Part I—Financial Information [Unaudited Condensed Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Condensed%20Financial%20Statements) Unaudited Q1 2022 financial statements reveal **$262 million** revenue, a **$34 million** net loss, and **$86 million** positive operating cash flow Condensed Consolidated Statements of Operations (Q1 2022 vs Q1 2021) | Metric | Three months ended March 31, 2022 ($ million) | Three months ended March 31, 2021 ($ million) | | :--- | :--- | :--- | | **Revenue** | 262 | 123 | | **Operating Loss** | (20) | (84) | | **Net Loss** | (34) | (80) | | **Diluted Loss Per Share** | (0.24) | (0.59) | Condensed Consolidated Balance Sheets (As of March 31, 2022) | Account | March 31, 2022 ($ million) | December 31, 2021 ($ million) | | :--- | :--- | :--- | | **Cash and cash equivalents** | 781 | 723 | | **Total Current Assets** | 1,043 | 940 | | **Total Assets** | 2,372 | 2,289 | | **Long-term debt** | 834 | 833 | | **Total Liabilities** | 1,605 | 1,500 | | **Total Stockholders' Equity** | 767 | 789 | Condensed Consolidated Statements of Cash Flows (Q1 2022 vs Q1 2021) | Cash Flow Activity | Three months ended March 31, 2022 ($ million) | Three months ended March 31, 2021 ($ million) | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | 86 | (19) | | **Net cash used in investing activities** | (14) | (10) | | **Net cash provided by (used in) financing activities** | (10) | 287 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial results, emphasizing strong revenue growth, COVID-19 recovery, strategic marketing, and robust liquidity - The company's long-term growth strategy focuses on enhancing user experience, driving loyalty, expanding bookable offerings, and deepening travel partner engagement[143](index=143&type=chunk) - Consolidated revenue for Q1 2022 increased **113% YoY** to **$262 million**, reaching approximately **70% of 2019 levels**, indicating strong recovery[148](index=148&type=chunk) Revenue and Adjusted EBITDA by Segment (Q1 2022 vs Q1 2021) | Segment | Q1 2022 Revenue ($ million) | Q1 2021 Revenue ($ million) | YoY Change | Q1 2022 Adj. EBITDA ($ million) | Q1 2021 Adj. EBITDA ($ million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hotels, Media & Platform | 160 | 88 | +82% | 46 | (3) | | Experiences & Dining | 92 | 28 | +229% | (22) | (24) | | Other | 10 | 7 | +43% | 3 | 1 | - The company believes its cash and cash equivalents of **$781 million**, along with available credit, are sufficient to fund operations and commitments for at least the next twelve months[216](index=216&type=chunk) [Business Trends and COVID-19 Impact](index=27&type=section&id=Business%20Trends%20and%20COVID-19%20Impact) The company notes substantial improvement in Q1 2022 traffic and revenue, with unique users reaching **71% of 2019 levels**, driven by recovering travel demand - Average monthly unique users reached approximately **71% of 2019 levels** in Q1 2022, up from approximately **55%** in Q1 2021[147](index=147&type=chunk) - Consolidated revenue for Q1 2022 reached approximately **70% of 2019 levels**, a significant improvement from **33%** in Q1 2021[148](index=148&type=chunk) [Segment Performance Analysis](index=27&type=section&id=Segment%20Performance%20Analysis) Segment analysis shows Hotels, Media & Platform revenue grew **82% YoY** to **$160 million**, and Experiences & Dining surged **229% YoY** to **$92 million** - Hotels, Media & Platform revenue increased **82% YoY**, reaching approximately **63% of 2019 levels**, with U.S. hotel auction CPC rates nearing or exceeding 2019 levels[153](index=153&type=chunk) - Experiences & Dining segment revenue increased **229% YoY**, reaching approximately **115% of 2019 levels**, with Experiences revenue growing over **350%** compared to Q1 2021[159](index=159&type=chunk)[160](index=160&type=chunk) - Dining revenue increased approximately **125% YoY**, nearly reaching parity with 2019 levels, as European restaurants reopened[160](index=160&type=chunk) [Consolidated Expense Analysis](index=33&type=section&id=Consolidated%20Expense%20Analysis) Consolidated expenses show a **93% increase** in Selling and Marketing costs to **$141 million**, driven by direct SEM spend, while Technology and Content costs decreased **2%** Selling and Marketing Expenses (Q1 2022 vs Q1 2021) | Expense Category | Q1 2022 ($ million) | Q1 2021 ($ million) | YoY Change | | :--- | :--- | :--- | :--- | | Direct costs | 94 | 29 | +224% | | Personnel and overhead | 47 | 44 | +7% | | **Total** | **141** | **73** | **+93%** | - Technology and content costs decreased by **$1 million (2%) YoY** to **$54 million**, primarily due to lower stock-based compensation expense[187](index=187&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$781 million** in cash and **$497 million** available credit, achieving **$86 million** positive operating cash flow - As of March 31, 2022, the company had **$781 million** in cash and cash equivalents and **$497 million** available borrowing capacity under its Credit Facility[204](index=204&type=chunk) Cash Flow Summary (Q1 2022 vs Q1 2021) | Cash Flow Activity | Q1 2022 ($ million) | Q1 2021 ($ million) | | :--- | :--- | :--- | | Operating Activities | 86 | (19) | | Investing Activities | (14) | (10) | | Financing Activities | (10) | 287 | - The company received a **$48 million** U.S. federal tax refund in April 2022 related to the carryback of net operating losses under the CARES