Tripadvisor, Inc. (TRIP) is a global travel guidance platform that connects people to experiences worth sharing. The company provides a comprehensive suite of services, including user-generated reviews, travel bookings, and dining reservations, to help travelers discover and plan memorable trips. Its offerings span across accommodations, experiences, and dining, supported by a vast network of partners and a large global audience.
- Viator - Focuses on experiences and activities bookings, offering a wide range of tours, activities, and attractions from operators worldwide.
- Brand Tripadvisor - Provides travel guidance through user-generated content, including reviews and ratings for accommodations, restaurants, and attractions. It also offers advertising and affiliate marketing services.
- Tripadvisor-branded hotels - Includes click-based advertising, subscription-based advertising, and hotel-sponsored placements.
- Media and advertising - Generates revenue through display-based advertising.
- Tripadvisor experiences and dining - Offers affiliate marketing commissions and restaurant services.
- Other - Covers cruises, alternative accommodation rentals, flights, and rental cars.
- TheFork - Specializes in online restaurant reservations, helping diners discover and book tables while assisting restaurants in optimizing operations.
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Research analysts who have asked questions during TripAdvisor earnings calls.
Richard Clarke
Bernstein
4 questions for TRIP
Naved Khan
B. Riley Securities
3 questions for TRIP
Trevor Young
Barclays
3 questions for TRIP
Benjamin Miller
Goldman Sachs
2 questions for TRIP
Dae Lee
JPMorgan Chase & Co.
2 questions for TRIP
James Lee
Mizuho Securities
2 questions for TRIP
Jed Kelly
Oppenheimer & Co. Inc.
2 questions for TRIP
Kevin Kopelman
TD Cowen
2 questions for TRIP
Jeff Bronchick
Cove Street Capital
1 question for TRIP
Nafeesa Gupta
Bank of America
1 question for TRIP
Stephen Ju
UBS
1 question for TRIP
Thomas White
D.A. Davidson & Co.
1 question for TRIP
Vince Ciepiel
Cleveland Research Company
1 question for TRIP
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
General OTAs, such as this company, have significantly more customers, data, and financial and other resources than we do, and may be able to leverage those strengths to compete more aggressively with us. | |
General OTAs, such as this company, have significantly more customers, data, and financial and other resources than we do, and may be able to leverage those strengths to compete more aggressively with us. | |
General OTAs, such as this company, have significantly more customers, data, and financial and other resources than we do, and may be able to leverage those strengths to compete more aggressively with us. | |
Traveloka | General OTAs, such as this company, have significantly more customers, data, and financial and other resources than we do, and may be able to leverage those strengths to compete more aggressively with us. |
General OTAs, such as this company, have significantly more customers, data, and financial and other resources than we do, and may be able to leverage those strengths to compete more aggressively with us. | |
General OTAs, such as this company, have significantly more customers, data, and financial and other resources than we do, and may be able to leverage those strengths to compete more aggressively with us. | |
GetYourGuide | Experiences OTAs, such as this company, are part of the competitive landscape we face. |
Klook | Experiences OTAs, such as this company, are part of the competitive landscape we face. |
TUI Musement | Experiences OTAs, such as this company, are part of the competitive landscape we face. |
Hotel metasearch providers, such as this company, are part of the competitive landscape we face. | |
Kayak | Hotel metasearch providers, such as this company, are part of the competitive landscape we face. |
Skyscanner | Hotel metasearch providers, such as this company, are part of the competitive landscape we face. |
Online search, social media, and marketplace platforms for advertising spend, such as this company, are part of the competitive landscape we face. | |
Online search, social media, and marketplace platforms for advertising spend, such as this company, are part of the competitive landscape we face. | |
X | Online search, social media, and marketplace platforms for advertising spend, such as this company, are part of the competitive landscape we face. |
Online search, social media, and marketplace platforms for advertising spend, such as this company, are part of the competitive landscape we face. | |
Online search, social media, and marketplace platforms for advertising spend, such as this company, are part of the competitive landscape we face. | |
Emerging online advertising businesses, such as ad-supported retail and entertainment platforms like this company, are part of the competitive landscape we face. | |
Emerging online advertising businesses, such as ad-supported retail and entertainment platforms like this company, are part of the competitive landscape we face. | |
Emerging online advertising businesses, such as ad-supported retail and entertainment platforms like this company, are part of the competitive landscape we face. | |
OpenTable | Global and regional restaurant technology providers for reservation management and related services, such as this company, are part of the competitive landscape we face. |
Resy | Global and regional restaurant technology providers for reservation management and related services, such as this company, are part of the competitive landscape we face. |
Tock | Global and regional restaurant technology providers for reservation management and related services, such as this company, are part of the competitive landscape we face. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Booking (and subsidiaries) | Buys traveler leads via click-based advertising | Brand Tripadvisor | Revenue: ≥10% of total in 2024 (≥$183.5 million out of $1,835 million total). Combined with Expedia: 22% in 2024, 25% in 2023, and 31% in 2022 of total revenue. |
Expedia (and subsidiaries) | Buys traveler leads via click-based advertising | Brand Tripadvisor | Part of combined 22% in 2024, 25% in 2023, and 31% in 2022 of total revenue. Accounts receivable: 10% in 2024 ($20.7 million out of $207 million total). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Liberty TripAdvisor Holdings, Inc. | 2024 | Tripadvisor announced a planned acquisition of Liberty TripAdvisor for a total merger consideration of approximately $435 million, which includes cash payments for common and redeemable preferred stock as well as a repayment of senior debentures, and a subsequent share repurchase to simplify its capital structure. The transaction is expected to provide enhanced trading liquidity, align voting and economic interests, and be immediately cash flow accretive, with closing anticipated in Q2 2025. |
Recent press releases and 8-K filings for TRIP.
