Tripadvisor (TRIP) 5 May 232023 Q1 Earnings call transcript

Good day. And thank you for standing by. Welcome to the Tripadvisor First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. advised conference be being Please Instructions] that is today's recorded. [Operator

the now Please to like would conference go to White. I Angela hand over today, your ahead. speaker

quarter And you, to Thank morning, results everyone. Good Tripadvisor's Alissa. first XXXX financial call. welcome

President release. Matt CFO. after we Joining close, and made and night, CEO; Goldberg, today Mike and me available market filed are Noonan, Last our earnings

our comparable the reconciliations non-GAAP release, non-GAAP this financial reconciliations on most you'll call. other the as on discussed find includes of as you'll call financial GAAP that financial supplemental measures In to financial also on find information, release, Also measures metrics. well measures which discussed certain of

remind XXXX. statements Please events we results forward-looking obligation for view well represent with call our future that these filings or management's reflect this statements. that to estimates cause to factors circumstances. Tripadvisor to of as update statements release Before to may May from our today, these disclaims as that I'd as differ materially begin, any concerning X, could you and SEC like contain other earnings the refer information to forward-looking actual

turn With to call Matt. the over that, I'll

thanks first I on us silos, out to our world for leadership of a all investing building down morning. Since teams around experiences. last market class Leveraging this our break development to focus, engagement consumer deepen and ourselves aligning reinvigorating I Thanks accelerating you data culture our team. organizing to have vision, execution, our of extend and leadership product And joined Angela. our calls to quarterly focused these joining July, been shared a

while financial for We are performance. making delivering our on expectations with our pleased progress the we're

Viator plan. and the And our our as leader delivering We we meaningful deliver our as launched strategy for the and or we our the results plan travel our experiences how at team and Tripadvisor leadership margin revenue million confidence growth provide some a with on translate of points while vision year. position be organization continued for examples I'll operating strengthened TheFork. our the $XX reaffirming for we're priorities segment on trusted adjusted were $XXX tangible growth revenue our We of making to with an year-over-year EBITDA QX XX%, and our quarter of new dining against our revenue world's proof of to our in strategies. for our in or moment, full most the and employees and the million, at disciplined Our tangible experiences. delivered X% engaged around source In expectations group execution into line progress achieved market and rallied European our plan in

paths. monetization deeper high bookings by and capture experiences diverse accelerate to travel more leadership share in revenue continue our traveler and in position our engagement investing benefits fuels frame Viator, focus performance. let and operate delivering their with of results focused segments driving we're In different growth, competitive these Core, with strategies, own our me unique But how is in market enhanced In growth, this partners driving market context category. sustainable that our underpenetrated first, repeat of customer value and on strategy our Tripadvisor opportunities in awareness, and illustrate we propositions. and the each in products We profit stages to by growth dynamics, different

revenue million was for we Tripadvisor XX% areas Core this plan. we significant driven we by diners reference year $XXX deliver of TheFork, our our experiences to growth in call, that continue both value driving Core, dining three QX with market. growth to our the offerings. focus restaurants in hotel healthy set out On as by our will last outlining strategy margin In reflecting Starting Tripadvisor improvement delivering we're year-over-year with and European

stated revisit Let's these priorities.

innovate we tools, planning approach. through and class world mobile- a products around dynamic first First, diverse formats, and will Trip innovative more guidance content

And we for engagement can meeting Today, prioritize more audience, making third, fraction transform our Second, a the and long with that in membership needs travelers, data deeper while their program we term way, monetize value loyalty. believe that drive into a decision over technology to offering. of we Hotel our evolving will powered we partners. more engagement by personalized our through largely only our meta

diversifying As our and engaged offerings. believe we our stronger media by monetization can audience, we we more experiences business a build drive overall through further

This Though we're roadmap beginning we're early our on in build the important we're to to track the but that is a in and will strategy year. green see progress term for report executing long days, I'm time, pleased over shoots.

rolled a highlight experiences in across hotels out we user home our notably early This some in experience in users examples. navigate for me our app, to few submit platform, the quarter, the how past shop screen most reviews. enhancements Let and

including indicators, strategy through While shopper completion areas rates, double just about click improvements forward. excited fundamental starting bounce we're going in decreases photo increases this digit on is review a our rates, for and the and all in early submissions, point,

in some formats guidance multiple and our destinations, collections. and began revenue saw developing our booking opportunities. one experiences, our of select articles, across gross we in for like value piloting of growth our We itineraries tests, Importantly, incremental fresh in new content critical lifts approach

discover use views. drives other better travelers engaging among cases. is finding traveler in For all ability an and our a search customer groupwide effectively example, of technology powered do, real over target as with stay, prospects, our on and show the and advertising platform, to and now made which cities, Preliminary curation This engagement. for our page And results, will personalized that has foundation customers time can significant better unified by data and results We perspectives more now data display content platform and to voices progress billion profiles. in with suspected, spent the to build places that data. content increase deeper blends things power scaling eat best proprietary the audiences that partners, a expert we're to where certain by we

