Core Insights - Expedia reported earnings per share (EPS) of $757, exceeding estimates of $692, indicating strong financial performance [1] - Revenue also surpassed expectations, coming in at $4.1 billion compared to estimates of $4.28 billion [1] - Booked room nights reached 108 million, exceeding estimates of 103.87 million, reflecting robust consumer demand [1][2] - The company anticipates fourth quarter revenue growth of 6 to 8%, significantly higher than the estimated 2.7% [1] Market Reaction - Shares of Expedia increased by almost 9% following the earnings report, indicating positive market sentiment [2] - The strong report suggests that consumers are willing to spend discretionary income on travel, which is a positive sign for the industry [2][3] - The upcoming holiday travel season is expected to benefit from this strong consumer spending trend [3] Performance Context - The reported numbers are considered "huge" and well above expectations, which is crucial for favorable market reactions [3][4] - The performance indicates a strong consumer base, although it is important to monitor which segments of consumers are driving this spending [3]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenue grew by 4% to $553 million, with adjusted EBITDA of $123 million, representing 22% of revenue, exceeding expectations [3][24] - Gross booking value (GBV) increased by 15% to approximately $1.3 billion, while revenue grew by 9% to $294 million, with foreign exchange positively impacting GBV revenue growth by about 3 percentage points [25][24] - Brand Tripadvisor's revenue declined by 8% to $235 million, primarily due to traffic headwinds [27][24] Business Line Data and Key Metrics Changes - Viator segment saw an 18% growth in the number of experiences booked, with adjusted EBITDA of $50 million, or 17% of revenue, reflecting a margin improvement of 550 basis points [24][26] - TheFork reported Q3 revenue of $63 million, representing 28% growth, with adjusted EBITDA of $14 million, or 22% of revenue, indicating a margin improvement of approximately 10 percentage points [30][22] - Brand Tripadvisor's experiences revenue declined by 9% to $47 million, despite unit volume growth returning to positive [29][24] Market Data and Key Metrics Changes - North America, as the largest source market, experienced accelerated bookings growth across both Tripadvisor and Viator points of sale [24][24] - The global experiences total addressable market (TAM) is expected to reach $350 billion in GBV by 2028, growing faster than any other travel category [7][8] Company Strategy and Development Direction - The company is shifting its operating model to focus on experiences and AI, aiming for significant operational efficiencies and an annualized gross cost savings of at least $85 million [4][34] - The strategy includes unifying Viator and Tripadvisor experiences operations to enhance growth and efficiency [9][12] - TheFork will continue to execute a financially disciplined growth strategy while diversifying revenue across B2B and B2C [22][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to re-accelerate growth while expanding margins, particularly in the experiences segment [49][52] - The company anticipates continued revenue headwinds in the Brand Tripadvisor segment due to traffic challenges but expects growth in TheFork and experiences [45][41] - The focus will be on leveraging AI to enhance customer experience and operational efficiency [60][61] Other Important Information - The company plans to update its reportable segments to align with the new operating model, maintaining three segments: experiences, hotels and other, and TheFork [36][37] - The company has approximately $1.2 billion in cash and cash equivalents, with plans to restart share repurchases [32][33] Q&A Session Summary Question: Revenue growth assumptions going forward - Management expects experiences segment to re-accelerate growth next year through geographic and category expansion [44] Question: Growth re-acceleration vs. margin expansion - Management believes the new operating model will allow for both growth re-acceleration and margin expansion [48] Question: New user trends at Viator - The company is focused on disciplined new user acquisition, particularly in markets where the Tripadvisor brand is well-known [54]

Group 1 - OpenAI has surpassed 1 million global enterprise customers, marking it as the fastest-growing commercial platform in history [1] - Notable enterprise clients include Amgen, Commonwealth Bank of Australia, Booking.com, Cisco, Lowe's, Morgan Stanley, T-Mobile, Target, and Thermo Fisher Scientific, showcasing OpenAI's broad application across various industries [1] - The consumer user base supports the expansion of OpenAI services among enterprise users [1] Group 2 - ChatGPT has over 800 million weekly active users, facilitating smoother deployment and shorter pilot cycles for enterprises [2] - Paid users of ChatGPT for Work have exceeded 7 million, with a 40% growth in two months, and enterprise version users have surged ninefold year-on-year [2] - New features include company knowledge tools and integration with platforms like Slack, SharePoint, Google Drive, and GitHub, utilizing the optimized GPT-5 model [2] Group 3 - 75% of enterprises report positive return on investment from OpenAI technologies, with less than 5% reporting negative results [3] - OpenAI's CEO Sam Altman stated that technology is transitioning from being an auxiliary tool to a core partner for enterprises [3] - A recent $38 billion agreement with Amazon Web Services has been signed to ensure stable supply of computing power [3]

