$TRIP
TripAdvisor, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020023544 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $278.0M $376.0M
YoY Change -26.06% -0.53%
Cost Of Revenue $19.00M $21.00M
YoY Change -9.52% 5.0%
Gross Profit $259.0M $355.0M
YoY Change -27.04% -0.84%
Gross Profit Margin 93.17% 94.41%
Selling, General & Admin $181.0M $220.0M
YoY Change -17.73% -28.34%
% of Gross Profit 69.88% 61.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.00M $23.00M
YoY Change 8.7% 15.0%
% of Gross Profit 9.65% 6.48%
Operating Expenses $181.0M $220.0M
YoY Change -17.73% -34.33%
Operating Profit -$27.00M $31.00M
YoY Change -187.1% 34.78%
Interest Expense -$1.000M $2.000M
YoY Change -150.0% -33.33%
% of Operating Profit 6.45%
Other Income/Expense, Net $2.000M
YoY Change -200.0%
Pretax Income -$27.00M $33.00M
YoY Change -181.82% 57.14%
Income Tax -$11.00M $7.000M
% Of Pretax Income 21.21%
Net Earnings -$16.00M $26.00M
YoY Change -161.54% 420.0%
Net Earnings / Revenue -5.76% 6.91%
Basic Earnings Per Share -$0.12 $0.19
Diluted Earnings Per Share -$0.12 $0.18
COMMON SHARES
Basic Shares Outstanding 136.2M 138.4M
Diluted Shares Outstanding 136.2M 141.3M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $798.0M $811.0M
YoY Change -1.6% 24.77%
Cash & Equivalents $798.0M $771.0M
Short-Term Investments $40.00M
Other Short-Term Assets $29.00M $35.00M
YoY Change -17.14% -32.69%
Inventory
Prepaid Expenses
Receivables $154.0M $227.0M
Other Receivables $26.00M $0.00
Total Short-Term Assets $1.012B $1.082B
YoY Change -6.47% 10.07%
LONG-TERM ASSETS
Property, Plant & Equipment $268.0M $257.0M
YoY Change 4.28% -1.53%
Goodwill $826.0M
YoY Change
Intangibles $101.0M
YoY Change
Long-Term Investments $54.00M
YoY Change
Other Assets $92.00M $100.0M
YoY Change -8.0% 8.7%
Total Long-Term Assets $1.415B $1.313B
YoY Change 7.77% 4.46%
TOTAL ASSETS
Total Short-Term Assets $1.012B $1.082B
Total Long-Term Assets $1.415B $1.313B
Total Assets $2.427B $2.395B
YoY Change 1.34% 6.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.00M $274.0M
YoY Change -87.59% -0.72%
Accrued Expenses $146.0M $150.0M
YoY Change -2.67% 0.0%
Deferred Revenue $62.00M $63.00M
YoY Change -1.59% 6.78%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $5.000M
YoY Change 0.0% -28.57%
Total Short-Term Liabilities $311.0M $530.0M
YoY Change -41.32% -0.75%
LONG-TERM LIABILITIES
Long-Term Debt $700.0M $82.00M
YoY Change 753.66%
Other Long-Term Liabilities $373.0M $254.0M
YoY Change 46.85% -15.33%
Total Long-Term Liabilities $1.073B $336.0M
YoY Change 219.35% 12.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $311.0M $530.0M
Total Long-Term Liabilities $1.073B $336.0M
Total Liabilities $1.400B $888.0M
YoY Change 57.66% 4.47%
SHAREHOLDERS EQUITY
Retained Earnings $662.0M $1.072B
YoY Change -38.25%
Common Stock $1.167B $1.046B
YoY Change 11.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $722.0M $547.0M
YoY Change 31.99%
Treasury Stock Shares $18.82M
Shareholders Equity $1.027B $1.507B
YoY Change
Total Liabilities & Shareholders Equity $2.427B $2.395B
YoY Change 1.34% 6.92%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$16.00M $26.00M
YoY Change -161.54% 420.0%
Depreciation, Depletion And Amortization $25.00M $23.00M
YoY Change 8.7% 15.0%
Cash From Operating Activities -$70.00M $182.0M
YoY Change -138.46% 4.6%
INVESTING ACTIVITIES
Capital Expenditures $20.00M $17.00M
YoY Change 17.65% 13.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$25.00M
YoY Change -100.0% -158.14%
Cash From Investing Activities -$20.00M -$42.00M
YoY Change -52.38% -250.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $115.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 570.0M -24.00M
YoY Change -2475.0% -90.24%
NET CHANGE
Cash From Operating Activities -70.00M 182.0M
Cash From Investing Activities -20.00M -42.00M
Cash From Financing Activities 570.0M -24.00M
Net Change In Cash 479.0M 116.0M
YoY Change 312.93% -405.26%
FREE CASH FLOW
Cash From Operating Activities -$70.00M $182.0M
Capital Expenditures $20.00M $17.00M
Free Cash Flow -$90.00M $165.0M
YoY Change -154.55% 3.77%

