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Document and Entity Information
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9 Months Ended | ||
|---|---|---|---|
|
Sep. 30, 2013
|
Oct. 17, 2013
Common Stock [Member]
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Oct. 17, 2013
Class B Common Stock [Member]
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| Document Information [Line Items] | |||
| Document Type | 10-Q | ||
| Amendment Flag | false | ||
| Document Period End Date | Sep. 30, 2013 | ||
| Document Fiscal Year Focus | 2013 | ||
| Document Fiscal Period Focus | Q3 | ||
| Entity Registrant Name | TripAdvisor, Inc. | ||
| Entity Central Index Key | 0001526520 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Common Stock, Shares Outstanding | 129,262,489 | 12,799,999 | |
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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
|
Sep. 30, 2012
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|||||||||
| Revenue | $ 198,969 | $ 155,835 | $ 560,992 | $ 429,370 | ||||||||
| Related-party revenue from Expedia | 56,167 | 56,875 | 171,000 | 164,203 | ||||||||
| Total revenue | 255,136 | 212,710 | 731,992 | 593,573 | ||||||||
| Costs and expenses: | ||||||||||||
| Cost of revenue (exclusive of amortization) | 5,207 | [1] | 2,876 | [1] | 13,135 | [1] | 8,536 | [1] | ||||
| Selling and marketing | 98,204 | [2] | 67,647 | [2] | 260,069 | [2] | 199,279 | [2] | ||||
| Technology and content | 34,398 | [2] | 23,535 | [2] | 95,116 | [2] | 62,950 | [2] | ||||
| General and administrative | 24,556 | [2] | 20,056 | [2] | 72,541 | [2] | 54,562 | [2] | ||||
| Depreciation | 7,634 | 5,037 | 20,834 | 14,033 | ||||||||
| Amortization of intangible assets | 1,443 | 1,310 | 4,182 | 4,909 | ||||||||
| Total costs and expenses | 171,442 | 120,461 | 465,877 | 344,269 | ||||||||
| Operating income | 83,694 | 92,249 | 266,115 | 249,304 | ||||||||
| Other income (expense): | ||||||||||||
| Interest income | 475 | 76 | 1,316 | 260 | ||||||||
| Interest expense | (2,562) | (2,882) | (7,875) | (8,403) | ||||||||
| Other, net | 2,016 | 1,367 | (1,595) | (2,476) | ||||||||
| Total other expense, net | (71) | (1,439) | (8,154) | (10,619) | ||||||||
| Income before income taxes | 83,623 | 90,810 | 257,961 | 238,685 | ||||||||
| Provision for income taxes | (27,741) | (31,275) | (72,792) | (77,814) | ||||||||
| Net income | 55,882 | 59,535 | 185,169 | 160,871 | ||||||||
| Net (income) loss attributable to noncontrolling interests | (175) | (381) | ||||||||||
| Net income attributable to TripAdvisor, Inc. | 55,882 | 59,360 | 185,169 | 160,490 | ||||||||
| Earnings Per Share attributable to TripAdvisor, Inc.: | ||||||||||||
| Basic | $ 0.39 | $ 0.42 | $ 1.29 | $ 1.16 | ||||||||
| Diluted | $ 0.38 | $ 0.41 | $ 1.27 | $ 1.14 | ||||||||
| Weighted Average Common Shares Outstanding: | ||||||||||||
| Basic | 142,690 | 142,342 | 143,095 | 138,458 | ||||||||
| Diluted | 145,454 | 143,657 | 145,258 | 140,517 | ||||||||
| (1) Excludes amortization as follows: | ||||||||||||
| Depreciation | 7,634 | 5,037 | 20,834 | 14,033 | ||||||||
| Amortization of intangible assets | 1,443 | 1,310 | 4,182 | 4,909 | ||||||||
| Excluded Amortization | 5,199 | 3,414 | 14,397 | 9,470 | ||||||||
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Selling and Marketing Expense [Member]
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||||||||||||
| (2) Includes stock-based compensation as follows: | ||||||||||||
| General and administrative | 2,795 | 1,184 | 7,354 | 3,185 | ||||||||
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Technology And Content [Member]
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||||||||||||
| (2) Includes stock-based compensation as follows: | ||||||||||||
| General and administrative | 5,479 | 3,187 | 15,901 | 7,125 | ||||||||
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General and Administrative Expense [Member]
|
||||||||||||
| (2) Includes stock-based compensation as follows: | ||||||||||||
| General and administrative | 3,377 | 4,092 | 12,215 | 9,613 | ||||||||
|
Software Development [Member]
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||||||||||||
| Costs and expenses: | ||||||||||||
| Depreciation | 4,954 | 3,231 | 13,741 | 8,923 | ||||||||
| (1) Excludes amortization as follows: | ||||||||||||
| Depreciation | 4,954 | 3,231 | 13,741 | 8,923 | ||||||||
|
Technology-Based Intangible Assets [Member]
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||||||||||||
| Costs and expenses: | ||||||||||||
| Amortization of intangible assets | 245 | 183 | 656 | 547 | ||||||||
| (1) Excludes amortization as follows: | ||||||||||||
| Amortization of intangible assets | $ 245 | $ 183 | $ 656 | $ 547 | ||||||||
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Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
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| Statement Of Income And Comprehensive Income [Abstract] | ||||
| Net income | $ 55,882 | $ 59,535 | $ 185,169 | $ 160,871 |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation adjustments | 3,168 | 1,724 | (393) | 1,955 |
| Available-for-sale investments: | ||||
| Change in net unrealized gain (loss) | 557 | (6) | ||
| Less: reclassification adjustment for gains (losses) included in net income | (58) | (40) | ||
| Net change (net of tax effect of $340 and ($32)) | 499 | (46) | ||
| Total other comprehensive income (loss), net of tax | 3,667 | 1,724 | (439) | 1,955 |
| Comprehensive income | 59,549 | 61,259 | 184,730 | 162,826 |
| Less: Comprehensive (income) loss attributable to noncontrolling interests | (175) | (381) | ||
| Comprehensive income attributable to TripAdvisor, Inc. | $ 59,549 | $ 61,084 | $ 184,730 | $ 162,445 |
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Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended |
|---|---|---|
|
Sep. 30, 2013
|
Sep. 30, 2013
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| Statement Of Income And Comprehensive Income [Abstract] | ||
| Net of unrealized tax benefit | $ 340 | $ (32) |
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Net of allowance for receivable | $ 3,331 | $ 2,818 |