- Activist investor Starboard Value has acquired a stake of over 9% in Tripadvisor, valued at approximately $160 million, making it one of the company's top shareholders.
- Starboard's investment follows Tripadvisor's rejection of previous takeover bids and comes as Tripadvisor's stock has underperformed the broader market, losing 15-17% over the past year.
- Following the news of Starboard's stake, Tripadvisor's stock price increased by more than 6% in after-hours trading.
- Long-term growth focus remains amid macro volatility, with executives emphasizing durable travel consumer intent and a multi-category strategy across hotels, experiences, and restaurants.
- The company is enhancing its platform with an AI-led travel planner and integrated booking capabilities to improve user engagement and personalization.
- Strategic restructuring post-ownership issues is enabling a simplified capital structure, renewed Board perspectives, and a clearer approach to product innovation.
- Q1 2025 consolidated revenue reached $398M (up 1% YoY) with an adjusted EBITDA of $44M (11% margin) .
- GAAP net loss was $11M while non-GAAP net income reached $21M, reflecting strategic cost management .
- Free cash flow was $83M complemented by operating cash flow of $102M, bolstered by financing activities .
- Despite mixed segment performance, Brand Tripadvisor generated $219M in revenue with $53M in EBITDA while strong performance by Viator helped drive overall results .
- Strategic financing included a $350M add-on to the Term Loan B and significant share retirement following the merger with Liberty TripAdvisor Holdings .
- Full-year guidance remains at 5%-7% revenue growth and 16%-18% adjusted EBITDA margin, with a focus on marketing efficiencies and product-led growth amid market uncertainty .
- TripAdvisor announced the closing of its merger with Liberty TripAdvisor Holdings, converting various classes of Liberty shares into cash and common stock, resulting in a net share reduction and a simplified capital structure.
- The transaction, valued at approximately $430 million based on the closing share price of $12.82, involved repaying Exchangeable Debentures and converting preferred shares, with total cash components of about $62.5 million.
- In conjunction with the merger, TripAdvisor finalized its redomestication from Delaware to Nevada, effective April 29, 2025, with no change in its core business or management structure.
- On March 20, 2025, TripAdvisor executed a loan agreement as part of a Material Definitive Agreement, acting as the lender in a transaction with Liberty TripAdvisor Holdings, Inc.
- The agreement provides a $330.8 million credit facility intended solely to enable the repurchase or settlement of 0.50% Exchangeable Senior Debentures due 2051, with an interest rate of Adjusted Term SOFR plus 6.00% per annum accruing daily and compounded quarterly
- The transaction is secured by a continuing first priority lien on substantially all assets of the borrower and its guarantors, with customary covenants and representations typical for financings of this type
- Tripadvisor Inc. successfully closed a $350.0 million term loan B facility through a Second Amendment to its Credit Agreement, with the loan maturing in 2031 and an interest rate of SOFR plus 2.75%.
- The facility proceeds are intended to fund the repurchase, repayment, or redemption of the company's outstanding 0.25% Convertible Senior Notes due 2026.
- TripAdvisor, Inc. executed a Second Amendment on March 20, 2025, to its existing Credit Agreement, expanding its credit facility by establishing incremental Term B loans on the same terms as its current loans.
- The agreement, involving the Parent, other loan parties, all lenders, and JPMorgan Chase Bank, N.A. as Administrative Agent, facilitates the issuance of Tack-On Incremental Term B Loans.
- This amendment marks a strategic enhancement of the company’s credit structure, setting the stage for potential funding up to $350 million as detailed in the associated commitments.