TripAdvisor, Inc.

Good day and thank you for standing by. Welcome to the TRIP Advisor second quarter 2022 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Angela White, Vice President of Investor Relations. Please go ahead.

Thank you, Michelle. Good morning, everyone, and welcome to TripAdvisor's second quarter 2022 financial results call. Joining me today are Matt Goldberg, President and CEO, and Ernst Sinneson, CFO and Chief Executive, Viator, The Fork, and Cruise Critic. Last night after market closed, we distributed and filed our earnings release. and made available our shareholder letter on our IR website. In the release, you'll find reconciliations of non-GAAP financial measures to the most comparable GAAP measure discussed on this call. Also on our IR website, you'll 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 certain estimates and other forward-looking statements that represent managers' views as of today, August 5th, 2022. TRIP Advisor 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. With that, I'll turn the call over to Matt.

Thank you, Angela. Good morning, everyone, and thanks for joining us today. I'm excited to be here. I've been looking forward to my first earnings call with TRIP Advisor. It's an exciting time to join this iconic company, given the travel environment over the last few years, the trajectory of recovery in the sector, the return of the leisure traveler, and the potential to serve consumers in new and unique ways as they look to satisfy their growing demand to get out and experience the world. As you read in the shareholder letter, we have a strong quarter. Our Viator experiences-focused offer stood out in its pace and level of recovery at 160% of 2019 levels. The fork achieved 103% relative to 2019, and the recovery in our core TripAdvisor hotels offering improved at 89% in the quarter, up from 63% last quarter. Since this is my first call as CEO, I wanted to take a step back from the quarterly results and share some high-level perspectives and reflections from my first 30 days, including why I wanted to return to the travel sector and the opportunities I saw at TripAdvisor. I am personally passionate about travel and the meaning it brings to us all by opening us up to different cultures and perspectives and the higher purpose that it serves by reminding us how much we all have in common at our core. The travel industry has always captured my professional attention as a category ripe for innovation and growth. The size of the market is massive, and the sector continues to go through constant change. marked by an evolution in the democratization of travel information and distribution. This creates a compelling opportunity to reimagine the consumer experience by solving problems in what is often a fragmented and frustrating ecosystem. When TripAdvisor launched back in 2000, it introduced a unique and disruptive offering to the market that pioneered a new way to enable travelers to decide where they want to go and discover trusted resources to make it happen. The TripAdvisor I joined today is fortunate to have a strong and stable foundation and an enduring set of assets, our trusted brand, a large global audience, a scalable content model, a rich set of data, and passionate teams committed to our future. It sits squarely in the category of experiences over material consumption, a secular trend that we can expect to continue. My mission, simply stated, is to make sure we continue to evolve the company so that we can serve travelers, diners, and experienced seekers for decades to come. While I recognize that we operate in a competitive space with external pressures, there are a number of advantages that attracted me to the opportunity. First, TripAdvisor is a company that I have long admired, both as a traveler and a travel industry executive. I saw the opportunity to follow a visionary founder and identify new ways we can be disruptive by reimagining the future of travel at a time when consumers are looking for trusted guidance. I also looked at the company's portfolio. We have a collection of diverse assets in Viator and The Fork as well as Core Trip Advisor that allow us to participate across travel experiences and business models. As the pace of change increases, this can play a meaningful role in how we serve consumers in unique and seamless ways. Given my background in digital media, something that jumped out to me as truly differentiated and valuable at TripAdvisor is the community of like-minded people actively contributing content to help their fellow travelers make the most of every experience. This has created the world's largest travel guidance platform built on a relationship of trust with over a billion reviews, and hundreds of millions of visitors every month. With this scale, I was also energized by the potential of our data assets to create a better experience for consumers and enable all areas of the company. Having spent a number of years leading advertising, content, and commerce businesses enabled by data, I'm confident that our data can help us drive deeper consumer insight and higher levels of engagement. create further operational agility as well as identify meaningful commercial opportunities. Perhaps most importantly, one final attribute that attracted me to TripAdvisor was the culture and people. TripAdvisor has a culture that attracts talent with a passion for purpose and a highly skilled, knowledgeable, and capable team. Over the past month, I've enjoyed spending time with teams across the organization and just wanted to say thanks for welcoming me with such enthusiasm. At this early point in my tenure, I can say that my excitement for the opportunity in front of us has only grown stronger, and I'm looking forward to rolling up my sleeves, engaging with our talent, and charting our course for the future. One area of clear focus is driving stronger and more effective execution. In the coming months, we will align our strategy, operating model, and teams to deliver against our goals in a structured and rigorous manner. I expect to empower our leaders and their teams to ideate, execute, and enable every employee to do their best work. I believe that building a foundation of trust with all our employees and stakeholders is critical as we set the framework for our future together. I'm also looking forward to connecting and collaborating with our customers, partners, industry peers, and shareholders to understand their perspectives and help us better serve consumers. As we pursue our next phase of growth, we are well positioned to build on our foundation as we strengthen the essential role we play in the travel ecosystem. I will aim to be clear about our plans, communicate transparently as we go, and identify milestones along the way. In the meantime, I look forward to meeting many of you soon and sharing more in the coming months. With that, I'll turn the call over to Ernst.