TRIPADVISOR, INC. (in $millions, except per share amounts and percentages)
2015
Q1
Q2
Q3
Q4
FY*Reconciliation from GAAP Net Income to Adjusted EBITDA (Non-GAAP): GAAP Net Income (Loss)(1)
Adjusted EBITDA (Non-GAAP)(2)(4)
Reconciliation from GAAP Net Income (Loss) to Non-GAAP Net Income: GAAP Net Income (Loss)(1)
Non-GAAP Net Income(6)
Reconciliation from GAAP Earnings per Share (EPS) to Non-GAAP EPS:GAAP Diluted Shares Outstanding
GAAP Diluted Earnings (Loss) per ShareNon-GAAP Diluted EPS(7)
Ex-Foreign Exchange Reconciliation:
GAAP Consolidated Revenue growth
Non-GAAP Consolidated Revenue growth before fx effectAdjusted EBITDA growth (Non-GAAP)
Non-GAAP Adjusted EBITDA growth before fx effect
Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow: Cash flow provided by (used in) operations
Free Cash Flow (Non-GAAP)(9)
Add: Non-cash charitable contribution(2)- - - 67
Add: Provision (benefit) for income taxes(1)Add: Other expense (income), net
Add: Other non-recurring expenses Add: Non-cash charitable contribution(2)Add: Stock-based compensation
Add: Amortization of intangible assets Add: Depreciation(3)
Add: Stock-based compensation
Add: Amortization of intangible assets
Add: Other non-recurring expenses Add: Loss on cost method investment Subtract: Gain on sale of business
Subtract: Income tax effect of Non-GAAP adjustments(5)
Add: Income tax impact related to 2017 Tax Cuts and Jobs Act(1)
Foreign exchange impact(8)
Foreign exchange impact(8)
Subtract: Capital expenditures
2016
Q1
Q2
Q3
Q4
FY*
(3)%
(1)%
2017
Q1
Q2
FY* | |||
($19) | |||
129 | |||
14 | |||
- | - | - | - |
- | - | - | - |
28 | 26 | 25 | 96 |
8 | 8 | 8 | 32 |
19 | 19 | 21 | 79 |
$101 | $95 | $63 | $331 |
$27 | $25 | ($84) | ($19) |
28 | 26 | 25 | 96 |
8 | 8 | 8 | 32 |
- | |||
- |
Q3
Q4
2015 | 2016 | 2017 | ||||||||||||||
(in $millions, except percentages) | Q1 | Q2 | Q3 | Q4 | FY* | Q1 | Q2 | Q3 | Q4 | FY* | Q1 | Q2 | Q3 | Q4 | FY* | |
Reportable Segments - Revenue: | ||||||||||||||||
Consolidated Revenue | $363 | $405 | $415 | $309 | $1,492 | $352 | $391 | $421 | $316 | $1,480 | $372 | $424 | $439 | $321 | $1,556 | |
Growth % (y/y) | 29% | 25% | 17% | 7% | 20% | (3)% | (3)% | 1% | 2% | (1)% | 6% | 8% | 4% | 2% | 5% | |
Hotel Segment Revenue | 320 | 343 | 340 | 260 | 1,263 | 303 | 316 | 320 | 252 | 1,190 | 314 | 326 | 312 | 244 | 1,196 | |
Growth % (y/y) | 20% | 13% | 8% | 4% | 11% | (5)% | (8)% | (6)% | (3)% | (6)% | 4% | 3% | (3)% | (3)% | 1% | |
TripAdvisor-branded click-based and transaction | 218 | 237 | 228 | 154 | 837 | 189 | 201 | 206 | 154 | 750 | 211 | 214 | 195 | 137 | 756 | |
Growth % (y/y) | 20% | 14% | 5% | (3)% | 10% | (13)% | (15)% | (10)% | 0% | (10)% | 12% | 6% | (5)% | (11)% | 1% | |
TripAdvisor-branded display based advertising and subscription | 61 | 68 | 72 | 71 | 272 | 68 | 72 | 73 | 69 | 282 | 65 | 74 | 76 | 77 | 292 | |
Growth % (y/y) | 22% | 15% | 22% | 11% | 17% | 11% | 6% | 1% | (3)% | 4% | (4)% | 3% | 4% | 12% | 4% | |
Other hotel revenue | 41 | 38 | 40 | 35 | 154 | 46 | 43 | 41 | 29 | 158 | 38 | 38 | 41 | 30 | 148 | |
Growth % (y/y) | 17% | 3% | 5% | 25% | 12% | 12% | 13% | 3% | (17)% | 3% | (17)% | (12)% | 0% | 3% | (6)% | |
Non-Hotel Segment Revenue | 43 | 62 | 75 | 49 | 229 | 49 | 75 | 101 | 64 | 290 | 58 | 98 | 127 | 77 | 360 | |
Growth % (y/y) | 187% | 210% | 92% | 32% | 106% | 14% | 21% | 35% | 31% | 27% | 18% | 31% | 26% | 20% | 24% | |
Percent of Consolidated Revenue by Source: | ||||||||||||||||
TripAdvisor-branded click-based and transaction | 60% | 59% | 55% | 50% | 56% | 54% | 51% | 49% | 49% | 51% | 57% | 51% | 45% | 43% | 49% | |
TripAdvisor-branded display based advertising and subscription | 17% | 17% | 17% | 23% | 18% | 19% | 19% | 17% | 22% | 19% | 17% | 17% | 17% | 24% | 19% | |
Other hotel revenue | 11% | 9% | 10% | 11% | 11% | 13% | 11% | 10% | 9% | 10% | 10% | 9% | 9% | 9% | 9% | |
Non-hotel | 12% | 15% | 18% | 16% | 15% | 14% | 19% | 24% | 20% | 20% | 16% | 23% | 29% | 24% | 23% | |
GAAP Net Income (Loss):(1)(10) | ||||||||||||||||
GAAP Net Income (Loss) | $63 | $58 | $74 | $3 | $198 | $29 | $34 | $55 | $1 | $120 | $13 | $27 | $25 $ | (84) | $ | (19) |
Growth % (y/y) | (7)% | (15)% | 37% | (92)% | (12)% | (54)% | (41)% | (26)% | (67)% | (39)% | (55)% | (21)% | (55)% | (8500)% | (116)% | |
Reportable Segments - Adjusted EBITDA: | ||||||||||||||||
Total Adjusted EBITDA(4) | $127 | $123 | $130 | $87 | $466 | $85 | $95 | $114 | $58 | $352 | $73 | $101 | $95 | $63 | $331 | |
Growth % (y/y) | 4% | (5)% | 9% | (11)% | 0% | (33)% | (23)% | (12)% | (33)% | (24)% | (14)% | 6% | (17)% | 9% | (6)% | |
Hotel Segment Adjusted EBITDA | 132 | 125 | 121 | 95 | 472 | 106 | 105 | 99 | 66 | 380 | 88 | 84 | 51 | 63 | 286 | |
Growth % (y/y) | 6% | (4)% | 3% | (5)% | 0% | (20)% | (16)% | (18)% | (31)% | (19)% | (17)% | (20)% | (48)% | (5)% | (25)% | |
Non-Hotel Segment Adjusted EBITDA | (5) | (2) | 9 | (8) | (6) | (21) | (10) | 15 | (8) | (28) | (15) | 17 | 44 | 0 | 45 | |
Growth % (y/y) | (150)% | (100)% | 800% | (300)% | (50)% | (320)% | (400)% | 67% | 0% | (367)% | 29% | 270% | 193% | 100% | 261% | |
Percent of Total Adjusted EBITDA: | ||||||||||||||||
Hotel | 104% | 102% | 93% | 109% | 101% | 125% | 111% | 87% | 114% | 108% | 121% | 83% | 54% | 100% | 86% | |
Non-Hotel | (4)% | (2)% | 7% | (9)% | (1)% | (25)% | (11)% | 13% | (14)% | (8)% | (21)% | 17% | 46% | 0% | 14% | |
Adjusted EBITDA Margin by Segment:(11) | ||||||||||||||||
Hotel | 41% | 36% | 36% | 37% | 37% | 35% | 33% | 31% | 26% | 32% | 28% | 26% | 16% | 26% | 24% | |
Non-Hotel | (12)% | (3)% | 12% | (16)% | (3)% | (43)% | (13)% | 15% | (13)% | (10)% | (26)% | 17% | 35% | 0% | 13% |
Traffic & TripAdvisor-branded Click-based and Transaction Revenue per Hotel Shopper Metrics: | ||||