| Preferred stock, par value | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Treasury stock, shares | 2,083,709 | 0 |
|
Common Stock [Member]
|
||
| Common stock, par value | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 1,600,000,000 | 1,600,000,000 |
| Common stock, shares issued | 131,372,883 | 130,060,138 |
| Common stock, shares outstanding | 129,289,174 | 130,060,138 |
|
Class B Common Stock [Member]
|
||
| Common stock, par value | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 400,000,000 | 400,000,000 |
| Common stock, shares issued | 12,799,999 | 12,799,999 |
| Common stock, shares outstanding | 12,799,999 | 12,799,999 |
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Organization and Basis of Presentation
|
9 Months Ended |
|---|---|
|
Sep. 30, 2013
|
|
| Accounting Policies [Abstract] | |
| Organization and Basis of Presentation | NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION We refer to TripAdvisor, Inc. and our wholly-owned subsidiaries as “TripAdvisor,” “the Company,” “us,” “we” and “our” in these notes to the unaudited consolidated financial statements. During 2011, Expedia, Inc., or Expedia, announced its plan to separate into two independent public companies in order to better achieve certain strategic objectives of its various businesses. We refer to this transaction as the “Spin-Off.” On December 20, 2011, following the close of trading on the NASDAQ Global Select Market (“NASDAQ”), the Spin-Off was completed, and TripAdvisor began trading as an independent public company on December 21, 2011. Expedia effected the Spin-Off by means of a reclassification of its capital stock that resulted in the holders of Expedia capital stock immediately prior to the time of effectiveness of the reclassification having the right to receive a proportionate amount of TripAdvisor capital stock. In connection with the Spin-Off, Expedia contributed or transferred all of the subsidiaries and assets relating to Expedia’s TripAdvisor Media Group to TripAdvisor and TripAdvisor assumed all of the liabilities relating to Expedia’s TripAdvisor Media Group. Our common stock trades on the NASDAQ under the trading symbol “TRIP.” Description of Business TripAdvisor is an online travel company, empowering users to plan and have the perfect trip. TripAdvisor’s travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts, specialty lodging and vacation rentals), restaurants and activities throughout the world through our flagship TripAdvisor brand. TripAdvisor-branded websites include tripadvisor.com in the United States and localized versions of the website in 33 countries, including in China under the brand daodao.com. Beyond travel-related content, TripAdvisor websites also include links to the websites of our travel advertisers allowing travelers to directly book their travel arrangements. In addition to the flagship TripAdvisor brand, we manage and operate 20 other travel media brands: www.airfarewatchdog.com, www.bookingbuddy.com, www.cruisecritic.com, www.everytrail.com, www.familyvacationcritic.com, www.flipkey.com, www.gateguru.com, www.holidaylettings.co.uk, www.holidaywatchdog.com, www.independenttraveler.com, www.jetsetter.com, www.niumba.com, www.onetime.com, www.seatguru.com, www.smartertravel.com, www.tingo.com, www.travelpod.com, www.virtualtourist.com, www.whereivebeen.com, and www.kuxun.cn, connected by the common goal of providing comprehensive travel planning resources across the travel sector. We derive substantially all of our revenue from advertising, primarily through click-based advertising and display-based advertising sales. In addition, we earn revenue through a combination of subscription-based offerings from our Business Listings and Vacation Rental products, transaction revenue from selling room nights on our transactional sites, and other revenue including licensing our content to third-parties. We have one reportable segment: TripAdvisor. The segment is determined based on how our chief operating decision maker manages our business, makes operating decisions and evaluates operating performance. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by us in accordance with generally accepted accounting principles, or GAAP, for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under generally accepted accounting principles for complete periods have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included. All such adjustments are of a normal recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2012 in our Annual Report on Form 10-K. The results for interim periods are not necessarily indicative of the results to be expected for the full year. The financial statements and related financial disclosures have been presented on a consolidated basis. Consolidation Our consolidated financial statements include the accounts of TripAdvisor, our wholly owned subsidiaries, and entities we control, or in which we have a variable interest and are the primary beneficiary of expected cash profits or losses. We record noncontrolling interest in our consolidated financial statements to recognize the minority ownership interest in our consolidated subsidiaries. Noncontrolling interest in the earnings and losses of consolidated subsidiaries represent the share of net income or loss allocated to members or partners in our consolidated entities. Significant intercompany transactions between the TripAdvisor consolidated entities and accounts have been eliminated. Certain of our subsidiaries that operate in China have variable interests in affiliated entities in China in order to comply with Chinese laws and regulations, which restrict foreign investment in Internet content provision businesses. Although we do not own the capital stock of some of our Chinese affiliates, we consolidate their results as we are the primary beneficiary of the cash losses or profits of these variable interest affiliates and have the power to direct the activities of these affiliates. Although we currently operate at a loss in the Chinese market, our variable interest entities are not material for all periods presented.
