false Q2 0001526520 --12-31 P4Y P4Y P5Y4M24D P3Y7M6D P5Y4M24D P5Y3M29D P5Y3M18D P2Y6M P2Y4M24D 0001526520 2021-01-01 2021-06-30 xbrli:shares 0001526520 trip:CommonStockUnclassifiedMember 2021-07-30 0001526520 us-gaap:CommonClassBMember 2021-07-30 iso4217:USD 0001526520 2021-04-01 2021-06-30 0001526520 2020-04-01 2020-06-30 0001526520 2020-01-01 2020-06-30 iso4217:USD xbrli:shares 0001526520 us-gaap:TechnologyBasedIntangibleAssetsMember 2021-04-01 2021-06-30 0001526520 us-gaap:TechnologyBasedIntangibleAssetsMember 2020-04-01 2020-06-30 0001526520 us-gaap:TechnologyBasedIntangibleAssetsMember 2021-01-01 2021-06-30 0001526520 us-gaap:TechnologyBasedIntangibleAssetsMember 2020-01-01 2020-06-30 0001526520 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2021-04-01 2021-06-30 0001526520 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2020-04-01 2020-06-30 0001526520 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2021-01-01 2021-06-30 0001526520 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2020-01-01 2020-06-30 0001526520 us-gaap:CostOfSalesMember 2021-01-01 2021-06-30 0001526520 us-gaap:CostOfSalesMember 2020-01-01 2020-06-30 0001526520 us-gaap:SellingAndMarketingExpenseMember 2021-04-01 2021-06-30 0001526520 us-gaap:SellingAndMarketingExpenseMember 2020-04-01 2020-06-30 0001526520 us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-06-30 0001526520 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-06-30 0001526520 trip:TechnologyAndContentMember 2021-04-01 2021-06-30 0001526520 trip:TechnologyAndContentMember 2020-04-01 2020-06-30 0001526520 trip:TechnologyAndContentMember 2021-01-01 2021-06-30 0001526520 trip:TechnologyAndContentMember 2020-01-01 2020-06-30 0001526520 us-gaap:GeneralAndAdministrativeExpenseMember 2021-04-01 2021-06-30 0001526520 us-gaap:GeneralAndAdministrativeExpenseMember 2020-04-01 2020-06-30 0001526520 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-06-30 0001526520 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-06-30 0001526520 2021-06-30 0001526520 2020-12-31 0001526520 us-gaap:CommonClassBMember 2021-06-30 0001526520 us-gaap:CommonClassBMember 2020-12-31 0001526520 us-gaap:CommonStockMember 2021-03-31 0001526520 us-gaap:CommonClassBMember 2021-03-31 0001526520 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001526520 us-gaap:RetainedEarningsMember 2021-03-31 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001526520 us-gaap:TreasuryStockMember 2021-03-31 0001526520 2021-03-31 0001526520 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001526520 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001526520 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001526520 us-gaap:CommonStockMember 2021-06-30 0001526520 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001526520 us-gaap:RetainedEarningsMember 2021-06-30 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001526520 us-gaap:TreasuryStockMember 2021-06-30 0001526520 us-gaap:CommonStockMember 2020-12-31 0001526520 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001526520 us-gaap:RetainedEarningsMember 2020-12-31 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001526520 us-gaap:TreasuryStockMember 2020-12-31 0001526520 us-gaap:RetainedEarningsMember 2021-01-01 2021-06-30 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-06-30 0001526520 us-gaap:CommonStockMember 2021-01-01 2021-06-30 0001526520 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-06-30 0001526520 us-gaap:CommonStockMember 2020-03-31 0001526520 us-gaap:CommonClassBMember 2020-03-31 0001526520 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001526520 us-gaap:RetainedEarningsMember 2020-03-31 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001526520 us-gaap:TreasuryStockMember 2020-03-31 0001526520 2020-03-31 0001526520 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001526520 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001526520 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001526520 us-gaap:TreasuryStockMember 2020-04-01 2020-06-30 0001526520 us-gaap:CommonStockMember 2020-06-30 0001526520 us-gaap:CommonClassBMember 2020-06-30 0001526520 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001526520 us-gaap:RetainedEarningsMember 2020-06-30 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001526520 us-gaap:TreasuryStockMember 2020-06-30 0001526520 2020-06-30 0001526520 us-gaap:CommonStockMember 2019-12-31 0001526520 us-gaap:CommonClassBMember 2019-12-31 0001526520 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001526520 us-gaap:RetainedEarningsMember 2019-12-31 