Average Monthly Unique Visitors(12)(15) | 281 | 308 | 348 | 295 |
Growth % (y/y) | 26% | 23% | 22% | 18% |
Average Monthly Unique Hotel Shoppers(13)(15) | 125 | 135 | 148 | 111 |
Growth % (y/y) | 21% | 16% | 14% | 8% |
Total Average Monthly Unique Hotel Shoppers for the Quarter(13)(15) | 376 | 404 | 443 | 332 |
Growth % (y/y) | 21% | 16% | 14% | 8% |
TripAdvisor-branded Click-based and Transaction Revenue per Hotel Shopper(14)(15) | $0.58 | $0.59 | $0.51 | $0.46 |
Growth % (y/y) | 0% | 0% | (9)% | (12)% |
Consolidated Revenue by Geographic Region: | ||||
Consolidated Revenue | $363 | $405 | $415 | $309 |
Growth % (y/y) | 29% | 25% | 17% | 7% |
United States | 172 | 202 | 210 | 156 |
Growth % (y/y) | 26% | 33% | 27% | 12% |
Europe | 113 | 114 | 123 | 82 |
Growth % (y/y) | 33% | 16% | 12% | 0% |
Rest of world | 78 | 89 | 82 | 71 |
Growth % (y/y) | 32% | 22% | 5% | 6% |
Percent of Total: | ||||
United States | 47% | 50% | 50% | 50% |
Europe | 31% | 28% | 30% | 27% |
ROW | 22% | 22% | 20% | 23% |
Q1
(in $millions, except Revenue per Hotel Shopper and percentages)
Q2
2015 | ||||
Q3 | FY* | |||
n/a | 338 | 351 | 388 | 326 |
n/a | 20% | 14% | 11% | 11% |
n/a | 137 | 139 | 153 | 120 |
n/a | 10% | 3% | 3% | 8% |
1,555 | 411 | 416 | 458 | 359 |
15% | 10% | 3% | 3% | 8% |
$0.54 | $0.46 | $0.48 | $0.45 | $0.43 |
(4)% | (21)% | (19)% | (12)% | (7)% |
$1,492 | $352 | $391 | $421 | $316 |
20% | (3)% | (3)% | 1% | 2% |
739 | 184 | 218 | 225 | 174 |
25% | 7% | 8% | 7% | 12% |
432 | 102 | 104 | 123 | 82 |
15% | (10)% | (9)% | 0% | 0% |
321 | 66 | 69 | 73 | 60 |
15% | (15)% | (22)% | (11)% | (15)% |
50% | 52% | 56% | 54% | 55% |
29% | 29% | 26% | 29% | 26% |
21% | 19% | 18% | 17% | 19% |
2016 | |||||
Q3 | FY* | FY* | |||
n/a | 386 | 414 | 455 | 381 | n/a |
n/a | 14% | 18% | 17% | 17% | n/a |
n/a | 149 | 153 | 163 | 123 | n/a |
n/a | 9% | 11% | 7% | 3% | n/a |
1,645 | 448 | 460 | 490 | 370 | 1,768 |
6% | 9% | 11% | 7% | 3% | 7% |
$0.46 | $0.47 | $0.47 | $0.40 | $0.37 | $0.43 |
(15)% | 2% | (2)% | (11)% | (14)% | (7)% |
$1,480 | $372 | $424 | $439 | $321 | $1,556 |
(1)% | 6% | 8% | 4% | 2% | 5% |
800 | 210 | 244 | 245 | 178 | 877 |
8% | 14% | 12% | 9% | 2% | 10% |
411 | 98 | 110 | 124 | 83 | 415 |
(5)% | (4)% | 6% | 1% | 1% | 1% |
269 | 64 | 70 | 70 | 60 | 264 |
(16)% | (3)% | 1% | (4)% | 0% | (2)% |
54% | 57% | 58% | 56% | 55% | 56% |
28% | 26% | 26% | 28% | 26% | 27% |
18% | 17% | 16% | 16% | 19% | 17% |
2017
Q4
Q1
Q2
Q4
Q1
Q2
Q3
Q4
The Company believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business piptermfosrmayncvea,ryaninddaelploewndfoerntgroefabtuersitnreasnsspearefonrcmyawnicthe,raenspdeacltlotwo kfoerygmreattreicrsturasendspbayremnacnyawgietmh reenstpiencot ptoerkaetyinmg aoaenturdricbasunusasilneyedzisnbsg.y omuarnbaugseimneesns.t in operating our business.
(1) IRnectplhuredsetehsnicarthdspaaqrroui$tva6irbs7tileoemrncioloflfoino2rtn0rini1nbc6uo,tnmit-ohceneastsCahtoxocemhtshpaoerafintT$ayr7bipe3leAamrdclovyililnsaiotodrnroibCpruehttecaiodorirntAdatcebocdloetiuhnFneoQtuTi4nrnig2dp0aSAt1dai7ovnnirdseowalrarhdtCieschdhUartwpoitdatasbhtfleu2(nF"0doA1euS7dnUdTi"na)xtc2iao0Asn1cht6w,-o0ihfn9i$c,l8hCuomdwminiallpsgioesanentsateanltesditdoimaninca-ctcreSoudtmeoadcpmkarnaoCytuoanmsbtlopyocefdkn$usa6rani7tndigomtnhtihle(leTiroeoynfpeofiacrorer7e1anx8tdc)rl:iaunndIgmseDitdpieorfconevrmtenambxoenearn-G3tds1Aat,Ao2$P06Ep1mu4pr,iplwloioyhsneieceseh.xSwphTehanrsisesn-aeBomratesoeleuaxdtcneltPudadltyesomodteifhnonecrtlrunAedocmecnos-eGuacAshnuAatirPnetgimpt.auebTrnplhetoisocsogef unsd.itedrfiaebnrurcteiodrnetsaqxtuoeirste.hseuTsrtipoArdevfliesoctr aCnhyaaridtjaubsltemFeonutnsdaastoiofn of J$a6nmuailrlyio1n, w20h1ic6h, twhaesbaecgcirnuneidngraotfatbhlye daunrniunagltpherinoindethmaot nintchlsuedneds ethdeSienptteermimbperer3i0o,d2o0f1a5d(oaptpioronx. iTmhaeteplryim$2army imlliopnacpteorfqaudaorptetiro) nunwdaesrtGheAArePcwogitnhittihoen ionftexncteiosns toafxsebtetnlienfgitisnacnadshtaaxndetfhiceiennrceicelsasinsifoieudr parsonvoisnio-nGAfoArPindcuormineg tQa4xe2s0r1a5thteorrtehfalenctadthdeitnioonna-lcpaashidn-aintucraepoitfatlhfoerfianlal pl seertiotldesminen2t0. 16. a(2n)dRreepsruelstsedntisn an$do6e7nc-rmceaaislslhieocnhtonaorointua-rcbpalesrhocvocihnsiatorniibtafuobtriloeinccotonmtrheibetuaTtxriieopsnAodtfov$its2hoemr CTilrhliaporAnitdavnbisdleo$rF1oCuhmnaidrlliiatoatniboldneuwFroihnuigcnhtdhwaetaitoshnsrewtethlmeicdhoniwnthacsomesenptdtaelnedydMsintoacrcockhma3np1ad,n2tyh0s1et6orecafknoadrenJduexntcheleu3rd0ee,fod2r0feo1er6xn,croleunsd-pGedAcAtfioPvrepnlyuo.rnpA-oGseAasA,rPeosfpuwultrh,pinocehset$si6n. cmTohmililsieoanimnwcoruaesnataseacdclsro$u2eindmcrliualldtiaoebnslycahndadurri$tin1agbmltehilcleionitndreiubruintigonthsetoththreeTmripoAndthvsiseonrdCehdaMritaarbchle3F1o,u2n0d1a6tiaonndof J(wm(2uho)ninDRectehe3hp0$sr,6e2csnm0eida1nielt6ltiidoso,nranSe.e$wsIpnp6atc7eslcumatdicbvieclelsriorluyin3e.t0dne,or2nan0ta-a1clba5ulsyuhendcsduhoerafirtnrwGigtaAtrbhAelePeancwnoidnitnehwtrmetihboeusnititineohtnsdenetovntiedotlhenoedpomTSfreseipepntAtetdlaminvmibgsoeoinrt3iCcz0ahas,ath2iroi0atn1an.5bdl(etahFpeopnuronrexdciamlatiasostneifliwyedh$i2achsmnwilolainos-nGseAptAetrlPeqduianrrintceogrmQ) up4na2dn0ey1rs5GtotAcoAkrPaenwfldeitcththtehrefinonortenn-ectxaicoslnhudonefadstueftroterlionfogtnihn-eGcAfaisnAhaPlapsneudtrtptlheoemsenesrn.etTc.lhaissaifmieoduanstnaolsno-GinAclAuPdedsucrihnagrtQit4ab2l0e1c5otnotriebfuleticotntshteontohne-cTarisphAndavtisuorer oCfhtahreitafibnlaelFsoeuttnledmateionnt.of which $6 million was accrued ratably during the nine months ended September 30, 2015 (approximately $2 million per quarter) under GAAP with the intention of settling in cash and then reclassified as non -GAAP during Q4 2015 to reflect the non-cash nature of the final settlement.
