TripAdvisor, Inc. reported consolidated revenue of $1.835 billion for the year ended December 31, 2024, a 3% increase compared to $1.788 billion in 2023. Net income for 2024 was $5 million, a significant decrease of 50% from the $10 million reported in 2023. Consolidated Adjusted EBITDA, a non-GAAP measure, was $339 million in 2024, a 1% increase from $334 million in 2023. The company attributed the decrease in net income to a decrease in revenue and adjusted EBITDA within the Brand TripAdvisor segment, partially offset by increases in the Viator and TheFork segments.
Significant changes compared to the previous fiscal year included a decrease in Brand TripAdvisor revenue of $82 million, primarily due to lower hotel meta and hotel B2B revenue. Viator segment revenue increased by $103 million, driven by growth in booking volume and pricing. TheFork segment revenue rose by $27 million, primarily due to increased booking volumes in direct channels and pricing. The company also incurred $21 million in pre-tax restructuring costs in 2024, with an additional $9 million to $11 million expected in the first quarter of 2025. In July 2024, TripAdvisor issued a $500 million Term Loan B Facility to redeem outstanding 2025 Senior Notes.
During 2024, TripAdvisor reached a settlement with the IRS regarding a tax audit for the 2014-2016 tax years, resulting in a net operating cash outflow of $105 million. The company also completed a $25 million common stock repurchase during the year. The company announced a plan to acquire Liberty TripAdvisor Holdings, Inc. (LTRIP), its controlling shareholder, in a transaction expected to close in the second quarter of 2025, for an aggregate transaction value of approximately $435 million. Upon completion, TripAdvisor will no longer have a controlling shareholder.
As of December 31, 2024, TripAdvisor employed approximately 2,860 people, with 60% based in Europe, 35% in the U.S., and 5% in the rest of the world. The company's largest travel partners, Expedia and Booking, accounted for approximately 22% of consolidated revenue in 2024. The company's key operational developments included the launch of an AI-powered travel itinerary generator in July 2023.
TripAdvisor's outlook is subject to various risks and uncertainties, including those related to the travel industry, competition, technology, and regulatory changes. The company expects to continue investing in its Viator and TheFork segments to capture growth in the experiences and restaurant markets. The success of the planned merger with LTRIP and the impact of the company's cost reduction measures are also key factors influencing the company's future performance.
About TripAdvisor, Inc.
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