On this page of StockholderLetter.com we present the 5/2/2023 shareholder letter from TripAdvisor, Inc. — ticker symbol TRIP. Reading current and past TRIP letters to shareholders can bring important insights into the investment thesis.
Notice of 2023 Annual Meeting and Proxy Statement and 2022 Annual Report
Notice of 2023 Annual Meeting and Proxy Statement
April 25, 2023 Dear Fellow Stockholders: Fiscal 2022 was an exciting year for Tripadvisor Group, marked by a robust recovery in the travel industry, a seamless transition in our leadership, and hard work by our teams to deliver strong financial results. While the macro environment was mixed, the traveler returned with determination to get out and experience the world, relying on our trusted advice, recommendations, and marketplaces to help make it happen. Our financial performance reflected the continued revenue recovery and a balanced approach to ongoing cost management and prudent investments in our growth opportunities, particularly around the high-growth experiences category. Total consolidated revenue in fiscal 2022 reached nearly $1.5 billion, reflecting year over year growth of 65%. GAAP net income was $20 million, adjusted EBITDA was $295 million, and free cash flow was $344 million. On a personal note, I was excited to join Tripadvisor Group in 2022, which represents my return to the travel industry, my passion for innovation to serve the wants and needs of the traveler, and my enthusiasm and respect for the company s history: its emphasis on trust and community, the scale it has assembled in content, reviews, and visitors to its platform, and a company culture built around a shared purpose. All of this has combined to create enduring assets that are hard to replicate, and together form the unique position the company holds, for both travelers and partners, in this large and growing travel industry. In 2022, we began the work to establish a long-term strategy that builds on this heritage and locks into our common vision for the group as whole: to be the world s most trusted source for travel and experiences and to connect people to experiences worth sharing through our Tripadvisor, Viator, TheFork, and other brands. We plan to support our vision by pursuing unique value creation strategies for each of our segments, balancing stages of growth, market opportunities, and competitive positioning, while reinforcing the group as a whole: x At Tripadvisor Core, we will drive deeper traveler engagement, enhancing our products to build on our differentiated assets in brand, trust, community, and content. x At Viator, we will continue to accelerate our leadership position in experiences, by driving awareness, repeat bookings, and share gains in this large and underpenetrated market. x At TheFork, we will continue to build on our leadership position in the European dining industry, delivering value to both diners and restaurants. As we think about 2023 and beyond, we are excited about the opportunities we can drive for Tripadvisor Group. We believe that we are uniquely positioned with our large global audience, wealth of data, and trusted platforms to address large and growing opportunities in travel and experiences, digital advertising and emerging marketplaces, and across multiple categories. Our talented and dedicated employees have been key to all that we do not only in delivering a strong 2022 but also in establishing our plans for the future. We thank them for their contribution to the culture of this company, to the community we are building, and for their consistent engagement and hard work. Over 3,100 employees, in multiple locations across the globe, work tirelessly each day to drive Tripadvisor Group forward. We also thank our shareholders, whose support along the journey has demonstrated recognition of the potential in this industry, our team, and our future opportunities. We believe that the best way to drive long-term value for the portfolio of assets is through the execution of our strategic priorities across our segments. You are cordially invited to attend the Annual Meeting of Stockholders of Tripadvisor, Inc. to be held on Tuesday, June 6, 2023, at 11:00 a.m. Eastern Time. As in prior years, the annual meeting will be completely virtual. You may attend the meeting, submit questions and vote your shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/TRIP2023. To enter the annual meeting electronically, you will need the control number that is printed in the box marked by the arrow on your proxy card. We recommend logging in at least fifteen minutes before the meeting to ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on June 6, 2023. At the Annual Meeting, stockholders will be asked to vote on the matters described in the accompanying notice of annual meeting and proxy statement, as well as such other business that may properly come before the meeting and any adjournments or postponements 1
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TRIP 5/2/2023 Shareholder/Stockholder Letter Transcript:

