Liberty TripAdvisor Holdings, Inc. (LTRPA) Bundle
A Brief History of Tripadvisor
Company Overview
Tripadvisor, Inc., established in 2000, operates as a travel and restaurant website that provides user-generated content, travel-related services, and online booking capabilities. The company is headquartered in Needham, Massachusetts, and trades under the ticker symbol TRIP on the NASDAQ.
Financial Performance
As of September 30, 2024, Tripadvisor reported total revenue of $532 million for the third quarter, a slight decrease from $533 million in the same quarter of 2023. The revenue for the nine months ended September 30, 2024, was $1.424 billion, compared to $1.398 billion for the same period in 2023.
Revenue Breakdown
| Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | 9M 2024 Revenue (in millions) | 9M 2023 Revenue (in millions) |
|---|---|---|---|---|
| Brand Tripadvisor | $255 | $290 | $745 | $813 |
| Viator | $270 | $245 | $655 | $576 |
| TheFork | $49 | $42 | $133 | $115 |
| Intersegment Eliminations | ($42) | ($44) | ($109) | ($106) |
| Total Revenue | $532 | $533 | $1,424 | $1,398 |
Operating Income and Expenses
For the three months ended September 30, 2024, Tripadvisor recorded an operating income of $67 million compared to an operating loss of $964 million in Q3 2023. The total operating expenses for Q3 2024 were $107 million, with selling, general and administrative expenses remaining steady at $307 million.
Net Earnings
Tripadvisor reported a net income of $35 million for the three months ended September 30, 2024, contrasting sharply with a net loss of $964 million for the same quarter in 2023. For the nine months ended September 30, 2024, the company experienced a net loss of $10 million, compared to a loss of $1.023 billion for the same period in 2023.
Debt and Financing
As of September 30, 2024, Tripadvisor’s total consolidated debt amounted to $1.2 billion, with a significant portion attributed to a $500 million Term Loan B Facility due in 2031 which carries an interest rate based on the secured overnight financing rate plus 2.75%. The company had no outstanding borrowings under its credit facility as of this date.
| Debt Type | Amount (in millions) | Maturity Date |
|---|---|---|
| Term Loan B Facility | $500 | July 8, 2031 |
| Exchangeable Senior Debentures due 2051 | $309 | March 27, 2051 |
| Convertible Senior Notes due 2026 | $345 | March 27, 2026 |
| Total Debt | $1,200 |
Cash Flow Overview
During the nine months ended September 30, 2024, Tripadvisor generated a net cash flow from operating activities of $139 million, compared to $248 million for the same period in 2023. Cash used in investing activities amounted to $(51) million, while cash used in financing activities was $(55) million.
| Cash Flow Category | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|
| Operating Activities | $139 | $248 |
| Investing Activities | ($51) | ($47) |
| Financing Activities | ($55) | ($97) |
Stock Performance
The stock price of Tripadvisor (TRIP) as of September 30, 2024, was reported at $25.94 per share. The company has seen fluctuations in its stock price, influenced by broader market conditions and its financial performance.
A Who Owns Liberty TripAdvisor Holdings, Inc. (LTRPA)
Ownership Structure
As of 2024, Liberty TripAdvisor Holdings, Inc. (LTRPA) is primarily owned by its parent company, Liberty Media Corporation. This ownership structure significantly influences LTRPA's operational and financial strategies. Liberty Media holds a controlling interest through its ownership of Series A common stock and Series B common stock.
Shareholder Breakdown
The following table outlines the shareholder composition of Liberty TripAdvisor Holdings, Inc. as of September 30, 2024:
| Shareholder Type | Shares Owned | Percentage Ownership |
|---|---|---|
| Liberty Media Corporation (Series A) | 73,084,484 | Approximately 57% |
| Non-controlling Interests | 4,232,532 (Series B) | Approximately 43% |
| Institutional Investors | Not disclosed | Variable |
Financial Performance
Liberty TripAdvisor's financial metrics as of September 30, 2024, are as follows:
| Metric | Amount (in millions) |
|---|---|
| Total Revenue | $532 |
| Net Earnings (Loss) | $35 |
| Operating Income (Loss) | $67 |
| Basic EPS | $0.05 |
| Total Assets | $3,743 |
| Total Liabilities | $2,449 |
| Total Stockholders' Equity | $1,294 |
Recent Developments
As of September 30, 2024, Liberty TripAdvisor Holdings reported a significant net loss of $964 million for the same quarter in 2023, indicating a recovery trend with a positive net income of $35 million in 2024. The company has been focusing on operational efficiencies and strategic initiatives to enhance shareholder value.
Stock Performance
As of September 30, 2024, the common stock of Liberty TripAdvisor Holdings, Inc. was trading at approximately $25.94 per share. This reflects a recovery from previous lows and indicates investor confidence in the company's turnaround strategy.
