPS increased by 21% to $323[6] - Free Cash Flow increased by 17% to $117 million[6] - New Orders totaled $1 billion, resulting in a book-to-bill ratio greater than 11x, and backlog increased by 12% year-to-date[6] Full-Year 2025 Guidance - Total Sales growth is projected to increase by 9% - 10% due to strengthening A&D market growth[6] - Operating Income growth is targeted at 15% - 18%, with an Operating Margin of 185% - 187%, up 100 - 120 bps year-over-year[6] - The company is on track to deliver high-teens EPS growth (up 16% - 19%) and strong FCF generation (~108% conversion)[6] End Market Sales Growth Guidance - Aerospace Defense is expected to grow by 7% - 9%, contributing to 19% of sales[10] - Naval Defense is expected to grow by 7% - 9%, contributing to 26% of sales[10] - Commercial Aerospace is expected to grow by 13% - 15%, contributing to 13% of sales[10] - Power & Process is expected to grow by 16% - 18%, contributing to 19% of sales[10]

Financial Data and Key Metrics Changes - Global RevPAR grew by 1.8%, reflecting the strength of the company's brands and operating model [5] - Adjusted EPS increased by 19%, supported by share buybacks [8][13] - EBIT increased by 13%, driven by margin accretion from positive operating leverage and ancillary fees [8][13] Business Line Data and Key Metrics Changes - Fee business revenue increased by 7%, with operating profit up by 14% [11] - Fee margin grew by 390 basis points to 64.7% [12][21] - The company added over 31,000 rooms, achieving a gross system growth of 7.7% year over year [6][17] Market Data and Key Metrics Changes - RevPAR in the Americas grew by 1.4%, with occupancy up by 0.1 percentage points [14] - EMEAA RevPAR grew by 4.1%, with occupancy up by 0.8 percentage points [14] - In Greater China, RevPAR declined by 3.2%, with occupancy up by 0.3 percentage points [15] Company Strategy and Development Direction - The company aims to continue driving development activity across its brands and expand into priority growth geographies [30] - The brand portfolio has expanded from 10 to 20 brands over the last decade, capturing a wider customer base [31] - The company is focusing on enhancing hotel owner returns and increasing ancillary fee streams [30][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing to deliver on the growth algorithm, targeting high single-digit fee revenue growth and 12-15% adjusted EPS growth as a compound annual growth rate [75] - The company remains optimistic about long-term structural growth drivers in key markets, particularly in Greater China [42] Other Important Information - An interim dividend of 58.6¢ was declared, consistent with a 10% growth rate over the past three years [8] - The company is on track to return over $1,100,000,000 to shareholders in 2025 through dividends and share buybacks [8][27] Q&A Session Summary Question: What are the expectations for future growth in the U.S. and Greater China? - Management highlighted that the U.S. and Greater China account for 65% of system size and approximately 60% of the global pipeline, indicating significant future growth potential [39][40] Question: How is the company managing costs and improving margins? - The company has maintained a disciplined approach to cost management, resulting in a fee margin increase of 390 basis points [21][23] Question: What is the strategy for expanding the brand portfolio? - The company plans to continue diversifying its brand portfolio, with a focus on conversion-friendly brands and enhancing the luxury and lifestyle segments [31][38]

Financial Data and Key Metrics Changes - The company reported a record high revenue of $597 million in the first half of 2025, compared to $585 million in the same period of 2024, marking the highest revenue in the first half of the year in the company's history [19] - Non-GAAP operating income for the first half of 2025 was $106 million, with a non-GAAP adjusted operating margin of 19.5%, up from $91 million and 17% in the prior year [20] - Non-GAAP adjusted EBITDA was $132 million for the first half of 2025, representing 24.4% of revenue, compared to $118 million or 22% in the prior year [20] - Non-GAAP EPS increased to $2.29, a 13% rise from $2.20 in the prior year, primarily due to higher non-GAAP adjusted operating income [21] Business Line Data and Key Metrics Changes - The company achieved a non-GAAP operating margin of 19.5% in the first half of 2025, reflecting a 250 basis point improvement from the same period last year [5] - Revenue diversification improved, with 32% of total revenue coming from industries outside of cable and telecom, up from 31% in the prior year [6] - The company reported a 14% year-over-year growth in its merchant base, reaching 142,000 merchants in Q2 [14] Market Data and Key Metrics Changes - The company anticipates revenue growth in the 2% to 3% range for 2025, primarily due to headwinds in the North American broadband market and elongated sales cycles [23] - The termination of a contract with a Latin American telecommunications customer is expected to have a minimal impact on overall revenue, accounting for $1.4 million in the first half of 2025 [24] Company Strategy and Development Direction - The company aims to diversify revenue from faster-growing new industry verticals to over 35% of total revenue by 2026 [9] - The leadership team is focused on evolving into a more asset-light SaaS business to generate higher profit and cash flow from investments [15] - The company is committed to maintaining a disciplined approach to M&A, targeting acquisitions that enhance its capabilities in core verticals [16][62] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious approach among customers regarding discretionary spending, impacting decision-making processes [30] - The company remains optimistic about its sales pipeline and expects continued growth despite current market challenges [88] - Management highlighted the importance of simplifying business processes for telecom operators to remain competitive in a digital landscape [51] Other Important Information - The company has returned over $600 million to shareholders since 2020 and is on track to exceed its commitment of $100 million in share repurchases and dividends for 2025 [10] - The company is leveraging AI to enhance its product offerings and operational efficiencies, with expectations for significant impacts on profitability [46] Q&A Session Summary Question: Insights on the broader macro environment - Management observed a cautiousness in discretionary spending but noted ongoing strategic decisions and technology deployments by customers [30] Question: Impact of recent M&A activity within the customer base - Management indicated that historical consolidation trends in the cable broadband and telco sectors have generally benefited the company [32] Question: Opportunities in the global telecom space - Management emphasized their differentiated capabilities in complex enterprise solutions, which have led to successful engagements with Tier one operators [38] Question: AI's impact on profitability and competition - Management acknowledged the growing importance of AI in enhancing operational efficiency and product offerings, while not seeing direct competition from AI-enabled firms [82] Question: New business pipeline and sales cycles - Management reported a healthy sales pipeline but noted elongated sales cycles due to cautious customer behavior [88]