TripAdvisor (TRIP) FY 2025 Conference May 29, 2025 08:00 AM ET Speaker0 Alright. Thanks for joining us for the ATM slot on day two of the forty first Bernstein Strategic Decisions Conference. If anyone doesn't know me, I'm Richard Clark. I'm the analyst who covers global hotels and and leisure or leisure at Bernstein. And delighted to have Matt Goldberg with me today, the, the president and CEO, of TripAdvisor. Welcome. Speaker1 Thanks for joining us today. Thank you, Richard. Speaker0 So, I mean, look, let ...

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Investment Rating - The report maintains a "BUY" rating for WEB Travel Group Limited with a 12-month price target of A$6.20, slightly up from the previous target of A$6.15 [5][3]. Core Insights - WEB Travel Group Limited has shown resilience in a challenging macro environment, with a strong exit from FY25 and an acceleration into FY26 driven by its conversion strategy [1]. - The company reported a total transaction value (TTV) of A$4.9 billion for FY25, reflecting a 22% year-over-year increase, and a revenue/TTV margin of 6.7% [2][8]. - Despite a marginal EBITDA miss at A$121 million, the underlying performance was stronger than expected, with improved revenue composition [2][8]. - The company is targeting a long-term TTV of A$10 billion by FY30E with an EBITDA margin of approximately 50% [2][3]. Financial Performance - FY25 TTV was A$4.9 billion, up 22% year-over-year, with a revenue of A$328.4 million, slightly above expectations [2][8]. - EBITDA for FY25 was A$121 million, down 13% year-over-year, but 1% above consensus estimates [2][8]. - Cash flow conversion was reported at 73%, lower than the expected 80% [2]. - Bookings for FY26 year-to-date have increased by 29%, with TTV growth of 37% [2]. Forecasts and Valuation - The report forecasts a TTV of A$5.97 billion for FY26, with a revenue target of A$389.2 million [9]. - EBITDA margins are expected to improve to 44-47% in FY26 and reach 50% by FY27 [2][9]. - The valuation metrics indicate WEB is trading at a forward cash-adjusted PE of 17.5x, with a projected 3-year EPS CAGR of over 15% [1][3].

Core Insights - Tongcheng Travel reported a revenue of Rmb4.38 billion in 1Q25, representing a 13% year-over-year increase, and an adjusted net profit of Rmb788 million, up 41% year-over-year, exceeding expectations due to a higher-than-expected core OTA operating profit margin [1] - The company raised its 2025 EPS forecast from Rmb1.38 to Rmb1.41, while maintaining forecasts for 2026 and 2027 at Rmb1.57 and Rmb1.74 respectively, and increased the target price from HK$24.8 to HK$26.5, indicating a 21% upside potential [1] Domestic Operations - In 1Q25, core OTA revenue increased by 18% year-over-year, with accommodation reservation revenue up 23% and transportation ticketing revenue rising 15% [2] - Monthly paying users (MPUs) grew by 9% year-over-year to 46.5 million, and annual paying users (APUs) increased by 8% year-over-year to 250 million, both reaching historical highs [2] - The domestic hotel take rate is expected to rise by 0.5 percentage points quarter-over-quarter to 9.5-10% in Q2, driven by reduced subsidies [2] - Hotel average daily rate (ADR) growth is anticipated to turn positive in 2Q25, with an upward trend in the proportion of three-star and above hotels on the platform [2] Outbound Travel Business - The outbound travel business is projected to turn from loss to profit in 2025, with outbound flight tickets contributing approximately 5% to transportation revenue in 1Q25 [2] - By the end of the year, outbound flight tickets and hotels are expected to contribute more than 7% to flight and hotel revenue, with the loss from outbound flight tickets decreasing quarter-over-quarter [2] Investment Outlook - The company maintains a Buy rating, reflecting optimism about the growth certainty of the online travel industry and the stability of its competitive landscape [3] - Improvements in marketing efficiency and the expansion of outbound travel are expected to enhance margins, while the hotel management business is poised to provide additional growth drivers [3]

Core Viewpoint - Trip.com Group Limited is notifying holders of its 1.50% Exchangeable Senior Notes due 2027 about their right to require the company to repurchase these notes for cash on July 1, 2025, under specific terms outlined in the Indentures [1][2][3] Group 1: Repurchase Right Details - Holders can require the company to repurchase all or a portion of their Exchangeable Notes, with a minimum amount of US$200,000 or integral multiples of US$1,000 [2][3] - The repurchase price will be 100% of the principal amount plus any accrued and unpaid interest up to July 1, 2025 [2] - The total outstanding amount of Exchangeable Notes as of May 27, 2025, is US$500,000,000, which means the total cash purchase price could reach US$500,000,000 if all notes are surrendered [2] Group 2: Timeline and Procedures - The opportunity to exercise the 2025 Repurchase Right starts on May 28, 2025, at 9:00 a.m. and ends on June 27, 2025, at 5:00 p.m. [3] - Holders must follow specific transmittal procedures outlined in the 2025 Repurchase Right Notice to exercise their rights [3] - Holders can withdraw previously tendered Exchangeable Notes until June 27, 2025 [3] Group 3: Company Overview - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [7] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide cost-effective travel solutions [7] - Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the company continues to expand its reach among travelers worldwide [7]

Airbnb (ABNB -0.64%) has been a disruptive force in the travel market ever since its inception. With its revolutionary home-sharing model, the company has grown to $81.8 billion in gross spending on its platform in 2024, which equates to $11.1 billion in total revenue. The platform is available in many countries around the globe. However, did you know that 70% of Airbnb's spending comes from only a few Western markets like the United States, United Kingdom, Australia, and France? Over the next five years, m ...

