Slide 1: Q4 & FY 2023 Investor Presentation
Tripadvisor Q4 & FY 2023 Investor Presentation February 2024
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements. Our presentation today, including the slides contained herein, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts or guarantees of future perform
Slide 3: The world's most trusted source for travel and experiences
The world’s most trusted source for travel and experiences
Slide 4: Strategic position as the leading platform across the traveler journey
Strategic position as the leading platform across the traveler journey BRAND End-to-end platform for planning, booking, and experiencing Leading global online Leading European online World’s largest online travel bookable experiences restaurant discovery and guidance platform platform booking platfo
Slide 5: Financial Highlights
= o 3 Financial Highlights ~ | 2 : &
Slide 6: Fiscal 2023 Highlights
Fiscal 2023 Highlights BRAND Branded Hotels revenue 22% revenue growth growth and stability 49% revenue growth Meaningful margin 31% Experiences & Dining Exceeded $3.7B in GBV improvement driven by revenue growth (+40% growth) more balanced investment levels Margins reflected the Achieved break even
Slide 7: Tripadvisor Group: A family of brands addressing the traveler journey
Tripadvisor Group: A family of brands addressing the traveler journey A diversified position in the large and growing global travel and experiences industry BRAND 2015 2023 2 2015 2023 2 2015 2023 2 Revenue Mix % 7% 3% 8% of Total1 38% 91% 54% Fiscal Year $1,031 million $737 million $154 million Rev
Slide 8: Annual Consolidated Results: Revenue & Adjusted EBITDA
Annual Consolidated Results: Revenue & Adjusted EBITDA Consolidated Revenue ($M) Consolidated Adj. EBITDA ($M) As % of Rev 28% -8% 11% 20% 19% Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to “Non-GAAP Reconciliations” in the Appendix for definitions of our non-GAAP financia
Slide 9: Annual Consolidated Results: Operating Cash & FCF
Annual Consolidated Results: Operating Cash & FCF Operating Cash Flow ($M) Free Cash Flow ($M) Fiscal year 2022 included the benefit of approximately $75 million in Cares Act and Covid subsidies at TheFork. Fiscal 2023 included the impact of a net cash outflow of approximately $60 million related to
Slide 10: Consolidated Results: Quarterly Revenue & Adjusted EBITDA
Consolidated Results: Quarterly Revenue & Adjusted EBITDA Consolidated Revenue ($M) Consolidated Adj. EBITDA ($M) As % of Rev 12% 9% 18% 24% 22% Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to “Non-GAAP Reconciliations” in the Appendix for definitions of our non-GAAP financ
Slide 11: Quarterly Revenue & Adjusted EBITDA by Segment
Quarterly Revenue & Adjusted EBITDA by Segment Brand Tripadvisor Viator TheFork Revenue ($M) Revenue ($M) Revenue ($M) Adj. EBITDA ($M) Adj. EBITDA ($M) Adj. EBITDA ($M) Note: Adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income t
Slide 12: Quarterly Free Cash Flow & Liquidity
Quarterly Free Cash Flow & Liquidity Liquidity position at 12/31/2023 ($M) Free Cash Flow ($M) $1,563 Q2 2023 cash from operations and free cash flow included the impact of a U.S. federal tax payment of $113 million, while Q3 2023 cash from operations and free cash flow included a refund of $49 mill
Slide 13: Segment Level Overview
Segment Level Overview
Slide 14: Brand Tripadvisor Overview
Brand Tripadvisor Overview Trusted source for end-to-end Durable asset that is difficult to travel guidance replicate Travelers: ✔ Trusted brand • Community-driven insight through reviews and forums • Bookings for hotels, ✔ Authentic UGC experiences, restaurants, and other categories ✔ Large communi
Slide 15: Brand Tripadvisor: Delivering on engagement-led strategy
Brand Tripadvisor Delivering on engagement-led strategy Innovative Enhanced media planning tools proposition for brands Membership that Reinforced Fresh, Connect Deliver world-class drives loyalty core hotel valuable relevant guidance business audiences to content partners Deliver deeper engagement
Slide 16: Brand Tripadvisor Summary Highlights
Brand Tripadvisor Summary Highlights 300M+ 43 Valuable assets including a trusted Monthly Unique Global Markets brand, global audience, scalable Users content model, high-intent data, and significant supply footprint Multiple ways of connecting consumers with our partners 130M+ 1B+ Active Members Re
Slide 17: Leading global online experiences platform
Leading global online experiences platform Overview Platform connecting travelers and tour Favorable tailwinds for global operators experiences ~$280B ✔ 4x faster growth of consumer Global Experiences Gross Bookings1 spending on experience-related Travelers: services v. goods2 • Easy discovery of hi
Slide 18: Investment today in building market share
Investment today in building market share Building scale Acquiring users today, building a long-term profitable business +$3.7B or Total Gross Booking Value ~26% CAGR (all POS) (2019-2023) Delivering increasing profitability through • Higher rates of repeat bookers • Higher subsequent repeat order v
Slide 19: Summary Highlights
Summary Highlights 350K+ 4,000+ $3.7B+ Bookable 55K+ Mid-20s Demand FY2023 GBV Experiences Take Rates Partners ~4x more bookable Operators Including Nearly Every experiences vs Travel Brand closest competitor1 Note: All figures as of year end 2023 unless otherwise noted Tripadvisor 19 1. Bookable ex
Slide 20: Leading marketplace for restaurant bookings in Europe
Leading marketplace for restaurant bookings in Europe Overview Platform for European restaurant Leader in an underpenetrated All listings and reservations market restaurants ✔ Leading player in every EU market in which TheFork operates, currently in Europe Diners: present in 11 countries across • Re
Slide 21: Balancing growth and increasing profitability
Balancing growth and increasing profitability Grow restaurant base ● Value-add products and services ● Tools that elevate partners: booking and yield management, analytic insights and CRM Reach more travelers ● Product focus (app) ● Unmatched volume and diversity of content in core markets ● Driving
Slide 22: Summary Highlights
Summary Highlights $10B+ 20M+ 75%+ Current 55K+ ~75% Ratings, Bookings Addressable Bookable Bookings via Reviews & from Repeat Market Restaurants Mobile App Photos Diners Opportunity1 Note: All figures as of year end 2023 unless otherwise noted Tripadvisor 22 1. HOTREC Restaurant Booking Study (May
Slide 23: Segment Strategy Summary
Segment Strategy Summary 1 Brand Tripadvisor: Focusing on engagement and delivering world-class guidance products to fuel our diverse monetization paths 2 Viator: Reinforcing our leadership position in experiences by investing in awareness, enhanced products, and repeat bookings to capture more mark
Slide 24: Thank You
Thank You
Slide 25: Appendix
Appendix @ Tripadvisor 2019 | 2020 | 2021 2022 2023 (in $millions) FY FY FY Q4 FY al Q2 Q3 Q4 FY Reconciliation from GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP): GAAP Net Income (Loss) size | (s289)| (si4s)| ($3) $20| ($73) $24 $27 $32 $10 Add: Provision (benefit) for income taxes 68 (80),
Slide 26: Appendix
Appendix The Company believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allow f