Accounting Estimates We use estimates and assumptions in the preparation of our consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include revenue recognition; recoverability of long-lived assets, valuation and impairment of marketable securities, intangible assets and goodwill; income taxes; useful lives of property and equipment; purchase accounting and stock-based compensation. Reclassifications We have reclassified certain amounts related to our prior period results to conform to our current period presentation. Seasonality Expenditures by travel advertisers tend to be seasonal. Traditionally, our strongest quarter has been the third quarter, which is a key travel research period, with the weakest quarter being the fourth quarter. However, adverse economic conditions or continued growth of our international operations with differing holiday peaks may influence the typical trend of our seasonality in the future. |
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Significant Accounting Policies
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Sep. 30, 2013
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| Accounting Policies [Abstract] | |
| Significant Accounting Policies | NOTE 2: SIGNIFICANT ACCOUNTING POLICIES Deferred Merchant Payables We receive cash from travelers at the time of booking related to our transaction-based businesses and we record these amounts, net of commissions, on our consolidated balance sheets as deferred merchant payables. We pay the hotel or vacation rental owners after the travelers’ use and subsequent billing from the hotel or vacation rental owners. Therefore, we receive cash from the traveler prior to paying the hotel or vacation rental owners, and this operating cycle represents a working capital source of cash to us. As long as our transaction-based businesses grow, we expect that changes in working capital related to these transactions will positively impact operating cash flows. As of September 30, 2013, our deferred merchant payables balance was $28.6 million and for the nine months ended September 30, 2013, the related transactions generated positive operating cash flow of $12.8 million. A payable balance of $14.5 million was acquired with our business acquisitions during the nine months ended September 30, 2013. For additional information on our business acquisitions refer to “Note 6—Acquisitions” below. The deferred merchant payables balance at December 31, 2012 was $1.3 million. There have been no material changes or other additions to our significant accounting policies since December 31, 2012. For additional information about our critical accounting policies and estimates, refer to “Note 2—Significant Accounting Policies,” included in our Annual Report on Form 10-K for the year ended December 31, 2012. Recently Adopted Accounting Pronouncements Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income In February 2013, the Financial Accounting Standards Board, or FASB, issued new accounting guidance which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. The new guidance requires that companies present, either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified based on its source and is effective for public companies in interim and annual reporting periods beginning after December 15, 2012. Accordingly, we have adopted these presentation requirements during the first quarter of 2013. The adoption of this new guidance did not have a material impact on our consolidated financial statements or related disclosures. New Accounting Pronouncements Not Yet Adopted Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists In July 2013, the FASB issued new accounting guidance on the presentation of unrecognized tax benefits. The new guidance requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2013, with early adoption permitted. Accordingly, we plan to adopt these presentation requirements during the first quarter of 2014. The adoption of this new guidance is not expected to have a material impact on our consolidated financial statements or related disclosures. |
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Stock Based Awards and Other Equity Instruments
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Based Awards and Other Equity Instruments | NOTE 3: STOCK BASED AWARDS AND OTHER EQUITY INSTRUMENTS Stock-based compensation expense relates primarily to expense for restricted stock units (“RSUs”) and stock options. Our outstanding RSUs and stock options generally vest over four years. For the three and nine months ended September 30, 2013, we recognized total stock-based compensation expense of $11.7 million and $35.5 million, respectively. The total income tax benefit related to stock-based compensation expense was $4.4 million and $13.8 million for the three and nine months ended September 30, 2013, respectively. For the three and nine months ended September 30, 2012, we recognized total stock-based compensation expense of $8.5 million and $19.9 million, respectively. The total income tax benefit related to stock-based compensation expense was $3.2 million and $7.2 million for the three and nine months ended September 30, 2012, respectively. TripAdvisor, Inc. 2011 Stock and Annual Incentive Plan, As Amended On December 20, 2011, our 2011 Stock and Annual Incentive Plan became effective. At our annual meeting of stockholders held on June 28, 2013 (the “Annual Meeting”), our stockholders approved an amendment to our 2011 Stock and Annual Incentive Plan to, among other things, increase the aggregate number of shares of common stock authorized for issuance thereunder by 15,000,000 shares. We refer to our 2011 Stock and Annual Incentive Plan, as amended by the amendment as the “2011 Incentive Plan.” A summary of the material terms of the 2011 Incentive Plan can be found in “Proposal 3: Approval of the 2011 Stock and Annual Incentive Plan, as amended” in our Proxy Statement for the Annual Meeting. The summary of the material terms of the 2011 Incentive Plan is qualified in its entirety by the full text of the 2011 Incentive Plan previously filed. 2013 Stock Option Activity The exercise price for all stock options granted by us to date has been equal to the market price of the underlying shares of common stock at the date of grant. In this regard, when making stock option awards, our practice is to determine the applicable grant date and to specify that the exercise price shall be the closing price of our common stock on the date of grant. Stock options granted during the first nine months of 2013 generally have a term of ten years from the date of grant and generally vest over a four-year service period. During the nine months ended September 30, 2013, we granted 2,776,247 primarily service-based stock options under the 2011 Incentive Plan with a weighted average grant-date fair value per option of $28.11. We will amortize the fair value, net of estimated forfeitures, as stock-based compensation expense over the vesting term of generally four years on a straight-line basis, with the amount of compensation expense recognized at any date at least equaling the portion of the grant-date fair value of the award that is vested at that date. We use historical data to estimate pre-vesting option forfeitures and record share-based compensation expense only for those awards that are expected to vest. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment in the period of change which also impacts the amount of stock compensation expense to be recognized in future periods. A summary of the status and activity for stock option awards relating to our common stock for the nine months ended September 30, 2013, is presented below:
Aggregate intrinsic value represents the difference between the closing stock price of our common stock and the exercise price of outstanding, in-the-money options. Our closing stock price as reported on NASDAQ as of September 30, 2013 was $75.84. The estimated fair value of the options granted under the 2011 Incentive Plan was calculated using a Black-Scholes Merton option-pricing model (“Black-Scholes model”). The Black-Scholes model incorporates assumptions to value stock-based awards, which includes the risk-free rate of return, expected volatility, expected term and expected dividend yield. Our risk-free interest rate is based on the rates currently available on zero-coupon U.S. Treasury issues, in effect at the time of the grant, whose remaining maturity period most closely approximates the stock option’s expected term assumption. We estimated the volatility of our common stock by using an average of our historical stock price volatility and of publicly traded companies that we consider peers based on daily price observations over a period equivalent to or approximate to the expected term of the stock option grants. The decision to use a weighted average volatility factor of a peer group was based upon the relatively short period of availability of data on our common stock. We estimated our expected term using the simplified method for all stock options as we do not have sufficient historical exercise data on our common stock. Our expected dividend yield is zero, as we have not paid any dividends on our common stock to date and do not expect to pay any cash dividends for the foreseeable future. The fair value of stock option grants under the 2011 Incentive Plan has been estimated at the date of grant using the Black–Scholes model with the following weighted average assumptions for the periods presented below:
