Group 1 - Tripadvisor, Inc. announced a change in participation date for a conference where CEO Matt Goldberg will engage in a fireside chat [1] - The Goldman Sachs Communacopia + Technology Conference is now scheduled for 1:45 p.m. PT on September 8, 2025, in San Francisco [1] - A live webcast of the event will be available on the Investor Relations website, with a replay also accessible [1] Group 2 - Tripadvisor, Inc. aims to be the world's most trusted source for travel and experiences, connecting people to shareable experiences [2] - The company utilizes its brands, technology, and capabilities to connect a global audience with partners through rich content and travel guidance [2] - Tripadvisor, Inc. includes a portfolio of travel brands such as Tripadvisor, Viator, and TheFork [2]

Tripadvisor (TRIP -2.43%), a leading platform for travel planning, bookings, and user-generated reviews, released its second quarter 2025 results on August 7, 2025. The most significant news was a meaningful earnings beat: non-GAAP earnings per share were $0.46, ahead of the $0.41 non-GAAP consensus estimate. Revenue (GAAP) totaled $529 million, slightly below projections, representing a 7% increase year-over-year. The quarter showcased substantial increases in net income (GAAP and non-GAAP) and free cash f ...

Financial Data and Key Metrics Changes - Group revenue grew 7% or 5% in constant currency to $529 million, with adjusted EBITDA of $107 million or 20% of revenue exceeding expectations [5][23] - Gross booking value (GBV) grew 13% or 10% on a constant currency basis to approximately $1.3 billion [24] - Consolidated adjusted EBITDA margin was 20%, with Viator's adjusted EBITDA margin improving nearly 800 basis points to 12% of revenue [26][29] Business Line Data and Key Metrics Changes - Experiences booked grew 15%, with Viator's adjusted EBITDA more than tripling [14] - The Fork's revenue grew 28% or 22% in constant currency to $54 million, with adjusted EBITDA margin more than doubling year over year [16][30] - Brand TripAdvisor's revenue was $242 million, reflecting a decline of 3%, with adjusted EBITDA of $66 million or 27% of revenue [19][27] Market Data and Key Metrics Changes - North America showed stable volume growth, while Europe experienced accelerating growth [24] - App bookings remained strong, outpacing other channels, contributing to share gain in the segment's total booking mix [26] Company Strategy and Development Direction - The company is focusing on experiences as the fastest-growing category in travel, leveraging its trusted brands and proprietary data [7][10] - There is a strategic shift towards deeper coordination between brands to optimize growth and efficiency [8][26] - AI is being integrated into products to enhance user experience and operational efficiency [11][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in free traffic affecting Brand TripAdvisor but remains optimistic about growth in experiences [42][66] - The company expects consolidated revenue growth of 4% to 6% in Q3 and maintains a full-year guidance of 5% to 7% revenue growth [35][37] Other Important Information - The company repurchased 2.8 million shares at an average price of $14.22 per share for a total of $40 million [33] - Total cash and cash equivalents were approximately $1.2 billion, with plans to use a portion for share repurchases [33] Q&A Session Summary Question: Comments on free traffic headwinds and stabilization for Brand TripAdvisor - Management acknowledged persistent free traffic headwinds but remains focused on improving operational efficiencies and growth strategies [40][42] Question: Mix between third-party and direct bookings for experiences - The majority of revenue comes from the Viator point of sale, with third-party bookings being profitable and incremental [50][49] Question: Confidence in revenue growth reacceleration in Q4 - Management expressed confidence due to healthy booking volumes and early test results from coordinated efforts between brands [53][54]

Q2 FY 2025 Investor Presentation August 2025 Tripadvisor 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 c ...

NEEDHAM, Mass., July 24, 2025 /PRNewswire/ -- Tripadvisor, Inc. (NASDAQ: TRIP) announced today that at 4:05 p.m. ET on Thursday, August 7, 2025, the company will post its second quarter 2025 financial results on its investor relations website at ir.tripadvisor.com.The same day, at 4:30 p.m. ET, the company will host a conference call to answer questions regarding its financial results.  The event will be webcast live and can be accessed at ir.tripadvisor.com.  A replay will be available on the website for t ...

