TripAdvisor Inc. (TRIP) - NASDAQ
  • Feb. 19, 2015, 2:28 PM
    • Expedia (EXPE +2%) and TripAdvisor (TRIP +3.9%) are having a good day after Priceline beat Q4 estimates in spite of being heavily pressured by a weak euro, and reported 17% Y/Y bookings growth (above guidance of 8%-15%).
    • The online travel giant's Q1 guidance - 4%-11% revenue growth vs. a 13.5% consensus, and 2%-9% bookings growth (14%-21% in constant currency) - is light, but better than feared given forex and Priceline's history of guiding conservatively.
    • The shoe was on the other foot last week: Priceline rallied in response to TripAdvisor's results and the Expedia/Orbitz deal.
    | Feb. 19, 2015, 2:28 PM | 1 Comment
  • Feb. 12, 2015, 12:45 PM
    | Feb. 12, 2015, 12:45 PM | 1 Comment
  • Feb. 12, 2015, 9:15 AM
    | Feb. 12, 2015, 9:15 AM | 5 Comments
  • Feb. 11, 2015, 6:45 PM
    • In addition to beating Q4 revenue estimates (while missing on EPS), TripAdvisor (NASDAQ:TRIP) guided on its CC (webcast) for high-20s 2015 revenue growth, above a 24% consensus. Adjusted EBITDA is expected to grow at a low-to-mid teens clip.
    • A 97% Y/Y increase in subscription, transaction, & other revenue (to $71M) provided a big lift to Q4 sales. Click-based (metasearch ad) sales rose 25% to $181M, and display ad sales rose 13% to $36M. North America sales +35%, EMEA +39%; Asia-Pac +13%. Forex had a 4% impact on sales growth.
    • GAAP costs/expenses +25% Y/Y to $228M (compares with 35% revenue growth). Sales/marketing spend totaled $115M, up from $107M a year ago but down from Q3's $159M (boosted by a TV ad campaign).
    • TRIP +13.7% AH to $76.50. After having tumbled in November thanks to TripAdvisor's Q3 report, shares went into earnings close to a 52-week low of $66.04.
    • Q4 results, PR (.pdf), earnings slides (.pdf)
    | Feb. 11, 2015, 6:45 PM
  • Feb. 11, 2015, 5:36 PM
    | Feb. 11, 2015, 5:36 PM | 3 Comments
  • Feb. 11, 2015, 4:08 PM
    • TripAdvisor (NASDAQ:TRIP): Q4 EPS of $0.35 misses by $0.02.
    • Revenue of $288M (+35.2% Y/Y) beats by $2.99M.
    • Shares +5.5%.
    | Feb. 11, 2015, 4:08 PM | 2 Comments
  • Jan. 8, 2015, 9:59 AM
    • Believing "the best days for shares may be behind it," Stifel's Scott Devitt has downgraded Google (GOOG -1.4%) to Hold. "Google is in the early to mid stages of a core business maturation. The company continues to find growth outside of search, but in structurally lower-margin business [segments] such as Google Play and YouTube."
    • Devitt adds Google will face stiff competition as it further expands into vertical search categories such as travel, local, and e-commerce - some of those efforts have been faring well - and echoes other analysts in arguing Facebook's growing share of digital ad spend poses a threat.
    • Devitt has also downgraded Priceline (PCLN -1.3%) to Hold, citing concerns about forex  - the impact of a weak euro is already well-known - high marketing spend, and growing competition. "The online travel market continues to benefit from secular tailwinds such as mobile adoption, but we believe that shifts in the competitive landscape and macro headwinds warrant a moderate 2015 outlook."
    • TripAdvisor (TRIP +0.4%) has been cut to Hold due to worries about delayed booking service launches and higher marketing spend, as well as growth concerns about TripAdvisor's core metasearch service (previous).
    • Google, Priceline and TripAdvisor were already fairly close to their 52-week lows going into today. Google and Priceline both now trade for 17x 2015E EPS. Their 2015 revenue growth consensus estimates are respectively at 19% and 17%.
    | Jan. 8, 2015, 9:59 AM | 9 Comments
  • Dec. 2, 2014, 1:25 PM
    • TripAdvisor (NASDAQ:TRIP) CEO Stephen Kaufer discloses he bought 13.8K shares on Nov. 26 at $72.55.
    • Kaufer's purchase price was 12% below where TripAdvisor started the year.
    | Dec. 2, 2014, 1:25 PM | 4 Comments
  • Nov. 5, 2014, 10:08 AM
    • In addition to missing Q3 EPS estimates (while beating on revenue), TripAdvisor (NASDAQ:TRIP) used its CC (transcript) to lower its full-year adjusted EBITDA growth forecast to the low-20s range. Three months ago, the company forecast adjusted EBITDA growth would be at the low end of a prior high-20s to low-30s range (that also didn't go over well).
    • In addition, guidance for 2014 click-based (search-driven) revenue growth has been lowered to the mid-20s from the high-20s. TripAdvisor notes ad clicks are being affected by "hotel shopper seasonality."
    • Subscription/transaction/other guidance has been raised to the low-80s from the high-60, and display ad growth is still forecast to be in the mid-to-high teens; acquisitions are giving a lift to the former. Total revenue growth is still expected to be in the high-20s to low-30s; consensus is at 31.5%.
    • Heavy spending is partly responsible for the EBITDA guidance cut: GAAP costs/expenses rose 58% Y/Y to $270M, with sales/marketing spend rising 64% to $159M. TripAdvisor has ramped spending for both online ads (similar to peers) and a TV ad campaign, and says it's "leveraging [its] very large and profitable hotel business to capture market share in attractions."
