“In Q1, we grew profit and while investing in and growing our strategically important Experiences and Restaurants businesses”, said Chief Executive Officer Steve Kaufer. “This year we are focused on product improvements and supply growth to drive an even more engaged customer base and long-term revenue on our platform.”
Chief Financial Officer Ernst Teunissen added, “Q1 results were in line with our expectations and we remain on track to deliver fullyear double-digit consolidated adjusted EBITDA growth.” “Our new segment structure reflects our differentiated revenue and profit focus by segment, while leveraging unique assets and investing across a number of areas aimed at long-term, profitable growth.”
First Quarter 2019 Operational and Financial Highlights
Total Revenue was $376 million, a 1% decrease year-over-year. We estimate that excluding changes in foreign currency, Total Revenue grew approximately 2%.
GAAP Net Income grew 420% to $26 million, while Non-GAAP Net Income grew 21% to $51 million.
Total Adjusted EBITDA grew 11% to $89 million, and Total Adjusted EBITDA margin increased by 3% year-over-year to 24%. We estimate that excluding year-over-year changes in foreign currency Total Adjusted EBITDA grew approximately 18%.
Hotels, Media & Platform segment revenue was $254 million, which was flat year-over-year. Hotels, Media & Platform segment Adjusted EBITDA grew 36% to $105 million, and Hotels, Media & Platform segment Adjusted EBITDA margin improved to 41%, a 11% increase compared to Q1 2018, primarily due to increased efficiency of direct selling and marketing 2 expenses. We estimate that excluding year-over-year changes in foreign currency Total Hotels, Media & Platform Segment Revenue and Adjusted EBITDA grew approximately 3% and 43%, respectively.
Experiences & Dining segment revenue grew 29% to $80 million, while Experiences & Dining segment Adjusted EBITDA reflected increased strategic investments to drive long-term growth initiatives. We estimate that excluding year-over-year changes in foreign currency Total Experiences & Dining Segment Revenue grew approximately 35%.
Other revenue decreased 33% to $42 million, primarily driven by the elimination of some marginal and unprofitable revenue within some non-TripAdvisor branded offerings, which reduced revenue and increased profitability.
Cash and cash equivalents and short-term marketable securities was $811 million and there was no outstanding debt as of March 31, 2019.
Cash flow from operating activities for the three months ended March 31, 2019, was $182 million, an increase of $8 million, or 5%, year-over-year. Free cash flow for the three months ended March 31, 2019, grew 4% to $165 million.
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