TripAdvisor, Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
TRIP$7.00-5.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000950170-25-064982
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-104993
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 171 previous paragraphs and 177 current paragraphs.
111 unchanged; 51 reworded; 14 added; 7 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
As previously disclosed in our 2024 Annual Report, on December 18, 2024, the Company and LTRIP entered into the Merger Agreement, whereby Tripadvisor would acquire LTRIP. On April 29, 2025, the Merger closed. The aggregate transaction price of the Merger was $437 million, consisting of: (i) $431 million in cash and common stock consideration paid in connection with the repurchase, plus (ii) approximately $19 million in direct expenses and fees associated with the repurchase; partially offset by (iii) $13 million in LTRIP net operating loss carryforwards (“NOLs”), tax effected, retained by the Company.
Current report
Prior to the Merger, assets held by LTRIP substantially consisted of shares of the Company’s common stock. As of the close of the Merger, LTRIP beneficially owned approximately 26.8 million shares of the Company's common stock, consisting of 14.0 million shares of common stock and 12.8 million shares of Class B common stock. As a result, the Company accounted for the Merger as a repurchase of the Company's common stock previously held by LTRIP.
Current report
On April 29, 2025, the Company’s Board of Directors approved the retirement of all common stock and Class B common stock held as treasury stock by the Company, thereby canceling approximately 53.1 million shares of our common stock, with a carrying value of approximately $1.3 billion. The retirement of these shares resulted in a reduction in both the carrying value of treasury stock and additional paid-in capital of approximately $1.3 billion on our unaudited condensed consolidated balance sheet. There was no net effect to the Company’s total stockholders’ equity balance on its unaudited condensed consolidated balance sheet due to the retirement of these shares. Refer to “Note 10: Stockholders’ Equity” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information.
Current report
Tripadvisor-branded hotels revenue increased by approximately $2 million during the three months ended June 30, 2025 when compared to the same period in 2024, due to an increase in our hotel meta revenue, driven by increased pricing as measured in cost-per-click rates (“CPCs”), due in part to certain product changes made that improved qualified referrals to our partners and, as a result, increased CPCs, particularly in the U.S. and Europe. Continued headwinds impacting direct and SEO channel volumes partially offset growth in CPCs. This increase was also partially offset by a decrease in hotel B2B revenue largely related to the Company transitioning from a sales-led model to a self-service model during 2024.
Current report
Revenue and Adjusted EBITDA
Current report
Marketing costs increased approximately $14 million and $23 million during the three and six months ended June 30, 2025 when compared to the same periods in 2024, primarily driven by an increase in marketing costs in Brand Tripadvisor, as the mix of paid online marketing costs increased for our hotel and experiences offerings, and to a lesser extent TheFork, which combined increased $16 million and $22 million, respectively, partially offset by a decrease in the Viator segment of $4 million during each of the three and six months ended June 30, 2025 when compared to the same periods in 2024, inclusive of intersegment (intercompany) marketing expenses.
Current report
Other expense, net increased approximately $5 million during both the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to net foreign exchange losses incurred as a result of foreign currency movements during those periods, while the six months ended June 30, 2024 also included a loss on disposal of certain assets of approximately $3 million during the first quarter of 2024, which did not reoccur in 2025.
Current report
Our effective tax rate for the three months ended June 30, 2025 differs from the U.S. federal statutory rate of 21%, primarily due to state income taxes and unfavorable stock-based compensation tax effects. Our effective tax rate for the six months ended June 30, 2025 differs from the U.S. federal statutory rate of 21%, primarily due to a discrete tax benefit of $11 million recorded during the first quarter of 2025 to release income tax reserves as a result of the U.S. federal statute of limitation of assessment closing on tax years 2014, 2015, and 2016.
Current report
Net income increased by approximately $12 million during the three months ended June 30, 2025 when compared to the same period in 2024. Improvements in net income were largely driven by an increase in revenue, as described in more detail above under “Revenue and Segment Information” and, to a lesser extent, a decrease in personnel costs due to a reduction in headcount related to cost reduction measures taken during the first quarter of 2025, as described in more detail above under “Consolidated Expenses”. These improvements were partially offset by increased marketing costs in our Brand Tripadvisor and TheFork segments, as well as, an increase in borrowing costs and other income (expense), all of which is described in more detail above under “Consolidated Expenses.”
Current report
As described above, on April 29, 2025, the Merger with LTRIP closed. The aggregate transaction price of the Merger totaled $437 million (of which $411 million consisted of cash payments during the six months ended June 30, 2025), consisting of: (i) $431 million in cash and common stock consideration paid in connection with the repurchase, plus (ii) approximately $19 million in direct expenses and fees associated with the repurchase; partially offset by (iii) $13 million in LTRIP NOLs, tax effected, retained by the Company. Refer to “Note 1: Basis of Presentation” in the notes to our unaudited condensed consolidated financial statements in Item
Current report
1 in this Quarterly Report in the section entitled “LTRIP and Tripadvisor Merger Agreement and Loan Agreement” for further information.
Current report
As discussed in “Note 8: Income Taxes” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report, we received a final notice regarding a MAP resolution agreement for the 2014 through 2016 tax years in January 2024, which we subsequently accepted in February 2024. During the three months ended June 30, 2024, we made a payment to the IRS of $141 million, inclusive of estimated interest, to satisfy this audit settlement.
Current report
Net cash used in financing activities for the six months ended June 30, 2025 increased by $87 million when compared to the same period in 2024, primarily due to $411 million for the repurchase of our outstanding common stock pursuant to the Merger and a
Current report
$15 million increase in net cash used to repurchase shares of our outstanding common stock under our existing share repurchase program, partially offset by proceeds received from the issuance of our Tack-On Incremental Term Loan B Facility during 2025 of $341 million, net of financing costs.
