Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

The elimination of such intersegment transactions is included within the “Corporate & Eliminations” column in the tables below.


	Three months ended June 30, 2025
	Brand Tripadvisor (1)		Viator (2)		TheFork (3)		Corporate & Eliminations			Total
	(in millions)
External revenue	$	205	$	270	$	54	$	—		$	529
Intersegment revenue		37		—		—		(37	)		—
Total Revenue	$	242	$	270	$	54	$	(37	)	$	529
Less: (4)
Cost of sales		9		28		5		—			42
Marketing		82		162		11		(37	)		218
Personnel (exclusive of stock-based compensation as shown separately below)		62		36		22		—			120
Technology		14		8		3		—			25
General and administrative (5)		9		4		4		—			17
Adjusted EBITDA		66		32		9		—			107
Depreciation and amortization								(23	)		(23	)
Stock-based compensation								(29	)		(29	)
Legal reserves, settlements and other (6)								4			4
Operating income (loss)											59
Other income (expense), net											(12	)
Income (loss) before income taxes											47
(Provision) benefit for income taxes											(11	)
Net income (loss)										$	36


	Three months ended June 30, 2024
	Brand Tripadvisor (1)		Viator (2)		TheFork (3)		Corporate & Eliminations			Total
	(in millions)
External revenue	$	211	$	244	$	42	$	—		$	497
Intersegment revenue		39		—		—		(39	)		—
Total Revenue	$	250	$	244	$	42	$	(39	)	$	497
Less: (4)
Cost of sales (7)		8		25		3		—			36
Marketing		68		166		9		(39	)		204
Personnel (exclusive of stock-based compensation as shown separately below)		65		33		21		—			119
Technology		13		6		3		—			22
General and administrative (8)		12		4		3		—			19
Adjusted EBITDA		84		10		3		—			97
Depreciation and amortization								(21	)		(21	)
Stock-based compensation								(34	)		(34	)
Legal reserves, settlements and other (9)								(4	)		(4	)
Transaction related expenses								(2	)		(2	)
Operating income (loss)											36
Other income (expense), net											2
Income (loss) before income taxes											38
(Provision) benefit for income taxes											(14	)
Net income (loss)										$	24


	Six months ended June 30, 2025
	Brand Tripadvisor (1)			Viator (2)		TheFork (3)			Corporate & Eliminations			Total
	(in millions)
External revenue	$	400		$	426	$	101		$	—		$	927
Intersegment revenue		61			—		—			(61	)		—
Total Revenue	$	461		$	426	$	101		$	(61	)	$	927
Less: (4)
Cost of sales		14			44		10			—			68
Marketing		143			276		31			(61	)		389
Personnel (exclusive of stock-based compensation as shown separately below)		127			68		41			—			236
Technology		27			14		7			—			48
General and administrative (5)		19			9		7			—			35
Adjusted EBITDA		131			15		5			—			151
Depreciation and amortization										(44	)		(44	)
Stock-based compensation										(57	)		(57	)
Legal reserves, settlements and other (6)										4			4
Restructuring and other related reorganization costs (10)		(9	)		—		(1	)					(10	)
Operating income (loss)													44
Other income (expense), net													(17	)
Income (loss) before income taxes													27
(Provision) benefit for income taxes													(2	)
Net income (loss)												$	25


	Six months ended June 30, 2024
	Brand Tripadvisor (1)		Viator (2)			TheFork (3)			Corporate & Eliminations			Total
	(in millions)
External revenue	$	424	$	385		$	83		$	—		$	892
Intersegment revenue		66		—			—			(66	)		—
Total Revenue	$	490	$	385		$	83		$	(66	)	$	892
Less: (4)
Cost of sales (7)		15		40			5			—			60
Marketing		129		280			23			(66	)		366
Personnel (exclusive of stock-based compensation as shown separately below)		135		64			43			—			242
Technology		26		12			6			—			44
General and administrative (11)		24		7			6			—			37
Adjusted EBITDA		161		(18	)		—			—			143
Depreciation and amortization										(42	)		(42	)
Stock-based compensation										(61	)		(61	)
Legal reserves, settlements and other (12)										(14	)		(14	)
Restructuring and other related reorganization costs							(1	)					(1	)
Transaction related expenses										(3	)		(3	)
Operating income (loss)													22
Other income (expense), net													—
Income (loss) before income taxes													22
(Provision) benefit for income taxes													(57	)
Net income (loss)												$	(35	)

(1)

Corporate general and administrative personnel costs of $2 million and $4 million for both the three and six months ended June 30, 2025 and 2024, 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 $2 million for both the three and six months ended June 30, 2025 and 2024, respectively.

(3)

(4)

The significant segment expense categories and amounts align with the segment-level information that is regularly provided to our CODM.

(5)

Exclusive of $4 million in the Brand Tripadvisor segment which is included separately below in legal reserves, settlements and other.

(6)

Represents a decrease of $4 million to a previously estimated accrual for the potential settlement of a regulatory related matter during the second quarter of 2025, reflected in general and administrative expenses on our unaudited condensed consolidated statement of operations. Refer to "Note 8: Commitments and Contingencies" for further information.

(7)

Exclusive of $2 million in both the Brand Tripadvisor and Viator segments, which are included separately below in legal reserves, settlements and other.

(8)

Exclusive of $2 million in the Brand Tripadvisor segment, which is included separately below in transaction related expenses.

(9)

This amount 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 service taxes, which required retrospective application back to January 1, 2022. This amount represents a 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. This expense is reflected in cost of sales on our unaudited condensed consolidated statement of operations.

(10)

Refer to “Note 5: Accrued Expenses and Other Current Liabilities” for information regarding restructuring and other related reorganization costs.

(11)

Exclusive of $13 million in the Brand Tripadvisor segment which is included separately below in legal reserves, settlements and other and transaction related expenses.

(12)

Represents an estimated accrual for the potential settlement of a regulatory related matter of $10 million expensed during the first quarter of 2024 and is reflected in general and administrative expenses on our unaudited condensed consolidated statement of operations. Refer to "Note 8: Commitments and Contingencies" for further information. In addition, this amount included 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 service taxes, which required retrospective application back to January 1, 2022. This amount represents a 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. This expense is reflected in cost of sales on our unaudited condensed consolidated statement of operations.