Tripping Over TripAdvisor: Demystifying 'Disruptive Technology' In Online Travel
Jung-Yung Jonathan Chang
Jung-Yung Jonathan Chang
Thu, Aug. 4, 9:16 AM
- Gainers: CBMX +31%. OCUL +27%. ALIM +18%. GV +18%. SQ +17%. DRAM +16%. XPO +14%. PCRX +12%. FHCO +11%. EPE +10%. EXEL +8%. APHB +7%. SSYS +7%. GOGO +6%. EVOK +5%. TSEM +5%.
- Losers: SGMO -25%. TDOC -21%. INOV -17%. KOOL -13%. SEAS -10%. QUIK -9%. IMGN -9%. CF -8%. AMRN -8%. TRIP -8%. CRC -6%. USCR -6%.
Wed, Aug. 3, 5:35 PM
Wed, Aug. 3, 5:02 PM
- TripAdvisor (NASDAQ:TRIP) missed on Q2 predictions, reporting a 3% Y/Y revenue ($391M) decline.
- Net income of $56M, adjusted EBITDA of $95M (-23% Y/Y), cash flow from operations of $237M (+19% Y/Y) and free cash flow of $218M (+23% Y/Y).
- Average monthly unique visitors of 350M. User reviews and opinions of 385M.
- Global instant booking launch completed.
- Long-term debt of $91M ($109M decrease from December 2015).
- 3,350 employees vs. 3,000 at the end of last June.
- Conference call
- Press release
- Investor presentation
- Prepared remarks
- Supplemental financial information
Wed, Aug. 3, 4:42 PM
Tue, Aug. 2, 5:35 PM
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Fri, Jul. 15, 2:27 AM
- Eight months after a murderous rampage in Paris, a deadly attack in the French coastal city of Nice has killed at least 84 people and wounded scores.
- The "terrorist" gunman, described as a French national of Tunisian descent, drove a heavy truck at high speed into a crowd that had been watching Bastille Day fireworks along the Riviera.
- Equities are trading lower, weighed down by travel and tourism stocks, in yet another terror driven selloff.
- CAC 40 -0.6% to 4,358.
- Related tickers: EXPE -2.4%, PCLN -1%, TRIP -1%, NCLH -3%, RCL -2.5%, CCL -0.2%, AAL -1.4%, UAL -1.2%, DAL -1.5%.
Thu, Jul. 14, 8:08 AM| Thu, Jul. 14, 8:08 AM | 1 Comment
Thu, Jul. 7, 2:57 PM
- Hilton Worldwide and Marriott International are offering better discounts to loyalty club members in a bid to lower the amount of payments doled out to online third-party services, according to the The Wall Street Journal.
- It's a trend that's likely to be followed across the industry as chains look to build stickiness with loyalty members.
- Many hotel operators have contracts with sites such as Priceline and Expedia that limit their ability to undercut pricing, with the important exception of loyalty members.
- Hotel and online stocks: BEL, CHH, EXPE, H, HLT, HMIN, HOT, IHG, MAR, STAY, WYN, TRIP, OWW, TZOO.
Fri, Jun. 24, 3:46 PM
- Priceline (PCLN -12%) has plunged to four-month lows, but Piper Jaffray's Michael Olson sees a buying opportunity in online travel stocks, believing Brexit should not have a significant impact on European travel trends because the move will not have a major impact on consumer confidence.
- Olson thinks the protracted nature of the EU withdrawal process will ease its impact on consumer sentiment in Europe, and the European Central Bank already has implemented stabilization measures that should mitigate Brexit's impact on European consumer confidence.
- The U.K. represents just under 7% of the continent's travel demand, while a large portion of European travel consists of consumers traveling within their own countries, Olson says, adding that about half of PCLN's bookings are made by Europeans.
- Olson keeps Overweight ratings for PCLN, Expedia (EXPE -7%) and TripAdvisor (TRIP -6.1%), with respective price targets of $1,500, $147 and $95.
Tue, Jun. 21, 7:51 AM
Wed, Jun. 15, 7:34 AM| Wed, Jun. 15, 7:34 AM | 2 Comments
Mon, Jun. 6, 4:04 PM
- With Kayak, Travelocity, HomeAway, and Orbitz having all been acquired, a Priceline (NASDAQ:PCLN) purchase of TripAdvisor (TRIP +4.9%) could be the online travel industry's next big M&A transaction, argue Bloomberg's Tara Lachapelle and Rani Molla.
- The authors highlight the recent stagnation of Priceline's shares, and the fact TripAdvisor is well off its highs. Some challenges to a deal: TripAdvisor currently sports a $10.4B market cap and has a somewhat lofty valuation (32x a 2017 EPS consensus of $2.26), and TripAdvisor's ties to John Malone's Liberty Interactive (which controls Priceline archrival Expedia) could get in the way.
- Though still down 17% YTD, TripAdvisor rallied to its highest levels since January today. Volume (3.05M shares) was well above a 3-month daily average of 2.16M.
Wed, May 4, 6:03 PM
- TripAdvisor (TRIP -4.1%) has fallen another 3.4% after hours following Q1 earnings that missed on top and bottom lines and revenues that slipped 3%.
- The stock had fallen during market hours despite a positive mention at the Ira Sohn conference from Nick Danaher.
- Adjusted EBITDA fell 33% to $85M, well short of an expected $110.4M.
- Revenue by segment: Hotel, $303M (down 5%); Non-hotel, $49M (up 14%).
- Referral revenue dropped amid a rise in bookings directly on TripAdvisor's sites. Revenue by source: Branded click-based and transaction, $189M (down 13%); Branded display-based advertising and subscription, $68M (up 11%); Other hotel, $46M (up 12%); Non-hotel, $49M (up 14%).
- Geographically, the share of revenue from North America rose to 54% from last year's 50%, while EMEA dropped to 31% from 33%; APAC to 11% from 12%; and Latin America to 4% from 5%.
- Conference call to come tomorrow at 8:30 a.m. ET.
Wed, May 4, 4:08 PM
- TripAdvisor (NASDAQ:TRIP): Q1 EPS of $0.32 misses by $0.14.
- Revenue of $352M (-3.0% Y/Y) misses by $18.46M.
- Shares -6%.
Wed, May 4, 9:41 AM
- Tripadvisor (TRIP -2.1%) is lower at the open in the wake of Priceline's post-guidance cut tumble, but Nick Danaher of Domando Capital Management - presenting at the Ira Sohn conference - says the stock is an easy double, and a possible multi-bagger. The company's instant booking feature, he says, is a game-changer.
- TRIP reports quarterly results tomorrow.
- For more on "instant booking," now read: TripAdvisor: Challenging The Parent (March 16)
Tue, May 3, 5:35 PM
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