Removed paragraphs (7)
Previous report
Pursuant to the Merger Agreement, the Company agreed to provide a loan facility (the “Loan Agreement”) to LTRIP to enable LTRIP to repurchase or settle LTRIP's 0.50% Exchangeable Senior Debentures prior to the closing of the Merger. On March 20, 2025, the Company extended credit in the form of a term loan facility in an aggregate principal amount of $327 million to LTRIP, subject to the terms and conditions therein. At March 31, 2025, the outstanding balance of the Loan Agreement of $327 million has been recorded to “stockholder note receivable - related party” as a reduction to stockholders’ equity on our unaudited condensed consolidated balance sheet. The Loan Agreement subsequently expired in accordance with the terms of the Merger Agreement upon the consummation of the Merger, or April 29, 2025, and the loan balance of $327 million is no longer payable to the Company and was assumed in the aggregate transaction price of the Merger.
Previous report
Marketing costs increased approximately $9 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily driven by an increase in overall marketing costs in Viator and TheFork segments of $8 million, inclusive of intersegment (intercompany) marketing expenses, in order to drive revenue growth and market share.
Previous report
Other expense, net, largely consisting of foreign exchange losses, and did not materially change during the three months ended March 31, 2025 when compared to the same period in 2024.
Previous report
Our first quarter of 2025 effective tax rate differs from the U.S. federal statutory rate of 21%, primarily as a result of a discrete item recorded during the quarter, as described below.
Previous report
As described above, on March 20, 2025, the Company, LTRIP, and LTRIP’s wholly owned subsidiaries, entered into the Loan Agreement. Pursuant to the Loan Agreement, the Company extended credit in the form of a term loan facility in an aggregate principal amount of $327 million subject to the terms and conditions therein. Refer to “Note 1: Basis of Presentation” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report in the section entitled “LTRIP and Tripadvisor Merger Agreement and Loan Agreement” for further information.
Previous report
As described above, on April 29, 2025, the Merger with LTRIP was consummated. In connection with such Merger, the balance of $327 million under the Loan Agreement is no longer payable to the Company and was assumed in the aggregate transaction price of the Merger. In addition, on April 29, 2025, the Company made, or will make, additional cash payments, totaling approximately $85 million, which primarily include: (i) $20 million to acquire the shares of LTRIP Series A Common Stock and Series B Common Stock issued and outstanding immediately prior to the effective time of the Merger; (ii) $42.5 million in cash used to settle shares of LTRIP's 8% Series A Cumulative Redeemable Preferred Stock issued and outstanding immediately prior to the effective time of the Merger; (iii) $4 million to repurchase or settle the remaining Exchangeable Debentures; and (iv) all direct expenses and fees associated with the transaction incurred by the Company, estimated at $20 million. Refer to “Note 1: Basis of Presentation” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report in the section entitled “LTRIP and Tripadvisor Merger Agreement and Loan Agreement” for further information.
Previous report
Net cash used in financing activities for the three months ended March 31, 2025 decreased by approximately $9 million, when compared to the same period in 2024, primarily due to proceeds received from the issuance of our Tack-On Incremental Term Loan B Facility of $341 million, net of financing costs, largely offset by the funding of the Loan Agreement with LTRIP of $327 million.
Reworded paragraphs (51)
Previous wording
Brand Tripadvisor empowers everyone to be a better traveler through its online global platform where hundreds of millions of visitors regularly visit and engage to discover, generate, and share authentic UGC in the form of reviews and opinions for experiences, accommodations, restaurants, and cruises in over 40 countries across the world. Tripadvisor offers more than 1 billion user-generated reviews and opinions on over 9 million experiences, accommodations, restaurants, airlines, and cruises.
Current wording
Brand Tripadvisor empowers everyone to be a better traveler through its online global platform where hundreds of millions of visitors regularly visit and engage to discover, generate, and share authentic user-generated content (“UGC”) in the form of reviews and opinions for experiences, accommodations, restaurants, and cruises in over 40 countries across the world. Tripadvisor offers more than 1 billion user-generated reviews and opinions on over 9 million experiences, accommodations, restaurants, airlines, and cruises.
Previous wording
Viator’s mission is to bring extraordinary, unexpected, and forever memorable experiences to more people, more often, wherever they are traveling. In doing so, Viator elevates tens of thousands of businesses, large and small. Viator delivers on its purpose by enabling travelers to discover and book iconic, unique and memorable experiences from experience operators around the globe. Our online marketplace is comprehensive and easy-to-use, connecting millions of travelers to the world’s largest supply of bookable tours, activities and attractions—nearly 400,000 experiences from more than 65,000 operators. Viator is a pure-play experiences online travel agency (“OTA”) singularly focused on the needs of both travelers and operators with the largest supply of bookable experiences available to travelers.
Current wording
Viator’s mission is to bring extraordinary, unexpected, and forever memorable experiences to more people, more often, wherever they are traveling. In doing so, Viator elevates tens of thousands of businesses, large and small. Viator delivers on its purpose by enabling travelers to discover and book iconic, unique and memorable experiences from operators around the globe. Our online marketplace is comprehensive and easy-to-use, connecting millions of travelers to the world’s largest supply of bookable tours, activities and attractions—nearly 400,000 experiences from more than 65,000 operators. Viator is a pure-play experiences online travel agency (“OTA”) singularly focused on the needs of both travelers and operators with the largest supply of bookable experiences available to travelers.
Previous wording
Political instability or policy changes; heightened geopolitical tensions and conflicts, including the evolving events in the Middle East and between Ukraine and Russia; acts of terrorism; changes in governmental or regulatory policies, including U.S. tax laws; announced or implemented changes in tariffs; fluctuations in interest rates, tax rates and foreign exchange rates and changes in global economic conditions; and public-health related events are examples of events that could have a negative impact on the travel industry and, as a result, our financial results.
