Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $398 million, representing 1% growth or approximately 3% growth in constant currency, driven by marketplace businesses [8][23] - Consolidated adjusted EBITDA was $44 million, or 11% of revenue, exceeding expectations due to revenue outperformance and lower fixed costs [9][23] - Gross booking value (GBV) grew 10% or 12% in constant currency to approximately $1.1 billion [25] Business Line Data and Key Metrics Changes - Viator's revenue grew 10% to $156 million, with bookings growth of 15% and an adjusted EBITDA loss of $18 million, reflecting an 800 basis point margin improvement [10][25] - Brand TripAdvisor's revenue was $219 million, a decline of 8%, with adjusted EBITDA at $65 million or 30% of revenue, driven by favorable pricing in Hotel Meta [12][26] - The Fork's revenue grew 12% or 16% in constant currency to $46 million, with an adjusted EBITDA loss of $3 million, reflecting normal seasonality [16][30] Market Data and Key Metrics Changes - North America remained the largest source market for Viator, with healthy growth in bookings and stable booking windows year over year [24] - The US share of international travel from certain source markets, particularly Canada, has decreased, while domestic travel share has increased [19] Company Strategy and Development Direction - The company aims to be the most trusted source for travel and experiences, focusing on diversifying its portfolio and optimizing legacy offerings [6][7] - The strategy includes scaling marketplaces, particularly in experiences, and leveraging AI for personalized recommendations [8][17] - The completion of the merger with Liberty TripAdvisor Holdings has simplified the capital structure and is expected to enhance shareholder engagement and governance [6][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainty but remains confident in the long-term growth potential of travel and experiences [18][22] - Travel sentiment remains positive, with consumers planning leisure travel and prioritizing experiences in their budgets [21][72] - The company expects consolidated revenue growth of 5% to 7% for the full year, maintaining its guidance despite the uncertain environment [37] Other Important Information - The company raised $350 million in an add-on to its existing Term Loan B and plans to restart its share repurchase program [32][34] - The company is leveraging AI across various functions, including customer service, content moderation, and marketing [17][90] Q&A Session Summary Question: Guidance and macro uncertainty - Management is comfortable with the current guidance framework but acknowledges macro uncertainty as a reason for not adjusting guidance upward [39][42] Question: Impact of Liberty buyout - The merger simplifies the capital structure and allows for a clearer focus on value drivers and shareholder engagement [43][46] Question: Viator margins and marketing - Management believes Viator can achieve OTA-like margins through product-led growth and improved marketing efficiency [49][50] Question: Cross-border exposure and marketing adjustments - Viator is predominantly a North American booker base, making it less susceptible to international trade pressures [54][55] Question: Google auction changes - Management is actively involved in optimizing ad placements and formats in response to Google's changes [59][60] Question: Average booking value decline - The decline in average booking value is primarily due to a higher mix of lower-priced third-party bookings [61][62] Question: Travel spending in a slower consumer environment - Management notes that consumers are defending travel spending, particularly on experiences, even in a slowing economy [70][72] Question: Pricing trends in Hotel Meta - Improvements in user experience have led to pricing uplifts in Hotel Meta, contributing to better monetization [73][76] Question: Viator marketing strategy - The marketing strategy focuses on utilizing paid channels effectively and enhancing user experience to drive repeat business [95][96] Question: Share count post-merger - Post-transaction, the expected diluted share count is approximately 118 million shares [98]

