Q3 2024 Tripadvisor Inc Earnings Call Transcript
Key Points
- Tripadvisor Inc (TRIP) reported consolidated revenue of $532 million for Q3 2024, which was in line with expectations despite headwinds in the legacy hotel meta offering.
- Viator segment revenue grew by 10% year-over-year to $270 million, with gross booking value reaching approximately $1.1 billion.
- TheFork segment achieved its best financial performance on record with revenue of $49 million, marking a 17% year-over-year growth.
- Tripadvisor Inc (TRIP) is leveraging generative AI to enhance customer service and product recommendations, which is expected to drive higher conversion rates.
- The company is seeing strong growth in app bookings, with app bookings in Q3 growing faster than any other surface and the mix of app bookings nearly doubling since 2022.
- Brand Tripadvisor's Q3 revenue declined by 12% year-over-year to $255 million, primarily due to a 17% decline in branded hotels revenue.
- The company reported negative operating cash flow of $44 million and negative free cash flow of $64 million for the quarter, reflecting typical seasonality and other factors.
- Tripadvisor Inc (TRIP) is facing ongoing headwinds in its legacy hotel meta offering, which continues to pressure revenue.
- The company has not engaged in share repurchase activity due to ongoing consideration of potential strategic alternatives, limiting its ability to buy back shares.
- Despite progress, Tripadvisor Inc (TRIP) acknowledges that it is still in the early stages of its multiyear strategy to transition from legacy offerings to new growth drivers.
Good day and thank you for standing by. Welcome to the Tripadvisor third quarter 2024 conference call. At this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that todayâs conference is being recorded.
I would now like to hand the conference over to your first speaker for today, Angela White, Vice President of Investor Relations. Angela, please go ahead.
Hey, Felicia, thank you. And good afternoon everyone and welcome to Tripadvisorâs third quarter 2024 financial results call. Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO.
Earlier this afternoon after market closed, we filed and made available our earnings release. In that release, youâll find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measure discussed on this call.
Before we begin, Iâd like to remind you that this call may contain estimates and other forward-looking statements that represent
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