Financial Data and Key Metrics Changes - Group revenue grew 7% or 5% in constant currency to $529 million, with adjusted EBITDA of $107 million or 20% of revenue exceeding expectations [5][23] - Gross booking value (GBV) grew 13% or 10% on a constant currency basis to approximately $1.3 billion [24] - Consolidated adjusted EBITDA margin was 20%, with Viator's adjusted EBITDA margin improving nearly 800 basis points to 12% of revenue [26][29] Business Line Data and Key Metrics Changes - Experiences booked grew 15%, with Viator's adjusted EBITDA more than tripling [14] - The Fork's revenue grew 28% or 22% in constant currency to $54 million, with adjusted EBITDA margin more than doubling year over year [16][30] - Brand TripAdvisor's revenue was $242 million, reflecting a decline of 3%, with adjusted EBITDA of $66 million or 27% of revenue [19][27] Market Data and Key Metrics Changes - North America showed stable volume growth, while Europe experienced accelerating growth [24] - App bookings remained strong, outpacing other channels, contributing to share gain in the segment's total booking mix [26] Company Strategy and Development Direction - The company is focusing on experiences as the fastest-growing category in travel, leveraging its trusted brands and proprietary data [7][10] - There is a strategic shift towards deeper coordination between brands to optimize growth and efficiency [8][26] - AI is being integrated into products to enhance user experience and operational efficiency [11][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in free traffic affecting Brand TripAdvisor but remains optimistic about growth in experiences [42][66] - The company expects consolidated revenue growth of 4% to 6% in Q3 and maintains a full-year guidance of 5% to 7% revenue growth [35][37] Other Important Information - The company repurchased 2.8 million shares at an average price of $14.22 per share for a total of $40 million [33] - Total cash and cash equivalents were approximately $1.2 billion, with plans to use a portion for share repurchases [33] Q&A Session Summary Question: Comments on free traffic headwinds and stabilization for Brand TripAdvisor - Management acknowledged persistent free traffic headwinds but remains focused on improving operational efficiencies and growth strategies [40][42] Question: Mix between third-party and direct bookings for experiences - The majority of revenue comes from the Viator point of sale, with third-party bookings being profitable and incremental [50][49] Question: Confidence in revenue growth reacceleration in Q4 - Management expressed confidence due to healthy booking volumes and early test results from coordinated efforts between brands [53][54]

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $398 million, representing 1% growth or approximately 3% growth in constant currency, driven by marketplace businesses [8][23] - Consolidated adjusted EBITDA was $44 million, or 11% of revenue, exceeding expectations due to revenue outperformance and lower fixed costs [9][23] - Gross booking value (GBV) grew 10% or 12% in constant currency to approximately $1.1 billion [25] Business Line Data and Key Metrics Changes - Viator's revenue grew 10% to $156 million, with bookings growth of 15% and an adjusted EBITDA loss of $18 million, reflecting an 800 basis point margin improvement [10][25] - Brand TripAdvisor's revenue was $219 million, a decline of 8%, with adjusted EBITDA at $65 million or 30% of revenue, driven by favorable pricing in Hotel Meta [12][26] - The Fork's revenue grew 12% or 16% in constant currency to $46 million, with an adjusted EBITDA loss of $3 million, reflecting normal seasonality [16][30] Market Data and Key Metrics Changes - North America remained the largest source market for Viator, with healthy growth in bookings and stable booking windows year over year [24] - The US share of international travel from certain source markets, particularly Canada, has decreased, while domestic travel share has increased [19] Company Strategy and Development Direction - The company aims to be the most trusted source for travel and experiences, focusing on diversifying its portfolio and optimizing legacy offerings [6][7] - The strategy includes scaling marketplaces, particularly in experiences, and leveraging AI for personalized recommendations [8][17] - The completion of the merger with Liberty TripAdvisor Holdings has simplified the capital structure and is expected to enhance shareholder engagement and governance [6][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainty but remains confident in the long-term growth potential of travel and experiences [18][22] - Travel sentiment remains positive, with consumers planning leisure travel and prioritizing experiences in their budgets [21][72] - The company expects consolidated revenue growth of 5% to 7% for the full year, maintaining its guidance despite the uncertain environment [37] Other Important Information - The company raised $350 million in an add-on to its existing Term Loan B and plans to restart its share repurchase program [32][34] - The company is leveraging AI across various functions, including customer service, content moderation, and marketing [17][90] Q&A Session Summary Question: Guidance and macro uncertainty - Management is comfortable with the current guidance framework but acknowledges macro uncertainty as a reason for not adjusting guidance upward [39][42] Question: Impact of Liberty buyout - The merger simplifies the capital structure and allows for a clearer focus on value drivers and shareholder engagement [43][46] Question: Viator margins and marketing - Management believes Viator can achieve OTA-like margins through product-led growth and improved marketing efficiency [49][50] Question: Cross-border exposure and marketing adjustments - Viator is predominantly a North American booker base, making it less susceptible to international trade pressures [54][55] Question: Google auction changes - Management is actively involved in optimizing ad placements and formats in response to Google's changes [59][60] Question: Average booking value decline - The decline in average booking value is primarily due to a higher mix of lower-priced third-party bookings [61][62] Question: Travel spending in a slower consumer environment - Management notes that consumers are defending travel spending, particularly on experiences, even in a slowing economy [70][72] Question: Pricing trends in Hotel Meta - Improvements in user experience have led to pricing uplifts in Hotel Meta, contributing to better monetization [73][76] Question: Viator marketing strategy - The marketing strategy focuses on utilizing paid channels effectively and enhancing user experience to drive repeat business [95][96] Question: Share count post-merger - Post-transaction, the expected diluted share count is approximately 118 million shares [98]

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $398 million, representing 1% growth or approximately 3% growth in constant currency, driven by marketplace businesses [8][23] - Consolidated adjusted EBITDA was $44 million, or 11% of revenue, exceeding expectations due to revenue outperformance and lower fixed costs [9][23] - Gross booking value (GBV) grew 10% or 12% in constant currency to approximately $1.1 billion [25] Business Line Data and Key Metrics Changes - Viator's revenue grew 10% to $156 million, with bookings growth of 15% [25][26] - Brand TripAdvisor's revenue was $219 million, a decline of 8%, but adjusted EBITDA was $65 million, or 30% of revenue, exceeding expectations [12][26] - The Fork's revenue grew 12% or 16% in constant currency to $46 million, driven by B2B software offerings [16][30] Market Data and Key Metrics Changes - North America remained the largest source market for Viator, with healthy growth in bookings [24] - The US share of international travel from certain source markets, particularly Canada, is down, while domestic travel share is up [19][20] Company Strategy and Development Direction - The company aims to be the most trusted source for travel and experiences, focusing on diversifying its portfolio and optimizing legacy offerings [6][7] - The strategy includes scaling marketplaces, particularly in experiences, and leveraging AI for personalized recommendations [8][17] - The merger with Liberty TripAdvisor Holdings has simplified the capital structure and aligned the company more closely with shareholders [6][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainty but remains confident in the long-term growth potential of travel and experiences [18][22] - Travel sentiment remains positive, with consumers planning leisure travel and prioritizing experiences in their budgets [21][70] - The company expects consolidated revenue growth of 5% to 7% for the full year, maintaining guidance despite macro uncertainties [38] Other Important Information - The company raised $350 million in an add-on to its existing Term Loan B and plans to restart its share repurchase program [32][34] - Adjusted EBITDA margins are expected to improve across segments, with Viator targeting mid-teens growth in revenue [36][37] Q&A Session Summary Question: Guidance and macro uncertainty - Management is comfortable with the current guidance framework despite macro uncertainties, expecting continued strong unit growth at Viator [40][42] Question: Impact of Liberty buyout - The merger has simplified the capital structure and allowed for a clearer focus on value drivers across the business [44][46] Question: Viator margins and marketing - Management believes Viator can achieve OTA-like margins through product-led growth and improved marketing efficiency [49][50] Question: Cross-border exposure and marketing adjustments - Viator is predominantly a North American booker base, making it less susceptible to