Jpmorgan Global Technology, Media

corrected transcript

Stephen Kaufer, President, Chief Executive Officer &Director Executive Officer Chief President, Kaufer, Stephen Douglas T. Anmuth, Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC Participants Other Participants Corporate

MANAGEM PARTICIPANTS

Love it, absolutely love it. love absolutely it, Love Boston, right? you comesto in when aconference nice It’s much. very you Thank welcome Steve. So, Software. - alsoco the software vendor, an CDS, independent - co prior And to was Okay. Okay,I close. Mexico. but wereyou close. Mexico, Hawai to trip a allstarted with family it correctly, remember if I think, trip. perfect the andhave plan world the around help travelers to with the in2000, mission TripAdvisor founded $935 doabout mill to going Trip is estimates, our On reviewsandopinions. 100 andover million unique visitors monthly million 200 with over data, visitor on comScore based site. It’s travel world’s largest the is TripAdvisor Kaufer. Steve Presi withTripAdvisor have us to today pleasure our It’s at here JPMorgan. Analyst I’mthe Internet name DougAnmuth. here.My is started to goaheadandget going right. We’re All DouglasAnmuth T. Kaufer Stephen

www.CallStreet.com • • www.CallStreet.com ENT DISCUSSION SECTION DISCUSSION ENT

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1 corrected transcript Stephen Kaufer, President, Chief Executive Officer &Director Executive Officer Chief President, Kaufer, Stephen Douglas T. &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC TripAdvisor used have people that other nowpeopleknow at that scale so so many to many just the fact credit, some or give I try credit, I to And,ingeneral, up. is traffic oneofchannels our for every almost for 100%credit absolute wants take really to the company group single within every And friends. from recommendations the Flywheel, brand overall the onour on aWidgets, onFacebook, of lot a heck mobile, dis the I explain hard tell. can to really So, it’s shift to the related is recently more anything, if andhow growthhere strong much, the driving is whatthink you about talk Canyou quarter. recent 41% 35%4Q, 30%sinthis most range, in the plus of sort in were you a ago, about So year quarters. recent shopper growthin hotel has seen Trip So accelerating as app, wel iPad the conference through in questions enter socan know,you you just Also guysyou ask questions. – jump definitely we’ll andthen of 25discussion do 20, minutes we’ll about So right. Okay. All had you …if before. night The … game Amazing seven won whengame Bruinshave the nice Also beciting I’d growth, driving we that campaign w was other. there onewayIf the aparticular or TripAdvisor, way to their people finding andmore repeat visits homeroost to in coming all that’s I And think you’r go, you anywhere 70-someodd nowWe have friends.

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corrected transcript Douglas T. Anmuth, Analyst, JPMorgan Se &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC growth. revenue growthandthen shopper seen you’ve between gapthat hotel of explainsthe some So,that Okay. , And there traffic. our 15% of 10% as of sort to of that us.And you think maybe want part to for interesting the really is Phone uponit. two thumps I’m the trend, that’s if that research, shopping, for travel travel experience for such anice provide n ca tablet that to myself, I arguably or think say, I’d In notcare. fact, sure I I’m cannibalization, there is or grow or desktop over faster to starts take tablet extent tothat the and, similar monetizes Behavior similar. really looking anddesktop we see behavior, tablet at when we look But ourtraffic. of overall can 30% -ish you is think it together, and, tablet in growth strong phone, we growthin growth, strong see andrelative behavior at customer I look as well. When regard, some to weit as andphone refer tablet about mobile talk So knowI some folks Sure. desktop? lit a parse helpusout you of can sort traffic, overall of your interms of role about the mobile, What app on it. And so And app onit. the have TripAdvisor going to is everyoneof thoseunits units, 200 unitsor million 100 million have S4 going to think the is whetheryou So, Samsung. with relationship -install pre our with downloads, 36 million 35 million, our wewith but think yet, And phone. we’rethere onthe not off thought even have wouldn’t newyou the things for enjoyable themuch trip that more make actually now. But restaurant up wewith that to come can are newthe innovations What - in traveler’s dowhento that beable should TripAdvisor acompany like that anawful wethere is lot phone, aboutthink the think a or a asdeskt in tablet belongsbig, onascreenthat’s experience shopping rich the that at the moment, be, because to webelieve, claim just companies other Internet as some in business. be– it’ll that where we think vectors different of a wecouple have But, wants shopping happen. of the to that’s most where think I don’t just part, In on phoneasthe much. onthe monetization wefocused So,inpart, haven’t be. should desktop what near the doesn’t and, just monetize of that, it shopper traffic hotel 100%growthin only but researc interesting seeing today. We’re seeing not we’re that just which something phone, is the from the revenue growthin meaningful have wemuch more could the transaction, and consummate phonethen onthe dothat first to you,to t bestprice the for web searchall the andfind will it because -experience, our because of meta shop onTripAdvisor, to learn first travelers that degree the To

