Tripadvisor, Inc. Q1 FY2026 earnings call

• Strategy shift: Reoriented around experiences marketplace, leveraged data, simplified legacy offerings. - Experiences progress: January-February had strong momentum, then disrupted; improved marketing efficiency, product experience, supply; direct channel bookings growth in Q1 above segment average. - The Fork progress: Revenue growth, B2B outpacing, AI assistant and Fork Social showing positive signals, AI driving productivity. - AI role: Critical in infrastructure, increasing speed of building, testing, deploying; embedded in various operations. - Simplifying legacy business: Reducing fixed costs, prioritizing profitable areas, managing hotels and others for contribution profit

Experiences: First two months of Q1 had strong momentum with GBV growth accelerating from 16% in prior quarter to 19% in Jan-Feb, Viator's bookings and GBV growing over 20% in Jan-Feb; then disrupted by geopolitical events and macro issues, with segment bookings grew 11% for quarter, revenue grew 8% and 4% in constant currency, adjusted EBITDA loss of $19M or negative 11% of revenue. The Fork: Q1 revenue $57M, 23% growth or 11% in constant currency, B2B revenue over 50% growth, adjusted EBITDA 5M or ~8% of revenue. Hotels and Others: Q1 revenue $158M, 20% decline, adjusted EBITDA $37M or 23% of revenue, fixed costs declined ~14%

• Q2 outlook: Consolidated revenue down mid-single digits; experiences bookings growth ~5%-8%, revenue growth ~2%-5%; The Fork revenue growth ~10-13% (includes ~400bps currency benefit); hotels and others decline ~21-24%; Q2 consolidated adjusted EBITDA margin ~15%-17%. - Full year: Adjusted for first half macro impact, flat consolidated revenue growth and flat adjusted EBITDA margin for full year, but second half unchanged due to uncertainty

• Macro volatility: Geopolitical events in Middle East, civil unrest in Mexico and severe flooding in Hawaii caused booking cancellations and demand softness, impacting revenue growth. - Uncertain consumer confidence: Combined with inflation and unemployment, affecting travel demand

Q: Richard Clark from Bernstein asked about tracking geopolitical risks including impact on US; A: Matt said tracking broad macro including consumer behavior and geopolitical, travelers resilient, watching long haul vs domestic travel.

Q: Navid Khan from B Reilly Securities asked about new bookers layering in and impact isolation of West Asia, Mexico, Hawaii; A: Matt said new bookers related to supply attracting them, cancel impact in Q1 about three points on bookings, four on revenue, Mexico and Hawaii meaningful impacts.

Q: Doug Enlis from JP Morgan asked about AI LLM traffic uplift and experiences segment discipline investments; A: Matt said AI LLM traffic small but high intent, Mike said in experiences investment across product, supply, demand, using conversion rate and incremental bookings as KPIs.

Q: Nafisa Gupta of B of A Securities asked about experiences outlook revenue decel and The Fork process; A: Matt said Q2 experiences guide implicit impact from Mexico, Hawaii, Middle East, Mike said Fork process ongoing, progress made, proceeds could be used for capital return.

Q: Brian Pitts with BMO Capital Markets asked about monetizing proprietary data and Viator repeat behavior; A: Matt said excited about data collaborations, Mike said Viator repeat cohorts growing faster, retention consistent.

Q: Tom White with DA Davidson and Company asked about AI ad channel; A: Matt said testing with major LLM, early but high intent, testing and scaling