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001526520 us-gaap:TreasuryStockMember 2019-12-31 0001526520 2019-12-31 0001526520 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0001526520 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2019-12-31 0001526520 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember srt:RestatementAdjustmentMember 2019-12-31 0001526520 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0001526520 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0001526520 us-gaap:TreasuryStockMember 2020-01-01 2020-06-30 0001526520 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember 2020-01-01 2020-06-30 0001526520 trip:MarketBasedRestrictedStockUnitsMember 2021-01-01 2021-06-30 trip:Market 0001526520 trip:LTRIPMember 2021-01-01 2021-06-30 0001526520 trip:LTRIPMember us-gaap:CommonClassBMember 2021-01-01 2021-06-30 xbrli:pure trip:Vote xbrli:shares 0001526520 trip:LTRIPMember us-gaap:CommonClassBMember 2021-06-30 0001526520 trip:LTRIPMember 2021-06-30 0001526520 trip:LTRIPMember 2021-04-01 2021-06-30 0001526520 trip:LTRIPMember 2020-01-01 2020-06-30 0001526520 trip:LTRIPMember 2020-04-01 2020-06-30 0001526520 us-gaap:EmployeeSeveranceMember 2020-04-01 2020-06-30 0001526520 us-gaap:EmployeeSeveranceMember 2020-01-01 2020-03-31 0001526520 us-gaap:AccountingStandardsUpdate201409Member 2021-01-01 2021-06-30 trip:Segment 0001526520 trip:TripAdvisorBrandedHotelsMember trip:HotelsMediaAndPlatformSegmentMember 2021-04-01 2021-06-30 0001526520 trip:TripAdvisorBrandedHotelsMember trip:HotelsMediaAndPlatformSegmentMember 2020-04-01 2020-06-30 0001526520 trip:TripAdvisorBrandedHotelsMember trip:HotelsMediaAndPlatformSegmentMember 2021-01-01 2021-06-30 0001526520 trip:TripAdvisorBrandedHotelsMember trip:HotelsMediaAndPlatformSegmentMember 2020-01-01 2020-06-30 0001526520 trip:TripAdvisorBrandedDisplayAndPlatformMember trip:HotelsMediaAndPlatformSegmentMember 2021-04-01 2021-06-30 0001526520 trip:TripAdvisorBrandedDisplayAndPlatformMember trip:HotelsMediaAndPlatformSegmentMember 2020-04-01 2020-06-30 0001526520 trip:TripAdvisorBrandedDisplayAndPlatformMember trip:HotelsMediaAndPlatformSegmentMember 2021-01-01 2021-06-30 0001526520 trip:TripAdvisorBrandedDisplayAndPlatformMember trip:HotelsMediaAndPlatformSegmentMember 2020-01-01 2020-06-30 0001526520 trip:HotelsMediaAndPlatformSegmentMember 2021-04-01 2021-06-30 0001526520 trip:HotelsMediaAndPlatformSegmentMember 2020-04-01 2020-06-30 0001526520 trip:HotelsMediaAndPlatformSegmentMember 2021-01-01 2021-06-30 0001526520 trip:HotelsMediaAndPlatformSegmentMember 2020-01-01 2020-06-30 0001526520 trip:ExperiencesAndDiningSegmentMember 2021-04-01 2021-06-30 0001526520 trip:ExperiencesAndDiningSegmentMember 2020-04-01 2020-06-30 0001526520 trip:ExperiencesAndDiningSegmentMember 2021-01-01 2021-06-30 0001526520 trip:ExperiencesAndDiningSegmentMember 2020-01-01 2020-06-30 0001526520 us-gaap:AllOtherSegmentsMember 2021-04-01 2021-06-30 0001526520 us-gaap:AllOtherSegmentsMember 2020-04-01 2020-06-30 0001526520 us-gaap:AllOtherSegmentsMember 2021-01-01 2021-06-30 0001526520 us-gaap:AllOtherSegmentsMember 2020-01-01 2020-06-30 0001526520 2021-01-01 0001526520 2020-01-01 0001526520 us-gaap:NondesignatedMember us-gaap:ForeignExchangeContractMember 2021-06-30 0001526520 us-gaap:NondesignatedMember us-gaap:ForeignExchangeContractMember 2020-12-31 0001526520 us-gaap:FairValueInputsLevel2Member trip:TwoThousandAndTwentyFiveSeniorNotesMember 2021-06-30 0001526520 us-gaap:FairValueInputsLevel2Member trip:TwoThousandAndTwentyFiveSeniorNotesMember 2020-12-31 0001526520 us-gaap:FairValueInputsLevel2Member trip:TwoThousandAndTwentySixSeniorNotesMember 2021-06-30 0001526520 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember trip:ExpediaMember 2020-01-01 2020-12-31 0001526520 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember trip:BookingMember 2020-01-01 2020-12-31 0001526520 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember trip:ExpediaAndBookingMember 2020-01-01 2020-12-31 0001526520 trip:ChelseaInvestmentHoldingCompanyPTELtdMember 2021-06-30 0001526520 trip:ChelseaInvestmentHoldingCompanyPTELtdMember trip:NonMarketableInvestmentsMember 2021-06-30 0001526520 trip:ChelseaInvestmentHoldingCompanyPTELtdMember trip:NonMarketableInvestmentsMember 2020-12-31 0001526520 trip:ChelseaInvestmentHoldingCompanyPTELtdMember 2021-01-01 2021-06-30 0001526520 trip:ChelseaInvestmentHoldingCompanyPTELtdMember 2021-04-01 2021-06-30 0001526520 trip:ChelseaInvestmentHoldingCompanyPTELtdMember 2020-04-01 2020-06-30 0001526520 trip:ChelseaInvestmentHoldingCompanyPTELtdMember 