Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

NOTE 12: SEGMENT INFORMATION

We have three reportable segments: (1) Brand Tripadvisor; (2) Viator; and (3) TheFork. The nature of the services provided, revenue sources by product, and related revenue recognition policies are summarized by reportable segment in “Note 3: Revenue Recognition.”

Our operating segments are determined based on how our chief executive officer, who also serves as our chief operating decision maker (“CODM”) manages our business, regularly accesses information, and evaluates performance for operating decision-making purposes, including allocation of operating and capital resources. Adjusted EBITDA is our reported measure of segment profit and a key measure used by our CODM and Board of Directors to understand and evaluate the operating performance of our business as a whole and our individual operating segments, and on which internal budgets and forecasts are based and approved. We define 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; (5) goodwill, long-lived asset, and intangible assets impairments; (6) legal reserves, settlements and other (including indirect tax reserves related to audit settlements and the impact of one-time changes resulting from enacted indirect tax legislation); (7) restructuring and other related reorganization costs; (8) transaction related expenses; and (9) non-recurring expenses and income unusual in nature or infrequently occurring.

Direct costs are included in the applicable operating segments, including certain personnel costs, which have been allocated to each segment. We base these allocations on time-spent analyses, headcount, and other allocation methods we believe are reasonable. We do not allocate certain shared expenses to our reportable segments, such as certain information system costs, technical infrastructure costs, and other costs supporting the Tripadvisor platform and operations, that we do not believe are a material driver of individual segment performance, which is consistent with the financial information used by our CODM. We include these expenses in our Brand Tripadvisor segment. Our allocation methodology is periodically evaluated and may change

The following tables present our reportable segment information for the three and six months ended June 30, 2025 and 2024 and include a reconciliation of adjusted EBITDA to Net income (loss). We record depreciation and amortization, stock-based compensation, goodwill, long-lived asset and intangible asset impairments, legal reserves, settlements and other, transaction related expenses, and other non-recurring expenses and income, net, which are excluded from segment operating performance, in “Corporate & Eliminations.” In addition, we do not report total assets, capital expenditures and related depreciation expense by segment as our CODM does not use this information to evaluate operating segment performance. Accordingly, we do not regularly provide such information by segment to our CODM. We have recast the prior period presented for segment revenue and segment adjusted EBITDA to ensure comparability with the current period presented. These changes did not result in a change to our previously reported segments revenue or adjusted EBITDA.

Our segment disclosure includes intersegment revenues, which consist of affiliate marketing fees for services provided by our Brand Tripadvisor segment to both our Viator and TheFork segments. These intersegment transactions are recorded by each segment at amounts that we believe approximate fair value as if the transactions were between third parties and, therefore, impact segment performance. However, the revenue and corresponding expenses are eliminated in consolidation. 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)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.

(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.

Customer Concentrations

Refer to “Note 4: Financial Instruments and Fair Value Measurements” under the section entitled “Risks and Concentrations” for information regarding our major customer concentrations.

Product Information

Revenue sources within our Brand Tripadvisor segment, consisting of Tripadvisor-branded hotels revenue, Media and advertising revenue, Tripadvisor experiences and dining revenue, and other revenue, along with our Viator and TheFork segments revenue sources, comprise our products. Refer to “Note 3: Revenue Recognition” for our revenue by product.