NEEDHAM, MA—TripAdvisor Inc. reported results for what it called a strong third quarter for the company.
“We delivered a strong third quarter, delivering increased operating efficiency while investing for long-term profitable growth,” said TripAdvisor CEO Steve Kaufer. “Product enhancements, platform expansion and progressive marketing optimizations continue to hit the mark and contributed to improved financial results.”
CFO Ernst Teunissen added, “Q3 had a number of very positive developments. Revenue per hotel shopper grew 5%, and revenue growth accelerated in our key non-hotel offerings. Hotel adjusted EBITDA nearly doubled year-over-year and consolidated adjusted EBITDA grew 54%. We are on track to deliver strong profit growth in 2018, and we are well-positioned heading into 2019.”
Total revenue grew 4% to $458 million, an increase of $19 million year-over-year. The company estimates that changes in foreign currency had a 1% negative impact to total revenue growth.
GAAP net income grew 176% to $69 million, while non-GAAP net income grew 102% to $101 million.
Total adjusted EBITDA grew $146 million, an increase of $51 million year-over-year, and total adjusted EBITDA margin improved to 32%. The company estimates that changes in foreign currency had a 2% negative impact to total adjusted EBITDA growth.
Hotel revenue was $305 million, a decrease of $7 million, or 2% year-over-year. Hotel adjusted EBITDA grew 94% to $99 million, an increase of $48 million year-over-year, and hotel adjusted EBITDA margin improved to 32%.
Non-hotel revenue grew 20% to $153 million, an increase of $26 million year-over-year. Non-hotel adjusted EBITDA grew 7% to $47 million, an increase of $3 million year-over-year, and non-hotel adjusted EBITDA margin of 31%.