2013 RSU Activity During the nine months ended September 30, 2013, we granted 1,083,082 primarily service-based RSUs under the 2011 Incentive Plan for which the fair value was measured based on the quoted price of our common stock at the date of grant. We will amortize the fair value, net of estimated forfeitures, as stock-based compensation expense over the vesting term of generally four years on a straight-line basis, with the amount of compensation expense recognized at any date at least equaling the portion of the grant-date fair value of the award that is vested at that date. The following table presents a summary of RSU activity on our common stock:
A summary of the unrecognized compensation expense, net of estimated forfeitures, and the weighted average period remaining at September 30, 2013 related to our non-vested stock options and RSU awards is presented below (in thousands, except year information):
All shares of common stock issued in respect of the exercise of options or other equity awards since Spin-Off have been issued from authorized, but unissued common stock. |
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Financial Instruments
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| Investments All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments | NOTE 4: FINANCIAL INSTRUMENTS Cash, Cash Equivalents and Marketable Securities The following tables show our cash and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short and long-term marketable securities as of September 30, 2013 and December 31, 2012 (in thousands):
Our cash and cash equivalents consist of cash on hand in global financial institutions, money market funds and marketable securities with contractual maturity dates of 90 days or less at the date purchased. The remaining contractual maturity dates of our long-term marketable securities range from one to three years and our short-term marketable securities include contractual maturity dates that were greater than 90 days at the date purchased and have 12 months or less remaining at September 30, 2013. We classify our cash equivalents and marketable securities within Level 1 and Level 2 as we value our cash equivalents and marketable securities using quoted market prices (Level 1) or alternative pricing sources (Level 2). The valuation technique we used to measure the fair value of money market funds was derived from quoted prices in active markets for identical assets or liabilities. Investments in U.S. Treasury securities are considered “Level 2” valuations because we have access to quoted prices, but do not have visibility into the volume and frequency of trading for all investments. Fair values for our U.S. agency securities, commercial paper, corporate securities, certificates of deposit and municipal securities are considered “Level 2” valuations because they are obtained from pricing sources for identical or comparable instruments, rather than direct observations of quoted prices in active markets. There were no material realized gains or losses related to sales of our marketable securities for the three and nine months ended September 30, 2013 and 2012. As of September 30, 2013, we have marketable securities with a total fair value of $165.1 million in a total gross unrealized loss position of $0.4 million. We consider the declines in market value of our marketable securities investment portfolio to be temporary in nature and do not consider any of our investments other-than-temporarily impaired. When evaluating an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, and our intent to sell, or whether it is more likely than not we will be required to sell the investment before recovery of the investment’s cost basis. During the nine months ended September 30, 2013 and 2012, we did not recognize any impairment charges. We did not have any investments in marketable securities that were in a continuous unrealized loss position for 12 months or greater at September 30, 2013 or December 31, 2012. Derivative Financial Instruments In the normal course of business, we are exposed to the impact of foreign currency fluctuations, which we attempt to mitigate through the use of derivative instruments. Accordingly, we have entered into forward contracts to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. We do not use derivatives for trading or speculative purposes. In accordance with current accounting guidance on derivative instruments and hedging activities, we record all our derivative instruments as either an asset or liability measured at their fair value. Our derivative instruments are typically short-term in nature. Our current forward contracts are not designated as hedges. Consequently, any gain or loss resulting from the change in fair value is recognized in the current period earnings. These gains or losses are offset by the exposure related to receivables and payables with our foreign subsidiaries. We recorded a net loss of $1.2 million and $0.6 million for the three and nine month periods ended September 30, 2013, respectively, related to our forward contracts in our consolidated statement of operations in Other, net. We recorded a net loss of $0.3 million for the three and nine month periods ended September 30, 2012, respectively, related to our forward contracts in our consolidated statement of operations in Other, net. The net cash received or paid related to our derivative instruments are classified as operating in our consolidated statements of cash flows, which is based on the objective of the derivative instruments.
The following tables show the fair value and notional principal amounts of our outstanding or unsettled derivative instruments that are not designated as hedging instruments (in thousands):
Concentration of Credit Risk Counterparties to currency exchange derivatives consist of major international financial institutions. We monitor our positions and the credit ratings of the counterparties involved and, by policy limits, the amount of credit exposure to any one party. While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. Other Financial Instruments Other financial instruments not measured at fair value on a recurring basis include trade receivables, related party receivables, trade payables, deferred merchant payables, short-term debt, accrued and other current liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments as reported on our consolidated balance sheets as of September 30, 2013 and December 31, 2012. The carrying value of the long-term borrowings outstanding on our Credit Agreement bears interest at a variable rate and therefore is also considered to approximate fair value. We did not have any Level 3 assets or liabilities for the periods ended September 30, 2013 and December 31, 2012. |
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| Debt | NOTE 5: DEBT Term Loan Facility Due 2016 and Revolving Credit Facility Overview On December 20, 2011, we entered into a credit agreement, dated as of December 20, 2011, by and among TripAdvisor, TripAdvisor Holdings, LLC, and TripAdvisor LLC, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and J.P. Morgan Europe Limited, as London agent (this credit agreement, together with all exhibits, schedules, annexes, certificates, assignments and related documents contemplated thereby, is referred to herein as the “Credit Agreement”), which provides $600 million of borrowing including:
The Term Loan and any loans under the Revolving Credit Facility bear interest by reference to a base rate or a Eurocurrency rate, in either case plus an applicable margin based on our leverage ratio. We are also required to pay a quarterly commitment fee, on the average daily unused portion of the Revolving Credit Facility for each fiscal quarter and fees in connection with the issuance of letters of credit. The Term Loan and loans under the Revolving Credit Facility currently bear interest at LIBOR plus 150 basis points, or the Eurocurrency Spread, or the alternate base rate (“ABR”) plus 50 basis points, and undrawn amounts are currently subject to a commitment fee of 22.5 basis points.