Debt Obligations
The following table summarizes Liberty TripAdvisor's debt obligations as of September 30, 2024:
| Debt Type | Amount (in millions) |
|---|---|
| TripCo Exchangeable Senior Debentures due 2051 | $309 |
| Tripadvisor Term Loan B Facility due 2031 | $500 |
| Tripadvisor Convertible Senior Notes due 2026 | $345 |
| Total Debt | $1,200 |
Future Outlook
The company is expected to continue navigating market challenges while leveraging its strategic investments and operational improvements to drive future growth. The management is optimistic about enhancing shareholder returns through effective capital management and strategic growth initiatives.
Liberty TripAdvisor Holdings, Inc. (LTRPA) Mission Statement
Overview of Mission Statement
The mission statement of Liberty TripAdvisor Holdings, Inc. (LTRPA) focuses on enhancing the travel experience through innovation and customer-centric services. The company aims to empower travelers by providing comprehensive and reliable travel and entertainment information and services.
Core Objectives
- To deliver exceptional travel experiences by connecting users with relevant content.
- To foster a community of travelers through user-generated content and reviews.
- To innovate continuously in technology and marketing strategies to enhance user engagement.
Market Position and Strategy
As of September 30, 2024, Liberty TripAdvisor Holdings, Inc. operates primarily through its subsidiary, Tripadvisor. The company strategically positions itself in the online travel industry, leveraging data analytics and digital marketing to attract and retain users.
Financial Performance
For the three months ended September 30, 2024, Liberty TripAdvisor reported total revenue of $532 million, a slight decrease from $533 million in the same period of 2023. The operating income was $67 million, compared to an operating loss of $964 million in 2023. Net earnings for the period were $35 million, contrasting with a net loss of $964 million for the same period last year.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $532 million | $533 million |
| Operating Income | $67 million | ($964 million) |
| Net Earnings | $35 million | ($964 million) |
Stock Performance
As of September 30, 2024, the stock price for Liberty TripAdvisor Holdings, Inc. was approximately $25.94 per share. The company continues to maintain a significant market presence, with a market capitalization reflecting its strategic investments and operational efficiencies.
Cash and Debt Position
Liberty TripAdvisor had cash and cash equivalents totaling $1.127 billion as of September 30, 2024. The outstanding debt was recorded at $1.200 billion, with a significant portion attributed to a newly issued $500 million Term Loan B Facility due in 2031.
| Debt Summary | Amount (in millions) |
|---|---|
| TripCo Exchangeable Senior Debentures due 2051 | $309 |
| TripAdvisor Term Loan B Facility due 2031 | $500 |
| Total Consolidated Debt | $1,200 |
Investment and Growth Initiatives
Liberty TripAdvisor is actively investing in technology and marketing to enhance its platform. The company recorded an increase in stock-based compensation expenses, which amounted to $31 million for the three months ended September 30, 2024.
Conclusion
Liberty TripAdvisor Holdings, Inc. remains committed to its mission of enhancing travel experiences through innovative solutions and community engagement, as evidenced by its financial performance and strategic initiatives in 2024.
How Liberty TripAdvisor Holdings, Inc. (LTRPA) Works
Overview of Liberty TripAdvisor Holdings, Inc.
Liberty TripAdvisor Holdings, Inc. (LTRPA) operates primarily through its subsidiary, Tripadvisor, which is a leading online travel platform. The company provides various travel-related services, including hotel bookings, restaurant reservations, and travel experiences.
Financial Performance
As of September 30, 2024, LTRPA reported the following financial metrics:
| Financial Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Revenue, Net | $532 million | $533 million | $1,424 million | $1,398 million |
| Operating Income (Loss) | $67 million | $(964 million) | $82 million | $(941 million) |
| Net Earnings (Loss) | $35 million | $(964 million) | $(10 million) | $(1,023 million) |
| Comprehensive Earnings (Loss) | $61 million | $(978 million) | $2 million | $(1,039 million) |
Debt and Liquidity
As of September 30, 2024, LTRPA's total consolidated debt was $1,200 million, broken down as follows:
| Debt Type | Amount (in millions) |
|---|---|
| TripCo Exchangeable Senior Debentures due 2051 | $309 million |
| TripCo Variable Prepaid Forward | $54 million |
| Tripadvisor Term Loan B Facility due 2031 | $500 million |
| Tripadvisor Convertible Senior Notes due 2026 | $345 million |
| Total Long-term Debt | $886 million |
As of the same date, LTRPA had cash and cash equivalents totaling $1,127 million, with $1,112 million held at Tripadvisor.
