Q2 2025 TripAdvisor Inc Earnings Call
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Thank you for standing by. My name is Janice and I will be your conference operator. Today at this time I would like to welcome everyone to Trip Advisor. Second quarter 2025 conference call all lines have been placed on YouTube prevent any background noise after this speakers remarks. There will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. And if you would like to withdraw your question, press star 1 again, thank you. I would now like to turn the conference over to Angela White BB of i r you may begin
Thank you, Janice, good afternoon and welcome to trip advisor's. Second quarter of 2025 Financial results. Call joining me today are Matt Goldberg, president, and CEO, and Mike, none, and CFO earlier this afternoon, we filed, and made available our earnings release. And that release, you'll find reconciliations of non-gaap financial measures to the most comparable. Gaap major discussed on this call. Before we begin, I'd like to remind you that this call may contain estimates and other. Forward-looking statements that represent. Management's views as of today, August 7th, 2025 trip.
Advisor just claims any obligation to update these statements to reflect future events or circumstances. Please refer to our earnings release, as well as our filings with the SEC for information concerning factors that could cause actual results to differ materially from these forward-looking statements with that. I'll turn the call over to Matt. Thanks Angela and good afternoon everyone.
We're pleased with our Q2 performance.
Group revenue grew 7% or 5% in constant currency to $525.29 million at the upper end of our range. Adjusted EBITDA was $107 million, or 20% of revenue. We exceeded our expectations.
In a few minutes, Mike will provide more details on our financial performance and our view of the back half of the year. But first, I want to provide some context about where we're heading.
we've made progress to transform Trip Advisor group as evidenced in the shift in our portfolio, mix our Revenue composition has changed meaningfully and is now majority driven by our growth marketplaces at vietor and the fork
Over the last 12 months, they represented nearly 60% of our revenue, growing at an 18% CAGR, and contributed more than $75 million of adjusted IBA.
Versus 2 years ago for the comparable time period, when they represented less than half of our revenue and adjusted IBA loss of 61 million.
At the same time, at Brand Trip, Advisor. We reinforced our core assets. Even as we navigate long-standing headwinds to our Legacy revenue streams,
Tripadvisor's trusted brand content, proprietary data and insights continue to be valuable assets for the group as we address. The ongoing needs of Travelers in a dynamic and evolving. Travel ecosystem.
As we look ahead, we see an opportunity to build on our momentum by sharpening our focus on experiences, the fastest growing category in trout.
Exploring cultural, attractions, local tours. And outdoor experiences has become the most important part of the trip. We believe this is a long-term durable consumer trend.
The category is still fragmented and has low awareness.
Deep and unique supply with AI embedded at our core.
We operate not 1 but 2 trusted brands in the category with TripAdvisor serving broad multi-category demand and viore focusing squarely on the experiences vertical to capture. Even more of the market, we see an opportunity to shift away from optimizing for individual brand, strategies and operate with an eye towards deeper coordination.
This enables us to leverage our group wide assets across our marketing channels, customer Traffic Supply, relationships product data, and Technology, to drive both growth and efficiency.
We started to see examples of how this aligned approach delivers real business results. This quarter, we began testing marketing optimization, across TripAdvisor and viore.
As part of this effort, we've been exploring ways. We can vary our investment by geography and channel taking advantage of the relative strength of each brand Market by market to drive the greatest impact across the group.
While still early these tests have yielded performance gains over our historical brand centered approach that we're confident can scale.
Similarly, as we begin to ramp up our testing velocity insights from vaters. High-performing booking funnel, our improving the user experience and conversion on the trip. Advisor point of sale. Tripadvisor's Global audience data and demand signals are helping us Target high intent audiences that drive conversion at vietor.
And we're leveraging trip advisor's Global audience data to better identify where, and how to grow via tours, Supply footprint.
We expect experiments like these to translate into market-leading efficiencies at scale as we compound our wins, align our brand and marketing approach, and coordinate our R&D and supply investments. We unlock more value at the group level.