international trade pressures [54][55] Question: Google auction changes - Management is actively involved in optimizing ad placements and formats in response to Google's changes [60][61] Question: Average booking value decline - The decline in average booking value is primarily due to a higher mix of third-party bookings, which generally have lower price points [62][63] Question: Travel spending in a slower consumer environment - Historical trends suggest consumers prioritize travel and experiences even during economic slowdowns [70][72] Question: Pricing improvement in Hotel Meta - Improvements in user experience and content have driven pricing uplifts in Hotel Meta, contributing to revenue growth [73][75] Question: Viator marketing strategy - The marketing strategy focuses on utilizing paid channels effectively to attract and retain customers [93][95] Question: Diluted share count post-merger - Post-transaction, the diluted share count is expected to be approximately 118 million shares [97]

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $398 million, representing a 1% growth or approximately 3% growth in constant currency, driven by marketplace businesses [6][20] - Consolidated adjusted EBITDA was $44 million, or 11% of revenue, exceeding expectations due to revenue outperformance and lower fixed costs [20][28] - Gross booking value (GBV) grew 10% or 12% in constant currency to approximately $1.1 billion [23] Business Line Data and Key Metrics Changes - Viator's revenue grew 10% to $156 million, with bookings growth of 15% [23][24] - Brand TripAdvisor's revenue was $219 million, a decline of 8%, but adjusted EBITDA was $65 million, representing 30% of revenue [10][24] - The Fork's revenue grew 12% or 16% in constant currency to $46 million, with a significant increase in B2B software subscriptions [15][27] Market Data and Key Metrics Changes - North America remained the largest source market for Viator, with stable booking windows year over year [22] - The US share of international travel from certain source markets, particularly Canada, is down, while domestic travel share is up [18] Company Strategy and Development Direction - The company aims to be the most trusted source for travel and experiences, focusing on diversifying its portfolio and optimizing legacy offerings [5][6] - There is a strong emphasis on leveraging AI to enhance user experience and operational efficiency across all segments [16][17] - The merger with Liberty TripAdvisor Holdings has simplified the capital structure and is expected to unlock new opportunities for growth and shareholder engagement [5][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainties but remains confident in the long-term growth potential of travel and experiences [19][20] - Travel sentiment remains positive, with consumers planning leisure travel and prioritizing experiences in their budgets [19][68] - The company is closely monitoring early signs of pressure in average booking value and cancellation rates [18][20] Other Important Information - The company raised $350 million in an add-on to its existing Term Loan B and expects to use the proceeds to pay down convertible notes due in 2026 [29][30] - The company plans to restart its share repurchase program with approximately $200 million remaining under its existing authorization [31] Q&A Session Summary Question: Guidance and macro uncertainty - Management is comfortable with the current guidance framework but acknowledges macro uncertainty as a reason for not adjusting guidance upward [39][41] Question: Impact of Liberty buyout - The completion of the Liberty buyout simplifies the capital structure and allows for a clearer focus on value drivers [42][43] Question: Viator margins and marketing - Management believes Viator can achieve OTA-like margins through product-led growth and improved marketing efficiency [48][49] Question: Cross-border exposure and marketing adjustments - Viator is predominantly a North American booker base, making it less susceptible to international trade route pressures [52] Question: Google auction changes - Management is actively involved in optimizing ad placements and formats on Google, viewing it as an opportunity for incremental traffic [58] Question: Average booking value decline - The decline in average booking value is primarily due to a higher mix of third-party bookings, which generally have lower price points [59][60] Question: Travel spending in a slower consumer environment - Historically, consumers defend travel spending, particularly on experiences, even during economic slowdowns [66][68] Question: Hotel Meta pricing improvement - Improvements in user experience and content have driven pricing uplifts in Hotel Meta, contributing to better monetization [70][72] Question: Viator marketing strategy - The marketing strategy for Viator remains focused on utilizing paid channels effectively to convert demand [90][92]