Core Insights - The online travel agency reported a profit of $2.75 billion, or $84.41 a share, indicating strong financial performance driven by steady travel demand trends [1] Financial Performance - The reported profit of $2.75 billion reflects the company's ability to capitalize on ongoing travel demand [1] - Earnings per share stood at $84.41, showcasing robust profitability metrics [1]

Core Viewpoint - NusaTrip Inc is currently facing a trading suspension by the SEC due to potential manipulation of its securities, which has raised concerns about the integrity of its stock trading activities [2][3][4]. Company Overview - NusaTrip Inc, established in 2015 and headquartered in Jakarta, Indonesia, is a leading travel technology platform focused on Southeast Asia (SEA) and Asia-Pacific (APAC) [6]. - The company has a growth strategy centered around acquisitions, having successfully integrated travel agencies like VLeisure and VIT in Vietnam, and is actively seeking to acquire more agencies in various countries including China, Hong Kong, and India [6]. SEC and Nasdaq Interaction - On October 9, 2025, the SEC suspended trading of NusaTrip's securities from 4:00 a.m. ET until 11:59 p.m. ET on October 22, 2025, due to concerns over potential price manipulation through social media recommendations [2][3]. - Following the SEC's order, NusaTrip responded to Nasdaq's request for information on October 15, 2025, but has not received further inquiries or a timeline for resolution from Nasdaq [4]. Trading Suspension Details - The SEC's action was taken under Section 12(k) of the Securities Exchange Act of 1934, indicating serious concerns about the trading practices surrounding NusaTrip's securities [3]. - NusaTrip has stated that it has not engaged in any price manipulation and is committed to cooperating fully with both Nasdaq and the SEC [4].

Core Viewpoint - Booking Holdings Inc. shares experienced a rise of over 2% following an upgrade from Truist Securities, which changed its rating from Hold to Buy and increased the price target to $5,750 from $5,630, driven by strong growth prospects and improved valuation [1] Group 1: Growth Drivers - Several near- and long-term growth drivers support the upgrade, including robust travel demand in Asia and resilient global economic trends [2] - Expectations indicate a compound annual growth of 7–9% in air passenger traffic across South and Southeast Asia over the next two decades, with Booking's exposure to the region increasing to approximately 25%, up from 20% pre-pandemic [2] Group 2: Economic Projections - Global GDP growth projections of around 3% for 2025–2027, with slightly higher rates in Asia, are expected to sustain travel demand [3] - Concerns regarding potential AI-driven disruptions to online travel agencies are viewed as overstated in the near term [3] Group 3: Valuation Insights - Booking's valuation appears more attractive, with the stock trading at about 20 times consensus 2026 earnings and roughly 16 times 2026 EBITDA estimates [3]

As filed with the Securities and Exchange Commission on October 24, 2025. Registration No. 333-288212 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NEXTTRIP, INC. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation) Nevada 4724 27-1865814 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 3900 Paseo del Sol S ...

As filed with the Securities and Exchange Commission on October 24, 2025. Registration No. 333-288212 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NEXTTRIP, INC. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation) Nevada 4724 27-1865814 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 3900 Paseo del Sol S ...

Core Insights - Booking Holdings Inc. (BKNG) is set to report its third-quarter 2025 results on October 28, with revenue expectations of $8.71 billion, reflecting a year-over-year growth of 9.01% and earnings per share estimated at $95.97, indicating a growth of 14.4% from the previous year [1][10] Financial Performance Expectations - The Zacks Consensus Estimate for revenues is $8.71 billion, suggesting a 9.01% increase from the same quarter last year [1] - Earnings per share are projected at $95.97, which is a 14.4% increase year-over-year [1][10] - The company has consistently beaten earnings estimates in the past four quarters, with an average beat of 19.22% [2] Growth Projections - Room night growth is expected to decelerate to 3.5% to 5.5% in Q3 2025, down from 8% in Q2 due to tougher year-over-year comparisons [3][10] - Gross bookings are anticipated to grow by 8% to 10%, with flight ticket demand contributing approximately two percentage points to this growth [4][10] - Revenue growth guidance for Q3 is set at 7% to 9%, lower than gross bookings growth due to a higher proportion of flight bookings and increased merchandising contra-revenues [5] Profitability and Cost Management - Adjusted EBITDA for Q3 is projected to be between $3.9 billion and $4 billion, indicating a growth of 9% at the high end, with margins expected to remain stable compared to the previous year [6] - Marketing leverage is expected to be offset by increased sales and other expenses, including payment costs [6] Regional Performance - Asia is noted as the fastest-growing market for the company, while the United States is the slowest-growing region, with consumers showing shorter booking windows and lengths of stay [7] - Geopolitical events in the Middle East had an estimated 1% impact on global growth in June [7] Strategic Initiatives - The company is focusing on expanding alternative accommodations, growing the Genius loyalty program, and advancing its Connected Trip vision, with transactions growing over 30% year-over-year in Q2 [8] - The Transformation Program is expected to yield approximately $45 million in quarterly savings [8] Foreign Exchange Impact - Foreign exchange headwinds have moderated, with management estimating a positive impact of approximately four percentage points on reported growth rates for Q3 [9]

