Consolidated Profitability Beats Expectations
Q1 consolidated adjusted EBITDA of $22M (6% of revenue) came in slightly above expectations despite a challenging macro environment.
Strong Cash Generation
Operating cash flow of $118M and free cash flow of $101M in Q1; cash and equivalents of ~$1.1B at March 31 (subsequently reduced by ~$345M to repay convertible notes on April 1).
Experiences Momentum (Jan–Feb)
Experiences GBV accelerated to ~19% growth in January and February (Viator bookings and GBV >20% in those months); overall Q1 GBV grew 13% to ~ $1.2B and bookings grew 11% for the quarter.
Conversion and Product Improvements
Tripadvisor point-of-sale conversion improved more than 20% over the last two quarters; AI-assisted supply onboarding doubled sign-up conversion; direct/app channels grew ahead of segment average.
Fork (Restaurant Marketplace) Outperformance
Fork Q1 revenue $57M, up 23% (11% in constant currency); B2B and partnerships revenue grew >50% (including ~12 pts currency tailwind); adjusted EBITDA $5M (~8% margin) with margin expansion of over 15 percentage points.
AI & Productivity Gains
AI adoption: ~40% of B2C customer support queries handled by AI; AI-native pilot reported 5–7x increase in average engineering output; partnerships launched with OpenAI, Microsoft, Amazon and Anthropic with early high-conversion AI traffic.
Cost Reduction Progress
Total fixed costs down ~14% and personnel costs down ~18% year-over-year; personnel costs (excluding share-based comp) at ~28% of revenue, down ~60 bps.