TRIPTripAdvisor, Inc.

Services-Computer Programming, Data Processing, Etc.

Revenue: $1.9B; 3.1% YoY
Operating margin: 4.2%; 16% YoY
EBITDA: $172M; 2.8% YoY
Market cap: $1.1B
Employees: 2,590; $730K revenue each
Net debt / EBITDA: -0.2×; −$27M net debt
AI in 10-K: 6.2; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
613% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
236% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$730K · 69th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.2 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
4 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$670K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$902M	$1.5B	$1.8B	$1.8B	$1.9B	3.1%
Operating income	−$131M	$101M	$126M	$92M	$80M	13%
Net income	−$148M	$20M	$10M	$5M	$40M	700%
Operating cash flow	$108M	$400M	$235M	$144M	$245M	70%
Capex	$54M	$56M	$63M	$74M	$82M	11%
Stock-based comp	$120M	$88M	$96M	$120M	$108M	10%
Buybacks	$0	$0	$100M	$25M	$90M	260%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 3, 2026	Starboard Value LP	SCHEDULE 13D/A	4.4%	Active
Mar 23, 2026	Starboard Value LP	SCHEDULE 13D/A	29.9%	Active
Mar 6, 2026	Starboard Value LP	SCHEDULE 13D/A	9.4%	Passive
Feb 17, 2026	Starboard Value LP	SCHEDULE 13D/A	9.4%	Active
Jul 3, 2025	Starboard Value LP	SCHEDULE 13D	9.0%	Active
Apr 29, 2025	Liberty TripAdvisor Holdings, Inc.	SCHEDULE 13D/A	0.0%	Passive
Dec 20, 2024	Liberty TripAdvisor Holdings, Inc.	SCHEDULE 13D/A	19.3%	Passive
May 8, 2024	Liberty TripAdvisor Holdings, Inc.	SC 13D/A	21.0%	Passive
Feb 12, 2024	Liberty TripAdvisor Holdings, Inc.	SC 13D/A	21.1%	Active
Aug 12, 2022	Liberty TripAdvisor Holdings, Inc.	SC 13D/A	20.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $670K · 6
Net: −$670K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	51	138
FY2024	—	—	51	115
FY2023	—	—	75	87
FY2022	—	—	62	59
FY2021	—	—	95	98