Current wording
Heightened geopolitical tensions and conflicts, including the evolving events in the Middle East and between Ukraine and Russia; acts of terrorism; political instability or changes in legislative or regulatory policies, including U.S. tax laws such as the OBBBA; announced or implemented changes in tariffs; fluctuations in interest rates, tax rates and foreign exchange rates and changes in global economic conditions; and public-health related events are examples of events that could have a negative impact on the travel industry and, as a result, our financial results.
Previous wording
As previously disclosed in our 2024 Annual Report, on December 18, 2024, the Company and LTRIP entered into an agreement and plan of merger (the "Merger Agreement") whereby Tripadvisor would acquire LTRIP (the “Merger”). On April 29, 2025, the Merger was consummated. The aggregate transaction price of the Merger was approximately $430 million. Refer to “Note 1: Basis of
Current wording
Refer to “Note 1: Basis of Presentation” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report in the section entitled “LTRIP and Tripadvisor Merger Agreement and Loan Agreement” for further information.
Previous wording
During the fourth quarter of 2024, the Company approved and subsequently initiated a set of actions in order to reduce its cost structure, improve operational efficiencies, and realign its workforce with its strategic initiatives. As a result of actions taken under this initiative during first quarter of 2025, the Company incurred estimated pre-tax restructuring and other related reorganization costs of $10 million, which consisted of employee severance and related benefits, primarily in our Brand Tripadvisor segment. Refer to “Note 5: Accrued Expenses and Other Current Liabilities” and “Note 12: Segment Information” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information.
Current wording
During the fourth quarter of 2024, the Company approved and subsequently initiated a set of actions in order to reduce its cost structure, improve operational efficiencies, and realign its workforce with its strategic initiatives. As a result of these actions taken, the Company incurred estimated pre-tax restructuring and other related reorganization costs of approximately $10 million during the three months ended March 31, 2025, which consisted of employee severance and related benefits, primarily in our Brand Tripadvisor segment. Refer to “Note 5: Accrued Expenses and Other Current Liabilities” and “Note 12: Segment Information” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information.
Previous wording
As of March 31, 2025, the Company had approximately 2,770 employees. Approximately 62%, 33%, and 5% of the Company’s current employees are based in Europe, the U.S., and the rest of world (“ROW”), respectively. Additionally, we use independent contractors to supplement our workforce. We believe we have good relationships with our employees and contractors, including relationships with employees represented by international works councils or other similar organizations.
Current wording
As of June 30, 2025, the Company had approximately 2,830 employees. Approximately 63%, 32%, and 5% of the Company’s current employees are based in Europe, the U.S., and the rest of world, respectively. Additionally, we use independent contractors to supplement our workforce. We believe we have good relationships with our employees and contractors, including relationships with employees represented by international works councils or other similar organizations.
Previous wording
Consumer travel expenditures have historically followed a seasonal pattern. Correspondingly, travel partner advertising investments, and therefore our revenue and operating profits, have also historically followed a seasonal pattern. Our financial performance tends to be highest in the second and third quarters of a given year, which includes the seasonal peak in consumer demand, including traveler accommodation stays, and travel experiences taken, compared to the first and fourth quarters, which represent seasonal low points. In addition, during the first half of the year, experience bookings typically exceed the amount of completed experiences, resulting in higher cash flow related to working capital; while during the second half of the year, particularly in the third quarter, this pattern reverses and cash flows from these transactions are typically negative. Other factors may also impact typical seasonal fluctuations, such as significant shifts in our business mix, adverse economic conditions, public health-related events, as well as other factors.
Current wording
Consumer travel expenditures have historically followed a seasonal pattern. Correspondingly, travel partner advertising investments, and therefore our revenue and operating profits, have also historically followed a seasonal pattern. Our financial performance tends to be highest in the second and third quarters of a given year, which includes the seasonal peak in consumer demand, including traveler accommodation stays, and travel experiences taken, compared to the first and fourth quarters, which represent seasonal low points. In addition, during the first half of the year, experience bookings typically exceed the amount of completed experiences, resulting in higher cash flow related to working capital; while during the second half of the year, particularly in the third quarter, this pattern reverses and cash flows from these transactions are typically negative. Other factors may also impact typical seasonal fluctuations, such as significant shifts in our business mix, adverse economic conditions or economic uncertainty, public health-related events, as well as other factors.
Previous wording
There have been no material changes to our significant accounting policies or new accounting pronouncements that we are required to adopt that may have an impact on our unaudited condensed consolidated financial statements since December 31, 2024, as compared to those described under “Note 2: Significant Accounting Policies,” in the notes to consolidated financial statements in Item 8 of our 2024 Annual Report.
Current wording
There have been no material changes to our significant accounting policies or new accounting pronouncements that we are required to adopt that may have an impact on our unaudited condensed consolidated financial statements since December 31, 2024, as compared to those described under “Note 2: Significant Accounting Policies,” in the notes to consolidated financial statements in Item 8 of our 2024 Annual Report, except as described under “Note 2: Significant Accounting Policies,” in the notes to our unaudited condensed consolidated financial statements in Item 1 of this Quarterly Report on Form 10-Q.
Previous wording
Brand Tripadvisor revenue decreased by approximately $20 million for the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to a decrease in hotel meta revenue and, to a lesser extent, decreases in Tripadvisor experiences and dining revenue, media and advertising and other revenue.