Company Overview - Tripadvisor is an online travel company operating through three segments: Brand Tripadvisor, Viator, and TheFork, connecting travelers with partners through content and marketplaces for various travel categories [1] - Tripadvisor.com is the largest travel guidance platform globally, with 300 million monthly unique visitors, over a billion reviews, and $900 million in revenue [4] - Viator is a rapidly growing booking platform for tours, expected to generate over $900 million in revenue this year [4] - TheFork is the largest online restaurant reservation marketplace in Europe, projected to generate over $200 million in revenue this year [4] Valuation and Market Position - Tripadvisor trades at a significant discount, around seven times EBITDA, compared to low to mid-teens for peers and higher historical multiples for itself [4] - The decline in Tripadvisor's core business revenue by 7.95% from 2023 to 2024 is a contributing factor to its current valuation [5] - Despite the decline, Viator and TheFork are growing, with Viator matching Tripadvisor's revenue and TheFork achieving high single-digit growth [5] Activist Involvement - Starboard Value has acquired a 9.01% stake in Tripadvisor and plans to engage with management regarding value creation opportunities [2][3][6] - Starboard's investment strategy may include maintaining the status quo if revenue growth resumes, focusing on operational efficiency, or exploring strategic sales of segments like TheFork [7] - TheFork could be valued at approximately $1 billion based on a five-times revenue multiple, representing about 40% of Tripadvisor's total enterprise value [7] Governance and Shareholder Sentiment - Tripadvisor's governance issues, including controlled ownership and weak shareholder protections, have historically impacted its valuation [5] - Recent shareholder discontent was evident at the annual meeting, with three directors receiving significant withhold votes, although a proxy fight is not anticipated [9] - Starboard's engagement may lead to improved board representation and a partnership approach rather than a confrontational stance [9]

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $398 million, representing 1% growth or approximately 3% growth in constant currency, driven by marketplace businesses [8][23] - Consolidated adjusted EBITDA was $44 million, or 11% of revenue, exceeding expectations due to revenue outperformance and lower fixed costs [9][23] - Gross booking value (GBV) grew 10% or 12% in constant currency to approximately $1.1 billion [25] Business Line Data and Key Metrics Changes - Viator's revenue grew 10% to $156 million, with bookings growth of 15% and an adjusted EBITDA loss of $18 million, reflecting an 800 basis point margin improvement [10][25] - Brand TripAdvisor's revenue was $219 million, a decline of 8%, with adjusted EBITDA at $65 million or 30% of revenue, driven by favorable pricing in Hotel Meta [12][26] - The Fork's revenue grew 12% or 16% in constant currency to $46 million, with an adjusted EBITDA loss of $3 million, reflecting normal seasonality [16][30] Market Data and Key Metrics Changes - North America remained the largest source market for Viator, with healthy growth in bookings and stable booking windows year over year [24] - The US share of international travel from certain source markets, particularly Canada, has decreased, while domestic travel share has increased [19] Company Strategy and Development Direction - The company aims to be the most trusted source for travel and experiences, focusing on diversifying its portfolio and optimizing legacy offerings [6][7] - The strategy includes scaling marketplaces, particularly in experiences, and leveraging AI for personalized recommendations [8][17] - The completion of the merger with Liberty TripAdvisor Holdings has simplified the capital structure and is expected to enhance shareholder engagement and governance [6][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainty but remains confident in the long-term growth potential of travel and experiences [18][22] - Travel sentiment remains positive, with consumers planning leisure travel and prioritizing experiences in their budgets [21][72] - The company expects consolidated revenue growth of 5% to 7% for the full year, maintaining its guidance despite the uncertain environment [37] Other Important Information - The company raised $350 million in an add-on to its existing Term Loan B and plans to restart its share repurchase program [32][34] - The company is leveraging AI across various functions, including customer service, content moderation, and marketing [17][90] Q&A Session Summary Question: Guidance and macro uncertainty - Management is comfortable with the current guidance framework but acknowledges macro uncertainty as a reason for not adjusting guidance upward [39][42] Question: Impact of Liberty buyout - The merger simplifies the capital structure and allows for a clearer focus on value drivers and shareholder engagement [43][46] Question: Viator margins and marketing - Management believes Viator can achieve OTA-like margins through product-led growth and improved marketing efficiency [49][50] Question: Cross-border exposure and marketing adjustments - Viator is predominantly a North American booker base, making it less susceptible to international trade pressures [54][55] Question: Google auction changes - Management is actively involved in optimizing ad placements and formats in response to Google's changes [59][60] Question: Average booking value decline - The decline in average booking value is primarily due to a higher mix of lower-priced third-party bookings [61][62] Question: Travel spending in a slower consumer environment - Management notes that consumers are defending travel spending, particularly on experiences, even in a slowing economy [70][72] Question: Pricing trends in Hotel Meta - Improvements in user experience have led to pricing uplifts in Hotel Meta, contributing to better monetization [73][76] Question: Viator marketing strategy - The marketing strategy focuses on utilizing paid channels effectively and enhancing user experience to drive repeat business [95][96] Question: Share count post-merger - Post-transaction, the expected diluted share count is approximately 118 million shares [98]

