Overview

• Online travel platform's Q1 revenue fell 4% yr/yr, slightly missing analyst expectations

• Adjusted net loss for Q1 was wider than analyst estimates

• Company cites growth in Experiences and TheFork, but Hotels and Other revenue dropped 20%

Outlook

• Tripadvisor did not provide specific financial guidance for the current or upcoming periods

Result Drivers

• EXPERIENCES GROWTH - Co said Experiences segment saw accelerated growth, reflecting strength of combined offering and global scaling efforts

• THEFORK PERFORMANCE - TheFork revenue rose 23% yr/yr, supported by strategic focus on this segment

• HOTELS AND OTHER DECLINE - Hotels and Other revenue fell 20% yr/yr; co did not provide detailed reasons for the drop

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Miss*	$382.40 mln	$384.16 mln (14 Analysts)
Q1 Adjusted Net Income	Miss	-$13.10 mln	-$7.21 mln (11 Analysts)
Q1 Net Income		-$32.40 mln
Q1 Adjusted EBITDA		$22.10 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 8 "hold" and 4 "sell" or "strong sell"

• Wall Street's median 12-month price target for Tripadvisor Inc is $13.35, about 19.4% above its May 6 closing price of $11.18

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

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