Stock Performance and Shareholder Information
Shareholder equity as of September 30, 2024, is summarized below:
| Equity Component | Value (in millions) |
|---|---|
| Series A Common Stock | $1 million |
| Series B Common Stock | $0 million |
| Additional Paid-in Capital | $304 million |
| Retained Earnings (Deficit) | $(737 million) |
| Noncontrolling Interest in Equity of Subsidiaries | $1,726 million |
| Total Equity | $1,294 million |
Operating Segments
LTRPA's operations can be segmented into various categories, with Adjusted OIBDA for the three months ended September 30, 2024, as follows:
| Segment | Adjusted OIBDA (in millions) |
|---|---|
| Brand Tripadvisor | $87 million |
| Viator | $30 million |
| TheFork | $5 million |
| Corporate and Eliminations | $(3 million) |
Stock-Based Compensation
For the three months ended September 30, 2024, stock-based compensation expenses were $31 million, compared to $24 million in the same period in 2023. For the nine months ended September 30, 2024, such expenses were $92 million compared to $72 million in the prior year.
Market Trends and Strategic Initiatives
LTRPA continues to focus on enhancing its online travel services and expanding its market share through increased marketing investments, particularly in response to consumer demand for travel experiences.
How Liberty TripAdvisor Holdings, Inc. (LTRPA) Makes Money
Revenue Streams
Liberty TripAdvisor Holdings, Inc. generates revenue primarily through its subsidiary, Tripadvisor, which operates various segments, including hotel bookings, media and advertising, experiences, and dining services.
Tripadvisor Revenue Breakdown
For the three months ended September 30, 2024, Tripadvisor's revenue was as follows:
| Category | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | Change (in millions) |
|---|---|---|---|
| Tripadvisor-branded hotels | $151 | $181 | $(30) |
| Media and advertising | $40 | $38 | $2 |
| Experiences and dining | $51 | $55 | $(4) |
| Other | $13 | $16 | $(3) |
| Total Brand Tripadvisor | $255 | $290 | $(35) |
For the nine months ended September 30, 2024, the revenue breakdown was:
| Category | 9M 2024 Revenue (in millions) | 9M 2023 Revenue (in millions) | Change (in millions) |
|---|---|---|---|
| Tripadvisor-branded hotels | $460 | $524 | $(64) |
| Media and advertising | $114 | $110 | $4 |
| Experiences and dining | $135 | $138 | $(3) |
| Other | $36 | $41 | $(5) |
| Total Brand Tripadvisor | $745 | $813 | $(68) |
Operating Income and Adjusted OIBDA
The operating income for the three months ended September 30, 2024, was $67 million, compared to a loss of $964 million in the same period of 2023. For the nine months ended September 30, 2024, the operating income was $82 million, up from a loss of $941 million in 2023. Adjusted OIBDA (Operating Income Before Depreciation and Amortization) for the same periods was:
| Period | Adjusted OIBDA (in millions) |
|---|---|
| Q3 2024 | $119 |
| Q3 2023 | $125 |
| 9M 2024 | $257 |
| 9M 2023 | $242 |
Expenses
Operating expenses for the three months ended September 30, 2024, were $465 million, a decrease from $1,497 million in the same period of 2023. Significant expenses included:
- Operating expenses, including stock-based compensation: $120 million
- Selling, general and administrative expenses: $325 million
- Depreciation and amortization: $21 million
- Impairment of goodwill and intangible assets: $0 million
- Restructuring and other related costs: $(1) million
For the nine months ended September 30, 2024, total operating expenses were $1,342 million, down from $2,339 million in 2023.
Net Earnings
Net earnings for the three months ended September 30, 2024, were $35 million, compared to a loss of $964 million in 2023. For the nine months, net earnings were a loss of $10 million, significantly improved from a loss of $1,023 million in the prior year.
Cash Flow and Liquidity
As of September 30, 2024, Tripadvisor's cash and cash equivalents totaled $1,127 million, with $1,112 million held at Tripadvisor. This reflects a solid liquidity position, though $216 million of this cash is held by foreign subsidiaries. Tripadvisor's cash flows from operating activities for the nine months ended September 30, 2024, were $139 million, down from $248 million in 2023.
Debt Position
As of September 30, 2024, the total consolidated debt for TripCo was $1,200 million, with key components being:
| Debt Type | Amount (in millions) |
|---|---|
| TripCo Exchangeable Senior Debentures due 2051 | $309 |
| TripCo variable prepaid forward | $54 |
| Tripadvisor Term Loan B Facility due 2031 | $500 |
| Tripadvisor Convertible Senior Notes due 2026 | $345 |
| Total Debt | $1,200 |
Tripadvisor also has a revolving credit facility of $500 million, which was unutilized as of September 30, 2024.
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Resources:
- Liberty TripAdvisor Holdings, Inc. (LTRPA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Liberty TripAdvisor Holdings, Inc. (LTRPA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Liberty TripAdvisor Holdings, Inc. (LTRPA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.