$TRIP
TripAdvisor, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022014769 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $417.0M $262.0M $241.0M
YoY Change 77.45% 113.01% 107.76%
Cost Of Revenue $31.00M $22.00M $20.00M
YoY Change 63.16% 83.33% 53.85%
Gross Profit $386.0M $240.0M $221.0M
YoY Change 78.7% 116.22% 114.56%
Gross Profit Margin 92.57% 91.6% 91.7%
Selling, General & Admin $245.0M $181.0M $223.0M
YoY Change 44.97% 63.06% 35.15%
% of Gross Profit 63.47% 75.42% 100.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.00M $25.00M $26.00M
YoY Change -10.71% -13.79% -16.13%
% of Gross Profit 6.48% 10.42% 11.76%
Operating Expenses $245.0M $181.0M $249.0M
YoY Change 44.97% 63.06% 27.04%
Operating Profit $63.00M -$20.00M -$28.00M
YoY Change -280.0% -76.19% -69.89%
Interest Expense $11.00M $12.00M -$4.000M
YoY Change 0.0% 9.09% -69.23%
% of Operating Profit 17.46%
Other Income/Expense, Net -$10.00M -$13.00M -$15.00M
YoY Change -9.09% 8.33% -1600.0%
Pretax Income $53.00M -$33.00M -$47.00M
YoY Change -215.22% -65.63% -54.81%
Income Tax $22.00M $1.000M -$18.00M
% Of Pretax Income 41.51%
Net Earnings $31.00M -$34.00M -$29.00M
YoY Change -177.5% -57.5% -59.72%
Net Earnings / Revenue 7.43% -12.98% -12.03%
Basic Earnings Per Share $0.22 -$0.24
Diluted Earnings Per Share $0.21 -$0.24 -$211.7K
COMMON SHARES
Basic Shares Outstanding 139.7M 139.1M
Diluted Shares Outstanding 145.5M 139.1M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.045B $781.0M $723.0M
YoY Change 34.84% 15.88% 72.97%
Cash & Equivalents $1.050B $781.0M $723.0M
Short-Term Investments
Other Short-Term Assets $34.00M $33.00M $26.00M
YoY Change 36.0% 37.5% 18.18%
Inventory
Prepaid Expenses
Receivables $186.0M $132.0M $105.0M
Other Receivables $12.00M $49.00M $49.00M
Total Short-Term Assets $1.337B $1.043B $940.0M
YoY Change 32.9% 23.43% 64.05%
LONG-TERM ASSETS
Property, Plant & Equipment $201.0M $209.0M $215.0M
YoY Change -25.83% -8.73% -10.42%
Goodwill $820.0M $839.0M $843.0M
YoY Change -1.53% -2.2%
Intangibles $58.00M $62.00M $65.00M
YoY Change -22.5% -24.42%
Long-Term Investments $35.00M $36.00M $36.00M
YoY Change -7.89% -7.69% -10.0%
Other Assets $88.00M $90.00M $94.00M
YoY Change -38.46% -13.46% -9.62%
Total Long-Term Assets $1.275B $1.329B $1.349B
YoY Change -7.68% -4.18% -3.37%
TOTAL ASSETS
Total Short-Term Assets $1.337B $1.043B $940.0M
Total Long-Term Assets $1.275B $1.329B $1.349B
Total Assets $2.612B $2.372B $2.289B
YoY Change 9.43% 6.27% 16.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.00M $12.00M $27.00M
YoY Change -73.4% -7.69% 50.0%
Accrued Expenses $213.0M $199.0M $181.0M
YoY Change 2.9% 28.39% 13.13%
Deferred Revenue $70.00M $36.00M $36.00M
YoY Change 28.57% 28.57%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M
YoY Change 0.0%
Total Short-Term Liabilities $656.0M $467.0M $357.0M
YoY Change 47.75% 68.59% 47.52%
LONG-TERM LIABILITIES
Long-Term Debt $835.0M $834.0M $833.0M
YoY Change -7.22% 0.36% 69.65%
Other Long-Term Liabilities $243.0M $215.0M $215.0M
YoY Change 8.0% -4.87% -3.59%
Total Long-Term Liabilities $1.078B $1.049B $1.048B
YoY Change 379.11% -0.76% 46.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $656.0M $467.0M $357.0M
Total Long-Term Liabilities $1.078B $1.049B $1.048B
Total Liabilities $1.816B $1.605B $1.500B
YoY Change 12.94% 10.92% 38.5%
SHAREHOLDERS EQUITY
Retained Earnings $238.0M $207.0M $241.0M
YoY Change -11.52% -33.01% -38.05%
Common Stock $1.364B $1.342B $1.326B
YoY Change 6.98% 7.88% 5.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $722.0M $722.0M $722.0M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $18.84M $18.84M $18.84M
Shareholders Equity $796.0M $767.0M $789.0M
YoY Change
Total Liabilities & Shareholders Equity $2.612B $2.372B $2.289B
YoY Change 9.43% 6.27% 16.25%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $31.00M -$34.00M -$29.00M
YoY Change -177.5% -57.5% -59.72%
Depreciation, Depletion And Amortization $25.00M $25.00M $26.00M
YoY Change -10.71% -13.79% -16.13%
Cash From Operating Activities $294.0M $86.00M $65.00M
YoY Change 135.2% -552.63% -564.29%
INVESTING ACTIVITIES
Capital Expenditures -$13.00M -$14.00M -$14.00M
YoY Change -13.33% -240.0% 55.56%
Acquisitions
YoY Change
Other Investing Activities $1.000M $1.000M
YoY Change -200.0% -200.0%
Cash From Investing Activities -$12.00M -$14.00M -$13.00M
YoY Change -25.0% 40.0% 30.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.000M -10.00M -6.000M
YoY Change -50.0% -103.48% -25.0%
NET CHANGE
Cash From Operating Activities 294.0M 86.00M 65.00M
Cash From Investing Activities -12.00M -14.00M -13.00M
Cash From Financing Activities -3.000M -10.00M -6.000M
Net Change In Cash 279.0M 58.00M 46.00M
YoY Change 170.87% -77.34% -243.75%
FREE CASH FLOW
Cash From Operating Activities $294.0M $86.00M $65.00M
Capital Expenditures -$13.00M -$14.00M -$14.00M
Free Cash Flow $307.0M $100.0M $79.00M
YoY Change 119.29% -444.83% -1680.0%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Accounting Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">We use estimates and assumptions in the preparation of our unaudited condensed consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our unaudited condensed consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our unaudited condensed consolidated financial statements is accounting for income taxes. In addition, the COVID-19 pandemic has created significant uncertainty in macroeconomic conditions, which may cause further business disruptions and adversely and materially impact our results of operations. As a result, certain estimates and assumptions required increased judgment and may carry a higher degree of variability and volatility.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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WeightedAverageNumberOfDilutedSharesOutstanding
145496000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137076000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139392000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
136411000
us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-141000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-21000000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21000000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
63000000
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-10000000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
53000000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22000000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
31000000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
235000000
CY2021Q2 trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
25000000
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
28000000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32000000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-35000000
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
137000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Operating Income Loss
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
21000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24000000
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
61000000
us-gaap Operating Income Loss
OperatingIncomeLoss
-119000000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-22000000

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