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Segment Information (Tables)
 6 Months Ended
Jun. 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 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

 

Adjusted EBITDA

 

 

84

 

 

 

10

 

 

 

3

 

 

 

—

 

 

 

97

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

(21

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(34

)

 

 

(34

)

Legal reserves and settlements (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

(4

)

Non-recurring income (expense) (5)

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

Three months ended June 30, 2023

 

 

 

 

 

 

Brand Tripadvisor (1)

 

 

Viator (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

240

 

 

$

216

 

 

$

38

 

 

$

—

 

 

$

494

 

Intersegment revenue

 

 

39

 

 

 

—

 

 

 

—

 

 

 

(39

)

 

 

—

 

  Total Revenue

 

$

279

 

 

$

216

 

 

$

38

 

 

$

(39

)

 

$

494

 

Adjusted EBITDA

 

 

96

 

 

 

(2

)

 

 

(4

)

 

 

—

 

 

 

90

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

(21

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(25

)

 

 

(25

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

24

 

 

 

 

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

 

Adjusted EBITDA

 

 

161

 

 

 

(18

)

 

 

—

 

 

 

—

 

 

 

143

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(42

)

 

 

(42

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(61

)

 

 

(61

)

Legal reserves and settlements (6)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14

)

 

 

(14

)

Restructuring and other related reorganization costs

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

Non-recurring income (expense) (5)

 

 

 

 

 

 

 

 

 

 

 

(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

)

 

 

 

Six months ended June 30, 2023

 

 

 

 

 

 

Brand Tripadvisor (1)

 

 

Viator (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

461

 

 

$

331

 

 

$

73

 

 

$

—

 

 

$

865

 

Intersegment revenue

 

 

62

 

 

 

—

 

 

 

—

 

 

 

(62

)

 

 

—

 

  Total Revenue

 

$

523

 

 

$

331

 

 

$

73

 

 

$

(62

)

 

$

865

 

Adjusted EBITDA

 

 

168

 

 

 

(31

)

 

 

(14

)

 

 

—

 

 

 

123

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(42

)

 

 

(42

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(48

)

 

 

(48

)

Non-recurring income (expense) (7)

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(49

)
(1)
Corporate general and administrative personnel costs of $2 million and $4 million for the three and six months ended June 30, 2024, respectively, and $2 million and $3 million for the three and six months ended June 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 $2 million for the three and six months ended June 30, 2024, respectively, and $1 million for both the three and six months ended June 30, 2023.
(3)
Includes allocated corporate general and administrative personnel costs from our Brand Tripadvisor segment of $1 million and $2 million for the three and six months ended June 30, 2024, respectively, and $1 million and $2 million for the three and six months ended June 30, 2023, respectively.
(4)
Represents 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, reflected in general and administrative expenses on our unaudited condensed consolidated statement of operations. This amount represents the one-time retrospective liability for the periods prior to April 1, 2024, while the liability for the three months ended June 30, 2024 and all prospective periods are and will be included within adjusted EBITDA, respectively.
(5)
The Company expensed certain transaction related costs of $2 million and $3 million during the three and six months ended June 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.
(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, as noted above. 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.