As of September 30, 2013, we are using a one-month interest period Eurocurrency spread, which is approximately 1.7% per annum. Interest is currently payable on a monthly basis while we are borrowing under the one-month interest rate period. The current interest rates are based on current assumptions, leverage and LIBOR rates and do not take into account that rates will reset periodically. The Term Loan principal is currently repayable in quarterly installments on the last day of each calendar quarter equal to 2.5% of the original principal amount with the balance due on the final maturity date. Principal payments aggregating $30 million were made during the nine months ended September 30, 2013. The Revolving Credit Facility includes $40 million of borrowing capacity available for letters of credit and $40 million for borrowings on same-day notice. As of September 30, 2013, there are no outstanding borrowings under our Revolving Credit Facility. During the three and nine months ended September 30, 2013, we recorded total interest and commitment fees on our Credit Agreement of $1.8 million and $5.9 million, respectively, to interest expense, on our consolidated statement of operations. During the three and nine months ended September 30, 2012, we recorded total interest and commitment fees on our Credit Agreement of $2.1 million and $6.5 million, respectively, to interest expense on our consolidated statements of operations. All unpaid interest and commitment fee amounts as of September 30, 2013 and December 31, 2012 were not material. Total outstanding borrowings under the Credit Agreement consist of the following (in thousands):
The remaining future minimum principal payment obligations due under the Credit Agreement related to our Term Loan is as follows as of September 30, 2013 (in thousands):
Prepayments We may voluntarily repay any outstanding borrowing under the Credit Agreement at any time without premium or penalty, other than customary breakage costs with respect to eurocurrency loans. Guarantees All obligations under the Credit Agreement are unconditionally guaranteed by us and each of our existing and subsequently acquired or organized direct or indirect wholly-owned domestic and foreign restricted subsidiaries, subject to certain exceptions for subsidiaries that are controlled foreign corporations, foreign subsidiaries in jurisdictions where applicable law would otherwise be violated, and non-material subsidiaries.
Covenants The Credit Agreement contains a number of covenants that, among other things, restrict our ability to: incur additional indebtedness, create liens, enter into sale and leaseback transactions, engage in mergers or consolidations, sell or transfer assets, pay dividends and distributions, make investments, loans or advances, prepay certain subordinated indebtedness, make certain acquisitions, engage in certain transactions with affiliates, amend material agreements governing certain subordinated indebtedness, and change our fiscal year. The Credit Agreement also requires us to maintain a maximum leverage ratio and a minimum cash interest coverage ratio, and contains certain customary affirmative covenants and events of default, including a change of control. If an event of default occurs, the lenders under the Credit Agreement will be entitled to take various actions, including the acceleration of all amounts due under Credit Agreement and all actions permitted to be taken by a secured creditor. As of September 30, 2013, we believe we are in compliance with all of our debt covenants. Chinese Credit Facilities In addition to our borrowings under the Credit Agreement, we maintain our Chinese Credit Facilities. As of September 30, 2013 and December 31, 2012, we had short-term borrowings outstanding of $26.2 million and $32.1 million, respectively. Certain of our Chinese subsidiaries entered into a RMB 138,600,000 (approximately $22 million), one-year revolving credit facility with Bank of America (the “Chinese Credit Facility—BOA”) that is currently subject to review on a periodic basis with no-specific expiration period. During the third quarter of 2012, this credit line was increased to RMB 189,000,000 (approximately $30 million). During the nine months ended September 30, 2013, we made a payment inclusive of interest of RMB 68,283,570 (approximately $10.9 million). We currently have $11.9 million of outstanding borrowings from the Chinese Credit Facility—BOA as of September 30, 2013. Our Chinese Credit Facility—BOA currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate and was 5.6% as of September 30, 2013. In addition, during April 2012, certain of our Chinese subsidiaries entered into a RMB 125,000,000 (approximately $20 million) one-year revolving credit facility with J.P. Morgan Chase Bank (“Chinese Credit Facility-JPM”). This credit facility was renewed for an additional year in April 2013. During the nine months ended September 30, 2013, we made a payment inclusive of interest of RMB 24,281,546 (approximately $3.9 million). We currently have $14.3 million of outstanding borrowings from the Chinese Credit Facility—JPM as of September 30, 2013. Our Chinese Credit Facility—JPM currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate and was 5.6% as of September 30, 2013. |
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| Acquisitions | NOTE 6: ACQUISITIONS During the nine months ended September 30, 2013, we completed five acquisitions for total cash consideration paid of $31.5 million, net of cash acquired. The total cash consideration is subject to adjustment based on the finalization of working capital adjustments and amounts retained with payment subject to certain indemnification obligations by the respective sellers for our benefit in future periods. We acquired TinyPost, the developer of a product that enables users to write over photos and turn them into stories, Jetsetter, a members-only private sale site for hotel bookings; CruiseWise, a cruise research and planning site; Niumba, a Spain-based vacation rental site; and GateGuru, a mobile app with flight and airport information around the world, all of which complement our existing brands in those areas of the travel ecosystem. The total purchase price of these acquisitions, all of which were accounted for as purchases of businesses under the acquisition method, have been allocated to the tangible and identifiable intangible assets acquired and the net liabilities assumed based on their respective fair values on the acquisition date. The purchase price allocation of our 2013 acquisitions are preliminary and subject to revision as more information becomes available, but in any case will not be revised beyond 12 months after the acquisition date and any change to the fair value of net liabilities acquired will lead to a corresponding change to the purchase price allocable to goodwill. Acquisition-related costs were expensed as incurred and were not significant.