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $398 million, representing 1% growth or approximately 3% growth in constant currency, driven by marketplace businesses [8][23] - Consolidated adjusted EBITDA was $44 million, or 11% of revenue, exceeding expectations due to revenue outperformance and lower fixed costs [9][23] - Gross booking value (GBV) grew 10% or 12% in constant currency to approximately $1.1 billion [25] Business Line Data and Key Metrics Changes - Viator's revenue grew 10% to $156 million, with bookings growth of 15% [25][26] - Brand TripAdvisor's revenue was $219 million, a decline of 8%, but adjusted EBITDA was $65 million, or 30% of revenue, exceeding expectations [12][26] - The Fork's revenue grew 12% or 16% in constant currency to $46 million, driven by B2B software offerings [16][30] Market Data and Key Metrics Changes - North America remained the largest source market for Viator, with healthy growth in bookings [24] - The US share of international travel from certain source markets, particularly Canada, is down, while domestic travel share is up [19][20] Company Strategy and Development Direction - The company aims to be the most trusted source for travel and experiences, focusing on diversifying its portfolio and optimizing legacy offerings [6][7] - The strategy includes scaling marketplaces, particularly in experiences, and leveraging AI for personalized recommendations [8][17] - The merger with Liberty TripAdvisor Holdings has simplified the capital structure and aligned the company more closely with shareholders [6][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainty but remains confident in the long-term growth potential of travel and experiences [18][22] - Travel sentiment remains positive, with consumers planning leisure travel and prioritizing experiences in their budgets [21][70] - The company expects consolidated revenue growth of 5% to 7% for the full year, maintaining guidance despite macro uncertainties [38] Other Important Information - The company raised $350 million in an add-on to its existing Term Loan B and plans to restart its share repurchase program [32][34] - Adjusted EBITDA margins are expected to improve across segments, with Viator targeting mid-teens growth in revenue [36][37] Q&A Session Summary Question: Guidance and macro uncertainty - Management is comfortable with the current guidance framework despite macro uncertainties, expecting continued strong unit growth at Viator [40][42] Question: Impact of Liberty buyout - The merger has simplified the capital structure and allowed for a clearer focus on value drivers across the business [44][46] Question: Viator margins and marketing - Management believes Viator can achieve OTA-like margins through product-led growth and improved marketing efficiency [49][50] Question: Cross-border exposure and marketing adjustments - Viator is predominantly a North American booker base, making it less susceptible to international trade pressures [54][55] Question: Google auction changes - Management is actively involved in optimizing ad placements and formats in response to Google's changes [60][61] Question: Average booking value decline - The decline in average booking value is primarily due to a higher mix of third-party bookings, which generally have lower price points [62][63] Question: Travel spending in a slower consumer environment - Historical trends suggest consumers prioritize travel and experiences even during economic slowdowns [70][72] Question: Pricing improvement in Hotel Meta - Improvements in user experience and content have driven pricing uplifts in Hotel Meta, contributing to revenue growth [73][75] Question: Viator marketing strategy - The marketing strategy focuses on utilizing paid channels effectively to attract and retain customers [93][95] Question: Diluted share count post-merger - Post-transaction, the diluted share count is expected to be approximately 118 million shares [97]

Group 1: Inbound Tourism Growth - The implementation of the 240-hour visa-free transit policy has led to a surge in inbound tourism during the recent "May Day" holiday, with a total of 10.896 million people entering and exiting the country, representing a 28.7% increase compared to last year [2] - Among the inbound travelers, 1.115 million were foreigners, marking a 43.1% year-on-year growth, with 380,000 entering under the visa-free policy, a 72.7% increase [2] - The trend of "China travel" is becoming globally popular, with foreign tourists increasingly exploring diverse destinations beyond major cities like Beijing and Shanghai, such as Xi'an, Chongqing, and Chengdu [2] Group 2: Changing Tourist Preferences - Foreign tourists are showing a preference for immersive experiences rather than just taking photos, as evidenced by the experiences of local guides like Vicky, who noted that tourists are interested in local culture and history [3][4] - The demand for cultural experiences is driving the need for guides to enhance their knowledge of local history and traditions to meet tourist expectations [3][4] Group 3: Emerging Opportunities for Entrepreneurs - New entrants in the inbound tourism market are emerging, with individuals like Wang Yi starting travel agencies to cater to the growing demand for inbound tourism [6] - Wang Yi emphasizes the importance of understanding the cultural differences and needs of foreign tourists, suggesting that a demand database for inbound tourism is crucial for success [8] Group 4: OTA Platforms' Strategies - Online Travel Agencies (OTAs) are ramping up their efforts in the inbound tourism sector, with companies like Ctrip and Fliggy launching various initiatives, including free half-day tours and promotional campaigns targeting international travelers [10][12] - Ctrip has established service points at airports and is promoting its "Super China" brand to enhance the travel experience for inbound tourists [10] - The integration of AI technology in travel planning and booking processes is being adopted by OTAs to streamline services for both domestic and international travelers [12]

Core Insights - Ctrip (TCOM) shares increased by 2.07% on May 6, closing at $61.745 with a market capitalization of $40.357 billion [1] - For the fiscal year ending December 31, 2024, Ctrip's total revenue is projected to be 53.294 billion RMB, representing a year-on-year growth of 19.73%, while net profit attributable to shareholders is expected to reach 17.067 billion RMB, a 72.08% increase [1] - Ctrip is set to release its Q1 2025 financial report on May 19 [1] Company Overview - Ctrip Group is a leading one-stop travel platform globally, offering a comprehensive range of travel products, services, and differentiated travel content [1] - The company assists users in exploring travel options, providing inspiration and information for cost-effective travel bookings, and offering in-trip services [1] - Established in 1999, Ctrip went public on NASDAQ in 2003 and was listed on the Hong Kong Stock Exchange in 2021, operating brands including Ctrip, Qunar, Trip.com, and Skyscanner [1] Service Offerings - Ctrip and Qunar provide one-stop travel services, with accommodation options exceeding 1.7 million globally, including hotels, motels, resorts, apartments, and other properties [2] - The flight service offers tickets from over 600 airlines, covering more than 3,400 airports across over 220 countries and regions [2] International Operations - Trip.com and Skyscanner cater to non-mainland Chinese users, with Trip.com offering services in 24 languages and 35 local currencies [3] - Skyscanner provides services in over 50 countries and regions, available in more than 35 languages [3] - The company utilizes mobile applications, various mobile channels, multilingual websites, physical stores, and customer service centers to deliver a rich array of products, services, and content [3] - As of December 31, 2023, the company employed 36,249 staff members [3]