in leadership an operations. with world We structure organization class to drive driving to and functional execution, continue sales within talent new marketing changes product improve roles and our aligned including

sets already with model, and to velocity impact which I'm apart level in AI. higher is industry of What the understand are of our travelers. continue highest flexibility the our the is more that We we good that performance about currently resources increased of decisions by more trust our and going our a are excited relationship intersection believe align on work hard mindset travelers operating is we're to to them trip generate models itineraries led generative us particularly our we quarter find, driving forward. to progressing we're tools shift asset complex planning to product in advice first reflective of and the and We're with and of and proprietary with end to a priorities, end. uniquely bring fully seeing new positioned that of large large to travel development, language and These authentic plan examples embed party at to consumer data quarter. will together teams and the best-in-class product streamlining build need content

relevance their signals of travelers distinct all which capabilities, more, assets the can sharing travel actual of leverage broad intent, quality experiences, in ecosystem. trust, and have from we reviews reinforce and brand We reach, our our real to

fast and We revenue rates, and accelerating by are by $XXX experiences in to over value. market leadership with and Viator, under by only our better largely and in transacted anticipated value we grew online position The bookings that to today, gross about see The experiences $XXX rate. in to in at cohorts. now reach to volume the of is where our has year-over-year XXXX, growing, is Turning a take $XXX gross quarter offline rate customer migrate XXX% to gross reached but strong online driven rates revenue for we market large continued million improvements growth bookings category. a billion million, bookings was still and repeat of just continue a

brand, tailwinds, experiences build to to investing marketing drive these customers, awareness acquire in we're to new the Beyond category. category to our and

and into marketing time, our can other over gain as economics. unit channels We expect strong we traction, efforts that drive expansion

UX, for marketing technology teams the focused app and improving experience, suppliers. programs on Our the are our product and

seeing we're topic. about the app market what of brands each role We're advantage having in plays. asked a category to two and take one rate frequently in the result, like adoption. on I'd improvement a As this share conversion, and thoughts in ongoing the experiences few

a experiences Our a to audience are as to going well broad capture as across brands trip, the complementary, travel deep experiences. all on in do allowing things us

travelers world's of Viator, global next experiences experiences. unparalleled At OTA, are with activities and tours, to who leading we collection an their the provide experience book looking

of vast Tripadvisor an inventory. opportunity overall our as Viator supply. Tripadvisor's their reach that that given those experiences to distinct drive to travel planning. overall restaurants, an traveler us to travel via large enabling relevant tams the right Almost exceptional as the our in asset introducing matches on to us many advantage reach distribution higher competitive as have majority and traditionally It build millions strengths believe serves creating unit for user hotels and travelers come significant up plus bookable audiences which the the experiences most approach direct we demand our reviews reaching to is the is best component thousands we storefront. for Viator as them access to come and Tripadvisor including brand of travelers the journey of to and leveraging XX,XXX offer that as the a even guidance funnel, traffic, And to experiences trip. of focus more on of us combined of a one and sites, with their their for We At the doesn't, travelers or as over brand, guide complementary expose part of For travelers, travelers awareness our for but time. largest operators, free trusted platform, help economics experience help Tripadvisor growing we

Finally, currency this solid ideal XX% the We're recent a activity other even at reinforcing disruptions saw volumes. backdrop XX% such in TheFork, than in when less dining considering the France. driven with strong strikes constant by and as macroenvironment Revenue in as pleased grew year-over-year position our the and booking sector. performance, European the at more leader we Europe in

restaurants year-over-year. and value growth both drive balance with diners. EBITDA We're to improved we to profitability continuing margin As adjusted

restaurant of the discipline on also side, acquisition helps help for We're demonstrate will that over restaurant we and saw from us a productivity our drive current believe XX,XXX and On which grow our restaurant sales teams delivering across analytics return improved that retention. owners, clear we restaurants. base investment

a have the double nearly come customers. XXXX side, are lifetime On of levels. and app seeing retention, the us us acquisition for versus know through in the new to web volumes app diners giving the our and we're confidence through that driving We download value higher who share higher customer diner that value better much app we're

experiences spend the year, prioritizing we've and despite their uncertainty. Over last macro in discretionary over the categories other observed consumers travel

we prepare own the As season, peak for find we continue signals to see of upcoming positive data intent that in encouraging. our we travel

to summer planning off just significantly kick higher last the is intent by While starting planners. are at peak already time summer travel for this travelers year holidays, period advanced than

intent searches more of returning Our to than experiences US pre-pandemic levels EMEA is Europe. intent increase travel double international travel also data also last in observing than particularly suggests and in summer. the that We're and in share APAC to year-over-year, an is

delivering executing focused of on Of control, there we segments. Regardless, our macroenvironment. our the plan on we're things for about remains each our uncertainty on course, can and ongoing strategy, the

want As do I together every and work thank for our to remarks, the I my day. fortunate levels we're growing teams for engagement out to their close energy

strategic for curiosity, and as As navigate I connect their relationships we across to continue discuss travel and and our with team's our with to purpose, grounded plans, I decisions orientation in travelers be partners. our build travel passion to priorities our all execution impressed our offices the they action

updated We are keeping confident the forward in look in and coming progress to our you quarters.

