UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35362 TRIPADVISOR, INC. (Exact name of registrant as specified in its charter) Delaware 80-0743202 (State or other jurisdiction of (I.R.S. Empl ...

Financial Data and Key Metrics Changes - The company reported a consolidated revenue growth of 65% year-over-year, reaching nearly 96% of 2019 revenue for the full year and exiting Q4 2022 at 106% of 2019 levels [5][24] - Q4 consolidated revenue was $354 million, reflecting a year-over-year growth of 47% and reaching 106% of 2019 levels [24][30] - Adjusted EBITDA for 2022 was $295 million, or 20% of revenue, reflecting a significant improvement from 11% in 2021 but down from 28% in 2019 [33] Business Line Data and Key Metrics Changes - Viator achieved record revenue with gross bookings value of approximately $2.7 billion, or 186% of 2019 levels, driven by strong demand [6][27] - TheFork's revenue reached $126 million in 2022, growing 48% year-over-year and reaching 99% of 2019 levels on a constant currency basis [8] - Tripadvisor Core segment revenue was $966 million, growing 45% year-over-year and reaching 79% of 2019 levels [10] Market Data and Key Metrics Changes - Recovery rates for reportable segments in Q4 were 85% for Tripadvisor Core, 208% for Viator, and 94% for TheFork compared to 2019 levels [24] - The U.S. market showed stronger recovery compared to EMEA and the Rest of the World, with hotel meta revenue recovering to 93% of 2019 levels [25][76] Company Strategy and Development Direction - The company aims to innovate around world-class guidance products and enhance mobile experiences to deepen traveler engagement [16][17] - Strategic priorities for 2023 include investing in growth for Viator, improving margins for TheFork, and establishing a clear long-term strategy for Tripadvisor Core [13][14][39] - The company plans to leverage first-party data to enhance monetization opportunities across its segments [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing recovery in travel demand, with strong signals of intent from travelers [55] - The company anticipates a flat year-over-year adjusted EBITDA margin for 2023, with expectations for steady growth in Tripadvisor Core and significant margin improvement in TheFork [38][57] Other Important Information - Free cash flow for 2022 was $344 million, significantly up from $54 million in 2021, supported by higher operating cash flow [34] - The company ended the year with over $1 billion in cash and $1.5 billion in total liquidity, providing a solid cushion against potential macro headwinds [35] Q&A Session Summary Question: What is the revenue guidance for 2023? - Management indicated that the growth rate for the travel market is expected to be mid-teens, with Viator anticipated to grow faster than the consolidated rate [42][43] Question: How does the company plan to utilize Generative AI? - Management sees Generative AI as a long-term opportunity to enhance personalized experiences and leverage the vast content asset of over 1 billion reviews [44][47] Question: What are the margin expectations for Viator in 2023? - Management expects Viator's margins to remain consistent year-over-year, with improvements anticipated in TheFork due to prior investments [56][57] Question: What is the expected performance of Tripadvisor Core? - Management aims for steady growth and margin expansion in Tripadvisor Core over the midterm, with a focus on enhancing engagement and product offerings [60][64]

Tripadvisor, Inc. (NASDAQ:TRIP) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants Angela White – Vice President-Investor Relations Matt Goldberg – President and Chief Executive Officer Mike Noonan – Incoming Chief Financial Officer Ernst Teunissen – Outgoing Chief Financial Officer Conference Call Participants Richard Clarke – Sanford C. Bernstein Naved Khan – Truist Securities Lloyd Walmsley – UBS Jed Kelly – Oppenheimer & Company James Lee – Mizuho Mario Lu – Barclays Brian ...

