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TripAdvisor Reports Fourth Quarter and Full Year 2013 Financial Results

02/12/2014| 11:19:50 AM| 中文

TripAdvisor, Inc. (NASDAQ: TRIP), the world’s largest travel website, today announced financial results for the fourth quarter and full year ended December 31, 2013.

NEWTON, MA, February 11, 2014 -- TripAdvisor, Inc. (NASDAQ: TRIP), the world’s largest travel website, today announced financial results for the fourth quarter and full year ended December 31, 2013. 

Total traffic in the fourth quarter grew 50% year-over-year and TripAdvisor websites attracted more than 2 billion unique visitors during 2013.

Fourth quarter 2013 revenue was $212.7 million, up 26% year-over-year; full year 2013 revenue increased to $944.7 million, up 24% year-over-year. 

Fourth quarter 2013 net income was $20.3 million, or $0.14 per diluted share; full year 2013 net income increased to $205.4 million, or $1.41 per diluted share, up 6% year-over-year. 

Fourth quarter 2013 non-GAAP net income was $30.5 million, or $0.21 per diluted share; full year 2013 non-GAAP net income increased to $244.6 million, or $1.68 per diluted share, up 12% year-over-year. 

Fourth quarter 2013 Adjusted EBITDA was $52.2 million, or 25% of revenue; full year 2013 Adjusted EBITDA increased to $378.8 million, or 40% of revenue, up 7% year-over-year. 

Fourth quarter 2013 cash flow from operating activities was $71.2 million, or 33% of revenue; full year 2013 cash flow from operations increased to $349.5 million, or 37% of revenue, up 46% year-over-year. 

Fourth quarter 2013 free cash flow was $55.1 million, or 26% of revenue; full year 2013 free cash flow was $294.1 million, or 31% of revenue, up 40% year-over-year. 

“The fourth quarter capped a strong 2013, as more than two billion unique visitors came to TripAdvisor to be inspired, to conduct research and to plan or share the details of their trip,” said Steve Kaufer, President and CEO of TripAdvisor. “We are working on a number of exciting initiatives to make every visit to TripAdvisor more comprehensive, engaging, personalized and enjoyable as we strive to provide the best experience for every user, on every device, in every geography.” 

Discussion of Fourth Quarter and Full Year 2013 Results    

Revenue for the fourth quarter of 2013 was $212.7 million, an increase of $43.3 million, or 26%, compared to the fourth quarter of 2012. Revenue for the year ended December 31, 2013 was $944.7 million, an increase of $181.7 million, or 24%, compared to the year ended December 31, 2012. 

Click-based advertising – Revenue from click-based advertising totaled $144.4 million for the fourth quarter of 2013, an increase of 17% compared to the fourth quarter of 2012. Click-based advertising revenue represented 68% of total revenue in the fourth quarter of 2013, compared to 73% in the fourth quarter of 2012. Revenue from click-based advertising totaled $696.0 million for the year ended December 31, 2013, an increase of 18% compared to the year ended December 31, 2012. Click-based advertising revenue represented 74% of total revenue for the year ended December 31, 2013, compared to 77% for the year ended December 31, 2012. 

Display-based advertising – Revenue from display-based advertising totaled $32.5 million for the fourth quarter of 2013, which contained seasonal purchases that may or may not replicate in future periods, an increase of 46% compared to the fourth quarter of 2012, which did not contain such seasonal purchases. Display-based advertising revenue represented 15% of total revenue in the fourth quarter of 2013, compared to 13% in the fourth quarter of 2012. Revenue from display-based advertising totaled $119.0 million for the year ended December 31, 2013, an increase of 26% compared to the year ended December 31, 2012. Display-based advertising revenue represented 13% of total revenue for the year ended December 31, 2013, compared to 12% for the year ended December 31, 2012. 

ubscription, transaction and other – Revenue from subscription, transaction and other totaled $35.7 million for the fourth quarter of 2013, an increase of 53%, compared to the fourth quarter of 2012. Subscription, transaction and other revenue represented 17% of total revenue in the fourth quarter of 2013, compared to 14% in the fourth quarter of 2012. Revenue from subscription, transaction and other totaled $129.7 million for the year ended December 31, 2013, an increase of 60% compared to the year ended December 31, 2012. Subscription, transaction and other revenue represented 14% of total revenue for the year ended December 31, 2013, compared to 11% for the year ended December 31, 2012. @@

For the fourth quarter of 2013, revenue from North America grew 22% year-over-year to $108.8 million, representing 51% of total revenue. Revenue from the Europe, Middle East and Africa region grew 30% year-over-year to $63.7 million, representing 30% of total revenue. Revenue from the Asia-Pacific region grew 40% year-over-year to $32.0 million, representing 15% of total revenue. Revenue from the Latin America region was flat year-over-year at $8.2 million, representing 4% of total revenue. International revenue was 52% of total revenue during the fourth quarter of 2013, up from 51% in the fourth quarter of 2012.

