Tripadvisor, Inc. (NASDAQ:TRIP) Q3 2023 Earnings Call Transcript

And so, our teams are just so focused on how we bring the traveler online, how we drive awareness to the category, and to what we’re doing in the category at Viator. And the behaviors that we think are going to emerge and really helping make it easy. This is how the category is going to be one. And our performance suggests we’re on the right path.

Kevin Kopelman: Thanks Matt.

Operator: one moment for the last question. The last question comes from the line of John Colantuoni from Jefferies. John, please go ahead.

Unidentified Analyst : Hi, there. This is Chris on for John, thanks for taking our questions. Curious about the different components of the restructuring charges incurred in the quarter and are expecting for the fourth quarter. Can you just give us some more color on the individual pieces of that 18 million, how much of it is kind of severance versus other things that you’re doing, and is that breakdown consistent across Core, Viator, and TheFork? Thank you.

Mike Noonan: Yeah, good question. So yeah, the restructuring charge that I mentioned in my prepared remarks, majority of that is really around TA Core. Now TA Core is really around the vast majority as its headcount related, so it will be severance costs and severance payment, things like that. And as I mentioned earlier, a majority of that is around G&A functions and sales and marketing. We did keep investment in areas like technology and content for a longer-term strategy. Similarly, for TheFork, I would say similar type of breakdown. I think, a little bit more diverse, but really headcount related. And Viator was really around restructuring of moving some product teams into low cost locations. So not a savings for Viator but really a reallocation, a long-term savings I think for more efficiency perspective, the reallocation of resources to a more efficient location.

Unidentified Analyst : Alright, very helpful. Thank you.

Operator: At this time, I’d like to turn the call back over to CEO, Matt Goldberg.

Matt Goldberg: Thanks, Felicia. And thanks again to everyone joining us today. We’re excited about the progress we’re making on our stated strategy in each of our segments, and focused on closing out the year strong as we look forward to 2024. See you soon. Thanks.

Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.