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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Summary of Segment Information The elimination of such intersegment transactions is included within the “Corporate & Eliminations” column in the tables below.

 

 

Three months ended September 30, 2024

 

 

 

 

 

 

Brand Tripadvisor (1)

 

 

Viator (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

213

 

 

$

270

 

 

$

49

 

 

$

—

 

 

$

532

 

Intersegment revenue

 

 

42

 

 

 

—

 

 

 

—

 

 

 

(42

)

 

 

—

 

  Total Revenue

 

$

255

 

 

$

270

 

 

$

49

 

 

$

(42

)

 

$

532

 

Adjusted EBITDA

 

 

87

 

 

 

30

 

 

 

5

 

 

 

—

 

 

 

122

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

(21

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(31

)

 

 

(31

)

Restructuring and other related reorganization costs (5)

 

 

 

 

 

 

 

 

1

 

 

 

—

 

 

 

1

 

Non-recurring income (expense) (4)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

39

 

 

 

 

Three months ended September 30, 2023

 

 

 

 

 

 

Brand Tripadvisor (1)

 

 

Viator (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

246

 

 

$

245

 

 

$

42

 

 

$

—

 

 

$

533

 

Intersegment revenue

 

 

44

 

 

 

—

 

 

 

—

 

 

 

(44

)

 

 

—

 

  Total Revenue

 

$

290

 

 

$

245

 

 

$

42

 

 

$

(44

)

 

$

533

 

Adjusted EBITDA

 

 

111

 

 

 

17

 

 

 

(1

)

 

 

—

 

 

 

127

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

(21

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(24

)

 

 

(24

)

Restructuring and other related reorganization costs (5)

 

 

(8

)

 

 

(3

)

 

 

(7

)

 

 

—

 

 

 

(18

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

27

 

 

 

 

Nine months ended September 30, 2024

 

 

 

 

 

 

Brand Tripadvisor (1)

 

 

Viator (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

636

 

 

$

655

 

 

$

133

 

 

$

—

 

 

$

1,424

 

Intersegment revenue

 

 

109

 

 

 

—

 

 

 

—

 

 

 

(109

)

 

 

—

 

  Total Revenue

 

$

745

 

 

$

655

 

 

$

133

 

 

$

(109

)

 

$

1,424

 

Adjusted EBITDA

 

 

248

 

 

 

13

 

 

 

5

 

 

 

—

 

 

 

266

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(63

)

 

 

(63

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(92

)

 

 

(92

)

Legal reserves and settlements (6)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14

)

 

 

(14

)

Restructuring and other related reorganization costs (5)

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

Non-recurring income (expense) (4)

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

(4

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(84

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4

 

 

 

 

Nine months ended September 30, 2023

 

 

 

 

 

 

Brand Tripadvisor (1)

 

 

Viator (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

707

 

 

$

576

 

 

$

115

 

 

$

—

 

 

$

1,398

 

Intersegment revenue

 

 

106

 

 

 

—

 

 

 

—

 

 

 

(106

)

 

 

—

 

  Total Revenue

 

$

813

 

 

$

576

 

 

$

115

 

 

$

(106

)

 

$

1,398

 

Adjusted EBITDA

 

 

279

 

 

 

(15

)

 

 

(14

)

 

 

—

 

 

 

250

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(63

)

 

 

(63

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(72

)

 

 

(72

)

Restructuring and other related reorganization costs (5)

 

 

(8

)

 

 

(3

)

 

 

(7

)

 

 

—

 

 

 

(18

)

Non-recurring income (expense) (7)

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(115

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(22

)
(1)
Corporate general and administrative personnel costs of $2 million and $6 million for the three and nine months ended September 30, 2024, respectively, and $2 million and $5 million for the three and nine months ended September 30, 2023, respectively, were allocated to the Viator and TheFork segments.
(2)
Includes allocated corporate general and administrative personnel costs from our Brand Tripadvisor segment of $1 million and $3 million for the three and nine months ended September 30, 2024, respectively, and $1 million and $2 million for the three and nine months ended September 30, 2023, respectively.
(3)
Includes allocated corporate general and administrative personnel costs from our Brand Tripadvisor segment of $1 million and $3 million for the three and nine months ended September 30, 2024, respectively, and $1 million and $3 million for the three and nine months ended September 30, 2023, respectively.
(4)
The Company expensed certain transaction related costs of $1 million and $4 million during the three and nine months ended September 30, 2024, respectively, to general and administrative expenses on our unaudited condensed consolidated statement of operations. The Company considers such costs to be non-recurring in nature.
(5)
Refer to “Note 5: Accrued Expenses and Other Current Liabilities” for information regarding restructuring and other related reorganization costs.
(6)
Includes a one-time charge of $4 million during the second quarter of 2024, resulting from enacted tax legislation 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 all prospective periods are and will be included within Adjusted EBITDA, respectively. In addition, this amount includes an estimated accrual for the potential settlement of a regulatory related matter of $10 million, expensed during the first quarter of 2024. Refer to "Note 9: Commitments and Contingencies" for further information. These costs are reflected in general and administrative expenses on our unaudited condensed consolidated statement of operations.
(7)
The Company expensed $3 million of previously capitalized transaction related costs during the first quarter of 2023 to general and administrative expenses on our unaudited condensed consolidated statement of operations. The Company considers such costs to be non-recurring in nature.