With that, call to Mike. over the turn I'll

are we second the relative will including first everyone. of unless the for color are segment in the quarter. comparable commentary, otherwise some morning, I quarter, and good and the XXXX XXXX review results seeing Matt, on rates provide All period indicated. growth in to the trends Thanks

X%. in constant on or line was XX% basis, expectations. Now $XX million growth on to Consolidated rate, a EBITDA million, represented were our QX, a revenue was a growth results we rate, of that reflecting with and currency and XX% XX% adjusted or $XXX margin delivered

we results opportunity. particularly the Our travel to in where very reflect a environment, large continue lean category healthy into a market experiences

hotels $XXX by offerings. strong revenue Turning to Hotel XX% Hotel million grew January comparison our in an meta, easier which of growth. year-over-year in for due February Core quarter to both meta the the a quarter In with represented the XX% was lesser BXB to segment helped in and first Branded Tripadvisor delivered extent execution with performance and a quarter solid omicron.

as in slightly largely over QX, marketing strong. a timing at our experienced and in higher the revenue, improvements more saw backlog was opening to regions, impacted travel platform rates. of conversion the Hotel by growth particularly growth several meta grew better customers. given the APAC quarter March XXX% of consistent in performance primarily improvements grew as Display which level. performance driven XX%, in presentation by in quarter. and related across due new and deals strong with remained to matching in While XX% in broader up as the experiences our We were well was investment recommendations grew to was of experiences region. normalized These the was which media This to dining, which some

Our in driven other strong its as cruise by cruise offerings, has grew our XX%, revenue industry recovery. growth seen performance the which continues

period in year EBITDA revenue, cost by of improvement marketing ago. above leverage margin million, The sustained was the revenue drive to was same Tripadvisor a growth. performance fixed Adjusted despite Core experiences XX% driven just spend or XX% of in slight $XX

At or was Gross programs our currency Booking constant Revenue growth, XXX% suppliers exceeded high million, was XXX% in primarily shift lesser was allow a non-US advertise platform to than a to extent, destinations. mix increased viator growth The GBV increase year-over-year. effectively to growth increase more greater GBV $XXX on of on or rates take basis. our over Value, to and is of million adoption that due $XXX expectations. rates revenue due take and an reflecting in towards

Additionally, primarily represents million, market. continued primarily year-over-year, will Viator Sales increased continue by XXXX. QX half second to segment was this percent average improvement step a and up healthy believe quarter margin EBITDA revenue due the in XXXX year-over-year both last travel people is compared to of our book cost. campaigns year XXXX, in windows the and $XX loss which we expenses we saw a marketing reflective as Adjusted the leverage of for a of of brand driven and start in and of which

channels outside costs our leverage of saw we marketing performance We in traditional as stem. continued diversify to acquisition

in new sales sales revenue generally we like total marketing and improvements incurred and to seeing in As are expenses unit in market. experiences share repeat can We further returns the customer a reminder, this leaning attractive period gains and and are economics recognized marketing the bookings drive benefit large future that and periods. accelerate into through opportunity investments

create for time by over We that very recent large ultimately our investments can repeat a scale. and at are performance business will profitable believe customer base us cohort drive encouraged

channels repeat customers more Our profitable. who higher customers through therefore customers new us higher are, at a and to book than item free value at average rates our new than return are often

In share near large we and we more greater a we new our repeat as improve will customer drive are expect become to customer unit leverage. and more base, continue improve. bookings, to bookings believe deliver of brand customer we build that more drive to economics more a the product. value and build Further, awareness term, our and customer investing and our and suppliers to repeat As total direct bookings,

represents and $X and last $XX France and currency leverage considering with and million, of was in people year-over-year the driven and which of growth were by primarily by versus the recent disruption Europe. basis. year million, between brand revenue. We offset lesser cost QX extent growth improved the year. partially investments other reflecting margins was volatility XX% loss At in a EBITDA bookings XX% in and macro planned for by on costs was driven of of booking. TheFork, in this to year-over-year a from onetime benefit was Adjusted strikes leverage this XX% per approximately constant in TheFork revenue a cost in performance QX QX timing revenue This growth pleased healthy was year-over-year Performance

