Financial Data and Key Metrics Changes - The preliminary voting results indicate that all director nominees have been elected, and the appointment of KPMG LLP as auditors for the fiscal year ending December 31, 2025, has been ratified [11] - The advisory vote on the compensation of the company's named executive officers received majority approval [11] - An amendment to the company's certificate of incorporation regarding officer exculpation has been approved [11][12] Business Line Data and Key Metrics Changes - No specific data or metrics regarding individual business lines were provided in the meeting [14] Market Data and Key Metrics Changes - No specific market data or metrics were discussed during the meeting [14] Company Strategy and Development Direction and Industry Competition - The meeting focused on formal business matters and did not delve into specific company strategies or competitive positioning [4][13] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [14] Other Important Information - The meeting was attended by members of the Board of Directors and representatives from KPMG LLP, indicating a formal and structured approach to governance [2][4] - The meeting was conducted virtually, allowing stockholders to participate and vote online [7][10] Q&A Session All Questions and Answers - There were no questions submitted during the Q&A session, and it was concluded without any inquiries [14]

Financial Data and Key Metrics Changes - In FY 2025, the company spent approximately $425 million on share buybacks, with an expectation of a step-up in FY 2026 [21] - The first quarter of FY 2026 saw $200 million allocated for share buybacks, indicating a positive trend in free cash flow [21] Business Line Data and Key Metrics Changes - The company is focusing on diversifying inventory sourcing to ensure competitive pricing for consumers, which is crucial in the current economic environment [27] - Efforts are being made to improve efficiency measures that will impact both cost of goods sold and selling, general, and administrative expenses [27] Market Data and Key Metrics Changes - The impact of tariffs has been somewhat muted so far, with no significant inflation in parts observed, which is beneficial for the used car market [23][24] - As new car prices rise, the used car industry is expected to benefit, making used cars more affordable for consumers [23] Company Strategy and Development Direction - The company is committed to enhancing customer experience by ensuring the largest total addressable market compared to competitors [26] - New funding tools and strategies are being implemented to increase profits, which can be reinvested into the business [27] - The focus on ancillary profits, such as extended service plans, is part of the strategy to drive both top-line and bottom-line growth [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic environment due to tariffs but remains optimistic about the company's ability to manage costs effectively [23][24] - The company believes that continued growth in the past four quarters will positively influence stock performance [28] Other Important Information - The board of directors recommended voting against a shareholder proposal for special shareholder meeting rights, stating it is not in the best interest of the company [15] - The preliminary voting results indicated that all director nominees were elected, and the appointment of KPMG as auditors was ratified [18] Q&A Session Summary Question: How much was spent on share buybacks in 2024 and how much is expected in 2025? - The company spent approximately $425 million on share buybacks in FY 2025 and expects a step-up in FY 2026 [21] Question: How is the company positioning itself to handle tariffs? - The impact of tariffs has been muted, with no inflation in parts observed, and the company is focused on sourcing at the best prices [23][24] Question: What can be done to reward CarMax shareholders given the stock price comparison with Carvana? - The company is focusing on customer experience, diversifying inventory sourcing, and improving efficiency to drive growth and positively impact stock performance [26][27][28]

Financial Data and Key Metrics Changes - The meeting confirmed the election of two class two directors and the ratification of Ernst and Young as the independent auditor for the fiscal year ending January 31, 2026 [5][10] - The proposal to approve the compensation of Okta's named executive officers was also approved, indicating a positive reception from shareholders [10] Business Line Data and Key Metrics Changes - No specific data on business line performance or key metrics was provided during the meeting [11] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the meeting [11] Company Strategy and Development Direction and Industry Competition - The board of directors recommended a one-year frequency for future advisory votes on executive compensation, reflecting a strategic approach to governance and shareholder engagement [7][10] Management Comments on Operating Environment and Future Outlook - There were no specific comments from management regarding the operating environment or future outlook during this meeting [11] Other Important Information - The final voting results will be reported in a current report on Form 8-K to be filed with the SEC, ensuring transparency and compliance with regulatory requirements [10] Q&A Session Summary Question: Are there any questions about the proposals? - There were no questions raised during the meeting, indicating a smooth voting process and consensus among shareholders [7][8]