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corrected transcript Stephen Kaufer, President, Chief Executive Officer &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen when– they i.e., onour business, impact ustell the to justfor hard but it’s alittle Flights, Google Theyhave Finder. r out their building they’re So Zagat. or Frommer’s or ITA of acquisition their since beenwatching them we’ve time that in the gain traction beenable to much haven’t an unk remains the vertical travel to build us. think Google’seffort I atailwind aheadwindor for is mobile on of sort Google’s focus So don’t think I category. travel particular asinthe much necessarily not searc peopleare andcertainly searchbox their using are they’re think I I mean, mobile, to shift Google the So onyour are business. u think they yo that impactful how of thosethings, onboth get wantedyour to view competitive, more getting just landscape travel online we’re that the here seeing potential just the secondly, andthen to desktop mobile from shift more now, so Google certainly sector the weare impacting think that Two big things Okay. – 10% to whilewe So our seeleads. for a compete therefore, be pay and, will able to more players small the bigplay the transactions, online as more there’s mature, more As the up. markets catches that over time, that, feel We our are markets. than mature lower onaverage, internationally, auction ands international weThen looked as it asis. desktop much withthe that lagging satisfied no we’re,by us,but means, for term bit longer alittle phone. It’s onthe experience we wedotothe can enhance monetization that feel 10%on 5% to mobile 24%click the 25%, down to shopper growth thehotel 40%plus talking Sure. time. close over potentially can of andhow you side that about the international talk can you maybe o sort You Yeah. question? middle the in Flights Google for placement guess, that make to hard a little it’s of, because side,our flight On it. the flight of because shortfall. partof the just that’s but our growing, are of businesses parts international our how fast about andnot piece whining I’m that a weaccelerate not lot doto probably can So us there. out

So, again, we break down that gap because that is one that we study a fair amount. And And amount. I’m we a study onethat gapbecauseis fair that we downthat So, again, break nown in our future. We’ve been pleasantly surprised, in our view, by the fact that they they that the by fact our view, in surprised, beenpleasantly our We’ve future. nown in www.CallStreet.com • • www.CallStreet.com

a 5% to 10% headwind in that category, we do see, over time, just natural forces helping helping natural forces just wetime, dosee,over category, a 5% 10%headwindin that to

f talked about 5% to 10% gaps on both international monetization and then also mobile, also andthen mobile, monetization 5% 10%gaps about to onboth international talked f

when I hear that something’s announced, we don’t see a drop in our we see in don’t adrop announced, something’s when that hear I TripAdvisor, Inc. TripAdvisor, ,

and we talked about – and we talked eview database. They’re asking people for reviews. They have Hotel Hotel have reviews. They people for asking They’re database. eview Company▲ ay, well, fundamentally, the CPCs that we collect in our bidding bidding our we in CPCscollect that the well, fundamentally, ay, 1 - 877 s business is growing nicely, in spite of, or of, spite maybe in s nicely, growing businessis