to XX general levered by points which approximately primarily including XXX headcount and revenue to de-levered more about cost. Turning in Cost by to by absorption points, brand. leverage revenue, year. spend, of levered now adjusted last Sales marketing due about for basis by consolidated our of due people and in XXX EBITDA offset expenses Viator increase in X% Viator Technology brand QX or expenses revenue expenses. points, of content to marketing administrative of primarily million, in greater was compared than driven and basis QX Consolidated costs. basis people $XX XX%

position. quarter This bookings liquidity is $X.X million quarter meaningfully the on increase We year-over-year in up QX deferred experienced our balance versus for deferred payables. million cash of $XXX with and in cash. cash merchant in revenue Now due which over sheet cash for and primarily strong billion customers from advance was an improvement received Free to in to flow the was just with $XX within ended XXXX. a

second Moving to thoughts recent trends quarter. and for

QX reminder, a QX. as period we a travel as demand year-over-year of from tougher As of witnessed last comparable is in year the we impact surge Omicron emerged a

quarter. year are we to such, to growth closely saw April, growth of expect second growth in moderate revenue mirror the rates quarter low which As we Tripadvisor this digit single Core through for expecting the

last Viator rate meaningfully down as expect quarter April year. difficult XX%, revenue, a the For move into over versus we growth which through was step we to compare

we fairly the quarter. expect rate TheFork in XX% April, be through a this saw growth and For over consistent we revenue, little to

down step EBITDA sequential in expecting about margin, margin, year-over-year. but see point improvement eight seasonal six For a adjusted consolidated to to QX, a we're

in tax both remaining three approximately to COVID primarily approximately of TheFork recorded benefit in a points to percentage the million subsidy to and related million growth approximately margin of points of marketing the $XX approximately brand to in and four in with a XXXX, onetime Contributing $X QX non-income percentage benefit Core, three due headwind Tripadvisor impact spend. the investments due in of Viator is

seasonal in headcount the to sequential Tripadvisor step For EBITDA stronger sequential we due full expectation is in and A a largely down versus to the year. increases of from in was year as margin to QX, expected weighted anticipated compare about by half a seven QX Omicron margin was difficult of sequential This year-over-year. a year. half increase due for but to a This phasing of adjusted six the to step in expecting is as Core, see this of were we're at magnified over improvement, to the down little revenue. last the impact point revenue XXXX our margin pickup in hiring QX year's emerge back margin from

The remaining in to of growth year. as due margin as pressure experiences benefit marketing investment cost performance in to drive increased the QX well is aforementioned last

full the reaffirming of are for margins. expectation and for flat We year Core remain to adjusted Tripadvisor XXXX margins our both approximately EBITDA XXXX consolidated with

outlook with remains ago. Our months expectations few consistent a

believe we the manage and year expectations a as solid continue strategies. we on that to was to we QX are business quarter track conclude, deliver the for our To reflects segment

that, Q&A. the I'll operator pass the With for to over back call

Instructions] [Operator

first The from Lloyd question Walmsley UBS. from comes

the just a it I generative hurdle a of, question I travel planning. Thanks. like, AI. part is kind I huge guess territory have on like two guess, seems first reinvent to part And

work put lot a here. like seem to to good have of assets guys you You

experiences share like and Just you about So anything of focused how more a you're on? on using product big how creating team like new do that, can have this? you thinking

It new like from And of the more people. door on second kind the for open seems something part could is defensive that just applications other side. also the

what getting are to guys can doing? can other from would by and great. What players? steps share guys you you you So protect Like are your be what used Anything crawled do? taking there you content Thanks.

a the society. one. And all large to been meaningful the AI significant generative we've think a all it AI and Thanks in and have Generative impact Lloyd. a advance question. of Appreciate in since such we is advances and topic, technology, models, language in it's it's going as we focusing such of course, day on hot areas know,

so there. Things a out lot are And of use cases really there's rapidly. moving

a established really I lot large do is that think with I we to assets well there's are intend utilize that that questions And think companies capitalize answer. to generative position. of well positioned And brands, trust the them, of that. on communities AI primary view to of our data to point

we weren't have what's instead long term? integrate it long and we with how chase a history something go to the capabilities this. about a What and into headlines. going have product for on leverage have working on AI substantial to made we strategy that the can early us. We We we So wanted really work team unique do we that the decision would deeply our

generative As come us help supercharge you AI we us a think creates us context. guidance, incredible know, the actually can that an we to in People and can for opportunity developed where for that. to that course, differentiate. strategy we deliver of technology And

of do travelers the into to of and we engagement? does trust. lot to importance so relationship UX? value, and that their I want experience technology into accelerant There's itineraries mentioned our embed end of our be ultimately, fully we an tools as we're AI. about think to with can a the We generative it How people drive the certainly product And be we use to accelerant, be in plan unlock the the thinking end. how it it experimenting integrate

be areas mentioned But lot the us start are do at baseline going those be and That product. opportunity to billion a scale the, I for that of going good as beyond think are profiles. who iteration. of we there's that great meaningful technology, position. and just it. data think I reliable with can do of a deliver There And the any results in to a are to that is

about think productivity I And improvements.

