Financial Data and Key Metrics Changes - Travelzoo's consolidated Q2 revenue was $23.9 million, up 13% from the prior year, and $23.5 million in constant currencies, up 12% from the prior year [5] - Operating income decreased to $2.1 million or 9% of revenue, down from $4 million in the prior year [5] - Non-GAAP operating profit for Q2 was $2.4 million, or 10% of revenue, compared to $4.8 million in the prior year [12] Business Line Data and Key Metrics Changes - Revenue from Jack's Flight Club increased by 33% [10] - Advertising and commerce revenue was $20.9 million for Q2, while membership fees increased to $3 million, expected to account for about 25% of revenue next year [10] Market Data and Key Metrics Changes - Member acquisition costs increased from $28 in Q1 to $38 in Q2 [6] - The company invested heavily in the UK market due to favorable ROI on member acquisition [9] Company Strategy and Development Direction - The company aims to grow the number of paying members and accelerate revenue growth by converting legacy members and adding new club members [22] - Travelzoo plans to leverage its global reach and trusted brand to negotiate more club offers for members [16] Management Comments on Operating Environment and Future Outlook - Management expects revenue growth to continue in Q3 2025 and accelerate in subsequent quarters as membership fees revenue is recognized ratably over the subscription period [13] - The company acknowledges potential fluctuations in reported net income but anticipates substantial increases in profitability over time [13] Other Important Information - As of June 30, 2025, consolidated cash and cash equivalents were $11.2 million, with cash flow from operations at $1.3 million [13] - The company repurchased 172,088 shares during the quarter [13] Q&A Session Summary Question: Understanding profitability dynamics going forward - Management explained that profitability will improve as revenue from previously acquired members contributes without incurring new acquisition costs for those cohorts [24] Question: Pace of club offers - Management indicated that new club offers are released several times a week, not limited to monthly or quarterly [25] Question: Addressing cost of revenues - Management noted that increased costs were due to purchasing distressed inventory, which allowed for strong club offers [30] Question: Normalization of costs in the second half of the year - Management stated that future costs depend on market opportunities, particularly in a weaker travel demand environment [31] Question: Focus on acquiring subscribers in Europe - Management clarified that while there was a focus on the UK, member acquisition was strong in North America as well [35] Question: Premium subscription level prospects - Management is not currently considering a premium subscription tier but will evaluate the membership fee for potential increases in 2026 [38] Question: Travel industry conditions - Management observed that both North America and Europe are experiencing lower demand, but affluent members are not trading down in spending [54]

Financial Performance - Travelzoo reported consolidated revenue of $23.9 million for Q2 2025, representing a 13% increase from $21.1 million in the same period last year [1] - Net income attributable to Travelzoo was $1.4 million, or $0.12 per share, compared to $0.23 per share in the prior-year period [3] - Non-GAAP operating profit was $2.4 million, excluding certain expenses [3][24] Segment Performance - North America business segment revenue increased by 14% year-over-year to $16.1 million, with an operating profit of $2.8 million [5] - Europe business segment revenue rose by 7% year-over-year to $6.4 million, but reported an operating loss of $883,000 due to increased member acquisition costs [6] - Jack's Flight Club, in which Travelzoo holds a 60% ownership, saw revenue increase by 33% year-over-year to $1.4 million, with a shift from an operating loss to a profit of $156,000 [7] Membership and Marketing Strategy - The company invested significantly in acquiring new Club Members, expecting a positive return on investment within the quarter [2] - Membership fees revenue is recognized ratably over a 12-month subscription period, impacting earnings per share [2] - Travelzoo aims to leverage its global reach and relationships with travel suppliers to negotiate more offers for Club Members [4] Cash Flow and Balance Sheet - Cash flow from operations was reported at $1.3 million [12] - As of June 30, 2025, cash, cash equivalents, and restricted cash totaled $11.2 million [12] - Deferred revenue is expected to continue increasing as membership fees are recognized over time [12] Future Outlook - For Q3 2025, Travelzoo anticipates continued year-over-year revenue growth, with expectations for accelerated growth in subsequent quarters [14] - The company expects profitability to increase over time as recurring membership fees are recognized [14] - Travelzoo is seeing a transition of Legacy Members to Club Members, which is expected to enhance revenue streams [15]

