Tripadvisor, Inc. (NASDAQ:TRIP) Q3 2023 Earnings Conference Call November 7, 2023 8:30 AM ET

Company Participants

Angela White - VP, IR

Matt Goldberg - President and CEO

Mike Noonan - CFO

Conference Call Participants

Naved Khan - B. Riley Securities

Benjamin Miller - Goldman Sachs

Lloyd Walmsley - UBS

Unidentified Analyst - J.P. Morgan

Niall Mitchelson - Bernstein

Jed Kelly - Oppenheimer

Brian Fitzgerald - Wells Fargo

Tom White - D.A. Davidson

Unidentified Analyst - Jefferies

Operator

Good day and thank you for standing by. Welcome to the Tripadvisor Third 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 Investor Relations. Angela, please go ahead.

Angela White

Thank you, Felicia. Good morning, everyone and welcome to Tripadvisor's third quarter 2023 financial results call. Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO. Last night, after the market closed, we filed and made available our earnings release. In that 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 estimates and other forward-looking statements that represent management's view as of today, November 7, 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 good morning to everyone joining us today. For the third quarter on a consolidated basis, Tripadvisor Group delivered revenue of 533 million reflecting growth of 16% year-over-year. Viator achieved another solid quarter of outperformance with 41% revenue growth versus last year, and Tripadvisor Core also performed better than expected. Across both Viator and Tripadvisor Core, the progress in our experiences offering continues to exceed our expectations reflecting the large opportunity still in front of us in this category. TheFork made meaningful margin improvement on healthy top line growth, nearly reaching breakeven for the quarter. Consolidated adjusted EBITDA was a 127 million or 24% of revenue. These results reflect our continued progress in executing our segment strategies with strong financial and operational discipline.