our our accelerate content, can to I super fast who have and We're and content index And learn. about it's crawl how think about what terms. we to going we iterate choices certainly about we gets and early. under move, think think we that I when

and be ways. sure to take so the content that's that about make in rewarded are we'll for how valuable the have right we always we it that And thinking

answered. recognize again, need questions And the we this by quarter saying going be be that we're to both So, to more opportunity about the and quarter.

question from Lee from James the Mizuho. comes next line Our of

guys Great. you terms geography? Can What you questions, Thanks of in major are also pricing maybe my in operating? second sounds taking you making of seeing for should hotel about in guys traction advertising. by talk terms here. the two, advertising we trends about takeaway that over region Viator, you. thing on good of business you're And ADR like are opportunity the How think the longer Thank term?

James. question. of was I second didn't part that? catch that the What

is Second the should for part term the business? that Viator. advertising long about think takeaway for Thanks. How of we

Got it.

first ADR. part Okay. Yes, the take I'll on

So, did easy saw really, And as and right is question the very QX, year-over-year BXB are lot by say basis, healthy and hotel the auction a quarter. I'd down in we kind we volumes we and of business? seeing compare. a through what primary was pricing, our move those see certainly driven largely we I step guess on that the

a seen has of have We been pricing stable. pretty period

on we As volumes right, year-over-year more come are we pricing, through through that a with expecting bit a modestly down, QX, to compare move to as basis. be we tougher move up

then into is second the much as a So we we're as with in part. aligned business year-over-year And compare behavior pretty move period we seeing question. and expected our hotel tough expectations on what see the basis that our on

And drive I would have the we're obviously intended healthy. of very quantified it's would advertising operators performance think the those, we've to. that's platform. are very that and are think they are say increasing. teams pleased on we've our are operators I about what to put asked But of we that past mean And And I intend our because on point up I that is programs in with the take Viator. programs really take and I rate get rate, any make help focused to don't number it exposure I the it's most we and continuing on don't think the seeing necessarily in delivering are those you that. us taking that. quality

comes next Jed Oppenheimer. question The Kelly from from

to for notice And if then of one your Great. just I Thanks you any back core my bidding the experiences? and just can then around difference Viator? behavior in in investing things certain Did Viator some Thanks. should any two geographies auction. metrics How moving may, give Two, Viator on And your advertising? on us taking of question. CAC that. you we partners? A the couple on brands, payback think about by in Tripadvisor

take first the I'll Yes, one.

we As say QX expected James, as see lap, earlier quarter behaviors is our consistent saw I strong general. in bidding business our we kind of through was but it we said year-over-year, obviously pricing to as was and right, than in as as comp into comments to strong. volumes, on quarter, we don't but expectations, benefit, the from that specifically remain and an which expect auction quarter, partner other QX, moderate an it, comment to we we my pretty move year-over-year expected to move still The pricing we do declining

So about that. we feel good pretty

spend. advertising, at the you're brand think on And what Viator is all getting I

obviously we're obviously economics. to awareness been excited doing for out drive to because stronger build both categories. in the about unit the that new And acquire brand, customers, the the we've so to shift we're potential And very we're investing seeing in

as have going all, we awareness the is to And going our and strong that discipline search brand spend, when so fiscal data think upper that getting indication path a clicks really growing. and a mid also SEM about we more We're are that from it efficient to always of and the and first and we're lower suggesting data, represents look at consideration we're brand to what be means, evaluate funnel about funnel. thinking

in there. leadership the we we We're going data always looking category. to So to think drive will will we us and be we the like optimize what see what at

this question of would Yes. your And detail. category going level we're just Jed, the and in We're on last well that in unit say, dictate on a was into how comments I unit very kind think as paybacks leaning in what see brand. like I LTVs. look we continue we guess about focused spend to opportunity of not of economics. on they the phasing I part like we comment performance and obviously to of channels both good lot And again, as our ways because how continue to think

back As on repeat about a much as free remarks, They're at in at We a like my the basis an is coming these metric more Creating to the we're how base and or think client you they're like as repeat look are important. pre-prepared through highlighted do key know, either we things very sticky efficient to improving. that that things that we I seeing. rates basis. we is us LTV channels rate

So investment do see upfront the investment, the the the the merits payback road. larger investment, versus down we the of upfront

And important know to that benefits, to important that marketplaces. it scale view in we we businesses drive long pretty in kind these those category continue of scale important and for think way. it's is really feel really that in And I we'll winning and are we that strongly as this term

Mario from comes Barclays. from Lu question next The

for Thanks the taking questions. Great.

first The one on is Viator.

