Core Points - Tripadvisor, Inc. has completed its merger with Liberty TripAdvisor Holdings, Inc., acquiring Liberty TripAdvisor and its shares [1] - The total transaction value of the merger is approximately $430 million, based on Tripadvisor's closing share price of $12.82 on April 28, 2025 [2] - The merger resulted in a simplification of Tripadvisor's capital structure, eliminating controlling stockholders and reducing the outstanding share count by approximately 23.8 million shares [3] - Tripadvisor has also finalized its redomestication from Delaware to Nevada, a move approved by stockholders in June 2023 [4] Financial Details - Liberty TripAdvisor's Series A and Series B Common Stock were converted into cash payments totaling approximately $20 million [2] - The 8% Series A Cumulative Redeemable Preferred Stock was converted into approximately $42.5 million in cash and 3,037,959 shares of Tripadvisor common stock [2] - Liberty TripAdvisor's Exchangeable Senior Debentures, amounting to approximately $326 million, were repaid, with an additional $4 million to be redeemed within 30 days post-close [2]

Investors might want to bet on TripAdvisor (TRIP) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a changing e ...

Core Viewpoint - Airbnb (ABNB) shares are considered overvalued with a Value Score of D, trading at a forward 12-month Price/Sales (P/S) ratio of 6.54X compared to the industry average of 2.11X [1][4] Valuation and Performance - ABNB's stock is trading at a premium compared to competitors such as Booking Holdings (BKNG), Expedia (EXPE), and TripAdvisor (TRIP), which have P/S ratios of 6.1X, 1.55X, and 1.1X respectively [1] - Year-to-date, ABNB shares have declined by 1.2%, outperforming the industry's drop of 6.2% but lagging behind the Zacks Consumer Discretionary sector's decline of 1% [4] Growth Metrics - In Q4 2024, Airbnb reported 111 million Nights & Experiences Booked, reflecting a 12% year-over-year increase, driven by strong performance in Asia Pacific and Latin America [7] - The average growth rate of gross nights booked in expansion markets was more than double that of core markets, indicating effective market penetration strategies [9] Product Enhancements - Airbnb has introduced over 535 new features and upgrades to improve user experience, including personalized recommendations and enhanced search functionalities [8][11] - The Co-Host Network program, launched in 10 countries, supports nearly 100,000 listings, which earn approximately twice as much as comparable listings [10] Financial Guidance - For 2025, Airbnb anticipates an adjusted EBITDA margin of at least 34.5% and plans to invest $200 to $250 million in new business initiatives [12] - The Zacks Consensus Estimate for ABNB's 2025 revenues is $12.20 billion, indicating a growth of 9.93% over 2024 [12] - For Q1 2025, expected revenues are between $2.23 billion and $2.27 billion, reflecting a year-over-year growth of 4-6% [14] Competitive Landscape - Airbnb operates in a highly competitive online travel market, facing competition from major players like Booking Holdings, Expedia, and various hotel chains [19] - The company is also contending with a challenging macroeconomic environment and ongoing tariff wars, which may impact its near-term prospects [20] Market Sentiment - ABNB stock is currently trading below its 50-day and 200-day moving averages, indicating a bearish trend [17] - The company has a Zacks Rank of 3 (Hold), suggesting that investors may want to wait for a more favorable entry point [23]

