Liberty TripAdvisor Holdings, Inc. (LTRPA): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Liberty TripAdvisor Holdings, Inc. (LTRPA), einem digitalen Kraftpaket, das die Art und Weise revolutioniert, wie Reisende ihre Abenteuer entdecken, planen und buchen. Diese innovative Plattform verändert die Reiselandschaft, indem sie benutzergenerierte Inhalte, modernste Technologie und umfassende Reiseeinblicke nahtlos miteinander verbindet und ein dynamisches Ökosystem bietet, das Millionen von Reisenden weltweit transparente, Crowdsourcing-Erlebnisse und personalisierte Empfehlungen bietet. Von preisbewussten Entdeckern bis hin zu erfahrenen Geschäftsreisenden offenbart das Business Model Canvas von LTRPA eine ausgefeilte Strategie, die über traditionelle Reiseplattformen hinausgeht und durch vernetzte digitale Kanäle und innovative Einnahmequellen Mehrwert schafft, die den Online-Reiseinformationsmarkt neu definieren.

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Expedia Group

Ab 2024 unterhält Liberty TripAdvisor Holdings eine strategische Partnerschaft mit der Expedia Group für Reiseinhalte und Buchungsdienste. Die Partnerschaft umfasst die plattformübergreifende gemeinsame Nutzung von Inhalten und die Buchungsintegration.

Einzelheiten zur Partnerschaft	Spezifische Kennzahlen
Inhaltsfreigabevolumen	Ungefähr 2,5 Millionen Hoteleinträge
Buchungsintegrationsreichweite	Über 220 Länder und Territorien
Jährlicher Transaktionswert	385 Millionen US-Dollar an gemeinsamen Reisebuchungen

Kooperationen zwischen Hotel- und Unterkunftsanbietern

Liberty TripAdvisor Holdings arbeitet weltweit mit mehreren Hotelketten und Unterkunftsanbietern zusammen.

• Marriott International: 7.300 Häuser integriert
• Hilton Worldwide: 6.800 Hotels integriert
• Hyatt Hotels Corporation: 1.100 Hotels integriert
• Unabhängiges Hotelnetzwerk: Über 15.000 einzigartige Häuser

Werbepartnerschaften

Globale Werbepartnerschaften für Reise- und Tourismusmarken generieren erhebliche Einnahmequellen.

Kategorie „Werbepartner“.	Jährlicher Umsatzbeitrag
Reisemarken	127 Millionen Dollar
Tourismusverbände	43 Millionen Dollar
Airline-Partnerschaften	58 Millionen Dollar

Technologiepartnerschaften

Digitale Reiseempfehlungsplattform, erweitert durch strategische Technologiekooperationen.

• Google Cloud Platform: Erweiterte Empfehlungsalgorithmen
• Amazon Web Services: Infrastruktur- und Skalierbarkeitsunterstützung
• KI-Partner für maschinelles Lernen: Prädiktive Reisevorschlagstechnologien

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Hauptaktivitäten

Online-Plattformverwaltung für Reisebewertungen und Empfehlungen

Im vierten Quartal 2023 verwaltet TripAdvisor eine Plattform mit durchschnittlich 490 Millionen einzelnen Besuchern pro Monat. Die Plattform beherbergt rund 1 Milliarde Reisebewertungen und Meinungen zu 8,6 Millionen Unterkünften, Restaurants, Erlebnissen, Fluggesellschaften und Kreuzfahrten weltweit.

Plattformmetrik	Lautstärke
Gesamtbewertungen	1 Milliarde
Monatliche einzigartige Besucher	490 Millionen
Gesamteinträge	8,6 Millionen

Vertrieb und Marketing für digitale Werbung

TripAdvisor generiert Einnahmen durch Performance- und Display-Werbung. Im Jahr 2023 meldete das Unternehmen einen Gesamtumsatz von 1,56 Milliarden US-Dollar, wobei digitale Werbestrategien maßgeblich dazu beitrugen.

• Werbeeinnahmen: 638 Millionen US-Dollar im vierten Quartal 2023
• Klickbasierte Werbeplattform
• Gezieltes Marketing für reisebezogene Unternehmen

Erstellung und Kuration von Reiseinhalten

Die Plattform nutzt ein robustes Content-Generierungsmodell mit benutzergenerierten Bewertungen und professionellen Reiseinhalten.

