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Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenue grew by 4% to $553 million, with adjusted EBITDA of $123 million, representing 22% of revenue, exceeding expectations [3][24] - Gross booking value (GBV) increased by 15% to approximately $1.3 billion, while revenue grew by 9% to $294 million, with foreign exchange positively impacting GBV revenue growth by about 3 percentage points [25][24] - Brand Tripadvisor's revenue declined by 8% to $235 million, primarily due to traffic headwinds [27][24] Business Line Data and Key Metrics Changes - Viator segment saw an 18% growth in the number of experiences booked, with adjusted EBITDA of $50 million, or 17% of revenue, reflecting a margin improvement of 550 basis points [24][26] - TheFork reported Q3 revenue of $63 million, representing 28% growth, with adjusted EBITDA of $14 million, or 22% of revenue, indicating a margin improvement of approximately 10 percentage points [30][22] - Brand Tripadvisor's experiences revenue declined by 9% to $47 million, despite unit volume growth returning to positive [29][24] Market Data and Key Metrics Changes - North America, as the largest source market, experienced accelerated bookings growth across both Tripadvisor and Viator points of sale [24][24] - The global experiences total addressable market (TAM) is expected to reach $350 billion in GBV by 2028, growing faster than any other travel category [7][8] Company Strategy and Development Direction - The company is shifting its operating model to focus on experiences and AI, aiming for significant operational efficiencies and an annualized gross cost savings of at least $85 million [4][34] - The strategy includes unifying Viator and Tripadvisor experiences operations to enhance growth and efficiency [9][12] - TheFork will continue to execute a financially disciplined growth strategy while diversifying revenue across B2B and B2C [22][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to re-accelerate growth while expanding margins, particularly in the experiences segment [49][52] - The company anticipates continued revenue headwinds in the Brand Tripadvisor segment due to traffic challenges but expects growth in TheFork and experiences [45][41] - The focus will be on leveraging AI to enhance customer experience and operational efficiency [60][61] Other Important Information - The company plans to update its reportable segments to align with the new operating model, maintaining three segments: experiences, hotels and other, and TheFork [36][37] - The company has approximately $1.2 billion in cash and cash equivalents, with plans to restart share repurchases [32][33] Q&A Session Summary Question: Revenue growth assumptions going forward - Management expects experiences segment to re-accelerate growth next year through geographic and category expansion [44] Question: Growth re-acceleration vs. margin expansion - Management believes the new operating model will allow for both growth re-acceleration and margin expansion [48] Question: New user trends at Viator - The company is focused on disciplined new user acquisition, particularly in markets where the Tripadvisor brand is well-known [54]

Financial Performance & Strategic Shift - Tripadvisor's LTM 3Q25 revenue mix shows Experiences contributing $906 million with 11% year-over-year growth, Hotels & Other contributing $899 million with a 7% year-over-year decline, and TheFork contributing $212 million with 24% year-over-year growth[10] - LTM 3Q25 Adjusted EBITDA margins were 9% for Experiences ($84 million), 27% for Hotels & Other ($242 million), and 9% for TheFork ($19 million)[10] - The company is undergoing an operating model reset, focusing on Experiences-led strategy and aiming for at least $85 million in annualized gross cost savings, largely delivered throughout 2026 and fully realized in 2027[13] - In Q3 2025, Tripadvisor's revenue was $294 million, a 9% increase, with an Adjusted EBITDA of $50 million, representing 17% of revenue[23] Segment Highlights - Viator's booked experiences grew by 18% in Q3 2025[23] - Brand Tripadvisor's revenue declined by 8% to $235 million, with an Adjusted EBITDA of $59 million, representing 25% of revenue in Q3 2025[23] - TheFork's revenue grew by 28% (20% in constant currency) to $63 million, with an Adjusted EBITDA of $14 million, representing 22% of revenue in Q3 2025[23] Business Focus & Market Position - Viator has over 400,000 bookable experiences, approximately 4 times more than its closest competitor, and works with over 65,000 operators[47] - Brand Tripadvisor has approximately 300 million monthly unique users and over 100 million active members, with over 1 billion reviews and opinions across 43 global markets[59] - TheFork operates in 11 countries with over 55,000 bookable restaurants, with over 20 million ratings, reviews, and photos, and 75%+ bookings via mobile app and from repeat diners[69] Liquidity - The company's liquidity position as of September 30, 2025, was $1.714 billion[31, 32]

