猫途鹰TripAdvisor Inc (TRIP) 2018年10-K年度报告「NASDAQ」.pdf

1、Notice of 2019 Annual Meeting andProxy Statementand2018 Annual ReportApril 2019Dear Shareholders,What a difference a year makes.Consolidated revenue grew 4%,GAAP net income grew 7%and adjustedEBITDA grew 27%as we expanded profit margin by 500 basis points.We operated our business with arefreshed,cus

2、tomer-centric focus against a number of long-term,profitable growth opportunities.From a financial perspective,reinvigorated Hotel segment profitability led the way.We reduced marketingexpenses on channels that werent reinforcing our consumer brand and werent meeting our stringent short-termor long-

3、term return-on-investment targets.This generated 24%Hotel segment adjusted EBITDA growth andimproved TripAdvisors equity market valuation by 57%in 2018.Importantly,we grew profit while also investing in a number of exciting initiatives to build more durablerelationships with the hundreds of millions

4、 of consumers on our platform,as well as to expand our marketplaceand catalyze future profitable growth.Were seeing results.In 2018,we grew combined Experiences andRestaurants revenue by approximately 40%and these strategic investment areas powered 27%Non-Hotelsegment revenue growth.Returns from bra

5、nd advertising investments improved,and we took initial steps todiversify our singular hotel-price-comparison message into one that amplifies TripAdvisors comprehensiveconsumer value proposition.We also grew our newer media advertising products,and are focused on activating abigger and broader clien

6、t base through additional media opportunities.Were pleased with our progress and were bullish on our long-term prospects.Were moving fast and wereplaying to win in the$1.7 trillion travel market.Building the best consumer experience in travel.We founded TripAdvisor to equip people with information t