(23)DIRnecpluredcseeisantctihosanar.i$tIna6bc7luemdcielolsinoitnrtinbeuorntnia-oclnaussheteocshtohaftetrwitTarrbirpeleAadcnovdinswtorreibCbushsitiatiteoreintdaetebovletlhloFoeopumTmrneiedpnaAttdaiaovmnisowrrthtiCizizchaahattiriwoitnana.s.bfleunFdoeudndinatciaosnhwohf i$c8h mwiallsiosnetatnleddaincccroumedparnaytasbtloyc(kaapnpdrotxhiemraetfoelrye$e2xcmluildlieodnfpoerrnqouna-rGteArA)Pdupruinrpgotshees.yeTahriseanmdionugnDt eaclseominbcelru3d1e,s2c0h1a4ri,twabhliechcownatrsibnuotioenxcsltuodtehdefToripnAodn-vGisAoAr PC phuarpitoasbeles.Foundation of w(3h) iDchep$r6ecmiailtliion.wInacsluadcecsruinetdernataal bulsyedsuorfitnwgatrheeanidnewmebosni tehsdevnedleodpmSeepntteammboert3iz0a,t2io0n1.5 (approximately $2 million per quarter) under GAAP with the intention of settling in cash and then reclassified as non -GAAP during Q4 2015 to reflect the non-cash nature of the final settlement.
(4)Adjusted EBITDA. DAenfoine-dGAasAPnemt einacsoumreew(lhoiscsh)ipsldues:fi(ni)epdraosvinseiotninfcoormineco(lmoses)tapxleus;: (ii))portohveisriionncofomrein(ceoxmpeentsaex),ens;e(ti;i)(ioiit)hdeerpinreccoimateio(nexopfepnrospee),rntyeta;n(diiie) qdueipprmeceianti,oincoluf dpirnogpearmtyoartnizdaetiqounipomf ienntet,rinaclludseinsgoafmtwoarrteizantidonwoefbisniterdneavl eulsoepsmoeftnwta;(riev)aanmdowretibzasittieondeovfeinlotpanmgeibnlte; a(isvs)eatsm; o(vr)tisztaotciokn-(b(do34eaf)svinIDentdelcaoplncpurogmedmicebeisplanetcetiahn;osa(snisrav.eit)tItinaoasbc;mnl(uevaod)ncretosdistznoaitnctrtkhtiobe-ebnurrnatosiasotfeloniduncssktceta-osnsmetogthpiftbtelewlneTdasraroaipsetbsAilaoeidgntnvsad;aitsiwn(ovdren) bCsos;tshtoi(hatvcerik)irtd-gasbeotbavolsecedlkodFw-opsicelumol,tnmteldolnepantdetgaino-mlsbniavloiwtegridotahintziaciaoshatsniewosdtn;aao(.svntifh)duegnirnodstoeatdonwcginkilb-lsc,lealotsathnlsegsod-eflito$vibe8mdlimpgaisltilsrioemontnesaan;nnt(dsvd;ii)angcntoacdronu(dgveiwibdi)lielorl,atalhtosaesnbergltny-ilom(ivanep-drapeirarcomsuxsreiermntintagstn;edalxynipnd$et2a(nvnmsieig)isilbolialotenhndeapsrisnenercotoqnimum-areper.taceuiTrrhm)reidensungerteisntx;egpamtenhsndesa(ervyseiei)aenorxdtcehlnuiendrcieondmgonfDer-o.ermceTechmoueurbsrreienArigtd3ej1umx,sps2te0and1rse4Ee,eBswx.ITchDluicAdhemwdeafarssonumoretobeuxercAlaududjsuesdtehfodersEneBoiItnTe-DmGAAsmAaPreeapnsuuorrpneocabsesehsc.ainusneathurees,eoirtems bareecanuosnecathshe ainmnoautnutreis, onrobt edcraivuesnebthyecoarmeoupnetraistinogtrdersiuvletns abnydcorerendoepresrcaotimngparerisuolnts awnidthrepnridoerrpsecroiomdpsalerissomnsewanitihngpfruiol.rApdejruiostdesdleEsBsITmDeAanisinogufruls.egAmdjeunstepdroEfBitITmDeAaisuoruerasnedgma keenyt pmreoafistumreeuasuerdebaynoduar kmeaynmageeamsuerentuasned boyaorudromf adniraegcetomresntot aunnddbeorsatradndofadnidreecvtoalrusateo tuhnedoeprsetraantdinagnd(p(e545ve)arAIAflnuodcarjjulmutusestdatetenedhscdeEecEBohoBIpaTfIDreToirDAtuaAMrtbi.blnaeDugregcspoifnienerbtefsryodsibSraemunsgtadminoneoenctnsetit.nwoDcfhoetoihfmcuienhreTibdn(rluitoapessAirsnSnd)eavpgslimslsbuoaeusrn:dCdt(gihA)eoadptnrsjruiowtasavnthbeidsidlcieofhEoFnBironIefTuotcDenraArdsintadasctilvoiaoibmdrnueedwbgtabhaesyixtceSsehdesawg;anm(nadiides)fnofoaturtpRnehpedcervaeroesdivntnesiucndeao.crmeIanesbhpa(aeosrxeftpdi$ce8aunnlmsaderi),lal,tiponhpnertaoe; nxv(icdeiild)ua.dscIicenorpnuproeadfrctciarceaturitloanbrin,loytefh(xpeaprpeopxnrcesolreuxtsiymiionaanctdoaelflecycqu$elua2ritpmainminigleleiAnoxdtnp,jueipnsnectsreleuqdsduEianBrgIctTeaDrlmc)AuodlcuratrtiniznapgtritAohvdneijdouyefsetiaeanrdtuesErenBnfdIauTilnDumgAseDecaeassconuefrptmewrbofaoevrriredp3eae1nar,di2ouw0dse1e-f4tbuo,sl-wipmteheeirdcaioehsdvuwercelaosmfponmproapetrneisrtxoi;co(nliduvs)d-otaeofmd-opofueorrtricoznoadortencio-obGnmuAospAfianPirneiptsauso.nrnApgsoicbocslfoeorsad.usirnscegotlysr;,e(wvbe)ustinoeckss-. bAbaeccslieoedrvdecinothgmalypt,eAwndesjaubtsietoelinedvaEenBdtIhToDatthAAepdrrjsoutvsoitcdeked-sEeuBtstIelTefDduAloipnbrfliogrvamitdiaoetnsiosu;ns(evtfoi)uiglnoinvoefdoswtromirllas,tlaionndgto-oltivhinevdresasistnsoeurtsnadanedrsiotnattnhadenirgnsigbinlaenuadnsdseevrtaslitumaanptdainirngmgoeaunrtdos;peaevnaradluti(anvtgini)rgeosotuhulertsroinpnoetnrha-erteinscagumrereisnumgltaesnxipnetnrhsaeessoaaumnrdemminacanonamngemr. aeTsnhoteuasrenmditeabnmoasgradermoefeednxitcrlaeuncdtdeobdrsofaronrdmdoaofluldoriwrAesdcftjouorsrtsaenadnoEdthBaeITlrloDuwAsesmffuoelracsaounmroepthabreirscoauunsesoeffutolhuceorsmepeiptraefromirssmoanarnoecfneoouwnrictpahesohrfuoinrrmhniasatnuocreic,waolirth (bro(65eue)scruUAahlduntisjsiuqtefosurtorehimcdeVaiElapsrBmirteiIoTsoruDuslp.nAteTst.rofAiisrtoandmlostn.trpa-dGrfrifoAivcrAegpPnreombrwiyeotacdhos,u.roerreogwpreohrwicahthinisigndrmefsoiunnletdshlaynsvdniserietsninfdrceoormsmceuon(mlioqpsuase)rivpsiolsunitsso: wr(si)i,tpihsroprevrifiosleirocpntievfreoiorodifnsocluoermssoemvteearaxaenllsibn; rg(aifiun) ldo. tgAhredorjwuinstthce.odAmEdeBdI(iTteiDxoApneaisnllsyoe,u)wr, ensetgtr;am(ciekiin)atdnpedrpoarnfeiatclimyazteieoasnsuobrfe-spaerngopdmeaerntkytesayonmfdoeeuaqsrutirpaemfufeiscneatd,nibdnycthloueudirinmcgoaarnrmealgoaerttmiiozenanttitoanrneodvfebinoutaerdngeaonlfuedsriearetsicotnfotrwsatroeuandewrsetabnsidteadnedvevloaplumatentth;e(iovp) earmatoirntgization