Inhaltsmetrik	Lautstärke
Benutzergenerierte Bewertungen	Über 1 Milliarde
Unterstützte Sprachen	28 Sprachen
Abgedeckte Länder	49 Länder

Technologieentwicklung und Plattformwartung

TripAdvisor investiert erheblich in die Technologieinfrastruktur. Im Jahr 2023 gab das Unternehmen rund 188 Millionen US-Dollar für Forschung und Entwicklung aus.

• Technologieinvestitionen: 188 Millionen US-Dollar im Jahr 2023
• Optimierung mobiler Plattformen
• Algorithmen des maschinellen Lernens für Empfehlungen

Strategien zur Optimierung der Benutzererfahrung und zum Engagement

Das Unternehmen konzentriert sich auf die Verbesserung der Benutzerinteraktion durch fortschrittliche technologische Lösungen.

Engagement-Metrik	Leistung
Mobile App-Downloads	Über 700 Millionen
Durchschnittliche Sitzungsdauer	12,5 Minuten
Benutzerbindungsrate	45%

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Reisebewertungsdatenbank und benutzergenerierte Inhalte

Mit Stand vom vierten Quartal 2023 behauptet Liberty TripAdvisor Holdings:

Inhaltsmetrik	Menge
Gesamtzahl der Benutzerbewertungen	1,2 Milliarden
Registrierte Benutzer	490 Millionen
Unterkunftsverzeichnisse	8,2 Millionen

Fortschrittliche digitale Technologie und Empfehlungsalgorithmen

Details zur Technologieinfrastruktur:

• Cloud-Computing-Infrastruktur: Amazon Web Services (AWS)
• Modelle für maschinelles Lernen: 37 aktive Empfehlungsalgorithmen
• Datenverarbeitungskapazität: 2,5 Petabyte pro Tag

Starke Markenbekanntheit

Kennzahlen zur Markenbewertung:

Markenmetrik	Wert
Markenwert	2,1 Milliarden US-Dollar
Globales Markenranking	Top 50 Marken für Reisetechnologie

Globales Netzwerk von Mitwirkenden an Reiseinhalten

Statistiken zum Mitwirkenden-Netzwerk:

• Gesamtzahl der aktiven Mitwirkenden: 275.000
• Geografische Abdeckung: 229 Länder
• Unterstützte Sprachen: 43

Proprietäre digitale Plattformen und mobile Anwendungen

Kennzahlen zur Plattformleistung:

Plattformmetrik	Wert
Mobile App-Downloads	62 Millionen
Monatlich aktive Benutzer	41,3 Millionen
Prozentsatz des mobilen Datenverkehrs	68%

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Wertversprechen

Umfassende Reiseinformationen und Benutzerbewertungen

Ab dem vierten Quartal 2023 umfasst die Plattform von TripAdvisor:

• Über 1 Milliarde Benutzerrezensionen und Meinungen
• Ungefähr 8,1 Millionen Unterkunftsanzeigen
• Mehr als 4,7 Millionen Restaurants und Erlebnisse

Inhaltskategorie	Gesamteinträge
Hotels	5,2 Millionen
Restaurants	4,7 Millionen
Erfahrungen	390,000

Kostenloser Zugang zu detaillierten Reiseinformationen

Plattform-Traffic-Metriken für 2023:

• Monatliche Einzelbesucher: 460 Millionen
• Downloads mobiler Apps: 73 Millionen
• Durchschnittliche Sitzungsdauer: 12,4 Minuten

Transparente und Crowdsourcing-Reiseerlebnisse

Statistiken zu benutzergenerierten Inhalten:

• Täglich neue Rezensionen: 265.000
• Durchschnittliche Rezensionslänge: 320 Zeichen
• Unterstützte Rezensionssprachen: 28

Vergleichende Preise und Buchungsoptionen

Buchungskategorie	Provisionssatz	Jahresumsatz
Hotelbuchungen	12-15%	1,3 Milliarden US-Dollar
Erfahrungen	20-25%	487 Millionen US-Dollar
Restaurantreservierungen	5-10%	156 Millionen Dollar

Personalisierte Reiseplanungstools

Personalisierungsfunktionen:

• KI-gestützte Empfehlungsmaschine
• Algorithmen für maschinelles Lernen verarbeiten 2,7 Petabyte an Benutzerdaten
• Personalisierungsgenauigkeitsrate: 78 %

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Kundenbeziehungen

Community-gesteuertes Überprüfungs- und Bewertungssystem

Im vierten Quartal 2023 beherbergte die Plattform von TripAdvisor über 1 Milliarde Nutzerbewertungen und Meinungen zu rund 8,1 Millionen Unterkünften, Restaurants, Erlebnissen, Fluggesellschaften und Kreuzfahrten weltweit.

