Financial Data and Key Metrics Changes - Group revenue grew 7% or 5% in constant currency to $529 million, with adjusted EBITDA of $107 million or 20% of revenue exceeding expectations [5][23] - Gross booking value (GBV) grew 13% or 10% on a constant currency basis to approximately $1.3 billion [24] - Consolidated adjusted EBITDA margin was 20%, with Viator's adjusted EBITDA margin improving nearly 800 basis points to 12% of revenue [26][29] Business Line Data and Key Metrics Changes - Experiences booked grew 15%, with Viator's adjusted EBITDA more than tripling [14] - The Fork's revenue grew 28% or 22% in constant currency to $54 million, with adjusted EBITDA margin more than doubling year over year [16][30] - Brand TripAdvisor's revenue was $242 million, reflecting a decline of 3%, with adjusted EBITDA of $66 million or 27% of revenue [19][27] Market Data and Key Metrics Changes - North America showed stable volume growth, while Europe experienced accelerating growth [24] - App bookings remained strong, outpacing other channels, contributing to share gain in the segment's total booking mix [26] Company Strategy and Development Direction - The company is focusing on experiences as the fastest-growing category in travel, leveraging its trusted brands and proprietary data [7][10] - There is a strategic shift towards deeper coordination between brands to optimize growth and efficiency [8][26] - AI is being integrated into products to enhance user experience and operational efficiency [11][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in free traffic affecting Brand TripAdvisor but remains optimistic about growth in experiences [42][66] - The company expects consolidated revenue growth of 4% to 6% in Q3 and maintains a full-year guidance of 5% to 7% revenue growth [35][37] Other Important Information - The company repurchased 2.8 million shares at an average price of $14.22 per share for a total of $40 million [33] - Total cash and cash equivalents were approximately $1.2 billion, with plans to use a portion for share repurchases [33] Q&A Session Summary Question: Comments on free traffic headwinds and stabilization for Brand TripAdvisor - Management acknowledged persistent free traffic headwinds but remains focused on improving operational efficiencies and growth strategies [40][42] Question: Mix between third-party and direct bookings for experiences - The majority of revenue comes from the Viator point of sale, with third-party bookings being profitable and incremental [50][49] Question: Confidence in revenue growth reacceleration in Q4 - Management expressed confidence due to healthy booking volumes and early test results from coordinated efforts between brands [53][54]

Core Viewpoint - Airbnb is transitioning from a single accommodation booking platform to a comprehensive travel service provider, offering a variety of services and experiences beyond just lodging [2][3]. Group 1: Business Model Transformation - Airbnb's new strategy includes offering services such as private chefs, photography, massages, and unique experiences like learning volleyball from Olympic athletes and recording music with American singers [2][3]. - The company plans to launch these services in 260 cities globally, with most starting at prices below $50 [3]. - The "Airbnb Experiences" program has been upgraded to cover 650 cities, featuring activities like city tours, cooking classes, outdoor adventures, and fitness courses [4]. Group 2: Market Trends and Consumer Demand - There is a growing consumer demand for personalized and immersive travel experiences, challenging traditional travel service models [5]. - In China, 95% of respondents indicated they book experience projects while traveling, and 85% have traveled specifically for an experience or activity [6]. - The new services and experiences introduced by Airbnb align with consumer needs and market trends, enhancing the company's growth potential [6]. Group 3: Financial Performance - In Q1 2025, Airbnb reported total revenue of approximately $2.3 billion, a 6% year-over-year increase, while net profit decreased by 42% to about $154 million [6]. - Adjusted EBITDA for the same period was approximately $417 million, down 1.65% year-over-year [6]. - The company aims to continue investing in product innovation and market expansion to improve user experience and market share [6][7].

Group 1: Travel Trends - The "May Day" holiday saw a significant increase in domestic travel, with 314 million trips taken, representing a 6.4% year-on-year growth [2] - Young travelers are increasingly opting for less popular destinations, with booking volumes for places like Xinjiang and Tibet seeing over 100% growth compared to last year [2] - The trend of "picking quality over quantity" in travel experiences is evident, as young people prioritize unique and personalized travel experiences [1][14] Group 2: Accommodation Preferences - During the "May Day" holiday, 50% of hotel bookings in smaller cities were for accommodations priced below 200 yuan, highlighting a shift towards budget-friendly options [2] - The average rental car consumption increased by 24% compared to last year, with 85% of rentals being for out-of-town trips [4] Group 3: Outdoor Activities - There is a notable rise in outdoor activities among young travelers, with significant increases in interest for activities like snorkeling and hiking, as reflected in the high view counts on social media platforms [8][10] - Coastal cities are experiencing a surge in bookings, with places like Jinjiang seeing a 328% increase in orders [7] Group 4: Cultural and Entertainment Integration - The integration of travel with cultural events is becoming popular, as evidenced by the increase in attendance at large-scale performances, with over 200 million attendees and ticket sales reaching 1.212 billion yuan during the holiday [10][12] - Young travelers are combining their travel experiences with entertainment, such as attending concerts while on vacation, creating a new "after party" economy [12][13] Group 5: Redefining Travel Experience - The concept of travel is evolving from mere sightseeing to immersive experiences, with young people seeking to break free from routine and engage in meaningful activities [14] - The focus is shifting towards experiences that provide personal growth and enjoyment, rather than just visiting popular tourist spots [14]