Financial Data and Key Metrics Changes - Revenue for Q1 2022 was reported at 70% of 2019 levels, improving to over 80% by the end of March and further in April [8][9] - The Hotels, Media & Platform (HM&P) segment recovered to 63% in Q1, with March at 76% and over 80% in April [21] - Experiences & Dining (E&D) revenue exceeded 130% of 2019 levels in April, with Experiences alone surpassing 140% [23][24] Business Line Data and Key Metrics Changes - The HM&P segment's hotel subscription business and display advertising lagged in recovery compared to other areas, attributed to rebuilding the salesforce and slower up-funnel advertising [21] - Auction revenue recovered quickly after January, reaching 76% of 2019 levels in March and improving significantly in April [21] - E&D showed phenomenal growth, particularly in Experiences, which is growing rapidly and exceeding expectations [24] Market Data and Key Metrics Changes - The recovery in the U.S. market has been robust, with U.S. travelers to Europe exceeding 2019 levels in April [23][57] - Europe as a destination for Experiences has regained strength, matching or exceeding the U.S. as a destination in April [57] Company Strategy and Development Direction - The company is focused on leveraging its unique position in the travel ecosystem and enhancing its offerings through strategic investments [5][61] - The appointment of a new CEO is expected to bring fresh perspectives and strategies to drive growth and address competitive challenges [6][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transition of leisure travel back to full recovery and the potential benefits for the company [9] - The company is optimistic about its growth trajectory, particularly in the Experiences & Dining segment, which is outperforming expectations [24] Other Important Information - The company is investing significantly in marketing and product development for both Viator and TheFork, despite current losses, with a long-term view of achieving profitability [35][36] - The Trip Plus initiative remains a focus, with ongoing testing and iteration to find the right product-market fit [38] Q&A Session Summary Question: Thoughts on the new CEO's expertise and its benefits - Management highlighted the new CEO's broad experience across various roles and industries, emphasizing the importance of his ability to see the whole picture and drive growth [12][14][16] Question: Impact of the Digital Markets Act in Europe - Management acknowledged potential benefits from the regulatory changes but emphasized a cautious approach to strategy formulation around it [17] Question: Performance of HM&P and E&D segments - Management noted that the HM&P segment is recovering slower than OTAs, particularly in hotel subscriptions and display advertising, while E&D is seeing strong growth driven by both conversions and increased traffic [20][23] Question: Viator's potential IPO and revenue recognition - Management clarified that revenue from Tripadvisor's point-of-sale would be recognized under Viator if separated, and they are exploring options for a sub-IPO for Viator [27][29] Question: Marketing spend relative to 2019 levels - Management indicated that marketing expenditures for HM&P have remained consistent with 2019, while E&D has seen increased spending to drive growth [31][32] Question: Recovery of the B2B business - Management expects the B2B business to recover steadily, with a focus on rebuilding the salesforce and improving subscription offerings [48][49]

Financial Data and Key Metrics Changes - In 2021, revenue started at one-third of pre-pandemic levels and exited the year at 72% of pre-pandemic levels, with Q4 results slightly ahead of expectations [8][9] - The company managed costs effectively, maintaining fixed cost savings while balancing future revenue opportunities with investments [9][65] Business Line Data and Key Metrics Changes - The Experiences segment showed strong growth, with expectations for revenue in 2022 to exceed 2019 levels [9][19] - The Dining segment is focusing on increasing penetration in Europe, where restaurant reservations are under-penetrated compared to the U.S. [18][72] Market Data and Key Metrics Changes - The company observed a strong recovery in February 2022, following a challenging January impacted by Omicron, with significant improvements in both the hotel auction and Dining business [25][82] Company Strategy and Development Direction - The company is exploring a potential sub-IPO for Viator, which is expected to crystallize value and provide growth opportunities [9][21] - There is a focus on enhancing the user experience and product offerings across all segments, particularly in Experiences and Dining [19][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of consumer travel in 2022, particularly in international travel, which is a strength for the company [9][10] - The company is cautious about making forward-looking statements based on short-term data but is encouraged by recent trends [24][25] Other Important Information - The company achieved a milestone of 1 billion reviews and opinions, highlighting the strength of its brand and user engagement [6][56] - Management is actively searching for a new CEO, with updates to be provided as the process continues [7] Q&A Session Summary Question: Opportunities for investment in Viator and long-term growth in Dining - Management highlighted strong growth in the Experiences business, particularly in U.S. domestic consumption, and emphasized the importance of improving product quality and marketing strategies [13][18] Question: Trends in Experiences & Dining and impact of Omicron - Management noted that January was significantly impacted by Omicron, but February showed strong recovery trends in both Dining and Experiences [25][26] Question: Regional performance of Experiences and Plus subscription management - Management indicated strong performance in the U.S. market for Experiences, with ongoing improvements in Europe and APAC, and discussed the challenges in consumer uptake for the Plus subscription [31][33] Question: Long-term margin targets for Experiences & Dining - Management reaffirmed long-term margin targets in the mid to high 20s for Experiences & Dining, emphasizing healthy economics and growth potential [39][52] Question: Cost savings and reinvestment strategies - Management outlined plans to retain most fixed cost savings in HM&P while reinvesting a significant portion of E&D savings into growth initiatives [64][65] Question: Recovery of travel spend and revenue expectations - Management expects a progressive return to pre-pandemic levels of leisure travel spending throughout 2022, with revenue recovery following a similar pattern [67] Question: Viator's growth and operational synergies - Management discussed the importance of Viator's core platform for long-term growth and the operational synergies with TripAdvisor, emphasizing a strong supply base and quality standards [50][80]