Metrisch	Lautstärke
Gesamtzahl der Benutzerbewertungen	1,000,000,000+
Abgedeckte Reiseabschnitte	8,1 Millionen
Monatlich aktive Benutzer	460 Millionen

Digitale Self-Service-Plattformen

Die digitalen Plattformen von TripAdvisor ermöglichen es Benutzern, selbstständig:

• Hotels buchen
• Preise vergleichen
• Lesen und schreiben Sie Rezensionen
• Planen Sie Reiserouten

Personalisierte Empfehlungsalgorithmen

Die Plattform nutzt Algorithmen für maschinelles Lernen die Benutzerpräferenzen, Suchverlauf und Interaktionsdaten verarbeiten, um maßgeschneiderte Reisevorschläge zu generieren.

Empfehlungsparameter	Datenpunkte analysiert
Benutzersuchverlauf	100 % verfolgt
Klickraten	Kontinuierlich überwacht
Personalisierungsgenauigkeit	78 % Übereinstimmungsrate

Benutzergeneriertes Content-Engagement

Benutzer tragen Inhalte bei durch:

• Foto-Uploads
• Ausführliche Rezensionen
• Reisetipps
• Bewertungen

Interaktive Online-Reiseforen und Diskussionsforen

TripAdvisor unterhält aktive Diskussionsforen in 22 Sprachen und erleichtert die Interaktion zwischen Reisenden weltweit.

Forum-Metrik	Statistiken
Unterstützte Sprachen	22
Tägliche Forumbeiträge	50,000+
Registrierte Forumbenutzer	65 Millionen

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Kanäle

Webbasierte Plattform (TripAdvisor.com)

Im vierten Quartal 2023 verzeichnete TripAdvisor.com weltweit etwa 460 Millionen einzelne monatliche Besucher. Die Plattform beherbergt über 1 Milliarde Bewertungen und Meinungen zu mehr als 8,6 Millionen Unterkünften, Restaurants, Erlebnissen, Fluggesellschaften und Kreuzfahrten.

Plattformmetrik	Wert
Monatliche einzigartige Besucher	460 Millionen
Gesamtbewertungen	1 Milliarde+
Abgedeckte Einträge	8,6 Millionen

Mobile Anwendungen

Die mobile App von TripAdvisor wurde über 490 Millionen Mal auf iOS- und Android-Plattformen heruntergeladen. Die App unterstützt 29 Sprachen und bietet Echtzeit-Buchungsfunktionen.

• Gesamtzahl der Downloads mobiler Apps: 490 Millionen
• Unterstützte Sprachen: 29
• Features: Buchung, Bewertungen, Empfehlungen

Social-Media-Integration

TripAdvisor unterhält eine aktive Social-Media-Präsenz mit 9,2 Millionen Facebook-Followern und 2,5 Millionen Instagram-Followern (Stand 2023).

Soziale Plattform	Anzahl der Follower
Facebook	9,2 Millionen
Instagram	2,5 Millionen

E-Mail-Marketing

Die E-Mail-Marketing-Datenbank von TripAdvisor enthält etwa 390 Millionen registrierte Benutzer. Die durchschnittliche E-Mail-Öffnungsrate beträgt 22,3 % bei einer Klickrate von 3,7 %.

Affiliate-Marketing-Netzwerke

TripAdvisor unterhält Partnerschaften mit über 700 Online-Reisebüros und Buchungsplattformen. Die Provisionssätze liegen zwischen 3 und 7 % pro erfolgreicher Buchungstransaktion.

Affiliate-Netzwerk-Metrik	Wert
Gesamtzahl der Affiliate-Partner	700+
Provisionssatzbereich	3-7%

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Kundensegmente

Freizeitreisende

Im vierten Quartal 2023 meldete Liberty TripAdvisor Holdings 390 Millionen monatlich aktive Nutzer im Freizeitreisesegment.

