Tripadvisor Segment Reporting Update Memo
August 4, 2022
As referenced in prior shareholder letters, now we have been evaluating adjustments to our phase data. This quarter, Q2 2022, we’re disclosing our monetary data underneath a brand new phase construction. To guarantee that you’ve a foundation for comparability, hooked up are phase financials, which have been recast by quarter within the new phase construction, beginning in Q1 2019.
New reporting
We now report underneath three reportable segments, Tripadvisor Core, Viator, and TheForokay, and we are going to embrace a company & eliminations class. A abstract of the adjustments are as follows:
Tripadvisor Core
This phase contains the legacy HM&P phase and the legacy Other (cruises, leases, flights, and automobiles). This phase additionally contains Tripadvisor point-of-sale (“POS”) experiences and Tripadvisor eating and restaurant companies, which mixed equal our Tripadvisor Experiences and Dining income stream.
We are offering the next income traces by product for this reportable phase:
Tripadvisor branded accommodations (previously legacy Tripadvisor branded accommodations income stream)
Display & Platform (previously legacy Display & Platform income stream)
Tripadvisor Experiences and Dining (as mentioned above)
Other (previously legacy Other income)
Included within the bills for this phase are directly-attributable Cost of Revenue, Sales and Marketing (S&M), Technology and Content (T&C), General & Administrative (G&A) bills, and allocations for sure company G&A personnel prices.
Viator
The Viator phase captures all income generated by the Viator stand-alone enterprise, together with income generated on the Tripadvisor POS (as Viator fulfills the bookings for Tripadvisor, because it does for all affiliate relationships).
For bookings generated from the Tripadvisor POS channel, Viator pays Tripadvisor Core an internet online affiliate marketing charge. This internet online affiliate marketing charge is borne by Viator as a phase expense, and acknowledged within the Tripadvisor Core phase, in Tripadvisor Experiences and Dining income. These intersegment transactions are eradicated on a consolidated foundation.
Segment Reporting Memo
August 4, 2022
Page 2
Included within the bills for this phase are directly-attributable Cost of Revenue, Sales and Marketing (S&M), Technology and Content (T&C), General & Administrative (G&A) bills, and allocations for sure company G&A personnel prices.
TheForokay
TheForokay phase captures all income generated by stand-alone TheForokay enterprise, together with a small quantity of shopper bookings generated by the Tripadvisor POS for TheForokay.
For bookings generated on the Tripadvisor POS, TheForokay pays Tripadvisor Core an internet online affiliate marketing charge for these bookings. This internet online affiliate marketing charge is borne by TheForokay as a phase expense, and acknowledged as income within the Tripadvisor Core phase, in Tripadvisor Experiences and Dining income (much like Viator). These intersegment transactions are eradicated on a consolidated foundation.
Included within the bills for this phase are directly-attributable Cost of Revenue, Sales and Marketing (S&M), Technology and Content (T&C), General & Administrative (G&A) bills, and allocations for sure company G&A personnel prices.
Eliminations
We eradicate the income double rely for phase reporting for the internet online affiliate marketing charge paid to Tripadvisor Core, in addition to the equal expense for Viator and TheForokay. The elimination is on income, not on EBITDA (income elimination equals price elimination).
Other Considerations
This new phase construction has no impact on our consolidated monetary statements in any interval.
This ends in no change to our legacy phase revenue measure (adjusted EBITDA) utilized by our CODM or its definition.
Contact: [email protected]
Segment Reporting Update – August 4, 2022
The tables beneath describe the income and expense elements of up to date segments and the connection to earlier segments, and the next web page gives up to date phase financials recast for sure prior durations.