Financial Data and Key Metrics Changes - In Q4 2024, consolidated revenue grew 5% to $411 million, exceeding expectations [6][37] - Adjusted EBITDA was $73 million, representing 18% of revenue, higher than expectations due to performance at both Brand Tripadvisor and Viator [7][37] - For the full year, revenue reached $1.8 billion, with adjusted EBITDA at $339 million, reflecting a modest deleverage of less than 50 basis points [51][52] Business Line Data and Key Metrics Changes - Viator's revenue grew 16% to $186 million in Q4, with gross bookings value (GBV) increasing 17% to approximately $840 million [37][38] - TheFork segment revenue grew 23% to $48 million, driven by strong booking volumes and pricing [45] - Brand Tripadvisor's revenue declined 6% to $204 million, with branded hotels revenue down 7% [40][41] Market Data and Key Metrics Changes - Global monthly active members grew mid-single digits in 2024, with U.S. growth at double the global rate [12] - Viator's GBV reached nearly $4.2 billion in 2024, reflecting strong demand and market share growth [9] - TheFork served over 70 million diners, driving nearly €2 billion of restaurant spend in 2024 [13] Company Strategy and Development Direction - The company aims to drive revenue and profit growth primarily from growth marketplaces at Viator and TheFork, while stabilizing Brand Tripadvisor [14][60] - The experiences category is positioned as essential to travel plans, with a focus on enhancing competitive advantage through a holistic approach [15][16] - Investments in product, user experience, and data are prioritized to improve conversion and loyalty [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2025 with encouraging momentum and a clear path to sustainable revenue and EBITDA growth [14][56] - The company anticipates that experiences revenue will become the largest contributor to Group revenue for the first time in 2025 [15] - Management acknowledged the challenges posed by legacy offerings but emphasized ongoing transformation efforts to stabilize and improve financial profiles [21][22] Other Important Information - The company plans to repurchase a significant portion of shares through an agreement with its controlling shareholder, expected to close in Q2 2025 [33][54] - TheFork achieved full-year profitability for the first time, marking a significant milestone in its financial trajectory [13][46] - The company is leveraging investments in data and AI to enhance its market position and create new opportunities [30][31] Q&A Session Summary Question: Acceleration in Viator experiences growth - Management highlighted efforts to improve product matching and marketing efficiencies to drive growth in Viator experiences [66][70] Question: Impact of Airbnb's entry into experiences - Management acknowledged the opportunity for category growth and emphasized Viator's competitive advantages in supply and scale [78][80] Question: Membership growth and funding of rewards - Management reported over 130 million members, with rewards funded by the company to enhance engagement and repeat bookings [91][93] Question: Changes post-ownership resolution - Management indicated that resolving ownership issues would simplify capital structure and enhance strategic flexibility [97][99] Question: Long-term view on hotel meta search - Management discussed the need for ongoing transformation to navigate challenges in the hotel meta search industry [133]

