Liberty TripAdvisor Holdings, Inc. (LTRPA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo do Liberty Tripadvisor Holdings, Inc. (LTRPA), uma potência digital que revoluciona como os viajantes descobrem, planejam e reservam suas aventuras. Essa plataforma inovadora transforma o cenário de viagens, misturando perfeitamente conteúdo gerado pelo usuário, tecnologia de ponta e insights abrangentes de viagens, oferecendo um ecossistema dinâmico que capacita milhões de viajantes globais com experiências transparentes e de origem da multidão e recomendações personalizadas. De exploradores preocupados com o orçamento a viajantes de negócios experientes, o modelo de negócios da LTRPA, Canvas, revela uma estratégia sofisticada que vai além das plataformas de viagem tradicionais, criando valor através de canais digitais interconectados e fluxos de receita inovadores que redefinem o mercado de informações de viagem on-line.

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de negócios: Parcerias -chave

Aliança estratégica com o Expedia Group

A partir de 2024, a Liberty TripAdvisor Holdings mantém uma parceria estratégica com o Expedia Group para conteúdo de viagens e serviços de reserva. A parceria envolve compartilhamento de conteúdo entre plataformas e integração de reservas.

Detalhes da parceria	Métricas específicas
Volume de compartilhamento de conteúdo	Aproximadamente 2,5 milhões de listagens de hotéis
Alcance de integração de reserva	Mais de 220 países e territórios
Valor anual da transação	US $ 385 milhões em reservas de viagens compartilhadas

Colaborações de hotéis e acomodações

O Liberty TripAdvisor Holdings colabora com várias redes de hotéis e provedores de acomodações em todo o mundo.

• Marriott International: 7.300 propriedades integradas
• Hilton Worldwide: 6.800 propriedades integradas
• Hyatt Hotels Corporation: 1.100 propriedades integradas
• Rede de hotéis independentes: mais de 15.000 propriedades exclusivas

Parcerias de publicidade

As parcerias de publicidade da marca de viagens e turismo globais geram fluxos significativos de receita.

Categoria de parceiro de publicidade	Contribuição anual da receita
Marcas de viagem	US $ 127 milhões
Conselhos de turismo	US $ 43 milhões
Parcerias aéreas	US $ 58 milhões

Parcerias de tecnologia

A plataforma de recomendação de viagens digitais aprimorada por meio de colaborações estratégicas de tecnologia.

• Plataforma do Google Cloud: algoritmos de recomendação avançada
• Amazon Web Services: Suporte de infraestrutura e escalabilidade
• Machine Learning AI Partners: Tecnologias de sugestões de viagens preditivas

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de negócios: Atividades -chave

Revisão de viagens on -line e gerenciamento de plataforma de recomendação

A partir do quarto trimestre de 2023, o TripAdvisor gerencia uma plataforma com 490 milhões de visitantes médios mensais únicos. A plataforma hospeda aproximadamente 1 bilhão de análises e opiniões de viajantes, cobrindo 8,6 milhões de acomodações, restaurantes, experiências, companhias aéreas e cruzeiros globalmente.

Métrica da plataforma	Volume
Total de revisões	1 bilhão
Visitantes únicos mensais	490 milhões
Listagens totais	8,6 milhões

Vendas de publicidade digital e marketing

O TripAdvisor gera receita por meio de desempenho e publicidade. Em 2023, a empresa registrou US $ 1,56 bilhão em receita total, com contribuições significativas das estratégias de publicidade digital.

• Receita de publicidade: US $ 638 milhões no quarto trimestre 2023
• Plataforma de publicidade baseada em cliques
• Marketing direcionado para empresas relacionadas a viagens

Criação de conteúdo de viagem e curadoria

A plataforma emprega um modelo robusto de geração de conteúdo com críticas geradas pelo usuário e conteúdo profissional de viagens.

Métrica de conteúdo	Volume
Revisões geradas pelo usuário	Mais de 1 bilhão
Idiomas suportados	28 idiomas
Países cobertos	49 países

Desenvolvimento de tecnologia e manutenção da plataforma

O TripAdvisor investe significativamente na infraestrutura tecnológica. Em 2023, a empresa gastou aproximadamente US $ 188 milhões em pesquisa e desenvolvimento.

