TRIP Q2 2023 Earnings

Call Details

• Call Title: TripAdvisor, Inc. Q2 2023 Earnings Call
• Date: November 7, 2023 at 8:00 PM UTC
• Management Team:
  • Angela White (VP of Investor Relations)
  • Matt Goldberg (President and CEO)
  • Mike Noonan (Chief Financial Officer)

Call Summary

Financial Performance

• Consolidated revenue was $533 million, reflecting growth of 16% year-over-year.
• Consolidated adjusted EBITDA was $127 million or 24% of revenue.
• Consolidated revenue growth on a constant currency basis was 13%.
• Tripadvisor Core revenue was $290 million, representing 2% growth for the quarter.
• Viator revenue was $245 million, reflecting growth of 41% or 39% on a constant currency basis.
• Viator gross booking value was approximately $1.1 billion, reflecting growth of approximately 33%.
• The Fork revenue was $42 million, growing 20% year-over-year and 14% on a constant currency basis.
• Consolidated free cash flow was a deficit of $2 million for the quarter.

Guidance

• For Q4 the company expects consolidated revenue growth of mid-single digits.
• The company expects Tripadvisor Core to decline mid-single digits year-over-year in Q4.
• The company expects Viator to grow in the low 20% range in Q4.
• The company expects The Fork to grow in the low to mid-teens year-over-year in Q4.
• For Q4 the company expects consolidated adjusted EBITDA margins in the mid-teens, expanding year-over-year by 400 to 500 basis points.
• For full year 2023 the company now expects revenue growth in the high teens.
• For full year 2023 the company now expects consolidated adjusted EBITDA margin of approximately 18%.
• For 2024 the company expects adjusted EBITDA dollar growth to outpace revenue growth on a consolidated basis.