Tripadvisor 8K Reports First Quarter 2022 Financial Results | TRIP 4 May 22

Exhibit 99.1

Tripadvisor Reports First Quarter 2022 Financial Results

NEEDHAM, MA, May 4, 2022 — Tripadvisor, Inc. (Nasdaq: TRIP) today announced financial results for the first quarter ended March 31, 2022.

“We are very pleased with our Q1 2022 results. After an Omicron-impacted January, our business picked up strongly in February and March, resulting in exceeding our own expectations for the quarter,” said Chief Executive Officer Steve Kaufer. “We are optimistic about the remainder of 2022 and the increasing demand for travel, and are excited to help provide great advice and guidance to our community of travelers as they venture out again into the world.”

Chief Financial Officer Ernst Teunissen continued, “We executed a strong first quarter. At our last update, we provided an outlook that incorporated some uncertainty related to Omicron. However, as the quarter progressed, we saw positive signs across our HM&P and E&D segments, and in particular in our E&D segment, which exceeded 2019 levels. We are pleased not only with the positive travel trends, but that travelers are finding value in our offerings. We see great opportunity in these categories in the future, and believe that our investments to capture more market share are delivering strong top line growth.”

First Quarter 2022 Summary


	Three months ended March 31,
(In millions, except percentages and per share amounts)	2022			2021			% Change
Total Revenue	$	262		$	123			113	%
Hotels, Media & Platform	$	160		$	88			82	%
Experiences & Dining	$	92		$	28			229	%
Other	$	10		$	7			43	%

GAAP Net Income (Loss)	$	(34	)	$	(80	)		(58	)%

Total Adjusted EBITDA (1)	$	27		$	(26	)	n.m.
Hotels, Media & Platform	$	46		$	(3	)	n.m.
Experiences & Dining	$	(22	)	$	(24	)		(8	)%
Other	$	3		$	1			200	%

Non-GAAP Net Income (Loss) (1)	$	(13	)	$	(53	)		(75	)%

Diluted Earnings (Loss) per Share:
GAAP	$	(0.24	)	$	(0.59	)		(59	)%
Non-GAAP (1)	$	(0.09	)	$	(0.39	)		(77	)%

Cash flow provided by (used in) operating activities	$	86		$	(19	)	n.m.
Free cash flow (1)	$	72		$	(29	)	n.m.

n.m. = not meaningful

(1)

“Total Adjusted EBITDA”, “Non-GAAP Net Income (Loss)”, “Non-GAAP Diluted Earnings (Loss) per Share”, and “Free cash flow” are non-GAAP measures as defined by the U.S. Securities and Exchange Commission (the “SEC”). Please refer to “Non-GAAP Financial Measures” below for definitions and explanations of these non-GAAP financial measures, as well as tabular reconciliations to the most directly comparable GAAP financial measures.

Monthly unique users – During the first quarter of 2022, average monthly unique users on Tripadvisor-branded websites, a leading indicator of consumer travel demand, increased 27% year-over-year and was approximately 71% of the comparable period in 2019 (pre-COVID-19 timeframe), as compared to approximately 55% of the comparable period in 2019 in Q1 2021.

Revenue – Q1 2022 total revenue of $262 million increased 113% year-over-year and was 70% of the comparable period in 2019 (pre-COVID-19 timeframe), as compared to 33% of the comparable period in 2019 in Q1 2021. Improvement during the first quarter of 2022 was primarily driven by the consumer travel demand’s improving recovery from the COVID-19 pandemic, as vaccinations progress and related government restrictions continue to be lifted.

Cost performance – Total operating expenses were $282 million for the first quarter, an increase of 36% year-over-year, primarily driven by the following:

•

Cost of revenue was $22 million for the first quarter, an increase of 83% year-over-year, primarily due to increased direct costs from credit card payments and other revenue-related transaction costs in our Experiences and Dining segment in correlation with the increase in revenue.

•

Selling and marketing costs were $141 million for the first quarter, an increase of 93% year-over-year, primarily due to an increase in our SEM and other online traffic acquisition spend in response to increasing consumer travel demand as travel and leisure activity restrictions ease and the travel sector recovers.

•

Technology and content costs were $54 million for the first quarter, a decrease of 2% year-over-year.

•

General and administrative costs were $40 million for the first quarter, an increase of 5% year-over-year.