Core Thesis - Booking Holdings Inc. is viewed positively due to its asset-light marketplace model, strong market position, and significant cash flow generation [1][5]. Business Model - Booking operates an asset-light marketplace connecting travelers and accommodation providers, earning 10-20% commissions per booking, which results in high margins and scalability across over 28 million listings in 220+ countries [2]. - The company benefits from powerful network effects, where increased hotel listings attract more travelers, creating a self-reinforcing competitive advantage [2]. Market Position - While Expedia leads in the U.S. market, Booking dominates Europe and Asia, being the global leader in room nights booked [3]. - Booking's diversification into vacation rentals enhances its competitive edge against Airbnb by providing a one-stop solution for homes, apartments, and hotels [3]. Financial Performance - The company enjoys strong operating margins exceeding 30% in favorable years, supported by a financial model characterized by negative working capital, where traveler payments are collected upfront [3][4]. - Booking reported a free cash flow of $7.8 billion, contributing to its stock price appreciation of approximately 19% since previous coverage [5]. Marketing and Risks - Booking's marketing scale, particularly as one of Google's largest advertisers, allows it to capture high-intent demand, although this creates a reliance on Google [4]. - Key risks include competition from Airbnb and Expedia, regulatory pressures, and potential encroachment by Google into the travel sector, but the company counters these with loyalty programs and adaptability [4].

Summary of Key Points from the Conference Call on China's Inbound Tourism Industry Overview - The focus is on China's tourism industry, particularly the growth potential of inbound tourism, which is currently dominated by domestic and outbound demand but is expected to become a significant earnings driver in the next three years [1][4][63]. Core Insights and Arguments - **Inbound Tourism Growth**: Inbound tourism is projected to increase from 11% of China's tourism revenue to 18% within five years, with hotels expected to see the highest revenue exposure, reaching over 20% on average by 2030 [4][77]. - **Service Exports Performance**: China's service exports grew by 14% in the first eight months of 2025, with tourism service exports surging by 56% year-on-year, recovering to 150% of pre-COVID levels [3][39]. - **Infrastructure and Policy Support**: Investments in infrastructure, clean energy, and cultural experiences are enhancing the attractiveness of China as a leisure travel destination. The introduction of the K1 visa aims to attract young talent, further boosting business travel [2][19]. - **Market Dynamics**: The report highlights that low-tier cities are becoming increasingly attractive for inbound tourists, with cities like Hangzhou showing robust growth in inbound tourist numbers [3][4]. Financial Projections - **Revenue Exposure**: Hotels are expected to have the highest revenue exposure to inbound tourism, while OTAs, airlines, and duty-free sectors are projected to see 5-10% revenue exposure in five years [4][78]. - **Earnings Growth**: The report anticipates a 19% compound annual growth rate (CAGR) in inbound tourism spending in USD terms over the next decade, driven by increased visitation and longer stays [39][84]. Key Beneficiaries - **Top Stock Picks**: The report identifies ten stocks that could benefit from the growth in inbound tourism, with Trip.com (TCOM.O) ranked as the most attractive, followed by Air China (0753.HK), Shanghai Airport (600009.SS), and CTG Duty-Free (1880.HK) [5][11][70]. - **Segment Analysis**: OTAs are seen as key enablers for inbound tourism, with Trip.com positioned to benefit significantly due to its international operations [57][90]. Additional Insights - **Healthcare and Shopping**: The inbound healthcare sector is expanding, with significant demand for premium medical services. The retail sector is also experiencing growth, driven by rising consumer demand for premium goods and duty-free shopping [61][60]. - **Government Initiatives**: Recent government measures aim to support service consumption, with inbound travel identified as a key growth driver for the economy [12][25]. - **Challenges and Opportunities**: Despite trade frictions, China's economic ties with emerging markets are strengthening, presenting growth opportunities for inbound travel [25][30]. Conclusion - The outlook for China's inbound tourism is positive, with significant growth expected in the coming years. Key sectors such as hotels, OTAs, and airlines are poised to benefit from this trend, supported by government initiatives and changing consumer preferences.