Our combined offering to Travelers is unique inspiration, planning booking and re-engagement in enhancing monetization and creating value for our partners.
Over time, we expect this to drive additional operating, leverage and strategic advantage.
As we focus on growing, our leadership position in experiences will also benefit from our group wide adoption of AI.
This technology is redefining how Travelers explore plan and book their Journeys offering more intelligent and personalized experiences.
We're not only successfully integrating AI into our products. We're actively shaping how AI will Define the future of travel.
From personalized recommendations to enhanced customer support and productivity across our teams AI is enabling us to build better experiences faster.
We're already bringing this Vision to life across our business for brand Trip Advisor. AI is powering more intelligent search and Discovery in helping Travelers navigate our vast amount of content more easily.
At viore we're rolling out the use of AI, to refine the relevance of search results, improving booking initiation and conversion.
Fork, we're testing conversational AI to help diners quickly. Find the right restaurant match and expand our partner base.
These enhancements are making our platform smarter, stickier, and better tuned to the needs of our users.
Our trusted Brands proprietary data and scale also make us a critical partner in the emerging AI search ecosystem from chat gbt to perplexity to traditional search engines, evolving their offerings.
We recognize that the way consumers will discover and access online sites in the future is changing, and we're positioning ourselves to serve them more effectively.
Our long-standing expertise in SEO and content optimization gives us a head start as the lines blur between traditional and AI search and we've been rapidly adapting our products and marketing to drive more direct traffic engagement and mobile app. Use
Internally AI is a catalyst for operational efficiency. We're deploying foundational, AI tooling across the Enterprise to streamline, workflows and increase automation.
From content, moderation to customer service, we're seeing early productivity, gains that we intend to scale.
Let me now shift to a few Reflections on the most recent quarter.
First in experiences, we've solidified our Market position in North America and believe we're well, positioned to drive growth and profit globally.
In Q2 experiences booked grew, 15% and Via tours adjusted IBA more than tripled.
Strong signals that were delivering value to our customers suppliers and partners.
On the customer side via tours marketing. And product. Flywheel is taking hold, we're targeting High intent Travelers delivering an improved user experience for them and converting them to Bookers
Try and buy this includes more personalized. Landing pages, sort and availability that are resulting in meaningful improvements. In bounce rates, booking initiation rates and conversion.
Our R&D efforts are also, yielding more direct use on the vietor point of sale. Bookings from direct traffic, including the app are outpacing other marketing sources.
Turning to supply, we continue to lead the category in our breadth, depth, and quality of available experiences. We're widening our remote supply, expanding across categories and markets through a variety of operator-focused initiatives, such as optimized lead generation and targeted sales and marketing campaigns.
As we onboard new attractions and operators on our platform, we're delivering higher bookings in the first month, a signal that our demand-driven supply acquisition approach is working.
Now shifting to our European dining offering.
The fork delivered, a strong quarter, demonstrating both operational, discipline and continued momentum.
Revenue grew 28%, or 22% in constant currency, to $54 million, with healthy performance across both B2C and B2B channels.
Adjusted ebit down margin more than doubled, year-over-year reflecting The Leverage in the model as we continue to drive growth while managing fixed costs.
On the diner side, our marketing Investments are focused on optimizing the balance between new Diner acquisition and repeating engagement.
The forks mix of Performance Marketing brand and loyalty programs are working together, effectively.
Bookings. On the fourth Network, grew in the low teens while total bookings grew 9%.
Aid adoption continues to deepen nearly 80% of our bookings. Now, come through the app and from repeat diners or both products stickiness and cohort quality.
On the restaurant side, we continue to expand our offering and drive growth in B2B SAS and other revenue streams.
B2B revenue more than doubled year-over-year, driven by a growing portion of our restaurant base. Adopting our premium Erb subscription tier total, subscription revenue continues to increase as a share of the overall mix, a testament to the value provided by our product and service offering.
We also continue to make progress in Partnerships recently. Launching exclusive dining experiences with MasterCard across Europe.