Profitability – Q1 2022 consolidated net loss of $34 million improved from a net loss of $80 million in Q1 2021. Q1 2022 Adjusted EBITDA of $27 million improved from an Adjusted EBITDA loss of $26 million in Q1 2021.

Cash & Liquidity – As of March 31, 2022, the Company had $781 million of cash and cash equivalents, an increase of $58 million from December 31, 2021.

First Quarter 2022 Revenue by Source


	Three months ended March 31,
(In millions, except percentages )	2022		2021		% Change
Hotels, Media & Platform
Tripadvisor-branded hotels	$	136	$	74		84	%
Tripadvisor-branded display and platform		24		14		71	%
Experiences & Dining		92		28		229	%
Other		10		7		43	%
Total Revenue	$	262	$	123		113	%

Conference Call

Tripadvisor posted prepared remarks and supplemental financial information on the Investor Relations section of Tripadvisor’s website at http://ir.tripadvisor.com. Tripadvisor will host a conference call tomorrow, May 5, 2022, at 8:30 a.m., Eastern Time, to discuss the Company’s first quarter 2022 operating results, as well as 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 at http://ir.tripadvisor.com for a live webcast of the conference call. Please access the website at least 15 minutes prior to the call to register, download, and install any necessary audio software. A replay of the conference call will be available on Tripadvisor’s website noted above or by phone (dial (855) 859-2056 and enter the passcode 1211908) until May 12, 2022 and the webcast will be accessible at http://ir.tripadvisor.com/events-and-presentations for at least twelve months following the conference call.

About Tripadvisor

Tripadvisor, the world's largest travel guidance platform*, helps hundreds of millions of people each month** become better travelers, from planning to booking to taking a trip. Travelers across the globe use the Tripadvisor site and app to discover where to stay, what to do and where to eat based on guidance from those who have been there before. With more than 1 billion reviews and opinions of nearly 8 million businesses, travelers turn to Tripadvisor to find deals on accommodations, book experiences, reserve tables at delicious restaurants and discover great places nearby. As a travel guidance company available in 43 markets and 22 languages, Tripadvisor makes planning easy no matter the trip type.

The subsidiaries of Tripadvisor, Inc. (Nasdaq:TRIP), own and operate a portfolio of travel media brands and businesses, operating under various websites and apps, including the following websites: www.bokun.io, www.cruisecritic.com, www.flipkey.com, www.thefork.com, www.helloreco.com, www.holidaylettings.co.uk, www.housetrip.com, www.jetsetter.com, www.niumba.com,www.seatguru.com, www.singleplatform.com, www.vacationhomerentals.com, and www.viator.com.

* Source: SimilarWeb, unique users de-duplicated monthly, March 2022

** Source: Tripadvisor internal log files

Tripadvisor, Inc.

SELECTED FINANCIAL INFORMATION

Unaudited Condensed Consolidated Statements of Operations

(in millions, except per share amounts)


	Three Months Ended
	March 31, 2022			March 31, 2021
Revenue	$	262		$	123

Costs and expenses:
Cost of revenue		22			12
Selling and marketing (1)		141			73
Technology and content (1)		54			55
General and administrative (1)		40			38
Depreciation and amortization		25			29
Total costs and expenses		282			207
Operating income (loss)		(20	)		(84	)
Other income (expense):
Interest expense		(12	)		(11	)
Interest income and other, net		(1	)		(1	)
Total other income (expense), net		(13	)		(12	)
Income (loss) before income taxes		(33	)		(96	)
(Provision) benefit for income taxes		(1	)		16
Net income (loss)	$	(34	)	$	(80	)

Earnings (loss) per share attributable to common stockholders:
Basic	$	(0.24	)	$	(0.59	)
Diluted	$	(0.24	)	$	(0.59	)

Weighted average common shares outstanding:
Basic		139			136
Diluted		139			136


(1) Includes stock-based compensation expense as follows:
Selling and marketing	$	3		$	4
Technology and content	$	9		$	12
General and administrative	$	10		$	13

Tripadvisor, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in millions, except number of shares and per share amounts)


