Cash Flow And ValuationStructurally low marketing intensity combined with strong free cash flow margins supports a premium valuation case and increases upside if revenue momentum continues.
International ExpansionExpansion into high-potential markets such as Brazil, Japan, and India is bringing first-time bookers and could broaden the addressable market, supporting revenue growth.
Product InnovationProduct features such as Reserve Now Pay Later, a simplified fee structure, and updated cancellation policies are reducing booking friction and remain likely to boost conversion and nights booked.