Tripadvisor, Inc. (NASDAQ:TRIP) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET

Company Participants

Angela White - Vice President of Investor Relations

Matt Goldberg - President and Chief Executive Officer

Mike Noonan - Chief Financial Officer

Conference Call Participants

Naved Khan - B. Riley Securities

Lloyd Walmsley - UBS

Richard Clarke - Bernstein

James Michael - Citi

Jed Kelly - Oppenheimer

Mario Lu - Barclays Capital

Stephen Ju - Credit Suisse

Brian Fitzgerald - Wells Fargo

Kevin Kopelman - TD Cowen

Operator

Good day. And thank you for standing by. Welcome to the Tripadvisor Second Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Angela White, VP of IR. Please go ahead.

Angela White

Thank you, Tess. Good morning, everyone. And welcome to Tripadvisor's second quarter 2023 financial results conference call. Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO.

Last night, after the market close, we filed and made available our earnings release. In the release, you'll find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed on this call.

Before we begin, I'd like to remind you that this call may contain forward estimates and other forward-looking statements that represent management's view as of today, August 3, 2023. TripAdvisor disclaims any obligation to update these statements to reflect future events or circumstances. Please refer to our earnings release as well as our filings with the SEC for information concerning factors that could cause actual results to differ materially from these forward-looking statements.

With that, I'll turn the call over to Matt.

Matt Goldberg

Thanks, Angela. And thanks to all of you for joining us this morning. For the second quarter, on a consolidated basis, we delivered healthy revenue growth of 18% across the group, driven by our experiences offerings which outperformed our expectations, and notably surpassed our branded hotels revenue in size for the first time. We believe this is a reflection of our advantaged position as we leverage the complementary nature of our Viator and TripAdvisor brands to lead the market in this high growth, under-penetrated, and fragmented travel category.

Group adjusted EBITDA was $90 million or 18% of revenue, within the range we provided last quarter. Importantly, our teams continue to make progress across our segment strategies. At Tripadvisor Core, we are executing on our engagement-led strategy by reinvigorating our focus on world-class guidance products to fuel our diverse monetization paths. At Viator, we are reinforcing our leadership position in experiences by investing in awareness, enhanced products, and repeat bookings to capture more market share. At TheFork, we're focusing on driving healthy growth with significant margin improvement this year by delivering value to both diners and restaurants as the leader in the European dining market.