$TRIP
TripAdvisor, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017016506 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $424.0M $316.0M $391.0M
YoY Change 8.44% 2.27% -3.46%
Cost Of Revenue $20.00M $16.00M $20.00M
YoY Change 0.0% 33.33% 25.0%
Gross Profit $404.0M $300.0M $371.0M
YoY Change 8.89% 1.01% -4.63%
Gross Profit Margin 95.28% 94.94% 94.88%
Selling, General & Admin $331.0M $263.0M $298.0M
YoY Change 11.07% -11.45% 4.2%
% of Gross Profit 81.93% 87.67% 80.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.00M $27.00M $24.00M
YoY Change 12.5% 8.0% 4.35%
% of Gross Profit 6.68% 9.0% 6.47%
Operating Expenses $358.0M $290.0M $323.0M
YoY Change 10.84% -9.94% 4.19%
Operating Profit $46.00M $10.00M $47.00M
YoY Change -2.13% -140.0% -40.51%
Interest Expense -$2.000M -$5.000M $3.000M
YoY Change -166.67% 25.0% 0.0%
% of Operating Profit -4.35% -50.0% 6.38%
Other Income/Expense, Net $2.000M -$3.000M
YoY Change -166.67%
Pretax Income $44.00M $5.000M $44.00M
YoY Change 0.0% -119.23% -46.34%
Income Tax $17.00M $4.000M $10.00M
% Of Pretax Income 38.64% 80.0% 22.73%
Net Earnings $27.00M $1.000M $34.00M
YoY Change -20.59% -66.67% -41.38%
Net Earnings / Revenue 6.37% 0.32% 8.7%
Basic Earnings Per Share $0.19 $0.01 $0.23
Diluted Earnings Per Share $0.19 $0.01 $0.23
COMMON SHARES
Basic Shares Outstanding 140.5M 145.7M
Diluted Shares Outstanding 140.9M 147.1M

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $904.0M $730.0M $853.0M
YoY Change 5.98% 10.44% 19.97%
Cash & Equivalents $887.0M $612.0M $766.0M
Short-Term Investments $17.00M $118.0M $87.00M
Other Short-Term Assets $24.00M $31.00M $24.00M
YoY Change 0.0% 29.17% -29.41%
Inventory
Prepaid Expenses $5.000M
Receivables $252.0M $189.0M $230.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.180B $950.0M $1.107B
YoY Change 6.59% 9.83% 9.39%
LONG-TERM ASSETS
Property, Plant & Equipment $266.0M $260.0M $256.0M
YoY Change 3.91% 5.26% 3.64%
Goodwill $750.0M $736.0M
YoY Change 0.55%
Intangibles $156.0M $167.0M
YoY Change -5.11%
Long-Term Investments $4.000M $16.00M $38.00M
YoY Change -89.47% -56.76% 8.57%
Other Assets $69.00M $67.00M $82.00M
YoY Change -15.85% 45.65% 100.0%
Total Long-Term Assets $1.292B $1.288B $1.278B
YoY Change 1.1% 1.98% 1.03%
TOTAL ASSETS
Total Short-Term Assets $1.180B $950.0M $1.107B
Total Long-Term Assets $1.292B $1.288B $1.278B
Total Assets $2.472B $2.238B $2.385B
YoY Change 3.65% 5.17% 4.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.000M $14.00M $25.00M
YoY Change -72.0% 40.0% -34.21%
Accrued Expenses $111.0M $127.0M $153.0M
YoY Change -27.45% 3.25% 3.38%
Deferred Revenue
YoY Change
Short-Term Debt $7.000M $80.00M $1.000M
YoY Change 600.0% 7900.0% 0.0%
Long-Term Debt Due $7.000M $80.00M $1.000M
YoY Change 600.0% 7900.0% 0.0%
Total Short-Term Liabilities $621.0M $423.0M $575.0M
YoY Change 8.0% 35.58% 10.15%
LONG-TERM LIABILITIES
Long-Term Debt $260.0M $91.00M $91.00M
YoY Change 185.71% -54.5% -68.29%
Other Long-Term Liabilities $222.0M $210.0M $196.0M
YoY Change 13.27% 11.11% 10.11%
Total Long-Term Liabilities $482.0M $301.0M $287.0M
YoY Change 67.94% -22.62% 61.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $621.0M $423.0M $575.0M
Total Long-Term Liabilities $482.0M $301.0M $287.0M
Total Liabilities $1.118B $736.0M $862.0M
YoY Change 29.7% 2.79% -16.8%
SHAREHOLDERS EQUITY
Retained Earnings $985.0M $945.0M
YoY Change 14.41%
Common Stock $873.0M $831.0M
YoY Change 12.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $447.0M $197.0M
YoY Change 114.13%
Treasury Stock Shares $9.474M $3.395M
Shareholders Equity $1.354B $1.502B $1.505B
YoY Change
Total Liabilities & Shareholders Equity $2.472B $2.238B $2.385B
YoY Change 3.65% 5.17% 4.74%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income $27.00M $1.000M $34.00M
YoY Change -20.59% -66.67% -41.38%
Depreciation, Depletion And Amortization $27.00M $27.00M $24.00M
YoY Change 12.5% 8.0% 4.35%
Cash From Operating Activities $221.0M $45.00M $239.0M
YoY Change -7.53% -43.04% 19.5%
INVESTING ACTIVITIES
Capital Expenditures -$17.00M -$15.00M -$19.00M
YoY Change -10.53% -6.25% -17.39%
Acquisitions
YoY Change
Other Investing Activities -$3.000M -$8.000M -$68.00M
YoY Change -95.59% -109.52% 36.0%
Cash From Investing Activities -$20.00M -$23.00M -$87.00M
YoY Change -77.01% -133.82% 19.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.00M -10.00M -31.00M
YoY Change 70.97% -89.58% -46.55%
NET CHANGE
Cash From Operating Activities 221.0M 45.00M 239.0M