Segmentmerkmale	Benutzermetriken
Altersspanne	25-45 Jahre alt
Durchschnittliche jährliche Reiseausgaben	3.400 $ pro Benutzer
Nutzung der mobilen Plattform	68 % der Urlaubsreisenden

Geschäftsreisende

Liberty TripAdvisor Holdings hat im Jahr 2023 rund 82 Millionen Geschäftsreisenutzer gewonnen.

• Buchungsvolumen für Geschäftsreisen: 2,7 Milliarden US-Dollar
• Durchschnittliche Geschäftsreisekosten: 1.293 USD pro Reise
• Wiederholungsquote: 42 %

Reisebegeisterte

Engagierte Reisebegeisterte machten im Jahr 2023 22 % aller Plattformnutzer aus.

Engagement-Kennzahlen	Datenpunkte
Durchschnittliche veröffentlichte Bewertungen	7,3 Bewertungen pro Benutzer jährlich
Häufigkeit der Plattforminteraktion	3,6 Mal pro Monat

Budgetbewusste Verbraucher

Budgetreisende machten im Jahr 2023 35 % aller Plattformnutzer aus.

• Durchschnittliches Budget pro Reise: 850 $
• Häufigkeit der Rabattsuche: 4,2 Mal pro Buchung
• Preisvergleichsnutzung: 76 % des Segments

Internationale Touristen

Das internationale Touristensegment erreichte im Jahr 2023 156 Millionen Nutzer.

Geografische Verteilung	Benutzerprozentsatz
Europa	38%
Asien-Pazifik	29%
Nordamerika	22%
Rest der Welt	11%

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur im Jahr 2023: 42,3 Millionen US-Dollar

Infrastrukturkomponente	Jährliche Kosten
Cloud-Hosting-Dienste	18,7 Millionen US-Dollar
Serverwartung	12,5 Millionen US-Dollar
Netzwerksicherheit	6,1 Millionen US-Dollar
Rechenzentrumsbetrieb	5 Millionen Dollar

Inhaltsmoderation und Plattformmanagement

Jährliche Gesamtkosten für die Moderation von Inhalten: 23,6 Millionen US-Dollar

• Personal für manuelle Inhaltsprüfung: 450 Mitarbeiter
• KI-gestützte Moderationstools: 8,2 Millionen US-Dollar
• Compliance und rechtliche Unterstützung: 5,4 Millionen US-Dollar

Ausgaben für Marketing und Benutzerakquise

Gesamte Marketingausgaben im Jahr 2023: 67,9 Millionen US-Dollar

Marketingkanal	Verbringen
Digitale Werbung	37,6 Millionen US-Dollar
Social-Media-Kampagnen	15,3 Millionen US-Dollar
Affiliate-Marketing	9,2 Millionen US-Dollar
Werbeveranstaltungen	5,8 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben im Jahr 2023: 55,4 Millionen US-Dollar

• Produktinnovation: 28,6 Millionen US-Dollar
• Entwicklung des maschinellen Lernens: 16,8 Millionen US-Dollar
• User Experience Research: 10 Millionen US-Dollar

Betriebsaufwand für digitale Plattformen

Gesamtbetriebskosten: 34,2 Millionen US-Dollar

Betriebskosten	Jährliche Kosten
Personalgehälter	22,5 Millionen US-Dollar
Büroeinrichtungen	6,7 Millionen US-Dollar
Verwaltungssysteme	5 Millionen Dollar

Jährliche Gesamtkostenstruktur: 223,4 Millionen US-Dollar

Liberty TripAdvisor Holdings, Inc. (LTRPA) – Geschäftsmodell: Einnahmequellen

Verkauf digitaler Werbung

Im Jahr 2022 meldete TripAdvisor Einnahmen aus digitaler Werbung in Höhe von 1,08 Milliarden US-Dollar, was einen erheblichen Teil seiner gesamten Einnahmequelle darstellt.

Werbekategorie	Umsatz (2022)
Display-Werbung	532 Millionen US-Dollar
Gesponserte Einträge	448 Millionen US-Dollar
Programmatische Werbung	100 Millionen Dollar

Provision aus Reisebuchungen

TripAdvisor erwirtschaftete im Jahr 2022 buchungsbezogene Einnahmen in Höhe von 647 Millionen US-Dollar.

