#1Tripadvisor Q4 & FY 2023 Investor Presentation February 2024#2Safe Harbor Statement Forward-Looking Statements. Our presentation today, including the slides contained herein, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts or guarantees of future performance and are based on management's assumptions and expectations, which are inherently subject to difficult to predict uncertainties, risks and changes in circumstances. The use of words such as "intends," "expects," "may," "believes," "should," "seeks," "intends," "plans," "potential," "will," "projects," "estimates," "anticipates," or similar expressions generally identify forward-looking statements. However, these words are not the exclusive means of identifying such statements, and any statements that refer to expectations, beliefs, plans, predictions, projections, forecasts, objectives, assumptions, models, illustrations, profiles or other characterizations of future events or circumstances are forward-looking statements, including without limitation statements relating to future revenues, expenses, margins, performance, profitability, cash flows, net income/(loss), earnings per share, growth rates and other measures of results of operations (such as adjusted EBITDA) and future growth prospects for Tripadvisor's business. Actual results and the timing and outcome of events may differ materially from those expressed or implied in the forward-looking statements for a variety of reasons, including, among others, those discussed in the "Risk Factors" section of our Annual Report on Form 10-K. Except as required by law, we undertake no obligation to update any forward-looking or other statements in this presentation, whether as a result of new information, future events or otherwise. Investors are cautioned not to place undue reliance on forward-looking statements. Non-GAAP Measures. This presentation also includes discussion of both GAAP and non-GAAP financial measures. Important information regarding Tripadvisor's definitions and use of these measures, as well as reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the earnings release reporting our fourth quarter and full year 2023 financial results, which are available on the Investor Relations section of our website at ir.tripadvisor.com, and in the "Appendix" section of this document. These non-GAAP measures are intended to supplement, and are not a substitute for comparable GAAP measures. Investors are urged to consider carefully the comparable GAAP measures and reconciliations. Industry Market Data. Industry and market data used in this presentation have been obtained from industry publications and sources as well as from research reports prepared for other purposes. We have not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. Tripadvisor 2#3The world's most trusted source for travel and experiences#4Strategic position as the leading platform across the traveler journey BRAND Tripadvisor World's largest online travel guidance platform Viator Leading global online bookable experiences platform TheFork Leading European online restaurant discovery and booking platform Large Global Audience Trusted Brands Tripadvisor 4 Unique, Community-Driven Content Strong Partner Relationships Data Technology World Class Talent#5Financial Highlights#6Fiscal 2023 Highlights BRAND Qo Tripadvisor Viator TheFork Branded Hotels revenue growth and stability 31% Experiences & Dining revenue growth Margins reflected the balance of strategic investment and disciplined cost management 49% revenue growth Exceeded $3.7B in GBV (+40% growth) Achieved break even for the year, inclusive of incremental brand investment 22% revenue growth Meaningful margin improvement driven by more balanced investment levels Maintained stable restaurant base and healthy demand Tripadvisor 6#7Tripadvisor Group: A family of brands addressing the traveler journey A diversified position in the large and growing global travel and experiences industry BRAND Qo Tripadvisor Viator TheFork Revenue Mix % of Total¹ Fiscal Year Revenue² Adjusted EBITDA² (% margin) 91% 2015 2023 2 2015 2023 2 7% $1,031 million 7% y/y growth $348 million 34% 54% 38% 2015 2023 2 3% 8% $737 million 49% y/y growth $0 million 0% $154 million 22% y/y growth ($14) million -9% Source: Company filings Note: Adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, long-lived assets and intangible asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income. 1. Excludes segment eliminations 2. Year ending Dec. 31, 2023 Tripadvisor 7#8Annual Consolidated Results: Revenue & Adjusted EBITDA Tripadvisor 8 1,560 Consolidated Revenue ($M) 604 902 1,788 1,492 438 FY19 FY20 FY21 FY22 FY23 Consolidated Adj. EBITDA ($M) 100 334 295 (51) FY19 FY20 FY21 FY22 FY23 As % of Rev 28% -8% 11% 20% 19% Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.