On Tuesday, TripAdvisor Inc. TRIP reported first quarter financial results for the period ending March 31, 2014.
President and CEO Steve Kaufer commented, “2014 is off to a great start as we reinforce our leadership position in travel, making the TripAdvisor experience even better for users and partners alike. We eclipsed 150 million traveler reviews and opinions on more than four million businesses around the globe and it's our valuable content that helps users choose their accommodations, pick where to eat, and decide what to do while they are on a trip. With more than a quarter of a billion monthly visitors on our site each month and record user engagement on mobile, we are focused on reducing friction and delighting users throughout all phases of travel planning and trip-taking.”
On May 6, TripAdvisor also announced that it has made an exclusive offer to acquire lafourchette, an online restaurant booking platform with a network of more than 12,000 restaurant partners across Europe.
Summary of First Quarter Results
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- Click-based advertising revenue grew 16 percent from 1Q13 at $207 million. Revenue from display-based advertised came in at $32 million. Subscription, transaction and other revenue totaled $42 million, a 62 percent increase from the same period last year.
- The company reported that revenue from North America grew 20 percent year-over-year to $146 million. North American revenue represented 52 percent of total revenue.
- Net income grew 240 percent quarter-over-quarter and 10 percent year-over-year at $68 million, or $0.47 per diluted share.
- Non-GAAP net income grew 167 percent quarter-over-quarter and 10 percent year-over-year at $80 million, or $0.54 per diluted share.
- TripAdvisor reported free cash flow of $89 million.
- Adjusted EBITDA came in at $122 million, or 43 percent of revenue.
- TripAdvisor had $745 million in cash and cash equivalents, as of March 31, 2014.
- According to Google Analytics, the company averaged 260 million monthly unique visitors.
- In the first quarter, the company launched localized versions in Austria, New Zealand, Philippines, South Africa, and Vietnam.
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