Cash From Investing Activities -20.00M -23.00M -87.00M
Cash From Financing Activities -53.00M -10.00M -31.00M
Net Change In Cash 148.0M 12.00M 121.0M
YoY Change 22.31% -76.47% 75.36%
FREE CASH FLOW
Cash From Operating Activities $221.0M $45.00M $239.0M
Capital Expenditures -$17.00M -$15.00M -$19.00M
Free Cash Flow $238.0M $60.00M $258.0M
YoY Change -7.75% -36.84% 15.7%

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NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
355000000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-76000000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-129000000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
9000000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-6000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
275000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
152000000
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
766000000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
30000000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
28000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0191
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y4M6D
CY2016 trip Minimum Maturity Period For Short Term Securities
MinimumMaturityPeriodForShortTermSecurities
P90D
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1000000
trip Derivative Instruments Non Designated As Hedging Instruments Description
DerivativeInstrumentsNonDesignatedAsHedgingInstrumentsDescription
Our current forward contracts are not designated as hedges and have current maturities of less than 90 days
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
17000000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
15000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4152
CY2016Q2 trip Income Tax Benefits Associated With Exercise Settlement Of Stock Based Awards
IncomeTaxBenefitsAssociatedWithExerciseSettlementOfStockBasedAwards
3000000
trip Income Tax Benefits Associated With Exercise Settlement Of Stock Based Awards
IncomeTaxBenefitsAssociatedWithExerciseSettlementOfStockBasedAwards
16000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
372000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1123000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
403000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
271000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6649000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3747000
CY2016 trip Cash And Cash Equivalents Maximum Maturity Period
CashAndCashEquivalentsMaximumMaturityPeriod
P90D
CY2016 trip Marketable Securities Long Term Maximum Maturity Period
MarketableSecuritiesLongTermMaximumMaturityPeriod
P3Y0M0D
CY2016 trip Marketable Securities Long Term Minimum Maturity Period
MarketableSecuritiesLongTermMinimumMaturityPeriod
P1Y0M0D
CY2016 trip Maximum Remaining Maturity Period For Short Term Securities
MaximumRemainingMaturityPeriodForShortTermSecurities
P12M
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Accounting Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 include: (i) recognition and recoverability of goodwill, intangible and other long-lived assets; (ii) accounting for income taxes; and (iii) stock-based compensation. </p></div>
CY2017Q2 trip Number Of Markets With Localized Websites
NumberOfMarketsWithLocalizedWebsites
48
CY2017Q2 trip Number Of Languages Worldwide
NumberOfLanguagesWorldwide
28
CY2017Q2 trip Number Of Other Travel Brands
NumberOfOtherTravelBrands
20
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28000000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
47000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
43000000
CY2017Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
10000000
CY2016Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
8000000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
18000000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
15000000
CY2017Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3000000
CY2016Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3000000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0187
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0108
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y3M26D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y3M22D
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4093
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4209