next over is XX% couple expected of growth step months. April to but mentioned You down the

last was on June to curious spend. compared could comp some How a tougher year's of if color May just much So April? you and give

up by in Yes, June into picking was to say start longer we that's out. really May main season experiences the become closer would I when the and for sometimes

for commentary which compare growth seasonal moderate for the to lot move why still of months expected quarter. was through year last is is just tougher a two those in of buying that again rate, April meaningfully was the healthy as we but very product. a And our year So last Viator,

expecting color specific moderate a basis that, more quarter. we into it providing really to on we are the not but as month month move than by So

margin that it's the hear core And thanks. in Great, good maintained year to in year-on-year full EBITDA for terms guidance, of total. being flat

there Just curious, is hit level growth of of any kind kind revenue kind Thanks. targets? there those in to of embedded of

Yes.

and further we participants So of target which line on broad our XX%. did had kind we industry with mid-teens, in a to markets, grow around That clarify. that last call, said we was

our position in changed that, updated but haven't hasn't We that.

months few executing we again, still we that and Matt on plan ago. So emphasize, feel, both a as outlined I

of next the question from from comes The Stephen Ju Credit line Suisse.

you. Thank Right.

Viator prepared talked what is I about to results. search you partly rolled in of and presentation your the think consumer So terms the guess out improvements I seeing in the in remarks,

you one this just to, get on like Thank can but seems guess, end benefits you bit? on quarter, it like improvements Because in basis. continue a So that I don't you. ongoing elaborate little an

Hey, Steven. color. additional And any can I'll that kick off. provide Matt

Matt Tripadvisor And to channel this related just conversion clarify, that we're what at in call. were about our think we So, about. monetize what say And We talked about think here have that comes forms. And traffic channel seeing important. in our our in to what's Core are about base experiences that did massive ability of primarily we're that in Tripadvisor that very is around we And for improvements. can overall excited right. there the couple is important Tripadvisor Core a experiences. doing opportunity. a this through traffic We're the And to as I free experiences, we excited comments do

free important. So traffic, one. is very That's the attract that experience our ability that free traffic to product that when is traffic,

around to improvements. directly getting conversion your question Two,

porting I you're channels right? about looking as and we're And wins Viator we and really because and at our Tripadvisor different at what doing Core, conversion at book can a to seeing both Tripadvisor across opportunity on continue what think how channels think different both we're that we whole, that over improvements you channels. is about Core are as product thinking about think experiences

to is being of present Tripadvisor excited Tripadvisor comment right to Viator at reflective right to getting the experience to we've at we're those think a individual improves our able channels look channel at better And things we're I applying the that the see at had improvements conversion Core. around so how us some and on And rates. at

this that we're excited So the blocking there. are just optimization and is tackling that we making of progress hard funnel

go the way the our experience you flowing just those know, user to strategy, that wanted Steven. strategy. We're we're going examples Tripadvisor data. We track update on really set out wanted add that to see wanted Matt. leveraging It's on share strategy. because and fundamental into impact that Yes, is I for and against then to executing to it's we're way can the in reason so that And can and with the where this we we're I And the we see convey give data particular I to an is

It we them fundamentally to want We Viator. they on of to we making in, advantage able And about app. is us, we be we is does that that of want to come sure make that Viator back sure of to enthusiastic download to want about aligning we're booking the together, easy, enjoyable. connect focused finally, the way this it when work supply and the Viator kind accelerate to delivering know that stuff. nicely to very value that people course, creates. to expect more the our come come we're deliver that demand the experience the to to category are two side And that

with So that's to I those you wanted why today. share

question Your from Bank of Nat comes next Schindler America. from

Yes, hi.

Just a bit of clarity.

margins they you be that EBITDA expecting last were saying year. to were You're what adjusted similar to

look you Just were year growing Totally you of were, on at this you a last under little where understandable. and because spend if quarter, XX% where under excess Viator. is

Next quite various quarter, for, lower you to year Core, as than some COVID TheFork, including for said, be and you're all though, payments. last bit Viator calling reasons, a both

is higher? lot quite that bit mean a Does back the higher? a half Like

Yes, I'll a don't think No, it's take that. we right. higher, lot

more right. and Not expectations improvement, different that more Fork all, I to little back weighted half. say a consolidated One to A weighted, this you're think, right. think, a going on have both year first tremendously basis. Viator the I Fork I slightly things last of around and few driving is bit of would but having margin year, from that, it's

So driver kind think improvement. that's second TheFork that, that of particularly big kind of margin I in in half a

to just being on really it's progress the some as say bXb. auction media, expectations That would our around businesses through I year. secondly, not but Then move around margin higher of an make Core, that's to are, we story, we continue really

half. first a there don't that But there slightly more second is of see this So are we to half, moving weighted last dramatic shift it some do half pieces versus that second make the versus slight year. last year

The Anmuth line comes of the Morgan. Doug of question from next J.P.

This for questions. the taking Dan Thanks for morning. Doug. Good is Great.