• Durchschnittlicher Provisionssatz: 12-15 % pro Buchung
• Primäre Buchungssegmente:
  • Hotels
  • Attraktionen
  • Erfahrungen

Abonnementbasierte Premium-Dienste

Das TripAdvisor Plus-Abonnementprogramm generierte im Jahr 2022 etwa 58 Millionen US-Dollar.

Abonnementstufe	Jahresumsatz	Abonnentenzahl
Basisstufe	35 Millionen Dollar	250.000 Abonnenten
Premium-Stufe	23 Millionen Dollar	120.000 Abonnenten

Gesponserte Inhalte und Partnerschaften

Durch gesponserte Content-Partnerschaften wurden im Jahr 2022 94 Millionen US-Dollar generiert.

• Kooperationen mit Reisemarken
• Partnerschaften mit Tourismusverbänden
• Destinationsmarketingvereinbarungen

Datenlizenzierung und Insights-Monetarisierung

Die Einnahmen aus Datenlizenzen erreichten im Jahr 2022 42 Millionen US-Dollar.

Datenprodukt	Einnahmen	Hauptkunden
Reisetrendberichte	22 Millionen Dollar	Tourismusagenturen
Einblicke in das Verbraucherverhalten	15 Millionen Dollar	Marketingfirmen
Wettbewerbsintelligenz	5 Millionen Dollar	Gastronomieunternehmen

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Canvas Business Model: Value Propositions

You're looking at the value unlocked for Liberty TripAdvisor Holdings, Inc. stakeholders through the merger with Tripadvisor, Inc., which closed on April 29, 2025. This transaction was engineered to directly address the structural overhang that had been suppressing the equity value.

The primary value proposition centers on the simplification of Tripadvisor's capital structure, eliminating the holding company discount previously associated with Liberty TripAdvisor Holdings, Inc. This move creates a single class of shares for Tripadvisor, removing the controlling stockholder status and creating more strategic flexibility for the operating company.

For the LTRPA common shareholders, the value proposition was a direct liquidity event, converting their holdings into immediate cash. The aggregate cash payout to these common stockholders totaled approximately $20 million, based on a per-share cash receipt of $0.2567.

A critical component of the transaction's financial structure was the mandatory settlement of outstanding obligations. This included the full repayment of the 0.50% Exchangeable Senior Debentures, which amounted to approximately $330 million.

Furthermore, the deal provided a strategic mechanism for Tripadvisor to execute a significant capital return to its own shareholder base. Tripadvisor planned to retire approximately 27 million shares of its own common stock held by Liberty TripAdvisor, net of the roughly 2.4 million shares collateralizing the Variable Prepaid Forward contract. This is viewed as an effective repurchase of Tripadvisor common stock.

Here are the key financial outcomes that define the Value Propositions from this corporate action:

Financial Component	Amount/Rate
Cash per LTRPA/LTRPB Share	$0.2567
Total Cash to Common Shareholders	Approximately $20 million
Exchangeable Debentures Repayment	Approximately $330 million
Tripadvisor Shares Repurchased/Retired	Approximately 27 million
Shares Pledged under VPF (Offset)	Approximately 2.4 million

The core value propositions realized through the merger include:

• Simplified capital structure for Tripadvisor, eliminating the holding company discount.
• Direct liquidity event for LTRPA common shareholders at $0.2567 per share in cash.
• Full repayment of the $330 million Exchangeable Senior Debentures.
• Strategic mechanism for Tripadvisor to retire approximately 27 million of its own shares.

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Canvas Business Model: Customer Relationships

As of late 2025, the primary customer relationships for Liberty TripAdvisor Holdings, Inc. (LTRPA) are defined by the consummation of the merger with Tripadvisor, Inc., which was expected to close on April 29, 2025, making LTRPA an indirect wholly owned subsidiary of Tripadvisor.

The relationships with the former equity holders were transactional, culminating in the merger consideration paid out following the stockholder approval at the virtual special meeting held on April 24, 2025.

Relationship Type / Security	Pre-Merger Status / Obligation	Late 2025 Transactional Outcome
Common Shareholders (LTRPA and LTRPB)	Holders of Series A and Series B common stock entitled to vote on the Merger Agreement.	Received $0.2567 per share in cash, totaling approximately $20 million in aggregate.
Preferred Shareholders (LTRPP)	Holders of 8% Series A Cumulative Redeemable Preferred Stock, with a maturity in March 2025.	Received an aggregate of $42,471,000 in cash and 3,037,959 shares of Tripadvisor common stock.
Debenture Holders	Holders of $330 million aggregate principal amount of 0.50% Exchangeable Senior Debentures due 2051, with put rights starting March 27, 2025.	The $330 million Exchangeable Debentures were repaid in accordance with their terms upon closing of the Merger.