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corrected transcript DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief esident, Pr Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC soTingo far? you from learned what have guess, I then, site? And have of onthe abookings to more path senseTrip Doesmake it for Okay. market. globalinnature. and that’s very brands, Priceline brands andthe the Expedia andstronger, bigger seebigguysgetting are I the So or year two? the we’relast over seeing think you that change any space, travel in the online competition overall your onjust And view Okay. – grow to So Icontinue can spendif more. buy andthey’ll more they’ll target, efficiency their at leads So,point, any at ROI or constraint. andanefficiency budget infinite an but having orspendon ondoI it TripAdvisor, do I budget, spendGoogle it a asfixed not having where learn them to help andreporting tools bidding onoffering more doneanice I we’ve think, job, side, our On attention. paying more they’re if spend to more clients our for opportunities There’s more perspective. our from always agoodthing, That’s prior years. theyhadin than account the TripAdvisor optimizing to dedicated resources people now are more ourspending of clients more bestof To the knowledge, helps. my doubt, with TripAdv certainly It’s whatSo – more, arguably, on all of their channels and, therefore, Tri therefore, and, channels onallof their arguably, more, bit spend to alittle having they’re growthprofiles, their asto they look maintain allright, means, degr The open-ended. moment. the at buthappening we see don’t that atry, coun player in particular asdominant appeared the player any if one it like I wouldn’t perspective. our from good apretty marketplace, andthat’s property any you come anddoesto more? money that money spend to othergoodplaces find really to advertisers your as Iit is forcing good. mean, theoretically Search, onGoogle say, goodROI, let’s getting well, reasonably has converted historically, that, traffic that beenrel have advertisers your I mean,

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Now, for us, that tends to give an auction marketplace of four to eight potential bidders on potential eight of to four anauction marketplace give tendsto us,that Now, for asthat traffic ee to which Google slows a bit, so it’s harder for my clients to buy traffic on Google, just just on buyGoogle, to traffic clients so harder slowsfor my it’s which abit, ee to Google

but what about the angle in terms of traffic, I mean, from your advertisers, right, because right, advertisers, your I mean, from of traffic, angle in terms the what about but

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CallStreet May 14, 2013 14, May Date▲

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corrected transcript Stephen Kaufer, President, Chief Executive Officer &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC that And Sure. It’ we I earlier, think hadsaid so goes.And weit accelerated, known aproduct as o half only out, half only rolled I’m andevery siteeach if our month, visiting visitors 200 have I million a wait minute, and, working theit, technology’s like consumers well, if us came, question for the So frequency? greater just bidding, dynamic more of how driving terms it’s in work together, and how bit athosetwo things little that about talk Canyou just platform. bidding the in terms of several months, the last big changes over some us day.Send the information single bidevery you let we’re to happy look, saying, clients our major to approach our changed we’ve tobut get there, clients askedour by andwe’rebeing not there not Butw programmatically. andyou doall that can seconds three later it effect takes change, your put hasin where,hey, extreme what is Google other the auction, anefficient have As to we look cycle. was lengthy and that arather repor live. We’d push them approval. get We’d wouldwork. We’d whether it their traffic, wouldhappento whatit we clients thought our wouldadvise them. We would analyze bids. the becouple weeks.wouldlook We of every orWe abigclient might s bid monthly submit ashort to take that. It’s we’re willing welook, And said, timeframe. clients, we of that theleads or conversion, volume getonsite our usto hasless time given That experience. consumer great a andit’s working because it’s So out pushing clock. we’re at the three month in coming and we’re clients to bid up in all the different ways– different that bidupallthe to in clients ont enoughattention not garnering now, it’sstill U.S. ourin the of traffic a quarter it, outcall at, let’s So we’re some time. if rolled simplytake we will think it a market, not majority but biggest, our U.S., athe placelike andin in cture market we all the wehave infrastru again, think So, on Google. just like position, the bidyourself first you into share if market of additional amount a orwherebyget you meaningful curve, bidcurve, anice wea click And what have we call pricing. push upthe to going we So dynamic betweenclients our needthe anauction. It’s prices. the goset pricesto don’t up. We wethere’sfor room think therefore, And they could. agosaid months spend to ability the have they oldTherefore, inthe bookingsmodel. than more making they’re spending, are clients our that wedollars for the have information the From abid it’s marketplace. onpricing, question to your So, it the consumer, doing for at what it’s look answer to try keep next shorter. I’ll my of that. anticipation in goingto slow roll ButI’mnot dodown the year of to rest the it. the through , half of equation that control I don’t since in that, cautious a am little click of sort the on-site bit upamore, And welittle conversion if go. should get bidauction to, attention pay else to beanything goingto wow,not is then, there crossed, when 100%, fingers at we’re month,