We brand have a investment. up follow Viator question on

ramp around and any have you that how level brand or spend feel can an spend expect EBITDA, guys profitable? that do share frame And your the just effectiveness EBITDA like to So any a you when do early currently? anticipate brand learnings as you you. follow Thank additional high of about project you is way adequate this there up, do you you become could Is at it going forward? for

Okay. at and to. where least Yes, Matt in those start take I'll need both can chime

look we're disciplined Viator the macro think and this a basis. dimensions very we lot very on brand across micro of spend very, I brand on looking a as spend, the level. much at a of different So at at And kind

a telling an should look the At which those to rates, brand are thinking be increased time, From at is seeing. macro metrics periods, level we're does what searches different brand about that and investment see clearly awareness. you And right. things a we because And future brand awareness spend more seeing we've a investing through do. conversion And constantly us. we over SEO we're improved brand right. that today measuring lot of we that, level, should metrics help or we which surveys, We of effectives are brand spend, seen. do aided micro and drive which are those like is, of can We unaided

evaluate So to which there brand of metrics the we use different spend. a are lot effectiveness of

all our tricky. tools disposal this, And spend do do we these brand at is because recognize to use we

to continue in started see to like second of deploy and spend. So, Again, again, half we the along those we'll brand we dimensions, what we continue this last year.

on, this we're seeing continue based to campaign there. expecting We year what again, are to

a great foremost, call in think about I it's that for first market. which or I us of term said, is The huge the do last we think on we think we matters, we some kind long February, scale and opportunity really your guess quarter and this as made year as term a would margin as in brand, our the reiterate of And earlier. the around our in we expect the of half to And customer profitability. And will ultimately drive said business continue points I when the large is us. for customer second to the very was profitable look we'll repeat margin, build second base. scale question very question, what to that a long we or And year. say third acquisition to profitable were of year at just more

this think business we that scale. long we margins term have very And do when healthy achieve should

flat. proper profitability towards eye I as with towards which with our aligns as unit at healthy margin dictate to said managing that. to unit expecting going as to again, the capturing approximately how we're call to level. line we area, a things manage we're already in an think going to having long what's see these profitability. we've think and be we're that continue but look the is is economics, we the And then of customers continue I this, going that in economics kind sight in invest think We're And that February, of around all we to also it that Viator we reviewed but with

winner And that category. to a experiences I very strategy in believe just long value. are investments term And our is these would meaningful optimizing shareholder be add these we

that will is think be very We have becoming make we a frankly, share long into scale profitability there valuable. our want business economics, become a to the be does and exists and environment demand, the unit improving in category choice. in to grow where that this aware an now sure winner is term that it, market right We consumer this where leaning to to that we're capture and

question next comes Josie from from The Citi. Ron

for is This Michael there. James on Hi, Ron.

is maybe are me. and be And on home incremental, you through talk helpful. Just about bounce features Could enhancements rates what quantification benefits one the or experience core you're involving, seeing? a how you any making are screen engagement across you. Thank would little for the bit very user more most the click the what

Yes.

the is again, what to is so, arrive experience The and consumer here doing as consumer we rigorous of the roll deliver idea these when about to think And we amount our testing to they enhancements. with start a we're on want site. out

qualified make we've that the engagement traffic. Because it to Elevating consumer deliver the really traveler being experience users it's search to experience. that drive monetization. a app more really partners in driving more some giving into that to made highly effective qualified and the to So and translates about bring changes bar about end, will the deliberate homepage the our

there, in just beginning mobile that our make is we're think This be companion most the work and destination essential of doing product trips. we an to that can we're the of travelers excited our help the

what seeing we earlier, areas numbers want out I I talked I was long we're And where for don't into put we drive about years. we some also, category would say in shopping hotels in that can did our of changes while seeing every about the and there that so to meaningful. is, hotels. And to quantification think lean we improvement. did term experience the well, experiences some some changes last the we're page, We're changes Where five were as most stuff significant product both and which detail

did even user interesting meant shopper, comprehensive to page And that kinds a put marketplaces hotel improvements makes more again, that that and the experiences place. then there. made increased we of media of partners. our the And again, want course, we page we a product And play to richer, saw through qualified more of which meta some to and really we that meaningful with more the in engagement it traffic in that'll the and page detail changes saw shopping,

when we decreased and again, see excited. so And we're rates, investment really increased bounce

bit, our to we're users one the just leave quantify will and focused and I thing little come on to wanting reviews. very a Now, maybe still pages say,

digit did out rates review with and to drive submissions more those we restaurants. increases completion and the both we restaurants, to in and pages and saw uploads review review with both and writer change our and so photo photo we double made improvements both form rolled what and hotels for And actually hotels

are so of the right these our that go And strategy. to big, meaningful improvements heart

we're and excited as share that forward. really and to we're into going about go lean we more it, So

line question TD You from of the the next Cowen. of comes Kopelman Kevin

more a to touch seeing you Could in lot. that a which little Thanks you're revenue looks Core start QX, on Great. pretty that strong? seasonal uptick

on say hear you did Core? Couldn't Kevin, sorry, you. I'm

Core The sorry. revenue, for XXXX, the to example. strong, it uptick relative looks at you seasonal if Oh, least in track which pretty

were correct? I I'm got Yes, Yes, think you to QX, okay. seasonal the it, referring sorry, uptick

second start to like seeing in you're Yes, quarter, what Sorry. April.

