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TripAdvisor Reports Third Quarter 2012 Financial Results

11/02/2012| 8:45:32 AM| 中文

TripAdvisor, Inc. (NASDAQ: TRIP), the world’s largest travel site today reported financial results for the third quarter ended September 30, 2012.

• Revenue for the third quarter increased to $212.7 million, up 8% quarter-over-quarter and up 18% year-over-year

• Net income for the third quarter increased 12% quarter-over-quarter and increased 9% year-over year to $59.4 million, or $0.41 per diluted share

• Non-GAAP net income for the third quarter increased 12% quarter-over-quarter and 12% year over year to $65.8 million, or $0.46 per diluted share

• Adjusted EBITDA for the third quarter increased 10% quarter-over-quarter and 15% year-over-year to $107.1 million, or 50% of revenue

• Cash flow from operations for the third quarter increased 24% quarter-over-quarter and decreased 2% year-over-year to $76.5 million, or 36% of revenue

• Free cash flow for the third quarter increased 24% quarter-over-quarter and decreased 4% year over year to $69.1 million, or 32% of revenue

“As we drive continued traffic and content growth on a global scale, we are making wonderful strides to enhance the TripAdvisor experience for both our traveler community and our advertising partners alike,”said Steve Kaufer, President and CEO of TripAdvisor. “These efforts, and TripAdvisor’s record third quarter financial performance, put us squarely on track to meet our 2012 objectives.”

Discussion of Third Quarter 2012 Results

Revenue for the third quarter of 2012 was $212.7 million, an increase of $31.9 million, or 18%,
compared to the third quarter of 2011.

• Click-based advertising – Revenue from click-based advertising totaled $168.0 million for the
third quarter of 2012, an increase of 15% compared to the third quarter of 2011. Click-based
advertising revenue represented 79% of total revenue in the third quarter of 2012, compared to
81% in the third quarter of 2011.

• Display-based advertising – Revenue from display-based advertising totaled $23.6 million for the third quarter of 2012, an increase of 12% compared to the third quarter of 2011. Display-based advertising revenue represented 11% of total revenue in the third quarter of 2012, compared to 11% in the third quarter of 2011.

• Subscription and other – Revenue from subscription and other totaled $21.1 million for the third quarter of 2012, an increase of 53% compared to the third quarter of 2011. Subscription and other revenue represented 10% of total revenue in the third quarter of 2012, compared to 8% in the third quarter of 2011.

For the third quarter of 2012, U.S. revenue totaled $105.6 million, and represented 50% of total
revenue, compared to 53% in the third quarter of 2011.
Revenue from the U.K. totaled $30.4 million, and represented 14% of total revenue for the third quarter of 2012, compared to 16% in the third quarter of 2011. Revenue from the rest of the world totaled $76.7 million, and represented 36% of total revenue for the third quarter of 2012, compared to 31% in the third quarter of 2011. Click-based advertising revenue and Display-based advertising revenue by geography are measured by the point-of-sale on which the transaction occurs.

Related-party revenue from Expedia increased 2% quarter-over-quarter and decreased 6% year-overyear to $56.9 million. GAAP net income for the third quarter of 2012 was $59.4 million, or $0.41 per diluted share, compared to GAAP net income of $54.3 million, or $0.41 per diluted share, for the third quarter of 2011. For the third quarter ended September 30, 2011, we computed diluted earnings per share using the number of shares of common stock and Class B common stock outstanding immediately following the spin-off from Expedia, as no TripAdvisor equity awards were outstanding prior to the spin-off.

Adjusted EBITDA for the third quarter of 2012 was $107.1 million, and Adjusted EBITDA margin was 50%, compared to Adjusted EBITDA of $93.3 million and Adjusted EBITDA margin of 52% for the third quarter of 2011.

Cash flow from operating activities for the third quarter 2012 was $76.5 million, a decrease of $1.4 million, or 2%, compared to the third quarter of 2011. Free cash flow for the third quarter of 2012 was $69.1 million, a decrease of 4% compared to the third quarter of 2011.

As of September 30, 2012, cash and cash equivalents were $548.4 million.

Other Third Quarter 2012 and Recent Business Highlights

• TripAdvisor’s travel community averaged more than 57 million monthly unique visitors for the
quarter ended September 30, 2012, according to comScore. At over 10% of the world’s
monthly unique visitors in online travel, TripAdvisor remains the largest travel website in the
world.

• TripAdvisor content collection on approximately 650,000 hotels and accommodations, 980,000
restaurants and 220,000 attractions in more than 120,000 destinations throughout the world
accelerated during the third quarter to more than 60 pieces per minute.

• TripAdvisor announced a content syndication and review collection partnership with Wyndham
Hotel Group as well as a content syndication agreement with Best Western and now has more
than 500 content syndication partnerships with major travel brands throughout the world.

• TripAdvisor averaged more than 34 million monthly Facebook visitors to its website and
Facebook app during the third quarter, according to AppData, and now has more than 36 million
marketable members, according to company logs.

• TripAdvisor reached more than 26 million downloads of its TripAdvisor, City Guides and
SeatGuru mobile apps and average unique monthly visitors via mobile devices grew over 130%
year over year to more than 35 million for the quarter ended September 30, 2012, according to
company logs.

• Subsequent to the end of the quarter, TripAdvisor announced the acquisition of travel inspiration site, Wanderfly.

TAGS: TripAdvisor | financial results
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