TRIPADVISOR CORE SEGMENT
Relationship to Previous Segment
Description
Revenue
Tripadvisor Branded Hotels
Formerly included in legacy HM&P phase
Former legacy Tripadvisor branded accommodations income line
Tripadvisor Display & Platform
Formerly included in legacy HM&P phase
Former legacy Display & Platform income line
Tripadvisor Experiences & Dining
Formerly included in legacy E&D phase income
Tripadvisor restaurant companies income
Revenue earned from internet online affiliate marketing charges for bookings offered to Viator and TheForokay
Other
Other income
Includes all income from legacy Other line (cruises, leases, flights, and automobiles)
Expenses
Tripadvisor phase bills
Expenses previously included in legacy HM&P phase
Expenses previously included in legacy Other
Certain bills previously included in legacy E&D phase
>> Direct prices and folks prices incurred in help of the Tripadvisor Experiences & Dining income traces
VIATOR SEGMENT
Relationship to Previous Segment
Description
Revenue
Viator Revenue
All Experiences income, previously included within the legacy E&D phase
Expenses
Viator phase bills
Certain bills previously included within the legacy E&D phase
>> All bills associated to Viator, inclusive of internet online affiliate marketing charge to Tripadvisor for bookings generated on
Tripadvisor and fulfilled by Viator, and allocation of sure company prices
Note: the internet online affiliate marketing charge paid to Tripadvisor is the same as income acknowledged by Tripadvisor
Experiences within the Tripadvisor phase
THEFORK SEGMENT
Relationship to Previous Segment
Description
Revenue
TheForokay Revenue
Revenue associated to TheForokay level of sale, previously included in legacy
E&D phase
Expenses
TheForokay phase bills
Certain bills previously included within the legacy E&D phase
>> All bills associated to TheForokay, inclusive of internet online affiliate marketing charge to Tripadvisor for bookings generated on
Tripadvisor and fulfilled by TheForokay, and allocation of sure company prices
Note: the internet online affiliate marketing charge paid to Tripadvisor is the same as income acknowledged by Tripadvisor (B2C)
Dining within the Tripadvisor phase
Intersegment Eliminations (1)
Relationship to Previous Segment
Description
Revenue
Tripadvisor Experiences & Dining
Formerly included within the legacy E&D phase as intra-segment
>> Elimination of income acknowledged by Tripadvisor from internet online affiliate marketing charges acquired from Viator and
Revenue
eliminations
TheForokay
Expenses
Certain bills previously included within the legacy E&D phase as intra-
>> Expense elimination from Viator and TheForokay, equal to internet online affiliate marketing charges acquired by Tripadvisor
phase eliminations
(1) Revenue and expense earned and charged between segments are eradicated upon consolidation. Eliminations lead to internet impartial affect to adjusted EBITDA.
Segment Reporting Update – August 4, 2022 all figures in $M
Q1 2019
Q2 2019
Q3 2019
This autumn 2019
FY19
Q1 2020
Q2 2020
Q3 2020
This autumn 2020
FY20
Q1 2021
Q2 2021
Q3 2021
This autumn 2021
FY21
Q1 2022
Q2 2022
Tripadvisor Core Segment Revenue
317
327
323
256
1,223
223
53
114
94
483
107
184
212
162
665
191
274
as % of 2019
70%
16%
35%
37%
39%
34%
56%
66%
63%
54%
60%
84%
Tripadvisor Branded Hotels
216
211
197
155
779
137
31
67
57
292
74
131
143
103
451
135
188
as % of 2019
63%
15%
34%
37%
37%
34%
62%
73%
66%
58%
63%
89%
Display & Platform
38
43
41
39
161
32
7
13
17
69
14
26
29
29
98
26
37
as % of 2019
84%
16%
32%
44%
43%
37%