	March 31,			December 31,
	2022			2021
ASSETS
Current assets:
Cash and cash equivalents	$	781		$	723
Accounts receivable and contract assets, net of allowance for credit losses of $29 and $28, respectively		180			142
Income taxes receivable		49			49
Prepaid expenses and other current assets		33			26
Total current assets		1,043			940
Property and equipment, net of accumulated depreciation of $481 and $460, respectively		209			215
Operating lease right-of-use assets		39			42
Intangible assets, net of accumulated amortization of $204 and $202, respectively		62			65
Goodwill		839			843
Non-marketable investments		36			36
Deferred income taxes, net		54			54
Other long-term assets, net of allowance for credit losses of $10 and $10, respectively		90			94
TOTAL ASSETS	$	2,372		$	2,289

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	12		$	27
Deferred merchant payables		197			113
Deferred revenue		59			36
Accrued expenses and other current liabilities		199			181
Total current liabilities		467			357
Long-term debt		834			833
Finance lease obligation, net of current portion		63			65
Operating lease liabilities, net of current portion		25			29
Deferred income taxes, net		1			1
Other long-term liabilities		215			215
Total Liabilities		1,605			1,500

Stockholders’ equity:
Preferred stock, $0.001 par value		—			—
Authorized shares: 100,000,000
Shares issued and outstanding: 0 and 0
Common stock, $0.001 par value		—			—
Authorized shares: 1,600,000,000
Shares issued: 145,636,700 and 144,656,649, respectively
Shares outstanding: 126,792,086 and 125,812,035, respectively
Class B common stock, $0.001 par value		—			—
Authorized shares: 400,000,000
Shares issued and outstanding: 12,799,999 and 12,799,999, respectively
Additional paid-in capital		1,342			1,326
Retained earnings		207			241
Accumulated other comprehensive income (loss)		(60	)		(56	)
Treasury stock-common stock, at cost, 18,844,614 and 18,844,614 shares, respectively		(722	)		(722	)
Total Stockholders’ Equity		767			789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,372		$	2,289

Tripadvisor, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(in millions)


	Three Months Ended
	March 31, 2022			March 31, 2021
Operating activities:
Net income (loss)	$	(34	)	$	(80	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		25			29
Stock-based compensation expense		22			29
Deferred income tax expense (benefit)		—			(22	)
Provision for expected credit losses		1			2
Other, net		3			4
Changes in operating assets and liabilities, net		69			19
Net cash provided by (used in) operating activities		86			(19	)

Investing activities:
Capital expenditures, including capitalized website development		(14	)		(10	)
Net cash provided by (used in) investing activities		(14	)		(10	)

Financing activities:
Proceeds from issuance of 2026 Senior Notes, net of financing costs		—			340
Purchase of capped calls in connection with 2026 Senior Notes		—			(35	)
Proceeds from exercise of stock options		—			7
Payment of withholding taxes on net share settlements of equity awards		(8	)		(23	)
Payments of finance lease obligation and other financing activities, net		(2	)		(2	)
Net cash provided by (used in) financing activities		(10	)		287
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(4	)		(2	)
Net increase (decrease) in cash, cash equivalents and restricted cash		58			256
Cash, cash equivalents and restricted cash at beginning of period		723			418
Cash, cash equivalents and restricted cash at end of period	$	781		$	674

Tripadvisor, Inc.

Unaudited Segment Information

(in millions, except percentages)


	Three Months Ended						% Change
	March 31, 2022			March 31, 2021			2022 vs. 2021
Revenue:
Hotels, Media & Platform	$	160		$	88			82	%
Experiences & Dining		92			28			229	%
Other		10			7			43	%
Total revenue	$	262		$	123			113	%
Adjusted EBITDA:
Hotels, Media & Platform	$	46		$	(3	)	n.m.
Experiences & Dining		(22	)		(24	)		(8	)%
Other		3			1			200	%
Total Adjusted EBITDA (1)	$	27		$	(26	)	n.m.
Adjusted EBITDA Margin:
Hotels, Media & Platform		29	%		(3	)%
Experiences & Dining		(24	)%		(86	)%
Other		30	%		14	%
Total Adjusted EBITDA Margin (1)		10	%		(21	)%

Net Income (Loss) (2)	$	(34	)	$	(80	)
Net Income (Loss) Margin		(13	)%		(65	)%

n.m. = not meaningful

(1)

Please refer to “Non-GAAP Financial Measures” below for definitions of these non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.

