Financial Data and Key Metrics Changes - For Q4 2025, Trip.com Group reported net revenue of RMB 15.4 billion, a 21% increase year-over-year, driven by robust travel demand during the winter holiday [27] - For the full year 2025, gross bookings reached RMB 1.1 trillion, with net revenue totaling RMB 62.4 billion, reflecting a 17% year-over-year increase [27][28] - Income from operations for the full year was RMB 15.8 billion, an 11% increase year-over-year, while net income attributable to Trip.com Group Limited was RMB 13.4 billion [27][28] - Adjusted EBITDA for Q4 was RMB 3.4 billion, compared to RMB 3.0 billion in the same period last year, with full-year adjusted EBITDA at RMB 18.9 billion, an 11% growth year-over-year [30] Business Line Data and Key Metrics Changes - Accommodation Reservation revenue for Q4 was RMB 6.3 billion, a 21% increase year-over-year, while full-year revenue was RMB 26.1 billion, also a 21% increase [28] - Transportation ticketing revenue for Q4 was RMB 5.4 billion, a 12% increase year-over-year, with full-year revenue at RMB 22.5 billion, an 11% increase [28] - Package Tour revenue for Q4 was RMB 1.1 billion, a 21% increase year-over-year, with full-year revenue at RMB 4.7 billion, an 8% increase [28] - Corporate Travel revenue for Q4 was RMB 808 million, a 15% increase year-over-year, with full-year revenue at RMB 2.8 billion, a 13% increase [29] Market Data and Key Metrics Changes - APAC remained the largest source of inbound travelers, with demand from Western markets expanding, reflecting rising international interest in China as a travel destination [12] - In 2025, approximately 20 million inbound travelers were served, connecting demand to about 150,000 hotels, with over 63,000 hotels serving inbound travelers for the first time [12][14] - The international OTA platform saw gross bookings increase by approximately 60% year-over-year, with international business contributing about 40% of total revenue and bookings in 2025 [55] Company Strategy and Development Direction - The company focuses on three key investment areas: inbound tourism, social responsibility initiatives, and AI innovation [5][9] - A $100 million tourism innovation fund was launched to support commercial innovation across the travel ecosystem [8] - The company aims to enhance its AI capabilities to improve operational efficiency and user experience, positioning itself as a leader in the evolving travel landscape [9][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of inbound tourism, projecting a potential 5x-10x growth for inbound travel in China [47] - The company remains committed to fostering a transparent and sustainable travel ecosystem while focusing on long-term value creation for shareholders [26][37] - Travel sentiment remains strong, with leisure travel being the primary driver of market growth, and the company is strategically positioned to capture this demand [55] Other Important Information - The company is cooperating with the State Administration for Market Regulation regarding a regulatory investigation, emphasizing its commitment to compliance and transparency [26] - The company has invested approximately RMB 2.9 billion to enhance the overall travel experience for users, focusing on customer protections and service quality [22] Q&A Session Summary Question: Update on the recent SAMR investigation - The company is actively cooperating with the SAMR and remains committed to fostering a transparent environment while focusing on core investment priorities [35][36] Question: Impact of AI disintermediation on OTA business model - The company views AI advancements as a catalyst for its strategy, emphasizing the importance of its transactional and service layers in the travel industry [39][40] Question: Future growth trajectory for inbound tourism - Management believes inbound travel to China is at the start of a significant growth cycle, with efforts to promote the country as a travel destination [46][47] Question: Booking trends during Chinese New Year - The extended holiday stimulated travel demand, with robust growth in domestic and outbound business, particularly in long-haul destinations [53][54] Question: Competition in the domestic travel market - The company acknowledges dynamic competition but maintains its competitive edge through high service levels, comprehensive product offerings, and global coverage [57][60] Question: Operational highlights and outlook for 2026 - The company expects continued strong growth in international bookings, particularly in the APAC region, supported by its globalization strategy [66][67] Question: Update on shareholder return program - The company fully utilized its share repurchase quota in 2025 and remains committed to delivering long-term shareholder value [74][75]

Trip.com Group (NasdaqGS:TCOM) Q4 2025 Earnings call February 25, 2026 07:00 PM ET Company ParticipantsAlex Yao - Co-Head of Asia TMT ResearchCindy Wang - CFOJames Liang - Executive Chairman of the BoardJane Sun - CEOMichelle Qi - Senior Investor Relations DirectorParash Jain - Head of Transport ResearchSimon Cheung - Managing DirectorThomas Chong - Managing Director and Regional Head of Internet & MediaYang Liu - Executive DirectorConference Call ParticipantsBrian Gong - Equity Research AnalystJoyce Ju - E ...

