November 7, local time in the United States，188bet best bookmaker Group (NASDAQ:PCLN) announced its third quarter 2016 financial report。Financial report display，188bet best bookmaker’s total bookings in Q3 were .5 billion，25% year-on-year growth (26% growth after deducting exchange rate effects)。

Gross profit of US.6 billion，A year-on-year increase of 22% (a 23% increase after deducting the impact of exchange rate)，The international business achieved a gross profit of US.3 billion，25% year-on-year 188bet best bookmaker (26% 188bet best bookmaker after deducting exchange rate effects)。But the net profit is 5.USD 0.6 billion，58% decrease year-on-year。Diluted earnings per share is 10.USD 13，57% decrease year-on-year。

188bet best bookmaker’s impairment losses caused net profit to plummet

188bet best bookmaker’s net profit and diluted earnings per share in this quarter were mainly affected by the impairment loss of OpenTable9..1 billion impact of non-cash charges，The impairment loss is due to the company’s adjustments to its business strategy regarding OpenTable’s international expansion and other growth opportunities。Due to strategic adjustment and implementation of new plans，OpenTable long-term growth expectations slowdown。OpenTable will continue to implement measures to promote growth，But we will be more cautious during operation。

If there was no loss from OpenTable’s impairment，188bet best bookmaker’s profit level is still at a rapid growth level。Based on Non-GAAP，188bet best bookmaker’s net profit in the third quarter was US.6 billion，20% year-on-year increase。Non-GAAP diluted earnings per share is 31.USD 18，23 compared with the same period last year., an increase of 23%。Financial information provider’s forecast for 188bet best bookmaker’s third-quarter non-GAAP diluted earnings per share is 29.USD 92。Q3 Adjusted EBITDA of .9 billion，19% year-on-year increase。Net profit under Non-GAAP standards、Both diluted earnings per share and adjusted EBITDA do not include the above-mentioned goodwill impairment expenses related to OpenTable and other Non-GAAP adjusted data。

Why did 188bet best bookmaker suffer impairment losses?

188bet best bookmaker and domestic fantong.com、Similar to the ordering secretary，They are all trying to use the Internet as a tool to change people’s food ordering habits，The difference is that Fantong.com and Ordering Secretary also accept a large number of phone orders。188bet best bookmaker not only provides online booking services，Also helps restaurants build IT systems。This is similar to the domestic Yi Tao Shi and Hua La La ordering websites，Its revenue mainly comes from three parts: consumers’ ordering commission、Monthly fee for restaurant management software、Pre-installation and other revenue。

Since its establishment in 1998，188bet best bookmaker has covered 1.75 million restaurants around the world。

The catering industry is a huge market，But it is also a highly fragmented market，It is very difficult to integrate the upstream of the supply chain。With Hotel、One thing that is different about air ticket bookings is that people always have to plan their travels，So air tickets and hotel reservations are just needed。Therefore，The Internet tool has indeed brought great convenience to the industry，As a result, this industry was quickly transformed into the Internet。Meals are not as planned as air tickets、Hotel，And the traditional ordering by phone or queuing on site has become a deep-rooted habit，Consumers are too lazy to change。Therefore，188bet best bookmaker has always listed "habits" as the biggest enemy of the company's business。

188bet best bookmaker will integrate the acquired companies as usual，In order to effectively connect with the existing business system，Since the acquisition of OpenTable in 2014，But since the acquisition of OpenTable in 2014，The road to integration is not smooth，Early this year，188bet best bookmaker admitted in its 10-K report that the planned integration of OpenTable took far longer than expected。

At the Q3 earnings conference，Some people question that 188bet best bookmaker’s losses this time are due to delayed platform updates、Resulting from competition from TripAdvisor’s dining reservation platform and other fierce market competition factors。But the board of directors did not respond。

188bet best bookmaker Group CEO Jeffery Boyd said，“In terms of input-output ratio，OpenTable’s dining reservations grow。Although the development speed will slow down after the adjustment of future growth strategy，But OpenTable will continue to expand the number of restaurants、Cloud service restaurant management tools and new product development，Especially invest in casual dining。In the long run，We are confident in OpenTable’s future growth。”

188bet best bookmaker, who is good at investment and mergers and acquisitions, made a mistake？

