Tripadvisor : TRIP 1Q2026 Investor Presentation

About this update from Tripadvisor, Inc.

Tripadvisor Q1 2026 Investor Presentation May 2026 Group The world's most trusted source for travel and experiences 3 3 Focused on Priorities Designed to Drive Group Growth Extend leadership in experiences Drive long-term growth in revenue and profit and expand market share by under one team, strategy, and roadmap Position for a future of AI-enabled travel Deploy the Group's unique data assets to powering product, marketing, productivity and AI-first initiatives Simplify focus of legacy Tripadvisor portfolio Simplify legacy portfolio to support experiences and data strategies & optimize legacy portfolio to enhance profitability Drive sustainable, profitable growth Continue to execute a financially disciplined growth strategy through expanding revenue mix at TheFork 4 Organized in Service of Group Priorities Extend leadership in Experiences Supported by difficult to replicate assets Position for an AI-enabled future Simplify focus of legacy offerings Large Global Audience Trusted Brands Unique, Community-Driven Content Leading global online bookable experiences platform World's largest online travel guidance platform Leading European online restaurant discovery and booking platform Drive sustainable, profitable growth Strong Partner Relationships Group Data | Technology | World-Class Talent 5 Transforming the Group Shift to Marketplace Offerings Driving Mix Marketplace growth driving the portfolio mix shift 2025 marketplace revenue grew 12% year over year, reaching 61% of total mix, and adjusted EBITDA 35% of total mix Experiences mix driving expansion 2025 Experiences revenue grew 10% year over year, reaching 49% of total mix, and adjusted EBITDA 29% of mix Revenue Mix ($M) Adjusted EBITDA Mix ($M) 1,788 1,835 1,891 334 339 319 Figures may not total to 100% due to rounding Note: Consolidated adjusted EBITDA is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure. 6 Financial Highlights 7 7 Segment Performance Reflective of Group Priorities Experiences Hotels & Other TheFork Commission-based revenue facilitated directly and indirectly through platform and on behalf of third-party distribution partner websites Click-based advertising for OTAs and suppliers; display advertising, click-based revenue on dining and cruise, and B2B solutions for restaurants and hotels. Commission-based revenue facilitated through platform, paid for by restaurant partner; subscription-based restaurant software LTM 1Q26 Revenue Mix % of Total 1 12% 50% 38% LTM 1Q26 Revenue 2 $936 million 10% y/y growth $711 million -11% y/y growth $232 million 25% y/y growth LTM 1Q26 Adj. EBITDA 2 ( % margin ) $86 million 9% $183 million 26% $28 million 12% Revenue mix calculation excludes approx. $4 million in intercompany eliminations Last twelve month (LTM) period ending 03/31/2026 Note: Adjusted EBITDA is our segment profit measure. Please refer to the appendix of this presentation for its definition. 8 Quarterly Results: Consolidated Revenue & Adjusted EBITDA Consolidated Revenue ($M) Consolidated Adj. EBITDA ($M) As % of Rev 11% 20% 22% 11% 6% Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure. 9 Quarterly Revenue & Adjusted EBITDA by Segment Experiences Hotels & Other TheFork Revenue ($M) Adj. EBITDA ($M) Revenue ($M) Adj. EBITDA ($M) Revenue ($M) Adj. EBITDA ($M) 10 Note: Adjusted EBITDA is our segment profit measure. Please refer to the appendix of this presentation for its definition. Quarterly Free Cash Flow & Liquidity Free Cash Flow ($M) Liquidity position at 03/31/2026 ($M) 1,616 Cash and cash equivalents of $1,120 million includes approximately $341 million, net of financing costs from proceeds received from the issuance of our Tack-On Incremental Term Loan B Facility, used to pay down its 0.25% Convertible Senior Notes due 2026 on April 1, 2026. Free cash flow is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure. 11 12 12 Experiences Market-leading brands driving expansion of global online experiences Broad coverage ✔ Viator OTA capturing high-intent travelers ✔ Tripadvisor capturing upper funnel guidance & planning phase + ✔ Third party: providing experiences supply to OTAs, hotels, travel agencies, and other partners Favorable tailwinds for global experiences ✔ Offline to online growing faster than overall market ✔ 4x faster growth of consumer spend on experience-related services v. goods 1 Marketplace offering, connecting travelers and tour operators Travelers: Easy discovery of high-quality experiences reviewed and confirmed by travelers Wide choice of products Flexibility to book and cancel Leading customer service Operators: Expanded distribution Hassle free bookings Marketing and analytics products to manage and grow their business Global Tours and Experiences Market (Gross Bookings $B) 1. Phocuswright/Arival 2019-2027E CAGR Source: Arival and company information 13 Driving growth, scale, and profitability through marketing, product & supply flywheel