#9Annual Consolidated Results: Operating Cash & FCF Operating Cash Flow ($M) Free Cash Flow ($M) 424 Tripadvisor 9 108 400 235 (194) FY19 FY20 FY21 FY22 FY23 341 (249) FY19 FY20 54 54 FY21 344 FY22 172 FY23 Fiscal year 2022 included the benefit of approximately $75 million in Cares Act and Covid subsidies at TheFork. Fiscal 2023 included the impact of a net cash outflow of approximately $60 million related to a previously disclosed IRS settlement Note: Free cash flow is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.#10Consolidated Results: Quarterly Revenue & Adjusted EBITDA Consolidated Revenue ($M) 371 354 494 533 390 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Tripadvisor 10 Consolidated Adj. EBITDA ($M) 43 33 90 127 84 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 As % of Rev 12% 9% 18% 24% 22% Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.#11Quarterly Revenue & Adjusted EBITDA by Segment Brand Tripadvisor Revenue ($M) Viator Revenue ($M) 244 217 279 290 218 127 115 245 216 TheFork Revenue ($M) 42 38 39 35 33 161 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 61 72 12 Adj. EBITDA ($M) 111 96 69 69 (3) Adj. EBITDA ($M) 17 15 (2) Adj. EBITDA ($M) 0 (1) (4) (30) (15) Q4 2022 Q1 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Tripadvisor 11 Note: Adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, long-lived assets and intangible asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income.#12Quarterly Free Cash Flow & Liquidity Free Cash Flow ($M) Liquidity position at 12/31/2023 ($M) $1,563 119 90 00 (2) (35) 496 1,067 (55) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Tripadvisor 12 as of 12/31/23 Unborrowed revolver facility Cash and cash equivalents Q2 2023 cash from operations and free cash flow included the impact of a U.S. federal tax payment of $113 million, while Q3 2023 cash from operations and free cash flow included a refund of $49 million, both related to a previously disclosed IRS audit settlement. Note: Free cash flow is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.#13Segment Level Overview#14OO Brand Tripadvisor Overview Trusted source for end-to-end travel guidance Durable asset that is difficult to replicate • Travelers: Community-driven insight ✓ Trusted brand through reviews and forums Bookings for hotels, ✓ Authentic UGC experiences, restaurants, and other categories ✓ Large community of contributors Global Travel Market' ($Trillions) $0.9 8% Online CAGR $1.7 1.1 65% 0.3 33% Partners: • Global hotel meta platform Key advertising platform for travel brands and beyond ✓ Large global audience 2010 Tripadvisor 14 2026 Online Travel Offline Travel 1) Phocuswright#15OO Brand Tripadvisor Delivering on engagement-led strategy Innovative planning tools Enhanced media proposition for brands Fresh, relevant Deliver world-class guidance Membership that drives loyalty content Tripadvisor 15 Mobile-first experience Connect valuable audiences to partners Reinforced core hotel business Deliver deeper engagement with travelers Expanded marketplace economics Data that powers personalization#16OO Brand Tripadvisor Summary Highlights Valuable assets including a trusted brand, global audience, scalable content model, high-intent data, and significant supply footprint Multiple ways of connecting consumers with our partners 300M+ Monthly Unique Users 43 Global Markets Tripadvisor 16 Note: All figures as of year end 2023 unless otherwise noted ~130M Active Members 1B+ Reviews & Opinions#17Viator Leading global online experiences platform Overview Platform connecting travelers and tour operators Travelers: • Easy discovery of high-quality experiences reviewed and confirmed by travelers Favorable tailwinds for global experiences 4x faster growth of consumer spending on experience-related services v. goods² Global Tours & Experiences Market ($B) ~$280B Global Experiences Gross Bookings¹ • Flexibility to book and cancel • Leading customer service Operators: -280 253 235 70% 83% 74% . Expanded distribution • Hassle free bookings 30% • Marketing and analytics products to 17% 26% manage and grow their business 2019 2023E 2025E Online Offline 1. Arival Tripadvisor 17 2. Phocuswright/Arival $83B Experiences Online Gross Bookings Viator ~$3.7B+ FY23 gross booking value#18Viator Investment today in building market share Building scale Total Gross Booking Value (all POS) +$3.7B or ~26% CAGR (2019-2023) Acquiring users today, building a long-term profitable business Delivering increasing profitability through Higher rates of repeat bookers • Higher subsequent repeat order values • GBV that comes increasingly through our most profitable channels FY19 Tripadvisor 18 FY20 FY21 FY22 FY23#19Viator Summary Highlights Q Åb htt Σ $3.7B+ FY2023 GBV 350K+ Bookable Experiences ~4x more bookable experiences vs closest competitor' Tripadvisor 19 55K+ Operators Mid-20s Take Rates 4,000+ Demand Partners Including Nearly Every Travel Brand Note: All figures as of year end 2023 unless otherwise noted 1. Bookable experience counts of competitors are based on internal estimates. Variations on the same tour experience are counted as a single experience.