Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.24.2.u1
Segment Information (Tables)
6 Months Ended
Jun. 30, 2024
Segment Information  
Schedule of disaggregation of revenue

Three months ended

Six months ended

June 30,

June 30,

2024

    

2023

2024

    

2023

Major Products/Revenue Sources:

amounts in millions

Brand Tripadvisor

Tripadvisor-branded hotels

$

150

174

309

343

Media and advertising

41

42

73

72

Tripadvisor experiences and dining

48

50

84

83

Other

11

13

24

25

Total Brand Tripadvisor

250

279

490

523

Viator

244

216

385

331

TheFork

42

38

83

73

Intersegment eliminations

(39)

(39)

(66)

(62)

Total Revenue

$

497

494

892

865

Schedule of contract balances

June 30, 2024

December 31, 2023

amounts in millions

Accounts receivable

$

227

177

Contract assets

26

15

Total

$

253

192

Schedule of performance measures

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

amounts in millions

Brand Tripadvisor

$

84

96

161

168

Viator

10

(2)

(18)

(31)

TheFork

3

(4)

(14)

Corporate and eliminations

(4)

(3)

(6)

(6)

Consolidated TripCo

$

93

87

137

117

Reconciliation of Adjusted OIBDA to operating income and earnings (loss) before income taxes

Three months ended

Six months ended

June 30,

June 30,

2024

2023

2024

2023

amounts in millions

Adjusted OIBDA

    

$

93

    

87

    

137

    

117

Stock-based compensation

 

(34)

 

(26)

(62)

 

(49)

Depreciation and amortization

 

(20)

 

(21)

(42)

 

(42)

Legal reserves and settlements(1)

(4)

(14)

Restructuring and other related reorganization costs (2)

(1)

Non-recurring expenses (3)

(2)

(3)

(3)

Operating income (loss)

33

40

15

23

Interest expense

 

(17)

 

(17)

(34)

 

(33)

Dividend and interest income

13

12

26

23

Realized and unrealized gains (losses), net

53

15

9

7

Other, net

 

(1)

 

(1)

(4)

 

(2)

Earnings (loss) before income taxes

$

81

 

49

12

 

18

(1) See discussion in note 8 related to a $10 million potential regulatory matter. During the second quarter of 2024 Tripadvisor recorded a one-time charge of $4 million to general and administrative, including stock based compensation on the condensed consolidated statement of operations, resulting from legislation enacted in Canada during June 2024 related to digital services taxes, which requires retrospective application back to January 1, 2022. This amount represents the one-time retrospective liability for the periods prior to April 1, 2024, while the liability for the three months ended June 30, 2024 and all prospective periods are and will be included within Adjusted OIBDA.
(2) During the third quarter of 2023, Tripadvisor initiated a restructuring and reduced global headcount. Tripadvisor expects the majority of remaining unpaid restructuring costs as of June 30, 2024 to be disbursed during 2024.
(3) Tripadvisor expensed $2 million of transaction costs during the three months ended June 30, 2024 and $3 million of transaction costs during each of the six months ended June 30, 2024 and 2023, to selling, general and administrative, including stock-based compensation on the condensed consolidated statement of operations. Tripadvisor considers such costs to be non-recurring in nature.