Financial Data and Key Metrics Changes - For Q4 2025, Trip.com Group reported net revenue of RMB 15.4 billion, a 21% increase year-over-year, driven by robust travel demand during the winter holiday [24] - For the full year 2025, gross bookings reached RMB 1.1 trillion, with net revenue totaling RMB 62.4 billion, reflecting a 17% year-over-year increase [24][9] - Income from operations for 2025 was RMB 15.8 billion, an 11% increase year-over-year, while net income attributable to Trip.com Group Limited was RMB 13.4 billion [24][9] - Adjusted EBITDA for Q4 was RMB 3.4 billion, compared to RMB 3.0 billion in the same period last year, with full-year adjusted EBITDA at RMB 18.9 billion, an 11% growth year-over-year [28] Business Line Data and Key Metrics Changes - Accommodation reservation revenue for Q4 was RMB 6.3 billion, a 21% increase year-over-year, while full-year revenue was RMB 26.1 billion, also a 21% increase [25][26] - Transportation ticketing revenue for Q4 was RMB 5.4 billion, a 12% increase year-over-year, with full-year revenue at RMB 22.5 billion, an 11% increase [26] - Package tour revenue for Q4 was RMB 1.1 billion, a 21% increase year-over-year, and full-year revenue was RMB 4.7 billion, an 8% increase [26] - Corporate travel revenue for Q4 was RMB 808 million, a 15% increase year-over-year, with full-year revenue at RMB 2.8 billion, a 13% increase [27] Market Data and Key Metrics Changes - APAC remained the largest source of inbound travelers, with demand from Western markets expanding, reflecting rising international interest in China as a travel destination [10] - The international OTA platform saw gross bookings increase by approximately 60% year-over-year, with international business contributing about 40% of total revenue in 2025, up from around 35% in 2024 [13][53] Company Strategy and Development Direction - The company focuses on three key investment areas: inbound tourism, social responsibility initiatives, and AI innovation, viewing inbound travel as a significant growth driver [4][6] - A $100 million tourism innovation fund was launched to support commercial innovation across the travel ecosystem, alongside initiatives to enhance service quality and sustainability [6][19] - The company aims to create a seamless travel experience by integrating technology and enhancing service capabilities, particularly for inbound travelers [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of inbound tourism, projecting significant growth potential as it currently accounts for only about 0.5% of China's GDP [45] - The company remains committed to fostering a transparent and sustainable travel ecosystem while focusing on long-term value creation for shareholders [23][35] Other Important Information - The company is cooperating with the State Administration for Market Regulation regarding a regulatory investigation, emphasizing its commitment to compliance and transparency [23] - In 2025, the company invested approximately RMB 2.9 billion to enhance the overall travel experience, including customer protections and service enhancements [20] Q&A Session Summary Question: Update on the recent SAMR investigation - The company is actively cooperating with the State Administration for Market Regulation and remains committed to transparency and sustainable practices [32][34] Question: Impact of AI disintermediation on OTA business model - Management views AI advancements as a catalyst for their strategy, emphasizing the importance of their transactional and service layers in the travel industry [37][39] Question: Future growth trajectory for inbound tourism - Management believes inbound tourism in China is at the start of a significant growth cycle, with potential for 5-10 times growth compared to current levels [45][46] Question: Booking trends during Chinese New Year - The extended holiday stimulated strong travel demand, with double-digit growth in domestic hotel and outbound business [50][52] Question: Competition in the domestic travel market - Management acknowledges dynamic competition but emphasizes their focus on high service levels, comprehensive product offerings, and global coverage as competitive advantages [55][59] Question: Operational highlights and outlook for 2026 - The international OTA platform achieved around 60% year-over-year growth, with a focus on expanding presence in APAC and improving profitability [64][66] Question: Update on shareholder return program - The company fully utilized its share repurchase quota in 2025 and remains committed to delivering long-term shareholder value [73][74]

Sandisk (NasdaqGS:SNDK) FY Conference February 25, 2026 06:30 PM ET Company ParticipantsDavid Goeckeler - CEOLuis Visoso - CFOConference Call ParticipantsMark Newman - U.S. IT Hardware AnalystMark NewmanMics on, yeah? Okay, great. Good afternoon, everyone. Great pleasure. Just to remind you, everyone, I'm Mark Newman from U.S. Bernstein's, U.S. IT hardware analyst. Great pleasure to welcome David Goeckeler, CEO of Sandisk.David GoeckelerThank you, Mark.Mark Newmanalso Luis Visoso, CFO.Luis VisosoThank you.M ...