yes, Yes. Oh, okay.

comp to would pretty we things in say which tough are our still areas. hit June, expecting right, of that saw very down into I as a So good dramatically, we come April, couple and we but move growth, May we

and what both So move basis on I was talked about as on through period in for and auction, a come down come a example, well, to the Core down lapping to Core, meaningfully, but year-over-year we call as and we're that pricing pretty lesser expecting to volumes extent.

much saw shaping our, So again this we the in was the year year. very in much very as all

the and but growth experiences for tough at a type a think expecting similar auction, April, strong Viator, compare step we're move we May months June. in but to not expect we those through do terms in really as down of similar in we I very about similar think Core,

and in to May June. April a that So I don't I want overstate think there piece, but yes, there's tougher comp the

growth that's on could us And of then a give tracking? just you GBV April, Viator, us give the sense sense just in a better of how to

question. good a it's Yes,

sensitive. competitively, given been approximations maybe GBV, and that Kevin, just is have on bit We felt some a of

then forward, rates. calculate giving are We growth able specifically much more very to evaluating, which move specifics that of be as you'll GBV on number we

though, So growth on approximations, take why for rate year-over-year. improvement about than the approximations to avoid I revenue rate basis the that reason year-over-year that's why about the lower now. that these is think give a due want out, a But I point you when did to specific them want we rate. to the that's growth

Got it. And then just a housekeeping.

QX, in how TheFork at offset think COGS, I cost time one I mentioned that? large You was in think

that, for small, renegotiation. but margin. just quantify a was Yes, Was meaningful but about, related didn't to yes, fairly TheFork it's it contract we

of line the from comes Morningstar. question next Dan Wasiolek of The

question. my taking for Thanks guys. morning, good Hey,

if those, or there the seems would kind Viator what brands, TheFork been Just of that on you crystallizing lot something that I underappreciated and a Is the past and those. that on considering value that the transpire so, had talk start there's of about? communicate it know to about to Thanks. And thinking maybe need value are to message? of still guys in

Mike. it's Yes,

Viator really that this our potentially communicated that I'd probably think I a previously February and of relates we I of say think out. reiterated said that and call. to thoughts what in couple spinning around most things is

do and leadership focused we the in maintain on space. grow very in much the category how this are and business, We experience

on such, how execute what as that. think to I really that, focused not we're

and our in That to just an very is I area And a removing focus the and of just today. focused how Viator, much of, on they're doing ideas do what of think do how experiences. area they some we wider from kind and we're be where we Core are, not manage the of said, realm we're markets we're of anything is. this. it's It's not we'll way focused market about experiences the deeper more Tripadvisor create to itself possibility. not thinking modes manage that really But always The being on. open

really And value the just term, And in around those a past. happening of what and plan I in to sure to start see that's profile drive in our to we're work super invest crystallize is back the there. And There's underlying the performance ultimately Dan, half, much our on driving businesses underappreciated medium do Viator, to agree through at focused why than consumer improvements about TheFork business. unit is margin better to, the over seen ability that towards excited making we're we're really wanted and the TheFork That we I fundamental see engagement product the the And around really we economics. the with long that's and we've that you. profitability. hit add, improving

the of operations on underlying those specifically. businesses focused most we're So

comes The DA of next question Davidson and White of from Tom Co. the line

needle on late Viator Thanks here. Tom. quick been on I partnership our Curious update in it's any if Viator’s track questions. I taking believe this I a for as Uber, was way mover if for an year. meaningful is well. Hey, announced provide which or was one could for [inaudible] that's last hoping just have on you with

for we is is that know really I growth also, out a connect driving specifically many, relationship, as we well. working. other that single any growth, don't I to Yes, a in storefront meaningful that and to sure would doing make the but are sale best connecting Viator's the we of call parties say that experiences strategy to can what points are business third job Obviously, that Tripadvisor for as but great is Viator driving many

for I what so is, say off. And that overall, is would the strategy paying question. Thanks

turn call to further for the back to I At time, this would comments. Matt like Goldberg over

for for and your Thank questions. us today all you joining

can you about as all. we plans, on the continue we're forward quarter. our to see, As approach we more our next in and to progress you midyear, Thank look execute excited to sharing

in participation your for conference. you This Thank today's program. conclude the does

disconnect. You may now