Group 1: Dundee Precious Metals - Dundee Precious Metals is engaged in the acquisition, exploration, development, mining, and processing of precious metals, holding a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for Dundee Precious Metals' current year earnings has increased by 24.7% over the last 60 days [1] - The company's shares gained 32.5% over the last three months, outperforming the S&P 500's gain of 25.1%, and it possesses a Momentum Score of A [2] Group 2: Booking Holdings - Booking Holdings is one of the largest online travel companies globally, also holding a Zacks Rank 1 [3] - The Zacks Consensus Estimate for Booking Holdings' current year earnings has increased by 0.9% over the last 60 days [3] - The company's shares gained 39.9% over the last three months, significantly outperforming the S&P 500's gain of 25.1%, and it possesses a Momentum Score of A [4] Group 3: Lloyds Banking Group - Lloyds Banking Group is a UK-based financial services company providing a range of banking and financial services, also holding a Zacks Rank 1 [4] - The Zacks Consensus Estimate for Lloyds Banking Group's current year earnings has increased by 2.6% over the last 60 days [4] - The company's shares gained 27% over the last three months, slightly outperforming the S&P 500's gain of 25.1%, and it possesses a Momentum Score of A [4]

Group 1 - Booking Holdings plans to hold a conference call to discuss its second quarter 2025 financial results on July 29 at 4:30 p.m. ET [1] - The financial results will be posted on the company's Investor Relations website at approximately 4:00 p.m. ET on the same day [2] - Booking Holdings is the leading provider of online travel and related services, operating in over 220 countries and territories through brands like Booking.com, Priceline, Agoda, KAYAK, and OpenTable [2]

Core Viewpoint - Trip.com Group Limited has completed its repurchase right offer for its 1.50% Exchangeable Senior Notes due 2027, with no notes being validly surrendered before the expiration of the offer [1] Group 1: Company Overview - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [3] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide cost-effective travel bookings and support [3] - Founded in 1999, the company was listed on Nasdaq in 2003 and on HKEX in 2021 [3] Group 2: Financial Information - The repurchase right offer for the Exchangeable Notes expired on June 27, 2025, and US$500,000,000 in aggregate principal amount of the notes will remain outstanding [1] - The existing terms of the Exchangeable Notes and the related Indenture will continue to apply [1]

Group 1 - Trip.com Group Limited has entered into a share repurchase agreement with MakeMyTrip Limited to sell a portion of its Class B ordinary shares for cancellation, aiming to optimize its investment portfolio and enhance shareholder returns [1] - After the proposed repurchase, Trip.com Group will remain the largest minority shareholder of MakeMyTrip and continue to support its growth [1] - To fund the repurchase, MakeMyTrip has launched an offering of convertible senior notes and a concurrent underwritten public offering of ordinary shares, with Trip.com Group agreeing to a 180-day lock-up period [1] Group 2 - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [2] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide travelers with informed and cost-effective travel bookings [2] - Founded in 1999, Trip.com Group was listed on Nasdaq in 2003 and on HKEX in 2021, with a mission to pursue the perfect trip for a better world [2]

Group 1 - Trip.com Group Limited has entered into a share repurchase agreement with MakeMyTrip Limited to sell a portion of its Class B ordinary shares for cancellation, aiming to optimize its investment portfolio and enhance shareholder returns [1] - After the proposed repurchase, Trip.com Group will remain the largest minority shareholder of MakeMyTrip and continue to support its growth [1] - To fund the repurchase, MakeMyTrip has launched an offering of convertible senior notes and a concurrent underwritten public offering of ordinary shares, with Trip.com Group agreeing to a 180-day lock-up period [1] Group 2 - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [2] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide travelers with cost-effective booking options and support [2] - Founded in 1999, Trip.com Group was listed on Nasdaq in 2003 and on HKEX in 2021, with a mission to pursue the perfect trip for a better world [2]

