On this page of StockholderLetter.com we present the 5/2/2024 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 2024 Annual Meeting and Proxy Statement and 2023 Annual Report
Notice of 2024 Annual Meeting and Proxy Statement
April 26, 2024 Dear Fellow Stockholders: We are extremely pleased with the progress Tripadvisor Group made in 2023 as we strengthened our position in the large and growing global travel and experiences industry. Our results were a reflection of strong execution by our teams against the backdrop of a healthy travel market, and of the value of our offerings with travelers and partners. Total revenue grew 20% year over year, reaching a record high of nearly $1.8 billion. GAAP net income was $10 million, adjusted EBITDA was $334 million1, and free cash flow was $172 million1. In 2023 we made meaningful progress executing against our strategic priorities, building a stronger, more diversified and defensible portfolio: At Brand Tripadvisor, we launched a multi-year strategy to deliver world-class guidance products and deepen engagement with the hundreds of millions of travelers who visit our site each month. Our disciplined investment resulted in tangible examples of product innovation, while delivering promising proof points in support of our strategy. At Viator, we reinforced our leadership position, investing on both sides of the marketplace, for both experience seekers and operators alike. Our impressive track record and leading position in the high-growth experiences category continues to be enabled by the depth of our Viator offering and breadth of our Tripadvisor brand. Finally, at TheFork, we remained focused on accelerating our position as Europe s leading dining reservations service, and delivered revenue gains while significantly improving our profit margin through disciplined cost management. Travel, we believe, is an enduring category, positioned for sustainable growth over the long-term, underpinned by the durable secular consumer trend favoring experiences. As we look ahead to 2024 and beyond, we will continue to pursue our strategic goals and to provide innovative solutions for travelers, operators, and partners. We are making disciplined investments that we believe will drive longer term growth in revenue and profitability, and significant transformation across the portfolio. To the approximately 2,800 employees across the globe, all of whom have played an important role in creating and implementing our strategy, and delivering these results, we thank you. With our 2023 plan, we all began a new journey together, and we thank our capable teams for their hard work and dedication to fellow employees, to our partners, and to our customers. We also want to thank our stockholders, who have provided support and recognition for the multi-year effort to position our brands to connect travelers with operators and services across multiple categories, as well as our advertising partners. Your continued support along this journey provides us the trust and confidence to make decisions that will drive long-term value for all stakeholders. You are cordially invited to attend the Annual Meeting of Stockholders of Tripadvisor, Inc. to be held on Tuesday, June 11, 2024, at 11:00 a.m. Eastern Time. The annual meeting will be held virtually. You may attend the meeting, submit questions and vote your shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/TRIP2024. 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 checkin will start shortly before the meeting on June 11, 2024. 1 Free cash flow for Fiscal 2023 included the impact of a net cash outflow of approximately $60 million related to a previously disclosed IRS settlement. Free cash flow and adjusted EBITDA are non-GAAP measures. Please refer to Non-GAAP Reconciliations on the Company s investor relations website for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure. 1
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TRIP 5/2/2024 Shareholder/Stockholder Letter Transcript:

Notice of 2024 Annual Meeting and
Proxy Statement
and
2023 Annual Report


Notice of 2024 Annual Meeting
and Proxy Statement


April 26, 2024
Dear Fellow Stockholders:
We are extremely pleased with the progress Tripadvisor Group made in 2023 as we strengthened our position in the large and
growing global travel and experiences industry. Our results were a reflection of strong execution by our teams against the backdrop of
a healthy travel market, and of the value of our offerings with travelers and partners. Total revenue grew 20% year over year, reaching
a record high of nearly $1.8 billion. GAAP net income was $10 million, adjusted EBITDA was $334 million1, and free cash flow was
$172 million1.
In 2023 we made meaningful progress executing against our strategic priorities, building a stronger, more diversified and
defensible portfolio:

At Brand Tripadvisor, we launched a multi-year strategy to deliver world-class guidance products and deepen engagement
with the hundreds of millions of travelers who visit our site each month. Our disciplined investment resulted in tangible
examples of product innovation, while delivering promising proof points in support of our strategy.

At Viator, we reinforced our leadership position, investing on both sides of the marketplace, for both experience seekers
and operators alike. Our impressive track record and leading position in the high-growth experiences category continues to
be enabled by the depth of our Viator offering and breadth of our Tripadvisor brand.

Finally, at TheFork, we remained focused on accelerating our position as Europe   s leading dining reservations service, and
delivered revenue gains while significantly improving our profit margin through disciplined cost management.
Travel, we believe, is an enduring category, positioned for sustainable growth over the long-term, underpinned by the durable
secular consumer trend favoring experiences. As we look ahead to 2024 and beyond, we will continue to pursue our strategic goals and
to provide innovative solutions for travelers, operators, and partners. We are making disciplined investments that we believe will drive
longer term growth in revenue and profitability, and significant transformation across the portfolio.
To the approximately 2,800 employees across the globe, all of whom have played an important role in creating and
implementing our strategy, and delivering these results, we thank you. With our 2023 plan, we all began a new journey together, and
we thank our capable teams for their hard work and dedication to fellow employees, to our partners, and to our customers.
We also want to thank our stockholders, who have provided support and recognition for the multi-year effort to position our
brands to connect travelers with operators and services across multiple categories, as well as our advertising partners. Your continued
support along this journey provides us the trust and confidence to make decisions that will drive long-term value for all stakeholders.
You are cordially invited to attend the Annual Meeting of Stockholders of Tripadvisor, Inc. to be held on Tuesday, June 11,
2024, at 11:00 a.m. Eastern Time. The annual meeting will be held virtually. You may attend the meeting, submit questions and vote
your shares electronically during the meeting via the Internet by visiting www.virtualshareholdermeeting.com/TRIP2024. 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 checkin will start shortly before the meeting on June 11, 2024.
1 Free cash flow for Fiscal 2023 included the impact of a net cash outflow of approximately $60 million related to a previously disclosed IRS settlement.
Free
cash flow and adjusted EBITDA are non-GAAP measures. Please refer to    Non-GAAP Reconciliations    on the Company   s investor relations website for definitions of
our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.
1



shareholder letter icon 5/2/2024 Letter Continued (Full PDF)
 

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