Core Insights - Tripadvisor is shifting to an "experiences-led growth strategy" by consolidating Viator and Tripadvisor experiences under one team and strategy [1] - The core Tripadvisor brand will pivot to support experiences and data strategies while simplifying its legacy offerings to enhance profitability [1] Staff Restructuring - The company is laying off approximately 20% of its staff across the Tripadvisor brand, Viator experiences, and general and administrative teams, which includes both employees and contractors [2] - This restructuring aims to merge the operations of Tripadvisor and Viator [2] Financial Implications - Operational changes are expected to generate at least $85 million in annualized gross cost savings, with full realization by 2027 [3] - The company anticipates incurring $35-$40 million in costs related to severance payments and employee benefits, primarily in the fourth quarter of 2025 and extending into 2026 [3] Board Changes - Greg O'Hara, founder of Certares, resigned from the board effective November 3, with no major disagreements reported [4] - Alex Dichter, a senior advisor to KSL Capital Partners and SkyLink, has been added to the board [4]

Revenue and Financial Performance - Tripadvisor Group's revenue and Adjusted EBITDA are increasingly shifting towards marketplace businesses, with Viator and TheFork segments representing approximately 60% of consolidated revenue and 30% of total segment Adjusted EBITDA as of September 30, 2025[163]. - The Company reported revenue of $552.5 million for the three months ended September 30, 2025, representing a 4% increase compared to $531.7 million in the same period of 2024[181]. - Operating income for the three months ended September 30, 2025, was $70.4 million, a slight increase of 1% from $69.6 million in the prior year[181]. - Net income for the three months ended September 30, 2025, was $53.2 million, a significant increase of 38% compared to $38.5 million in the same period of 2024[181]. - Adjusted EBITDA for the three months ended September 30, 2025, was $122.5 million, slightly up from $122.4 million in 2024[234]. Segment Performance - The Brand Tripadvisor segment experienced a revenue decrease of approximately $21 million (8%) for the three months ended September 30, 2025, compared to the same period in 2024[184]. - Adjusted EBITDA for the Brand Tripadvisor segment decreased by approximately $27 million (32%) during the three months ended September 30, 2025, compared to the same period in 2024[185]. - Viator segment revenue increased by approximately $25 million (9.3%) and $66 million (10.1%) during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024[198]. - TheFork segment revenue increased by approximately $14 million (28%) and $31 million (23%) during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024[202]. - Adjusted EBITDA in the Viator segment improved by approximately $19 million (63%) and $52 million (406%) during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024[199]. - Adjusted EBITDA in TheFork segment improved by approximately $8 million (151%) and $14 million (276%) during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024[203]. Cost and Expense Management - The Company’s total costs and expenses for the three months ended September 30, 2025, were $482.1 million, a 4% increase from $462.1 million in the prior year[181]. - Marketing expenses increased by 8% to $227.2 million for the three months ended September 30, 2025, compared to $210.8 million in the same period of 2024[181]. - General and administrative expenses decreased by approximately $3 million (15%) for the three months ended September 30, 2025, and by $23 million (32%) for the nine months ended September 30, 2025, mainly due to reduced real estate expenses and prior year accruals[215]. - Personnel expenses remained relatively stable at $147.2 million for the three months ended September 30, 2025, with a slight increase of 0% compared to 2024, while decreased by approximately $9 million (2%) for the nine months ended September 30, 2025[210]. - Technology expenses increased by approximately $2 million (10%) for the three months ended September 30, 2025, and by $6 million (9%) for the nine months ended September 30, 2025, primarily due to increased data center and licensing costs[213]. Strategic Actions and Restructuring - The company anticipates at least $85 million in annualized gross cost savings from restructuring actions, primarily expected to be realized in 2026 and fully realized by 2027[165]. - The merger with Liberty TripAdvisor closed on April 29, 2025, with an aggregate transaction price of $437 million, including $431 million in cash and common stock consideration[168]. - The retirement of approximately 53.1 million shares of common stock, valued at approximately $1.3 billion, was approved by the Board of Directors on April 29, 2025[171]. - The company plans to reorganize its operating segments into Experiences, Hotels & Other, and TheFork, with no expected impact on TheFork segment[166]. - Tripadvisor Group's strategy includes pursuing strategic acquisitions to accelerate growth in addition to organic investments in data, products, marketing, and technology[158]. Cash Flow and Debt Management - As of September 30, 2025, the company had approximately $1.2 billion in cash and cash equivalents, an increase from $1.1 billion as of December 31, 2024[238]. - The Company had an aggregate outstanding principal amount of $353 million in short-term debt and approximately $821 million in long-term debt[241]. - The Company issued a $500 million Term Loan B Facility on July 8, 2024, with an interest rate of SOFR plus 2.75%, maturing on July 8, 2031[243]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $348 million, an increase of $201 million compared to the same period in 2024[251]. - The Company authorized a share repurchase program of $250 million on September 7, 2023, with $160 million remaining available as of September 30, 2025[245]. Market Trends and Risks - Ongoing market trends indicate a shift towards online bookings for experiences and dining, presenting growth opportunities for Tripadvisor Group in both the experiences and restaurant categories[162]. - The company is exposed to market risks primarily due to international operations and changes in economic conditions across significant markets[264]. - The company's exposure to foreign currency exchange rate movements is expected to increase as international business grows, influenced by geopolitical events and macroeconomic factors[266]. - Continued uncertainty regarding international operations may lead to future currency exchange rate volatility, impacting business results[266]. - The company continues to monitor the OECD's discussions regarding the global tax regulatory landscape, which may impact future financial results[261].

