Tripadvisor : First Quarter 2024 Investor Presentatio

Q1 FY 2024 Investor Presentation

May 2024

Safe Harbor Statement

Forward-Looking Statements. Our presentation today, including the slides contained herein, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts or guarantees of future performance and are based on management's assumptions and expectations, which are inherently subject to difficult to predict uncertainties, risks and changes in circumstances. The use of words such as "intends," "expects," "may," "believes," "should," "seeks," "intends," "plans," "potential," "will," "projects," "estimates," "anticipates," or similar expressions generally identify forward-looking statements. However, these words are not the exclusive means of identifying such statements, and any statements that refer to expectations, beliefs, plans, predictions, projections, forecasts, objectives, assumptions, models, illustrations, profiles or other characterizations of future events or circumstances are forward-looking statements, including without limitation statements relating to future revenues, expenses, margins, performance, profitability, cash flows, net income/(loss), earnings per share, growth rates and other measures of results of operations (such as adjusted EBITDA) and future growth prospects for Tripadvisor's business. Actual results and the timing and outcome of events may differ materially from those expressed or implied in the forward-looking statements for a variety of reasons, including, among others, those discussed in the "Risk Factors" section of our Annual Report on Form 10-K. Except as required by law, we undertake no obligation to update any forward-looking or other statements in this presentation, whether as a result of new information, future events or otherwise. Investors are cautioned not to place undue reliance on forward-looking statements.

Non-GAAP Measures. This presentation also includes discussion of both GAAP and non-GAAP financial measures. Important information regarding Tripadvisor's definitions and use of these measures, as well as reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the earnings release reporting our first quarter 2024 financial results, which are available on the Investor Relations section of our website at ir.tripadvisor.com, and in the "Appendix" section of this document. These non-GAAP measures are intended to supplement, and are not a substitute for comparable GAAP measures. Investors are urged to consider carefully the comparable GAAP measures and reconciliations.

Industry / Market Data. Industry and market data used in this presentation have been obtained from industry publications and sources as well as from research reports prepared for other purposes. We have not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness.

Tripadvisor 2

The world's most trusted source for travel and experiences

Strategic position as the leading platform across the traveler journey

BRAND

End-to-end platform for planning,

booking, and experiencing

World's largest online travel	Leading global online	Leading European online
bookable experiences	restaurant discovery and
guidance platform
	platform	booking platform
Large	Trusted	Unique,	Strong Partner
Community-Driven
Global Audience	Brands	Relationships
Content

Data

Technology

World Class Talent

Tripadvisor 4

Financial Highlights

1Q 2024 Highlights

BRAND

Progressing

engagement-led

strategy through product

delivery

Profile reflects balance of

strategic investment and disciplined cost management

Balancing scale, growth, profitability, and market share

23% year over year revenue growth and adjusted EBITDA margin improvement

Foundation in place for

profitable growth

17% revenue growth & meaningful adjusted EBITDA margin improvement driven by balanced investment levels

Tripadvisor 6

Tripadvisor Group: A family of brands addressing the traveler journey

A diversified position in the large and growing global travel and experiences industry

BRAND

Revenue Mix %	2015	LTM 1Q24 2	2015	LTM 1Q24 2	2015	LTM 1Q24 2
		53%	7%	3%	8%
of Total1					39%
		91%
LTM 1Q24		$1,027 million	$763 million	$160 million
2
Revenue		1% y/y growth	38% y/y growth	19% y/y growth
LTM 1Q24 Adj.	$354 million	$3 million	($9) million
EBITDA2
(% margin)		34%			0%	-6%
		Source: Company filings
		Note: Adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation
		and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, long-lived assets and intangible asset impairments; (6) legal reserves and
		settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income.
		1. Excludes segment eliminations
Tripadvisor	7	2. Last twelve months ending March 31, 2024

Consolidated Results: Quarterly Revenue & Adjusted EBITDA

Consolidated Revenue ($M)

Consolidated Adj. EBITDA ($M)

As % of Rev

9%

18%

24%

22%

12%

		Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as
Tripadvisor	8	well as reconciliations to the most directly comparable GAAP measure.

Quarterly Revenue & Adjusted EBITDA by Segment

Brand Tripadvisor	Viator	TheFork
Revenue ($M)	Revenue ($M)	Revenue ($M)

Adj. EBITDA ($M)

Adj. EBITDA ($M)

Adj. EBITDA ($M)

		Note: Adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3)
		depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, long-lived assets and intangible asset impairments; (6) legal
Tripadvisor	9	reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income.

Quarterly Free Cash Flow & Liquidity

Free Cash Flow ($M)

Liquidity position at

03/31/2024 ($M)

$1,668

Q2 2023 cash from operations and free cash flow included the impact of a U.S. federal tax payment of $113 million, while Q3 2023 cash from operations and free cash flow included a refund of $49 million, both related to a previously disclosed IRS audit settlement.

		Note: Free cash flow is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as
Tripadvisor	10	reconciliations to the most directly comparable GAAP measure.