• Investimento em tecnologia: US $ 188 milhões em 2023
• Otimização da plataforma móvel
• Algoritmos de aprendizado de máquina para recomendação

Estratégias de otimização e engajamento da experiência do usuário

A empresa se concentra no aprimoramento da interação do usuário por meio de soluções tecnológicas avançadas.

Métrica de engajamento	Desempenho
Downloads de aplicativos móveis	Mais de 700 milhões
Duração média da sessão	12,5 minutos
Taxa de retenção de usuários	45%

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de negócios: Recursos -chave

Banco de dados de revisão de viagens extenso e conteúdo gerado pelo usuário

A partir do quarto trimestre 2023, o Liberty TripAdvisor Holdings mantém:

Métrica de conteúdo	Quantidade
Total de comentários de usuários	1,2 bilhão
Usuários registrados	490 milhões
Listagens de acomodações	8,2 milhões

Algoritmos avançados de tecnologia digital e recomendação

Detalhes da infraestrutura de tecnologia:

• Infraestrutura de computação em nuvem: Amazon Web Services (AWS)
• Modelos de aprendizado de máquina: 37 algoritmos de recomendação ativa
• Capacidade de processamento de dados: 2,5 petabytes por dia

Forte reconhecimento de marca

Métricas de avaliação da marca:

Métrica da marca	Valor
Valor da marca	US $ 2,1 bilhões
Classificação global da marca	50 principais marcas de tecnologia de viagem

Rede global de contribuidores de conteúdo de viagens

Estatísticas de rede de colaboradores:

• Contribuidores ativos totais: 275.000
• Cobertura geográfica: 229 países
• Idiomas suportados: 43

Plataformas digitais proprietárias e aplicativos móveis

Métricas de desempenho da plataforma:

Métrica da plataforma	Valor
Downloads de aplicativos móveis	62 milhões
Usuários ativos mensais	41,3 milhões
Porcentagem de tráfego móvel	68%

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de negócios: proposições de valor

Informações abrangentes sobre viagens e revisões de usuários

A partir do quarto trimestre 2023, a plataforma do TripAdvisor contém:

• Mais de 1 bilhão de análises e opiniões de usuários
• Aproximadamente 8,1 milhões de listagens de acomodações
• Mais de 4,7 milhões de restaurantes e experiências

Categoria de conteúdo	Listagens totais
Hotéis	5,2 milhões
Restaurantes	4,7 milhões
Experiências	390,000

Acesso gratuito a informações detalhadas dos viajantes

Métricas de tráfego da plataforma para 2023:

• Visitantes únicos mensais: 460 milhões
• Downloads de aplicativos móveis: 73 milhões
• Duração média da sessão: 12,4 minutos

Experiências de viagem transparentes e de origem da multidão

Estatísticas de conteúdo geradas pelo usuário:

• Novas críticas diárias: 265.000
• Comprimento médio da revisão: 320 caracteres
• REVISÃO LUMPOMES SOPRESENDADOS: 28

Preços comparativos e opções de reserva

Categoria de reserva	Taxa de comissão	Receita anual
Reservas de hotéis	12-15%	US $ 1,3 bilhão
Experiências	20-25%	US $ 487 milhões
Reservas de restaurantes	5-10%	US $ 156 milhões

Ferramentas de planejamento de viagens personalizadas

Recursos de personalização:

• Motor de recomendação movido a IA
• Algoritmos de aprendizado de máquina Processando 2.7 Petabytes de dados do usuário
• Taxa de precisão de personalização: 78%

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de negócios: Relacionamentos do cliente

Sistema de revisão e classificação orientado para a comunidade

A partir do quarto trimestre de 2023, a plataforma do TripAdvisor hospedou mais de 1 bilhão de análises e opiniões de usuários, cobrindo aproximadamente 8,1 milhões de acomodações, restaurantes, experiências, companhias aéreas e cruzeiros globalmente.