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $398 million, representing 1% growth or approximately 3% growth in constant currency, driven by marketplace businesses [8][23] - Consolidated adjusted EBITDA was $44 million, or 11% of revenue, exceeding expectations due to revenue outperformance and lower fixed costs [9][23] - Gross booking value (GBV) grew 10% or 12% in constant currency to approximately $1.1 billion [25] Business Line Data and Key Metrics Changes - Viator's revenue grew 10% to $156 million, with bookings growth of 15% [25][26] - Brand TripAdvisor's revenue was $219 million, a decline of 8%, but adjusted EBITDA was $65 million, or 30% of revenue, exceeding expectations [12][26] - The Fork's revenue grew 12% or 16% in constant currency to $46 million, driven by B2B software offerings [16][30] Market Data and Key Metrics Changes - North America remained the largest source market for Viator, with healthy growth in bookings [24] - The US share of international travel from certain source markets, particularly Canada, is down, while domestic travel share is up [19][20] Company Strategy and Development Direction - The company aims to be the most trusted source for travel and experiences, focusing on diversifying its portfolio and optimizing legacy offerings [6][7] - The strategy includes scaling marketplaces, particularly in experiences, and leveraging AI for personalized recommendations [8][17] - The merger with Liberty TripAdvisor Holdings has simplified the capital structure and aligned the company more closely with shareholders [6][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic uncertainty but remains confident in the long-term growth potential of travel and experiences [18][22] - Travel sentiment remains positive, with consumers planning leisure travel and prioritizing experiences in their budgets [21][70] - The company expects consolidated revenue growth of 5% to 7% for the full year, maintaining guidance despite macro uncertainties [38] Other Important Information - The company raised $350 million in an add-on to its existing Term Loan B and plans to restart its share repurchase program [32][34] - Adjusted EBITDA margins are expected to improve across segments, with Viator targeting mid-teens growth in revenue [36][37] Q&A Session Summary Question: Guidance and macro uncertainty - Management is comfortable with the current guidance framework despite macro uncertainties, expecting continued strong unit growth at Viator [40][42] Question: Impact of Liberty buyout - The merger has simplified the capital structure and allowed for a clearer focus on value drivers across the business [44][46] Question: Viator margins and marketing - Management believes Viator can achieve OTA-like margins through product-led growth and improved marketing efficiency [49][50] Question: Cross-border exposure and marketing adjustments - Viator is predominantly a North American booker base, making it less susceptible to international trade pressures [54][55] Question: Google auction changes - Management is actively involved in optimizing ad placements and formats in response to Google's changes [60][61] Question: Average booking value decline - The decline in average booking value is primarily due to a higher mix of third-party bookings, which generally have lower price points [62][63] Question: Travel spending in a slower consumer environment - Historical trends suggest consumers prioritize travel and experiences even during economic slowdowns [70][72] Question: Pricing improvement in Hotel Meta - Improvements in user experience and content have driven pricing uplifts in Hotel Meta, contributing to revenue growth [73][75] Question: Viator marketing strategy - The marketing strategy focuses on utilizing paid channels effectively to attract and retain customers [93][95] Question: Diluted share count post-merger - Post-transaction, the diluted share count is expected to be approximately 118 million shares [97]

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]