<SEC-DOCUMENT>0001193125-13-253435.txt : 20130719
<SEC-HEADER>0001193125-13-253435.hdr.sgml : 20130719
<ACCEPTANCE-DATETIME>20130610163125
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-253435
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130610

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TripAdvisor, Inc.
		CENTRAL INDEX KEY:			0001526520
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				800743202
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		141 NEEDHAM STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02464
		BUSINESS PHONE:		617-670-6300

	MAIL ADDRESS:	
		STREET 1:		141 NEEDHAM STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02464
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>CORRESP</TITLE>
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 <P>&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


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 </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">141 Needham Street </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Newton, Massachusetts 02464 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;10, 2013 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>VIA EDGAR</U> </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States
Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549-4561 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attn: Kathleen Collins, Accounting Branch Chief </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TripAdvisor, Inc.</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2012</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Filed February&nbsp;15, 2013</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;001-35362</B> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter is being
furnished by TripAdvisor, Inc. (the &#147;<U>Company</U>&#148;) in response to comments contained in the letter dated May&nbsp;28, 2013 (the &#147;<U>Letter</U>&#148;) from Kathleen Collins of the Staff (the &#147;<U>Staff</U>&#148;) of the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) to Julie M.B. Bradley, Chief Financial Officer of the Company. The responses set forth below have been organized in the same manner in which the Commission&#146;s comments were
organized. References to the Company&#146;s previous responses and revised disclosures refer to the responses to the Letter contained in the Company&#146;s letter to the Commission dated May&nbsp;13, 2013 and the revised disclosures included in
Exhibit A thereto (the &#147;<U>Response Letter</U>&#148;). Copies of this letter are being sent under separate cover to Melissa Feider and Christine Davis of the Commission. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2012 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7.
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Key Drivers of Click-Based Advertising
Revenue, page 37 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Comment No.&nbsp;1 </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>We note from your response to prior comments 1 and 3 that you chose to disclose the percentage change in the key drivers for click-based advertising and display-based advertising. Please explain why
you did not choose to also quantify the metrics themselves for each period presented. Additionally, please tell us </I></FONT></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>
what consideration you gave to disclosing any possible limitations associated with calculating these metrics (e.g., the presence of fictitious or duplicate users), as applicable. In this regard,
it appears that your response to prior comments 1 and 3 and related proposed disclosure in Exhibit A to your response letter did not address this portion of our prior comments. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>RESPONSE: </B>The Company respectfully advises the Staff that the year-over-year percentage changes of certain key drivers for click-based advertising and display-based advertising, which were included
in the Company&#146;s Response Letter, are metrics that the Company&#146;s management uses internally to evaluate its business performance. Year-over-year percentage changes have a strong correlation to revenue trends and are also more useful as
compared to gross amounts, which often fluctuate quarter to quarter given the seasonality trends in the Company&#146;s business. In light of the foregoing, it is the Company&#146;s view that the disclosure of the percentage changes, rather than
gross amounts, provides investors with useful and understandable information as to the material trends in the Company&#146;s business consistent with SEC Release No.&nbsp;33-8350, as well as access to the same set of tools that management uses to
analyze the Company&#146;s results. This view has been validated by informal feedback received from investors and analysts, who have indicated that the growth rates are helpful non-financial metrics to correlate between click-based advertising
revenue growth and year-over-year hotel shopper growth, as well as between display-based advertising revenue growth and the growth in number of impressions and pricing. In addition to being a useful presentation for investors, the Company also
believes that this level of disclosure is consistent with other companies in its industry. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Additionally, the Company respectfully
advises the Staff that, given the importance of these metrics to the Company&#146;s management in their evaluation of the Company&#146;s performance and stewardship of its business, the Company has implemented ongoing and rigorous processes designed
to eliminate from its internal metrics duplicative daily users or traffic generated by search engine crawlers or other non-human users. These processes have been executed consistently for the periods presented in the Company&#146;s public filings.
Moreover, the Company believes that such processes represent an approach that is well within industry norms. As a result, the Company does not believe that the metrics it uses internally and discloses in its public filings are materially impacted by
such factors. Therefore, the Company has concluded that the disclosure of any possible limitations with calculating such metrics would be unnecessary and potentially misleading. However, the Company acknowledges and understands that any material
changes in the processes it uses to eliminate duplicate or non-human users may impact calculations of the growth rates of its key metrics in a way that could be misleading to investors. The Company submits to the Staff that if any such changes were
to occur in the future, the Company will disclose the nature and expected impact of such change to its investors in order to facilitate accurate and useful comparisons of the periods presented. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you require any additional information, please telephone Michael Minahan of Goodwin Procter LLP at
(617)&nbsp;570-1021. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>/s/ </I>Seth Kalvert</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Seth Kalvert</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Senior Vice President and General</I> <I></I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Counsel, TripAdvisor, Inc.</I></FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Julie M.B. Bradley, Chief Financial Officer, TripAdvisor, Inc. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Michael J. Minahan, Goodwin Procter LLP </FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