Group 1: Travel and Transportation Trends - The travel demand during the May Day holiday reached a new high, with an estimated 1.467 billion people traveling from May 1 to May 5, averaging 293 million daily, a year-on-year increase of 8% [2] - Didi's ride-hailing demand during the holiday increased by 17% compared to last year, marking the hottest May Day holiday on record, with intercity ride-hailing demand rising by 29% [2] - The top three scenarios for ride-hailing demand were dining, major transportation hubs, and shopping areas, with significant increases in demand for tourist attractions, hotels, and pet services, rising by 30%, 28%, and 27% respectively [2] Group 2: Emerging Consumer Preferences - The leisure camping orders surged by 390% during the May Day holiday, while club and exhibition-related orders increased by over 200% [3] - The trend of "changing outfits for travel photography" became popular among younger consumers, with ride-hailing demand for travel photography locations increasing by 54%, half of which came from users born after 2000 and 1995 [3] - Concerts and various events significantly boosted ride-hailing orders, with specific concerts and festivals leading to demand increases of over 300% [3] Group 3: Rental and International User Trends - Didi's car rental orders grew by 13% during the May Day holiday, with over 70% of orders coming from users born in the 1990s and 2000s [4] - The number of ride-hailing orders from inbound users surged by 75% year-on-year during the holiday period, driven by international events such as the Canton Fair and the Shanghai International Auto Show [6]

记者搜索发现，今年以来，多地文旅平台宣布推出AI推荐官。在沈阳市沈北新区，当地文旅部门接入 AI数据大模型，结合本地文旅智库搭建起智能模块，针对人数、口味、目的地，动态生成旅行路线， 在线解答游客"怎么玩""去哪吃""住哪儿"的问题。 飞猪、马蜂窝、同程旅行等多家在线旅游平台陆续推出相关AI产品。记者在一家在线旅游平台看到， 除了策划行程安排，相关AI产品还能根据用户的实时位置，推荐酒店、餐馆、特色体验馆等，用户在 攻略生成页面即可一键预订。 中国旅游研究院发布的《全国智慧旅游发展报告2024》显示，人工智能技术的新突破推动旅游行业数智 化加速升级，为智慧旅游发展带来了新的机遇。生成式人工智能将对旅游内容创作、旅游分析预测、旅 游数据分析、个性化营销产生较大的影响，正成为推动行业变革的重要力量。 北京视旅科技有限公司是一家专门提供AI定制旅行的在线旅游平台，依托自主研发的旅游领域AI大模 型，不仅可以实现从制作攻略到一键购买的全程服务，还可以提供菜单实时翻译、生成Vlog文案、智能 修图等服务。 在社交平台，与"用DeepSeek做旅游攻略""AI定制旅行"等话题相关的笔记已达数十万篇。这些笔记中的 行程规划 ...

Core Insights - The tourism and cultural market during the "May Day" holiday reached a three-year high, with travel orders increasing by 30% compared to the same period in 2023, and 45% of these orders coming from the post-95 generation [1][5][8] Group 1: Travel Trends - County-level tourism saw a significant rise, with high-star hotel bookings increasing by 80% year-on-year [3] - Popular destinations included Nanjing, Xi'an, Chengdu, Beijing, and others, with online dining transactions from non-local tourists surging by 189% compared to 2023 [1][6] Group 2: Young Travelers - The post-95 generation showed a strong preference for personalized and in-depth travel experiences, with camping orders increasing by 390% and club/exhibition-related orders rising by over 200% [5][6] - Diverse activities such as leisure camping, museum visits, and themed photoshoots have expanded travel experiences for young people [5] Group 3: Event-Driven Tourism - The popularity of music festivals and concerts led to a 180% increase in related travel packages, with many accommodations fully booked [6] - The rise of "night tours" saw a 50% increase in search volume, with popular night cruise options in cities like Guangzhou and Shanghai [8] Group 4: Market Dynamics - The "May Day" holiday served as a crucial period for stimulating domestic demand and activating consumer potential, with a comprehensive growth trend observed across the tourism market [8] - New festival activities and cross-industry collaborations have enhanced the tourism experience, extending the consumption chain and boosting holiday spending [8]