Core Viewpoint - The eighth China International Import Expo opened in Shanghai on November 5, with Ctrip Group participating as the "official travel service partner" [1] Group 1: Industry Insights - The inbound tourism market is expected to remain strong in 2025, with Ctrip's platform showing over 100% growth in flight segments and hotel night stays for foreign tourists compared to last year [1] - Ticket sales have seen a remarkable increase of over 300% [1] Group 2: Company Initiatives - Ctrip has launched a "free half-day city tour" program for overseas tourists in Shanghai, Beijing, and Hong Kong, which has already served over 10,000 tourists from more than 100 countries [1]

Core Viewpoint - The emergence of "Didi Booking" signifies a transformative shift in the hotel industry, challenging the dominance of traditional online travel agencies (OTAs) that have controlled pricing for over two decades [4][6][12]. Group 1: Market Dynamics - "Didi Booking" has launched a nationwide advertising campaign, investing over 100 million yuan to promote its "bid for hotel rooms" model across major high-speed rail stations [3][4]. - The company has expanded its operations to over 20 provinces and partnered with nearly 8,000 hotels within just one year of its launch [4]. - The founder, Ma Zhaode, identified a significant opportunity in the hotel industry, noting that with an average occupancy rate of only 50% across 360,000 hotels in China, there exists a substantial amount of unused capacity [6][12]. Group 2: Business Model Innovation - The "Didi Booking" model is inspired by Priceline's "Name Your Price" concept, allowing users to set their own prices for hotel rooms, which is facilitated by AI algorithms and mobile payment systems [10][12]. - The platform employs a "black box" pricing mechanism, ensuring that transaction prices are only visible to the buyer and seller, thus protecting brand value and preventing price wars [12][15]. - Users can either bid for rooms based on their budget or allow the AI to negotiate prices on their behalf, enhancing the user experience and potentially upgrading their accommodation [12][14]. Group 3: Technological Integration - The integration of AI technology allows hotels to set their own price ranges and manage bookings more efficiently, with funds being transferred to hotels immediately after guests check out [14][19]. - The system also incentivizes hotel staff to encourage guests to book through the platform, creating a revenue-sharing model that retains customer loyalty [14][15]. Group 4: Strategic Partnerships and Growth - A strategic partnership with Alipay has been established, enabling "Didi Booking" to leverage Alipay's platform resources to enhance its service offerings [19][21]. - The company is pursuing a city partner model to expand its reach, collaborating with local agents to penetrate various markets across China [21][23]. - By 2025, "Didi Booking" aims to establish 300 city service centers and 1,000 district service centers, partnering with 30,000 hotels and reaching 10 million users [25].

Macro Insights - The U.S. federal government has entered its 35th day of a shutdown, matching the longest shutdown record in U.S. history, with no agreement reached between the Democratic and Republican parties on a temporary funding bill [2] - The State Council announced a nine-day holiday for the Spring Festival in 2026, leading to a significant increase in online travel bookings for both New Year's and Spring Festival periods, particularly for popular tourist destinations [2] Real Estate Market - Since 2019, the proportion of existing residential sales has increased from 10% to 33% at the beginning of this year, with over 30 provinces and cities in China implementing pilot programs for existing home sales [3] Financial Engineering - From October 27 to October 31, the Shanghai Composite Index closed at 3954.79, with increased trading volume compared to the previous week. The Shenzhen Component Index closed at 13378.21, also with increased trading volume [6] - The 50ETF saw a weekly decline of 1.00%, while the Southern CSI 500ETF increased by 0.91% during the same period [8] - The average daily trading volume of 50ETF options decreased, while total open interest increased, indicating a mixed sentiment in the options market [7] Investment Strategy - The market showed a divergence in performance among different ETFs, with the 50ETF underperforming and the 500ETF showing strength. The PCR indicators reflected this divergence, with a decrease in put option holdings for the weaker ETFs [8][9] - The overall market sentiment appears to be cautious, with expectations of continued volatility but stable implied volatility levels, suggesting a potential strategy of shorting on rallies [9]

Core Insights - The State Council has officially announced a 9-day Spring Festival holiday from February 15 to February 23, 2026, which is expected to significantly boost the tourism market [1] Group 1: Travel Demand Surge - There has been a more than double increase in search volume for keywords related to "2026 Spring Festival," "outbound travel," and "long-distance travel" on Ctrip, indicating an unprecedented surge in travel demand [1] - Flight bookings for the Spring Festival period are projected to increase by 63% compared to 2025, with a threefold increase in searches for flights departing during the holiday [2] Group 2: Changing Travel Preferences - The extended holiday is shifting travel preferences from "single destination travel" to "domestic + international connecting travel," with travelers planning more complex itineraries [3] - Popular domestic destinations include Sanya, Dali, and Harbin, while international destinations seeing increased interest include Berlin, Busan, and Melbourne [4] Group 3: Impact on Travel Industry - The extended holiday and new vacation policies are seen as tools to enhance macroeconomic consumption and population mobility, reflecting a broader trend in the travel industry [4]