2020-01-01 2020-06-30 0001526520 trip:OtherLongTermReceivableMember 2021-06-30 0001526520 trip:OtherLongTermReceivableMember 2021-01-01 2021-06-30 0001526520 trip:OtherLongTermReceivableMember 2020-06-30 0001526520 trip:OtherLongTermReceivableMember 2020-12-31 0001526520 trip:OtherLongTermReceivableMember 2021-04-01 2021-06-30 0001526520 trip:TwoThousandAndTwentyFiveSeniorNotesMember us-gaap:LongTermDebtMember 2021-06-30 0001526520 trip:TwoThousandAndTwentySixSeniorNotesMember us-gaap:LongTermDebtMember 2021-06-30 0001526520 us-gaap:LongTermDebtMember 2021-06-30 0001526520 trip:TwoThousandAndTwentyFiveSeniorNotesMember us-gaap:LongTermDebtMember 2020-12-31 0001526520 us-gaap:LongTermDebtMember 2020-12-31 0001526520 trip:TwentyFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2021-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2021-01-01 2021-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember trip:Amended2015CreditFacilityInMay2020AndDecember2020Member us-gaap:SubsequentEventMember 2021-07-01 0001526520 trip:TwentyFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember trip:Amended2015CreditFacilityInMay2020AndDecember2020Member 2021-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember trip:Amended2015CreditFacilityInMay2020AndDecember2020Member srt:MinimumMember 2021-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember trip:Amended2015CreditFacilityInMay2020AndDecember2020Member srt:MaximumMember 2020-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember us-gaap:RevolvingCreditFacilityMember trip:Amended2015CreditFacilityInMay2020AndDecember2020Member 2021-01-01 2021-06-30 0001526520 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember trip:TwentyFifteenCreditFacilityMember 2021-01-01 2021-06-30 0001526520 us-gaap:LetterOfCreditMember trip:TwentyFifteenCreditFacilityMember 2021-06-30 0001526520 trip:BorrowingsOnSameDayNoticeMember trip:TwentyFifteenCreditFacilityMember 2021-06-30 0001526520 us-gaap:RevolvingCreditFacilityMember trip:TwentyFifteenCreditFacilityMember 2020-12-31 0001526520 trip:TwentyFifteenCreditFacilityMember 2021-04-01 2021-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember 2021-01-01 2021-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember 2020-04-01 2020-06-30 0001526520 trip:TwentyFifteenCreditFacilityMember 2020-01-01 2020-06-30 0001526520 us-gaap:RevolvingCreditFacilityMember trip:TwentyFifteenCreditFacilityMember 2020-01-01 2020-06-30 0001526520 trip:SeniorNotesDueJulyFifteenTwoThousandAndTwentyFiveMember 2020-07-09 2020-07-09 0001526520 trip:SeniorNotesDueJulyFifteenTwoThousandAndTwentyFiveMember 2020-07-09 0001526520 trip:SeniorNotesDueJulyFifteenTwoThousandAndTwentyFiveMember 2021-01-01 2021-06-30 0001526520 us-gaap:DebtInstrumentRedemptionPeriodOneMember trip:SeniorNotesDueJulyFifteenTwoThousandAndTwentyFiveMember 2020-07-09 2020-07-09 0001526520 trip:SeniorNotesDueJulyFifteenTwoThousandAndTwentyFiveMember 2021-06-30 0001526520 trip:SeniorNotesDueJulyFifteenTwoThousandAndTwentyFiveMember 2021-04-01 2021-06-30 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember 2021-03-25 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember us-gaap:OverAllotmentOptionMember 2021-03-25 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember 2021-03-25 2021-03-25 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember 2021-01-01 2021-06-30 trip:TradingDay 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember trip:DebtInstrumentConversionPeriodOneMember 2021-01-01 2021-06-30 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember trip:DebtInstrumentConversionPeriodTwoMember 2021-01-01 2021-06-30 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember 2021-06-30 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember us-gaap:CommonStockMember 2021-01-01 2021-06-30 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember 2021-03-22 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember 2021-03-22 2021-03-22 0001526520 trip:SeniorNotesDueAprilOneTwoThousandAndTwentySixMember 2021-03-31 0001526520 trip:COVID19Member 2021-04-01 2021-06-30 0001526520 trip:COVID19Member 2021-01-01 2021-06-30 0001526520 trip:COVID19Member 2020-04-01 2020-06-30 0001526520 trip:COVID19Member 2020-01-01 2020-06-30 0001526520 trip:COVID19Member us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2021-06-30 0001526520 trip:COVID19Member us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2020-12-31 0001526520 srt:MinimumMember trip:ExpediaMember us-gaap:InternalRevenueServiceIRSMember trip:TaxYears2009Through2016Member 