Financial Performance - Total revenue for Q3 2025 was $553 million, a 4% increase year-over-year[6] - Net income for Q3 2025 was $53 million, or $0.43 diluted EPS, representing a 38% increase from $39 million in Q3 2024[8] - Non-GAAP net income for Q3 2025 was $80 million, or $0.65 diluted EPS, a 10% increase from $72 million in Q3 2024[8] - Adjusted EBITDA for Q3 2025 was $123 million, or 22.2% of revenue, compared to $122 million in Q3 2024[8] - Total costs and expenses for Q3 2025 were $483 million, a 4% increase year-over-year[10] - Adjusted EBITDA for the fiscal year was $339 million, with Q3 contributing $122 million[40] - Non-GAAP net income for the fiscal year reached $188 million, with Q3 showing $72 million[40] - GAAP total revenue growth was 4% for the fiscal year, while non-GAAP total revenue growth on a constant currency basis was also 3%[40] - GAAP net income (loss) for Q3 was $53 million, compared to a loss of $11 million in Q2[40] Revenue Breakdown - Viator revenue for Q3 2025 was $294 million, reflecting a 9% year-over-year growth[14] - TheFork revenue for Q3 2025 was $63 million, a 28% year-over-year increase[14] - The total revenue growth for the Viator segment was 14% for the fiscal year, with constant currency growth at 14%[40] - TheFork segment revenue growth was 18% for the fiscal year, with constant currency growth at 19%[40] - Tripadvisor-branded hotels generated $948.8 million in revenue for FY 2024, with a year-over-year decline of 8%[42] - Viator's revenue increased by 14% year-over-year to $840.1 million in FY 2024[42] - TheFork's revenue for FY 2024 was $180.8 million, with a year-over-year growth of 18%[42] Assets and Liabilities - Total assets increased to $2,845 million as of September 30, 2025, up from $2,561 million on December 31, 2024, representing a growth of 11.1%[20] - Total current liabilities rose to $1,150 million as of September 30, 2025, compared to $628 million on December 31, 2024, marking a significant increase of 83.1%[20] - Long-term debt stood at $821 million as of September 30, 2025, slightly down from $831 million on December 31, 2024[20] - Stockholders' equity decreased to $707 million as of September 30, 2025, from $943 million at the end of 2024, a decline of 25.0%[20] Cash Flow and Expenditures - Cash and cash equivalents at the end of the period were $1,218 million, up from $1,064 million at the beginning of the period, indicating a net increase of $154 million[22] - The company reported a net cash provided by operating activities of $45 million for the three months ended September 30, 2025, compared to a net cash used of $44 million in the same period of 2024[22] - The company incurred capital expenditures of $19 million for the three months ended September 30, 2025, compared to $20 million in the same period of 2024[22] - Capital expenditures for the fiscal year amounted to $74 million, with Q3 at $20 million[40] Operational Metrics - The number of experience bookings on Viator increased by approximately 18% year-over-year to about 6.6 million[14] - Gross bookings value (GBV) reached $1.3 billion in Q3 2025, reflecting a year-over-year growth of approximately 15%[14] - The company continues to focus on operational metrics such as Gross Booking Value (GBV) to assess marketplace health and engagement[51] Strategic Initiatives - The company expects at least $85 million in annualized gross cost savings, fully realized by 2027[4] - Forward-looking statements regarding Tripadvisor's future financial performance and strategic initiatives involve known and unknown risks and uncertainties[56] - Tripadvisor aims to be the world's most trusted source for travel and experiences, leveraging its brands and technology[57] Other Financial Insights - Stock-based compensation expense totaled $120 million for the fiscal year, with Q3 accounting for $29 million[40] - The estimated effects of foreign currency exchange rates on revenue indicated a 1% impact on total revenue growth for Q3[40] - The company reported a decline in Adjusted EBITDA growth rates across segments, with the Brand segment down 23% year-over-year[49] - Tripadvisor's unique user metrics may not accurately reflect the actual number of users due to multiple accounts and device usage[54] - Consolidated Adjusted EBITDA is a non-GAAP measure, excluding certain operating expenses, and is defined in relation to GAAP measures[55]