Notice of 2023 Annual Meeting and
Proxy Statement
and
2022 Annual Report


Notice of 2023 Annual Meeting
and Proxy Statement


April 25, 2023
Dear Fellow Stockholders:
Fiscal 2022 was an exciting year for Tripadvisor Group, marked by a robust recovery in the travel industry, a seamless transition
in our leadership, and hard work by our teams to deliver strong financial results. While the macro environment was mixed, the traveler
returned with determination to get out and experience the world, relying on our trusted advice, recommendations, and marketplaces to
help make it happen. Our financial performance reflected the continued revenue recovery and a balanced approach to ongoing cost
management and prudent investments in our growth opportunities, particularly around the high-growth experiences category. Total
consolidated revenue in fiscal 2022 reached nearly $1.5 billion, reflecting year over year growth of 65%. GAAP net income was $20
million, adjusted EBITDA was $295 million, and free cash flow was $344 million.
On a personal note, I was excited to join Tripadvisor Group in 2022, which represents my return to the travel industry, my passion
for innovation to serve the wants and needs of the traveler, and my enthusiasm and respect for the company   s history: its emphasis on
trust and community, the scale it has assembled in content, reviews, and visitors to its platform, and a company culture built around a
shared purpose. All of this has combined to create enduring assets that are hard to replicate, and together form the unique position the
company holds, for both travelers and partners, in this large and growing travel industry.
In 2022, we began the work to establish a long-term strategy that builds on this heritage and locks into our common vision for the
group as whole: to be the world   s most trusted source for travel and experiences and to connect people to experiences worth sharing
through our Tripadvisor, Viator, TheFork, and other brands. We plan to support our vision by pursuing unique value creation strategies
for each of our segments, balancing stages of growth, market opportunities, and competitive positioning, while reinforcing the group as
a whole:
x
At Tripadvisor Core, we will drive deeper traveler engagement, enhancing our products to build on our differentiated assets
in brand, trust, community, and content.
x
At Viator, we will continue to accelerate our leadership position in experiences, by driving awareness, repeat bookings, and
share gains in this large and underpenetrated market.
x
At TheFork, we will continue to build on our leadership position in the European dining industry, delivering value to both
diners and restaurants.
As we think about 2023 and beyond, we are excited about the opportunities we can drive for Tripadvisor Group. We believe that
we are uniquely positioned with our large global audience, wealth of data, and trusted platforms to address large and growing
opportunities in travel and experiences, digital advertising and emerging marketplaces, and across multiple categories.
Our talented and dedicated employees have been key to all that we do   not only in delivering a strong 2022 but also in establishing
our plans for the future. We thank them for their contribution to the culture of this company, to the community we are building, and for
their consistent engagement and hard work. Over 3,100 employees, in multiple locations across the globe, work tirelessly each day to
drive Tripadvisor Group forward.
We also thank our shareholders, whose support along the journey has demonstrated recognition of the potential in this industry,
our team, and our future opportunities. We believe that the best way to drive long-term value for the portfolio of assets is through the
execution of our strategic priorities across our segments.
You are cordially invited to attend the Annual Meeting of Stockholders of Tripadvisor, Inc. to be held on Tuesday, June 6, 2023,
at 11:00 a.m. Eastern Time. As in prior years, the annual meeting will be completely virtual. You may attend the meeting, submit
questions
and
vote
your
shares
electronically
during
the
meeting
via
the
Internet
by
visiting
www.virtualshareholdermeeting.com/TRIP2023. To enter the annual meeting electronically, you will need the control number that is
printed in the box marked by the arrow on your proxy card. We recommend logging in at least fifteen minutes before the meeting to
ensure that you are logged in when the meeting starts. Online check-in will start shortly before the meeting on June 6, 2023.
At the Annual Meeting, stockholders will be asked to vote on the matters described in the accompanying notice of annual meeting
and proxy statement, as well as such other business that may properly come before the meeting and any adjournments or postponements
1



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