Business Segments - Tripadvisor operates across three business segments: Brand Tripadvisor, Viator, and TheFork, connecting a global audience with travel experiences [207]. - Brand Tripadvisor has over 1 billion user-generated reviews and opinions on more than 9 million experiences, attracting hundreds of millions of visitors annually [208]. - Viator offers nearly 400,000 bookable experiences from over 65,000 operators, focusing on enhancing brand loyalty and user experience [209]. - TheFork has a network of approximately 55,000 partner restaurants across 11 countries, with nearly 40 million app downloads and over 20 million reviews [210]. Financial Performance - Revenue for fiscal year 2024 was $1,835 million, a 3% increase compared to $1,788 million in 2023, and a 20% increase from $1,492 million in 2022 [231]. - Total costs and expenses for fiscal year 2024 were $1,743 million, reflecting a 5% increase from $1,662 million in 2023, and a 19% increase from $1,391 million in 2022 [231]. - Net income for fiscal year 2024 was $5 million, a 50% decrease compared to $10 million in 2023, and a 50% decrease from $20 million in 2022 [231]. - Adjusted EBITDA for fiscal year 2024 was $339 million, a 1% increase from $334 million in 2023, and a 13% increase from $295 million in 2022 [231]. Segment Revenue Changes - Revenue from the Brand Tripadvisor segment decreased by $82 million to $949 million in 2024, an 8% decline compared to $1,031 million in 2023 [235]. - Tripadvisor-branded hotels revenue decreased by $74 million to $585 million in 2024, primarily due to a decrease in hotel meta revenue [239]. - Viator segment revenue increased by $103 million to $840 million in 2024, a 14% increase compared to $737 million in 2023 [245]. - TheFork segment revenue increased by $27 million to $181 million in 2024, an 18% increase compared to 2023, driven by higher booking volumes and pricing adjustments [249]. Expenses and Costs - Total marketing expenses rose by $24 million to $729 million in 2024, primarily due to increased costs in the Viator and TheFork segments [260]. - Personnel costs increased by $1 million to $595 million in 2024, with stock-based compensation rising by $24 million to $120 million [266]. - General and administrative expenses increased by $12 million to $91 million in 2024, largely due to a $10 million accrual for a potential regulatory settlement [278]. - Cost of sales increased by $12 million to $131 million in 2024, primarily due to higher direct costs associated with credit card processing fees [254]. Debt and Financing - The company plans to acquire Liberty TripAdvisor for approximately $435 million, including $392 million in cash and shares, with an expected closing in Q2 2025 [216]. - A $500 million Term Loan B Facility was issued on July 8, 2024, maturing in 2031, to redeem outstanding Senior Notes [219]. - The Company completed the sale of $345 million of the 2026 Senior Notes, which have an interest rate of 0.25% per annum, payable semi-annually until maturity on April 1, 2026 [307]. - The Company issued a $500 million Term Loan B Facility on July 8, 2024, maturing on July 8, 2031, with an interest rate of SOFR plus 2.75% [308]. Cash Flow and Investments - During the year ended December 31, 2024, net cash provided by operating activities was $144 million, a decrease of $91 million compared to 2023 [319]. - The Company repurchased 1,366,385 shares of its common stock at an average price of $18.28 per share, totaling $25 million during the year ended December 31, 2024 [311]. - Net cash used in investing activities increased by $10 million in 2024 compared to 2023, primarily due to higher capital expenditures [321]. Market Outlook and Growth - The global experiences market is expected to grow as consumers increasingly book experiences online, benefiting Tripadvisor's segments [214]. - Overall, the company remains optimistic about future growth, citing strong demand and a robust pipeline of new products [353]. - Market expansion efforts led to a 25% increase in international sales, particularly in the Asia-Pacific region [353]. - The company provided guidance for the next quarter, expecting revenue to be between $62 billion and $64 billion, indicating a growth rate of 5% to 7% [353]. Regulatory and Audit Matters - The company is under audit by the IRS and various other tax authorities, which could materially affect its financial position and results of operations [333]. - The company made a payment of $141 million to the IRS in connection with an audit settlement during the second quarter of 2024 [314]. Currency and Foreign Operations - A hypothetical 10% decrease in foreign currency exchange rates relative to the U.S. dollar would generate an estimated unrealized loss of approximately $35 million related to a decrease in net assets as of December 31, 2024 [347]. - The company recorded net foreign currency exchange losses of $3 million, $5 million, and $9 million for the years ended December 31, 2024, 2023, and 2022, respectively [348].

Exhibit 99.1 Tripadvisor Reports Fourth Quarter and Full Year 2024 Financial Results NEEDHAM, MA, February 20, 2025 — Tripadvisor, Inc. (Nasdaq: TRIP) ("Tripadvisor" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2024. "Across Tripadvisor Group, we exited 2024 with momentum, delivering meaningful progress against our strategic priorities, and strengthening our portfolio revenue and adjusted EBITDA mix," said Chief Executive Officer Matt Goldberg. ...