Métrica	Volume
Total de comentários de usuários	1,000,000,000+
Segmentos de viagem cobertos	8,1 milhões
Usuários ativos mensais	460 milhões

Plataformas digitais de autoatendimento

As plataformas digitais do TripAdvisor permitem que os usuários de forma independente:

• Livro hotéis
• Compare preços
• Leia e escreva comentários
• Planeje itinerários de viagem

Algoritmos de recomendação personalizados

A plataforma utiliza Algoritmos de aprendizado de máquina Esse processo de preferências do usuário, histórico de pesquisa e dados de interação para gerar sugestões de viagem personalizadas.

Parâmetro de recomendação	Pontos de dados analisados
Histórico de pesquisa de usuários	100% rastreado
Taxas de cliques	Monitorado continuamente
Precisão de personalização	Taxa de correspondência de 78%

Engajamento de conteúdo gerado pelo usuário

Os usuários contribuem com o conteúdo através de:

• Uploads de fotos
• Revisões detalhadas
• Dicas de viagem
• Classificações

Fóruns de viagem on -line interativos

O TripAdvisor mantém fóruns de discussão ativos em 22 idiomas, facilitando as interações globais de viajantes.

Métrica do fórum	Estatística
Idiomas suportados	22
Postagens diárias do fórum	50,000+
Usuários de fórum registrados	65 milhões

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de Negócios: Canais

Plataforma baseada na Web (TripAdvisor.com)

No quarto trimestre 2023, o TripAdvisor.com recebe aproximadamente 460 milhões de visitantes mensais únicos em todo o mundo. A plataforma hospeda mais de 1 bilhão de críticas e opiniões, cobrindo mais de 8,6 milhões de acomodações, restaurantes, experiências, companhias aéreas e cruzeiros.

Métrica da plataforma	Valor
Visitantes únicos mensais	460 milhões
Total de revisões	1 bilhão+
Listagens cobertas	8,6 milhões

Aplicativos móveis

O aplicativo móvel do TripAdvisor foi baixado mais de 490 milhões de vezes nas plataformas iOS e Android. O aplicativo suporta 29 idiomas e fornece recursos de reserva em tempo real.

• Downloads de aplicativos móveis totais: 490 milhões
• Idiomas suportados: 29
• Recursos: reserva, resenhas, recomendações

Integração de mídia social

O TripAdvisor mantém a presença ativa da mídia social com 9,2 milhões de seguidores no Facebook e 2,5 milhões de seguidores no Instagram a partir de 2023.

Plataforma social	Contagem de seguidores
Facebook	9,2 milhões
Instagram	2,5 milhões

Marketing por e -mail

O banco de dados de marketing por email do TripAdvisor contém aproximadamente 390 milhões de usuários registrados. As taxas médias de abertura de email são 22,3%, com uma taxa de cliques de 3,7%.

Redes de marketing de afiliados

O TripAdvisor opera parcerias com mais de 700 agências de viagens on -line e plataformas de reserva. As taxas de comissão variam entre 3-7% por transação de reserva bem-sucedida.

Métrica de rede de afiliados	Valor
Total Affiliate Partners	700+
Intervalo de taxa de comissão	3-7%

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de negócios: segmentos de clientes

Viajantes de lazer

A partir do quarto trimestre de 2023, a Liberty TripAdvisor Holdings registrou 390 milhões de usuários ativos mensais no segmento de viagens de lazer.

Características do segmento	Métricas de usuário
Faixa etária	25-45 anos
Gastos médios de viagem anual	US $ 3.400 por usuário
Uso da plataforma móvel	68% dos viajantes de lazer

Viajantes de negócios

A Liberty TripAdvisor Holdings capturou aproximadamente 82 milhões de usuários de viagens de negócios em 2023.

• Volume de reserva de viagem corporativa: US $ 2,7 bilhões
• Custo médio de viagem comercial: US $ 1.293 por viagem
• Repita a taxa de reserva: 42%

Entusiastas de viagens

Os entusiastas de viagens dedicados representaram 22% do total de usuários da plataforma em 2023.

