Tripadvisor reports revenue of $497 million in 2d Quarter 2024

NEEDHAM, MA. – Tripadvisor, Inc. announced financial results for the second quarter ended June 30, 2024.

“Our second quarter consolidated financial results were in-line with our expectations, which reflects ongoing progress on our segment strategies,” said Chief Executive Officer Matt Goldberg. “This was the first quarter on record that each of our three segments contributed to our profitability. Our teams continue to deliver value through product innovation, marketing efficiency, and day-to-day execution, which we expect to drive long-term sustainable growth in revenue and profit as we build on our durable position across travel and experience.”

“We delivered revenue of $497 million and adjusted EBITDA of $97 million, or 20% of revenue,” said Chief Financial Officer, Mike Noonan. “Our consolidated performance reflected the strength of combined contributions across the segments, despite some of the anticipated top line headwinds in the quarter. Our operational progress provides us the confidence that our segment strategies are setting the groundwork for an attractive long-term financial profile.”

Cost performance – Total costs and expenses were $461 million for the second quarter, an increase of 2% year-over-year, driven primarily by the following:

Cost of revenue was $46 million for the second quarter, or 9% of consolidated revenue, an increase of 12% year-over-year, compared to $41 million in the same period a year ago, or 8% of consolidated revenue.
Selling and marketing costs were $263 million for the second quarter, or 53% of consolidated revenue, a decrease of 3% year-over-year, compared to $270 million in the same period a year ago, or 55% of consolidated revenue.
Technology and content costs were $75 million for the second quarter, or 15% of consolidated revenue, an increase of 6% year-over-year, compared to $71 million in the same period a year ago, or 14% of consolidated revenue.
General and administrative costs were $56 million for the second quarter, or 11% of consolidated revenue, an increase of 19% year-over-year, compared to $47 million in the same period a year ago, or 10% of consolidated revenue.

Cash & Liquidity – As of June 30, 2024, the company had approximately $1.2 billion of cash and cash equivalents, an increase of $109 million from December 31, 2023. This increase was driven by an increase in operating cash flows, partially offset by $25 million in share repurchases.

Segment Highlights

Brand Tripadvisor
• Revenue was $250 million, reflecting year-over-year decline of 10%.
– Branded hotels revenue was $150 million, reflecting year-over-year decline of 14%.
– Media and advertising revenue was $41 million, reflecting year-over-year decline of 2%.
– Experiences and dining revenue was $48 million, reflecting year-over-year decline of 4%.
– Other revenue was $11 million reflecting year-over-year decline of 15%.

Adjusted EBITDA was $84 million, or 34% of revenue, compared to adjusted EBITDA in the same period a year ago of $96 million, or 34% of revenue.

Viator

Revenue was $244 million, reflecting year-over-year growth of 13%.
Gross bookings value (“GBV”) was approximately $1.2 billion, reflecting year-over-year growth of approximately 8%. GBV is reported at the time of booking and is gross of cancellations, whereas revenue is recorded at the time of the experience and is net of cancellations.
Adjusted EBITDA was $10 million, or 4% of revenue, compared to adjusted EBITDA loss in the same period a year ago of $2 million, or -1% of revenue.

TheFork

Revenue was $42 million, reflecting year-over-year growth of 11%.
Total number of bookings grew year-over-year by approximately 5%.
Adjusted EBITDA was $3 million, or 7% of revenue, compared to adjusted EBITDA loss in the same period a year ago of $4 million, or -11% of revenue.

The article Tripadvisor reports revenue of $497 million in 2d Quarter 2024 first appeared in TravelDailyNews International.