Current wording
Brand Tripadvisor segment revenue decreased by approximately $8 million and $29 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024. The decrease in Brand Tripadvisor segment revenue during the three months ended June 30, 2025, when compared to the same period in 2024, was primarily due to a decrease in media and advertising revenue and, to a lesser extent, decreases in Tripadvisor experiences and dining revenue and other revenue, partially offset by an increase in hotel meta revenue. The decrease in Brand Tripadvisor segment revenue during the six months ended June 30, 2025, when compared to the same period in 2024, was primarily due to a decrease in hotel meta revenue, Tripadvisor experiences and dining revenue and media and advertising revenue and, to a lesser extent, a decrease in other revenue.
Previous wording
Adjusted EBITDA in Brand Tripadvisor decreased by approximately $13 million during the three months ended March 31, 2025 when compared to the same period in 2024, while adjusted EBITDA margin decreased by 2.8 percentage points. The decrease in adjusted EBITDA was primarily due to a decrease in revenue, as noted above, partially offset, primarily by a decrease in personnel costs due to a reduction in headcount related to cost reduction measures taken during the first quarter of 2025. The decrease in adjusted EBITDA margin during the three months ended March 31, 2025 when compared to the same period in 2024 was largely due to a decline in revenue.
Current wording
Adjusted EBITDA in our Brand Tripadvisor segment decreased by approximately $18 million and $30 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, while adjusted EBITDA margin decreased 6.1 percentage points and 4.7 percentage points during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024. The decrease in adjusted EBITDA was due to a decrease in revenue, as noted above, as well as, an increase in paid online marketing costs (i.e., traffic acquisition costs) in our hotel and experiences offerings, partially offset by a decrease in personnel costs due to a reduction in headcount related to cost reduction measures taken during the first quarter of 2025. The decrease in adjusted EBITDA margin during the three and six months ended June 30, 2025, when compared to the same periods in 2024, was primarily due to an increase in marketing costs as a percent of revenue, as the mix of paid revenue channels and related online marketing costs increased for our hotel and experiences offerings.
Previous wording
Tripadvisor-branded hotels revenue decreased approximately $11 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to a decrease in our hotel meta revenue and, to a lesser extent, a decrease in hotel B2B revenue as the Company transitioned from a sales-led model to a self-service model during 2024. The decrease in hotel meta revenue was primarily driven by declines in the U.S., driven by continued headwinds impacting direct channel volumes, including SEO traffic, as well as product changes that negatively impacted overall click volumes, but contributed to providing more qualified referrals to our partners and increased pricing as measured in our cost-per-click rates, particularly in the U.S. and Europe.
Current wording
Tripadvisor-branded hotels revenue decreased approximately $9 million during the six months ended June 30, 2025 when compared to the same period in 2024, primarily due to a decrease in hotel B2B revenue largely related to the Company transitioning from a sales-led model to a self-service model during 2024 and, to a lesser extent, a decrease in hotel meta revenue. The decrease in hotel meta revenue was primarily driven by continued headwinds impacting direct and SEO channel volumes. To a lesser extent, lower click volumes were driven by certain product changes made that improved qualified referrals to our partners and, as a result, increased CPCs, particularly in the U.S. and Europe.
Previous wording
Media and advertising revenue, which consists of revenue from display-based advertising (or “media advertising”) across our Tripadvisor Group platform and decreased approximately $2 million during the three months ended March 31, 2025 when compared to the same period in 2024. The decrease was primarily due to declines in traditional display advertising that correlates more closely with traffic volume, as well as declines in the broader display advertising market, which is growing slower than other advertising formats, partially offset by growth in advertising through creative offerings and programmatic advertising.
Current wording
Media and advertising revenue primarily consists of revenue from display-based advertising (or “media advertising”) across our Tripadvisor Group platform and decreased approximately $5 million and $7 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024. These decreases were primarily due to declines in traditional display and programmatic advertising (together sometimes referred to as “on platform” advertising) that correlates closely with overall traffic volume which declined during the second quarter of 2025.
Previous wording
Tripadvisor experiences and dining revenue, which includes intercompany (intersegment) revenue consisting of affiliate marketing commissions earned primarily from experience bookings and, to a lesser extent, restaurant reservation bookings on Tripadvisor-branded websites and mobile apps, fulfilled by Viator and TheFork, respectively, are eliminated on a consolidated basis, in addition to revenue earned from Tripadvisor's restaurants service offerings. Tripadvisor experiences and dining revenue decreased approximately $5 million during the three months ended March 31, 2025 when compared to the same period in 2024, due to a decrease in experiences revenue as well as a decline in dining revenue as we continue to move from a sales-led model to a self-service model.
Current wording
Tripadvisor experiences and dining revenue, which includes intercompany (intersegment) revenue consisting of affiliate marketing commissions earned primarily from experience bookings and, to a lesser extent, restaurant reservation bookings on Tripadvisor-branded websites and mobile apps, fulfilled by Viator and TheFork, respectively, are eliminated on a consolidated basis, in addition to revenue earned from Tripadvisor's restaurants service offerings. Tripadvisor experiences and dining revenue decreased approximately $3 million and $9 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to, previously mentioned headwinds impacting direct and SEO channel volumes, in experiences, as well as ongoing dynamics in restaurants related to our go-to-market shift from a sales-led model to a self-service model.
Previous wording
Other revenue includes vacation rentals revenue, in addition to click-based advertising and display-based advertising revenue from cruise, flights, and rental cars offerings on Tripadvisor websites and mobile apps. Other revenue decreased approximately $2 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to a decline in vacation rentals revenue as this offering continues to be strategically de-emphasized and, to a lesser extent, a decline in cruise revenue.
Current wording
Other revenue includes vacation rentals revenue, in addition to click-based advertising and display-based advertising revenue from our cruise, flights, and rental cars offerings on Tripadvisor websites and mobile apps. Other revenue decreased approximately $2 million and $4 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to a decline in vacation rentals revenue as this offering continues to be strategically de-emphasized.
