Tripadvisor : 2Q22 Shareholder Letter

Q2 2022

	Q2 2022	Q2 2021	Q1 2022
Revenue	$417M	$235M	$262M
Net Income / (Loss)	$31M	$(40)M	$(34)M
Adjusted EBITDA (1)	$109M	$25M	$27M

1. Consolidated adjusted EBITDA is a non-GAAP profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income. See "Use of Non-GAAP Financial Measures."

Letter to Shareholders

We are extremely pleased with our results in the second quarter of 2022, which mirror the strength we saw as leisure travel continued to return, and are also a testament to the strong execution of the team. We saw strong performance across our experiences offerings, and European travel saw a strong uptick. Across all our offerings, our trusted brand and rich content helped millions of travelers research trips, find the right accommodations and experiences, and choose where to dine.

These factors resulted in consolidated results this quarter at nearly 2019 revenue levels. We saw a steep sequential pickup in our Tripadvisor Core segment. We saw the strongest recovery across our Viator and TheFork segments, exceeding 2019 revenue levels across those segments in the quarter. In addition to our top line performance, our results exemplify the flexibility that our profit profile provides-with our very profitable Tripadvisor Core offerings able to fund investment in building out long-term revenue growth across the business.

Although travel is possibly also impacted by the macro trends of inflation and consumer sentiment, we point out that travel and our business have performed strongly throughout Q2 and the recovery versus 2019 has continued regardless of any macro factors. In fact, we anticipate revenue to continue to improve versus 2019 in Q3.

Finally, we are introducing new segments this quarter, which we believe better present our businesses. Starting this quarter, reportable segments within Tripadvisor, Inc.'s consolidated results include: 1) Tripadvisor Core, 2) Viator, and 3) TheFork. We believe this segment presentation will be helpful to investors given the strong P&L leadership in place, distinct growth and profit margin profiles between Tripadvisor Core segment and our faster growing Viator and TheFork segments, and unique business models. We also believe that the additional details and insight will help better present the potential for unlocking value.

To ensure that investors have a basis for comparison, we have provided supplemental information, including a re-cast of quarterly segment revenue and segment adjusted EBITDA starting in Q1 FY2019, posted concurrently with this shareholder letter, as well as in the supplemental financial information file, posted to the Investor Relation section of our website at http://ir.tripadvisor.com.

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Second Quarter 2022 Consolidated Financial Results

Second quarter revenue was $417 million, growing 77% year over year, and reaching 99% of 2019 levels. Revenue recovery was driven by strong performance in our Viator and TheFork segments, as well as in Tripadvisor-branded hotels revenue. We saw continued improvements in each month of the quarter. Revenue in Q2 2019 included approximately $13 million, or 3% of Q2 2019 revenue, related to SmarterTravel and China businesses, which no longer contribute to revenue.

Trends since the same period a year ago have improved significantly, and are at nearly double the recovery levels seen in Q2 2021. A year ago, Europe was still significantly behind the U.S. across key revenue streams such as hotel auction, and as a destination in experiences, as well as in metrics such as unique users, hotel shoppers, and cost per click. We were pleased to see Europe close the gap with the U.S. this quarter in recovery rates across these metrics. Recovery in experiences continues to stand out with revenue well above 2019 levels the last two quarters in Viator, and with increased bookings to European destinations.

We are subject to fluctuations in foreign currency, primarily with the EUR, which declined this quarter against the USD. We estimate that in Q2 2022, changes in foreign currency were a headwind of approximately 9 percentage points of revenue growth versus Q2 2021.

Net income for Q2 2022 was $31 million, compared to a net loss of $40 million in the same period a year ago.

Consolidated adjusted EBITDA in Q2 2022 was $109 million, or 26% of revenue, as compared to adjusted EBITDA of $25 million, or 11% of revenue, in Q2 2021.

The improvement in net loss and consolidated adjusted EBITDA was driven primarily by increases in revenue, which more than offset increases in marketing expense and higher fixed and discretionary costs in Q2 2022 when compared to Q2 2021. Year over year, we also had a

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benefit of approximately $11 million related to a COVID-19 subsidy payment in TheFork segment in Q2 2022.

We ended the quarter with $1.05 billion in cash and cash equivalents.

Tripadvisor Core Segment

Included in this segment is revenue from our Tripadvisor branded hotels, display and platform, Tripadvisor experiences and dining revenue, and other revenue derived from adjacent offerings, including rentals, flights and cars, and cruise, including some non-Tripadvisorbranded revenue in our cruise and rentals offerings.

All revenue contributors to the Tripadvisor Core segment saw improvement from Q1 2022 as a percent of 2019. Tripadvisor branded hotels revenue, which was 89% of 2019 levels, and Tripadvisor experiences and dining revenue, which was 117% of 2019 levels, saw the strongest improvements from last quarter. Display and platform revenue also had solid performance at 86% of 2019 levels. We believe our results demonstrate that our brand is well-positioned in the marketplace and we continue to see opportunities to further fortify our offerings in the future.

In Q2 2022, Tripadvisor Core segment revenue was $274 million, reflecting year over year growth of nearly 50%, and reaching 84% of 2019 levels. Revenue in Q2 2019 included approximately $13 million, or 4% of Tripadvisor Core segment revenue, related to SmarterTravel and China businesses, which no longer contribute to revenue.

Adjusted EBITDA in the Tripadvisor Core segment in Q2 2022 was $116 million, or 42% of segment revenue compared to $49 million, or 27% of segment revenue in Q2 2021. Year over year, Tripadvisor Core segment adjusted EBITDA benefited from significant improvements

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