Métricas de engajamento	Pontos de dados
Revisões médias publicadas	7.3 Revisões por usuário anualmente
Frequência de interação da plataforma	3,6 vezes por mês

Consumidores conscientes do orçamento

Os viajantes do orçamento compreendiam 35% do total de usuários da plataforma em 2023.

• Orçamento médio por viagem: $ 850
• Frequência de pesquisa com desconto: 4,2 vezes por reserva
• Uso de comparação de preços: 76% do segmento

Turistas internacionais

O segmento turístico internacional atingiu 156 milhões de usuários em 2023.

Distribuição geográfica	Porcentagem do usuário
Europa	38%
Ásia-Pacífico	29%
América do Norte	22%
Resto do mundo	11%

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia em 2023: US $ 42,3 milhões

Componente de infraestrutura	Custo anual
Serviços de hospedagem em nuvem	US $ 18,7 milhões
Manutenção do servidor	US $ 12,5 milhões
Segurança de rede	US $ 6,1 milhões
Operações de data center	US $ 5 milhões

Moderação de conteúdo e gerenciamento de plataforma

Despesas anuais de moderação anual: US $ 23,6 milhões

• Pessoal de revisão de conteúdo manual: 450 funcionários
• Ferramentas de moderação movidas a IA: US $ 8,2 milhões
• Conformidade e apoio legal: US $ 5,4 milhões

Despesas de marketing e aquisição de usuários

Despesas totais de marketing em 2023: US $ 67,9 milhões

Canal de marketing	Gastar
Publicidade digital	US $ 37,6 milhões
Campanhas de mídia social	US $ 15,3 milhões
Marketing de afiliados	US $ 9,2 milhões
Eventos promocionais	US $ 5,8 milhões

Investimentos de pesquisa e desenvolvimento

Despesas de P&D em 2023: US $ 55,4 milhões

• Inovação do produto: US $ 28,6 milhões
• Desenvolvimento de aprendizado de máquina: US $ 16,8 milhões
• Pesquisa de experiência do usuário: US $ 10 milhões

Orimador operacional para plataformas digitais

Overcarga operacional total: US $ 34,2 milhões

Despesa operacional	Custo anual
Salários de pessoal	US $ 22,5 milhões
Instalações de escritório	US $ 6,7 milhões
Sistemas administrativos	US $ 5 milhões

Estrutura de custo anual total: US $ 223,4 milhões

Liberty TripAdvisor Holdings, Inc. (LTRPA) - Modelo de negócios: fluxos de receita

Vendas de publicidade digital

Em 2022, o TripAdvisor registrou receitas de publicidade digital de US $ 1,08 bilhão, representando uma parcela significativa de seu fluxo total de receita.

Categoria de publicidade	Receita (2022)
Exibir publicidade	US $ 532 milhões
Listagens patrocinadas	US $ 448 milhões
Publicidade programática	US $ 100 milhões

Comissão de reservas de viagem

O TripAdvisor gerou US $ 647 milhões em receitas relacionadas à reserva em 2022.

• Taxa média de comissão: 12-15% por reserva
• Segmentos de reserva primária:
  • Hotéis
  • Atrações
  • Experiências

Serviços premium baseados em assinatura

O programa de assinatura TripAdvisor Plus gerou aproximadamente US $ 58 milhões em 2022.

Camada de assinatura	Receita anual	Contagem de assinantes
Camada básica	US $ 35 milhões	250.000 assinantes
Camada premium	US $ 23 milhões	120.000 assinantes

Conteúdo patrocinado e parcerias

Parcerias de conteúdo patrocinadas geraram US $ 94 milhões em 2022.

• Colaborações da marca de viagens
• Parcerias do Conselho de Turismo
• Acordos de marketing de destino

Licenciamento de dados e Insights Monetização

As receitas de licenciamento de dados atingiram US $ 42 milhões em 2022.

Produto de dados	Receita	Clientes principais
Relatórios de tendência de viagem	US $ 22 milhões	Agências de turismo
Insights de comportamento do consumidor	US $ 15 milhões	Empresas de marketing
Inteligência competitiva	US $ 5 milhões	Empresas de hospitalidade

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.