Facts In Submission

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Tripadvisor features 860 million reviews and opinions on 8.7 million places to stay, places to eat and things to do – including 1.5 million hotels, inns, B&Bs and specialty lodging, 784,000 rental properties, 4.6 million restaurants, 1.3 million travel activities and experiences worldwide, 500,000 airlines, and 70,000 cruises.
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<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;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, definite-lived intangibles and other long-lived assets; and (ii) accounting for income taxes.</p>
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CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2019Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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136240000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q1 us-gaap Earnings Per Share Basic
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CY2019Q1 us-gaap Earnings Per Share Basic
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0.19
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CY2019Q1 us-gaap Earnings Per Share Diluted
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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26000000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
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CY2020Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2019Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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4000000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0118
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0247
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0.4264
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.4251
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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10.18
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
22.32
CY2020Q1 trip Income Tax Benefits Associated With Exercise Settlement Of Stock Based Awards
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12000000
CY2019Q1 trip Income Tax Benefits Associated With Exercise Settlement Of Stock Based Awards
IncomeTaxBenefitsAssociatedWithExerciseSettlementOfStockBasedAwards
18000000
CY2020Q1 trip Cash Equivalents Amortized Cost
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507000000
CY2020Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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507000000
CY2020Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2020Q1 trip Cash And Cash Equivalents Maximum Maturity Period
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CY2020Q1 us-gaap Marketable Securities Current
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0
CY2019Q4 us-gaap Marketable Securities Current
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CY2020Q1 us-gaap Marketable Securities Noncurrent
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CY2019Q4 us-gaap Marketable Securities Noncurrent
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0
CY2020Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Purpose
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CY2020Q1 us-gaap Derivative Gain Loss On Derivative Net
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1000000
CY2020Q1 trip Outstanding Derivatives Not Designated As Hedging Instruments Maximum Maturity Period
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P90D
CY2020Q1 trip Foreign Exchange Contracts Translation Maximum Maturity Period
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P90D
CY2019Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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14000000
CY2020Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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14000000
CY2019Q4 us-gaap Goodwill
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840000000
CY2020Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
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-14000000
CY2020Q1 us-gaap Goodwill
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826000000
CY2020Q1 trip Term Of Qualified Leasehold Improvements Property Prior To Enactment Of Cares Act
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P39Y
CY2020Q1 trip Term Of Qualified Leasehold Improvements Property After Enactment Of Cares Act
TermOfQualifiedLeaseholdImprovementsPropertyAfterEnactmentOfCARESAct
P15Y
CY2020Q1 trip Percentage Eligible For Tax Bonus Depreciation And Potentially Other Provisions Under Cares Act
PercentageEligibleForTaxBonusDepreciationAndPotentiallyOtherProvisionsUnderCARESAct
1
CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2019Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2020Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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22000000
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
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0
CY2019 us-gaap Tax Adjustments Settlements And Unusual Provisions
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CY2020Q1 us-gaap Employee Related Liabilities Current
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30000000
CY2019Q4 us-gaap Employee Related Liabilities Current
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74000000
CY2020Q1 us-gaap Accrued Marketing Costs Current
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17000000
CY2019Q4 us-gaap Accrued Marketing Costs Current
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27000000
CY2020Q1 us-gaap Accrued Income Taxes Current
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4000000
CY2019Q4 us-gaap Accrued Income Taxes Current
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14000000
CY2020Q1 us-gaap Finance Lease Liability Current
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5000000
CY2019Q4 us-gaap Finance Lease Liability Current
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5000000
CY2020Q1 us-gaap Operating Lease Liability Current
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20000000
CY2019Q4 us-gaap Operating Lease Liability Current
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20000000
CY2020Q1 us-gaap Other Accrued Liabilities Current
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70000000
CY2019Q4 us-gaap Other Accrued Liabilities Current
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63000000
CY2020Q1 us-gaap Accrued Liabilities Current
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146000000
CY2019Q4 us-gaap Accrued Liabilities Current
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203000000
CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
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9000000
CY2020Q1 us-gaap Payments For Restructuring
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7000000
CY2019Q1 us-gaap Treasury Stock Shares Acquired
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0
CY2019Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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190000000
CY2020Q1 us-gaap Treasury Stock Shares Acquired
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4707450
CY2020Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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24.32
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
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115000000
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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75000000
CY2020Q1 us-gaap Number Of Reportable Segments
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2
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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278000000
CY2020Q1 us-gaap Treasury Stock Shares
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18823984
CY2020Q1 us-gaap Treasury Stock Value
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722000000
CY2020Q1 trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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40000000
CY2020Q1 us-gaap Depreciation
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25000000
CY2020Q1 us-gaap Amortization Of Intangible Assets
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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CY2020Q1 us-gaap Restructuring Charges
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9000000
CY2020Q1 us-gaap Operating Income Loss
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CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-27000000
CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Depreciation
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CY2019Q1 us-gaap Amortization Of Intangible Assets
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CY2019Q1 us-gaap Allocated Share Based Compensation Expense
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27000000
CY2019Q1 us-gaap Operating Income Loss
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31000000
CY2019Q1 us-gaap Nonoperating Income Expense
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2000000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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33000000
CY2019Q1 us-gaap Income Tax Expense Benefit
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7000000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
26000000

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