Act[215](index=215&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes to the company's market risk profile occurred in Q1 2022, though exposure to foreign currency fluctuations and geopolitical tensions persists - The company reports no material change in its market risk profile during Q1 2022[231](index=231&type=chunk) - Key market risks include adverse changes in stock prices, interest rates, and foreign currency exchange rates, heightened by international operations, the COVID-19 pandemic, Brexit, and geopolitical tensions[232](index=232&type=chunk)[233](index=233&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting - Management concluded that as of March 31, 2022, the company's disclosure controls and procedures were effective[234](index=234&type=chunk) - There were no material changes to the company's internal control over financial reporting during Q1 2022[235](index=235&type=chunk) Part II—Other Information [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course legal matters, with management not expecting a material adverse effect on the business - The company is involved in various typical legal matters, including intellectual property, tax, and regulatory compliance[236](index=236&type=chunk) - Management does not believe the final disposition of these matters will have a material adverse effect on the business[236](index=236&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the December 31, 2021 Annual Report on Form 10-K - There have been no material changes in the company's risk factors from those disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021[237](index=237&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity securities were sold, and no shares were repurchased in Q1 2022, with **$75 million** remaining available under the repurchase program - No unregistered equity securities were issued or sold during the quarter ended March 31, 2022[238](index=238&type=chunk) - No shares of common stock were repurchased in Q1 2022; **$75 million** remains available under the program, but repurchases are restricted by covenants[239](index=239&type=chunk) [Other Information and Exhibits](index=42&type=section&id=Other%20Information%20and%20Exhibits) This section confirms no defaults on senior securities or mine safety disclosures, concluding with a list of filed exhibits including management certifications - The company reports no defaults upon senior securities[240](index=240&type=chunk) - The report includes standard exhibits such as CEO/CFO certifications, Inline XBRL documents, and certain management compensation agreements[243](index=243&type=chunk)

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]

TripAdvisor, Inc. (NASDAQ:TRIP) Q3 2021 Earnings Conference Call November 9, 2021 8:30 AM ET Company Participants Angela White - VP of IR Stephen Kaufer - CEO Ernst Teunissen - CFO and Chief Executive, Viator, TheFork and Cruise Critic Conference Call Participants Naved Khan - Truist Securities James Lee - Mizuho Securities Jed Kelly - Oppenheimer Deepak Mathivanan - Wolfe Research Brian Fitzgerald - Wells Fargo Mario Lu - Barclays Vince Cipiel - Cleveland Research Kevin Kopelman - Cowen Operator Ladies and ...

Part I—Financial Information [Item 1. Unaudited Condensed Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Financial%20Statements) This section presents Tripadvisor's unaudited condensed consolidated financial statements, including statements of operations, comprehensive income (loss), balance sheets, changes in stockholders' equity, and cash flows for the periods ended September 30, 2021, and December 31, 2020, along with detailed notes [Unaudited Condensed Consolidated Statements of Operations](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) | Metric (in millions) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $303 | $151 | $661 | $488 | | Operating income (loss) | $16 | $(46) | $(103) | $(237) | | Net income (loss) | $1 | $(48) | $(119) | $(217) | | Basic EPS | $0.01 | $(0.36) | $(0.87) | $(1.61) | | Diluted EPS | $0.01 | $(0.36) | $(0.87) | $(1.61) | | Basic Shares O/S | 138 | 134 | 137 | 135 | | Diluted Shares O/S | 144 | 134 | 137 | 135 | [Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) | Metric (in millions) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income (loss) | $1 | $(48) | $(119) | $(217) | | Foreign currency translation adjustments, net of tax | $(10) | $13 | $(19) | $7 | | Reclassification adjustments included in net income (loss), net of tax | $2 | — | $2 | $1 | | Total other comprehensive income (loss), net of tax | $(8) | $13 | $(17) | $8 | | Comprehensive income (loss) | $(7) | $(35) | $(136) | $(209) | [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) | Metric (in millions) | Sep 30, 2021 | Dec 31, 2020 | | :------------------- | :----------- | :----------- | | Total current assets | $960 | $573 | | Total assets | $2,312 | $1,969 | | Total current liabilities | $363 | $242 | | Total liabilities | $1,518 | $1,083 | | Total Stockholders' Equity | $794 | $886 | [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) | Metric (in millions) | Balance as of Dec 31, 2020 | Net Income (Loss) | Other Comprehensive Income (Loss) | Issuance of common stock | Withholding taxes | Stock-based compensation | Balance as of Sep 30, 2021 | | :------------------- | :------------------------- | :---------------- | :-------------------------------- | :----------------------- | :---------------- | :----------------------- | :------------------------- | | Additional