TripAdvisor (TRIP) Bernstein 42nd Annual Strategic Decisions Conference summary

Macro environment and travel demand

• Travel demand remains resilient despite geopolitical and macroeconomic uncertainty, with stable intent and high percentages of travelers planning trips, especially domestically.

• Shifts from long-haul to short-haul and domestic travel are observed, with experiences remaining central to travel budgets.

• Higher energy prices have not deterred travel, and expanded inventory in domestic destinations positions the business well.

Strategic focus on experiences

• The company is reorienting around experiences, aiming to build the world's largest experiences marketplace, leveraging both Viator and TripAdvisor brands.

• Focus is on quality as much as quantity, using AI to onboard and score new inventory, and prioritizing repeat consumer engagement.

• The experiences market is seen as a multi-hundred-billion-dollar opportunity, with expansion potential in international markets, attractions, and niche areas.

Growth, competition, and differentiation

• Experiences and Viator are growing at over 20% in early 2024, with expectations for sustained, accelerated growth exiting the year.

• Competitive advantage comes from a multi-brand approach, deep data assets, and a unique ability to connect demand and supply globally.

• Third-party partnerships are considered incremental and profitable, supporting the marketplace flywheel.