The partnership provides Mastercard holders and the Fork diners exclusive priority access to tables at top-tier restaurants and unique curated dining experiences such as behind-the-scenes kitchen or cellar tours led by renowned chefs.
The progress we've made in Partnerships is a testament to our brand and offering in European dining.
Finally, at Brand Trip Advisor, our travel planning and guidance platform, Q2 revenue was $242 million and adjusted EBITDA was $66 million, or 27% of revenue.
As we've transitioned this business over the last 2 years, we've invested prudently to deliver a steady Cadence of product improvements to engage our highest value Travelers. These are the customers who come to us directly log in as members. Download our app, increasingly book with us and leave high-quality reviews.
We see opportunities ahead to narrow our Focus to the areas of this strategy that allow us to fully leverage Trip Advisor as a powerful cross-category demand and Discovery platform.
While we continue to see pressure on our Legacy Revenue, we've made visible progress in our engagement strategy. Driving more members directly into our app, which is the fastest growing part of our audience.
We like the economics of these app members while still a small portion of our total volume, as they scale, they'll reduce our Reliance on paid channels, and their average revenue per user or our poo continues to grow by double digits year-over-year.
To deliver more value for our app users. We've also recently rolled out improvements to Hotel shopping and our free membership in the US.
Designed to be the most flexible rewards program in the travel industry, TripAdvisor Rewards recognizes and rewards travelers for planning, contributing, and booking on TripAdvisor.
The more Travelers interact with the app, the more benefits they receive.
Trip cash accumulates while planning, booking, and offering guidance to other travelers, rewarding their role in the community as well as their bookings across both hotels and experiences.
As we close, I want to reiterate why I believe TripAdvisor group is exceptionally, well positioned to win in the evolving travel landscape.
We have unique assets that bring together an unmatched combination of content and data Supply depth and Global reach ac across key categories at different points of the travel Journey.
Buying us to discover plan and book their trips.
As the world continues to adopt AI, we're leveraging. Its full potential to drive our product development, strengthen our position in the ecosystem and power our business together. These pillars unique platform assets, brand trust and AI embedded in everything we do.
Form the foundation of why we believe TripAdvisor group is extremely well. Placed to achieve our vision, to be the most trusted source for travel and experiences.
With that, I'll turn the call over to Mike.
Thanks Matt and good afternoon.
I'll start with a review of our financial performance, and later we'll provide our outlook for Q3 and the full year.
As a reminder, all growth rates are relative to the comparable period in 2024, unless noted otherwise.
Consolidated Revenue in Q2 was in line with expectations, at 529 million growth of 7% or 5% in constant currency.
Consolidated. Just as ibida of 107 million or 20% of Revenue. Exceeded expectations primarily due to more favorable Market inefficiencies at vietor.
At Biotor, the number of experiences booked grew 15% in line with expectations for the quarter. We saw stable volume growth sequentially in our largest origin market, North America, and accelerating growth in Europe, reflecting healthy demand.
We continue to observe strong volume growth in our third-party points of sale that is outpacing overall segment growth.
Healthy Growth at the visor point of sale that was relatively in line with overall segment growth.
And improvements in growth sequentially at the troop advisor point of sale.
Gross booking value, or gbv grew 13% or 10% on a constant currency basis to approximately 1.3 billion.
Vital Revenue, grew 11% to 270 million or approximately 9% on a constant currency basis.
The difference between the growth in the number of experiences booked and the constant currency Revenue growth was primarily due to higher mix of third-party Merchants bookings relative to the second quarter of 2024.
Merchant bookings generally have a lower average booking value, which impacts gbv growth relative to volume growth, and also have a lower implied take rate, which impacts Revenue growth relative to gbv growth.
as a reminder, the bookings that come through third-party Merchants channels, are immediately profitable and are largely sourced from regions outside of our core markets, which enable us to reach incremental Travelers,
as we continue to scale,
As Matt noted, we see, meaningful opportunities to deepen, our operational coordination between our Viator and TripAdvisor brands in the experiences category.