For the year ended December 31, 2013, revenue from North America grew 21% year-over-year to $493.5 million, representing 52% of total revenue. Revenue from the Europe, Middle East and Africa region grew 21% year-over-year to $291.1 million, representing 31% of total revenue. Revenue from the Asia-Pacific region grew 49% year-over-year to $122.0 million, representing 13% of total revenue. Revenue from the Latin America region grew 20% year-over-year to $38.1 million, representing 4% of total revenue. International revenue was 51% of total revenue for 2013, up from 49% in 2012.

Click-based advertising revenue by geography is based on the geographic location of our websites. Revenue from Expedia totaled $46.4 million for the fourth quarter of 2013, an increase of $6.9 million, or 17%, compared to the fourth quarter of 2012. Revenue from Expedia totaled $217.4 million for the year ended December 31, 2013, an increase of $13.7 million, or 7%, compared to the year ended December 31, 2012. 

GAAP net income for the fourth quarter of 2013 was $20.3 million, or $0.14 per diluted share, compared to GAAP net income of $33.6 million, or $0.23 per diluted share, for the fourth quarter of 2012. GAAP net income for the year ended December 31, 2013 was up 6% to $205.4 million, or $1.41 per diluted share, compared to GAAP net income of $194.1 million, or $1.37 per diluted share, for the year ended December 31, 2012. 

Non-GAAP net income for the fourth quarter of 2013 was $30.5 million, or $0.21 per diluted share, compared to non-GAAP net income of $41.3 million, or $0.29 per diluted share, for the fourth quarter of 2012. Non-GAAP net income for the year ended December 31, 2013 was up 12% to $244.6 million, or $1.68 per diluted share, compared to non-GAAP net income of $218.7 million, or $1.54 per diluted share, for the year ended December 31, 2012. 

Adjusted EBITDA for the fourth quarter of 2013 was $52.2 million, and Adjusted EBITDA margin was 25%, primarily due to the timing of offline advertising spend, compared to Adjusted EBITDA of $64.3 million and Adjusted EBITDA margin of 38% for the fourth quarter of 2012, which did not contain offline advertising spend.

Adjusted EBITDA and Adjusted EBITDA margin for the year ended December 31, 2013 was $378.8 million and 40% of revenue, compared to $352.5 million and 46% of revenue for the year ended December 31, 2012. 

Cash flow from operating activities for the fourth quarter 2013 was $71.2 million, an increase of $0.1 million, or 0%, compared to the fourth quarter of 2012. This was due primarily to the timing of offline advertising spend. Cash flow from operating activities for the year ended December 31, 2013 was $349.5 million, an increase of $110.5 million, or 46%, compared to the year ended December 31, 2012. 

As of December 31, 2013, cash and cash equivalents and short and long term marketable securities were $670.7 million, up $85.0 million year-over year. TripAdvisor spent $145.2 million to repurchase over 2.1 million shares of its common stock in 2013. 

As of December 31, 2013, TripAdvisor had 2,017 employees, up from 1,575 at December 31, 2012 and 1,939 employees at September 30, 2013. 

Other Fourth Quarter and Year End 2013 Business Highlights

TripAdvisor’s travel community reached more than 260 million monthly unique visitors*** during the year ended December 31, 2013. At approximately 11% of the world’s monthly unique visitors in online travel during 2013, TripAdvisor remains the largest travel website in the world. 

TripAdvisor has more than 125 million reviews and opinions on more than 3.7 million places to stay, places to eat and things to do – including more than 775,000 hotels and accommodations and approximately 550,000 vacation rentals, 2 million restaurants and 400,000 attractions in 139,000 destinations throughout the world. 

TripAdvisor app downloads – including downloads of TripAdvisor, City Guides, SeatGuru, Jetsetter and GateGuru – reached 82 million, up more than 145% year-over-year, and average unique monthly visitors via smartphone and tablet devices grew more than 100% during the fourth quarter, according to company logs. 

TripAdvisor launched TripConnect, a platform that enables independent hoteliers to purchase leads from TripAdvisor. 

TripAdvisor grew its Business Listings product customer base to more than 69,000 subscribers, up 38% year-over-year. 

TripAdvisor acquired Oyster Travel, a hotel review website featuring professional reviews and photos covering 150 cities, bringing the number of TripAdvisor managed and operated travel media brands to 20. 

TripAdvisor broke ground on an approximately 280,000 square-foot headquarters in Needham, MA. Scheduled to open in 2015, the new facility will accommodate 1,500 employees. 

TAGS: TripAdvisor | Financial Results
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