60%
71%
74%
61%
68%
86%
Tripadvisor Experiences & Dining (1)
21
30
36
30
117
28
8
16
14
65
12
16
23
20
70
20
35
as % of 2019
133%
27%
44%
47%
56%
57%
53%
64%
67%
60%
95%
117%
Other
42
43
49
32
166
26
7
18
6
57
7
11
17
10
46
10
14
as % of 2019
62%
16%
37%
19%
34%
17%
26%
35%
31%
28%
24%
33%
Tripadvisor Core Segment Adj. EBITDA
118
131
129
98
476
73
(35)
27
(3)
64
7
49
73
49
177
55
116
Adj. EBITDA Margin
37%
40%
40%
38%
39%
33%
-66%
24%
-3%
13%
7%
27%
34%
30%
27%
29%
42%
Viator Segment
44
85
97
61
288
36
1
9
8
55
12
40
73
59
184
56
136
as % of 2019
82%
1%
9%
13%
19%
27%
47%
75%
97%
64%
127%
160%
Viator Segment Adj. EBITDA
(23)
(2)
1
(4)
(28)
(24)
(18)
(13)
(16)
(72)
(14)
(13)
1
(6)
(31)
(20)
0
Adj. EBITDA Margin
-52%
-2%
1%
-7%
-10%
-67%
-1800%
-144%
-200%
-131%
-117%
-33%
1%
-10%
-17%
-36%
0%
TheForokay Segment
28
31
34
35
127
31
6
32
17
86
7
18
30
30
85
26
32
as % of 2019
111%
19%
94%
49%
68%
25%
58%
88%
86%
67%
93%
103%
TheForokay Segment Adj. EBITDA
(6)
(1)
(1)
(2)
(10)
(9)
(21)
1
(14)
(43)
(19)
(11)
(2)
(14)
(46)
(8)
(7)
Adj. EBITDA Margin
-21%
-3%
-3%
-6%
-8%
-29%
-350%
3%
-82%
-50%
-271%
-61%
-7%
-47%
-54%
-31%
-22%
Intersegment Revenue Eliminations (1)
(13)
(21)
(26)
(17)
(78)
(12)
(1)
(4)
(3)
(20)
(3)
(7)
(12)
(10)
(32)
(11)
(25)
Consolidated Revenue
376
422
428
335
1,560
278
59
151
116
604
123
235
303
241
902
262
417
as % of 2019
74%
14%
35%
35%
39%
33%
56%
71%
72%
58%
70%
99%
Consolidated Adj. EBITDA (2)
89
128
129
92
438
40
(74)
15
(33)
(51)
(26)
25
72
29
100
27
109
Adj. EBITDA Margin (3)
24%
30%
30%
27%
28%
14%
-125%
10%
-28%
-8%
-21%
11%
24%
12%
11%
10%
26%
GAAP Net Income (Loss) (4)
26
34
50
15
126
(16)
(153)
(48)
(73)
(289)
(80)
(40)
1
(29)
(148)
(34)
31
GAAP Net Income (Loss) Margin
7%
8%
12%
4%
8%
-6%
-259%
-32%
-63%
-48%
-65%
-17%
0%
-12%
-16%
-13%
7%
(1) Tripadvisor experiences and eating income inside the Tripadvisor Core phase proven on this desk are gross of intersegment (intercompany) income, which is eradicated on a consolidated foundation. Eliminations lead to internet impartial affect to adjusted EBITDA.
(2)
Consolidated Adjusted EBITDA is a non-GAAP monetary measure. For a reconciliation of this measure to probably the most instantly comparable GAAP measure, please confer with the reconciliations accessible on the investor relations part of our web site at http://ir.tripadvisor.com.
(3)
Tripadvisor defines “Consolidated Adjusted EBITDA margin” as Consolidated Adjusted EBITDA divided by income.
(4)
This quantity displays our consolidated GAAP internet revenue (loss) for the durations offered. Tripadvisor doesn’t calculate or report internet revenue (loss) by phase.
Note: Due to rounding, figures could not sum to complete.
Disclaimer
TripAdvisor Inc. printed this content material on 04 August 2022 and is solely accountable for the data contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 21:36:05 UTC.
Publicnow 2022
All information about TRIPADVISOR, INC.
Analyst Recommendations on TRIPADVISOR, INC.
Sales 2022
1 404 M
–
–
Net revenue 2022
17,0 M
–
–
Net Debt 2022
65,0 M
–
–
P/E ratio 2022
192x
Yield 2022
–
Capitalization
2 816 M
2 816 M
–
EV / Sales 2022
2,05x
EV / Sales 2023
1,55x
Nbr of Employees
2 760
Free-Float
64,2%
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Technical evaluation traits TRIPADVISOR, INC.
Short TermMid-TermLong TermTrendsBullishBearishBearish
Income Statement Evolution
SellBuy
Mean consensus
HOLD
Number of Analysts
19
Last Close Price
20,17 $
Average goal worth
28,06 $
Spread / Average Target
39,1%
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