Summary of Tongcheng Travel Holdings Conference Call Company Overview - **Company**: Tongcheng Travel Holdings (0780.HK) - **Industry**: China Internet and Other Services - **Current Stock Price**: HK$22.10 (as of June 2, 2025) - **Price Target**: Increased from HK$26.00 to HK$28.00 Key Points Price Target and Valuation - The price target was raised by 8% to HK$28.00 due to updated foreign exchange assumptions, changing from Rmb7.5 to Rmb7.15 per US dollar, aligning with macro forecasts [1][4] - Bull case price target increased to HK$36.00 and bear case to HK$18.00, reflecting the adjustments in the base case [2] Earnings Estimates - Earnings per share (EPS) estimates for the fiscal years are as follows: - 2025: Rmb1.43 - 2026: Rmb1.66 - 2027: Rmb1.83 [4] Growth Drivers - Anticipated strong travel demand in China for 2025 as consumers shift spending from shopping to travel and experiences [13] - Market share growth expected from lower-tier cities, cross-selling initiatives, new business ventures, and international expansion [13] - Revenue growth projected at over 25% and non-IFRS EPS growth at over 10% for 2024-2026 [13] Financial Metrics - Transportation Gross Merchandise Value (GMV) estimates: - 2025: Rmb218.68 billion - 2026: Rmb244.92 billion - 2027: Rmb269.90 billion [20] - Accommodation GMV estimates: - 2025: Rmb5.42 billion - 2026: Rmb6.14 billion - 2027: Rmb6.83 billion [20] Risk Factors - Risks to price target include potential weaker-than-expected domestic business due to macroeconomic conditions in China, which could affect price-sensitive users in lower-tier cities [26] - Competition in lower-tier cities may intensify, impacting margins and requiring lower subsidies [21][26] Analyst Ratings - Stock rating remains "Overweight" with an attractive industry view [4][15] - Consensus rating distribution shows 91% Overweight and 9% Equal-weight [15] Market Context - The report indicates a WACC of 11.5% for Tongcheng, slightly higher than its peers due to its smaller size, with a terminal growth rate aligned with long-term GDP growth targets [9] Conclusion - Tongcheng Travel Holdings is positioned for growth in the travel sector, with a revised price target reflecting positive macroeconomic assumptions and strong demand trends. However, potential risks from competition and economic conditions in China warrant close monitoring.

Core Viewpoint - Trip.com Group Limited is notifying holders of its 1.50% Exchangeable Senior Notes due 2027 about their right to require the company to repurchase these notes for cash on July 1, 2025, under specific terms outlined in the Indentures [1][2][3] Group 1: Repurchase Right Details - Holders can require the company to repurchase all or a portion of their Exchangeable Notes, with a minimum amount of US$200,000 or integral multiples of US$1,000 [2][3] - The repurchase price will be 100% of the principal amount plus any accrued and unpaid interest up to July 1, 2025 [2] - The total outstanding amount of Exchangeable Notes as of May 27, 2025, is US$500,000,000, which means the total cash purchase price could reach US$500,000,000 if all notes are surrendered [2] Group 2: Timeline and Procedures - The opportunity to exercise the 2025 Repurchase Right starts on May 28, 2025, at 9:00 a.m. and ends on June 27, 2025, at 5:00 p.m. [3] - Holders must follow specific transmittal procedures outlined in the 2025 Repurchase Right Notice to exercise their rights [3] - Holders can withdraw previously tendered Exchangeable Notes until June 27, 2025 [3] Group 3: Company Overview - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [7] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide cost-effective travel solutions [7] - Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the company continues to expand its reach among travelers worldwide [7]

Group 1 - Booking Holdings' CFO Ewout Steenbergen will present at the Bank of America Securities 2025 Global Technology Conference on June 4th at 11:20 am PT / 2:20 pm ET [1] - A live audio cast of the presentation will be available to the public, with a replay accessible approximately 24 hours later [1] Group 2 - Booking Holdings is the world's leading provider of online travel and related services, operating in over 220 countries and territories [2] - The company operates five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable [2] - The mission of Booking Holdings is to make it easier for everyone to experience the world [2]