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it is exactly what we’ve seen. We used to have a model whereby our clients would wherebyclients seen.aour used have whatto model we’ve We it exactly is TripAdvisor, Inc. TripAdvisor, the color. So meta clearly gets a lot of attention, but, along with that, you’ve made you’ve made with that, along but, of attention, getsa lot So clearly color. meta the first company, push it out. If the technology can handle it, clients are ready, out ready, are clients handle it, can the If technology pushout. company, it -first more on a cost per click on TripAdvisor because the existence proof three three proof existence because the clickonTripAdvisor per onacost more

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CallStreet May 14, 2013 14, May

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corrected transcript Douglas T. Anmuth, Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC – can talk you Spain. So, in rentals Niumba in vacation CruiseWise, Post,Jetsetter, so Tiny recently, acquisitions several made you’ve So M&Astrategy. overall about the bit a we asMaybe talk little can some well. guys have So,let – room. me of center the just in the here mics There’s some. have you if some questions, starttaking up, we guysline definitely you wantcan If to Okay. hada– you, I’ve tell I’d now versus meta to transition how about the doyou of feel asthat, ofAnd that? part growthontop ongetting drivers growth about the I but, so think bit, with how doyou bear me, guess, aheada little jumping of sort re to business the back ongetting of here focus alot there’s So – that? about how thinking strategy, you’re acquisition overall t UK, the – our So, to site. our coming they’re therefore, TripAdvisor, about some out whether us to It’sfor figure hard growth. traffic our of overall independent of sort thing that we detect can if repeat gain in visits, to see start abigger when nextyear, or wehopefully year this be proofwill perhaps later The site. g onthe shoppin enjoyable so It’smuch just more consumer. pieces. Business andthose for the TripAdvisor rentals, the vacation uponyet, even touched we thehaven’t businessthat of otherparts about the excited And we’re then super coming there. I seecan again, acceleration progressSo, to make on. expect – that still there’s rate, through click shopper to hotel disparity at wethat look neutral. ustoWhen revenue get back to needs we as of Igetthingsgoing can asif the many market, mature a which is I very think U.S., just in the wow, andsay, more aton there’s position, leading absolute very the reports seein the you’ll it platforms, in those other just like wrong theydothe thing, wrong, if And if they’re sendbids to the live. going just and andanalyze We’re verify. to check going not process. entire the automating we astowards allofclients our work thoserequests wefrom handle suchcan place that in nowstructure’s our aweek,but infra acouple times than of ever get faster will not sureit that I’m So bids down. upor adjust to knowto whether conversions, their to todownstream back, look coming o beacouple tends to towards gravitated want. they’ve sospeedwhich And timethey the at any dothat to ready we’re but everyday, bidding actually are that clients any to my knowledge, have, so,weAnd yet don’t

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I look at the UK, which is arguably our best market, we have the highest repeat usage in usage in wehighestrepeat the have best our market, UK,which atarguably the is I look

how you felt three or sixago? or three months felt how you TripAdvisor, Inc. TripAdvisor, f times a week, because they need enough time to generate enough data enoughdata generate to needenoughtime aweek,because times they f

one of those conversion feelings to meta, just because what it’s done to the the doneto because what it’s just feelings to meta, one of thoseconversion

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CallStreet May 14, 2013 14, May but we’rebut - Date▲

corrected transcript Stephen Kaufer, President, Chief Executive Officer &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen we there go. Hey, so. about everything, clear incredibly is Steve just Otherwise, easier. that’s – you if has questions, anybody any Again, if Okay. astrong as year, pretty thewe becoming over have say, more I’d likely will, there And Okay. mobile/ So,Post, Tiny of, kind its own rationale. for, atacquisition each to have look you’d So,again, Sure. Fantastic Fantastic wants. just scale that andthat’s sale abusiness flash andSniqueAway sale flash Jetsetter mobil faster even grow - needle of arevenue is think it don’t We begreat. postcardsto we expect And team. strong office, frankly, Alto Palo our sense, joins perfect aTripAdvisor andsending TripAdvisor – spreading want to start We installs. helpus companiesto grow. in bringing successfully recordof track aprettystrong have grow to way beable to in that capital the we sure, have saying, I’m canAnd help. howacquisition us,saying this businessfor who cruise runs agreat Kathleen, from presentation the hearing of hadthe pleasure I business. cruise our helps CruiseWise rationale. combo a or asynergy that’s week.So andevery these sales creating each expense of the to justify people enough hasget butto it to just world, in the the gosense want to all to, makes really you properties rent for properties actual inventory, have supply. didn’t have butWe we wedidn’t bring, can footprint demand gowe Spain. So to to have andEuropeans wanting ain Spain have of traffic ton already We scale. global have y alread platform. We the have where we rentals, already to vacation similar that’s And equation the andpeople to bring technology the They faster. stronger, – than implications