(2)

This amount reflects our consolidated GAAP Net Income (Loss) for the periods presented. Tripadvisor does not calculate or report net income (loss) by segment.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP in our press release and related conference call, we also report certain non-GAAP financial measures. A “non-GAAP financial measure” refers to a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in such company’s financial statements. We may use the following non-GAAP measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, free cash flow, non-GAAP revenue before effects of foreign exchange, and Adjusted EBITDA before effects of foreign exchange, as well as other measures.

The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should not be considered measures of Tripadvisor’s liquidity. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of certain items, as defined in our non-GAAP definitions below, which are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, even where similarly titled, limiting their usefulness for comparison purposes and therefore should not be used to compare Tripadvisor’s performance to that of other companies. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP financial measures.

We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time.

We define our non-GAAP financial measures as below:

Tripadvisor defines “Adjusted EBITDA” as Net Income (Loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, long-lived assets and intangible asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income. These items are excluded from our Adjusted EBITDA measure because these items are noncash in nature, or because the amount is not driven by core operating results and renders comparisons with prior periods less meaningful. The Company believes that excluding these amounts better enables management and investors to compare financial results between periods as these costs may vary independent of business performance.

Tripadvisor defines “Adjusted EBITDA margin” as Adjusted EBITDA divided by revenue.

Adjusted EBITDA and Adjusted EBITDA margin are key operating performance measures used by our management and board of directors to understand and evaluate the financial performance of our business as a whole and our individual business segments, and on which internal budgets and forecasts are based and approved. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons and better enables management and investors to compare financial results between periods as these costs may vary independent of core business performance. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors and allows for another useful comparison of our performance with our historical results from prior periods.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results reported in accordance with GAAP. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other GAAP results.

Some of these limitations are:

•

Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

•

Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

•

Adjusted EBITDA does not reflect the interest expense or cash requirements necessary to service interest or principal payments on our debt;

•

Adjusted EBITDA does not consider the potentially dilutive impact of stock-based compensation or other stock-settled obligations;

•

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

•

Adjusted EBITDA does not reflect certain income and expenses not directly tied to the ongoing core operations of our business, such as legal reserves and settlements and restructuring and other related reorganization costs;

•

Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;

•

Adjusted EBITDA is unaudited and does not conform to SEC Regulation S-X, and as a result such information may be presented differently in our future filings with the SEC; and

•

Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Tripadvisor defines “non-GAAP net income (loss)” as GAAP net income (loss) excluding, net of their related tax effects (which excludes the impact of significant one-time changes resulting from tax legislation or significant legislation that impacts tax, such as the CARES Act): (1) stock-based compensation expense and other stock-settled obligations; (2) amortization of intangible assets; (3) goodwill, intangible asset, and other long-lived asset impairments; (4) legal reserves and settlements; (5) restructuring and other related reorganization costs; and (6) certain gains, losses, and other non-recurring income or expenses that we do not believe are indicative of our ongoing operating results. We believe non-GAAP net income (loss) is an operating performance measure which provides investors and analysts with useful supplemental information about the financial performance of our business, as it incorporates our unaudited condensed consolidated statement of operations, taking into account depreciation, which management believes is an ongoing cost of doing business, but excluding the impact of certain expenses, infrequently occurring items and items not directly tied to the ongoing core operations of our businesses, and also enables comparison of financial results between periods where certain items may vary independent of business performance.

Tripadvisor defines “non-GAAP net income (loss) per diluted share”, or non-GAAP diluted EPS, as non-GAAP net income (loss) divided by GAAP diluted shares. We believe non-GAAP diluted EPS is useful to investors because it represents, on a per share basis, our unaudited condensed consolidated statement of operations, taking into account depreciation, which we believe is an ongoing cost of doing business, as well as other items which are not allocated to the operating businesses such as interest expense, interest income, income taxes and foreign exchange gains or losses, but excluding the effects of certain expenses not directly tied to the ongoing core operations of our businesses. Tripadvisor calculates non-GAAP diluted EPS using weighted average diluted shares determined under GAAP.

Non-GAAP net income (loss) and non-GAAP diluted EPS have some of the same limitations as Adjusted EBITDA. In addition, non-GAAP net income (loss) does not include all items that affect our GAAP net income (loss) and GAAP diluted EPS for the period. Therefore, we think it is important to evaluate these measures along with our unaudited condensed consolidated statements of operations.

