Financial Data and Key Metrics Changes - For Q1 FY 2026, the company reported revenue of INR 2,098 million (approximately USD 24.5 million), representing a 99.7% year-over-year increase [3][12] - Gross margin for the quarter was INR 1,150 million (approximately USD 13.5 million), up 36.6% year-over-year [3][4] - Profit for the quarter stood at INR 110 million (approximately USD 1.3 million), compared to a loss of INR 800,000 (approximately USD 100,000) in the previous year [4][12] - Adjusted EBITDA surged to INR 206 million (approximately USD 2.4 million), up 214% year-over-year, significantly exceeding the annual guidance of 30% growth [4][12] Business Line Data and Key Metrics Changes - The corporate travel segment onboarded 34 new corporate clients, adding an annual billing potential of approximately INR 2,000 million [6] - Air ticketing passenger volumes declined by 9% year-over-year, while gross air bookings grew by 4% year-over-year to INR 14,103 million (approximately USD 4.4 million) [12] - In the Hotels and Packages segment, hotel room nights grew by 1% year-over-year, with gross bookings increasing by 43% year-over-year to INR 3,433 million [12] Market Data and Key Metrics Changes - The corporate travel market in India is projected to reach around USD 20 billion by FY 2027, with online penetration remaining low at about 20% in FY 2024 [5] - The overall travel market in India has seen a double-digit growth, but Yatra's consumer business was impacted by macro events, leading to a marginal decline [29] Company Strategy and Development Direction - The company is focused on capturing growth opportunities driven by rising digital adoption across both leisure and corporate travel segments [11] - Yatra aims to enhance its technology offerings and expand its corporate client base while maintaining disciplined cost management and profitable scaling [11] - The company is evaluating opportunities for further acquisitions in the MICE space to accelerate growth [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of macroeconomic events on consumer sentiment but noted a strong recovery in business travel [29] - The company remains committed to navigating regulatory complexities related to restructuring and share convertibility, which is a top priority for the board [20] Other Important Information - Cash and cash equivalents stood at INR 2,002 million (approximately USD 26 million) as of June 30, 2025, compared to INR 1,900 million (approximately USD 22 million) in March 2025 [14] - Gross debt has significantly reduced from INR 546 million (approximately USD 6 million) to INR 29 million (approximately USD 300,000) [14] Q&A Session Summary Question: What is the appetite for potentially doing another deal in the MICE space? - Management is evaluating opportunities and is focused on successfully integrating the Globe acquisition before pursuing new deals [17][18] Question: Can you provide more color on the restructuring hurdles? - The restructuring involves working with multiple regulators and law firms across different jurisdictions, making it a time-consuming process [20] Question: What were the quarterly operating expenses tied to the restructuring effort? - Current quarter expenses were not material compared to the previous quarter [21]

Financial Performance - BJ's Wholesale Club reported a 4.7% increase in net sales to $5 billion for fiscal Q1 2025, with comparable sales (excluding gas) up 3.9% and adjusted earnings per share (EPS) of $1.14. Operating income increased by 27% and net income rose by 35% year over year [1]. Membership Growth - The share of higher-tier memberships grew by over 100 basis points sequentially to surpass 40% for the first time, driven by product and benefit enhancements, with a January fee increase not affecting uptake [2][3]. This shift to premium membership tiers enhances customer lifetime value, improves renewal rates, and raises average spend [3]. Digital Sales and Engagement - Digitally enabled comparable sales surged by 35% year over year, contributing significantly to total sales growth, and have maintained double-digit growth for four consecutive years. Enhanced fulfillment technology utilizing AI and robotics reduced order picking time by over 45% [4][5]. Expansion and Real Estate Strategy - The company opened five new clubs and four gas stations during the quarter, including a new location in Staten Island, with plans for 25 to 30 new clubs over the next two years. There was a 2% increase in comparable gas gallons, contrasting with a decline in broader U.S. industry volumes [6][7]. Future Outlook - Management reaffirmed fiscal 2025 guidance for comparable sales growth (excluding gas) of 2% to 3.5% and adjusted EPS of $4.10 to $4.30, exercising caution due to potential macroeconomic conditions. The first half of fiscal 2025 is expected to be the strongest for same-store sales comps, with a focus on margin discipline amidst ongoing investments [8].