TripAdvisor hotel revenue down by 2%, non-hotel revenue up by 20% in Q3
Total Revenue grew 4% to $458 million, an increase of $19 million year-over-year. GAAP Net Income grew 176% to $69 million.
TripAdvisor announced its financial results for the third quarter ended September 30, 2018.
“We delivered a strong third quarter, delivering increased operating efficiency while investing for long-term profitable growth,” said Chief Executive Officer Steve Kaufer. “Product enhancements, platform expansion and progressive marketing optimizations continue to hit the mark and contributed to improved financial results.”
Chief Financial Officer Ernst Teunissen added, “Q3 had a number of very positive developments. Revenue per hotel shopper grew 5%, and revenue growth accelerated in our key Non-Hotel offerings. Hotel adjusted EBITDA nearly doubled year-over-year and consolidated adjusted EBITDA grew 54%. We are on track to deliver strong profit growth in 2018, and we are well-positioned heading into 2019.”
* Total Revenue grew 4% to USD 458 million, an increase of USD 19 million year-over-year. Changes in foreign currency had a 1% negative impact to Total Revenue growth.
* GAAP Net Income grew 176% to USD 69 million.
* Non-GAAP Net income grew 102% to USD 101 million.
* Total Adjusted EBITDA grew 54% to USD 146 million, an increase of USD 51 million year-over-year, and Total Adjusted EBITDA margin improved to 32%. Changes in foreign currency had a 2% negative impact to Total Adjusted EBITDA growth.
* Hotel Revenue was USD 305 million, a decrease of USD 7 million, or 2% year-over-year. Hotel Adjusted EBITDA grew 94% to USD 99 million, an increase of USD 48 million year-over-year, and Hotel Adjusted EBITDA margin improved to 32%.
* Non-Hotel Revenue grew 20% to USD 153 million, an increase of USD 26 million year-over-year. Non-Hotel Adjusted EBITDA grew 7% to USD 47 million, an increase of USD 3 million year-over-year, and Non-Hotel Adjusted EBITDA margin of 31%.
* Cash and cash equivalents was USD 663 million and TripAdvisor had no outstanding debt as of September 30, 2018.
* Cash flow from operations for the nine months ended September 30, 2018 was USD 374 million, an increase of USD 154 million, or 70% year-over-year.
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