TripAdvisor Reports Fourth Quarter and Full Year 2015 Financial Results
TripAdvisor, Inc. reported financial results for the fourth quarter and full year ended December 31, 2015.
NEEDHAM, MA, February 11, 2016 — TripAdvisor, Inc. reported financial results for the fourth quarter and full year ended December 31, 2015.
“The fourth quarter capped off an important year for our business, as we continue building the best end-to-end user experience in travel,” said Steve Kaufer, TripAdvisor’s President and Chief Executive Officer. “User reviews and opinions reached 320 million and our content continues to attract the world’s largest global travel audience. We are building on those advantages by launching instant booking globally, and enabling more users to seamlessly book places to stay, things to do and places to eat – all conveniently on TripAdvisor.”
Chief Financial Officer Ernst Teunissen added, “Fourth quarter Revenue and Adjusted EBITDA results were solid in light of significant currency headwinds and our accelerated rollout of instant booking. Looking ahead to 2016, though instant booking will continue to dilute our near-term results, it positions our business for significant long-term growth.”
Full Year 2015 Highlights
Revenue for the full year 2015 increased to $1,492 million, up 20% year-over-year (approximately 27% on a constant currency basis).
Adjusted EBITDA for the full year 2015 was $466 million, or 31% of revenue.
GAAP net income was $198 million, or $1.36 per diluted share, primarily due to an incremental $36 million after-tax charitable contribution expense to settle our pledge obligation with The TripAdvisor Charitable Foundation.
Non-GAAP net income was $302 million, or $2.05 per diluted share.
Cash flow from operations for the full year 2015 was $382 million, or 26% of revenue.
Free cash flow was $273 million, or 18% of revenue.
Average monthly unique visitors reached 350 million*.
User reviews and opinions reached 320 million at December 31, 2015, covering 995,000 hotels and accommodations, 770,000 vacation rentals, 3.8 million restaurants and 625,000 attractions.
Mobile reached 53% of total unique users and app downloads reached 290 million as of December 31, 2015.
TripAdvisor partnered with The Priceline Group and has partnered with 8 of the top 10 major hotel chains to provide users the ability to book 450,000 hotels around the globe on its instant booking platform.
Fourth Quarter 2015 Financial Highlights
Revenue for the fourth quarter of 2015 was $309 million, an increase of $21 million, or 7%. Excluding the impact of year-over-year changes in foreign exchange rates, revenue would have increased by approximately 12%.
Adjusted EBITDA for the fourth quarter of 2015 was $87 million, and Adjusted EBITDA margin was 28%. Hotel Segment Adjusted EBITDA was $95 million for a 37% Adjusted EBITDA margin and Other Segment Adjusted EBITDA was negative $8 million, for a negative 16% Adjusted EBITDA margin.
GAAP net income for the fourth quarter of 2015 was $3 million, or $0.02 per diluted share, primarily due to an incremental $36 million after-tax charitable contribution expense over the fourth quarter of 2014, to settle our pledge obligation with the Foundation.
Non-GAAP net income for the fourth quarter of 2015 increased 27% to $66 million, or $0.45 per diluted share.
Cash flow from operating activities for the fourth quarter of 2015 was $74 million, an increase of $12 million year-over-year, or 19%.
Cash and cash equivalents, short and long term marketable securities were $698 million as of December 31, 2015, an increase of $104 million year-over-year.
Employees - TripAdvisor had 3,008 employees as of December 31, 2015, compared to 2,781 at December 31, 2014 and 2,961 employees at September 30, 2015.