Core Insights - The analysis by Law Tech Spotlight concludes that claims against LuxUrban Hotels regarding large-scale tax liabilities in New York are likely inaccurate and legally precluded under state and city law [1][3]. Findings and Legal Basis - From 2020 to 2025, LuxUrban Hotels generated approximately $248 million in gross room revenue across 11 U.S. states and cities, with audited net room revenue totaling $149 million, of which only $56 million (22.6%) came from New York operations [2]. - Under New York State Tax Law, entities defined as "room remarketers" or "resellers," including OTAs, are responsible for collecting and remitting occupancy and sales taxes, not the hotel operators [3]. OTA Payment Structure - Between 2022 and 2025, 92–97% of LuxUrban's customers booked through OTAs, meaning LuxUrban did not handle customer payments or collect taxes, as OTAs charged guests and remitted taxes [4][5]. - The OTA payment structure defines the merchant-customer relationship and tax responsibility, indicating that LuxUrban did not control or process payments for the majority of its bookings [5][6]. Legal Implications - False claims regarding unpaid taxes may expose responsible parties to defamation and commercial disparagement under New York law, with potential recoverable damages for LuxUrban reaching tens of millions of dollars [7][8]. - The spokesperson for the LawTech Review emphasized that allegations against LuxUrban regarding tax remittance are unfounded and ignore statutory authority and the financial technology involved in hospitality commerce [9].

Core Insights - Expedia Group's annual report, "Unpack '26," highlights significant shifts in traveler behavior and emerging travel trends for 2026, focusing on sustainable tourism and unique experiences [1][28]. Travel Trends - The report identifies seven key travel trends for 2026, including Set-Jetting, Hotel Hop, Farm Charm, Readaways, Fan Voyage, and Salvaged Stays, reflecting a growing interest in immersive and local experiences [5][32]. - Set-Jetting, inspired by movies and TV shows, is projected to become an $8 billion industry in the U.S., with 81% of Gen Z and Millennial travelers planning trips based on screen inspirations [22][26]. - Hotel Hop is gaining traction, with 54% of travelers opting to book multiple hotels within a single destination, particularly popular among younger travelers [15][32]. - Farm Charm is on the rise, with 84% of travelers expressing interest in farm stays, indicating a shift towards nature-based, slow travel experiences [17][32]. - Readaways, focusing on reading and relaxation, are appealing to 91% of travelers, with a notable increase in interest for literary-themed retreats [4][17]. Destinations of the Year - The 2026 Destinations of the Year list features locations with significant search increases, including Big Sky, Montana (+92%), Okinawa, Japan (+71%), and Sardinia, Italy (+63%), showcasing rising global traveler interest [8][32]. - Six of these destinations meet the criteria for Expedia's Smart Travel Health Check, which emphasizes sustainable tourism practices [6][25]. Hotels of the Year - The 2026 Hotels of the Year list highlights the trend of Salvaged Stays, where historical buildings are repurposed into unique accommodations, with properties like Hotel Seiryu Kyoto Kiyomizu showing a 194% increase in searches [12][13]. - The report indicates a growing demand for hotels that combine historical architecture with modern amenities, appealing to travelers seeking character and cultural relevance [12][32]. Fan Voyage - The Fan Voyage trend reveals a surge in interest for local sporting events, with 57% of travelers likely to attend regional sports while traveling, emphasizing the importance of community and culture [9][10].