Core Insights - GetYourGuide has become the Official Travel Experiences Partner for the 2025 TCS New York City Marathon, enhancing the cultural experience for runners and their supporters during the event [1][5][6] Group 1: Partnership and Offerings - The partnership aims to transform the marathon weekend into a cultural journey through New York City, providing a curated selection of tours and activities [1][5] - GetYourGuide will highlight various experiences, including food crawls and architecture tours, to facilitate exploration before and after the race [5][6] Group 2: Runner Behavior and Trends - Research indicates that 94% of marathoners extend their trips into "racecations," with over half (55%) planning activities around the event [2][7] - Cultural exploration is prioritized by nearly half (58%) of runners post-race, with 93% traveling with family or friends, emphasizing shared experiences [3][4][7] Group 3: Event Significance - The TCS New York City Marathon is noted for its inclusivity, with over 55,000 athletes participating and two million spectators expected [6] - The event is positioned as a significant cultural and sporting celebration, with GetYourGuide's involvement ensuring that the city becomes part of the marathon experience [5][6]

Financial Data and Key Metrics Changes - The company reported total revenue of approximately $63.1 million for Q2 2025, a decline of 6% year over year, primarily due to a planned decline in past subscriptions [23] - Adjusted EBITDA for Q2 was negative $300,000, a significant improvement from negative $9.2 million in 2024, with positive trailing twelve-month adjusted EBITDA of $3.9 million [22][23] - Free cash flow for Q2 was approximately breakeven at $200,000, with year-to-date free cash flow remaining negative at $7.3 million, showing improvement from the prior year [26] Business Line Data and Key Metrics Changes - Subscription revenue decreased by 23% to $19.4 million due to a strategic decision to scale back the previous version of Pass, while travel revenue increased by roughly 1% to $39.4 million, driven by a 47% increase in experiential travel [23][24] - The company had approximately 11,000 active memberships at the end of Q2, with 9,900 active club members and 1,200 active Pass members, reflecting a strategic shift towards club growth [24] Market Data and Key Metrics Changes - The company achieved a 59% occupancy level in controlled accommodations, down from 71% in Q2 2024, while increasing average daily rate (ADR) by 24% [25] - The experiential travel business saw year-to-date growth of over double digits, indicating continued opportunity in this segment [24] Company Strategy and Development Direction - The company is focused on four key strategic pillars: operational efficiency, brand elevation, member experience, and digital platform [13] - A definitive agreement to combine with BioLink was announced, which is expected to enhance the company's technology-driven ecosystem and expand its market reach [9][12] - The combination is anticipated to be financially accretive, with BioLink contributing approximately $124 million in revenue and over $26 million in EBITDA for 2024 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and emphasized the importance of operational improvements and disciplined execution [27][28] - The company is tracking towards full-year 2025 targets, including adjusted EBITDA between breakeven and $5 million and total revenue between $235 million and $255 million [27] Other Important Information - The company plans to relaunch the new version of Inspirato Pass, which is expected to drive incremental revenue and better align with the evolved brand strategy [23] - The reimagined Inspirato Magazine is set to relaunch in Q3, aimed at enhancing brand visibility and member engagement [15][16] Q&A Session Summary Question: Could you walk through the pro forma balance sheet cash levels, debt levels, and address how you're thinking about Capital One and the BuyerLink debt? - Management acknowledged that both BuyerLink and Inspirato have senior secured notes and anticipate refinancing some of the secured notes as part of the agreement [31][32] Question: Are Capital One and Citi supportive of the transaction? - Management indicated that both senior secured lenders are positive about the transaction and anticipate refinancing the Capital One note at the close [33] Question: What are the CapEx requirements over the next six to eighteen months? - Management does not anticipate any meaningful change in CapEx for either business, focusing instead on leveraging resources and capabilities [35] Question: How much investment or modification will be needed for BuyerLink to drive leads for travel and leisure? - Management stated that the investment is primarily in resources and prioritization rather than increased CapEx [39] Question: What does BuyerLink's growth profile look like? - Management noted that growth in BuyerLink will come from adding marketplaces and new verticals, with a focus on increasing consumer demand [40][42]

Core Viewpoint - The stock market is experiencing significant volatility, influenced by tariff announcements from the Trump administration, with the S&P 500 showing fluctuations of over 10% up and 3.5% down within a week [1] Group 1: Market Conditions - The Nasdaq 100 has officially entered a bear market, with a decline of over 20% in recent weeks before a brief recovery of 12.2% [1] - Historical data indicates that the largest up days often occur during bear markets, suggesting uncertainty about the continuation of the bear market in Nasdaq stocks [2] Group 2: Company Focus - Airbnb - Airbnb is highlighted as a strong investment choice due to its conservative balance sheet and long-term growth potential, especially during the current bear market [3] - The company is insulated from tariff impacts due to its online marketplace model, which lacks a supply chain and does not operate in China [4] Group 3: Growth Strategy - In 2024, North America accounted for 46% of Airbnb's gross booking value, but the company is focusing on geographical expansion in underserved markets like Japan, Germany, and Brazil [5] - Airbnb's global expansion strategy is expected to drive double-digit sales growth, with total revenue in 2024 reaching $81.8 billion, a 12% year-over-year increase [6] Group 4: New Services - Airbnb plans to introduce new features in 2025, expanding beyond its home-sharing model to include additional services for both hosts and guests [7][8] - Potential new offerings may include local tours, airline tickets, and services for hosts to enhance their listings [8] Group 5: Valuation - As of Thursday's trading, Airbnb has a market cap of $71.8 billion, with a net cash position of around $8 billion, leading to an enterprise value of approximately $63.8 billion [10] - Despite appearing expensive relative to its trailing net income of $2.65 billion, Airbnb has significant growth potential in earnings driven by revenue growth and margin expansion [11] - Projections suggest that if Airbnb can grow its revenue from $11.2 billion in 2024 to $20 billion by 2030, a net income margin of 30% could yield $6 billion in net income, making it an attractive growth stock [12]