This extends across product Supply and marketing Investments, as we focus on accelerating our growth profitability and competitive positioning both with both brands in a way that will sustainably differentiate Us in this category in the medium to long term.
Buy tour adjusted IA of 32 million or 12% of Revenue represented. A margin Improvement of nearly 800 basis points
Leverage was driven by more efficient marketing, spend and continued strong. Repeat bookings growth on the vietor point of sale.
App. Bookings, remains strong and outpaced other channels resulting in continued. Share gain in the segments. Total booking mix.
These Trends continue to reinforce our confidence in the long term margin opportunity for this business at scale.
At brancher Q2 Revenue was 242 million a decline of 3%.
Branded hotels, revenue of 152 million reflected growth of 1% and a significant Step Up sequentially.
Pricing during the quarter was healthy and remained consistent in July, which reflects ongoing product optimizations that are driving higher-value clicks to our partners.
Volume and paid channels were also healthy in part due to an easy comparable, period over period.
While we continue to witness headwinds in free channels, consistent with recent trends.
Median, advertising Revenue declined, 13% to 36 million.
Declines were driven by overall traffic volume, headwinds and advertising market dynamics, both on and off platforms.
Experiences in dining Revenue was 45 million a decline of 7%.
Experiences performance, improved sequentially throughout the quarter driven primarily by a conversion rate improvements.
We expect to see performance continue to improve in the second half of the year as we remain focused on optimization opportunities that we discussed earlier.
Test learn and iterate, our positioning of our Collective Assets in this category.
Brand Trip, Advisor, adjusted out with 66 million representing 20% of Revenue.
The deleverage is primarily driven by higher marketing expense, as a percentage of revenue, as we saw a greater mix of pay channels in our hotel and experience offerings.
Which, which only was partially offset by lower Personnel costs.
At the fork, Q2 revenue was $54 million, or 28%, with 20% growth and 20% growth in constant currency.
In our b2c offering total bookings volume grew 9% overall and 13% in the forks branded Channel.
Strong performance in our B2B subscription Revenue continues to be driven by greater adoption of our higher price premium plans.
Our partnership with Vodafone, which began ramping in the second half of last year, is also contributing to the strong revenue performance in the quarter.
in the second half of this year, we expect our MasterCard partnership will begin to ramp
which is another example of furthering Revenue diversification within the fork.
adjust the EBA at the fork was 9 million or 16% of Revenue, representing a margin Improvement of nearly 900 basis points
Lower Personnel cost was the most meaningful driver of Leverage in the quarter.
Turning to cons, consolidate expenses for the quarter.
Cost of Revenue was 8% of Revenue which was consistent with last year.
Marketing costs were 41% of Revenue. Also consistent with last year.
Leverage was offset by deleveraging due to the free paid mix shift and a modest increase in marketing investment.
Personnel costs as percent of Revenue decreased by approximately 300 basis points to 28% of Revenue, including share-based compensation of approximately 29 million
Absent, share-based compensation Personnel costs were lower by over 100 basis points.
Technology costs were 5% of Revenue consistent with last year.
G&A is a percent of Revenue was lower by approximately 200 basis points. Primarily due to a favorable update on a potential settlement of a regulatory matter within our vacation rentals business.
Now, turning into cash and liquidity.
Q2 operating cash flow was 202 million and free cash flow was 177 million.
The year-over-year increase in operating cash and free cash flow was primarily related to last year's Q2 outflow of approximately 140 million associated with the 20 2020, 2014 to 2016 IRS, transfer pricing settlement. We previously disclosed and finalized last year
As you mentioned, our last call in April, we closed the Liberty Trip. Advisor merger in addition to the approximately 330 million paid for the Redemption of the Liberty Trip. Advisor, exchangeable Adventure settled in q1.
In Q2, we paid approximately 800 million in cash.
For payment to the lrip preferred and common Equity holders, and for other expenses associated with the transaction.
The total cash outlay related to the transaction was 411 million.
Also, during the quarter, we were purchased 2.8 million shares at an average per purchase, price of 14222 per share for total amount of 40 million.