Experiences booked growth GBV ($B) Adjusted EBITDA ($M) & Margin Product Better experience | Store Conversion via UX, personalization, AI product selection, driving loyalty and repeating customers Marketing Demand & Traffic Attracting customers through growing marketing efficiency, geographic & channel expansion Supply Better selection Secondary and tertiary markets, category expansion 14 Experiences Summary Highlights ~$4.7B+ FY2025 GBV +425K Bookable Experiences ~4x more bookable experiences vs closest competitor 1 +70K Operators Mid-20s Take Rates 4,000+ Demand Partners Including Nearly Every Travel Brand Note: All figures as of year end 2025 unless otherwise noted 1. Bookable experience counts of competitors are based on internal estimates. Variations on the same tour experience are counted as a single experience. 15 TheFork Leading marketplace for restaurant bookings in Europe All restaurants in Europe 500k+ Restaurants in Top 5 countries* Overview Leader in an underpenetrated market ✔ Leading player in every EU market in which TheFork operates, currently present in 11 countries across Europe ✔ Unmatched volume and diversity of content in core markets ✔ Primarily app-based bookings ✔ Large repeat user base Platform for European restaurant listings and reservations Diners: Restaurant discovery and booking Photos, reviews, menu and pricing info to guide decision-making Restaurateurs: Visibility and reach to diners Marketing and yield management tools Digital solution to manage bookings, and optimize operations Customer behavior data +50K Bookable restaurants *Euromonitor 17 Executing a financially disciplined growth strategy Expand value proposition to restaurants through market-competitive ERB platform Efficiently maintain restaurant base by optimizing sales and support Higher than average growth expanding B2B Diversifying Business Model Drives Future Scale and Profitability B2C Drive demand through balanced media investment Deliver innovative product-led engagement and conversion Repeat customers ~80% of bookings (1) ~80% of bookings come through mobile app (1) Access new diners to enhance visibility, reach and revenue generation Build a strong brand presence in new contribution to mix Strategic Partnerships markets and drive diversity in business model and revenue stream Partnering with large global brands (Mastercard, Vodafone, Michelin) (1) Figures as of year end 2025 18 TheFork Summary Highlights 11 Number of Countries Operating +50K Bookable Restaurants ~80%+ Bookings via Mobile App 20M+ Ratings, Reviews & Photos ~80%+ Bookings from Repeat Diners Note: All figures as of year end 2025 unless otherwise noted 19 20 20 Hotels & Other Unique position at the intersection of travelers and partners Durable asset that is difficult to replicate ✔ Trusted brand ✔ Authentic UGC ✔ Large community of contributors ✔ Large global audience Trusted source for end-to-end travel planning & guidance Travelers: Community-driven insight and engagement through reviews and forums Bookings for experiences, hotels, restaurants and other Partners: Global hotel meta platform Key advertising platform for travel brands and beyond Global Travel Market Gross Bookings ($T) 2019-2027 CAGR Source: Phocuswright (includes air, hotel, rail, packaged travel, car rental and cruise) 21 Assets positioned to support growth in experiences and data strategies UGC, data and technology valuable enablers of product and partnership across travel categories Product Productivity Partnerships 22 Trip planning tools, guidance, and recommendations Product personalization and predictive analytics Content + SEO: Review and forum summaries Conversational Chatbot/Search Engineering tools (code snippets, testing, search) Trust & Safety - reduce human moderation efforts while increasing the quality of detection Customer service Translation/localization Analytics Forging content solutions and partnerships with leading companies Optimizing LT position in the ecosystem Partnering with leading AI companies GenAI search engines Agentic AI App integration Serving travelers under a globally recognized and trusted brand Across 43 global markets Hotels & Other Summary Highlights Millions of contributors a year Authentic traveler content Valuable assets including a trusted brand, global audience, scalable content model, high-intent data, and significant supply footprint 1B+ Reviews & Opinions World-class content moderation Multiple ways of connecting consumers with our partners 23 Note: All figures as of year end 2025 unless otherwise noted *Annual active members Thank You Appendix 25 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 for greater transparency with respect to key metrics used by management in operating and analyzing our business. The amount presented in the second quarter of 2025 represents the reversal of an estimated accrual related to the settlement of a regulatory related matter, based on updated information at the time. The Company expensed certain costs related to