Core Insights - The maturity of AI in the travel product sector is still insufficient to meet the daily usage requirements of the general public, leading to a perception of AI travel guides as somewhat useless [1][21][20] - Various AI products have been launched, such as Feizhu's "Ask" and Mafengwo's AI travel assistant, which aim to enhance user experience in travel planning [1][14] - Despite the introduction of AI tools, the generated travel itineraries often lack personalization and differentiation, primarily focusing on popular tourist spots [3][20] AI Product Development - Feizhu and Mafengwo have recently launched new AI capabilities, with Feizhu's "Ask" being a multi-agent driven product and Mafengwo's AI assistant providing real-time Q&A and personalized recommendations [1][14] - Other general AI search tools like DeepSeek and Quark are also being utilized by users to create travel plans, indicating a growing trend towards AI integration in travel planning [1][2] User Experience and Feedback - User experiences with AI-generated travel itineraries have been mixed, with many finding the recommendations to be generic and lacking in unique insights [3][20] - Specific products like Manus provide more detailed itineraries, including time allocations and travel suggestions, but still face challenges in accurately calculating travel times between attractions [7][11] Challenges in AI Travel Solutions - Many AI products are still in beta testing, limiting user access and functionality, which hinders widespread adoption [21] - Current AI tools often lack the ability to adjust generated itineraries based on user feedback, leading to a repetitive and inefficient planning process [21][22] - The need for AI to better understand and decompose user requirements is critical for improving the effectiveness of travel planning tools [21][24] Future Directions - There is potential for AI in travel to improve by integrating data from various sources, allowing for a more comprehensive and personalized travel planning experience [25][26] - The industry must address the issue of information silos to enhance the accuracy and reliability of AI-generated travel recommendations [25][26]

Group 1 - The core viewpoint of the articles highlights the significant increase in tourism and consumption during the "May Day" holiday, particularly in Nanjing, with a 30% growth in cultural and tourism orders compared to the same period in 2023 [1][2] - Jiangsu Province ranked second in the country for consumption scale during the holiday, with a year-on-year growth rate of 21%, driven by high demand in cities like Nanjing, Suzhou, and Wuxi [1] - Nighttime consumption in Jiangsu surged by 35% compared to the previous year, with Nanjing's "Night Tour of Qinhuai River" being particularly popular among tourists [1][2] Group 2 - The "May Day" holiday saw a more than 50% year-on-year increase in online dining orders from out-of-town visitors in Nanjing, with local specialties like roast duck and soup dumplings trending among consumers [2] - Nanjing's LiveHouse orders increased by over 80% during the holiday, positioning the city among the top five for nighttime tourism, with the Qinhuai River night tour being a favorite [2] - The holiday period is identified as a crucial time for stimulating domestic demand and activating consumption potential, with a notable rise in the "cultural tourism+" cross-industry collaboration creating new opportunities for deep tourism experiences [2]

Group 1 - Douyin's life service reported over 70% year-on-year growth in accommodation and family meal group purchase orders during the "May Day" holiday, with hotel and scenic spot package orders increasing by 116% and clothing chain store group purchase orders rising by 462% [1] - The strong growth in consumption during the "May Day" holiday indicates a more diversified consumer demand, with significant enhancement in offline consumption power [1] - Douyin successfully converted online traffic into offline consumption, strengthening its competitiveness in the local life service market [1] Group 2 - After the full launch of Taobao Flash Purchase, orders for Mi Village Mixed Rice on Ele.me increased by nearly 100% compared to April, exceeding expectations [2] - The collaboration between Taobao Flash Purchase and Ele.me has shown strong synergy, providing new business growth points for Ele.me and enhancing Taobao's competitiveness in the instant retail sector [2] - Future efforts should focus on optimizing supply chain and delivery efficiency to meet market competition and consumer demand changes [2] Group 3 - Fliggy reported a significant year-on-year increase in per capita travel spending during the "May Day" holiday, with high-star hotel bookings rising over 20% compared to last year [3] - Customized travel bookings surged over 80%, particularly in traditional destinations like Beijing, Tibet, Shaanxi, Xinjiang, and Sichuan, with average booking growth exceeding 300% [3] - The growth in customized travel reflects consumers' increasing demand for quality and personalized travel experiences, driving consumption upgrades in the travel market [3]