    • Q3 click-based ad revenue +31% Y/Y to $247M; display ads +13% to $35M; subscription/transaction/other  +106% to $72M.
    • BofA/Merrill and Pac Crest have downgraded, and several firms have cut their targets.
    • Q3 results, PR (.pdf)
    | Nov. 5, 2014, 10:08 AM | 2 Comments
  • Nov. 5, 2014, 9:16 AM
    | Nov. 5, 2014, 9:16 AM
  • Oct. 31, 2014, 1:42 PM
    • Expedia (EXPE +5%)  is rallying after beating Q3 estimates on the back of a 29% Y/Y increase in gross bookings (even with Q2's clip) to $13.5B. U.S. bookings rose 35% to $7.9B, and international bookings 22% to $5.6B.
    • Hotel room nights rose 24% Y/Y (down from Q2's 28%), and air tickets 30% (up from Q2's 28%). Revenue per room night fell 2%; revenue per ticket fell 7%.
    • Sales/marketing spend (much of it on Google) rose 30% to $815.8M, and tech/content spend 20% to $172.8M. $130M was spent on buybacks.
    • On the CC (transcript), the company reiterated guidance for 16%-19% full-year adjusted EBITDA growth. CEO Dara Khosrowshahi noted the Travelocity deal is boosting top-line performance, and said the company plans to increase investments in its Chinese eLong (LONG -0.5%) unit, which is facing "challenges and competitive headwinds."
    • With marketing spend remaining high and investments in eLong and Trivago ramping, Benchmark expects "minimal EBITDA margin expansion" in 2015. But it also expects 13%  sales growth after the Travelocity deal reaches its 1-year anniversary.
    • Priceline (PCLN +4.6%) and TripAdvisor (TRIP +2.8%) are getting a lift from Expedia. The Nasdaq is up 1.3%.
    | Oct. 31, 2014, 1:42 PM | 1 Comment
  • Sep. 22, 2014, 11:35 AM
    • TripAdvisor's (TRIP -4.7%) Viator unit has informed 1.4M customers their credit/debit card data, e-mail addresses, and other info may have been compromised by a data breach.
    • 880K of the customers may have had payment data compromised. Viator says it was first informed of "unauthorized charges" on customers' credit cards on Sep. 2. Home Depot, Target, and many other companies can sympathize.
    • TripAdvisor says its core site was unaffected by the breach. In July, the acquisition-hungry company agreed to pay $200M (mostly in cash) to buy Viator, a provider of handpicked packaged tours and related reviews.
    | Sep. 22, 2014, 11:35 AM
  • Jul. 24, 2014, 10:14 AM
    • TripAdvisor's (TRIP -10.7%) sales/marketing spend rose 53% Y/Y in Q2 to $127M, outpacing revenue growth of 31% and contributing to an EPS miss. The company mentioned on its CC (transcript) it spent $10M on a TV ad campaign that started in May.
    • In addition, due to "incremental investments" in both its hotel ops and its new restaurant booking ops (LaFourchette), TripAdvisor now expects full-year adjusted EBITDA growth to be at the low end of a prior high-20s to low-30s guidance range. Guidance for high-20s to low-30s revenue growth is reiterated.
    • Click-based revenue (73% of total revenue) rose 28% Y/Y in Q2, a pickup from Q1's 16% growth. Display ad revenue rose 19% vs. 16% in Q1, and subscription, transaction & other revenue rose 55% vs. 62%. Monthly unique users rose 25% to 280M.
    • North American sales (50% of total) +20% Y/Y, EMEA +47%, Asia-Pac +40%, Latin America +30%. Adjusted EBITDA margin fell to 40% from 46% a year ago.
    • Shares were up 30% in 2014 going into the report. Cantor has downgraded them to Hold.
    • Q2 results, PR (.pdf)
    | Jul. 24, 2014, 10:14 AM
  • Jul. 24, 2014, 9:18 AM
    | Jul. 24, 2014, 9:18 AM | 2 Comments
  • Jul. 23, 2014, 5:41 PM
    | Jul. 23, 2014, 5:41 PM | 1 Comment
  • Jul. 14, 2014, 10:03 AM
    • Aruba (ARUN +1.2%) has been upgraded to Outperform by Macquarie. Shares rallied on Friday after the FCC cleared a $2B school Wi-Fi initiative.
    • China Mobile (CHL +2.7%) has been upgraded to Buy by BofA/Merrill.
    • Informatica (INFA +1.2%) has been upgraded to Overweight by Evercore ahead of its July 24 Q2 report.
    • TripAdvisor (TRIP -1.5%) has been cut to Neutral by Nomura ahead of its July 23 Q2 report.
    • Teradata (TDC +1.5%) has been started at Buy by Standpoint Research. Q2 results are due on Aug. 7.
    • Jumei (JMEI +2.7%) has been started at Buy by BofA/Merrill.
    • MTS Systems (MTSC +1.4%) has been started at Buy by Needham.
    | Jul. 14, 2014, 10:03 AM
Company Description
TripAdvisor, Inc. is an online travel company, empowering users to plan and have the perfect trip. It enables consumers to book hotels, vacation rentals, airline tickets, vacation packages, destination services and even cruises. It manages and operates websites under 24 other travel media brands... More
Sector: Technology
Industry: Internet Information Providers
Country: United States