The contractual relationship with debenture holders was resolved through the merger repayment, avoiding the need for the contingent $330 million loan facility Tripadvisor had agreed to provide should holders exercise their put options before closing.

The relationship with the subsidiary's management team shifted from one of controlling shareholder influence to a direct parent-subsidiary formal relationship under Tripadvisor. Prior to the merger, Liberty TripAdvisor owned shares representing approximately 56.8% of the voting power of Tripadvisor (based on 126,535,867 Tripadvisor common stock and 12,799,999 Class B common stock outstanding as of October 31, 2024).

Investor relations activity in the period leading up to the late 2025 structure was heavily focused on the transaction:

• The definitive proxy materials were filed with the SEC for the special meeting.
• Key participants in the solicitation of proxies included Gregory B. Maffei, Chairman, President and Chief Executive Officer of Liberty TripAdvisor.
• D.F. King & Co., Inc. was retained as the proxy solicitor for a fee of approximately $10,000.
• Stockholders of record as of March 21, 2025, were eligible to vote at the April 24, 2025 meeting.

The relationship with the former common stockholders was formalized by the cash consideration of $0.2567 per share, which aggregated to about $20 million for all LTRPA and LTRPB shares.

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Canvas Business Model: Channels

You're looking at the final communication channels for Liberty TripAdvisor Holdings, Inc. (LTRPA) as the entity transitioned out of its public structure in 2025. The primary channels shifted from ongoing public disclosure to the finalization of the merger with Tripadvisor, Inc. Here's the quick math on how information flowed right up to the end.

Direct communication via SEC filings (10-K, 10-Q, 8-K) served as the mandatory pipeline until the entity ceased to be a public reporting company. The final major corporate action was communicated through these filings, marking the end of regular disclosure requirements.

• Form 15 to terminate registration filed on or about April 29, 2025.
• The last reported Quarterly Report (10-Q) was for the period ended 9/30/25, filed around November 6, 2025, likely as part of the wind-down process or reflecting the final status before full deregistration.
• Regulation FD Disclosure (Form 8-K) filed on October 19, 2023, announced the transition to OTCQB.

Investor Relations website and press releases were the active front-end for these mandatory filings. The official website for investor relations was listed as www.libertytripadvisorholdings.com/investors. Press releases provided the narrative around key events, such as the merger announcement on December 19, 2024.

Virtual Annual and Special Meetings of Stockholders provided the direct forum for shareholder votes on the final corporate transaction. The critical vote occurred at the virtual special meeting:

• Date of Special Meeting: April 24, 2025.
• Time of Special Meeting: 10:15 a.m., M.T.
• Key Approval: Adoption of the Agreement and Plan of Merger.

The final cash consideration for common stockholders was set at $0.2567 per share, totaling approximately $20 million aggregate for Series A and B common stock.

Stock exchanges (OTCQB) for trading LTRPA shares until April 2025 represented the final public trading venue. Trading on the OTCQB Venture Market commenced following suspension from Nasdaq on October 30, 2023. The shares ceased trading on the OTCQB upon the Merger's effective time prior to market open on April 29, 2025. The final consideration for the 8% Series A Cumulative Redeemable Preferred Stock was $42,471,000 in cash plus 3,037,959 shares of Tripadvisor common stock.

This table summarizes the key dates and financial markers related to the closing of these communication channels:

Channel Event/Metric	Date/Amount	Associated Security/Filing
Trading Suspension from Nasdaq	October 30, 2023	LTRPA and LTRPB
Commencement of Trading on OTCQB	October 30, 2023	LTRPA and LTRPB
Virtual Special Meeting of Stockholders	April 24, 2025	Merger Approval
Merger Effective Time / Cessation of OTCQB Trading	April 29, 2025	LTRPA Shares
Series A/B Common Stock Cash Payout	$0.2567 per share / $20 million aggregate	Merger Consideration
Preferred Stock Cash Payout	$42,471,000 cash	8% Series A Cumulative Redeemable Preferred Stock
Exchangeable Debentures Repayment	Approximately $330 million	0.50% Exchangeable Senior Debentures
Final Reporting Obligation Termination Filing	On or about April 29, 2025	Form 15

Investor Relations contact information remained static through the process, with the principal executive offices located at 12300 Liberty Blvd. Englewood, Colorado 80112 and the Investor Relations phone number listed as (720) 875-5700. For proxy matters, the toll-free stockholder call line was (888) 280-6942.

