NEEDHAM, Mass., March 18, 2020 /PRNewswire/ -- Tripadvisor,
Inc. (NASDAQ: TRIP) announced today that it is withdrawing its 2020
outlook provided in its Shareholder Letter on February 12, 2020 and discussed on its fourth
quarter 2019 earnings call on February 13,
2020 due to increased impacts of the COVID-19 outbreak and
the uncertainty it has created on global travel trends.
Steve Kaufer, President and Chief
Executive Officer of Tripadvisor, Inc., said, "We provided our
full-year 2020 outlook based on information available at that time.
At that time, we observed a limited impact on our business from the
COVID-19 outbreak. In the ensuing weeks, that impact grew
significantly as the outbreak has spread and, in March,
year-over-year performance trends have substantially worsened
versus trends we observed in February. As a result, we have decided
to withdraw our 2020 outlook and associated commentary as we are
unable at this time to reliably quantify the COVID-19 outbreak's
impact on our future financial results. The situation continues to
evolve rapidly and we expect to provide updated views as part of
our first quarter 2020 earnings report."
Mr. Kaufer continued, "While the COVID-19 outbreak's full
impacts are still to be determined, the travel and tourism industry
has recovered from past disruptions. At Tripadvisor, we have
successfully navigated these disruptions, and we will continue to
operate prudently through this challenging period. We are confident
that travel will rebound. Also, we are confident in our long-term
business prospects and strategy, and will continue to prioritize
long-term value creation. We are closely monitoring this developing
situation, and will continue to actively support Tripadvisor,
Inc.'s consumers, partners and employees worldwide."
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
The following words, when used, are intended to identify
forward-looking statements: "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "might," "plan," "project,"
"target," "result", "should," "will," and similar expressions which
do not relate solely to historical matters. We caution investors
that any forward-looking statements in these prepared remarks, or
which management may make orally or in writing from time to time,
are based on management's beliefs and on assumptions made by, and
information currently available to, management. Such statements are
subject to risks, uncertainties and assumptions and are not
guarantees of future performance, which may be affected by known
and unknown risks, trends, uncertainties and factors that are
beyond our control. Some of the risks and uncertainties that may
cause our actual results, performance or achievements to differ
materially from those expressed or implied by forward-looking
statements include that the coronavirus outbreak has resulted in a
significant decline in our travel demand and increase in customer
cancellations, that declines or disruptions in the economy in
general and travel industry, in particular, could adversely affect
our businesses and financial performance, and those more fully
described in Part I. Item 1A. "Risk Factors" of our Annual Report
on Form 10-K. Moreover, we operate in a rapidly changing
environment. New risk factors emerge from time to time and it is
not possible for management to predict all such risk factors, nor
can we assess the impact of all such risk factors on our business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements. We caution you that, while
forward-looking statements reflect our good faith beliefs when we
make them, they are not guarantees of future performance and are
impacted by actual events when they occur after we make such
statements. We expressly disclaim any responsibility to update our
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investors should also refer to our quarterly reports on Form
10-Q for future periods and current reports on Form 8-K as we file
them with the SEC and to other materials we may furnish to the
public from time to time through current reports on Form 8-K or
otherwise, for a discussion of risks and uncertainties that may
cause actual results, performance or achievements to differ
materially from those expressed or implied by forward-looking
statements.
About Tripadvisor
Tripadvisor, the world's largest travel platform*, helps 463
million travelers each month** make every trip their best trip.
Travelers across the globe use the Tripadvisor site and app to
browse 859 million reviews and opinions of 8.6 million
accommodations, restaurants, experiences, airlines and cruises.
Whether planning or on a trip, travelers turn to Tripadvisor to
compare low prices on hotels, flights and cruises, book popular
tours and attractions, as well as reserve tables at great
restaurants. Tripadvisor, the ultimate travel companion, is
available in 49 markets and 28 languages.
The subsidiaries and affiliates of Tripadvisor, Inc.
(NASDAQ:TRIP), own and operate a portfolio of travel media brands
and businesses, operating under various websites and apps,
including the following websites: www.airfarewatchdog.com,
www.bokun.io, www.bookingbuddy.com, www.cruisecritic.com,
www.familyvacationcritic.com, www.flipkey.com, www.thefork.com
(including www.lafourchette.com, www.eltenedor.com,
www.restorando.com, and www.bookatable.co.uk),
www.holidaylettings.co.uk, www.holidaywatchdog.com,
www.housetrip.com, www.jetsetter.com, www.niumba.com,
www.onetime.com, www.oyster.com, www.seatguru.com,
www.singleplatform.com, www.smartertravel.com,
www.vacationhomerentals.com, and www.viator.com.
* Source: Jumpshot for Tripadvisor Sites, worldwide,
November 2019
** Source: Tripadvisor internal log files, average monthly
unique visitors, Q3 2019
TRIP-G
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SOURCE Tripadvisor