aponfedrinfoutartminligzaienbcldeaatoasfsroeeutgsra; br(vdu)isnsingtoehcsokst-aebnladsheodnpcpwoemhrispchaesninsaatektieronynailnabndudicdaogteohtresorafsntrdoecvfkeo-nrseuecetatgsletrsdowaorbtehlib.gastieodnas;n(dvia)pgporoodvwedill.,Ilnonpga-rltiivceudlaars,stehteaenxdcliunstiaonngoibf lceeartsasient eimxpeanirsmeseintsc;aalcnudla(tviini)goAtdhjeursnteodnE-rBeIcTuDrArincganexppreonvisdees anudseinfuclomea. suThre sfoeritpeemrisodar-etoe-xpceluridoeddcformompaoriusronAsdjoufsoteudr cEoBrIeTDbAusmineassu. rAeccboercdaiunsgelyt,hweese items ab(5re)eliIAendvocjeonumctshateasdhtTaAEinxBdInEjTufaDsftetAuecrtdMeo,EafoBrNrIgTobiDneA-bcGaypAurSsAoeePvgitmdAhedesjnuautsm.stDemofeuefnlintitnesisf.doTnarhomsetSadnetroigoinvmne-GentonAbtAiynAPvcdeoajusdrtesjoutoerssptdmeaErneBadnItTitonsDtgdhAreedsrsiscvuriinldbtseudadnndbadeyrerSsertneagdpnmeoderinsntegtcdoRamonenvdpeaenrvpuiasreoleu.n-atsatiwxngbitahosupisr.ioTphrepreianrticionodgmsrleesstuaslxtmseeifnafentchitnegosfnuamnl.oeAnmd-GjuaAnsAtnePedraEadBsjuIoTsDutmrAmeisnaotnsuawrgesaemsgcemanlectnuatlnapdtreobdfoibtaarmsdeodafsodunirretehcaetnodirnsadaikvneidyuamalleoiamwsspurafoecrtuatshneaodttbhthyeerosuesreimtfeuamlncsaoghmeapmdaeorninstoanunrodGfboAouAarPrpdceornfosdorimrliedacanttoceerdswitnoitchoumnodueertrhasitxsatenoxdrpicaeanldse (fer7oev)rsauHtluhlotaesttefperleotSrhmhieodposrpieoperseap.steTeinrhnigeotepdtdes.rmfor"mhoanteclesohfoopuprerbsu"srinefeesrssatnodvoisnitowrhsiwchhiontveiernwaelbituhdegreatlsisatnindgfofrehcoatsetls ainreabcaitsyedoraandspaepcpifriocvheodt.eIlnppaagreti.cuTlhaer,ntuhme ebexrcloufsihoonteolfscheorptapienresxtpeenndsetsoinvacraylcbualsaetidnognAdsejuastoendaEliBtyIToDfAthceantrapvroevl inddeuasutrsyeafunldmgeanseurrael for period -to-period comparisons of our core business. eA(6c)ocNonrodnmi-nGicgAlcyAo,PnwdNeitebitoeInlnisec,voaemstewh.aeDtlleAafdsinjouetsdhteaedsr GfEaBAcIAtToPDrsAnoepturtionsvicdiodemeosefueosxuecrfluclodinintfgoro,rnml.eaTttoiotfantlhtaoevieirnrvaeeglasetoemdrostnatnxhdelyfofutehnceitqsrus: (ei1nh)uosntoedcleksr-hsbtoapsnpededinrcsgofamonrpdtehenevsaqaltuiaoarntineergxiopsuetrnhseoepseaurnmadtoionftghthreerssmutlotscnkitn-hslteyhtaetlvesedarmaogbeelmiguantniiqonuneesr;ah(so2to)eualmrsmhooratpnipzaaegtreisomnineonaftgianivnteadnbgpoibealreidoados.fsedtisre; c(3to) rcseartnadinagllaoiwns,florssaenso,tahnedr uostheefurlecxopmenpsaersistohnaot fwoeudropenroftorbmelaienvce awreith o(in6ud)riNIcnhaocistnoitv-moGereAiocATafaPloxruNeErsefuotfelnItcngstcoforinofmgmNeo.pnpDre-eiGorfaArintApienePdgrAiarodsedjsGusu.AsltAmsP;e(n4ne)tstg.ionTohcdoewmnieoll,n(l-oGnsAsg)A-lePivxeacdlujaudsinstemgt,sennaetntsdodfientsthcaernibrgierbedlleataresdsreettapixmoerptfefaedircmotsne(nwathpsiracehn-tdae(x5cb)luaosdtihes.seTrthneoninm-crpoeamccuterortifanxsgiegenfxfipefiecctnaosnentscnahonandn-gGineAcsAormPesaeud.ltWjuinsegtmbfreolnimetvsteawnxaolsencg-aiGslclAauAtliaoPtnendesutbcianhsceaosdmtoheneist2ha0en1i7onpdTeiavrxiadAtuicnatgl):ipme(1prf)aocsrtmotchakan-tbcetahsmesdeeacsiotuemrmepswenhsaiacdhtiopnroevuxirpdGensAsiAnePvaecnsodtnoosrtoshlaiednradstteaodncaiknl-ycssoetmtstlwedittahoxbuelsxiegpafeutnilosnes;(sf(82ou)rpRatpehmlveeompnruteienrziatpoatedilrosiHnpfoorotefersmlienSanthatoinepodgpn.iebarl.beRoaeusvtseetnhtuse; f(pi3ne)raghnocotiaedlwsphielolr,pfiopnretmraniasgnoicbuerleoparfismosueartrysb,puaesnrinfdoerosmtsh,aenarcseliotmnineg-ctlroiivcre.pIdotriasasdtsestiogimnuerpduatniroamuedeniatsesud;raecnohdnowd(4ee)nfcfsecrdtiacvioenlnygsawoienlidsma, toloensdestseiztsae,toaenrmcdoeontvtheoerftronhpoetner-larstehicounprspr,ientragskiintcgooirmnetveoeonaurcece.oxupRnevtnesdneuspetrhepaecitrahwtoieotnedl,oswhnhoopictphbemreliisaencvaelgcauerlmaetei nddtbibcyeadtliivevivedeionsgfisotouatnralongoiingocpoestraotfindgoirnegsublut s.inWeses,bebluietveexcnlound-iGngAAthPenimetpact ofT(icn6erci)rpotIAnamdicnveoimesisoxerpa-TebnarnoaxsnpeEdesfe,rfdaeintciftlnricoegkfqp-Nubeaeorsnfneot-dlrGymaAonaAcdncPtcurAearrdnmisjnuaegscatismtiouenemrenrsetwsva.ehnTnidchuheitpebnmryotnsvh-ineGdoetAotsAtdiaPnilrvaueedncsitjqutlyousretsmiemaedonnntdtotshatdlnhyeaehslyocsrtoteibrsleswhdoioptapherperueasrteseiofpfuonolrsrstouhefepdopouleenrmiboauedp.nsritena-etl sainsxefbosa,rmasinsa.dtTiaohlnseoainebncooaumbtltehsetacfxoinmeafpnfeaccriatislopnenrofofonfrim-nGaAnAciPealaordfejosuuslrttmsbubesneitnwsewessea,nsacpsaeiltrciuonldcaosterwpdhoberarsteecsdeorutnaritnuhneitaeiunmdisitvemidaucyaolvniamdreypnainscedtdethpcaoetntdshoeelnisdteaotifteebdmusstianhteaesdmsoepnetrofouofrmoGpaAenArcaPetc.ionss,otlaidkaintgedinintocoamcceoutanxt expense f(d7oe)rpNtrheoecni-paGetiAroiAonPd, wsNpheritceIhsnecmnoatmendea.gDemefei netdbaeslieGvAeAsPisnaent oinncgoominegecxocslut doifndgo, inegtboufstihneisrsr,eblauteedxctaluxdeinffgecthtse: (im1)psatcotcko-fbcaesretdaicnoemxpenseasti,oinfreexqpueennstelyaoncdcoutrhrienrgsitoecmk-ssaenttdleitdeombslingaotiodnirse;c(t2ly) atimedorttoiztahteiocnooref ionpteanragtiibolnesaossfeotusr; (b3u)scineretsasiensg, ainds,allossosens,aabnledsoctohmerpeaxripseonsoefs ftihnatnwciealdroesnuoltsbbeelitewveeanre(pin97ed)riIDicnoaicdlutositvmewedehoNeTfaroexnuc-ErGefofrAetnAacgtiPonoiEniftPgeNSmo.npsDe-mGerfaAaitnyAienPvdgaAradyesjsiununsoldtnmes-;pGe(e4nAn)tAdsgP.eoTnohtedeotwfninibollc,unols-omGinAegA-sdlsPiivpeaidedrejfaudosrsbtmemytasGenaActnAesdP.diednsitlcaurntiebgdiebdslehaabrsoesvese.tWiamrepbareirplmioeevrtneetndsoaon-dGa(Ap5A)rePo-tEthaPexSrbinsaosuinse.