$TRIP
TripAdvisor, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020051304 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $151.0M $428.0M $422.0M
YoY Change -64.72% -6.55% -2.54%
Cost Of Revenue $13.00M $25.00M $27.00M
YoY Change -48.0% 8.7% 12.5%
Gross Profit $138.0M $403.0M $395.0M
YoY Change -65.76% -7.36% -3.42%
Gross Profit Margin 91.39% 94.16% 93.6%
Selling, General & Admin $105.0M $303.0M $299.0M
YoY Change -65.35% -4.72% -9.67%
% of Gross Profit 76.09% 75.19% 75.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.00M $23.00M $23.00M
YoY Change 30.43% 15.0% 9.52%
% of Gross Profit 21.74% 5.71% 5.82%
Operating Expenses $105.0M $335.0M $329.0M
YoY Change -68.66% -3.18% -8.61%
Operating Profit -$46.00M $68.00M $66.00M
YoY Change -167.65% -23.6% 34.69%
Interest Expense $13.00M $2.000M $2.000M
YoY Change 550.0% -50.0% -128.57%
% of Operating Profit 2.94% 3.03%
Other Income/Expense, Net -$12.00M $5.000M $2.000M
YoY Change -340.0% -350.0% -128.57%
Pretax Income -$58.00M $73.00M $68.00M
YoY Change -179.45% -16.09% 61.9%
Income Tax -$10.00M $23.00M $34.00M
% Of Pretax Income 31.51% 50.0%
Net Earnings -$48.00M $50.00M $34.00M
YoY Change -196.0% -27.54% 6.25%
Net Earnings / Revenue -31.79% 11.68% 8.06%
Basic Earnings Per Share -$0.36 $0.36 $0.24
Diluted Earnings Per Share -$0.36 $0.36 $0.24
COMMON SHARES
Basic Shares Outstanding 134.4M 139.3M 139.1M
Diluted Shares Outstanding 134.4M 140.4M 140.8M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $446.0M $933.0M $966.0M
YoY Change -52.2% 40.72% 42.48%
Cash & Equivalents $446.0M $838.0M $901.0M
Short-Term Investments $95.00M $65.00M
Other Short-Term Assets $26.00M $30.00M $35.00M
YoY Change -13.33% 15.38% -43.55%
Inventory
Prepaid Expenses
Receivables $80.00M $212.0M $261.0M
Other Receivables $50.00M $0.00 $0.00
Total Short-Term Assets $613.0M $1.181B $1.271B
YoY Change -48.09% 27.54% 22.21%
LONG-TERM ASSETS
Property, Plant & Equipment $250.0M $265.0M $262.0M
YoY Change -5.66% 3.52% 1.55%
Goodwill $843.0M $746.0M $754.0M
YoY Change 13.0%
Intangibles $91.00M $102.0M
YoY Change
Long-Term Investments $40.00M
YoY Change
Other Assets $94.00M $108.0M $101.0M
YoY Change -12.96% -10.74% -1.94%
Total Long-Term Assets $1.383B $1.287B $1.295B
YoY Change 7.46% 1.66% 2.45%
TOTAL ASSETS
Total Short-Term Assets $613.0M $1.181B $1.271B
Total Long-Term Assets $1.383B $1.287B $1.295B
Total Assets $1.996B $2.468B $2.566B
YoY Change -19.12% 12.59% 11.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.00M $212.0M $13.00M
YoY Change -93.4% -6.19% -96.43%
Accrued Expenses $148.0M $179.0M $181.0M
YoY Change -17.32% 16.23% 11.04%
Deferred Revenue $31.00M $98.00M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $5.000M $5.000M
YoY Change 0.0%
Total Short-Term Liabilities $231.0M $468.0M $638.0M
YoY Change -50.64% 3.31% 1.11%
LONG-TERM LIABILITIES
Long-Term Debt $490.0M $79.00M $80.00M
YoY Change 520.25%
Other Long-Term Liabilities $357.0M $344.0M $341.0M
YoY Change 3.78% 24.19% 11.07%
Total Long-Term Liabilities $847.0M $344.0M $341.0M
YoY Change 146.22% 24.19% 11.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $231.0M $468.0M $638.0M
Total Long-Term Liabilities $847.0M $344.0M $341.0M
Total Liabilities $1.088B $820.0M $991.0M
YoY Change 32.68% 9.33% 3.55%
SHAREHOLDERS EQUITY
Retained Earnings $461.0M $1.106B
YoY Change
Common Stock $1.224B $1.081B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $722.0M $547.0M $547.0M
YoY Change 31.99%
Treasury Stock Shares $18.84M $12.06M $12.06M
Shareholders Equity $908.0M $1.648B $1.575B
YoY Change
Total Liabilities & Shareholders Equity $1.996B $2.468B $2.566B
YoY Change -19.12% 12.59% 11.37%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$48.00M $50.00M $34.00M
YoY Change -196.0% -27.54% 6.25%
Depreciation, Depletion And Amortization $30.00M $23.00M $23.00M
YoY Change 30.43% 15.0% 9.52%
Cash From Operating Activities -$32.00M $1.000M $181.0M
YoY Change -3300.0% -92.86% -2.69%
INVESTING ACTIVITIES
Capital Expenditures -$10.00M -$22.00M -$21.00M
YoY Change -54.55% 57.14% 31.25%
Acquisitions
YoY Change
Other Investing Activities -$31.00M -$24.00M
YoY Change -3200.0% 41.18%
Cash From Investing Activities -$12.00M -$53.00M -$45.00M
YoY Change -77.36% 307.69% 36.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -212.0M -2.000M -4.000M
YoY Change 10500.0% 100.0% -96.26%
NET CHANGE
Cash From Operating Activities -32.00M 1.000M 181.0M
Cash From Investing Activities -12.00M -53.00M -45.00M
Cash From Financing Activities -212.0M -2.000M -4.000M
Net Change In Cash -256.0M -54.00M 132.0M
YoY Change 374.07% 186.96%
FREE CASH FLOW
Cash From Operating Activities -$32.00M $1.000M $181.0M
Capital Expenditures -$10.00M -$22.00M -$21.00M
Free Cash Flow -$22.00M $23.00M $202.0M
YoY Change -195.65% -17.86% 0.0%

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trip Description Of User Generated Reviews And Opinions Across Broad Base Of Global Travel Related Brands
DescriptionOfUserGeneratedReviewsAndOpinionsAcrossBroadBaseOfGlobalTravelRelatedBrands
Tripadvisor features 878 million reviews and opinions on 8.8 million places to stay, places to eat and things to do – including 1.5 million hotels, inns, B&Bs and specialty lodging, 790,000 rental properties, 4.7 million restaurants, 1.3 million travel activities and experiences worldwide, 500,000 airlines, and 30,000 cruises.
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0.0116
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0240
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4325
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4215
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
21.69
CY2020Q2 trip Number Of Trading Days Average
NumberOfTradingDaysAverage
10
CY2020Q3 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
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CY2019Q3 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
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CY2020Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
0
CY2019Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
0
CY2020Q3 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
0
CY2019Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
0
us-gaap Derivative Instruments Not Designated As Hedging Instruments Purpose
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsPurpose
We use forward contracts to reduce the effects of foreign currency exchange rate fluctuations on our cash flows. For the three and nine months ended September 30, 2020 and 2019, respectively, our forward contracts have not been designated as hedges and generally had maturities of less than 90 days.
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1000000
CY2019Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1000000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1000000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-10000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
63000000
CY2020Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
3000000
trip Outstanding Derivatives Not Designated As Hedging Instruments Maximum Maturity Period
OutstandingDerivativesNotDesignatedAsHedgingInstrumentsMaximumMaturityPeriod
P90D
trip Foreign Exchange Contracts Translation Maximum Maturity Period
ForeignExchangeContractsTranslationMaximumMaturityPeriod
P90D
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2000000
CY2020Q3 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
2000000
CY2019Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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14000000
CY2020Q2 us-gaap Redeemable Noncontrolling Interest Equity Common Redemption Value
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10000000
CY2020Q2 us-gaap Number Of Reporting Units
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4
CY2020Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
22000000
CY2020Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
25000000
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2019 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
15000000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
31000000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
74000000
CY2020Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
20000000
CY2019Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
27000000
CY2020Q3 us-gaap Interest Payable Current
InterestPayableCurrent
9000000
CY2020Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1000000
CY2019Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
14000000
CY2020Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
5000000
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
5000000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
22000000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
20000000
CY2020Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2000000
CY2019Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1000000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
58000000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.32
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
115000000
CY2020Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
75000000
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
18844614
CY2020Q3 us-gaap Treasury Stock Value
TreasuryStockValue
722000000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
151000000
CY2020Q3 trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
15000000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
30000000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
148000000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
203000000
CY2019Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2019Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
190000000
CY2020Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4707450
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28000000
CY2020Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3000000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-46000000
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-12000000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-58000000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-10000000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-48000000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
428000000
CY2019Q3 trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
129000000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
32000000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29000000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
68000000
CY2019Q3 us-gaap Nonoperating Income Expense
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5000000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
73000000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000000
CY2019Q3 us-gaap Net Income Loss
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50000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
488000000
trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
-18000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
94000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
80000000
us-gaap Restructuring Charges
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42000000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3000000
us-gaap Operating Income Loss
OperatingIncomeLoss
-237000000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-28000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-265000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-48000000
us-gaap Net Income Loss
NetIncomeLoss
-217000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1225000000
trip Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
347000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
92000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
91000000
us-gaap Operating Income Loss
OperatingIncomeLoss
164000000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
9000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
173000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
63000000
us-gaap Net Income Loss
NetIncomeLoss
110000000
CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1000000
CY2019Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
2000000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
4000000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2000000
CY2020Q3 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-1000000
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-6000000
CY2020Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1000000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-5000000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-48000000

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