www.CallStreet.com • • www.CallStreet.com soc product ial,

we think travel postcards we travel think

, o TripAdvisor, Inc. TripAdvisor,

in Spain, and Niumba has andNiumba acoupl Spain, in l h my God, the e- the God, h my ook, we have the leading independent cruise site. We want to make that grow wantthat site. to make cruise We independent theook, weleading have e / social, bingo, Post. bingo, Tiny social, Company▲ mails that you get talking about the fantastic sales on about the getfantastic you that talking mails

1 helping our travelers, our fans, spread the word about word spread the about our travelers, fans, our helping branded postcard from the app the from postcard -branded - . We have all these downloads. We have the the have Samsung all We have thesedownloads. . We mover, but it’s absolutely in the area where we’re trying to to where area we’re the trying in but absolutely it’s mover, 877

- FACTSET Ticker▲

TRIP

you can raise your hand, too. I’ll repeat it repeatit if hand, I’ll too. your you raise can e hundred thousand, bingo. So, a perfect So, aperfect fit. bingo. e thousand, hundred

Technology, Media and Media Technology, . Nothing Nothing Telecom Conference Telecom JPMorgan Global Global JPMorgan – they’re already using, using, makes already they’re

Event Type▲ Event good, makes sense. makes good, more more

–

no more strategic strategic no more - 2013

–

we feel we we feel we

CallStreet May 14, 2013 14, May

Date▲

corrected transcript Stephen Kaufer, President, Chief Executive Officer &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC &Director Executive Officer Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC but allonboard, saythey’re that I chains, can’t The strong. remains rates renewal The revenue. recurr the we so business, love Subscription year. on this target We’re scale faster. could we team. the thought hiring We just we Lastyear, hiccupsin well. hadsome say going I’d very So, e. sid independent chains onbothandthe the hotels, from getting you’re of out andwhat type feedback build sales of the terms usforce update on in can progress you the Maybe business. of the segment Ishift So wanted to right. just All Okay. So ROIsocial investment? onyour thisinto andhow ofbenefits translate thedoyou terms key in here aboutseeing what you’re talk Canyou andsocial. ok a oftowardFacebo put effort you lot Okay, anyways and I’m going to keep doing it anyways. It’s all– anyways. It’s doing keep goingto it anyways andI’m social in were cetera. We investing et tests, significance allthosestatistical on meets reporting So to the extent that that’s a super slow build as – asuper slow that’s that build extent to So the client. aclick our terminology, in something buy something, andbuy around to stick likely you that more makes something, contributed siteandhave beenonour have your friends see that - was notit needle that abig decision, prove weSo in fact, did, commerce. less bit bit andalittle less page doalittle views And answer off? was, they the whenwe that turn happens what site, onthe support some friend have wouldotherwise that those for folks TripAdvisor, to comes that aslice So of traffic for on TripAdvisor. ofinitiative Friends our off to turn Wisdom going out there. itself to prove it’sstarting crossed, hey, and, atnextfingers level ofthat already kind s alone stuff, let about that think to started even guys haven’t all thoseother sethasAnd been. of wheresocial your the weinformation have And your reviewsfriends. room from have tipsandwe photos. have candid We have reviews. We I’m TripAdvisor? about of abunch reviews. Theyhave What gaining. and they’re or Expedia or booking.com the reviewsthat about whatthink doyou hey, question, get andoften the weSo that I have. look with Facebook e partnership th andwith scale global at the this pursuing even are guysthat only around the we’re just tell, ascan near And I measured it. as recently that, paybacks we’ve from somerevenue least modest at to see starting we’re usbut now And years, London. it’staken in something reviewed have friends Yes, been London. my to have my Yes, friends at London. getI’m looking to of matches be able shopper numbers on these hotel accelerate and us maintain helping that’s oneof the at factors is least on TripAdvisor didsomething you that your friend telling support social onthe ofFacebook, branding all this you.Becausewe believe tell