The following table presents the summary purchase price allocation initially recorded for all 2013 acquisitions on our consolidated balance sheets at the respective acquisition dates (in thousands):
Our consolidated financial statements include the operating results of all acquired businesses from the date of each acquisition. Pro forma results of operations for all 2013 acquisitions have not been presented in our consolidated financial statements as the financial impact to our consolidated financial statements both individually and in aggregate, are not material. There were no acquisitions completed during the nine months ended September 30, 2012. |
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| Goodwill and Intangible Assets, Net | NOTE 7: GOODWILL AND INTANGIBLE ASSETS, NET The change in goodwill for the nine months ended September 30, 2013 consists of the following (in thousands):
Intangible assets, which were acquired in business combinations and recorded at fair value on the date of purchase, consist of the following (in thousands):
The following table presents the components of our intangible assets with definite lives:
Intangible assets with definite lives are amortized on a straight-line basis. The estimated amortization expense for intangible assets with definite lives for the remainder of 2013, the annual expense for the next five years, and the expense thereafter, assuming no subsequent impairment of the underlying assets, is expected to be as follows (in thousands):
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| Accrued Expenses and Other Current Liabilities | NOTE 8: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following:
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| Commitments and Contingencies | NOTE 9: COMMITMENTS AND CONTINGENCIES Office Lease Commitments On June 20, 2013, TripAdvisor LLC (“TA LLC”), our indirect, wholly owned subsidiary, entered into a lease (the “Lease”), with Normandy Gap-V Needham Building 3, LLC, as landlord (the “Landlord”). Pursuant to the Lease, the Landlord will build an approximately 280,000 square foot rental building in Needham, Massachusetts (the “Premises”), and thereafter lease the Premises to TA LLC as TripAdvisor’s new corporate headquarters for an initial term of 15 years and 7 months. If the Landlord fails to deliver the Premises according to the schedule, subject to certain conditions, TA LLC may be entitled to additional free rent, or in extreme cases, a right to terminate the Lease. Under the Lease, TA LLC is required to pay an initial base rent of $33.00 per square foot per year, increasing to $34.50 per square foot by the final year of the initial term, as well as all real estate taxes and other building operating costs. The aggregate future minimum lease payments are $143.5 million and are currently scheduled to be paid, beginning in November 2015, as follows: $1.1 million for 2015, $9.3 million for 2016, $9.3 million for 2017, and $123.9 million for 2018 and thereafter. The Lease has escalating rental payments and initial periods of free rent and therefore the effects of variable rent payments will be expensed on a straight-line basis over the life of the Lease in accordance with GAAP. All real estate taxes and other building operating costs paid during the term of the Lease will be expensed as incurred. TA LLC is also obligated to deliver a letter of credit to the Landlord in the amount of $0.8 million as security deposit, which amount is subject to increase under certain circumstances. Subject to certain conditions, TA LLC has certain rights under the Lease, including rights of first offer to lease additional space or to purchase the Premises if the Landlord elects to sell. TA LLC also has an option to extend the term of the Lease for two consecutive terms of five years each. In connection with the Lease, on June 20, 2013, TripAdvisor entered into a Guaranty (the “Guaranty”), pursuant to which TripAdvisor provides full payment and performance guaranty for all of TA LLC’s obligations under the Lease. The following table presents our estimated future minimum rental payments under all operating leases with non-cancelable lease terms having initial terms in excess of one year as of September 30, 2013 (in thousands):
There have been no other material changes outside the normal course of business to our contractual obligations and commercial commitments since December 31, 2012. (Refer to “Note 12—Commitments and Contingencies,” in the Notes to our Consolidated Financial Statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2012.) Legal Proceedings In the ordinary course of business, we and our subsidiaries are parties to legal proceedings and claims involving alleged infringement of third-party intellectual property rights, defamation, and other claims. Rules of the U.S. Securities and Exchange Commission require the description of material pending legal proceedings, other than ordinary, routine litigation incident to the registrant’s business, and advise that proceedings ordinarily need not be described if they primarily involve claims for damages for amounts (exclusive of interest and costs) not individually exceeding 10% of the current assets of the registrant and its subsidiaries on a consolidated basis. In the judgment of management, none of the pending litigation matters that the Company and its subsidiaries are defending involves or is likely to involve amounts of that magnitude. There may be claims or actions pending or threatened against us of which we are currently not aware and the ultimate disposition of which could have a material adverse effect on us. |
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Sep. 30, 2013
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| Income Tax Disclosure [Abstract] | |
| Income Taxes | NOTE 10: INCOME TAXES Each interim period is considered an integral part of the annual period and, accordingly, we measure our tax expense using an estimated annual effective tax rate. An enterprise is required, at the end of each interim reporting period, to make its best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, as adjusted for discrete taxable events that occur during the interim period. Our effective tax rate for the three and nine months ended September 30, 2013 was 33.2% and 28.2%, respectively. Our effective tax rate for the three and nine months ended September 30, 2012 was 34.4% and 32.6%, respectively. For the three and nine months ended September 30, 2013, the effective tax rate is less than the federal statutory rate primarily due to earnings in jurisdictions outside the United States, where our effective tax rate is lower, which was partially offset by state income taxes, non-deductible stock compensation and accruals on uncertain tax positions. The decrease in the effective tax rate for 2013 compared to the 2012 rate was primarily due to an increase in earnings in jurisdictions outside the United States as well as an internal restructuring that occurred during the fourth quarter of 2012. This restructuring was undertaken within our non-US operations to align our global structure for more efficient treasury management and global cash deployment. Additionally, the rate for the three months ended September 30, 2013 includes a release of an accrual for uncertain tax benefits in the amount of $1.8 million as a result of receiving a Private Letter Ruling from a taxing authority. Our policy is to recognize accrued interest and penalties related to unrecognized tax benefits and income tax liabilities as part of our income tax expense. As of September 30, 2013, accrued interest is $0.9 million, net of federal benefit, and no penalties have been accrued. For all periods prior to and through the Spin-Off date, we were a member of the Expedia consolidated tax group. Accordingly, Expedia filed a