We will continue to pursue a structured approach to our repurchases. We expect to continue to utilize a portion of our future cash flow to repurchase shares as we see attractive prices in the market and and a stable macro environment.
we believe that our current cash profile, and net, leverage levels, reflect the strong capital structure with appropriate, cash for operating needs,
Total cash and cash equivalents was approximately $1.2 billion. Our cash balance includes approximately $350 million in term loan B proceeds raised in the first quarter, which we plan to use to pay down our outstanding convertible notes before their April 2026 maturity.
Excluding deferred Merchant, payables of 473 million and the 350 million Term Loan.
Are remaining cash. Balance is approximately 390 million.
Turning to our outlook for Q3 and the full year.
As I discussed earlier.
We are accelerating the operational coordination in our experiences offerings across vietor and Branch group advisor.
While these Brands serve very different Travelers and at very different moments, in the traveler Journey, we are thinking much more holistically about how we leveraged product Supply and Market the Investments across both Brands to better optimize growth.
Profitability and market share in our core, as well as new markets.
As a result, we will continue to make investment decisions that we believe will benefit our combined experience Revenue growth.
Channels may result in a shift of profit between 5 to and brand Trip Advisor. We expect any decisions in the second half of this year to be neutral on a Consolidated adjusted epita basis.
This approach is reflected in our Q3 and full year guidance.
4 Q3, we expect Consolidated Revenue, growth of 4 to 6% and adjusted ibida margin of between 19 and 21%.
This implies the following for each brand.
Advisor. We expect 16 to 18% growth in the number of experiences booked and total segment Revenue growth in the high single digits.
Our expectations for Revenue. Growth relative to the growth in bookings, is mainly impacted by a higher, mix of third-party Merchants bookings, as well as lower bookings growth, we witnessed in June,
Which impacts our recognized Revenue in Q3.
Bookings growth in July has improved relative to June and we expect to see Revenue growth re-accelerate in Q4.
In Q3, we expect adjusted ebit on margin of approximately 14 to 16%.
At Brand Trip Advisor. We expect Revenue, declines of approximately 3 to 4% mostly reflective of the ongoing free traffic, headwinds impacting our Channel, Next that I mentioned earlier.
We expect that Justin, even on margins of approximately 22% to 24%.
At the fork, we expect Revenue growth of approximately 25 to 27% which includes approximately 8 percentage points of currency benefit at current rates.
we expect adjusted Eva down margin to improve, sequentially to the high teens
For the full year. We are maintaining our Consolidated full year guidance provided last quarter. Which is 5 to 7 re growth and 16 to 18% adjusted Ava on margin.
the revenue range assumes the impact of traffic headwinds at Brand Trip, Advisor remains stable
This Outlook does not change with the investment decisions. We're making in experiences which may impact each individual segment but not the Consolidated results.
With that, I'd like to turn the call back over to the operator to begin the Q&A.
At this time, I would like to remind everyone in order to ask a question. Press star, then the number 1 on your telephone keypad,
Will pause for just a moment. To compile the Q&A roster.
Your first question comes from the line of Richard Clark of fencing. Please go ahead.
Hi. Thanks for taking my question, I guess. Just firstly, uh, your comments around some of that free traffic. Uh, headwinds on brand Trip, Advisor. And, and whether this would change your view, that 2026 can be, uh, the year of stabilization, uh, for brand Trip Advisor, given those headwinds. Um, and then, if I can offer a follow-up as well, just just any comments on your 2, new shareholders, uh, levels of Engagement. Um, anything, uh, you've sort of received from then, or, or your openness to, uh, to to engage in discussions with those 2 new shareholders.
