Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.24.3
Segment Information (Tables)
9 Months Ended
Sep. 30, 2024
Segment Information  
Schedule of disaggregation of revenue

Three months ended

Nine months ended

September 30,

September 30,

2024

    

2023

2024

    

2023

Major Products/Revenue Sources:

amounts in millions

Brand Tripadvisor

Tripadvisor-branded hotels

$

151

181

460

524

Media and advertising

40

38

114

110

Tripadvisor experiences and dining

51

55

135

138

Other

13

16

36

41

Total Brand Tripadvisor

255

290

745

813

Viator

270

245

655

576

TheFork

49

42

133

115

Intersegment eliminations

(42)

(44)

(109)

(106)

Total Revenue

$

532

533

1,424

1,398

Schedule of contract balances

September 30, 2024

December 31, 2023

amounts in millions

Accounts receivable

$

220

177

Contract assets

23

15

Total

$

243

192

Schedule of performance measures

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

amounts in millions

Brand Tripadvisor

$

87

111

248

279

Viator

30

17

13

(15)

TheFork

5

(1)

5

(14)

Corporate and eliminations

(3)

(2)

(9)

(8)

Consolidated TripCo

$

119

125

257

242

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

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

amounts in millions

Adjusted OIBDA

    

$

119

    

125

    

257

    

242

Stock-based compensation

 

(31)

 

(25)

(93)

 

(74)

Depreciation and amortization

 

(21)

 

(21)

(63)

 

(63)

Impairment of goodwill and intangible assets

(1,025)

(1,025)

Legal reserves and settlements(1)

(14)

Restructuring and other related reorganization (costs) benefits (2)

1

(18)

(1)

(18)

Non-recurring expenses (3)

(1)

(4)

(3)

Operating income (loss)

67

(964)

82

(941)

Interest expense

 

(19)

 

(17)

(53)

 

(50)

Dividend and interest income

13

13

39

36

Realized and unrealized gains (losses) on financial instruments, net

3

(8)

12

(1)

Other, net

 

(2)

 

(2)

(6)

 

(4)

Earnings (loss) before income taxes

$

62

 

(978)

74

 

(960)

(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 any liability subsequent to April 1, 2024 is 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 September 30, 2024 to be disbursed during 2024.
(3) Tripadvisor expensed $1 million and $4 million of transaction costs during the three and nine months ended September 30, 2024, respectively, and $3 million of transaction costs during the nine months ended September 30, 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.