consolidated federal income tax return and certain state income tax returns with us for that period. Expedia has paid the entire income tax liability associated with these filings. As such, our income tax liability for this period was transferred to Expedia upon Spin-Off and was not included in income taxes payable as of December 31, 2011. Additionally, due to continuing ownership and business relationships after the Spin-Off, we will file as part of a unitary combined group with Expedia for certain state tax returns for the 2012 tax period. As of September 30, 2013, the Company’s tax years for 2009 through 2012 are subject to examination by the tax authorities in the United States, various states, and foreign jurisdictions. By virtue of previously filed consolidated income tax returns filed with Expedia, we are routinely under audit. We are currently under an IRS audit for the 2009 and 2010 tax years, and have various ongoing state income tax audits. As of September 30, 2013, no material assessments have resulted from these audits. These audits include questioning the timing and the amount of income and deductions and the allocation of income among various tax jurisdictions. Annual tax provisions include amounts considered sufficient to pay assessments that may result from the examination of prior year returns. We are no longer subject to tax examinations by tax authorities for years prior to 2007. |
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Stockholders' Equity
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| Stockholders' Equity | NOTE 11: STOCKHOLDERS’ EQUITY Common Stock and Class B Common Stock Our authorized common stock consists of 1.6 billion shares of common stock with par value of $0.001 per share, and 400 million shares of Class B common stock with par value of $0.001 per share. Both classes of common stock qualify for and share equally in dividends, if declared by our Board of Directors. Common stock is entitled to one vote per share and Class B common stock is entitled to 10 votes per share on most matters. Holders of TripAdvisor common stock, acting as a single class, are entitled to elect a number of directors equal to 25% percent of the total number of directors, rounded up to the next whole number, which was three directors as of September 30, 2013. Class B common stockholders may, at any time, convert their shares into common stock, on a one for one share basis. Upon conversion, the Class B common stock is retired and is not available for reissue. In the event of liquidation, dissolution, distribution of assets or winding-up of TripAdvisor the holders of both classes of common stock have equal rights to receive all the assets of TripAdvisor after the rights of the holders of the preferred stock have been satisfied. There were 131,372,883 and 129,289,174 shares of common stock issued and outstanding, respectively, at September 30, 2013 and 12,799,999 shares of Class B common stock issued and outstanding at September 30, 2013. Preferred Stock In addition to common stock, we are authorized to issue up to 100 million preferred shares, with $ 0.001 par value per share, with terms determined by our Board of Directors, without further action by our stockholders. At September 30, 2013, no preferred shares had been issued.
Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is primarily comprised of accumulated foreign currency translation adjustments, as follows (in thousands):
Treasury Stock On February 15, 2013, our Board of Directors authorized the repurchase of $250 million of our shares of common stock under a share repurchase program. We intend to use available cash and future cash from operations to fund repurchases under the share repurchase program. The repurchase program has no expiration date but may be suspended or terminated by the Board of Directors at any time. Our Board of Directors will determine the price, timing, amount and method of such repurchases based on its evaluation of market conditions and other factors, and any shares repurchased will be in compliance with applicable legal requirements, at prices determined to be attractive and in the best interests of both the Company and its stockholders. During the nine month period ended September 30, 2013, we repurchased 2,083,709 shares of outstanding common stock under the share repurchase program at an aggregate cost of $142.3 million, of which $4.8 million remains payable at September 30, 2013. As of September 30, 2013, from the authorized share repurchase program granted by the Board of Directors we have remaining $107.7 million to repurchase shares of our common stock. Dividends During the period January 1, 2013 through September 30, 2013, our Board of Directors did not declare any dividends on our outstanding common stock and do not expect to pay any cash dividends for the foreseeable future. |
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| Segment Information | NOTE 12: SEGMENT INFORMATION We have one reportable segment: TripAdvisor. We determined our segment based on how our chief operating decision maker manages our business, makes operating decisions and evaluates operating performance. Our primary operating metric for evaluating segment performance is Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus: (1) provision for income taxes; (2) other (income) expense, net; (3) depreciation of property and equipment, including internal use software and website development; (4) amortization of intangible assets; (5) stock-based compensation; and (6) non-recurring expenses. Such amounts are detailed in our segment reconciliation below. In addition, please see our discussion of Adjusted EBITDA in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” below. The following table is a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the periods presented (in thousands):
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Earnings Per Share
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| Earnings Per Share | NOTE 13: EARNINGS PER SHARE Basic Earnings Per Share We compute basic earnings per share by dividing net income attributable to TripAdvisor by the weighted average number of common shares outstanding during the period. For the three and nine months ended September 30, 2013 and 2012, we computed the weighted average number of common shares outstanding during the period using the total of common stock and Class B common stock outstanding as of December 31, 2012 and 2011, respectively, plus the weighted average of any additional shares issued and outstanding less the weighted average of any treasury shares repurchased, during the three and nine months ended September 30, 2013 and 2012, respectively. Diluted Earnings Per Share We compute diluted earnings per share by dividing net income attributable to TripAdvisor by the sum of the weighted average number of common and common equivalent shares outstanding during the period. For the three and nine months ended September 30, 2013 and 2012, we computed the weighted average number of common and common equivalent shares outstanding during the period using the sum of (i) the number of shares of common stock and Class B common stock used in the basic earnings per share calculation as indicated above, (ii) if dilutive, the incremental weighted average common stock that we would issue upon the assumed exercise of common equivalent shares related to stock options and stock warrants and the vesting of restricted stock units using the treasury stock method during the three and nine months ended September 30, 2013 and 2012, respectively, and (iii) if dilutive, performance based awards based on the number of shares that would be issuable as of the end of the reporting period assuming the end of the reporting period was also the end of the contingency period. Under the treasury stock method, the assumed proceeds calculation includes the actual proceeds to be received from the employee upon exercise, the average unrecognized compensation cost during the period and any tax benefits credited upon exercise to additional paid-in-capital. The treasury stock method assumes that a company uses the proceeds from the exercise of an award to repurchase common stock at the average market price for the period. Windfall tax benefits created upon the exercise of an award would be added to assumed proceeds, while shortfalls charged to additional paid-in-capital would be deducted from assumed proceeds. Any shortfalls not covered by the windfall tax pool would be charged to the income statement and would be excluded from the calculation of assumed proceeds, if any. Below is a reconciliation of the weighted average number of shares of common stock outstanding in calculating diluted earnings per share (in thousands, except for per share information):