Yeah. Hey Richards, Mike. I'll I'll take the first 1. I'll let Matt take a second. Yeah, I think, um, as we sit here, uh, uh today and, uh, you know, as we've talked this year, about returning supervisor to growth and reflecting the headwinds, uh, in the pay in the free traffic. I would say, uh, certainly as we sit here today, um, the, the, some of the free, uh, the free track that have headwinds heads persistent. Um, I don't think we are necessarily. It's too early to call 2026 because we are, you know, excited about, uh, continue to work. We're doing particularly in the, in the experience aside as we just reviewed. Uh, and that's with the work. We're we're underway now. Um, so again, I think we are acknowledging. Uh, maybe things are a bit different than we sat at the beginning of the year, but look forward to doing the work and and thinking, about how we improve operational, efficiencies as we look to our planning, which we are in the middle of
Right now. Yeah. And Richard I'll take that second question. Thanks for uh, for asking as you can appreciate. Um you know, we can't go into too much detail about who who we talked to or or or or what they, they say to us. When it comes to specific shareholders, we we value constructive engagement with all of our shareholders and appreciate their feedback. We always listen. And of course, we're totally focused on creating shareholder value and, uh, achieving our vision and and driving these strategies. Um, so that's, that's about all I can say for now other than other, than, what was reported.
Thank you.
Thanks Richard.
Your next question comes from the line of the Visa Gupta of Bank of America Securities. Please go ahead.
Between 3 PSI, or origin, and trip origin, uh, for experiences.
And my um second question is um uh that uh in your outlook you mentioned, you expect Revenue growth to to reactor rate and for you for wire. Uh but uh, it does have tough comps. So what gives the confidence on that re acceleration?
Thank you. Yeah. Hey it's Mike. I I'll take both. I just want to clarify. The first question was color on a 3p mix origin. Mix is that is that correct?
Yeah.
Yeah, yeah. Um I you know 3p is a diverse Channel, it has uh you know, it has certainly Merchants which are the OTAs, it has travel agents uh, as as well. Um, the growth in the 3p Channel, as we've said, is being driven by our otaa Merchant Partners, um, uh and like, listen, the this is an important channel for us as we've said, many times, uh, they uh, are, are are scaling fast and they are immediately profitable for us and they are incremental. And so we do look at increment in incrementality very closely. Um, we see a lot of them are coming outside of our core, North America, um, North America Market, uh, which gives us confidence that incrementality. So for us, uh, these are, uh, you know, additive to revenue growth. Uh, they're also, uh, highly accretive to our profitability and uh, are allowing us to continue to invest within the experiences. We
Which we have been doing, uh, this year and so important part of, uh, part of that equation.
And then as you as you think about that, I would just add a reminder, that the significant majority of our revenue is coming from the vietor point of sale. First followed by Trip Advisor, and followed by third-party non- TripAdvisor. So, just just as a reminder. Yeah, thanks man. Um, the next question was just about, uh, Revenue growth in Q4. Yeah. So Revenue growth in Q4. Um, you know, I, I think when we look at our, uh, our our bookings, uh, which has remained very healthy in the in the volumes have remained very healthy. Um, we see, uh, good, uh, bookings that are extending in in past Q3 and Q4, um, understanding is that is, is is a tougher comp. But, uh, we, we like, where the booking window booking window booking windows are and where those with the bookings are coming in and health of our, our new booking. So we feel pretty confident about about that, uh, as we turn to Q4 and I would just add, of course. I I spent a fair amount of time to talk about, um, the opportunity. We have between the 2 Brands to drive meaningful.
Uplift in in Revenue working together across marketing product, Supply data leveraging Ai. And we saw some, you know, good, uh, early test results in Q2 and we see an opportunity to extend that into the back half and really get some momentum in some of those other areas Beyond just the marketing efficiencies that I mentioned. So, excited about how that's going to drive our our performance.
As well.
Thank you.
Your next question is coming from the line of principle of Cleveland research Company. Please go ahead.
Hi, thanks for taking my question. Uh, I was curious if you could talk a little bit more on the, uh, changes with the app recently, maybe remind us kind of what, what percent of brand Trip Advisor traffic comes from the app and, and, um, how the approach to monetization, uh, is, is changing there. And if there's a thought to roll this out to other geographies and maybe the timeline uh, associated with that,
And are you speaking specifically about the trip advisor app right now? Is that you what you want me to cover, Vince?