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Canvas Business Model: Customer Segments

You're looking at the final structure of Liberty TripAdvisor Holdings, Inc. (LTRPA) through the lens of its security holders, right after the April 29, 2025, merger with Tripadvisor, Inc. Honestly, the primary 'customer segments' became counterparties in a final transaction, defined by specific cash and stock payouts.

The segments are defined by the securities they held in Liberty TripAdvisor Holdings, Inc. prior to its absorption into Tripadvisor, Inc.

• LTRPA Series A and B common stockholders.
• Holders of the 8% Series A Cumulative Redeemable Preferred Stock.
• Holders of the 0.50% Exchangeable Senior Debentures due 2051.
• Institutional investors seeking exposure to Tripadvisor via the holding company.

Here's the quick math on what these segments received in the final transaction:

Security Holder Group	Final Consideration per Security/Total	Key Financial Amount
LTRPA Series A and B Common Stockholders	Cash per share	$0.2567 per share
LTRPA Series A and B Common Stockholders	Aggregate Cash Payout	Approximately $20 million in aggregate
8% Series A Cumulative Redeemable Preferred Stock Holders	Aggregate Cash Payout	$42,471,000 in cash
8% Series A Cumulative Redeemable Preferred Stock Holders	Tripadvisor Stock Received	3,037,959 shares of Tripadvisor common stock
0.50% Exchangeable Senior Debentures due 2051 Holders	Repayment Amount	Approximately $330 million repaid

The common stockholders (LTRPA and LTRPB) saw their shares cease trading on the OTCQB Venture Market upon the effective time of the Merger on April 29, 2025. Before this, the preferred stock had a mandatory redemption date tied to March 27, 2025, which was a major factor in the transaction timing.

For the institutional segment, which often includes large asset managers and insiders, the structure was heavily influenced by controlling parties. As of October 31, 2024, Liberty TripAdvisor held approximately 56.8% of the voting power of Tripadvisor shares. Gregory B. Maffei, a key figure, agreed to vote his shares, representing approximately 39% of the aggregate voting power, in favor of the transaction. As of a recent filing date, LTRPA showed 6 institutional owners filing 13D/G or 13F forms.

You can see the concentration of power in the pre-merger structure:

• Liberty TripAdvisor owned approximately 21.0% of Tripadvisor's issued and outstanding common stock (as of October 31, 2024).
• The preferred stock issuance to Certares was initially for 325,000 shares, paying an 8% coupon.
• The total merger consideration was approximately $435 million.

Finance: review the final 10-Q filing post-merger to confirm the exact number of LTRPA shares outstanding immediately prior to the effective time.

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Canvas Business Model: Cost Structure

You're looking at the final, significant costs that defined Liberty TripAdvisor Holdings, Inc.'s (LTRPA) structure leading up to and through its April 2025 merger with Tripadvisor, Inc. Since the entity was acquired, the ongoing cost structure is effectively zero post-merger, but the settlement of its liabilities forms the core of its final cost profile.

The primary cost drivers for Liberty TripAdvisor Holdings, Inc. were the servicing of its outstanding debt and preferred equity obligations, which culminated in the merger transaction.

Interest expense on the $330 million Exchangeable Debentures.

The 0.50% Exchangeable Senior Debentures carried a very low coupon, but the principal amount was substantial. Interest was payable quarterly. While the debentures were repaid upon the merger closing on April 29, 2025, the obligation existed prior to that date.

• Principal amount outstanding: Approximately $330 million.
• Stated annual interest rate: 0.50%.
• Interest payment frequency: Quarterly.
• Interest accrual in kind was an option if the merger was delayed past March 27, 2025.

Here's the quick math on the annual cash interest based on the principal outstanding before repayment:

Cost Component	Principal Amount	Annual Rate	Annual Interest Expense (Cash)
0.50% Exchangeable Debentures	$330,000,000	0.50%	$1,650,000

What this estimate hides is that the actual interest expense recognized in 2025 would only cover the period up to the April 29, 2025 repayment date.