–

we actually did just run a run test did just v we actually

www.CallStreet.com • • www.CallStreet.com TripAdvisor, Inc. TripAdvisor,

i t

to ourselves very recently, again, not that it was going to affect any any wasaffect notit to that again, going recently, ourselves to very Company▲ ery recently. We have a high bar for making sure what we’re abar have making high for eryWe recently. mover, but it confirmed when you come to our site and you siteandyou our whento confirmed come but you it mover, 1

- gears a little bit and talk about the Business Listings Business the Listings about bit and talk gears alittle 877 tart to act upon it, which takes years to build. So we’re So build. yearsto takes which actupon to it, tart

. - ut But FACTSET Ticker▲ we did do a little test, that said, all right, we’re allright, said, that wetest, diddoa little TRIP

just think with with Facebook’s think just

Technology, Media and Media Technology, Telecom Conference Telecom JPMorgan Global Global JPMorgan Event Type▲ Event Agoda – b

of what I’m about of what I’m i llion

have on their sites onsites their have like, yes, we have we yes, have like,

- - folks (29:47) to to (29:47) folks through to a to through 2013

ing ing

CallStreet May 14, 2013 14, May

to to Date▲

corrected transcript Stephen Kaufer, President, Chief Executive Executive Off Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC Chief President, Kaufer, Stephen DouglasAnmuth, T. Analyst, JPMorgan Securities LLC soThanks much. you, Steve. but thank there, to it we’releave time, going of the interest just in right, All great. Okay, trip your taking spot for first the be to deserves that combination we’veakiller got just bestprice, the helps we people find that have that engine plusnew the pricing decision, the right people to wehelp make that have raw information the awesome withcontent, the I feel aone-time spend. ends if it upbeing disappointed be will very to look be able will so ofI doing it that to seeeffect we’llable the spend,but onthe just lift positive bean ROI it’ll besuccessful adwill the that campaigns hopeis My us if understand help guess I And maybe roll display the meta with conjunction thisyear in social of in terms doing andwhat you’re Facebook about spend,andwe talk your to asrelates marketing Iaskit One wantedjust more to Okay. base. overall our helps increase again, and, their friends with that sharing a write review, as they TripAdvisor people to get join helps more helps branding, our traction, strong some really but days, Early some amazing traction. getting world, that’s of parts the so many t e to system CRM Use writeareview. free our to your guests until remember have wait don’t to you yourselves, reviews timeto collect owners hey, say, hotelier and of registered our As all we to goout wein reputation. them, gain about heard where they hotelier and the in tell come guests and As the around globe. more more hoteliers even to all offer more to TripAdvisor for room there’s saying up40%, but I’m going are prices not saying I’m site. as exposure onthe we more out, get year year in, 40%better getting actually here’sthat’s say, aproduct you 40%-plus, that growth at say we’reAnd on site. rated the are that terribly not the folks reputation, excellent adecentto have that properties uponthe call only We onallthe properties. calling telesales sales, and field telesales place, we And awor now have It’s measurable. get leads. exposure, waytheir anice onboard.Theyseeasto increase coming it just or ofonboard themare most hopeit’songoing. I yes, goes onanongoingbasis do asrevenue upbecaus to the that continue to – newSo to it’s folks. introduction ongoing with reinforcement, with ongoing to we’reracesfaster allright, off the then, a aign, through TV camp that going forward? continue to look actually you which might something as this doyou awareness now or view about increasing and just the site it’s more switching you’re he reviews are good, help you in the rankings. And, again, since TripAdvisor’s now such a force in nowsuch aforce since TripAdvisor’s And,again, the you rankings. in help good, he reviewsare

www.CallStreet.com • • www.CallStreet.com out. You’ll also be doing some offline ad spend. Can you talk about that a little bit bit amore? about little that talk adspend.Canyou some offline bedoing also You’ll -out. - mail your guest to suggest a review, to suggest that they write a review and that will, will, if write areview and that they to that suggest areview, suggest your guestto mail ing, hey, this is a great way to get additional exposure. When you look atshopper our you look exposure. When additional wayget to agreat hey, this is ing, in the mirror and say, great, we’re going continue this for the foreseeable future. I future. the foreseeable this for continue we’re going great, andsay, in the mirror

