Actionable news
0
All posts from Actionable news
Actionable news in TRIP: TripAdvisor, Inc.,

Tripadvisor Reports Third Quarter 2015 Financial Results NEEDHAM, MA,

The following excerpt is from the company's SEC filing.

November 5, 2015 — TripAdvisor, Inc. (NASDAQ: TRIP) today announced financial results for the third quarter ended September 30, 2015.

Total revenue increased 17% (approximately 25% on a constant currency basis) to $415 million, compared to $354 million for the third quarter of 2014.

GAAP net income was $74 million, or $0.51 per diluted share, compared to $54 million, or $0.37 per diluted share, for the third quarter of 2014. Non-GAAP net income was $78 million, or $0.53 per diluted share, compared to $71 million, or $0.48 per diluted share, for the third quarter of 2014.

Adjusted EBITDA in creased 9% (and increased approximately 26% on a constant currency basis) to $130 million, compared to $119 million for the third quarter of 2014.

Subsequent to the end of the quarter, TripAdvisor announced instant booking partnerships with Wyndham Hotel Group, the world’s largest hotel company, and The Priceline Group, the largest online travel agent in the world, to power hotel bookings on the TripAdvisor platform.

“We are focused on evolving our products to enable more users to not only plan and compare but also book on TripAdvisor,” said Steve Kaufer, President and CEO of TripAdvisor. “While still in the early days of this evolution, we continue to make tremendous strides toward our long-term growth objectives and are helping more and more travelers around the world book the best trip.”

Third Quarter 2015 Financial Highlights

Total revenue increased 17% to $415 million, compared to $354 million for the third quarter of 2014. Excluding the impact of year-over-year changes in foreign exchange rates, total revenue would have increased by approximately 25% compared to the third quarter of 2014.

Click-based advertising revenue (“CPC revenue”) increased 6% to $261 million, and represented 63% of total revenue, compared to 70% for the third quarter of 2014. Excluding the impact of year-over-year changes in foreign exchange rates, CPC revenue would have increased by approximately 14% compared to the third quarter of 2014.

Display-based advertising revenue increased 20% to $42 million, and represented 10% of total revenue, compared to 10% for the third quarter of 2014.

Subscription, transaction and other revenue increased 56% to $112 million, and represented 27% of total revenue, compared to 20% for the third quarter of 2014.

North America revenue increased 24% to $219 million, and represented 53% of total revenue, compared to 50% for the third quarter of 2014. Europe, Middle East and Africa revenue increased 13% to $135 million, and represented 33% of total revenue, compared to 34% for the third quarter of 2014. Asia-Pacific revenue was flat at $43 million, and represented 10% of total revenue, compared to 12% for the third quarter of 2014. Latin America revenue increased 13% to $18 million, and represented 4% of total revenue, compared to 5% for the third quarter of 2014. International revenue (total revenue excluding-U.S. revenue) was 49% of total revenue during the third quarter of 2015, compared to 53% for the third quarter of 2014.

GAAP net income was $74 million, or $0.51 per diluted share, compared to GAAP net income of $54 million, or $0.37 per diluted share, for the third quarter of 2014. Non-GAAP net income for the third quarter of 2015 was $78 million, or $0.53 per diluted share, compared to non-GAAP net income of $71 million, or $0.48 per diluted share, for the third quarter of 2014. GAAP net income included a $17 million gain from the sale of one of our Chinese subsidiaries. This gain on sale was not included in our non-GAAP net income as it is not considered indicative of our ongoing operational results.

Adjusted EBITDA increased 9% to $130 million, for an Adjusted EBITDA margin of 31%, compared to Adjusted EBITDA of $119 million and Adjusted EBITDA margin of 34% for the third quarter of 2014. Excluding the impact of year-over-year changes in foreign exchange rates, Adjusted EBITDA would have increased by approximately 26% compared to the third quarter of 2014.

Cash flow from operating activities for the third quarter 2015 was $8 million, a decrease of $50 million, or 86%, year-over-year. This was driven primarily by the timing of customer receipts, income tax payments, vendor payments and merchant payables and an increase in net income and non-cash items.

As of September 30, 2015, cash and cash equivalents and short and long-term marketable securities were $730 million, up $136 million since December 31, 2014.

As of September 30, 2015, TripAdvisor had approximately 3,000 employees, up from approximately 2,700 at September 30, 2014.

Segment

nformation

Hotel segment revenue increased 8% to $340 million compared to the third quarter of 2014, and represented 82% of total revenue. Excluding the impact of year-over-year changes in foreign exchange rates, hotel segment revenue would have increased by approximately 15%. Hotel segment Adjusted EBITDA increased 3% to $121 million, for an Adjusted EBITDA margin of 36%. Other segment revenue increased 92% to $75 million, and represented 18% of total revenue. Growth in our Other segment revenue was driven primarily by acquisitions in our attractions and restaurants businesses. Other segment Adjusted EBITDA increased 800% to $9 million, for an Adjusted EBITDA margin of 12%.

In our earnings release and the related conference call or webcast, we may use or discuss such items as: non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA, Adjusted EBITDA margin, certain non-GAAP operating expenses, free cash flow, non-GAAP revenue before effects of foreign exchange, non-GAAP CPC revenue before effects of foreign exchange, non-GAAP hotel segment revenue before effects of foreign exchange, and Adjusted EBITDA before effects of foreign exchange, which are defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission, or SEC. Please refer to “Non-GAAP Financial Measures” section for definitions of these non-GAAP financial measures as well as the financial schedules attached to this press release for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure.

Recent Business Highlights

TripAdvisor reached 350 million average monthly unique visitors, an increase of 23% year-over-year.

TripAdvisor has 290 million reviews and opinions on 5.3 million places to stay, places to eat and things to do – including 950,000 hotels and accommodations and 740,000 vacation rentals, 3.0 million restaurants and 590,000 attractions around the world. Travelers are adding content at an accelerated rate of more than 190 contributions per minute.

TripAdvisor mobile presence reached 230 million app downloads, which contributed to 33% registered member growth year-over-year. TripAdvisor now has more than 90 million marketable members around the globe.

TripAdvisor launched instant booking feature to users on all devices in the U.S. and U.K. and, subsequent to the end of the quarter, TripAdvisor entered partnerships with Wyndham Hotel Group and The Priceline Group. These partnerships will help users seamlessly book global hotel inventory on TripAdvisor.

Conference Call

TripAdvisor will host a conference call today, November 5, 2015 at 4:30 p.m., Eastern Time, to discuss TripAdvisor’s Third Quarter 2015 operating results, as well as other forward-looking information about TripAdvisor’s business. Domestic callers may access the earnings conference call by dialing (877) 224-9081 (International callers, dial (224) 357-2223). Investors and other interested parties may also go to the Investor Relations section of TripAdvisor’s website...


More