-rfTeuhcleutoirnricnovgmeesextoptaersxnbseefsfceacuntsdoefinitncoroenmp-rGee.AsWeAnPetasb,deojluinesvtamepneeonrnts-hGraeArpeArePbsanesenistt,siontuchoremudneifafiusedraeintneocdepceboreanttdwineegnespneedGrfAcooArnmPsaonlidcdeaNtmeodnea-sGstuaAtrAePmwehnicthopf roopveidraetsioi nvse, statokrinsganindtoanaacclyosutsntwditehpuresceifautlion, iw(sn7uhc)poiNpcmholenewm-tGeaAnxbAteaPlxilepiNnveefnotsirsIemn.acanoNtmoioneng-.GaoDbiAenoAfguiPncteoitndshcteaoosmffiGnedAaotnAaincPxigaenlbxepupteseirinfcoseoersmsis,eacnsoecmxweceploulufldtaoiensudgro,otbnhnuesntrionointefes-tmGsh,AesaiAwsrPrihtepiilcrnahetce-oatdraepxtoaninxroacetofeamfsleloeoctcu(saGr:tAu(e1nAd)aPtsuotpdortciehtke-e-tdbaoaxcpsoienrdcdaotceimonmsgeepbadeudcnsjouisnsaetstseiosodlenidsfaoestrxuepncdehonsnats-aseGtieAanmnAtedPernoeatstdhtojuefsrxotpsmpteeoenrcnsaket-si,so)einattsntel,dertdeaeskxoticnbilnugligcdinoaetmsoiodeani,scsicn;ro(ce2uot)nemattemadxteoaprixtreiezmscaiatsain.otdinofno,frwienihgtiancnhegmxibcahlenaangsgseemtgsea;nin(t3sb)oecrelilreotvasesinsesigs,abainunsto,enloxgcsolsuiendsgi,nacgonstdhtoeotfehdfeforeicentxgspboeufncsseienrsetastihsn,aetbxuwpteendxsocelunsdonitonbtgedtlhireevciemtlayprteaicetdof i(ctn7oed)rttiNhcaaeointnciv-eoGexrAepoAefonPopsueDersial,outintinoegfndroesiEnqoPgufSeo. npuDterleyrbfaouitncsienicndguerasresinsenugsol.tintDse-;uGm(r4Ais)nAagPnotndohedeitwseienimlclc,solnonmdnoegtq-dluiivavreirdtdcetarldysosbtfeiye2tsGd0aA1tno6Ad,PtthihdneeitlacuContoergemdibopslehpaaeanrsyeasbestei.togWinmasenpobcafaeirollmciueurevlanebttunisnsoaignnne-dGoss(nA5e-A)sGP,oAatEAnhPPdeSrnainslesotuonsiene-ncrfaeuobclmutleoersripincneovgremedsxptilopauertsinesbsdoenschoaaufnrsfdeienuinaitsncirnoceigmpaGlreer.AesWAesunPelttdsbs,ielbouleinteetvwadeepsneheonarnrspe-heGsarAdrioeAedtPbesanrwsmeihsti,neionreeucdorcumeunrnedtaeiusirndatinhteodmptrceseormanstdauinyergnyvsapsetreodyrcficnokordmnmesepaotenlhincdoedadetm.enAdetllaoshstfiuasbtrouermswiicneahelnispctsheorppfioerodropfsvoehirdramaevtseaionibncevsee,.nstatcokorinnsfgoarnimndteoadnataoccltyohsuetsnctwurdirtehpnutrescceailfacuutliloatnio,n(10)Additional Restricted Stock Units. Includes all weighted average shares relating to RSUs for Non-GAAP diluted shares outstanding, which is inconsistent with the treasury stock method under GAAP.
mswuheptipchhloedwm.eTehnbitesalcilehinvaefnogirsemadanitdoionnogaotbihnoaguvcteotashtmeofafintdeaorniancligaelbfpfuescritnfoersnmso,aunsrcwpereoelfvl iaosurostlbyhuerserinpiteoesrmste,sadwsnihotinicnh-cGoaAreApoPnronatetetaslilnoccuoarmtueendaptueodrtidhteieludotcpeodenrsdahteainrsgeebcdauclscoiunleasotsileoidsnastueincdhpsartiasotiernmpteerneiotsdtosef.xoppeenrsaeti,ointse, rteasktiningcinotmoea,cicnocuonmtedteapxresciaantdiofno,rweihginchemxcahnaangemgeanintsboerlileovsessesis, bauntoenxgcoluindgincgostht eofedffoeicntgs boufcseinretasisn, ebxuptenxscelusdniontgdthirecimtlyptaicetdof ct(8oe)rttDhaieilnucteoexrdepNeonopsne-rGsa,AtiinAofnPresEqoPufSeo. nuDtrleybfouincseicnduerasrsinengso.intDe-uGmrAisnAagPntndheitseienmcsonmdoetqduiavreirdtcetrldyobtfiye2Gd0A1to6A,PtthhdeeilcuCotoeremdopshpaaenryeabstei.ogWnasenobcfaeollciueurvlaebtuninsoignne-GossnAe-AsGP,AaEAnPPdSnaislestuosienencfauoblmtleoesipnceovremdsptiloaurtsiesbdoenschoaaufrsfeienuaitsnirnceigpaGlrerAesAesunPlttdss,ilbouentetwadepsehenar rspehesardrioedtbesarwsmihsi,neoreeudrcueunrndtaeuirndtihtedmtrcseomansdauyernyvsasetrodycicnkodmnesepotelhindodadet.enAdtlloshtfaisbttueomsriinceeanlstspoepfreoiropfdoesrmahtaivonencseb,.eteankicnognifnotromaecdcotuontthdeecpurrerecination, (11)Foreign Exchange Impact. Calculated on a constant currency basis, by excluding the effects of foreign exchange by translating actual revenue or expense s for the current reporting period ended using the prior year reporting period w(c8ah)lciUcuhnlaiwqtiueoenbVemilsieitvoherosid.s.TaTonhtaioslnctgrhoaafinfigcecgodrosidtwonthfo,dtohriangvgreobawumsthinaitenesrsmi,aoalsnetfwfhelyclltvaoisniotostuhfreorpmriteeuvmnioisquwusleyhivrceihspitaorretse,ndiosntroaenlflloe-GcatAitvAeePdontfoeotuhinrecoovpmeereraalplteibnrrgadnbildutsgeirndoeswsshteahsr.esAucdcadhlcitauisolanintaitolelnyr,sewsinteeptxrpiaoecrknpsaenr,dioinadtnse.arelyszteinscuobm-se,gimnceonmtseotfaoxuerstarnadffifcoarenidgntheexirchcaonrrgeelagtaioinstorrleovsesnesu,ebguetneexrcaltuidoingantdheuetiflifzeectdsaotafcreergtairndienxgpheontselssnhotpdpierersctalys atiekdey average exchange rates for settlement currencies other than the U.S. dollar.