Financial Data and Key Metrics Changes - The company achieved record revenues and yields for eight consecutive quarters, with EBITDA up 26%, operating income increasing by 67%, and net income more than tripling year-over-year [9][10]. - Net income exceeded guidance by $185 million, driven by strong performance across all metrics [28]. - Yields grew by almost 6.5%, surpassing guidance by 200 basis points, with both ticket and onboard spending outperforming expectations [9][28]. Business Line Data and Key Metrics Changes - Customer deposits reached an all-time high, increasing by over $250 million compared to the previous year [30]. - Cruise costs without fuel per available lower berth day (ALBD) were up 3.5%, which was 200 basis points better than guidance [29][30]. - The company reported that EBITDA margins were 200 basis points higher than 2019 levels, marking the highest margins achieved in nearly twenty years [10][12]. Market Data and Key Metrics Changes - The company noted a strong close in demand across all core programs, contributing to improved ticket prices and onboard spending [28]. - The company is 93% booked for 2025, indicating strong demand despite geopolitical uncertainties [66]. Company Strategy and Development Direction - The company plans to set new targets in early Q2 next year after exceeding its 2026 fee change targets ahead of schedule [11][13]. - The launch of Celebration Key, a new private island destination, is expected to enhance customer experience and drive demand [17][19]. - The company is focused on achieving yield improvement by driving demand that outpaces supply, with significant investments in marketing and fleet enhancements [21][22]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the geopolitical tensions in the Middle East but stated that it has not yet had a discernible impact on business [6][7]. - The company remains optimistic about its ability to meet or exceed guidance, despite acknowledging a more unpredictable environment [15][69]. - Management indicated that onboard spending has remained strong even during periods of volatility, suggesting resilience in consumer behavior [74]. Other Important Information - The company has successfully met its carbon intensity reduction target, achieving a 20% reduction compared to 2019 levels [12]. - The new loyalty program, Carnival Rewards, is expected to enhance customer engagement and increase lifetime value, although it may have a short-term impact on yields [24][36]. Q&A Session Summary Question: Can you speak to improvements in product and experience that are translating to pricing and onboard spend? - Management highlighted ongoing incremental improvements across the business, emphasizing the importance of innovation and guest experience [46][49]. Question: What are the pricing expectations for Celebration Key itineraries? - Management confirmed that Celebration Key is seeing a premium in pricing, aligning with expectations, and marketing efforts are being ramped up [56][57]. Question: How has booking demand been affected by recent geopolitical events? - Management noted volatility in bookings during April, but improvements were seen in May and June, indicating a recovery in demand [66][68]. Question: Can you characterize demand for Europe in Q3? - Management reported strong demand for Europe in Q3, with onboard revenues outperforming expectations [75][76]. Question: What is the impact of the new loyalty program on customer engagement? - Management stated that the new loyalty program is designed to enhance engagement without pushing for direct bookings, benefiting both the company and travel agents [60].

Financial Data and Key Metrics Changes - The company achieved record revenues for the eighth consecutive quarter, with EBITDA up 26% year-over-year, operating income increasing by 67%, and net income more than tripling [6][7][26] - Net income exceeded guidance by $185 million, with yields growing by almost 6.5%, surpassing guidance by 200 basis points [7][26] - EBITDA margins were 200 basis points higher than 2019 levels, marking the highest margins achieved in nearly twenty years [8][9] Business Line Data and Key Metrics Changes - Customer deposits reached an all-time high, up over $250 million compared to the previous year [28] - Cruise costs without fuel per available lower birthday (ALBD) increased by 3.5% year-over-year, which was 200 basis points better than guidance [26][30] - The company reported strong onboard spending across all major categories, contributing to the overall revenue growth [26] Market Data and Key Metrics Changes - The company noted a strong close in demand, reaffirming consumer strength despite geopolitical tensions [5][12] - The advanced booking window remains elongated, with historically high prices, providing flexibility for pricing strategies [13] Company Strategy and Development Direction - The company plans to set new targets in early Q2 next year after exceeding 2026 fee change targets ahead of schedule [9][11] - The launch of Celebration Key is expected to enhance guest experiences and drive demand, with significant marketing efforts planned [15][55] - Investments in existing fleet and new builds are aimed at increasing demand and enhancing pricing power [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning despite geopolitical uncertainties, emphasizing the ability to navigate challenges [5][12] - The company anticipates continued strong performance in the second half of the year, although the upside potential may not be as high as previously expected due to external factors [66][73] Other Important Information - The company has successfully reduced its net debt to EBITDA ratio from 4.1 times to 3.7 times, with ongoing efforts to improve leverage metrics [36][37] - A new loyalty program, Carnival Rewards, is set to launch in June 2026, which is expected to enhance customer engagement and lifetime value [22][34] Q&A Session Summary Question: Can you speak to improvements in product and experience that are translating to above-plan pricing and onboard spend? - Management highlighted ongoing incremental improvements across all areas of the business, emphasizing the importance of innovation and guest experience [43][44] Question: How best to think about the margin opportunity moving forward? - Management indicated that margins are expected to continue improving, with a focus on maintaining low costs while driving incremental revenue [48][49] Question: Can you provide color on pricing for Celebration Key itineraries? - Management confirmed that Celebration Key is seeing a premium in pricing, aligning with expectations, and marketing efforts are being ramped up [54][55] Question: How has booking demand been affected by recent geopolitical events? - Management noted volatility in bookings, particularly in April, but observed a recovery in May and June, indicating resilience in demand [62][63] Question: What is the expected impact of the new loyalty program on onboard spending? - Management believes the new loyalty program will enhance onboard spending without cannibalizing it, as guests will earn points through their total spend [113][115]

