As visa crackdowns and diplomatic tensions block traditional study-abroad routes, India’s Leverage Edu is helping students reroute their dreams — from Canada to Germany, and from India to Nigeria and Saudi Arabia. That agility is paying off: The startup has doubled its revenue, turned profitable, and is now expanding its global footprint. Over the past several months, students across emerging markets have faced growing uncertainty around international college admissions. Shifting visa rules and diplomatic ...

Summary of Trip.com Group Ltd (TCOM.O) Conference Call Company Overview - **Company**: Trip.com Group Ltd (TCOM) - **Industry**: Online Travel Agency (OTA) in China - **Founded**: 1999, listed on NASDAQ in 2003 Key Financial Results - **2Q25 Performance**: Revenue increased by 16% year-over-year (YoY) to RMB 14.8 billion, exceeding expectations - **Segment Breakdown**: - Accommodation revenue: RMB 6.2 billion (+21% YoY) - Transportation ticketing: RMB 5.4 billion (+11% YoY) - Packaged tours: RMB 1.1 billion (+5% YoY) - Corporate travel: RMB 692 million (+9% YoY) - Other revenues: RMB 1.47 billion (+31% YoY) [11][12] Revenue Growth Projections - **Domestic Revenue Growth**: Projected at 9% YoY in 2H25, driven by hotel room nights growth despite softening transportation ticketing volume [2] - **Outbound Growth**: Expected to slow to low teens in 2H25 but still outperform the industry [2] Margin Insights - **Operating Margin**: Adjusted Operating Profit Margin (OPM) expected to improve to 32% in 3Q25, with a drop anticipated in 4Q25 due to seasonal factors [3] - **Marketing Efficiency**: Improved marketing optimization has positively impacted margins [3] Shareholder Return Strategy - **Share Repurchase Program**: Announced a USD 5 billion share repurchase program to offset dilution from Employee Stock Ownership Plans (ESOP) and support share price during volatility [4][12] Earnings Estimates - **Revised Earnings Estimates**: Increased by 2% for 2025, 2% for 2026, and 3% for 2027 [1] - **Target Price**: Raised to USD 85 from USD 78, reflecting a 30.2% expected share price return [6][10] Financial Metrics - **2023A Net Profit**: RMB 13,071 million - **2024A Net Profit**: RMB 18,041 million - **2025E Net Profit**: RMB 18,698 million - **2026E Net Profit**: RMB 21,231 million - **2027E Net Profit**: RMB 23,287 million [5] Risks and Challenges - **Downside Risks**: Include potential softening of the China macro environment, slower-than-expected recovery in travel demand, worsening spending and margins, intensified domestic competition, and new outbreaks of COVID-19 or other epidemics [26] Conclusion - **Investment Recommendation**: The stock is rated as a Buy due to resilient domestic performance, strong growth prospects, and a focus on shareholder returns [24][25]

Financial Data and Key Metrics Changes - The company reported strong quarterly earnings of $14.1 million, resulting in diluted earnings per share of $0.83, representing increases of 92% and 93% respectively over the previous quarter [12] - On a non-GAAP basis, adjusted earnings were $15.2 million or $0.89 per share, with pretax pre-provision net income excluding merger-related costs totaling $26.1 million, an increase of 13% from the prior quarter [4][13] - The tangible common equity ratio expanded to 6.77% at June 30, with a 3% increase in tangible book value during the second quarter, reaching $26.9 per share [5][18] Business Line Data and Key Metrics Changes - The company experienced robust growth in home equity loan balances, with an increase of $16.7 million in the second quarter compared to $18 million for the entire previous year [28] - Non-interest income reached $13.1 million for the second quarter, exceeding guidance provided last quarter [14] - The non-GAAP efficiency ratio improved to 55.5%, the lowest level since 2022, indicating enhanced operational efficiency [13] Market Data and Key Metrics Changes - Average deposits were down 1% on a linked quarter basis due to seasonal trends, but there has been encouraging growth as summer approaches [7] - The loan pipeline was robust at June 30, with a committed loan pipeline of $150 million, representing a 40% increase over the last quarter [18] Company Strategy and Development Direction - The company is focused on unlocking the financial potential of its combined franchise following the acquisition of Northway Financial, particularly in the New Hampshire market [4] - Strategic investments in digital and talent-focused initiatives are expected to drive revenue growth and enhance customer relationships [10] - The company is committed to expanding its treasury management services and modernizing its mobile app to attract a digitally savvy customer base [10][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the loan portfolio, despite one commercial borrower filing for bankruptcy, indicating this is not a broader trend [6] - The company anticipates strong capital generation in the second half of the year, driven by the realization of synergies and sustained revenue growth [18] - Management remains optimistic about the second half of the year, citing positive momentum in commercial volume and the integration of the New Hampshire franchise [50] Other Important Information - The company successfully launched new features in its mobile app, including a digital financial literacy program, which has seen strong customer engagement [10][60] - The company is actively working with other lenders on the bankruptcy case of a borrower, with expectations for resolution later this year [6][22] Q&A Session Summary Question: What type of C&I loan was it, and did the placement on non-accrual impact net interest income? - The loan was characterized as a service company C&I loan, and it did impact net interest income by about one basis point of net interest margin for the quarter [22][23] Question: What are the drivers of the improvement in the loan pipeline and the coupon on new originations? - The company is seeing a broad-based pickup in commercial and home equity loans, with a robust loan pipeline indicating strong demand [28][29] Question: Can you provide guidance on fee income for the next quarter? - The company estimates non-interest income for the third quarter to be in the range of $12 million to $13 million, with some caution due to fair value accounting impacts [41][44] Question: What is the overall exposure to syndicated loans? - The total exposure to the loan in question is $12 million, with a total exposure of around $200 million across five or six other banks [36] Question: Will the company consider a buyback if the stock remains low? - Management indicated that they have a buyback option available and are optimistic about the company's performance in the second half of the year [50]