Core Viewpoint - Tuniu Corporation, a leading online leisure travel company in China, is set to release its unaudited financial results for Q1 2025 on June 12, 2025, before market opening [1]. Group 1: Financial Results Announcement - Tuniu plans to announce its unaudited financial results for the first quarter ended March 31, 2025, before the market opens on June 12, 2025 [1]. - An earnings conference call will be held at 8:00 am U.S. Eastern Time on June 12, 2025 [1]. Group 2: Conference Call Details - Listeners can access the earnings conference call through various dial-in numbers provided for the U.S., Hong Kong, Mainland China, and international callers [2]. - A telephone replay of the conference call will be available one hour after the call ends, lasting until June 19, 2025 [2]. - A live and archived webcast of the conference call will be accessible on Tuniu's investor relations website [2]. Group 3: Company Overview - Tuniu Corporation is recognized as a leading online leisure travel company in China, offering a wide range of integrated travel services, including packaged tours and travel-related services [3]. - The company provides one-stop leisure travel solutions through its online platform and offline service network, which includes a dedicated customer service team and extensive retail store networks [3].

Core Financial Performance - Tongcheng Travel (TC) reported total revenue of RMB4.4 billion for 1Q25, representing a 13% year-over-year increase, which was 0.7% and 0.9% better than the company's forecast and Bloomberg consensus estimates respectively, driven by a 1% revenue beat in the core OTA business [1] - Adjusted net profit for 1Q25 was RMB788 million, up 41% year-over-year, exceeding forecasts by 6.6% and 7.3%, attributed to better-than-expected operating leverage in the core OTA business and operational refinements in the Tourism segment [1] - The operating profit margin (OPM) of the core OTA business expanded to 29.2% in 1Q25, compared to 22.6% in 1Q24, indicating improved efficiency [1][4] Core OTA Business Insights - In 1Q25, TC's core OTA business revenue reached RMB3.8 billion, accounting for 86.6% of total revenue, with an 18.4% year-over-year growth, slightly ahead of consensus estimates [2] - Revenue growth in the core OTA business was driven by a 15% increase in transportation ticketing services, a 23% increase in accommodation reservation services, and a 20% increase in other services [2] - The accumulated number of travelers served reached 2.0 billion by the end of March, reflecting a 7.3% year-over-year increase [2] Future Outlook - For 2Q25, total revenue is estimated to be RMB4.7 billion, up 10% year-over-year, with core OTA segment revenue expected to grow by 13%, while Tourism revenue is projected to decline by 7.5% [3] - The company anticipates a reacceleration in revenue growth for accommodation reservations in 3Q-4Q25, supported by easier comparisons and stronger seasonality [3] - The overall OPM is expected to reach 18.7% in 1Q25, up from 11.8% in 1Q24, with core OTA OPM forecasted to expand to 25.5% in 2Q25 [4]

一、市场概况与消费转变 中国奢华旅游市场在疫情后呈现显著复苏与转型。2019年中国消费者海外奢侈品消费达7176亿元，占全球奢侈品消费三分之一，预计2025年中国将成为全球 最大奢侈品市场，贡献全球一半消费。疫情期间海南离岛免税购物崛起，2023年销售额达437.6亿元，但2024年因国际旅行复苏及代购（如日本）影响，海 南奢侈品消费同比下降29.3%。 高净值出境游客年消费超30万元，主要集中在北上深等一线及新一线城市，80、90后占比超70%，Z世代成为增长主力。他们年均海外旅行1次，超77%行程 超5天，香港、东京、曼谷为2024年三大热门目的地，亚洲占前五名全部席位。消费结构中，45.3%用于机票住宿，29.1%用于奢侈品购物，13.2%用于餐 饮，12.4%用于当地体验。 二、消费行为与数字支付 中国高净值出境游客年均奢侈品消费超5万元，38.2%在5万至20万元区间，16.5%在20万至50万元，2.2%超50万元。箱包皮具占免税购物38%，护肤品彩妆 占31%，珠宝腕表占14%，体现对身份象征与自我提升的重视。 数字支付方面，微信支付占比56%，银行卡支付占30%，支付宝占6%。CDF-Sunr ...

Group 1 - Airbnb announced plans for a significant expansion of its business model's value proposition, including a redesign of its Guest & Host app set for Summer 2025 [1] - The redesign will introduce three key features aimed at enhancing user experience [1]