Financial Data and Key Metrics Changes - The company achieved a 13% year-over-year revenue growth, marking the third consecutive quarter of double-digit growth [3][10] - Adjusted EBITDA improved by 18% year-over-year, reaching EUR 16 million [3][11] - Total revenue for Q3 2025 was EUR 165.6 million, a 13% increase compared to Q3 2024 [10][11] - Net profit for the quarter was EUR 11 million, exceeding expectations [11] - Operational expenses decreased by EUR 12.3 million, totaling EUR 153.4 million, primarily due to the non-recurrence of a EUR 30 million impairment charge from the previous year [11][12] Business Line Data and Key Metrics Changes - Referral revenue growth was 14% in the Americas, 12% in the Rest of the World, and 9% in Developed Europe [10] - The growth was driven by increased branded channel traffic and product improvements enhancing booking conversion [11] Market Data and Key Metrics Changes - Developed Europe faced headwinds from strong prior-year comparisons, but trends normalized over the course of Q3 2025 [10] - Unfavorable foreign exchange headwinds negatively impacted revenue by approximately 4% globally [11] Company Strategy and Development Direction - The company aims to continue its double-digit growth trajectory by focusing on branded growth and enhancing the core hotel search experience [4][5] - Strategic priorities include branded growth, improving marketing efficiency, and creating more value for partners [4][8] - The company plans to optimize existing markets rather than expand, which is expected to gradually increase profitability [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-teens revenue growth for the full year of 2025 and a positive adjusted EBITDA of at least EUR 10 million [10][11] - The company is optimistic about the growth potential in its core markets, which still have substantial runway for growth [25] Other Important Information - The company consolidated Trivago Deals Limited into its operations, viewing it as integral to future growth [14] - AI initiatives have significantly improved user experience and operational efficiency, allowing the company to operate with a smaller team [36][52] Q&A Session Summary Question: What percentage of users could be logged in over the next 12-18 months? - Management indicated that while there is no fixed target, reaching around 30% logged-in users would signify a core user segment with better engagement and conversion [16][18] Question: Could Trivago play a role in the B2B space? - Management acknowledged the potential for B2B opportunities but emphasized a current focus on leisure travel, where they see significant growth potential [20] Question: How should we think about growth in the core business versus Holisto? - Management expects both segments to grow double digits, with a focus on optimizing existing markets for profitability [23][24] Question: What improvements are being seen in marketing efficiency? - The majority of growth is attributed to branded growth, with compounding effects expected to enhance profitability over time [27][28] Question: What incentives are provided to logged-in users? - Logged-in users receive private deals, which significantly improve engagement and conversion rates [29][30] Question: How is Trivago positioned against AI-driven tools? - Management noted that while AI tools are growing, they do not see a significant impact on their traffic, emphasizing the strength of their brand and user experience [33][35] Question: Will the 2026 guidance reflect margin expansion? - Management indicated that the focus will be on optimizing existing markets and taking profits to the bottom line rather than expanding into new markets [41][42] Question: Are there any channel conflicts with OTAs due to Holisto? - Management clarified that Holisto, now Trivago Deals, aims to create value for partners and users without significant channel conflicts [54][56]

Group 1 - The State Council of China announced the holiday schedule for 2026, with the Spring Festival holiday from February 15 to February 23, totaling 9 days, which is expected to boost long-distance travel enthusiasm [1] - Following the announcement, travel data from Qunar shows a significant increase in ticket searches, with train and international flight searches doubling, and a threefold increase in flight searches for the Spring Festival period [3] - Popular domestic destinations for the Spring Festival include Haikou, Sanya, and Hangzhou, with flight bookings for the 2026 Spring Festival expected to increase by 63% compared to 2025 [3] Group 2 - The travel popularity of Harbin and Sanya as winter destinations is extending into the Spring Festival holiday, indicating a trend towards staggered travel and increased comfort for travelers [5] - The overall travel volume during the Spring Festival is anticipated to reach new highs, with a more balanced daily passenger flow expected [5]

Core Insights - The 8th China International Import Expo opened in Shanghai, with Ctrip Group participating as the "official travel service partner" to provide comprehensive services for overseas visitors [1][3] - Ctrip reported significant growth in inbound tourism, with ticket bookings and hotel nights for foreign tourists increasing over 100% compared to last year, and ticket sales rising over 300% [3] Group 1 - Ctrip has established a one-stop inbound tourism consultation center, offering over 10 comprehensive services for overseas visitors, emphasizing the concept of "first stop in China" [3] - The "free half-day city tour" initiative has been launched in Shanghai, Beijing, and Hong Kong, attracting over 10,000 tourists from more than 100 countries [3] - Ctrip introduced the "TASTE OF CHINA" immersive restaurant, combining digital art with culinary experiences to enhance visitors' understanding of Chinese culture [3] Group 2 - The Ctrip Global Partner Conference held in Chengdu gathered over 3,000 tourism industry elites from 74 countries and regions, setting a new record for participation [3] - Ctrip plans to continue increasing innovation investments, focusing on technology empowerment, product innovation, and global collaboration to enhance inbound tourism service experiences [3]