Financial Data and Key Metrics Changes - Gross billings increased by 12% year over year, reaching $21.6 billion, with a 11% growth in constant currency [6][13] - Net revenue rose by 7% year over year to $14.9 billion, exceeding guidance [14] - Non-GAAP diluted EPS was $2.99, above the upper end of guidance [18] Business Line Data and Key Metrics Changes - Endpoint Solutions portfolio gross billings grew by 13% year over year, driven by a PC refresh cycle [14] - Advanced Solutions portfolio gross billings increased by 12% year over year, with a 10% growth when excluding Hive [14] - Software billings grew by 20%, supported by cloud, cybersecurity, and infrastructure software [7] Market Data and Key Metrics Changes - All regions and major technologies experienced growth during the quarter, with strong demand from SMB, MSPs, and Public Sector, all growing in double digits [7] - APJ region showed strong performance, particularly in India and Japan, contributing to overall growth [88] Company Strategy and Development Direction - The company aims to unify reach, target new customers, expand distribution markets, diversify offerings, and accelerate services [8] - The strategy includes leveraging digital capabilities to enhance customer operational efficiency and drive sales growth [10] - The company is focused on generating profitable growth and free cash flow while being a valued partner to vendors and customers [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic uncertainties but expressed confidence in strong financial positioning heading into the second half of the year [20] - The company expects non-GAAP gross billings for Q3 to be in the range of $21 billion to $22 billion, representing approximately 6% growth at the midpoint [20] - Management remains cautiously optimistic about demand trends, particularly in the public sector and technology segments [34][56] Other Important Information - Free cash flow generation for the quarter was approximately $543 million, with $186 million returned to shareholders [18] - The company ended the quarter with $767 million in cash and cash equivalents and a gross leverage ratio of 2.4 times [19] Q&A Session Summary Question: Can you provide more details on the demand pull forward mentioned? - Management noted a pull forward in demand, particularly in PCs, estimating a benefit of $100 million to $200 million in sales [23][24] Question: Why is Q3 guidance similar to last year despite the pull forward? - Management indicated that while there was a pull forward, they expect demand to soften in the second half of the year, leading to cautious guidance [31] Question: Are there any weaknesses observed in regions or product lines? - Management stated that current demand is in line with guidance, but uncertainties regarding tariffs and geopolitical issues could impact future performance [58] Question: What is the current status of the PC refresh cycle? - Management believes the company is in the middle of the refresh cycle, which began one to two quarters ago, contributing positively to growth [77] Question: What is driving the sequential margin improvement in the PC business? - Management attributed margin improvement to increased demand and a stronger pricing environment during the refresh cycle, along with favorable product mix [81][84]

