Q2 2024 Tripadvisor Inc Earnings Call Transcript
Key Points
- Tripadvisor Inc (TRIP) reported a year-over-year revenue growth of 1% to $497 million and adjusted EBITDA growth of 7% to $97 million.
- Viator delivered strong performance with a 13% year-over-year revenue growth to $244 million and a $12 million year-over-year improvement in adjusted EBITDA.
- TheFork achieved its most profitable quarter ever with an 11% year-over-year revenue growth to $42 million and a $7 million improvement in adjusted EBITDA.
- Tripadvisor Inc (TRIP) saw solid growth in membership and direct engagement, with monthly active members returning to growth and direct channel share increasing by approximately 450 basis points year-over-year.
- The company successfully launched and scaled AI-powered review summaries and expanded its Trips feature to 20 new languages across more than 30 locales.
- Brand Tripadvisor experienced a 10% decline in revenue to $250 million, primarily due to weaker demand trends in hotel meta and experiences.
- Hotel meta revenue declined by 14% to $150 million, driven by weaker demand and increased competition in paid channels.
- Experiences and dining revenue declined by 4%, with a more than 20% decline in the restaurant B2B offering.
- The company faced cost pressures, including higher cloud costs, transaction fees, and media production costs, leading to increased cost of revenue and G&A expenses.
- Tripadvisor Inc (TRIP) provided a cautious outlook for Q3, expecting consolidated revenue growth to be flat to a few points down year-over-year and adjusted EBITDA margins to be down by approximately 350 to 450 basis points.
Good day, and thank you for standing by. Welcome to the Tripadvisor second-quarter 2024 conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Angela White, Vice President of Investor Relations. Angela, please go ahead.
Thank you, Felicia. Good afternoon, and welcome to Tripadvisor's second-quarter 2024 financial results call. Joining me today are Matt Goldberg, President and CEO, and Mike Noonan, CFO.
Earlier this afternoon, after market close, we filed and made available our earnings release. In that release, you'll find a reconciliations of non-GAAP financial measures to the most comparable GAAP measures discussed on this call.
Before we begin, I'd like to remind you that this call may contain estimates and other forward-looking statements that represent management's views as of today, August 6, 2024.
Tripadvisor disclaims any obligation to
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