Previous wording
We use the following operating metrics described below to assist us in measuring our operations performance, identifying trends, formulating projections and making strategic decisions for the Viator segment. We are not aware of any uniform standards for calculating these metrics, which may hinder comparability with other companies that may calculate similarly titled metrics in a different way. Management believes it is useful to monitor these metrics together and not individually as it does not make business decisions based upon any single metric. We regularly review our processes and may adjust how we calculate these metrics to improve their accuracy. We make these key metrics available to investors because we believe they are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and because they may be used by investors to help analyze the health of our business. None of these metrics should be considered as an alternative to any measure of financial performance calculated in accordance with GAAP.
Current wording
We use the operating metrics described below to assist us in measuring our operations performance, identifying trends, formulating projections and making strategic decisions for the Viator segment. We are not aware of any uniform standards for calculating these metrics, which may hinder comparability with other companies that may calculate similarly titled metrics in a different way. Management believes it is useful to monitor these metrics together and not individually as it does not make business decisions based upon any single metric. We regularly review our processes and may adjust how we calculate these metrics to improve their accuracy. We make these key metrics available to investors because we believe they are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and because they may be used by investors to help analyze the health of our business. None of these metrics should be considered as an alternative to any measure of financial performance calculated in accordance with GAAP.
Previous wording
We define an experience booking as a single tour, activity, or attraction that can be purchased through Viator's platform for one or several travelers, prior to adjustments such as date changes, refunds, or cancellations. This metric is reported at the time the booking is made. As an example, a single experience booked in January for three travelers would be reported as one experience booking in the first quarter. We believe that the number of experience bookings, an operational measure, is a useful indicator of the scale of our marketplace. The number of experiences booked was 5.0 million during the first quarter of 2025, an increase of 15%, when compared to the same period in 2024, primarily driven through growth on Viator’s branded site and app as well as third-party points of sale.
Current wording
We define an experience booking as a single tour, activity, or attraction that can be purchased through Viator's platform for one or several travelers, prior to adjustments such as date changes, refunds, or cancellations. This metric is reported at the time the booking is made. As an example, a single experience booked in January for three travelers would be reported as one experience booking in the first quarter. We believe that the number of experience bookings, an operational measure, is a useful indicator of the scale of our marketplace. The number of experiences booked were approximately 6.2 million and 11.2 million during the three and six months ended June 30, 2025, respectively, an increase of approximately 15% in both periods, when compared to the same periods in 2024, primarily driven by growth on Viator’s branded site and app as well as third-party points of sale.
Previous wording
GBV represents the total dollar value of experience bookings powered by the Viator platform in a given period prior to any adjustments such as date changes, refunds or cancellations. GBV is an operational measure that provides an indication of total engagement and economic activity driven by our platform in a given period by all marketplace constituents (travelers, experience operators, and partners). Management uses GBV for operational decision-making purposes to monitor the growth, scale, and reach of its online marketplace as well as assess the health of its global ecosystem. Accordingly, management does not consider GBV to be an indicator of revenue or any other financial statement measure.
Current wording
GBV represents the total dollar value of experience bookings powered by the Viator platform in a given period prior to any adjustments such as date changes, refunds or cancellations. GBV is an operational measure that provides an indication of total engagement and economic activity driven by our platform in a given period by all marketplace constituents (travelers, experiences operators, and partners). Management uses GBV for operational decision-making purposes to monitor the growth, scale, and reach of its online marketplace as well as assess the health of its global ecosystem. Accordingly, management does not consider GBV to be an indicator of revenue or any other financial statement measure.
Previous wording
GBV reached $1.1 billion during the first quarter of 2025, an increase of approximately 10%, when compared to the same period in 2024, primarily due to growth in the number of experience bookings as discussed above, partially offset by a decline in pricing. The decline in pricing was primarily due to growth in third-party points of sale which generally merchandises lower priced products compared to the Viator and Tripadvisor points of sale and the impact of foreign currency fluctuations.
Current wording
GBV reached $1.3 billion and $2.4 billion during the three and six months ended June 30, 2025, respectively, an increase of approximately 13% and 11%, respectively, when compared to the same periods in 2024, primarily due to growth in the number of experience bookings as discussed above, as well as an increase in pricing primarily driven by the impact of foreign currency fluctuations, more than offset by growth in third-party points of sale which generally sells lower priced products compared to the Viator and Tripadvisor points of sale.
Previous wording
Viator revenue increased approximately $15 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily driven by growth in booking volume, partially offset by a decline in pricing. The decline in pricing was primarily due to growth in third-party points of sale which generally merchandises lower priced products compared to the Viator and Tripadvisor point of sales and the impact of foreign currency fluctuations. In addition, we estimate Viator's revenue growth rate was negatively impacted by foreign currency fluctuations of approximately 2% during the three months ended March 31, 2025, when compared to the same period in 2024.
Current wording
Viator segment revenue increased by approximately $26 million and $41 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily driven by growth in booking volume, as well as an increase in pricing primarily driven by the impact of foreign currency fluctuations, more than offset by growth in third-party points of sale which generally sells lower priced products compared to the Viator and Tripadvisor points of sale.
Previous wording
Adjusted EBITDA loss in Viator improved by approximately $10 million during the three months ended March 31, 2025 when compared to the same period in 2024, while adjusted EBITDA margin improved by 8.2 percentage points. The improvement in adjusted EBITDA was primarily due to an increase in revenue as noted above, partially offset by an increase in variable costs related to revenue growth, such as credit card payment processing fees. The improvement in adjusted EBITDA margin during the three months ended March 31, 2025 when compared to the same period in 2024 was primarily due to a decrease in marketing costs as a percent of revenue.
