TRIP Q3 2023 Earnings

Call Details

• Call Title: TripAdvisor, Inc. Q3 2023 Earnings Call
• Date: November 7, 2023 at 1:30 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 in Q3 2023, reflecting growth of 16% year over year.
• Consolidated adjusted EBITDA was $127 million, or 24% of revenue, and is a non-GAAP metric reconciled in the release.
• TripAdvisor Core revenue was $290 million, which represented 2% growth versus Q3 2022.
• Viator revenue was $245 million, reflecting growth of 41% year over year and approximately 39% on a constant currency basis.
• Viator gross booking value was $1.1 billion in the quarter, reflecting approximately 33% growth year over year.
• The Fork revenue was $42 million, reflecting growth of 20% year over year and 14% on a constant currency basis.

Guidance

• The company expects Q4 consolidated revenue growth of mid-single digits for Q4 2023.
• TripAdvisor Core is expected to decline mid-single digits year over year in Q4 2023 according to company outlook.
• Viator is expected to grow in the low 20% range year over year in Q4 2023 according to company outlook.
• The Fork is expected to grow in the low to mid-teens year over year in Q4 2023 according to company outlook.
• The company expects consolidated adjusted EBITDA margins in Q4 to be 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 and consolidated adjusted EBITDA margin of approximately 18%.