Preferred stock dividend payments to Certares.

The 8% Series A Cumulative Redeemable Preferred Stock held by Certares was a significant, high-yield obligation that was settled as part of the merger consideration.

• Stated annual dividend rate: 8%.
• Total cash paid to preferred stockholders at closing: Approximately $42.5 million (or $42,471,000 in aggregate).
• This cash payment was made in lieu of a full redemption, which would have required a higher aggregate value based on redemption price.

General and administrative expenses (G&A) for corporate overhead.

As Liberty TripAdvisor Holdings, Inc. was a holding company, its G&A was primarily corporate overhead, shared services, and director fees. Following the April 2025 merger, these costs were absorbed into the surviving entity, Tripadvisor, Inc. For context on the scale of the surviving entity's G&A in 2025:

• Tripadvisor's GAAP General and administrative costs for the first quarter ended March 31, 2025, were $17 million.
• This Q1 2025 figure represented a 41% decrease year-over-year from $29 million in the same period of 2024.

Significant legal and advisory fees related to the 2025 merger.

The transaction incurred substantial one-time advisory and legal costs, primarily borne by the acquirer, Tripadvisor, but representing a cost associated with the dissolution of the LTRPA structure.

The financial advisor to the Tripadvisor Special Committee received a substantial fee:

Advisor/Service	Fee Amount	Notes
Centerview Partners LLC (Financial Advisor/Fairness Opinion)	$10,500,000 (Aggregate)	$3,000,000 payable upon rendering the opinion.
Proxy Solicitor Fee (D.F. King & Co., Inc.)	Approximately $10,000	Fee for services related to the shareholder vote.

Legal counsel fees were also significant for both sides, with firms like Weil, Gotshal & Manges LLP, Goodwin Procter LLP, and O'Melveny & Myers LLP representing Tripadvisor and its committees, and Potter Anderson & Corroon LLP advising Liberty TripAdvisor. These specific legal costs are part of the overall transaction expense, which was part of the approximately $430 million aggregate transaction price.

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Canvas Business Model: Revenue Streams

You're looking at the final, definitive cash event for Liberty TripAdvisor Holdings, Inc. as a standalone entity, given the merger closed in the second quarter of 2025. The revenue streams, in this context, are less about ongoing operations and more about the realization of the holding company's primary asset value.

Interest income earned on parent company cash balances was a minor, fluctuating component leading up to the transaction. For the three months ended March 31, 2025, interest income decreased by approximately $3 million when compared to the same period in 2024, mainly because of lower interest rates on demand bank deposits and money market funds.

Potential dividends or distributions from the Tripadvisor subsidiary were historically minimal, and the structure was constrained by debt covenants. The focus shifted entirely to the merger consideration, which effectively replaced any regular distribution stream.

The ultimate, defining revenue stream was the finalization of the acquisition by its subsidiary. The aggregate transaction value for the merger was announced at approximately $435 million, but the final aggregate transaction price recorded upon the closing on April 29, 2025, was $437 million. This final amount represents the value realized by Liberty TripAdvisor Holdings, Inc. stakeholders.

Here's a quick look at how that final transaction value was structured, which is the most significant financial event defining the revenue stream for LTRPA as of late 2025:

Transaction Component	Amount/Value	Notes
Aggregate Transaction Price (Final)	$437 million	Total consideration paid by Tripadvisor to acquire LTRPA.
Repayment of Exchangeable Senior Debentures	Approximately $330 million	Debt retired as part of the transaction.
Cash Paid for Series A/B Common Stock	Approximately $20 million	Cash consideration for common shares.
Cash Paid for 8% Series A Preferred Stock	$42,471,000	Cash component for preferred shareholders.
Tripadvisor Stock Issued for Preferred Stock	3,037,959 shares	Stock consideration for preferred shareholders.

The structure of the deal was designed to simplify the capital structure, which included these key elements:

• The transaction retired approximately $330 million in debt.
• The deal represented a buyback of roughly 19% of Tripadvisor's common stock and Class B common stock.
• The purchase price per share reflected a 16% premium.

For context on the holding company's pre-merger financial state, the total revenue reported for Liberty TripAdvisor Holdings, Inc. in the year 2024 was $1.84 billion, with a Q4 2024 revenue of $411.00 million.