What were the key takeaways from TripAdvisor's earnings call?

Did TripAdvisor beat or miss consensus estimates last quarter?

What is the market's earnings forecast for TripAdvisor next quarter?

What is the revenue and EPS growth rate for TripAdvisor year over year?

What were the key takeaways from TripAdvisor’s earnings call?

What guidance did TripAdvisor's management provide for the next earnings period?

What is TripAdvisor's latest dividend and current dividend yield?

What factors drove the changes in TripAdvisor's revenue and profit?

- **Revenue Beat & Strategic Shift**: Q3 revenue of $553M (+4% YoY) and EBITDA of $123M reflect focus on Experiences and cost savings ($85M annualized).
- **Experiences Growth Engine**: 18% YoY bookings growth in Viator, with 17% EBITDA margin, driven by unified Viator-Tripadvisor strategy and third-party merchant expansion.
- **AI-Enabled Future**: Launching AI MVP in Q4 and integrating with leading platforms, with Tripadvisor content ranked #8 among top LLM sources.
- **Profitability Improvements**: 25% EBITDA margin at Brand Tripadvisor despite 8% revenue decline; TheFork at 22% margin with 28% revenue growth.
- **2026 Outlook**: 100bps EBITDA margin expansion from cost savings, with focus on accelerating Experiences growth and AI innovation.

**【CEO Summary Section】**
- Delivered Q3 revenue of $553 million (+4% YoY) and adjusted EBITDA of $123 million (22% of revenue), exceeding expectations.
- Announced strategic shift to focus on three priorities: 
  1. **Experiences Growth**: Unified Viator and Tripadvisor teams to accelerate bookings (18% YoY growth in experiences booked) and expand into new geographies (e.g., Europe) and categories.
  2. **AI-Driven Innovation**: Launching AI MVP for trip planning in Q4 and integrating with leading AI platforms to leverage proprietary content and data.
  3. **Legacy Optimization**: Reducing headcount by ~20% and annualized gross cost savings of $85 million to improve profitability in hotels and meta businesses.
- Experiences segment now accounts for 60% of group revenue and 30% of adjusted EBITDA, up from 40% three years ago.

**【CFO Financial Commentary】**
- **Viator Segment**: Bookings grew 18% YoY, with 17% adjusted EBITDA margin (vs. 12% prior year), driven by repeat bookings and third-party merchant growth.
- **Brand Tripadvisor**: Revenue declined 8% YoY due to traffic headwinds, but adjusted EBITDA margin improved to 25% through cost control.
- **TheFork**: Revenue +28% YoY, with adjusted EBITDA margin of 22%, fueled by B2B subscription growth and AI-powered booking assistant.
- Consolidated free cash flow of $26 million for Q3, with $1.2 billion in cash on hand.
- 2026 outlook: ~100bps improvement in consolidated EBITDA margin from cost savings, with focus on accelerating Experiences growth.

**【Q&A Highlights】**
- **Growth Acceleration**: Experiences segment expected to outpace current 9% growth rate via new geos (e.g., Europe) and AI-driven personalization.
- **AI Impact**: Tripadvisor content ranked #8 among top 20 sources cited by LLMs, positioning for AI partnerships and licensing deals.
- **TheFork Future**: Exploring optionality for sale, but B2B diversification strategy continues with 13% YoY growth in subscription revenue.
- **Cost Savings**: $85M annualized savings to be realized by 2027, with ~$10M impact in Q4 2025.
- **Segment Reorganization**: New structure aligns resources for Experiences growth, with separate reporting for Hotels and TheFork.

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