Core Insights - Tripadvisor Group is planning to merge its Tripadvisor and Viator businesses due to pressure from activist investors to consider selling the entire company or its other division, TheFork [1][3] - The merger is expected to result in significant layoffs among the engineering staff [2] - Tripadvisor's revenue for Q2 was reported at $529 million, reflecting a 7% year-over-year increase [3][4] Business Strategy - CEO Matt Goldberg emphasized the company's disciplined investment decisions and the shift towards higher growth opportunities in travel [5] - Tripadvisor has been exploring potential acquisition interests since February 2024, with discussions authorized by its board [5] - The company is set to release its Q3 financial results on November 6 [6] Partnerships and Technology - Tripadvisor partnered with AI startup Perplexity to enhance its travel resources with advanced search capabilities [6] - The company was named an external data and intelligence partner for Microsoft Azure AI Agent Service, integrating its extensive reviews and contributions into Azure's AI capabilities [7]

Group 1 - Tripadvisor Inc (TRIP) plans to merge its core brand with its Viator business, indicating a strategic shift in its operations [2] - The merger is expected to lead to "substantial" layoffs within the company's engineering staff, reflecting cost-cutting measures [2] - The company is under pressure from activist investors, including Starboard and UK-based Palliser Capital, to consider significant changes [2]

Core Viewpoint - TripAdvisor Inc (NASDAQ:TRIP) stock has experienced a pullback from its 52-week high of $20.16, but a potential short-term bounce is anticipated as the stock trades at $14.68, a level that has historically provided support [1] Group 1: Stock Performance - The stock is currently down 4.7% from its recent high, but it has maintained a level that has kept losses in check during October [1] - The stock has interacted with a historically bullish trendline, indicating potential upward movement [1] Group 2: Technical Indicators - The equity is within 0.75 of the 320-day moving average's 20-day average true range (ATR), having remained above this level 80% of the time in the last two weeks and 80% of the last 42 trading sessions [2] - Historical data shows that similar signals have led to a 75% chance of the stock being higher one month later, with an average gain of 15.9% [2] Group 3: Short Interest - Short interest in TripAdvisor represents 21.9% of the stock's available float, indicating significant potential for short covering to drive the stock price up [4] - It would take nearly 10 days to cover the short interest at the average trading pace, suggesting a potential catalyst for price movement [4]

Core Insights - The event "Discover Exciting Guangdong" aims to enhance the global influence of Guangdong's inbound tourism and promote the Greater Bay Area as a world-class tourist destination [3][5] - Guangdong has been leading China's inbound tourism market since 2023, with over 39.31 million inbound visitors and a tourism foreign exchange income of 98.8 billion yuan in the first half of 2025, both showing over 30% year-on-year growth [6] Group 1: Event Highlights - The event featured cultural performances and interactive experiences showcasing Guangdong's rich heritage, including traditional lion dances and various intangible cultural heritage crafts [4] - A promotional video highlighting Guangdong's cultural symbols was launched, emphasizing the region's warmth and vitality [4] - The Guangdong Inbound Tourism Guide was released, along with Tripadvisor's list of "Top 10 Food Cities in China for Inbound Tourism 2025," featuring cities like Guangzhou and Chaozhou [4] Group 2: Market Performance - Guangdong's inbound tourism market has shown significant growth, with notable increases in visitors from markets such as Singapore, Malaysia, and Thailand [6] - The provincial government has introduced 23 innovative policies to enhance the quality of inbound tourism, focusing on visa facilitation, product innovation, and global marketing [6][7] Group 3: Future Plans - Guangdong plans to continue promoting inbound tourism through various global initiatives, including diverse travel products and promotional activities during key events [7] - The "Guangdong New Year Flavor World Sharing Plan" will be launched in early 2026 to showcase Guangdong's unique cultural charm [7] - Collaborative efforts with logistics companies aim to improve the overall travel experience for inbound tourists [7]