Financial Data and Key Metrics Changes - For Q3 2024, Tripadvisor reported consolidated revenue of $532 million, flat compared to the previous year, aligning with expectations due to anticipated headwinds in the legacy hotel meta offering, offset by growth in Viator and TheFork [7][38] - Adjusted EBITDA for the quarter was $122 million, representing 23% of revenue, which was higher than expected due to Brand Tripadvisor's contribution [38][39] - The company ended the quarter with nearly $1.1 billion in cash and cash equivalents, an increase of $45 million from December 31, 2023 [56] Business Line Data and Key Metrics Changes - Viator segment revenue grew 10% year-over-year to $270 million, with gross booking value (GBV) increasing 9% to approximately $1.1 billion [12][45] - Brand Tripadvisor's revenue was $255 million, a decline of 12% year-over-year, primarily due to a 17% drop in branded hotels revenue driven by hotel meta [18][39] - TheFork achieved revenue of $49 million, marking a 17% year-over-year growth, with adjusted EBITDA of $5 million, representing 10% of revenue [28][50] Market Data and Key Metrics Changes - The U.S. market showed the strongest performance, with monthly active users stabilizing and returning to growth year-to-date, achieving over 30% growth in direct channel users compared to 2023 [20][21] - The company noted a bifurcation in travel intent between higher and lower-income travelers, but overall leisure travel demand remains stable [36][116] Company Strategy and Development Direction - Tripadvisor aims to extend its leadership in the experiences market, which is expected to grow faster than the overall travel industry, leveraging its trusted brands and extensive supply [9][10] - The company is focusing on enhancing its mobile app, improving user experience, and optimizing conversion rates in hotel and experiences bookings [23][24] - Strategic investments are being prioritized for 2025, with a focus on experiences, app enhancements, and membership features to drive engagement and monetization [33][34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of growth in leisure travel, despite some fluctuations in consumer behavior and economic conditions [36][116] - The company anticipates continued structural headwinds in its core meta business but is optimistic about growth opportunities in experiences and app bookings [125][126] - Tripadvisor is committed to balancing investment levels with expected growth, particularly in the experiences category, to enhance its financial profile [124][126] Other Important Information - The company is leveraging generative AI to improve customer experience and product recommendations, which is expected to drive higher conversion rates [17] - Tripadvisor is currently limited in its ability to repurchase shares due to ongoing considerations of various strategic alternatives [57][80] Q&A Session Summary Question: Can you expand on the drivers of Brand Tripadvisor's margin performance in Q3? - Management noted that outperformance was driven by several factors, including operational performance, normal quarterly accruals, and delayed market investments [65] Question: What are the early learnings from launching bookable hotel inventory in the app? - Early signs indicate that members prefer hotel booking over the meta product, with significantly higher click-through rates and conversion rates for repeat bookings [67][68] Question: How is the growth of online experiences being balanced with profitability at Viator? - Management acknowledged that while the experiences category is growing, Viator's growth rate is currently lower due to a focus on profitability and strategic marketing [73][75] Question: What are the expectations for advertising spend for Viator heading into next year? - The company plans to continue experimenting with diverse marketing strategies, including mid-funnel and social advertising, to acquire new and repeat users [92] Question: How is Tripadvisor addressing SEO headwinds and what are the plans for 2025? - Management emphasized ongoing optimization efforts for SEO and highlighted multiple growth paths for experiences, including geographic expansion and supply acquisition [111][113]

Tripadvisor Q3 FY 2024 Investor Presentation November 2024 Safe Harbor Statement Forward-Looking Statements. Our presentation today, including the slides contained herein, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts or guarantees of future performance and are based on management's assumptions and expectations, which are inherently subject to difficult to predict uncertainties, risks and changes in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 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 inc ...

Exhibit 99.1 Third Quarter 2024 Summary Tripadvisor Reports Third Quarter 2024 Financial Results NEEDHAM, MA, November 6, 2024 — Tripadvisor, Inc. (Nasdaq: TRIP) ("Tripadvisor" or the "Company") today announced financial results for the third quarter ended September 30, 2024. • Revenue of $532 million, flat year-over-year • Net income of $39 million, or $0.27 per share • Non-GAAP net income of $72 million, or $0.50 per share • Adjusted EBITDA of $122 million, or 23% of revenue "We are pleased with the Group ...