Financial Data and Key Metrics Changes - For Q4 2025, pre-tax income was approximately $29 million, with diluted earnings per share at $0.25. For the full year, pre-tax income exceeded $110 million, and diluted earnings per share were $0.99 [4] - Revenue for Q4 increased to $53 million, while full-year revenue rose to $217 million [4] - Adjusted EBITDA margins were over 54% for both Q4 and the full year, indicating significant leverage in the operating model [5] - Managed Premium at the end of Q4 was approximately $1.39 billion, up from about $580 million the previous year [5] - Annual recurring revenue reached $215 million in Q4, an increase from approximately $139 million in the prior year quarter [5] - Free cash flow for the full year was about $97 million, with a conversion rate of 117% [6] Business Line Data and Key Metrics Changes - The company booked its first non-HCI revenue during Q4, with contributions from two new clients expected to grow to approximately $100 million in Managed Premium by the end of Q1 2026 [4][5] - The addition of a new client, Tokio Marine Highland, for flood insurance is expected to enhance the product offerings on the platform [9] Market Data and Key Metrics Changes - The company anticipates Managed Premium to exceed $1.4 billion by the end of Q1 2026, raising the outlook for year-end 2026 to $1.55 billion [6][7] Company Strategy and Development Direction - The company aims to add non-HCI clients and grow them significantly, with a focus on expanding its sales funnel and enhancing its product offerings [8][9] - The rise of AI in the insurance industry is seen as a catalyst for modernization, with the company positioned to leverage its fully automated platform to reduce operational friction and costs [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong operating margins, growing earnings, and positive cash flow, emphasizing the importance of execution in adding clients and products [12] - The future operating model of the insurance industry is expected to change significantly due to AI, with the company designed to adapt to these changes [12] Other Important Information - The company ended the year with $305 million in cash and cash equivalents and no debt, with stockholders' equity increasing 16-fold to $254 million [6] Q&A Session Summary Question: Insights on the flood market entry with Tokio Marine - Management highlighted the speed of the partnership and the potential for expansion, noting Tokio Marine's licensing in 42 states [18][19] Question: Development of the customer pipeline post-IPO - Management indicated that the sales funnel is developing well, with three new customers onboarded in four months, and emphasized the growing interest in the platform due to AI advancements [21][22] Question: Free cash flow conversion and guidance for 2026 - Management expects free cash flow conversion to remain over 100%, driven by growth and a positive working capital cycle [24] Question: Clarification on Managed Premium and revenue recognition - Management confirmed that third-party revenue was nominal at the end of Q4 but expected to reach approximately $100 million by Q1 2026 [46]

Exzeo Group (NYSE:XZO) Q4 2025 Earnings call February 25, 2026 05:45 PM ET Company ParticipantsBill Brummel - VP of of Investor RelationsKevin Mitchell - PresidentParesh Patel - Chairman and CEOSuela Bolku - CFOTerry Tillman - Managing DirectorConference Call ParticipantsDylan Becker - Research Analyst in Technology, Media, and CommunicationsMatt Carletti - Managing Director, Senior Insurance, and InsurTech AnalystOperatorGood afternoon, and welcome to Exzeo Group's 4th quarter 2025 earnings call. My name i ...

Exzeo Group (NYSE:XZO) Q4 2025 Earnings call February 25, 2026 05:45 PM ET Speaker4Good afternoon, and welcome to Exzeo Group's 4th quarter 2025 earnings call. My name is Mark, and I will be your conference operator. At this time, all participants will be in listen-only mode. Before we begin today's call, I would like to remind everyone that this conference call is being broadcast live via webcast and is available for webcast replay approximately 4 hours after the call through February 25, 2027, on the inve ...

Arko (NasdaqCM:ARKO) Q4 2025 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsArie Kotler - Chairman, President, and Chief Executive OfficerBobby Griffin - Managing DirectorGalagher Jeff - Chief Financial OfficerHale Holden - Managing DirectorJordan Mann - Senior Vice President of Investor RelationsConference Call ParticipantsDaniel Guglielmo - Consumer Equity Research AnalystOperatorGreetings, and welcome to the ARKO Corp. fourth quarter 2025 earnings call. At this time, all participants are ...

Maravai LifeSciences (NasdaqGS:MRVI) Q4 2025 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsBernd Brust - CEOChanfeng Zhao - SVP and Chief Scientific OfficerDebra Hart - Head of Investor RelationsDoug Schenkel - Managing DirectorRajesh Asarpota - EVP and CFOConference Call ParticipantsJosh Heinen - Research AnalystJustin Bowers - Equity Research AnalystMatt Hewitt - Senior Research AnalystMatt Larew - Research AnalystMatt Stanton - VP and Equity Research AnalystMatthew Parisi - Research Ana ...

Encore Capital Group (NasdaqGS:ECPG) Q4 2025 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsAshish Masih - President and CEOBruce Thomas - VP of Global Investor RelationsDavid Scharf - Managing DirectorMax Fritscher - Equity Research AssociateRobert Dodd - DirectorTomas Hernanz - EVP and CFOConference Call ParticipantsMike Grondahl - Head of Equity Research and Senior Research AnalystOperatorGood day, everyone, and thank you for standing by. Welcome to the Encore Capital Group's fourth quar ...