Tripadvisor reported that consumer demand for travel – as measured by travellers on the Tripadvisor platform - had been rising since April.
The company’s CFO said that the early recovery had been “encouraging”, but that the group was was planning “with conservatism”.
Adjusted Ebitda was down by 88% on the year to $15m, with adjusted Ebitda for the group’s hotels, media and platform platform falling by 96% to $4m.
CEO Steve Kaufer told analysts: “We outlined our expectation for an uneven recovery and, since the start of Q4, we have been seeing exactly that, particularly in Europe, where the virus has resurged. However, each month that passes brings the world closer to important medical developments that will meaningfully restore consumer confidence in travel and allow for a broad-based rebound.
“In the meantime, we remain focused on factors inside our control: execute on initiatives that deepen customer relationships, deliver more value to partners, roll out new and innovative product offerings to both industry partners and consumers, and position the business well for many years to come.”
As of 30 September Tripadvisor had $446m of cash and cash equivalents, an increase of $127m from 31 December, with nearly $1bn in available borrowing capacity.