TRIP Q4 2024 Earnings

Call Details

• Call Title: TripAdvisor, Inc. Q4 2024 Earnings Call
• Date: February 20, 2025 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 Q4 revenue grew 5% to $411 million versus the prior-year quarter.
• Consolidated adjusted EBITDA for Q4 was $73 million, representing 18% of revenue.
• Full-year 2024 consolidated revenue was $1.8 billion and full-year consolidated adjusted EBITDA was $339 million for 18% of revenue.
• Viator delivered 2024 revenue growth of 14% for the year and revenue growth of 16% in Q4, with Viator point-of-sale revenue at $186 million in Q4.
• Viator Q4 experiences booked increased 20% and GBV grew 17% to approximately $840 million in Q4, with full-year GBV nearly $4.2 billion.
• Direct booking volume on Viator's point of sale grew nearly 30% for the full year, and mobile app booking volume grew more than 80% for the full year.
• The Fork revenue grew 18% to $181 million for the year and the business delivered full-year profitability for the first time with an incremental adjusted EBITDA improvement of $19 million versus prior year.
• Brand TripAdvisor revenue declined 6% to $204 million for the quarter, and branded hotels revenue declined 7% to $125 million versus the prior-year period.
• Q4 operating cash flow was negative $2 million and Q4 free cash flow was negative $25 million, while full-year operating cash flow was $144 million and full-year free cash flow was $7 million.

Guidance

• For 2025, consolidated revenue growth is expected to be 5% to 7% and consolidated adjusted EBITDA margin is expected to be 16% to 18%.
• Viator is expected to deliver mid- to high-teens booking volume growth in 2025 and low- to mid-teens revenue growth for the year, incorporating approximately two points of FX headwind.
• Viator Q1 2025 guidance calls for booking volume growth of 14% to 16% and revenue growth of 9% to 11%, including approximately three points of holiday timing headwind and approximately two points of FX headwind.
• For 2025, Viator is expected to nearly double adjusted EBITDA dollars versus 2024, and The Fork is expected to nearly triple adjusted EBITDA dollars versus 2024.
• Brand TripAdvisor is expected to improve versus 2024 but still record low single-digit revenue declines for 2025, with a return to full-year growth targeted in 2026.
• For Q1 2025, consolidated revenue is expected to be flat to low single-digit declines and consolidated adjusted EBITDA margin is expected to be approximately 5% to 7% of revenue.
• The Fork is expected to deliver low-double-digit revenue growth in 2025 that incorporates approximately five points of FX headwind, and Q1 2025 Fork revenue growth is expected in the low teens including approximately five points of currency headwind and one point of Easter/calendar timing headwind.