Current wording
Adjusted EBITDA in our Viator segment improved by approximately $22 million and $33 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, and adjusted EBITDA margin improved by 7.9 percentage points and 8.0 percentage points during three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024. The improvement in adjusted EBITDA was primarily due to an increase in revenue as noted above, and, to a lesser extent, a decrease in marketing costs, partially offset by an increase in variable costs related to revenue growth, such as credit card payment processing fees. The improvement in adjusted EBITDA margin during the three and six months ended June 30, 2025 when compared to the same periods in 2024 was primarily due to a decrease in marketing costs as a percent of revenue.
Previous wording
TheFork revenue increased approximately $5 million during the three months ended March 31, 2025 when compared to the same period in 2024. This improvement was driven primarily by booking volume growth largely in direct channels, as well as increased adoption of our premium reservation booking software offering. In addition, we estimate TheFork's revenue growth rate was negatively impacted by foreign currency fluctuations of approximately 4% during the three months ended March 31, 2025, when compared to the same period in 2024.
Current wording
TheFork segment revenue increased by approximately $12 million and $18 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024. This improvement was primarily driven by booking volume growth largely in our branded channel and increased adoption of our premium online reservation booking software offering. In addition, we estimate TheFork's revenue growth rate was positively impacted by foreign currency fluctuations of approximately 6% and 2% during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024.
Previous wording
Adjusted EBITDA loss in TheFork was flat during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to an increase in revenue as noted above and, to a lesser extent, lower personnel costs, offset by increased marketing costs and increased brand awareness investments. Adjusted EBITDA margin improved by 1.0 percentage point during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to lower personnel costs as a percentage of revenue, partially offset by an increase in marketing costs and cost of sales as a percent of revenue.
Current wording
Adjusted EBITDA in TheFork segment improved by approximately $6 million and $5 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, while adjusted EBITDA margin improved by 8.9 percentage points and 5.9 percentage points during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024. The improvement in adjusted EBITDA was primarily due to an increase in revenue as noted above, partially offset by increased marketing costs, in addition to an increase in cost of sales to support certain third-party partner relationships. The improvements in adjusted EBITDA margin was primarily due to lower personnel costs as a percentage of revenue, partially offset by an increase in cost of sales as a percent of revenue.
Previous wording
Cost of sales increased approximately $2 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to an increase in variable costs supporting revenue growth such as credit card payment processing fees and other transaction related costs in Viator and TheFork segments. These increased costs were partially offset by a decrease in direct revenue generation costs related to media production in Brand Tripadvisor.
Current wording
Cost of sales increased approximately $2 million and $4 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024. The increase in cost of sales was primarily due to an increase in variable costs supporting revenue growth including credit card payment processing fees and other transaction related costs in Viator and TheFork segments, partially offset by incremental digital service tax costs of $4 million resulting from enacted tax legislation in Canada during the second quarter of 2024, which did not reoccur in 2025.
Previous wording
Personnel costs decreased approximately $5 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily driven by a reduction in headcount related to cost-reduction measures initiated in Brand Tripadvisor and TheFork.
Current wording
Personnel costs decreased approximately $4 million and $10 million during the three and six months ended June 30, 2025 when compared to the same periods in 2024, primarily driven by a reduction in headcount related to cost-reduction measures initiated in Brand Tripadvisor and TheFork during the first quarter of 2025.
Previous wording
Technology costs increased approximately $1 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to increased licensing costs in Viator.
Current wording
Technology and content costs increased approximately $3 million and $4 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to increased data center costs in Brand Tripadvisor and licensing costs in Viator.
Previous wording
General and administrative costs decreased approximately $12 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to an estimated accrual for the potential settlement of a regulatory related matter of $10 million during the first quarter of 2024 in Brand Tripadvisor.
Current wording
General and administrative costs decreased approximately $8 million during the three months ended June 30, 2025 when compared to the same period in 2024, primarily due to a decrease of $4 million related to a previous estimated accrual for the potential settlement of a regulatory related matter during the second quarter of 2025, as well as transaction related costs in Brand Tripadvisor incurred during the second quarter of 2024 of $2 million, which did not reoccur in 2025. General and administrative costs decreased approximately $19 million during the six months ended June 30, 2025 when compared to the same period in 2024, primarily due to an estimated accrual for the potential settlement of a regulatory related matter of $10 million during the first quarter of 2024, which was reduced by $4 million, during the second quarter of 2025, as discussed above, and to a lesser extent, transaction related costs incurred during the first half of 2024 of $3 million, which did not reoccur in 2025, all of which are included in Brand Tripadvisor.
Previous wording
Depreciation and amortization did not materially change during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to the completion of amortization related to intangible assets purchased in business acquisitions from previous years, largely offset by increased depreciation related to previous capital expenditure investments.
Current wording
Depreciation and amortization increased approximately $2 million during both the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to increased depreciation related to previous capital expenditure investments in internal website development, partially offset by the completion of amortization related to intangible assets purchased in business acquisitions from previous years.
Previous wording
The Company incurred pre-tax restructuring and other related reorganization costs of approximately $10 million during the three months ended March 31, 2025, as discussed above. Refer to “Note 5: Accrued Expenses and Other Current Liabilities” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for more information regarding restructuring and other related reorganization costs.
Current wording
The Company incurred pre-tax restructuring and other related reorganization costs of approximately $10 million during the six months ended June 30, 2025, as discussed above. This amount was not material for the three months ended June 30, 2025. Refer to “Note 5: Accrued Expenses and Other Current Liabilities” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for more information regarding restructuring and other related reorganization costs.
Previous wording
Interest expense increased approximately $1 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to the issuance of our Term Loan B Facility in July 2024 and subsequent redemption of the 2025 Senior Notes, which incrementally increased our financing costs. Refer to “Note 6: Debt” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information.
