Q1 2025 Earnings Presentation April 29, 2025 Adjusted Financial Measures: While the Company reports financial results in accordance with accounting principles ("GAAP") generally accepted in the United States, this presentation includes certain Adjusted "Non-GAAP" measures, including Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, and Adjusted Net Income per Diluted Common Share (Adjusted EPS), which are not presented in accordance with GAAP or intended to be substitutes for GAAP measures. The Company ...

Group 1 - Trip.com (NASDAQ: TCOM) reported a 173% increase in inbound tourism orders for the upcoming Labor Day holiday compared to the previous year, indicating a positive trend for the company [1] Group 2 - Astrada Advisors specializes in investment research across technology, media, internet, and consumer sectors in North America and Asia, focusing on identifying high-potential investments and navigating complex industries [1] - The research provided by Astrada Advisors integrates fundamental analysis with data-driven insights, offering a comprehensive view of industry dynamics and key trends [1]

Core Insights - Airbnb has established itself as a market leader in the accommodation sector since its inception in 2007, originally starting with a bed and breakfast concept [1] - The company faces competition from major players such as Booking and Expedia [1] Company Characteristics - Companies that exhibit growth in revenue, earnings, and free cash flow are considered attractive for investment [1] - Excellent growth prospects are a key characteristic for potential investment opportunities [1] - Favorable valuations are essential for stock selection [1] - Preference is given to companies with steady growth, high free cash flow margins, dividend stocks, and generous share repurchase programs [1]

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Market Overview - The S&P 500 experienced its sixth consecutive day of gains, with no negative impact from economic data or earnings reports [1] - The Dow increased by 300 points (+0.75%), the S&P 500 rose by 32 points (+0.58%), and the Nasdaq grew by 95 points (+0.55%) [2] - Bond yields decreased, with the 10-year yield at 4.17% and the 2-year yield at 3.65% [2] Housing Market - The Case Shiller Home Price Index for February showed a headline increase of +3.9%, which is 20 basis points lower than the previous month [3] - The 10-City survey reported a +5.2% increase, down from +5.7%, while the 20-City index showed a +4.5% increase, down from +4.7% [3] - Notable cities for rising home prices included New York City (+7.7%), Chicago (+7.0%), and Cleveland (+6.6%) [3] Labor Market - The JOLTS report for March indicated job openings at 7.19 million, below the expected 7.5 million, with the previous month revised down to 7.5 million [5] - Job quits remained stable at 3.3 million, with a quits rate of +2.1% [6] - Layoffs in the retail sector decreased by 66,000, and federal government layoffs fell by 11,000 [6] Consumer Confidence - The Consumer Confidence Index (CCI) for April dropped to 86.0, below the expected 87.3 and down 7.9 points from the previous month [7] - The Expectations Index fell to 54.4, a decrease of -12.5 month over month, marking the lowest level since October 2011 [8] - 32.1% of consumers expect fewer jobs in the next six months, the highest rate since April 2009 [8] Company Earnings - Visa reported fiscal Q2 earnings of $2.76 per share, exceeding expectations of $2.68 and the previous year's $2.51, with revenues of $9.59 billion slightly above the anticipated $9.56 billion [10] - Starbucks missed both earnings and revenue expectations for fiscal Q2, reporting earnings of 41 cents per share and revenues of $8.76 billion, below the expected $8.79 billion [12] - Booking Holdings posted strong Q1 results with earnings of $24.81 per share and revenues of $4.76 billion, surpassing expectations [13] - Seagate Technologies exceeded estimates with fiscal Q3 earnings of $1.90 per share and revenues of $2.16 billion, raising guidance for the next quarter to $2.40 per share [14]

Core Insights - Booking Holdings reported $4.76 billion in revenue for Q1 2025, a year-over-year increase of 7.9% and an EPS of $24.81 compared to $20.39 a year ago, exceeding Zacks Consensus Estimates [1] - The company achieved a revenue surprise of +3.58% and an EPS surprise of +43.83% compared to consensus estimates [1] Financial Performance Metrics - Gross Bookings totaled $46.70 billion, surpassing the average estimate of $46.40 billion [4] - Agency Gross Bookings were $15.50 billion, below the average estimate of $16.38 billion [4] - Merchant Gross Bookings reached $31.20 billion, exceeding the average estimate of $30 billion [4] - Units Sold for Room Nights were 319 million, slightly above the estimate of 317.86 million [4] - Units Sold for Airline Tickets were 16 million, significantly above the estimate of 13.23 million [4] - Rental Car Days sold were 22 million, slightly below the average estimate of 22.89 million [4] - Agency Revenues were $1.56 billion, slightly below the average estimate of $1.59 billion, representing a year-over-year decline of -11.3% [4] - Advertising and Other Revenues were $280 million, above the average estimate of $275.31 million, reflecting a year-over-year increase of +6.1% [4] - Merchant Revenues were $2.92 billion, exceeding the average estimate of $2.72 billion, with a year-over-year increase of +22.2% [4] Stock Performance - Shares of Booking Holdings returned +6.1% over the past month, outperforming the Zacks S&P 500 composite, which changed by -0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Points - Tripadvisor, Inc. has completed its merger with Liberty TripAdvisor Holdings, Inc., acquiring Liberty TripAdvisor and its shares [1] - The total transaction value of the merger is approximately $430 million, based on Tripadvisor's closing share price of $12.82 on April 28, 2025 [2] - The merger resulted in a simplification of Tripadvisor's capital structure, eliminating controlling stockholders and reducing the outstanding share count by approximately 23.8 million shares [3] - Tripadvisor has also finalized its redomestication from Delaware to Nevada, a move approved by stockholders in June 2023 [4] Financial Details - Liberty TripAdvisor's Series A and Series B Common Stock were converted into cash payments totaling approximately $20 million [2] - The 8% Series A Cumulative Redeemable Preferred Stock was converted into approximately $42.5 million in cash and 3,037,959 shares of Tripadvisor common stock [2] - Liberty TripAdvisor's Exchangeable Senior Debentures, amounting to approximately $326 million, were repaid, with an additional $4 million to be redeemed within 30 days post-close [2]

一季度房晚销售3.19亿，分析师预期3.166亿。 Booking一季度营收47.6亿美元，分析师预期45.9亿美元。 ...

Financial Performance - Revenue increased by 5% year-over-year, reaching $23.1 million in Q1 2025, the highest quarterly revenue since the pandemic[5][6] - Operating profit decreased from $5.6 million in Q1 2024 to $3.7 million in Q1 2025, due to increased investment in member growth[5][6] - Non-GAAP operating profit was $4.3 million, representing 19% of revenue in Q1 2025[28] - Cash flow from operations was $3.3 million, and the company repurchased 590,839 shares, decreasing cash to $12.2 million[33] Segment Performance - North America segment revenue increased from $4.4 million in Q1 2024 to $6.7 million in Q1 2025[9] - Europe segment revenue increased from $3.3 million in Q1 2024 to $6.7 million in Q1 2025[9] - Jack's Flight Club segment revenue increased from $14.2 million in Q1 2024 to $15.1 million in Q1 2025[9] Revenue Streams - Membership fees increased from $1.6 million to $2.4 million, driving significant and incremental revenue growth[15] - Total revenue increased from $20.7 million in Q1 2024 to $23.1 million in Q1 2025[38] Investments and Expenses - Operating expenses and cost of revenues increased from $16.4 million in Q1 2024 to $19.4 million in Q1 2025[40] - The company is investing more in member growth, which is expected to accelerate revenue growth in coming quarters[5][37]

Investors might want to bet on TripAdvisor (TRIP) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a changing e ...