How to Read Travel Subscription Earnings: The eDreams Q3 Case Study

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%.” The press release used words like “strong,” “surged,” and “accelerated.”

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 Subscription Earnings

Look first for the gap 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