CY2017Q2 trip Share Based Compensation Arrangement By Share Based Payment Award Nonqualified Stock Option Award Grant Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonqualifiedStockOptionAwardGrantDate
2013-08-28
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
5000000
CY2017Q2 trip Share Based Compensation Arrangement By Share Based Payment Award Vesting Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingDate
2018-08-31
CY2017Q2 trip Income Tax Benefits Associated With Exercise Settlement Of Stock Based Awards
IncomeTaxBenefitsAssociatedWithExerciseSettlementOfStockBasedAwards
1000000
trip Income Tax Benefits Associated With Exercise Settlement Of Stock Based Awards
IncomeTaxBenefitsAssociatedWithExerciseSettlementOfStockBasedAwards
15000000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
228000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1060000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
237000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
268000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6851000
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3737000
CY2017Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
887000000
CY2017Q2 us-gaap Cash
Cash
885000000
CY2017Q2 trip Cash And Cash Equivalents And Available For Sale Securities Amortized Cost
CashAndCashEquivalentsAndAvailableForSaleSecuritiesAmortizedCost
908000000
CY2017Q2 trip Cash And Cash Equivalents And Available For Sale Securities
CashAndCashEquivalentsAndAvailableForSaleSecurities
908000000
CY2016Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
612000000
CY2016Q4 us-gaap Cash
Cash
595000000
CY2016Q4 trip Cash And Cash Equivalents And Available For Sale Securities Amortized Cost
CashAndCashEquivalentsAndAvailableForSaleSecuritiesAmortizedCost
746000000
CY2016Q4 trip Cash And Cash Equivalents And Available For Sale Securities
CashAndCashEquivalentsAndAvailableForSaleSecurities
746000000
trip Marketable Securities Long Term Maximum Maturity Period
MarketableSecuritiesLongTermMaximumMaturityPeriod
P3Y0M0D
trip Marketable Securities Long Term Minimum Maturity Period
MarketableSecuritiesLongTermMinimumMaturityPeriod
P1Y0M0D
trip Maximum Remaining Maturity Period For Short Term Securities
MaximumRemainingMaturityPeriodForShortTermSecurities
P12M
trip Minimum Maturity Period For Short Term Securities
MinimumMaturityPeriodForShortTermSecurities
P90D
CY2016Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
2000000
CY2017Q2 us-gaap Cost Method Investments
CostMethodInvestments
14000000
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.386
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.420
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.229
CY2017Q2 us-gaap Income Tax Examination Interest Accrued
IncomeTaxExaminationInterestAccrued
7000000
CY2017Q2 us-gaap Income Tax Examination Penalties Accrued
IncomeTaxExaminationPenaltiesAccrued
0
CY2016Q2 trip Income Tax Reconciliation Change In Cost Sharing Treatment Of Stock Based Compensation
IncomeTaxReconciliationChangeInCostSharingTreatmentOfStockBasedCompensation
-1000000
trip Income Tax Reconciliation Change In Cost Sharing Treatment Of Stock Based Compensation
IncomeTaxReconciliationChangeInCostSharingTreatmentOfStockBasedCompensation
-2000000
CY2017Q2 trip Income Tax Reconciliation Change In Cost Sharing Treatment Of Stock Based Compensation
IncomeTaxReconciliationChangeInCostSharingTreatmentOfStockBasedCompensation
-1000000
trip Income Tax Reconciliation Change In Cost Sharing Treatment Of Stock Based Compensation
IncomeTaxReconciliationChangeInCostSharingTreatmentOfStockBasedCompensation
-3000000
CY2017Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
42000000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
53000000
CY2017Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
69000000
CY2016Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
37000000
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
54000000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
37000000
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
6079003
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
41.13
CY2017Q2 trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
101000000
CY2016Q2 trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
95000000
trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
174000000
trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
180000000

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