(tin8od)tiDhcaielutcotoerrdoefNoropenve-erGanAtuiAoenPgsrEoPwfSo.thuD.rebfuinseindeassenso.nD-uGrAinAgPtnhetsienconmdeqduiavirdterdobfy2G0A16A,PthdeiluCtoemd pshaanryebse. gWaen bcaellcieuvlaetninognn-GonA-AGPAEAPPSnisetusinecfuolmtoe ipnevredstilourtsebdeschaaurseeuitsirnegpGreAsAenPtds,ilountead pshear rsehsadre tbearsmisi,noeudruunndaeurdtihtedtrceoansduernysetodcckomnseotlhidoadt.eAdllshtaistteomriceanltpoefroiopdesrahtaivoensb,eteankicnognifnotromaecdcotuontthdeecpurrerecination, w(c8ah)lciFcuohlraewtigeonbEemxliecethvhaeonidgs.eaTnIhmiospncaghcoati.nCgaeclcodusidtlaontefodt ohoianvgaebcauomsnisnatteaesnrsti,acaluserfwrf enclltcayosnboaotsuhisrebrpyriteevxmicosluwsdlyhinirgcehtphaoereteenfdfoentcotasnllo-GfcafAotAerePdigntnoetethixnecchoapmnegereaptoeinrgdrebilvuetsneinudesshaeansrdesuecxcaphlceaunslsaientsitoebnrysetsirntaepnxrspiloaertnipnseger,aioicndttusea.rlersetvienncoume aen, idnecoxpmeenstaexsefsoranthdefocurerrigennetxycehaarntgheregeaimnsonotrhlossesnedse, bdutseinxgcltuhdeinpgritohrepefrfieocdtsexocfhcaenrtgaeinraetxepse. nWsesbneolitedveirethctislyistiaed*:Year to date totals reflect data as reported and is not necessarily a summation of the quarterly data.
tu(9os)etHfhuoeltcmeolerSeahsouprpeertarhsta.iotTnfhasecoitlfeitoramuter"sbhmuosatienleasghseeomsp.epDneutr'srsi"ninrgettfeherrensastleocovminsdiptoaqrusisawortnheotroovoifeu2wr01he6ist,httoehrreicaaCloispmteinprfgaonorymfbhaeongtcaeenlsbcienaclcauclsiatetyiinotgrenxacoslnup-deGecAisfAitchPhenoetfetfleinpccatsogmoef.efTophreerigndnuilumcutberedrresnohcfayhroevotuelaslitsnihlgiotyGpAptheAarPts ditseilnuodtetsditnosdhvicaaretyisvbedaesoetfedormounrincseoedraesuonnpdaelrirtaythionefgtrheesautsrulatrsvy.esltioncdkusmtreythaond.gAellnheirsatol ericoanl opmericodcosnhdaivteiobnes,eanscwonelfloarsmoetdhetor tfhaectcourrsreonutside c(o9af)locFuolrraectoigonntrEmoxlec.thhTaondtga.elTaIhmviesprcahcgate.nCmgaeolcdnuitdlhanltyeoudtnhoiaqnvuaeecahomontsaettlaesnrhtiaoclpueprfreferncstcfyornbtaohsueisrqbpuyraeervxtiecolruisdslyitnhrgetphsouermteefodfefnctothsneo-mGf fAonAretPhignlyneatevixneccrhaoagmnegeuepnoeinqrudreilvuhetonetudeelsshahanordpepecexaprlsceuinlsaaetsigobinvysetnirnappnersrilioaortdipn.egraiocdtusa. l revenue and expenses for the curre nt year three months ended using the prior period exchange rates. We believe this is a u(9s)eFfurelemCeashurFelotwha. tAfnacoinli-tGatAeAsPmmaneagsuermeewnht'ischinitsedrneafilnceodmapsanreistocnatsoh opurorvhidisetodrbicyaol perfaotirnmgaanccteivbiteiecsaulesses ictaepxictalul deexps ethnedietuffrecst,swohf ifcohreairgenpcurcrheansceysvoflaptriolitpyetrhtyatanisdneoqtuinipdmiceantitv,einocfluodurincgocreapoiptaelrizaattiniognreosfuinlttse.rnal-use software development costs. We believe this financial measure can (p91r)0o)FvoRidreevieugnseuEfeuxpclhesuarpnHgpoelteeIml Sephnaotcpatpl.ieCnraf.olcRrumelvaettenioduneotnpoeahrceholopntsientlavsnehtsotcpouprrserebr neiscttoyeubrraupsnirsdimbeyrasretyaxcpnledurdufoinrdgmetrahlnyecinegfmfetrecetnsridocs.fIiftnoirsoeudigrensbieugxnscienhdeastnsog,emasoeinatsruervperenhsuoewntaesnftdfheecxtoipvpeenlrysaewtsienbgmyctoarnsahentsfilzoaetwiontrghcaoctntouvuearltroehpvoertnaeutliesnhgaonbpdupseixnrpseeisnstesoessrgefovnerentrhuaete.c,RulerrvsesncnuatpeyieptaelrrethxhoprteenldmsihtounprtephsesbreuinstdcbaeeldcfourlsaeitntegadktibhnyegdpinirvitoiodrianpcgecrotioutdnatleoTxrtcihpeaAnrdgcveaisrohartm-ebsor.vaWenmde ebdnetclisleictvhke-abthaaissreidsnaontd(tud1risar0en)fcsuItanllcymthtieoieandtshruteirorvedetthqnheuaaectrofbtareyecritolohitpfeae2tre0oas1ta6imol,natnsvheaeorgfCaeogomuemreupnbnatuin'qsyuiinnetamsersrloeynnsa,tldshcuoloycpmhteopadtaserAfliiscnsochanonuptcnoipnteoignrusagrcfShottiirvasitntohideraiscpr,adeflosrpriUoepdirgfd.onaretmexac(h"nAaceSnUgbe"e)oc2ar0uc1see6r-t0iat9ien,xCicnoluvmedpsetesintgshaeatcietoifvnfeit-cietSsst.oFfcrfkeoCereoCimgansphecunFlrsoraewtniohcnyas(vTcooelaprticiali7tny1l8itmh):aitIamitsiponrnostvieinmdtehicnattsivtteodoEefmsopunlrotycoererepSrohepasererna-tBttianhsge rdteoPstuayltmisn.cernetaAseccorudneticnrge,awsehinchtheelimcainshatbeaslathnecerefoqruitrheempeenrtiotdo,rneocrladsosiefys ietxrceepsrsetsaexnt the bresnideufiatsl craeslahtefldowtofsotrodckis-cbraesteiodncaormy epxepnesnadtiiotnurferos.mThoeprerfaotrien,git oisfimnapnocritnagnatcttoiveitviealsuianttehFerecoenCdaesnhsFeldowcoanlsoonligdwatiethd tshtaetuemnaeundtitoefdccaosnhdfelonwsesd. cTohnesorelitdraotsepdecstiavte mapepnlitcsaotifocnastoh pflroiwors.periods resulted in an increase in cash flows provided by operating activitie s and a corresponding increase i(n110c)aIsnhctofhlmoewethsTiuardsxeqEduffiaenrctfteinorafonNfco2in0g-1G6aAc,tAtihvPeitAiCedosjumrseptfmalenecyntetesda.raTlysheoadfnoJoapnt-ueGadArAyAcP1c,oa2du0jnu1ts4int.mgIneSntaatdnsdditaeirosdcnsr,iUbthepidsarteresu(r"letApeSdoUrit"ne)ad2n0o1in6ca-0rpe9ra,esC-eotaimnxpfbreaenseissac.atTisohnef-lionSwctosom.ckeCtoaxmepfefencstaotino no(Tno-GpiAcA7P18a)d:juImstpmreonvtesmweanstscatolcuElmatpeldoybeaeseSdhaorne-tBhaesiend iPvaidyumaelnimt Apcacotuthnatitntgh,ewsheiicthemelsimhiandatoensothuer GreAqAuPirecomnesnotlitdoatredclianscsoifmy extcaexsesxtpaexnse b(f1oe0rn)tehTfehitesperCeroiloamtdpesdapntryoedsetoonectsekn-dbo.atsceadlccuolamtepeonrsraetpionrtfrnoemt inocpoemraetibnyg stoegfminaenct.ing activities in the condensed consolidated statement of c ash flows. The retrospective application to prior periods resulted in an increase in cash flows provided by operating activitie s and a corresponding increase i(n11c)aFshrefeloCwashusFelodwin. Dfienfai necdinagsancetitvictaieshs rperfolevcidt ed absy ofpJearnautianrgy a1c,t2iv0i1ti4e.s Ilnesasdcdaiptiiotanl, ethxpisernedsiutultreeds,inwahnicihncareapsuericnhfarseeescoafsphrfolopwerst.y and equipment, includ ing capitalization of internal-use software development costs. We believe this financial measure can provide useful supplemental i(n1f12o)rAFmodarjeutisogtnedtEoxEcBhhIeTalDpngAineMvIemasrptgoaircnstb.byCeaSttlecegurmluaetnenddte.roDsnteaafnincdoeundnsatdsaenSrtelygciunmrgertenrntecnAydbsjuaisnstiseodubryEbBeuIxTcsDilnuAedsdinsi,vgaidtsheiedt