shareholder activism of $3.3 million during the first quarter of 2026. Represents a recovery of $4.8 million related to an external fraud incident, which occurred during the fourth quarter of 2022. The Company has reduced Adjusted EBITDA by this recovery amount during the first quarter of 2026. The Company considers such recovery to be non-recurring in nature. Depreciation and amortization. Includes capitalized website development amortization. (5) Consolidated Adjusted EBITDA. A non-GAAP measure which is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves, settlements and other, including indirect tax reserves related to audit settlements and the impact of one-time changes resulting from enacted indirect tax legislation; (7) restructuring and other related reorganization costs; (8) transaction related expenses (including non-operational costs related to significant shareholder activism, which includes third-party advisory, legal, and other professional fees); and (9) non-recurring expenses and income unusual in nature or infrequently occurring. These items are excluded from our Adjusted EBITDA measure because these items are noncash in nature, or because the amount is not driven by core operating results and renders comparisons with prior periods less meaningful. (6) Free Cash Flow. A non-GAAP measure which is defined as net cash provided by operating activities less capital expenditures, which are purchases of property and equipment, including capitalization of website development costs. We believe this financial measure can provide useful supplemental information to help investors better understand underlying trends in our business, as it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the unaudited condensed consolidated statements of cash flows. 26 Appendix Segment adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus:(1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation; (5) goodwill, long-lived assets and intangible asset impairments; (6) legal reserves, settlements, and other (including indirect tax reserves related to audit settlements and the impact of one-time changes resulting from enacted indirect tax legislation); (7) restructuring and other related reorganization costs; (8) transaction-related expenses (i ncluding non-operational costs related to significant shareholder activism, which includes third-party advisory, legal, and other professional fees ; and (9) non-recurring expenses and income unusual in nature or infrequently occurring. Operating metrics: We use the operating metrics described below to assist us in measuring our operations performance, identifying trends, formulating projections and making strategic decisions for the Viator segment. We are not aware of any uniform standards for calculating these metrics, which may hinder comparability with other companies that may calculate similarly titled metrics in a different way. Management believes it is useful to monitor these metrics together and not individually as it does not make business decisions based upon any single metric. We regularly review our processes and may adjust how we calculate these metrics to improve their accuracy. We make these key metrics available to investors because we believe they are useful both because it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and because they may be used to help analyze the health of our business. These metrics should not be considered as an alternative to any measure of financial performance calculated in accordance with GAAP. Gross Booking Value ("GBV") represents the total dollar value of experience bookings in a given period prior to any adjustments such as date changes, refunds or cancellations. GBV is an operational measure that provides an indication of total engagement and economic activity driven by our platform in a given period by all marketplace constituents (travelers, experience operators, and partners). Management uses GBV for operational decision-making purposes to monitor the growth, scale, and reach of its online marketplace as well as assess the health of its global ecosystem. Accordingly, management does not consider GBV to be an indicator of revenue or any other financial statement measure. We define an "experience booking" as a single tour, activity, or attraction that can be purchased through Viator's platform for one or several travelers, prior to adjustments such as date changes, refunds, or cancellations. This metric is reported at the time the booking is made. As an example, a single experience booked in January for three travelers would be reported as one experience booking in the first quarter. We believe that the number of experience bookings, an operational measure, is a useful indicator of the scale of our marketplace. * Full-year totals reflect data as reported and may differ from the summation of the quarterly data on this table due to rounding. . 27 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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