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 ...

Core Insights - DoorDash Inc. reported Q1 earnings of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.40 per share, compared to a loss of $0.06 per share a year ago [1] - The company generated revenues of $3.03 billion in Q1, missing the Zacks Consensus Estimate by 1.96%, but showing a 20% year-over-year increase [2] - The total value of orders on DoorDash's marketplace grew 20% year-over-year to $23.1 billion, surpassing estimates of $22.9 billion [2] - DoorDash's guidance for adjusted EBITDA was projected at $625 million, below previous forecasts of $639 million, leading to a decline in stock price by approximately 7.4% on May 6 [3][4] Acquisitions and Market Expansion - DoorDash is acquiring SevenRooms for $1.2 billion, aiming to integrate its CRM and guest experience tools into DoorDash's "Commerce Platform" [5] - The company has also agreed to a takeover of Deliveroo, valued at £2.9 billion ($3.9 billion), which will expand its operations to over 40 countries [5][6] - Analysts view the Deliveroo acquisition positively due to limited market overlap, which may alleviate regulatory concerns and enhance growth opportunities [6] Valuation and Investment Considerations - The average valuation of companies in the S&P 500 is 20 times annual earnings, while FTSE 100 companies are valued at just 12 times earnings, indicating a favorable valuation for the Deliveroo deal [7] - DoorDash shares are considered overvalued, trading at a trailing P/E ratio of 44, significantly higher than the Internet – Services industry average [12] - Investors may consider exchange-traded funds (ETFs) to mitigate company-specific risks, with DoorDash having exposure to ETFs like PEJ, FPX, and PBJ [13][14]