2021-01-01 2021-06-30 0001526520 srt:MaximumMember trip:ExpediaMember us-gaap:InternalRevenueServiceIRSMember trip:TaxYears2009Through2016Member 2021-01-01 2021-06-30 0001526520 srt:MinimumMember trip:ExpediaMember us-gaap:InternalRevenueServiceIRSMember trip:TwoThousandAndNineThroughTwoThousandAndElevenPreSpinOffTaxYearsMember 2021-01-01 2021-06-30 0001526520 srt:MaximumMember trip:ExpediaMember us-gaap:InternalRevenueServiceIRSMember trip:TwoThousandAndNineThroughTwoThousandAndElevenPreSpinOffTaxYearsMember 2021-01-01 2021-06-30 0001526520 srt:MinimumMember us-gaap:HerMajestysRevenueAndCustomsHMRCMember trip:TaxYears2012Through2016Member 2021-01-01 2021-01-31 0001526520 srt:MaximumMember us-gaap:HerMajestysRevenueAndCustomsHMRCMember trip:TaxYears2012Through2016Member 2021-01-01 2021-01-31 0001526520 trip:TwoThousandEighteenStockAndAnnualIncentivePlanMember 2021-06-08 2021-06-08 0001526520 trip:TwoThousandEighteenStockAndAnnualIncentivePlanMember 2021-06-30 0001526520 trip:PerformanceBasedRestrictedStockUnitsMember 2020-01-01 2020-03-31 0001526520 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-06-30 0001526520 us-gaap:EmployeeStockMember srt:MaximumMember us-gaap:RestrictedStockUnitsRSUMember 2020-04-01 2020-06-30 0001526520 us-gaap:EmployeeStockMember srt:MinimumMember us-gaap:RestrictedStockUnitsRSUMember 2020-04-01 2020-06-30 0001526520 us-gaap:RestrictedStockUnitsRSUMember 2020-04-01 2020-06-30 0001526520 us-gaap:EmployeeStockOptionMember 2020-12-31 0001526520 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-06-30 0001526520 us-gaap:EmployeeStockOptionMember 2021-06-30 0001526520 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0001526520 us-gaap:RestrictedStockUnitsRSUMember 2020-12-31 0001526520 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-06-30 0001526520 us-gaap:RestrictedStockUnitsRSUMember 2021-06-30 0001526520 trip:MarketBasedRestrictedStockUnitsMember 2020-12-31 0001526520 trip:MarketBasedRestrictedStockUnitsMember 2021-06-30 0001526520 trip:RestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember 2021-06-30 0001526520 trip:RestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember 2021-01-01 2021-06-30 0001526520 srt:MaximumMember 2018-01-31 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember trip:TwoThousandAndTwentySixSeniorNotesMember srt:MaximumMember 2021-01-01 2021-06-30 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember 2021-01-01 2021-06-30 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember 2021-04-01 2021-06-30 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember 2020-04-01 2020-06-30 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember 2020-01-01 2020-06-30 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember us-gaap:PerformanceSharesMember 2021-01-01 2021-06-30 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember us-gaap:PerformanceSharesMember 2021-04-01 2021-06-30 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember us-gaap:PerformanceSharesMember 2020-04-01 2020-06-30 0001526520 trip:StockOptionsServiceAndPerformanceBasedRestrictedStockUnitsAndMarketBasedRestrictedStockUnitsMember us-gaap:PerformanceSharesMember 2020-01-01 2020-06-30 0001526520 us-gaap:OperatingSegmentsMember trip:HotelsMediaAndPlatformSegmentMember 2021-04-01 2021-06-30 0001526520 us-gaap:OperatingSegmentsMember trip:ExperiencesAndDiningSegmentMember 2021-04-01 2021-06-30 0001526520 trip:OtherSegmentsMember 2021-04-01 2021-06-30 0001526520 us-gaap:CorporateNonSegmentMember 2021-04-01 2021-06-30 0001526520 us-gaap:OperatingSegmentsMember trip:HotelsMediaAndPlatformSegmentMember 2020-04-01 2020-06-30 0001526520 us-gaap:OperatingSegmentsMember trip:ExperiencesAndDiningSegmentMember 2020-04-01 2020-06-30 0001526520 trip:OtherSegmentsMember 2020-04-01 2020-06-30 0001526520 us-gaap:CorporateNonSegmentMember 2020-04-01 2020-06-30 0001526520 us-gaap:OperatingSegmentsMember trip:HotelsMediaAndPlatformSegmentMember 2021-01-01 2021-06-30 0001526520 us-gaap:OperatingSegmentsMember trip:ExperiencesAndDiningSegmentMember 2021-01-01 2021-06-30 0001526520 trip:OtherSegmentsMember 2021-01-01 2021-06-30 0001526520 us-gaap:CorporateNonSegmentMember 2021-01-01 2021-06-30 0001526520 us-gaap:OperatingSegmentsMember trip:HotelsMediaAndPlatformSegmentMember 2020-01-01 2020-06-30 0001526520 us-gaap:OperatingSegmentsMember trip:ExperiencesAndDiningSegmentMember 2020-01-01 2020-06-30 0001526520 trip:OtherSegmentsMember 2020-01-01 2020-06-30 0001526520 us-gaap:CorporateNonSegmentMember 2020-01-01 2020-06-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

