Liberty Tripadvisor Holdings (LTRPA) Q2 2024 earnings summary

Executive summary

• Net income for Q2 2024 was $67 million, up from $29 million in Q2 2023, with a net loss of $45 million for the first half of 2024 compared to a $59 million loss in the prior year.

• Q2 2024 revenue was $497 million, nearly flat year-over-year; six-month revenue was $892 million, up from $865 million.

• Adjusted OIBDA for Q2 2024 was $93 million, up from $87 million; for the six months, Adjusted OIBDA was $137 million, up from $117 million.

• Substantial doubt exists about the ability to continue as a going concern due to $260 million Series A Preferred Stock redemption and $307 million Debenture obligations due March 2025.

• Management continues to explore strategic alternatives, but no transaction has been finalized.

Financial highlights

• Q2 2024 revenue: $497 million (Q2 2023: $494 million); six months: $892 million (2023: $865 million).

• Q2 2024 net income: $67 million (Q2 2023: $29 million); six months: net loss of $45 million (2023: $59 million loss).

• Q2 2024 operating income: $33 million (Q2 2023: $40 million); six months: $15 million (2023: $23 million).

• Cash and cash equivalents at June 30, 2024: $1.19 billion, with $1.18 billion held at Tripadvisor.

• Q2 2024 EPS: $0.64 basic and $0.63 diluted; six months: $(0.22) basic and diluted.

Outlook and guidance

• Tripadvisor expects available cash to be sufficient for its needs over the next twelve months.

• TripCo faces significant liquidity risk due to $567 million in obligations due March 2025, with insufficient cash at the holding company level.

• Strategic alternatives are under consideration, but no transaction has been finalized.