After years of development，188bet best bookmaker has expanded from air tickets to multiple segments of travel。Currently 188bet best bookmaker mainly provides air tickets、Hotel、Car rental、Package travel、Cruise、Travel insurance and other highly standardized items，Belongs to an online agent whose main source of profit is commission collection。The reason why 188bet best bookmaker has achieved rapid growth，Become the number one bull stock in the U.S. stock market in ten years，In addition to its original unique "Name Your Own Price" (C2B) air ticket reverse pricing model，Thanks also to its active investment, mergers and acquisitions expansion strategy over the years。

Since 2000，188bet best bookmaker has successively conducted dozens of investments and mergers and acquisitions。With the development of mobile Internet and changes in tourism consumption trends，188bet best bookmaker’s investment and acquisition strategy is also constantly changing，From flight to hotel、Non-standard accommodation、International Car Rental、Cruise，The latest field of destination catering services。

June 2014，Online travel giant 188bet best bookmaker reaches an acquisition agreement with online hotel booking service provider OpenTable，Acquired the latter for US.6 billion，Expanded 188bet best bookmaker product line，And enter new areas from now on，188bet best bookmaker subsequently made a series of acquisitions in the destination catering service field。

Vigorous deployment in the field of catering services caters to the current development trend of tourist consumption。

Euromonitor International data display，The global destination service market reached US trillion in 2013，Much higher than the transportation and tourist accommodation market，2013-2018，The compound annual growth rate will reach 8%，The total amount reaches 2. trillion。In destination 188bet best bookmaker service，Largest global sales in shopping and dining，The figures for 2013 were US0 billion and US5 billion respectively。Shopping is expected to grow at the fastest rate in the next five years，The compound annual growth rate will reach 9%。

But due to the high degree of fragmentation of 188bet best bookmaker market，Resources are dispersed，Not getting much attention from online bookings and distributors，Independent travel users usually purchase these products from suppliers in the destination，Sometimes it is the hotel front desk。

And mobile channels are changing the status quo，Users are gradually beginning to use smartphones and tablets to search for destination services at their destinations。This will create huge opportunities for many companies to enter the market，Includes OTA、Travel agency、Travel review website、Hotels and Startups。The decentralized nature of destination services has brought challenges to 188bet best bookmaker companies in informatizing their supply chains，Also brings opportunities，This area is not yet widely developed，There is huge potential and considerable profits。

I saw the opportunity，The world’s major 188bet best bookmaker giants have begun to expand their layout，Acquisitions of destination activity companies are increasingly active。

TripAdvisor spent nearly 0 million on acquisitions in 2014，including 1.USD 9.2 billion acquisition of 188bet best bookmaker activities website Viator and 2.US>299_word_end<.8 billion for 6 other acquisitions。TripAdvisor mergers and acquisitions activity slowed in 2015，Only million spent on acquisitions，Including restaurants in Houston, USA、Bar Review、Social sharing platform Mytable、Portuguese restaurant reservation platform BestTables、Italian catering reservation platform Dimmi、Tripbod、 Lafourchette et al，These all belong to the destination activity platform。

September 2015，188bet best bookmaker acquires Melbourne-based Australian restaurant reservation platform AS Digitals。AS Digitals is a C-side restaurant reservation service、Hotel and Entertainment Company。After this acquisition，AS Digitals business is integrated into OpenTable’s business unit。There are various signs that，188bet best bookmaker attaches great importance to the online catering field，And will continue to make efforts in this field。

Currently，188bet best bookmaker has formed six main sub-brands: Booking.com、188bet best bookmakercom、Kayak、Agoda、RentalCars.com、OpenTable。

When integrating brands outside of OpenTable，188bet best bookmaker is a huge success，But compared to the previous ticket、Hotel、Car rental、Cruise、Travel insurance and other products，Destination catering reservation service resources are scattered、Severe fragmentation，Higher degree of non-standard，It also involves the information integration of the upstream industry chain。Major tourism companies are rushing to expand the field of destination activities，Hope to seize the opportunity，But as a pioneer，Enterprises need to bear the risks of initial market cultivation。

In addition，Overview of the online travel industry at home and abroad，The area where OTA is currently best at integrating is still air tickets、Hotel、Highly standardized resources such as car rental，But in terms of integration of fragmented products，OTA seems to be stretched thin，No matter 188bet best bookmaker、Expedia、TripAdvisor is still the domestic Ctrip、Where to go、Tuniu，Most of the current main sources of revenue come from air tickets、Standardized products such as hotels。

*Author of 188bet best bookmaker article: Wang Yanchao (personal WeChat: wangdayan110)，Coached Analyst，Welcome to follow and communicate！

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