Current wording
Interest expense increased approximately $6 million and $7 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to the issuance of our Term Loan B Facility and subsequent redemption of the 2025 Senior Notes, which incrementally increased our ongoing financing costs. Refer to “Note 6: Debt” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information.
Previous wording
Interest income primarily consists of interest earned from available on demand bank deposits, term deposits, money market funds, and marketable securities, including amortization of discounts and premiums on our marketable securities.
Current wording
Interest income primarily consists of interest earned from available on demand bank deposits, time deposits, money market funds, and marketable securities, including amortization of discounts and premiums on our marketable securities.
Previous wording
Interest income decreased approximately $3 million during the three months ended March 31, 2025 when compared to the same period in 2024, primarily due to a decrease in interest rates received on demand bank deposits and money market funds.
Current wording
Interest income decreased approximately $3 million and $5 million during the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to a decrease in interest rates received on demand bank deposits, time deposits, and money market funds.
Previous wording
We recorded an income tax benefit of approximately $9 million for the three months ended March 31, 2025. The change in our income tax (provision) benefit and our effective tax rate during the three months ended March 31, 2025, when compared to the same period in 2024, was primarily the result of an IRS audit settlement for the 2014, 2015, and 2016 tax years, resulting in the Company recording an income tax expense of $46 million during the first quarter of 2024, while a discrete tax benefit of $11 million was recorded during the first quarter of 2025 to release income tax reserves as a result of the U.S. federal statute of limitation of assessment closing on the tax years 2014, 2015, and 2016. Refer to “Note 7: Income Taxes” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information.
Current wording
The change in our income tax provision during the three months ended June 30, 2025, when compared to the same period in 2024, was primarily due to discrete items recorded during the second quarter of 2024. The change in our income tax provision during the six months ended June 30, 2025, when compared to the same period in 2024, was primarily the result of an Internal Revenue Service (“IRS”) audit settlement for the 2014, 2015, and 2016 tax years of $45 million, recorded during the six months ended June 30, 2024. Refer to “Note 7: Income Taxes” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information.
Previous wording
Net loss improved by approximately $48 million during the three months ended March 31, 2025, when compared to the same period in 2024. The improvement in net loss was largely driven by a decrease in income tax expense of $52 million, as described in more detail above under “(Provision) Benefit for Income Taxes,” and, to a lesser extent, a decrease in general and administrative costs related to an estimated accrual for the potential settlement of a regulatory related matter of $10 million during the first quarter of 2024 in our Brand Tripadvisor segment. These improvements were partially offset, primarily by increased marketing costs to drive revenue growth and market share in our experiences and dining offerings, during the three months ended March 31, 2025, all of which is described in more detail above under “Consolidated Expenses.”
Current wording
Benefit for Income Taxes,” and, to a lesser extent, a decrease in general and administrative costs in our Brand Tripadvisor segment, and a decrease in personnel costs due to a reduction in headcount related to cost reduction measures taken during the first quarter of 2025 in both the Brand Tripadvisor and TheFork segments, as described in more detail above under “Consolidated Expenses.” These improvements were partially offset by increased marketing costs in our Brand Tripadvisor and TheFork segments during the six months ended June 30, 2025, and, to a lesser extent, pre-tax restructuring and other related reorganization costs of approximately $10 million during the first quarter of 2025, and an increase in borrowing costs and other income (expense), all of which is described in more detail above under “Consolidated Expenses.”
Previous wording
Represents an estimated accrual for the potential settlement of a regulatory related matter of $10 million expensed during the first quarter of 2024 to general and administrative expenses on our unaudited condensed consolidated statement of operations.
Current wording
During the three and six months ended June 30, 2025, the Company recorded a decrease of approximately $4 million to a previously estimated accrual for the potential settlement of a regulatory related matter and is reflected in general and administrative expenses on our unaudited condensed consolidated statement of operations. The Company expensed certain costs of approximately $4 million and $14 million during the three and six months ended June 30, 2024, respectively, including a one-time charge of $4 million during the second quarter of 2024, resulting from enacted tax legislation in Canada during June 2024 related to digital services taxes, which required retrospective application back to January 1, 2022. This amount represented the one-time retrospective liability for the periods prior to April 1, 2024, while the liability for the three months ended June 30, 2024 and all prospective periods are and will be included within adjusted EBITDA. In addition, an estimated accrual for the potential settlement of a regulatory related matter of $10 million was expensed during the first quarter of 2024 to general and administrative expenses on our unaudited condensed consolidated statement of operations.
Previous wording
The Company expensed certain transaction costs of approximately $1 million during the first quarter of 2024 to general and administrative expenses on our unaudited condensed consolidated statement of operations.
Current wording
The Company expensed certain transaction costs of approximately $2 million and $3 million during the three and six months ended June 30, 2024, respectively, to general and administrative expenses on our unaudited condensed consolidated statements of operations.
Previous wording
Refer to “Note 9: Stock Based Awards” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information on current year equity award activity, including the issuance of approximately 6.3 million service-based RSUs with a weighted average grant-date fair value of $14.95 and approximately 0.9 million PSUs with a weighted average grant-date fair value of $14.92 during the three months ended March 31, 2025.
Current wording
Refer to “Note 9: Stock Based Awards” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information on current year equity award activity, including the issuance of approximately 6.6 million service-based RSUs with a weighted average grant-date fair value of $14.86 and approximately 0.9 million PSUs with a weighted average grant-date fair value of $14.92 during the six months ended June 30, 2025.