Company Overview - Camden National Corporation has \$7 billion in assets, \$5 billion in loans, and \$56 billion in deposits [7] - The company has over 700 employees and 73 branches [7] - The company's market capitalization is \$739 million [7] Acquisition of Northway Financial - Camden National Corporation completed its acquisition of Northway Financial, Inc on January 2, 2025 [18] - The purchase price was \$965 million, based on Camden National's closing stock price of \$4225 on January 2, 2025 [20] - The merger is expected to result in 20% GAAP EPS accretion in 2025 and 33% in 2026 [19] Loan and Deposit Portfolio - The loan portfolio is well-diversified, with 43% in residential real estate, 42% in commercial real estate, 9% in commercial loans, and 6% in home equity and consumer loans [28] - Total loans amount to \$41 billion [28] - The company's deposits total \$46 billion, with 33% in savings/money market accounts, 32% in interest-checking accounts, 20% in noninterest-checking accounts, 11% in CDs, and 4% in brokered deposits [45] Financial Performance - Net income for the fourth quarter of 2024 was \$147 million, a 12% increase compared to the third quarter of 2024 [69] - Non-interest income is 25% of total revenue [50] - Assets Under Management (AUM) reached \$21 billion, up 12% year-over-year [50]

Financial Data and Key Metrics Changes - System wide sales for Q1 2025 were $132.6 million, up 5% compared to Q1 2024, indicating resilience in the current economic environment [10] - Revenue from continuing operations increased by 7% to $13.1 million from $12.2 million in Q1 2024 [27] - Adjusted EBITDA from continuing operations was $46,000, a significant decrease from $425,000 in Q1 2024 [10][29] - Net loss from continuing operations was $506,000, compared to a loss of $399,000 in Q1 2024 [29] Business Line Data and Key Metrics Changes - Comp sales for all clinics open for at least 13 months were up 3% for Q1 2025 and increased to 4% in March 2025 [10][23] - Comp sales for mature clinics (open for at least 48 months) were down 2% [23] - The company refranchised two corporate clinics and opened five franchise clinics during Q1 2025, with a total of 969 clinics, of which 847 (87%) are franchise clinics [25] Market Data and Key Metrics Changes - The company is experiencing a dynamic consumer environment, with consumer sentiment affecting new patient volumes [11][43] - The company anticipates system wide sales for 2025 to be between $550 million and $570 million, compared to $530.3 million in 2024 [31] Company Strategy and Development Direction - The company aims to become a pure play franchisor, with 93% of corporate clinics under Letters of Intent (LOIs) for refranchising [12][49] - The focus is on strengthening core operations, reigniting growth, and improving profitability through dynamic revenue management and enhanced digital marketing strategies [12][18] - The company plans to launch a new marketing campaign centered around pain relief in the second half of the year [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of economic headwinds, inflation, and consumer sentiment on operations but remains optimistic about transitioning to a franchise model [33] - The company expects to see a transformative financial impact as corporate clinics transition to franchise royalties and fees, leading to increased profitability [33] Other Important Information - The company has welcomed new executives to enhance legal strategy and patient experience [39] - The Joint has been recognized as one of the fastest-growing franchises and ranked 37th in the Franchise 500 by Entrepreneur Magazine [40] Q&A Session Summary Question: New patient ad metrics and retention trends - Management noted that new patient volumes have been affected by consumer sentiment, but retention rates remain stable [42][44] Question: Metrics on profitability and overhead reduction - Management is not ready to provide specific metrics but expects profitability to improve as G&A expenses are reduced [45][47] Question: Timeline for refranchising process completion - Management intends to exit 2025 as a pure play franchisor and hopes to accelerate the refranchising process [49] Question: Comp sales performance and strategies for mature clinics - Comp sales for mature clinics have been consistent, and operational strategies will be geared towards strengthening these clinics [80][81] Question: Dynamic pricing impact - Management is exploring various pricing models and anticipates that pricing adjustments could significantly impact total system wide sales [60][62] Question: Selling and marketing expenses normalization - Management expects selling and marketing expenses to normalize by Q3 2025 as the transition to a single marketing agency is completed [66] Question: Cost of the franchisee spring convention - The cost of the convention was lower than previous years, impacting the sales and marketing line [75][76]