v3.25.1
Subsequent Events
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events NOTE 13: SUBSEQUENT EVENTS

Consummation of LTRIP and Tripadvisor Merger Agreement on April 29, 2025

Refer to “Note 1: Basis of Presentation”, under the section titled LTRIP and Tripadvisor Merger Agreement and Loan Agreement, for further information.

Retirement of Treasury Shares

On April 29, 2025, the Company’s Board of Directors approved the retirement and cancellation of all of the treasury stock held by the Company at March 31, 2025, or 26,260,252 shares. As of March 31, 2025, this treasury stock is presented as “treasury stock-common stock, at cost” on our unaudited condensed consolidated balance sheet with a carrying value of $847 million. In addition, as noted in “Note 1: Basis of Presentation”, under the section titled LTRIP and Tripadvisor Merger Agreement and Loan Agreement, on April 29, 2025, the Board of Directors retired the shares of Tripadvisor common stock and Class B common stock previously held by LTRIP, thereby canceling approximately 26.8 million shares of the Company and reducing the Company’s outstanding shares by the same number. On our unaudited condensed consolidated balance sheet, we plan to record a reduction to common stock, equal to the par value of the shares retired. The excess cost of the shares over par value will be recorded as a deduction to additional paid-in capital, to the extent there is additional paid-in capital in the same class of stock, and any remaining excess as a deduction to retained earnings. There will be no effect to the Company’s total stockholders’ equity balance on its unaudited condensed consolidated balance sheet due to the retirement of these treasury shares.

Redomestication to Nevada

Effective April 29, 2025, the Company effected the redomestication of the Company to the State of Nevada by conversion, which redomestication by conversion was approved by the Company's stockholders in June 2023. With respect to such redomestication, a Plan of Conversion was filed with the Delaware Secretary of State and Articles of Conversion and Articles of Incorporation were filed with the Nevada Secretary of State. We expect that the redomestication will have no impact on our unaudited condensed consolidated financial statements.