Financial Data and Key Metrics Changes - Gross billings increased by 12% year over year, reaching $21.6 billion, with a 11% growth in constant currency [12] - Net revenue rose by 7% year over year to $14.9 billion, exceeding guidance [13] - Non-GAAP diluted EPS was $2.99, above the upper end of guidance [16] - Free cash flow generation for the quarter was approximately $543 million [17] Business Line Data and Key Metrics Changes - Endpoint Solutions portfolio gross billings grew by 13% year over year, driven by the ongoing PC refresh cycle [13] - Advanced Solutions portfolio gross billings increased by 12% year over year, with a 10% growth when excluding Hive [13] - Software billings grew by 20%, driven by cloud, cybersecurity, and infrastructure software [6] Market Data and Key Metrics Changes - All regions and major technologies experienced growth during the quarter, with strong demand from SMB, MSPs, and Public Sector, all growing in double digits [6] - Europe showed strong growth at 17% year over year, while North America also enjoyed solid growth [90] Company Strategy and Development Direction - The company shared five strategic imperatives aimed at delivering above-market growth, including unifying reach, targeting new customers, and expanding distribution markets [7] - The focus on digital capabilities is intended to help new customers scale and improve operational efficiencies [9] - The company aims to generate profitable growth and free cash flow while being a valued partner to vendors and customers globally [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a volatile environment due to global trade developments but expressed confidence in the company's strong financial position [18] - For Q3, the company expects non-GAAP gross billings in the range of $21 billion to $22 billion, representing approximately 6% growth at the midpoint [18] - Management remains cautiously optimistic about demand, particularly in the public sector, despite macroeconomic uncertainties [32] Other Important Information - The company returned $186 million to shareholders in Q2, including $149 million in share repurchases and $37 million in dividends [17] - The Board of Directors approved a cash dividend of $0.44 per common share, payable on July 25, 2025 [18] Q&A Session Summary Question: Can you provide more details on the demand pull forward mentioned? - Management noted a pull forward in demand, particularly in PCs, estimating a benefit of $100 million to $200 million in sales [23][24] Question: Why is Q3 guidance similar to last year despite the pull forward? - Management indicated that while there was a pull forward, they expect demand to soften in the second half of the year, leading to cautious guidance [30] Question: Are you seeing any weakness in any region or product line? - Management stated that current demand is in line with guidance, but they remain cautious due to potential impacts from tariffs and geopolitical issues [60] Question: What is the current status of the PC refresh cycle? - Management believes the company is in the middle of the PC refresh cycle, which began one to two quarters ago [79] Question: What is driving the sequential margin improvement in the Endpoint Solutions business? - Management attributed margin improvement to increased demand and a stronger pricing environment during the refresh cycle [83]

Financial Data and Key Metrics Changes - Mastercard reported strong financial performance with a 25% adjusted EPS CAGR on a currency neutral basis for the three years ending 2024 [46] - The company achieved an 18% currency neutral adjusted net revenue CAGR for the same period [46] - In 2024, Mastercard returned $13.5 billion to shareholders through buybacks and dividends, totaling over $90 billion since its IPO in 2006 [47] Business Line Data and Key Metrics Changes - Services accounted for close to 40% of net revenue in 2022, reflecting a healthy growth pace [37] - The company processed over 159 billion transactions, growing both volumes and transactions by 11% on a local currency basis [45] - Mastercard issued over 3.5 billion cards and had approximately 150 million acceptance points globally [45] Market Data and Key Metrics Changes - Mastercard generates around 70% of its net revenue outside the United States, indicating strong international presence [33] - The company is expanding its domestic switching capabilities across China, enhancing its global acceptance [33] Company Strategy and Development Direction - Mastercard's strategy focuses on three key areas: consumer payments, commercial new payment flows, and value-added services and solutions, which are expected to drive growth [62] - The company emphasizes innovation and trust as core components of its competitive differentiation in the digital economy [38][42] - Mastercard is investing in stablecoin integration and partnerships to enhance its offerings in the digital asset space [56][57] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of adapting to geopolitical and macroeconomic changes while maintaining a diversified business model [62] - The company is optimistic about the growth potential in digital payments and the integration of stablecoins into mainstream finance [53][59] Other Important Information - The stockholder proposals for a racial equity audit report and a report on affirmative action risks were not approved [24] - Mastercard has been recognized as one of the most trusted companies in America by Forbes and Newsweek for 2025 [44] Q&A Session Summary Question: How does Mastercard approach executive compensation? - The primary objective of the compensation program is to attract, motivate, and retain executives, ensuring alignment with business strategy and performance metrics [51][52] Question: What are the opportunities and risks associated with stablecoins? - Stablecoins present exciting growth opportunities, and Mastercard is integrating them into its network to provide secure and reliable payment experiences [53][54][56] Question: Is Mastercard ready to adapt to a changing political environment? - Mastercard does not take political stances but operates to serve all geographies, respecting a range of political views grounded in goodwill and tolerance [60][61] Question: What will be the main growth drivers in the coming year? - Key growth drivers include consumer payments, commercial new payment flows, and value-added services, which are expected to fuel long-term growth [62]