Tripadvisor defines “free cash flow” as net cash provided by operating activities less capital expenditures, which are purchases of property and equipment, including capitalization of website development costs. We believe this financial measure can provide useful supplemental information to help investors better understand underlying trends in our business, as it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the ongoing core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. Free cash flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with the unaudited condensed consolidated statements of cash flows.

Tripadvisor calculates our foreign exchange effect of revenue, or “non-GAAP revenue before effects of foreign exchange” on a constant currency basis by excluding the estimated effects of foreign currency exchange on revenue by translating actual revenue for the current year three months ended using the prior period foreign currency exchange rates. We believe this is a useful measure that facilitates management's internal comparison to our historical performance because it excludes the effects of foreign currency volatility that is not indicative of our ongoing core operating results.

Tripadvisor calculates our foreign exchange effect of Adjusted EBITDA, or “Adjusted EBITDA before effects of foreign exchange,” on a constant currency basis, by excluding the estimated effects of foreign currency exchange by translating all amounts included in Adjusted EBITDA for the current year three months ended using the prior period foreign currency exchange rates. We believe this is a

useful measure that facilitates management's internal comparison to our historical performance because it excludes the effects of foreign currency volatility that is not indicative of our ongoing core operating results.

Pursuant to the requirements of Regulation G, we present reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure below.

Tripadvisor, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in millions, except per share amounts and percentages)

(Unaudited)


	Three Months Ended
	March 31, 2022			December 31, 2021			March 31, 2021			March 31, 2020
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP):
GAAP Net Income (Loss)	$	(34	)	$	(29	)	$	(80	)	$	(16	)
Add: Provision (benefit) for income taxes		1			(18	)		(16	)		(11	)
Add: Other (income) expense, net		13			19			12			—
Add: Depreciation and amortization		25			26			29			32
Add: Restructuring and other related reorganization costs		—			—			—			9
Add: Stock-based compensation expense		22			31			29			26
Adjusted EBITDA (Non-GAAP)	$	27		$	29		$	(26	)	$	40

Revenue (GAAP)	$	262					$	123

Net Income (loss) margin (GAAP)		(13	)%					(65	)%
Adjusted EBITDA margin (Non-GAAP) (1)		10	%					(21	)%

Reconciliation from GAAP Net Income (Loss) and GAAP Net Income (Loss) per diluted share to Non-GAAP net income (loss) and Non-GAAP net income (loss) per diluted share:
GAAP Net Income (Loss)	$	(34	)				$	(80	)
Add: Stock-based compensation expense		22						29
Add: Amortization of intangible assets		3						6
Add: (Gain)/Loss on investment		(1	)					(1	)
Subtract: Income tax effect of Non-GAAP adjustments (2)		3						7
Non-GAAP net income (loss)	$	(13	)				$	(53	)

GAAP diluted shares		139						136

GAAP Net Income (loss) per diluted share	$	(0.24	)				$	(0.59	)
Non-GAAP net income (loss) per diluted share (3)	$	(0.09	)				$	(0.39	)

Reconciliation of GAAP cash flows from operating activities to Free Cash Flow (Non-GAAP):
Net cash provided by (used in) operating activities (GAAP)	$	86					$	(19	)
Subtract: Capital expenditures		14						10
Free cash flow (Non-GAAP)	$	72					$	(29	)

(1)

Tripadvisor defines “Adjusted EBITDA margin” as Adjusted EBITDA divided by revenue.

(2)

The non-GAAP adjustments described above are reported on a pre-tax basis. The income tax effect on non-GAAP adjustments was calculated based on the individual impact that these items had on our GAAP consolidated income tax expense (benefit) for the periods presented.

(3)

Tripadvisor defines “non-GAAP net income (loss) per diluted share” as non-GAAP net income (loss) divided by GAAP diluted shares.

Safe Harbor Statement

Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to Tripadvisor’s future financial performance on both a GAAP and non-GAAP basis, and Tripadvisor’s prospects as a comprehensive destination for hotels, experiences, and restaurants, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements by our executive officers with respect to growth objectives, strategic investments, and statements regarding management’s plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors detailed in Tripadvisor’s filings with the SEC. As a result of such risks, uncertainties and factors, Tripadvisor’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Tripadvisor is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Investors

ir@tripadvisor.com

Media

uspr@tripadvisor.com

Tripadvisor (TRIP) 8-KTripadvisor Reports First Quarter 2022 Financial Results