Yes, please.
Right. Yeah. So, um, we're really excited about the work that we're doing in the trip advisor app. Obviously, um, you know, it it's helpful that we can get, uh, ah, ah, customers there to be direct with us and engage with us plan with us, contribute. Um, and while we don't break out the actual percentage as a total, uh, uh, as a, as a function of the total we are seeing growth there, uh, really strong and so, uh, app users and members using the app, or both are both growing and what we've done with the app, um, and we did this last quarter. Um, we actually made meaningful improvements, it was a relaunch that really focused on
And we think we can deliver significant value, both planning ahead of the trip and throughout the trip. And so, that also would bring, uh, back users to, then, you know, uh, guide others. And now we're adding a Rewards program, uh, in the app, uh, which just launched as our, our free membership that I talked about earlier. And, of course, um, rolling out in in-app hotel, bookings, where we're actually seeing some, some good um, uh, activity and and, and driving good response. And, and uh, and and conversion, and so, uh, together these things, um, we think will, uh, be meaningful. As you said, um, we're in the us, but we think we'll roll that out. Uh, further over time and, um, you know, I think between navigation, onboarding flow the way we're conceiving of the home screen to be highly contextualized. Uh, and then, of course, being AI native so that, you know, the AI review summary has come to the surface that there's an AI trip Builder. That's integrated in the onboarding work. Uh,
Flow, and of course, our AI travel assistant coming into the app for a more intuitive experience. All of this, um, we think can work together to have a meaningful impact and we've seen some good uh, early indicators. We've also supported it with a modest marketing campaign around planning in the app, which was successful, and has driven some downloads and some, uh, uh, engagement at at a really good row as and, you know, we expect that, um, this is going to have, uh, uh, an opportunity to grow over time. And again, as it scales reduces our
Dependence on paid media and and drives a really good, uh, arpu of those users who are, who are using our, our trip planning and our app. So, we're enthusiastic about it, and I think you'll see us doing more with it over time.
Great, thanks. That's, that's really helpful there. And then, um, I know the full year, Revenue growth, uh, guidance was reaffirmed up 5 to 7, you know, just curious in the last 90 days. Any change to maybe how brand trip versus, um, via tour? Contributes to the full year company Revenue. Guidance, I think, at 1 Point brand trip was, uh, expected to be download singles for the year in viore grow low, to mid teens, curious, if that's still the case, or if there's any been any, um, any shift in in either their
Yeah, Vince, I'll take that. I would I would say for for our full guide this year, uh, that we we provided at the beginning of the year, a couple things, you know, 1. Uh as you would expect we provide that guy with some uh, some degree of prudence, I'd say, uh, our first half of the year, we saw a pretty good performance. Um, we did not raise guide, uh, you know, in our last call largely due to the macro that was that was, uh, upon us at the time. Um, you know, as I think, as I as I as we sit here today, there's, there's definitely puts and takes around the back half of the year. Um, I just mentioned we have that trip advisor a bit more probably traffic free traffic.
Pressure. Uh, then we, we had, we, we had the beginning of the year. Um, and, you know, listen, I would say, uh, you know, uh, the, uh, the advisor, you know, we've still seen very strong bookings growth. Um, you know, the flow through to, to, to revenue, uh, is a little less in terms of, uh, that mix because of, uh, the third party as well as, uh, some of the, the, the cancel rate trends we've been seeing this year. But with that being said, still very strong performance. So, you know, we these these factors are Incorporated in our reaffirmation. Um, and, uh, you know, as we sit here today, still still feel good about that that, uh, that range.
Great. Thank you.
Thank you. I will now turn the call back over to Matt Goldberg CEO for closing remarks. Please go ahead.
Thank you all for joining us on this more uh on today's call. We're looking forward to the back half of the year and I just want to say we're really pleased with the work. Our teams are doing to position us for the future and I just want to thank them for their tireless efforts to drive our momentum look forward to the next update. Thank you.
Ladies and gentlemen, I confused today’s call. Thank you all for joining; you may now disconnect.