Financial Data and Key Metrics Changes - The company achieved a 3.5% increase in system sales year over year in Q1 2025, with profits from other revenues increasing by 34.5% year over year [9][16] - Adjusted corporate EBITDA margin improved by 6.1 percentage points year over year, while company-owned and operated store contribution margin improved by 5.9 percentage points [8][13] - Monthly average transacting customers reached 2,920,000, a 4.3% increase from the same quarter in 2024 [14] Business Line Data and Key Metrics Changes - Revenue from franchised and retail businesses increased by 28.6% year over year, while company-owned and operated store revenue dropped by 14% year over year [15][16] - The number of franchised stores increased from 302 to 455 year over year [16] Market Data and Key Metrics Changes - The company expanded its store footprint into 84 cities, including Fujian and Nantang, during Q1 [10] - The largest loyalty club members reached 25,200,000, reflecting a 25.7% year over year growth [10] Company Strategy and Development Direction - The company is focusing on a differentiated strategic positioning in coffee and freshly prepared food, launching new products like the light and fit lunch box to reshape consumer perceptions [5][7] - The strategy includes moving from singular coffee consumption to all-day healthy dining, embedding a café experience into a health-focused lifestyle [8] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic volatility and intense market competition but highlighted significant profitability improvements due to operational efficiencies and cost controls [8][9] - The company remains optimistic about achieving positive same store sales growth in 2025, especially in the second half of the year [37] Other Important Information - The company has received over 7,000 applications for its individual franchisee program since its launch in December 2023, successfully converting nearly 200 stores by March 2025 [10] - The company is enhancing its digital capabilities, with digital orders as a percentage of total orders rising from 85.4% to 86.3% year over year [15] Q&A Session Summary Question: Outlook for new store openings and franchise applications - Management indicated that Q1 is typically slow, but they aim to open around 200 made-to-order stores this year, with most openings expected in the second half [23][25] Question: Current state of the Chinese consumer and government stimulus - Management noted that consumer morale has not significantly improved post-Chinese New Year, and they are waiting to see the effects of government policies on consumption [26][27] Question: Competition and market growth - Management emphasized that the market has become more rational, focusing on differentiation rather than price competition, and highlighted the success of their new product offerings [29][31]

Financial Data and Key Metrics Changes - The company achieved a 3.5% increase in system sales year over year in Q1 2025, with profits from other revenues increasing by 34.5% year over year [11][16] - Adjusted corporate EBITDA margin improved by 6.1 percentage points year over year, while company-owned and operated store contribution margin improved by 5.9 percentage points [10][15] - Monthly average transacting customers reached 2,920,000, a 4.3% increase from the previous year [16] Business Line Data and Key Metrics Changes - Revenue from franchised and retail businesses increased by 28.6% year over year, while company-owned and operated store revenue dropped by 14% year over year [16][19] - The number of franchised stores increased from 302 to 455 year over year [16] Market Data and Key Metrics Changes - The company expanded its store footprint into 84 cities, including Fujian and Nantang, and received over 7,000 franchise applications since launching the individual franchisee program [12][21] - The largest loyalty club members reached 25,200,000, reflecting a 25.7% year over year growth [12] Company Strategy and Development Direction - The company is focusing on a differentiated strategic positioning in coffee plus freshly prepared food, launching new products like the light and fit lunch box to reshape consumer perceptions [6][8] - The company aims to open around 200 made-to-order stores in 2025, with most openings expected in the second half of the year [27] Management's Comments on Operating Environment and Future Outlook - Management noted that the Chinese consumer sentiment remains cautious, with the economy struggling, but they are optimistic about achieving positive same store sales growth in 2025, especially in the second half [29][40] - The company is committed to sustainable profitable growth and generating long-term value for shareholders [21] Other Important Information - The company has implemented strategic marketing initiatives to drive traffic and increase average transaction value, including co-branded collaborations and a brand birthday campaign [13][14] - Operational efficiencies and cost controls have been emphasized, leading to a reduction in food and packaging costs as a percentage of revenues [18][19] Q&A Session Summary Question: Outlook for new store openings and franchise applications - Management indicated that Q1 is typically slow, but they plan to accelerate store openings in the second half of the year, aiming for around 200 made-to-order stores [24][27] Question: Current state of the Chinese consumer and government stimulus - Management noted that consumer morale has not significantly improved post-Chinese New Year, and they are waiting to see the effects of government policies on consumption [28][29] Question: Competition and market growth - Management stated that the market has become more rational, focusing on differentiation rather than price competition, and emphasized their unique coffee plus food combo offerings [31][33]