#20TheFork Leading marketplace for restaurant bookings in Europe Overview Platform for European restaurant listings and reservations Diners: • • Restaurant discovery and booking Photos, reviews, menu and pricing info to guide decision-making Restaurateurs: • • • Visibility and reach to diners Marketing and yield management tools Digital solution to manage bookings, and optimize operations Customer behavior data Leader in an underpenetrated market Leading player in every EU market in which TheFork operates, currently present in 11 countries across Europe Unmatched volume and diversity of content in core markets Primarily app-based bookings Large repeat user base All restaurants in Europe 500K+ Restaurants in Top 5 countries* TheFork 55k+ Bookable restaurants Tripadvisor 20 *Euromonitor#21TheFork Balancing growth and increasing profitability Attract Grow restaurant base Value-add products and services Tools that elevate partners: booking and yield management, analytic insights and CRM Reach more travelers Product focus (app) Unmatched volume and diversity of content in core markets Driving awareness in key markets Drive profitability ● Rationalizing footprint to focus on core European markets Modernized technology platform Tripadvisor 21 e Right Supply TheFork xperience/Strong Restaurant ROI & Engage Diners Best Booking Exper#22TheFork Summary Highlights E A ㅁ $10B+ Current Addressable Market 55K+ Bookable Restaurants ~75% Bookings via Mobile App Opportunity¹ Tripadvisor 22 Note: All figures as of year end 2023 unless otherwise noted 1. HOTREC Restaurant Booking Study (May 2019) and company estimates 20M+ Ratings, Reviews & Photos 41 75%+ Bookings from Repeat Diners#23Segment Strategy Summary 1 Brand Tripadvisor: Focusing on engagement and delivering world-class guidance products to fuel our diverse monetization paths 2 Viator: Reinforcing our leadership position in experiences by investing in awareness, enhanced products, and repeat bookings to capture more market share 3 Tripadvisor 23 TheFork: Driving revenue growth with significant margin improvement this year by delivering value to both diners and restaurants as the leader in the European dining market#24Thank You 00#25Appendix Tripadvisor (in $millions) Reconciliation from GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP): GAAP Net Income (Loss) Add: Provision (benefit) for income taxes Add: Other expense (income), net Add: Restructuring and other related reorganization costs Add: Impairment of goodwill Add: Legal reserves and settlements Add: Non-recurring expenses (income) w Add: Stock-based compensation expense Add: Depreciation and amortization (2) Adjusted EBITDA (Non-GAAP) (3) 2019 2020 2021 2022 2023 FY FY FY Q4 FY Q1 Q2 Q3 Q4 FY $126 ($289) ($148) ($3) $20 ($73) 68 (80) (37) (13) (7) 40 54 3 ཤྰབསྐྱ $24 47 58 སྣུབ $27 $32 $10 20 37 115 1 (1) 1 1 41 18 4 22 3 1 8 00 8 3 124 109 120 23 88 126 125 111 25 97 $438 ($51) $100 $43 $295 $33 23 23 21 $90 228 25 21 $127 སེམསྨཱ 24 21 སམ 3 24 96 25 88 87 $84 $334 Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow: Cash flow provided by (used in) operations Subtract: Capital expenditures Free Cash Flow (Non-GAAP) (4) Tripadvisor 25 $424 ($194) $108 ($40) $400 $135 $105 $14 ($19) $235 83 55 54 15 56 16 15 16 16 63 $341 ($249) $54 ($55) $344 $119 $90 ($2) ($35) $172#26Appendix The Company believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating and analyzing our business. (1) The Company incurred a loss of approximately $8 million during the three months ended December 31, 2022, as the result of a targeted payment fraud scheme by an external fraudster. The Company considers such costs to be non-recurring in nature. To the extent the Company recovers any losses in future periods related to this incident, the Company plans to reduce adjusted EBITDA by the recovery amount in that same period. In addition, the Company expensed $3 million of previously capitalized transaction costs during the first quarter of 2023. The Company considers such costs to be non-recurring in nature. (2) Depreciation and amortization. Includes capitalized website development amortization. (3) Adjusted EBITDA. A non-GAAP measure which is defined as net income (loss) plus: (1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income. These items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount is not driven by core operating results and renders comparisons with prior periods and our competitors less meaningful. (4) Free Cash Flow. A non-GAAP measure which is defined as net cash provided by operating activities less capital expenditures, which are purchases of property and equipment, including capitalization of website development costs. We believe this financial measure can provide useful supplemental information to help investors better understand underlying trends in our business, as it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange and certain investing activities. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the unaudited condensed consolidated statements of cash flows. Tripadvisor 26