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TripAdvisor reports first quarter 2015 financial results

05/07/2015| 9:58:43 AM| 中文

NEWTON, MA, May 6, 2015 — TripAdvisor, Inc. (NASDAQ: TRIP) today announced financial results for the first quarter ended March 31, 2015.

· Total revenue increased 29% (approximately 36% on a constant currency basis) to $363 million, compared to $281 million for the first quarter of 2014.

· GAAP net income was $63 million, or $0.43 per diluted share, compared to $68 million, or $0.47 per diluted share, for the first quarter of 2014. Non-GAAP net income was $80 million, or $0.54 per diluted share, compared to $80 million, or $0.54 per diluted share, for the first quarter of 2014.

· Adjusted EBITDA increased 4% (approximately 15% on a constant currency basis) to $127 million, compared to $122 million for the first quarter of 2014.

· Monthly unique visitors grew 31% compared to the first quarter of 2014, reaching 340 million* and TripAdvisor has more than 225 million traveler reviews and opinions around the world.

“This was a great start to the year. Our financial performance was strong, content and community continues to grow, we are amplifying our ‘Plan, Compare, and Book’ message and we are driving bookings across hotels, attractions, restaurants and vacation rentals,” said Steve Kaufer, President and CEO of TripAdvisor. “These are key components to our long-term growth strategy to help more users around the world plan and book the perfect trip.”

First Quarter 2015 Financial Highlights

Total revenue increased 29% to $363 million, compared to $281 million for the first quarter of 2014. Excluding the impact of year-over-year changes in foreign exchange rates, total revenue would have increased by approximately 36% compared to the first quarter of 2014.

· Click-based advertising revenue (“CPC revenue”) increased 20% to $249 million, and represented 69% of total revenue, compared to 74% for the first quarter of 2014. Excluding the impact of year-over-year changes in foreign exchange rates, click-based advertising revenue would have increased by approximately 27% compared to the first quarter of 2014.

· Display-based advertising revenue increased 9% to $35 million, and represented 10% of total revenue, compared to 11% for the first quarter of 2014.

· Subscription, transaction and other revenue increased 88% to $79 million, and represented 21% of total revenue, compared to 15% for the first quarter of 2014.

North America revenue increased 25% to $182 million, and represented 50% of total revenue, compared to 52% for the first quarter of 2014. Europe, Middle East and Africa revenue increased 33% to $120 million, and represented 33% of total revenue, compared to 32% for the first quarter of 2014. Asia-Pacific revenue increased 20% to $42 million, and represented 12% of total revenue, compared to 12% for the first quarter of 2014. Latin America revenue increased 90% to $19 million, and represented 5% of total revenue, compared to 4% for the first quarter of 2014. International revenue (total revenue excluding-U.S. revenue) was 53% of total revenue during the first quarter of 2015, compared to 51% for the first quarter of 2014.

GAAP net income was $63 million, or $0.43 per diluted share, compared to GAAP net income of $68 million, or $0.47 per diluted share, for the first quarter of 2014. Non-GAAP net income for the first quarter of 2015 was $80 million, or $0.54 per diluted share, compared to non-GAAP net income of $80 million, or $0.54 per diluted share, for the first quarter of 2014.

Adjusted EBITDA increased 4% to $127 million, for an Adjusted EBITDA margin of 35%, compared to Adjusted EBITDA of $122 million and Adjusted EBITDA margin of 43% for the first quarter of 2014. Excluding the impact of year-over-year changes in foreign exchange rates, Adjusted EBITDA would have increased by approximately 15% compared to the first quarter of 2014. In addition to currency impacts, EBITDA results were impacted by the timing of investments in offline advertising, costs which were not incurred in the first quarter of 2014.

Cash flow from operating activities for the first quarter 2015 was $99 million, a decrease of $10 million, or 9%, year-over-year.

As of March 31, 2015, cash and cash equivalents and short and long term marketable securities were $642 million, up $48 million since December 31, 2014.

As of March 31, 2015, TripAdvisor had approximately 2,900 employees, up from 2,100 at March 31, 2014 and 2,800 employees at December 31, 2014.

Segment information

Hotel segment revenue increased 20% to $320 million, and represented 88% of total revenue. Hotel segment Adjusted EBITDA increased 6% to $132 million, for an Adjusted EBITDA margin of 41%. Other segment revenue increased 187% to $43 million, and represented 12% of total revenue. Growth in our Other segment revenue was driven primarily by acquisitions in our attractions and restaurants businesses. Other segment Adjusted EBITDA was negative $5 million for the first quarter of 2015, and Adjusted EBITDA margin was negative 12%.

First Quarter 2015 Operational Highlights

· Community: TripAdvisor averaged 340 million monthly unique visitors for an increase of 31% year-over-year.

· Content & Listings: TripAdvisor has 225 million reviews and opinions on 4.9 million places to stay, places to eat and things to do – including 950,000 hotels and accommodations and 700,000 vacation rentals, 2.7 million restaurants and 530,000 attractions in 150,000 destinations throughout the world.

· Mobile: TripAdvisor reached 190 million mobile app downloads, including 170 million downloads of the core TripAdvisor app. TripAdvisor also recently announced the launch of the TripAdvisor Apple Watch app which leverages the Apple Watch’s “Glances” feature to provide quick access to TripAdvisor traveler reviews, ratings and photos of hotels, restaurants and attractions with a quick swipe up on the watch face.

· Hotels: TripAdvisor officially launched its Instant Booking feature for independent hotels on its TripConnect platform. TripAdvisor is working with more than 70 connectivity partners to provide users with more hotel booking options on TripAdvisor.

· Attractions: TripAdvisor’s tours and attractions brand, Viator, officially launched its new tours and activities Marketplace. Marketplace will enable more tours and attractions operators to list their products on Viator and TripAdvisor sites and get access to TripAdvisor’s global audience.

· Restaurants: TripAdvisor added Portugal-based BestTables to its growing restaurant platform, TheFork. TripAdvisor now helps users book restaurants in Belgium, Brazil, Denmark, France, Italy, Portugal, Spain, Sweden, Switzerland, Turkey, and the Netherlands.

TAGS: TripAdvisor | financial results
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