Commission file number: 001-35362

 

TRIPADVISOR, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

80-0743202

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

400 1st Avenue

Needham, MA 02494

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code:

(781) 800-5000

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock

TRIP

Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

☐  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

Class

 

Outstanding Shares at July 30, 2021

Common Stock, $0.001 par value per share

 

124,606,262 shares

Class B common stock, $0.001 par value per share

 

12,799,999 shares

 

 

 

 


 

 

Tripadvisor, Inc.

Form 10-Q

For the Quarter Ended June 30, 2021

Table of Contents

 

 

  

Page

Part I—Financial Information

 

  

 

Item 1. Unaudited Condensed Financial Statements

 

  

 

Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020

  

3

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2021 and 2020

  

4

Unaudited Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020

  

5

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020

  

6

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

  

8

Notes to Unaudited Condensed Consolidated Financial Statements

  

9

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

29

Item 3. Quantitative and Qualitative Disclosures about Market Risk

  

48

Item 4. Controls and Procedures

  

49

 

Part II—Other Information

  

 

 

Item 1. Legal Proceedings

  

49

Item 1A. Risk Factors

  

49

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

50

Item 3. Defaults Upon Senior Securities

  

50

Item 4. Mine Safety Disclosures

  

51

Item 5. Other Information

  

51

Item 6. Exhibits

  

