TRIP

• AI Strategy and Partnerships • The company is pursuing rapid experimentation with AI to inform future product shifts, with efforts currently in early stages that will not immediately impact income statements • It has signed partnership deals with major AI labs including OpenAI, Perplexity, Microsoft, Amazon, Anthropic, and is the first integration partner for Google Gemini • Partnerships focus on integrating the company's experiences inventory with AI platforms, and prioritize balancing licensing revenue, new traffic growth, and product experimentation • The company holds a strong position in AI ecosystem collaboration thanks to its proprietary travel data, unique content, and established brand • AI-generated (AEO) traffic is growing very rapidly but still small in size compared to traditional search traffic

• Strategic Portfolio Prioritization • Management is conducting an ongoing full portfolio review to identify areas for increased investment, optimization, or potential divestment • All strategic options to catalyze shareholder value remain on the table • The core strategic goal is to refocus the company on its high-growth experiences segment, simplify the business portfolio, and reduce organizational complexity which has not been rewarded by markets • All resource allocation is designed to build the strongest possible experiences business and deliver long-term shareholder value regardless of the final outcome of the portfolio review

• Board and Leadership Updates • Carl Sparks and Laura Bassetto joined the board of directors after the June 2024 shareholder meeting, bringing valuable operational and strategic expertise • Jeremy Phillips was appointed board chair, after serving as lead independent director and providing critical leadership during recent transition periods • Management thanked all employees for their work advancing the company's long-term ambition

• Management did not provide specific revised numerical guidance for 2024 in the provided transcript, but maintained a prudent outlook for Q3 and the remainder of the year due to uncertainty around the timing of headwind normalization
• The company's long-term growth ambition remains unchanged; management expects to return to prior growth levels (mid-teens to high-teeds percentage overall growth, high-20s percentage growth for some Viator categories) once current headwinds abate, and accelerate further from that point
• Management expects that as macroeconomic conditions improve, consumer pressure to trade down to lower-priced experiences will ease, relieving pressure on gross bookings and revenue
• Durable travel intent is observed for fall 2024, with U.S. domestic travel intent stronger than last year and shifting to partially offset softer international demand

No full segment-level financial results (absolute revenue or revenue contribution percentages) were disclosed in the provided transcript. The only segment-related update noted that the Viator point of sale for experiences has delivered mid-teens percentage growth in 2024, with Q3 2024 experiences revenue and bookings facing pressure from multiple transitory headwinds including weather-related cancellations, shifting trans-Atlantic demand, and lower average booking values from consumer trading down.

• Near-term headwinds for the experiences segment include weather-related event disruptions leading to higher cancellation rates, especially for outdoor guided tours which are a core strength of the business
• Macroeconomic uncertainty is pressuring consumer discretionary spending, leading to trading down to lower-priced experiences and pushing down average booking values and total revenue
• The timing of when current macro and weather-related headwinds will normalize is uncertain, creating near-term visibility challenges for financial performance
• AEO traffic growth is strong but still small relative to traditional search traffic, and has not yet meaningfully offset historical search volumes

Q: Nafisa Gupta (Bank of America) asked which factor is the largest drag on Q3 experiences revenue and bookings, and whether the headwinds are temporary or structural. / A: CFO Mike stated all headwinds are viewed as transitory, not structural. Higher cancellation rates from weather disruptions in Europe, the company’s core market for outdoor guided tours, have been the biggest impact. The company’s overall demand environment is pressured by macro factors, but Viator point-of-sale growth remains solid in the mid-teens for 2024. Management will continue long-term growth investments and expects a return to normalized travel behavior after current events pass.

Q: Nafisa Gupta asked for an update on the company’s ongoing portfolio review and explored strategic opportunities. / A: CEO Matt Goldberg confirmed the company reviews all business segments to evaluate investment priorities, optimization, and potential divestments. All options to create shareholder value remain on the table. The core goal of the review is to refocus the company on experiences, simplify the portfolio, and reduce unrewarded complexity. All current resource allocation is designed to build value regardless of the final outcome of the review.

Q: Doug Anmuth (JP Morgan) asked for visibility on when headwinds will normalize, and when revenue reacceleration and margin expansion can be expected. / A: CFO Mike noted it is impossible to predict the exact timing of normalization, so the company maintains a prudent guidance approach, but headwinds will fade as is typical for travel industry disruptions. The company’s long-term ambition is unchanged, and it expects to return to prior strong growth rates and accelerate further once macro conditions improve. As consumer discretionary income recovers, pressure from trading down on revenue will ease. / A: CEO Matt Goldberg added that durable travel intent remains, with 80% of travelers reporting they will cut other travel costs before cutting experiences, especially among younger consumers. Experiences is the highest growth category in travel, and the company is well positioned to capture demand as headwinds pass.