TripAdvisor, Inc.

Good morning, and welcome to the TripAdvisor second quarter 2021 earnings conference call. As a reminder, today's conference call is being recorded. At this time, I'd like to turn the conference over to TripAdvisor's vice president of investor relations, Mr. Will Lyons. Please go ahead.

Thanks, Valerie. Good morning, everyone, and welcome to our call. Joining me today are TripAdvisor's CEO, Steve Kaufer, and our CFO, Ernst Tonneson. Last night, after market closed, we distributed and filed our second quarter 2021 earnings release and made available our shareholder letter on our investor relations website. In the release, you will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed on this call. On our investor relations website, you will find supplemental financial information, which also includes reconciliations of certain non-GAAP financial measures discussed on this call, as well as other metrics. 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 6, 2021. TripAdvisor disclaims 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. And now with that, I'll pass the call to Steve.

Thank you, Will, and good morning, everyone. Thanks for joining us today. As covered in our shareholder letter, we were pleased to report that Q2 grew by 91% versus Q1, our net loss narrowed, and adjusted EBITDA turned positive. Both monthly unique users and revenue as a percentage of 2019 levels improved each month throughout the quarter. Whereas last quarter we saw strength predominantly in the U.S. market, in Q2 we saw the recovery start to broaden, particularly in Europe. These results indicate that the recovery is well underway and that TripAdvisor is positioned well. We note that traffic and revenue improved in July versus June, and while we are mindful of the variance and their potential impacts on travel and the high percentage of domestic traffic, half of the year and 2022, when the recovery broadens as both urban and international travel return in full. While we are pleased with how we are successfully navigating the recovery, the TripAdvisor story remains much more than just getting past COVID. We see a huge opportunity to drive long-term growth and delivering more value to consumers and partners on our platforms. We have and will continue to position the business for future growth by leveraging TripAdvisor's global scale, influence, and competitive strengths to execute on our strategic growth initiatives. This includes building our direct-to-consumer subscription offering, TripAdvisor+, which we rolled out to all U.S. users in the quarter. We will continue to invest in our product offerings, our tech, and our grow to market strategies in order to deliver customers the best experience possible and drive diverse growth across our platform. So in summary, Q2 had many encouraging developments. I want to thank TripAdvisor employees for their passion and commitment to helping hundreds of millions of consumers and partners get back to travel. To our loyal customers and partners, we will keep building our products and services to drive more value to you. I remain very optimistic about what's ahead. And with that, Ernst, let me turn it over to you for some additional thoughts.