erbefyfpeSrcetsgsemonfetfsnotrhReeigvonepneuxrcaeht.iannggceaoshn frleovwenthuaet aonudr oepxpeerantsinesg byustirnaensslaetsinggenaecrtautael,rlevsesncuaepiatanldeexxppeenndsiteusrfeosrbtuhtebceufrorreenttaykeianrgtihnrteoeamccoonutnhtsoetnhdeerdcaushinmg othvempreionrtsptehraiotdareexcnhoatndgierercattleyst.ieWdetobethlievceotrheis is a (ou1ps1e)fruFalrtemioeneCasasosufhroeFultorhwbatu. sDfainecfeiilsnitseaedtse,assmuncaehntacsgaefsihmnapenrnoctiv'nsidgineatdcetbrinvyiatoliepcseo,rmfaotprianergiigsanocnetixvtcoithioeaunsrglehsiostrcoacrpeicritatallipneexirnpfvoeernmsdtiatnungrceaescb,tiewvcihtaiuechse.aFirtreeepxucClraucsdhheasFeltoshweohfepaffsreocpetsertroatfyinfaolnrimediigetnaqtuciouipnrmrseeinncty,hvianotclilatutdiloiitneygstchnaoptiitrsaenlpizoraettsiienondnticotafhtieinvteoeotranflaoilnu-ucrsrceoasrsoeefotowpreadreaectdirnegavserelosipunmltshe.entcacsohstbs.aWlanecbeefloiervtehethpiserfinoadn, ncioarl mdoeeassuitrreecparnespernotvtidhe ruesseifduulaslucpapslhemfloewntfaolr i(dn1isf2oc)rUemtnaioiqtniuoaenryVtoiesxihtpoeelrpns.dinTitovuetraseltsot.rTashfbfeiecrtegtferorrwuent,hidt,eiosrrsitmgarnpodowruthnandintetrmolyoienvgtahtlulryeanvteidssiFtrisneferoouCmrasbuhunsFiiqlnouewessav,ilsoaisntogitrwsr,eiitpshrretehsfelenucttnsivatehuedoifoteopduercaotnvinedgreacnlalssbehdrafcnlodwngsrtoholaiwdtatotheu.drAosdtpdaeitreiaomtnienanglltybs,uowsfiencaetrsahscefksloagwnedsn.earnaatley,zlessubca-speitgaml exnptesnodf ioturetsrabfufitcbaenfdortehetairkcinogrrienltaotiaocncotounretvoetnhueer cgaesnhemraotivoenmaenndtsutihliazteadraetanoret gdairdecintlgyhtoietdeltsohtohpepceorrseas a o(k1ep3ye)riFnartdeiioecnaCstaosrfhoFfulrorewbvue. nsDiuneefeisngsereodsw,astshun.cehtacsafsihnapnrocivnidgeadctbivyitoiepse,rfaotrinegigancetixvcithieans glesos rcacperitalinexinpveensdtitnugreasc,tiwvihtiechs.aFrre epuCracshhasFeloswohf pasrocpeertratyinalnimd ietaqtuioipnms einnt,hiantciltudoinegs cnaoptitraelpizraetsieontotfhientoetranlailn-ucsreassoeftowradrecdreavseeloipnmtheentcacsohstbs.aWlanecbeefloiervtehethpiserfinoadn, ncioarl mdoeeassuitrreecparnespernotvtidhe ruesseifduulaslucpapslhemfloewntfaolr di(n1isf2oc)rTemhtaieotniCoaonrmytopeaxhnpeyelpnddionietvusernsetosot.rTcsahbleceruteltafeotrerueon,ridtreeisrpsitomarnpt donreuttnaindntectroolmyienevgabtlyuresaentegdmsFrieneneot.uCrasbhusFilnoewssa,loasngitwreitphrethsenutns athuediotepdercaotnindgecnassehdfclownstohlaidtaoteudr ostpaetreamtienngtbsuosfincaeshsefslogwesn.erate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core o(1p3e)rHatoiotenlsSohfooppuerrbsu. sTihnestseersm,s"uhcohtealssfhinoapnpceinrsg"arcetfievritsietos,vfiosriteoigrsnwexhcohvainegweeoirthcertaaliinstiinvgeostfinhgotaecltsivinitiaesc.itFyroeer aCaspshecFilfoicwhhoatselcperatgaein.lTimheitnautimonbseirnotfhhaottiet ldsoheospnpoetrsretpenredssetnot vthareytboatasleidncorneaseseasoorndaelictryeoafsethientrhaeveclaisnhdbuasltarnycaenfdogretnherpael reicoodn,onmoricdcooensdititrioepnrse, saesnwtethlleasreostihdeuralfaccatsohrsflowutsfoidre (do1ifs23oc)ruATerhtdciejounCnsatotermodylpeE.axBTnpIoTyetDndaAdol iaeMtvusearneroagstg.ineTcahbmleycoruSenleaftogthemrleyoe,urnitnrtei.isqpDuiomeerfptihnonoeretdtteaalinstchStoeompgepmeveaberlynsutfsaoeAtregdmtjFhuresenteqetu.dCaErsBtheITrFDliosAwthdaeivloisdunemgdwobifythtShetehgme ueonathuRldeyivtaevndeurcaeog.neduenisqeudechoontseollisdhaotpepdesrtsaitnema eginvtesnopf ecarisohdf.lows.
(134)ARKUednyvjiuqeMsunteueetdVrpiEsceBistr.IoTWHrDsoe.AtTerMoel Stvahirelogwtpirnapafebfnryic.uSRmgeergbovmewernetohunf,eto.mpDregertrfrhioincowset,tdehinlasicsnhluSomdepigopnmnegtreuhninlsytiaqAvuikdseijtuyvssipftsreitodromfroEsrBu,mIhnTaoiDqntAueceledsvimhvisoiedipteorpdirces.br,sIyit,sSirsreedvgfemlensceiugtneinvtepeRdeoertvfoheoonmutureeola.svshueoraeplplhbeorw,aanendfdfgemrcotoiwvbetihlye. wAudseadmgiteoioanneadtlilzeyen, ogwreacgtoernamvceknrattnhmdoeattnerailclsysh,zoetopspueevbra-slueinagtmoeeroenuvtrsebnoufseoin.ueRrsetsrv,aemfnfiuecaeaspnuedrrethooeutirepcl eoshrfroeprlapmteiaornniscetco,ailrdceeuvnleatntifeuydetbrgeyendeisvriadtfiifnoegnctaiontgdalouTutriilpibzAuedsdivnaisetoassrr,-ebfgorarrmndduinelagdthceloibctuke-slbisnahesosespdppaenlradsnassaand kmtreaynkisenadsctitcriaoatneorgreiocvfedrneucviesinbouynest.hgWerothwoitlteahlt.ahveesreanguemunbieqrusearmeobnatsheldy hoontwelhsahtowppeebreslfieovrethtoe pberrioeads.onable estimates for the applicable period of measurement, there are inherent challenges in measuring usage and user engagement across our large user base around the world. For example, a (s1in4g)lUenpieqruseonVimsitaoyrsh.aTvoetmalutrltaifpfliec garcocowuthn,tsoor rgrborwowthseinthmeointhelrynveitsiotsnfmroumltiupnleiqbureowviseitrosros,risderevficlecst,ivsoemofeouusreorsvemrayll rbersatnrdictgroouwrathb.ilAitdydtiotiaocncaullrya,tewley itdraecnktiafyndthaenmalayzcerossusbv-iseitgsm, aenndtswoef aoruer ntroatffailcwaanyds tahbeleirtcoocrraepltautiroenutsoereinvfeonrumeagteionneorantiaolnl oafnoduurtpilliaztefodramtas.reAgsasrudcinhg, thoetecal slchuolaptpioenrs aosf aour k(a1ec5tyi)viKHneedouyitcseBealutrSoshrimnoopeafspyrseenrMvose.etnTtaruhciececsugt.rerWaortmweltry"hehr.voeietfelwelcsathtnohupempaebcretsu"raorlefnfmeurmestbtroiecrsv,oisifnitpcolerusodpwinlehgourvnioieqrwguaenivtizihsaeitroioarnsl,sishutoisntingeglosofhuhoropptpelealsrtsfion, aramncd.iOtryeuvorermnaeustepripeccesirfaihrceohtaoeltsleoslhapofafpegpceet.er,Tdthobeyenavuapmlpulbaicetaertoiofunhrsobttuhesalintsehasuospt,opmeerasatsitcuearnleldyoscutornpvtaeacryftoobrumarsaesndecroevn,eirdssefanostroifrnyeagtlruietlynarodfsutpahdffeaetcertasinvwgeliotihunrdnubosudtsrisynceaesnrsnd,ifbgoelernmueusraelalrteaecbotiunosonimnienicsvsocpolvlneadni,stiaonds,tmahsaiskwaeecsltltivraaisttyoetcghaicendrcefacucistieornossuo.ruWtshidile osthyfseotseuemrncutoomntcbroeourl.nstaTtroheteabluaasveerdrsaoagnseswomhcoianttewhdleywbuietnhliqesuvuechthooabtpepllrsicehaotspiopneasrbsalsefoaercstthiivme