eDreams Odigeo announced Thursday that net income increased tenfold to €40.3 million ($43 million), with its Prime subscription membership reaching 7.8 million and “Adjusted EBITDA up 74%.” In the press release, words such as “strong,” “surged,” or “accelerated” were used.
For anyone evaluating travel subscription businesses — whether as an investor, competitor, or potential partner — here’s what actually matters in these reports.
The Framework for Reading Subscriptions Earnings
First, look at the difference between “adjusted”, and “actual”. eDreams led with Adjusted EBITDA of €138.4 million ($148 million) for the past nine months, but Cash EBITDA — which includes the full impact of subscription payment timing — came in at €126.7 million ($136 million), €11.7 million ($13 million) lower.
Adjusted Net Income was €63.8 million ($68 milli
