Tripadvisor, Inc. (NASDAQ:TRIP) Q2 2024 Earnings Conference Call August 6, 2024 4:30 PM 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

Ben Miller - Goldman Sachs
Naved Khan - B. Riley Securities
Wei Fang - Mizuho Securities

Operator

Good day and thank you for standing by. Welcome to the Tripadvisor Second Quarter 2024 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 first speaker for today, Angela White, Vice President of Investor Relations. Angela, please go ahead.

Angela White

Thank you, Felicia. Good morning, 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 opened, 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 measure 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, August 06, 2024. 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 afternoon, everyone. Our second quarter consolidated results were in line with our expectations. With revenue of $497 million, reflecting year-over-year growth of 1%, and adjusted EBITDA growth of 7% to $97 million, or 20% of revenue. Our results reflect the diversification of our portfolio mix, its different growth profiles and strategies, and the increasing contribution to profit mix we're seeing from Viator and TheFork. Mike will cover details of financial performance in his section, but first I'll cover our operational progress as we execute our segment strategies.

As a reminder, at Brand Tripadvisor, our strategy focuses on driving engagement and delivering world-class guidance products to fuel diverse monetization paths. At Viator, we're reinforcing our leadership position and experiences by investing in our brand, product, and repeat bookings to drive LTV and improved unit economics. Finally, at TheFork, we're focused on driving revenue growth with margin improvement by increasing the value we deliver to diners and restaurants as the leader in the European dining market. Let's start with Brand Tripadvisor. In Q2, we delivered revenue of $250 million, a decline of 10%, and adjusted EBITDA of $84 million or 34% of revenue. Our financial performance continues to reflect the transition from our historical reliance on legacy offerings, such as hotel meta, which has experienced ongoing pressure over time, to a more diverse and sustainable model.