aqutuseaesrftsoeorntishttehheaepdspaulyimcoarobfdletahypesersmiuoocdnhotchfolmyntaeavacesturoargcecemuuernsn.itqA,utsheseuhrcoehtae, rltehsheioncphaeplrceeurnslatitncihoaanglloievfnesgnoempseienriomfdet.haesumrientgriucsapgre saenndteudsemr eayngbaegaefmfeecnttedacarsosasroeusurlltaorgfethuisearcbtiavsitey.arWouenrdegtuhlearwlyoreldv.ieFworaenxdamapylea,dajussint goluerupsreorcmesasyeshafovrecmalucultliaptleing our (imn1te5em)rHnboaeltremalceSchtoroiucpsnptesorsoi.mrTbphreowtvesremthteh"iehroiantcetcelursrnhaeoctpyo.pnOerumsr"umrleteifpaelsresubrteroosvwoisfietuorssresorwrgdrhoeowvvitcihewsa,nesdoitmuhseerruaselenisrgtsainmggeamoyferhenosttmreilcastyionduairffcaeibtryiflriotoyrmatoespastecicmuifaricatethesolpyteuidlbpelniastghiefyd.tbThhyeemthniarudcmrpobasesrrtvioeisfsihtosor,tafernlodsmhwosepimpaerilearsrnltyoe-tntaidtlswetdaoymsvaeartbyrilcebsatosoefcdoauoprntucsoremauspsoentraitilonitrfyosrodmfutaehtteiotndraoifvnfealrelilnnodcfueostuirnrypmalnaetdtfhogoremdnoesl.roaAglsyes.cuocnho,mthiec coalncduiltaiotinosn,sasofwoeullraascotitvheeursfearcstomrsayountostide oa(1cf6co)uuKrraetcyeoMlnyteretorflil.cescT.toWthaeel araevcvetirueawagleanmunmuomnbtebhrelyorfuopnfeimqouepetlreihcosr,teionlrcsglhauondpiznpagetiurosnfisoqruesthinveigsqiotuouarrspt,elharotiftsoetrlhmseh.osOupumpremorsfe,trhreiecvsemnaourenetaphlelsyorahavofeftereaclgtsehdoubpnypiqeaurp,epahlniocdatetmilooshnbsoilptehpuaetsrasaguientoamngdaivteicnaglplayegrceiomndte.ancttmouertrsicesr,vteorsefvoarluraetgeuolaurrubpudsaintessw, imthenasoudreiscoeurrnpibelrefoursmeranactei,oindeinvtiofylvterde,nadnsdatffheisctainctgivoiutyr cbaunscinaeussse, foourrmsuyslatteembtuosicnoeusnstpthlaenus saenrds ma(1sa5sok) ecTihastetreaCdtoewmgiiptchadnseuyccdishoioaenpsspn.loiWctahctailolecnutshlaetseeaocnrtuirvmepbuoesrretsrnsaerotenibntachoseemdeaoybnyowrsehdgamtyswesneutbc. helcieovnetatcotboeccruear s.oAnsabsuleches, tihmeactaelscufolarttiohne aopf psolimcaebloefpthereiomdeotfrimcseparseusrenmtendtm, tahyerbe aarfefeinctheedreanstacrheasluleltnogef sthinismacetaivsiutyri.nWg eusraegeulanrdlyuresevrieewngoaugrepmroecnetsascaronsdsmouayr ladrgjuesut sheorwbawse caarlocunladtethoeuwr oinrtledr.nFaol mr extarimcsptloe, a (ism1in6pg)rlReoevpveeertnshoueneirpmaecarcyuHhroatcveyel.SmOhuorlptmipelera.saRucecrveoesunonuftesuopsererbrgrhorowtweslethsthhaonepdipnuetsererisnr eatnkogeanygmpeemurlfetoinprtmlemabanrycoewdimsffeertrsrfiorcro. mdIteievsisdcteims,iagstnoeemsdpetuoubsmleisrehsaemsduarbyeyrhtehosiwtrrdiecptffaoeructtireiavseboliylritwfyroetomaoscinmceuitrlaiazrteleyol-ytriitcdloendnvtmeifryetthrhiocestmeolfascohruorpscpsoevmrispitines,toiatnoredrsvwedneuueaert.eoRndeoivftfeeanrluewenacpyessraibhnloemteteoltshchaoopdptopuloerergyius.scearlcinufloartmedabtiyondiovnidainllgotfootaulrTprliaptAfodrvmisos.rA-bsrsauncdhe,dthceliccka-lbcauslaetdioansdof our ta*rcatYnievsearcutsoioerdnsarmteevaetyonntuaoeltsbaryeccftluherecattdoeatlyatalraeavfslerceatpgtoehreutenadicqtauneadlmnisounmotbhtelnyrehocofetspeselaosrhpiloylepaopsreuormsrgfmoarnatitzihoaentipoenfrstihouedsi.qnugaoruterrplyladtfaotarm. .Our metrics are also affected by applications that automatically contact our servers for regular updates with no discernible user action involved, a nd this activity can cause our s*ysYteamr to dcoatuentotthaelsurseefrlescatsdsoactaiaatesdrewpiothrtseudcahnadpipslnicoatinoencseass arcitlyivae suusmerms oatniotnheodf athyeoqr udarytsersluycdhactoa.ntact occurs. As such, the calculation of some of the metrics presented may be affected as a result of this activity. We regularly review and may adjust our processes for calculating our (in1t7e)rKneaylmBuestirnicesstoMimetprircosv.eWtehereirvaiecwcuarancuym. Obuer mofemaseutreicsso, ifnucsluedr ignrgowunthiqaunedviussiteorres,nhgoagtelmsheonpt pmearys,dainffderefrvoemnuestpiemrahtoetseplusbhloisphpeedr,btyotehviradlupatretioeus robr ufrsoinmessi,mmileaarlsyu-rteitloeudrmpertfroicrsmoafnocuer, cidoemnptiefytitroernsdsuaeftfoecdtinffgeroeunrcbeussininmesest,hfordmoulolagtye. business plans and make strategic decisions. W hile these numbers are based on what we believe to be reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring usage and user engagement across our large user base around the world. For example, a single person may have multiple a(1c7c)oRunevtsenourebproewr HseotehleSihnoteprpneert. Roenvmenuulteipplerbhrowteslesrhsooprpdeervisicoeus,rspormimeaurysepresrmfoarymraensctericmt eoturrica. bItilistydteosiagcnceudratotemlyeidaseunrteifyhothwemeffaeccrtoivsselvyiswites,manodnewtiezearoerncotnavelwrtayhsoateblleshtopcpaeprtsuirnetuosrerviennfourem. Raetivoennoune palelrohf otuerl pshlaotpfopremr sis. Acaslcsulcaht,etdhbeycadlicvuidlaintigotnostoalfToruiprAadctviivseoru-sberrasnmdeady cnloictka-bccauseradtealnyd rtreaflnescatcthioenarcetvueanl nuuembybethr eoftopteaol palveeorargoerguanniqizuaetimonosnuthsilnyghouterlpslhaotfpopremrs. Ofour tmhetpriecrsioadre. also affected by applications that auto matically contact our servers for regular updates with no discernible user action involved, and this activity can cause our system to count the users associated with such applications as active users on the day or days such contact occurs. As such, the calculation of some of the metrics presented may be affected as a result of this activity. We regularly review and may adjust our processes for calculating our internal metrics to improve their accuracy. Our measures of user growth and user engagement may differ from estimates published by third parties or from similarly-titled metrics of our competitors due to differences in methodology.
*Year to date totals reflect data as reported and is not necessarily a summation of the quarterly data.
*Year to date totals reflect data as reported and is not necessarily a summation of the quarterly data.
TripAdvisor Inc. published this content on 14 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 February 2018 21:10:20 UTC.
Original documenthttp://ir.tripadvisor.com/static-files/69a00592-c246-477e-9305-b3838aa5af96
Public permalinkhttp://www.publicnow.com/view/6F976BD552074AC1AC6F15A2AAA4A39743499A87