TripAdvisor, Inc. TripAdvisor,

Company▲

Executive Officer & Director & Officer Executive – 1

- for planning that trip. If everyone can quickly learn about about quickly learn can everyone If trip. planning that for 877 time thing, as – you of aone-time thing, thisas you amore view

- FACTSET icer & Director & icer Ticker▲

when we look at the financials, we can easily afford afford we easily can at the financials, whenwe look TRIP ,

e’ll be able to measure a lift. I’m not saying saying I’m not be alift. able to measure e’ll

Technology, Media and Media Technology, Telecom Conference Telecom JPMorgan Global Global JPMorgan Event Type▲ Event

e of that program. So, So, program. that e of - 2013

ed a little bit ed a little

CallStreet May 14, 2013 14, May

as as Date▲

corrected transcript DouglasAnmuth, T. Analyst, JPMorgan Securities LLC INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNES OFIMPLIED MERCHANTABILITY, INCLUDINGWARRANTIES ANY LIMITATION WITHOUT AND ITS LICENSORS, BUSINESS ASSOCIATES AND SUPPLIERS DISCLAIM ALL WARRANTIES WITH RESPECTTHEINFORMATION TO THE SAME, PROVIDED EXPRESS,TO YOU IMPLIED HEREUNDER AND STATUTORY, IS PROVIDED "AS IS," AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, APPLICABLE FactSet CallStreet, LLC any of the securities discussed herein. do not represent or the opinions beliefs CallStreet, of FactSet LLC. Fa suc solelypublished for purposes, information financial andis as or not to beconstrued or other of theanoffer solicitation advice any to buy to where sell in security state or anoffer any as tointended beused as the primary basis of investment decisions. It should not be construed advice as designed to the meet particular investment needs of any investor. This report is associated the of use with, any information provided available data. As such, we do not warrant, endorse or guarantee the completeness, accuracy, integrity, or timeliness of the information. You evaluate,must and bear all risks The herein information is based on sources believewe to be reliable but is not guaranteed by us and does not purport to bea Disclaimer LLC.CallStreet, All other trademarks arementioned trademarks of their respective c The contents and appearance of this report are Copyrighted FactSet CallStreet, LLC 2013. CallStreet andFactSet CallStreet, LLC are trademarks and service of FactSetmarks MATTEROTHER SUBJECT HEREOF. ORINFORMATIONTHE ANY PROVIDED ARISING HEREIN IN WITH OR CONNECTION UNDER POSSIBILITY OF LOSSES, SUCH DATA USE, ORCOMPUTER MALFUNCTION, FAILURE PUNITIVE DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS OR REVENUES, GOODWILL, WORK STOPPAGE,PARTNERS, SECURITY AFFILIATES, BREACH BUSINESS ASSOCIATES, LICENSORS OR SUPPL INFRINGEMENT.TOTHE MAXIMUM EXTENT PERMITTED BYAPPLICABLE LAW, NEITHER FACTSET CALLSTREET, LLCITS NOROFFICERS, MEMBERS, D all. you Thank

h an offer or solicitation be would illegal. Any information expressed herein onthis date subjectis to change noticwithout

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TripAdvisor, Inc. TripAdvisor,

Company▲ hereunder, any including reliance onthe accuracy, completeness, safety or usefulness of such information. This information i

OR OTHER INTANGIBLE LOSSES OR COMMERCIAL DAMAGES, EVEN IF ANY OF SUCH PARTIESIS ADVISED OFTHE 1 - 877 ctSet CallStreet,ctSet LLC, employees, or of its including oneor more the writer report, of this havemay in aposition

JPMorgan Global Global JPMorgan Event Type▲ Event e. Any or opinions assertions contained this in information

complete or error - 2013

free CallStreet May 14, 2013 14, May statement or summary of the Date▲ ES, VIRUSES,

IRECTORS, IRECTORS, 12

s not not s -