Previous wording
Our principal source of liquidity is cash flow generated from operations and our existing cash and cash equivalents balance. Our liquidity needs can also be met through drawdowns under the Credit Facility. As of March 31, 2025 and December 31, 2024, we had approximately $1.2 billion and $1.1 billion, respectively, of cash and cash equivalents, and $497 million of available borrowing capacity under the Credit Facility. As of March 31, 2025, approximately $197 million of our cash and cash equivalents were held by our international subsidiaries outside of the U.S., of which approximately 40% was located in the U.K. As of March 31, 2025, the significant majority of our cash was denominated in U.S. dollars.
Current wording
Our principal source of liquidity is cash flow generated from operations and our existing cash and cash equivalents balance. Our liquidity needs can also be met through drawdowns under the Credit Facility. As of June 30, 2025 and December 31, 2024, we had approximately $1.2 billion and $1.1 billion, respectively, of cash and cash equivalents, and approximately $496 million of available borrowing capacity under the Credit Facility. As of June 30, 2025, approximately $225 million of our cash and cash equivalents were held by our international subsidiaries outside of the U.S., of which nearly 45% was held in the U.K. As of June 30, 2025, the significant majority of our cash was denominated in U.S. dollars.
Previous wording
As of March 31, 2025, we had $586 million of cumulative undistributed earnings in foreign subsidiaries that are no longer considered to be indefinitely reinvested. As of March 31, 2025, we maintained a deferred income tax liability on our unaudited condensed consolidated balance sheet, which was not material, for the U.S. federal and state income tax and foreign withholding tax liabilities on the cumulative undistributed foreign earnings that we no longer consider indefinitely reinvested.
Current wording
As of June 30, 2025, we had $590 million of cumulative undistributed earnings in foreign subsidiaries that are no longer considered to be indefinitely reinvested. As of June 30, 2025, we maintained a deferred income tax liability on our unaudited condensed consolidated balance sheet, which was not material, for the U.S. federal and state income tax and foreign withholding tax liabilities on the cumulative undistributed foreign earnings that we no longer consider indefinitely reinvested.
Previous wording
As of March 31, 2025, we are party to a credit agreement (“Amended Credit Agreement”), which, among other things, provides for a $500 million revolving credit facility (“Credit Facility”) with a maturity date of June 29, 2028 (unless, on any date that is 91 days prior to the final scheduled maturity date in respect of any indebtedness outstanding under certain “specified debt,” the aggregate outstanding principal amount of such specified debt is $200 million or more, then the maturity date will be such business day). As of March 31, 2025 and December 31, 2024, we had no outstanding borrowings under the Credit Facility, except $3 million of undrawn standby letters of credit issued under the Credit Facility. The Company may borrow from the Credit Facility in U.S. dollars, Euros and Sterling. For information regarding interest rates on potential borrowings and commitment fees on the daily unused portion of capacity under the Credit Facility refer to “Note 6: Debt” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report. As of March 31, 2025, our unused revolver capacity was subject to a commitment fee of 0.25%, given the Company’s total net leverage ratio. The Credit Facility, among other things, requires us to maintain a maximum total net leverage ratio and contains certain customary affirmative and negative covenants and events of default, including for a change of control. As of March 31, 2025 and December 31, 2024, we were in compliance with our covenant requirements in effect under the Credit Facility. While there can be no assurance that we will be able to meet the total net leverage ratio covenant in the future, based on our current projections, we do not believe there is a material risk that we will not remain in compliance throughout the next twelve months.
Current wording
As of June 30, 2025, we are party to the Amended Credit Agreement, which, among other things, provides for a $500 million revolving Credit Facility with a maturity date of June 29, 2028. As of June 30, 2025 and December 31, 2024, we had no outstanding borrowings under the Credit Facility, except $4 million and $3 million, respectively, of undrawn standby letters of credit issued under the Credit Facility. The Company may borrow from the Credit Facility in U.S. dollars, Euros and Sterling. For information regarding interest rates on potential borrowings and commitment fees on the daily unused portion of capacity under the Credit Facility refer to “Note 6: Debt” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report. As of June 30, 2025, our unused revolver capacity was subject to a commitment fee of 0.25%, given the Company’s total net leverage ratio. The Credit Facility, among other things, requires us to maintain a maximum total net leverage ratio and contains certain customary affirmative and negative covenants and events of default, including for a change of control. As of June 30, 2025 and December 31, 2024, we were in compliance with our covenant requirements in effect under the Credit Facility. While there can be no assurance that we will be able to meet the total net leverage ratio covenant in the future, based on our current projections, we do not believe there is a material risk that we will not remain in compliance throughout the next twelve months.
Previous wording
As of March 31, 2025, the Company had an aggregate outstanding principal amount of $9 million and approximately $1.2 billion in short-term and long-term debt, respectively, on our unaudited condensed consolidated balance sheet pertaining to the 2026 Senior Notes and Term Loan B Facility, both of which are discussed below.
Current wording
As of June 30, 2025, the Company had an aggregate outstanding principal amount of $353 million and approximately $822 million in short-term debt and long-term debt, respectively, on our unaudited condensed consolidated balance sheet pertaining to the 2026 Senior Notes and Term Loan B Facility, both of which are discussed below.
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net loss improved by approximately $60 million during the six months ended June 30, 2025 when compared to the same period in 2024. The improvement in net loss was largely driven by an increase in revenue, as described in more detail above under “Revenue and Segment Information”, a decrease in income tax expense of $55 million, as described in more detail above under “(Provision)
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Presentation” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report in the section entitled “LTRIP and Tripadvisor Merger Agreement and Loan Agreement” for further information.
Previous report — wording carried elsewhere
Refer to “Note 7: Income Taxes” and “Note 8: Commitments and Contingencies” in the notes to our unaudited condensed consolidated financial statements in Item 1 in this Quarterly Report for further information on other potential contingencies, including ongoing audits by the IRS and various other domestic and foreign tax authorities, and other tax and legal matters.