猫途鹰TripAdvisor Inc (TRIP) 2017年10-K年度报告「NASDAQ」.pdf

1、2017 Annual ReportandNotice of 2018 Annual Meeting andProxy StatementDear Shareholders,We love travel and we are dedicated to delivering products that help travelers around the world unleash the fullpotential of every trip.As previewed in last years letter,in 2017 we more closely aligned our key pro

2、duct,supply and marketing initiatives to better position our business for long-term growth.Overall,consolidated 2017 financial results improved compared to our 2016 results.However,finding profitablegrowth remained challenging in our Hotel segment.Headwinds created by competition,rapid user growth o

3、nlower-monetizing mobile devices,as well as bidding volatility in our core click-based auction continued topressure Hotel segment financials,resulting in modest revenue growth of 1%and a significant decline in Hotelsegment adjusted EBITDA.This dampened not only our overall P&L,but also our public eq

4、uity marketvaluation.Volatility in our quarterly Hotel results overshadowed a number of important steps we have taken to improve thelong-term growth trajectory of this business.Starting with our product work,in 2017 we launched a streamlinedhotel shopping experience,we made it easier for users to fi

5、nd and compare the best hotel prices across allbooking options and we also prioritized mobile in our product development cycle,delivering a cleaner,faster andbetter-monetizing experience on that device.We also made important changes to our portfolio of online and offline marketing investments.First,

6、wesharpened our online traffic acquisition campaigns,leveraging improved tracking capabilities to identify andremove investments on unprofitable traffic.Second,after completing our major hotel product work,we beganstrategically re-allocating some of our online savings to offline channels,including a