51

Signatures

  

52

 

 

 

2


 

 

PART I – FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

 

TRIPADVISOR, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue (Note 3)

 

$

235

 

 

$

59

 

 

$

358

 

 

$

337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (1)(2)

 

 

19

 

 

 

10

 

 

 

31

 

 

 

29

 

Selling and marketing (2)

 

 

123

 

 

 

54

 

 

 

196

 

 

 

179

 

Technology and content (2)

 

 

54

 

 

 

51

 

 

 

109

 

 

 

120

 

General and administrative (2)

 

 

46

 

 

 

43

 

 

 

84

 

 

 

94

 

Depreciation and amortization

 

 

28

 

 

 

32

 

 

 

57

 

 

 

64

 

Restructuring and other related reorganization costs (Note 1)

 

 

 

 

 

33

 

 

 

 

 

 

42

 

Total costs and expenses

 

 

270

 

 

 

223

 

 

 

477

 

 

 

528

 

Operating income (loss)

 

 

(35

)

 

 

(164

)

 

 

(119

)

 

 

(191

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(11

)

 

 

(7

)

 

 

(22

)

 

 

(9

)

Interest income

 

 

 

 

 

1

 

 

 

1

 

 

 

2

 

Other income (expense), net (Note 13)

 

 

 

 

 

(9

)

 

 

(1

)

 

 

(9

)

Total other income (expense), net

 

 

(11

)

 

 

(15

)

 

 

(22

)

 

 

(16

)

Income (loss) before income taxes

 

 

(46

)

 

 

(179

)

 

 

(141

)

 

 

(207

)

(Provision) benefit for income taxes (Note 7)

 

 

6

 

 

 

26

 

 

 

21

 

 

 

38

 

Net income (loss)

 

$

(40

)

 

$

(153

)

 

$

(120

)

 

$

(169

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share attributable to common stockholders (Note 11):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.29

)

 

$

(1.14

)

 

$

(0.88

)

 

$

(1.25

)

Diluted

 

$

(0.29

)

 

$

(1.14

)

 

$

(0.88

)

 

$

(1.25

)

Weighted average common shares outstanding (Note 11):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

137

 

 

 

134

 

 

 

136

 

 

 

135

 

Diluted

 

 

137

 

 

 

134

 

 

 

136

 

 

 

135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes amortization as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of acquired technology included in amortization of intangible assets

 

$

1

 

 

$

1

 

 

$

1

 

 

$

1

 

Amortization of website development costs included in depreciation

 

 

16

 

 

 

17

 

 

 

32

 

 

 

34

 

 

 

$

17

 

 

$

18

 

 

$

33

 

 

$

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes stock-based compensation expense as follows (Note 9):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

 

 

$

 

 

$

1

 

 

$

1

 

Selling and marketing

 

$

4

 

 

$

4

 

 

$

8

 

 

$

7

 

Technology and content

 

$

13

 

 

$

9

 

 

$

24

 

 

$

20

 

General and administrative

 

$

15

 

 

$

12

 

 

$

28

 

 

$

23

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

3


 

 

TRIPADVISOR, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

(40

)

 

$

(153

)

 

$

(120

)

 

$

(169

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax (1)

 

 

3

 

 

 

11

 

 

 

(9

)

 

 

(6

)

Reclassification adjustments included in net income (loss), net of tax

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Total other comprehensive income (loss), net of tax

 

 

3

 

 

 

12

 

 

 

(9

)

 

 

(5

)

Comprehensive income (loss)

 

$

(37

)

 

$

(141

)

 

$

(129

)

 

$

(174

)

 

 

(1)

Deferred income tax liabilities related to these amounts are not material.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

4


 

 

TRIPADVISOR, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except number of shares and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

 

2021

 

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents (Note 4)

 

$

775

 

 

$

418

 

Accounts receivable and contract assets, net of allowance for credit losses of $35 and $33, respectively (Note 3)

 

 

159

 

 

 

83

 

Income taxes receivable (Note 7)

 

 

47

 

 

 

50

 

Prepaid expenses and other current assets

 

 

25

 

 

 

22

 

Total current assets

 

 

1,006

 

 

 

573

 

Property and equipment, net of accumulated depreciation of $420 and $386, respectively

 

 

225

 

 

 

240

 

Operating lease right-of-use assets

 

 

46

 

 

 

54

 

