Financial Data and Key Metrics Changes - The company achieved record high revenue of $1.9 billion in 2025, reflecting a 3% growth year-over-year, with a 10% growth in experiences and a 22% growth at TheFork, offsetting an 8% decline in hotels and other segments [3][18] - Group adjusted EBITDA was $319 million, or 17% of revenue, with Q4 adjusted EBITDA at $45 million, representing 11% of revenue, which was at the low end of expectations [3][18] - The marketplace businesses represented 61% of group revenue in 2025, up from 59% in 2022, indicating a significant shift in revenue composition [4] Business Line Data and Key Metrics Changes - In the experiences segment, bookings grew 18% in Q4, with gross booking value (GBV) increasing 16% to approximately $980 million [21][22] - TheFork's revenue in Q4 was $57 million, representing an 18% growth, while full-year revenue reached $221 million, a 22% increase [27] - Hotels and other segment revenue declined 15% in Q4 to $151 million, with a full-year decline of 8% to $750 million [29] Market Data and Key Metrics Changes - The experiences market is expected to grow by double digits over the next few years, with the online portion growing at 13% from 2019 to 2025, while the company grew 22% in the same period [8][47] - TheFork's B2B subscription revenue grew at a higher rate, driven by restaurant adoption of premium plans, highlighting strong value [27] Company Strategy and Development Direction - The company is focusing on becoming an experiences-first company, with plans to explore strategic alternatives for TheFork to unlock shareholder value [5][6] - The strategy includes leveraging AI to enhance customer experience and streamline operations, with a goal to simplify legacy offerings while investing in growth areas [5][13] - The company aims to extend its leadership in experiences globally and improve marketing efficiency to drive demand [9][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the experiences market, citing strong demand signals and the ability to exceed market growth rates [47][50] - The company anticipates modest consolidated revenue growth in 2026, driven by a shift towards marketplace businesses, while facing structural headwinds in legacy segments [35][41] - Management highlighted the importance of repeat bookings, which are expected to continue being the largest and fastest-growing cohort, contributing significantly to profitability [12][24] Other Important Information - The company has streamlined its corporate structure and made operational choices to focus on travel areas with the greatest long-term opportunity [4] - The company repurchased 6.1 million shares in 2025, reducing share count by approximately 21% since the end of 2024 [34] Q&A Session Summary Question: Can you characterize the incremental growth investments in the experiences business? - Management sees the experiences market as attractive and growing faster than other travel categories, with plans to invest further to drive global leadership [47][50] Question: Why not double down on customer acquisition versus giving back some on the EBITDA margin? - Management emphasized that profitability is driven by marketing efficiencies and repeat cohorts, and they are flexible in balancing growth and profitability [56][57] Question: Can you tell us more about the AI native MVP launched in Q4? - The AI native MVP aims to deliver personalized recommendations and improve user engagement, with early data showing higher engagement compared to previous efforts [66][68] Question: How are you thinking about monetizing user review data? - Management noted that user-generated content (UGC) remains stable and is being leveraged for both internal platforms and partnerships, with AI traffic showing higher intent and conversion rates [71][72]