paid-in capital | $1,253 | — | — | $8 | $(39) | $101 | $1,297 | | Retained earnings | $389 | $(119) | — | — | — | — | $270 | | Accumulated other comprehensive income (loss) | $(34) | — | $(17) | — | — | — | $(51) | | Total Stockholders' Equity | $886 | $(119) | $(17) | $8 | $(39) | $101 | $794 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Metric (in millions) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :------------------- | :-------------------------- | :-------------------------- | | Net cash provided by (used in) operating activities | $43 | $(180) | | Net cash provided by (used in) investing activities | $(41) | $(46) | | Net cash provided by (used in) financing activities | $269 | $349 | | Net increase in cash, cash equivalents and restricted cash | $264 | $127 | | Cash, cash equivalents and restricted cash at end of period | $682 | $446 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the unaudited condensed consolidated financial statements, covering business description, accounting policies, revenue recognition, financial instruments, debt, income taxes, commitments, contingencies, stock-based awards, stockholders' equity, earnings per share, segment information, and other income/expense [NOTE 1: BUSINESS DESCRIPTION AND BASIS OF PRESENTATION](index=13&type=section&id=NOTE%201:%20BUSINESS%20DESCRIPTION%20AND%20BASIS%20OF%20PRESENTATION) Tripadvisor is a global online travel guidance platform. The financial statements are prepared in accordance with GAAP, consolidating wholly-owned subsidiaries and variable interest entities. Liberty TripAdvisor Holdings, Inc. (LTRIP) holds a significant voting interest (**57.0%**). The company continues to face risks and uncertainties due to the COVID-19 pandemic, which has impacted travel demand and led to restructuring actions [Description of Business](index=13&type=section&id=Description%20of%20Business) - Tripadvisor is a leading online travel company operating a global travel guidance platform[37](index=37&type=chunk) - Connects travelers with partners through content, price comparison, and online reservation services for destinations, accommodations, activities, and restaurants[37](index=37&type=chunk) - Operates the flagship Tripadvisor brand in over **40** markets and a portfolio of other online travel brands[37](index=37&type=chunk) [Basis of Presentation](index=13&type=section&id=Basis%20of%20Presentation) - Financial statements are consolidated, including wholly-owned subsidiaries and variable interest entities (VIEs) in China[38](index=38&type=chunk) - Prepared in accordance with GAAP and SEC interim reporting requirements[39](index=39&type=chunk) - LTRIP beneficially owns **57.0%** of voting power as of September 30, 2021[40](index=40&type=chunk) [Risks and Uncertainties](index=13&type=section&id=Risks%20and%20Uncertainties) - COVID-19 pandemic continues to pose significant risks and uncertainties, impacting travel demand and leading to government restrictions[41](index=41&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) - Company undertook restructuring actions in 2020, including headcount reductions, recognizing **$42 million** in costs[43](index=43&type=chunk)[44](index=44&type=chunk) - Uncertainty remains regarding vaccine distribution, efficacy against variants (e.g., Delta), and the long-term impact on consumer travel demand[44](index=44&type=chunk) [Accounting Estimates](index=14&type=section&id=Accounting%20Estimates) - Significant estimates include goodwill recognition/recoverability and income taxes[45](index=45&type=chunk) - COVID-19 has increased judgment and variability in estimates[45](index=45&type=chunk) [Seasonality](index=14&type=section&id=Seasonality) - Historically, financial performance is highest in Q2 and Q3 due to peak consumer travel[46](index=46&type=chunk) - COVID-19 disrupted typical seasonal patterns in 2020, but trends improved in Q2 and Q3 2021[46](index=46&type=chunk) - Future seasonality remains uncertain due to the pandemic and potential shifts in business mix[46](index=46&type=chunk) [NOTE 2: SIGNIFICANT ACCOUNTING POLICIES](index=15&type=section&id=NOTE%202:%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The company early adopted new FASB guidance in Q1 2021, simplifying accounting for convertible debt instruments, specifically applied to its 2026 Senior Notes, with no impact on prior periods. No other significant changes to accounting policies since December 31, 2020 - Early adopted new FASB guidance in Q1 2021 for convertible debt instruments, treating them as a single liability at amortized cost[47](index=47&type=chunk) - Applied to 2026 Senior Notes, with no impact on prior periods[47](index=47&type=chunk) - No other significant changes to accounting policies since December 31, 2020[48](index=48&type=chunk) [NOTE 3: REVENUE RECOGNITION](index=15&type=section&id=NOTE%203:%20REVENUE%20RECOGNITION)

TripAdvisor, Inc. (NASDAQ:TRIP) Q2 2021 Earnings Conference Call August 6, 2021 8:30 AM ET Company Participants Will Lyons - Vice President of Investor Relations Stephen Kaufer - President and Chief Executive Officer Ernst Teunissen - Chief Financial Officer Conference Call Participants Naved Khan - Truist Securities Shweta Khajuria - Evercore ISI Jason Bazinet - Citi Deepak Mathivanan - Wolfe Research Richard Clarke - Bernstein Mario Lu - Barclays James Lee - Mizuho Securities Operator Good morning, and we ...