Intangible assets, net of accumulated amortization of $214 and $206, respectively

 

 

74

 

 

 

86

 

Goodwill

 

 

855

 

 

 

862

 

Non-marketable investments (Note 4)

 

 

38

 

 

 

40

 

Deferred income taxes, net

 

 

39

 

 

 

10

 

Other long-term assets, net of allowance for credit losses of $5 and $5, respectively

 

 

104

 

 

 

104

 

TOTAL ASSETS

 

$

2,387

 

 

$

1,969

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

15

 

 

$

18

 

Deferred merchant payables

 

 

173

 

 

 

36

 

Deferred revenue (Note 3)

 

 

49

 

 

 

28

 

Accrued expenses and other current liabilities (Note 5)

 

 

207

 

 

 

160

 

Total current liabilities

 

 

444

 

 

 

242

 

Long-term debt (Note 6)

 

 

832

 

 

 

491

 

Finance lease obligation, net of current portion

 

 

68

 

 

 

71

 

Operating lease liabilities, net of current portion

 

 

37

 

 

 

46

 

Deferred income taxes, net

 

 

2

 

 

 

10

 

Other long-term liabilities

 

 

225

 

 

 

223

 

Total Liabilities

 

 

1,608

 

 

 

1,083

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Stockholders’ equity: (Note 10)

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value

 

 

 

 

 

 

Authorized shares: 100,000,000

 

 

 

 

 

 

 

 

Shares issued and outstanding: 0 and 0

 

 

 

 

 

 

 

 

Common stock, $0.001 par value

 

 

 

 

 

 

Authorized shares: 1,600,000,000

 

 

 

 

 

 

 

 

Shares issued: 143,418,007 and 140,775,221, respectively

 

 

 

 

 

 

 

 

Shares outstanding: 124,573,393 and 121,930,607, respectively

 

 

 

 

 

 

 

 

Class B common stock, $0.001 par value

 

 

 

 

 

 

Authorized shares: 400,000,000

 

 

 

 

 

 

 

 

Shares issued and outstanding: 12,799,999 and 12,799,999, respectively

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

1,275

 

 

 

1,253

 

Retained earnings

 

 

269

 

 

 

389

 

Accumulated other comprehensive income (loss)

 

 

(43

)

 

 

(34

)

Treasury stock-common stock, at cost, 18,844,614 and 18,844,614 shares, respectively

 

 

(722

)

 

 

(722

)

Total Stockholders’ Equity

 

 

779

 

 

 

886

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

2,387

 

 

$

1,969

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5


 

 

TRIPADVISOR, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in millions, except number of shares)

 

 

Three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

common stock

 

 

capital

 

 

earnings

 

 

income (loss)

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Total

 

Balance as of March 31, 2021

 

 

142,914,851

 

 

$

 

 

 

12,799,999

 

 

$

 

 

$

1,244

 

 

$

309

 

 

$

(46

)

 

 

(18,844,614

)

 

$

(722

)

 

$

785

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

3

 

Issuance of common stock related to exercises of options and vesting of RSUs

 

 

503,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Withholding taxes on net share settlements of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36

 

Balance as of June 30, 2021

 

 

143,418,007

 

 

$

 

 

 

12,799,999

 

 

$

 

 

$

1,275

 

 

$

269

 

 

$

(43

)

 

 

(18,844,614

)

 

$

(722

)

 

$

779

 

 

 

 

Six months ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

common stock

 

 

capital

 

 

earnings

 

 

income (loss)

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Total

 

Balance as of December 31, 2020

 

 

140,775,221

 

 

$

 

 

 

12,799,999

 

 

$

 

 

$

1,253

 

 

$

389

 

 

$

(34

)

 

 

(18,844,614

)

 

$

(722

)

 

$

886

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(120

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(120

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

(9

)

Issuance of common stock related to exercises of options and vesting of RSUs

 

 

2,642,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

Purchase of capped calls, net of tax of $9 million (Note 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26

)

Withholding taxes on net share settlements of equity awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

Balance as of June 30, 2021

 

 

143,418,007

 

 

$

 

 

 

12,799,999

 

 

$

 

 

$

1,275

 

 

$

269

 

 

$

(43

)

 

 

(18,844,614

)

 

$

(722

)

 

$

779

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

6


 

 

TRIPADVISOR, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in millions, except number of shares)

 

 

Three months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

common stock

 

 

capital