The following potential common shares related to stock options and RSUs were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in thousands):
The earnings per share amounts are the same for common stock and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. |
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| Related Party Transactions [Abstract] | |
| Related Party Transactions | NOTE 14: RELATED PARTY TRANSACTIONS Expedia Subsequent to the Spin-Off, we remained a related party with Expedia due to common ownership of our shares and shares of Expedia by Liberty Interactive Corporation. Related-party revenue from Expedia was $56.2 million and $171.0 million for the three and nine months ended September 30, 2013, respectively, and was $56.9 million and $164.2 million for the three and nine months ended September 30, 2012, respectively, which primarily consists of click-based advertising and other advertising services provided to Expedia and its subsidiaries and is recorded at contract value, which we believe is a reasonable reflection of the value of the services provided. Related-party revenue represented 22.0% and 23.4% of our total revenue for the three and nine months ended September 30, 2013, respectively, and 26.7% and 27.7% of our total revenue for the three and nine months ended September 30, 2012, respectively. Other related-party operating expenses which were included within selling and marketing expense were $1.8 million and $4.9 million for the three and nine months ended September 30, 2013, respectively, and were $1.7 million and $5.2 million for the three and nine months ended September 30, 2012, respectively, which primarily consisted of marketing expense for exit windows. The net related party receivable balances with Expedia reflected in our consolidated balance sheets as of September 30, 2013 and December 31, 2012 were $33.9 million and $24.0 million, respectively. Liberty Interactive Corporation As of September 30, 2013, Liberty Interactive Corporation, or Liberty, beneficially owned 18,159,752 shares of our common stock and 12,799,999 shares of our Class B common stock, which shares constitute 14.0% of the outstanding shares of common stock and 100% of the outstanding shares of Class B Common Stock. Assuming the conversion of all of the Liberty’s shares of Class B common stock into common stock, Liberty would beneficially own 21.8% of the outstanding common stock (calculated in accordance with Rule 13d-3). Because each share of Class B common stock generally is entitled to ten votes per share and each share of common stock is entitled to one vote per share, Liberty may be deemed to beneficially own equity securities representing approximately 56.8% of our voting power as of September 30, 2013. We had no related party transactions with Liberty during the nine months ended September 30, 2013 and 2012, respectively. |
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Organization and Basis of Presentation (Policies)
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Sep. 30, 2013
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| Accounting Policies [Abstract] | |
| Description of Business | Description of Business TripAdvisor is an online travel company, empowering users to plan and have the perfect trip. TripAdvisor’s travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts, specialty lodging and vacation rentals), restaurants and activities throughout the world through our flagship TripAdvisor brand. TripAdvisor-branded websites include tripadvisor.com in the United States and localized versions of the website in 33 countries, including in China under the brand daodao.com. Beyond travel-related content, TripAdvisor websites also include links to the websites of our travel advertisers allowing travelers to directly book their travel arrangements. In addition to the flagship TripAdvisor brand, we manage and operate 20 other travel media brands: www.airfarewatchdog.com, www.bookingbuddy.com, www.cruisecritic.com, www.everytrail.com, www.familyvacationcritic.com, www.flipkey.com, www.gateguru.com, www.holidaylettings.co.uk, www.holidaywatchdog.com, www.independenttraveler.com, www.jetsetter.com, www.niumba.com, www.onetime.com, www.seatguru.com, www.smartertravel.com, www.tingo.com, www.travelpod.com, www.virtualtourist.com, www.whereivebeen.com, and www.kuxun.cn, connected by the common goal of providing comprehensive travel planning resources across the travel sector. We derive substantially all of our revenue from advertising, primarily through click-based advertising and display-based advertising sales. In addition, we earn revenue through a combination of subscription-based offerings from our Business Listings and Vacation Rental products, transaction revenue from selling room nights on our transactional sites, and other revenue including licensing our content to third-parties. We have one reportable segment: TripAdvisor. The segment is determined based on how our chief operating decision maker manages our business, makes operating decisions and evaluates operating performance. |
| Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by us in accordance with generally accepted accounting principles, or GAAP, for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under generally accepted accounting principles for complete periods have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included. All such adjustments are of a normal recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2012 in our Annual Report on Form 10-K. The results for interim periods are not necessarily indicative of the results to be expected for the full year. The financial statements and related financial disclosures have been presented on a consolidated basis. |
| Consolidation | Consolidation Our consolidated financial statements include the accounts of TripAdvisor, our wholly owned subsidiaries, and entities we control, or in which we have a variable interest and are the primary beneficiary of expected cash profits or losses. We record noncontrolling interest in our consolidated financial statements to recognize the minority ownership interest in our consolidated subsidiaries. Noncontrolling interest in the earnings and losses of consolidated subsidiaries represent the share of net income or loss allocated to members or partners in our consolidated entities. Significant intercompany transactions between the TripAdvisor consolidated entities and accounts have been eliminated. Certain of our subsidiaries that operate in China have variable interests in affiliated entities in China in order to comply with Chinese laws and regulations, which restrict foreign investment in Internet content provision businesses. Although we do not own the capital stock of some of our Chinese affiliates, we consolidate their results as we are the primary beneficiary of the cash losses or profits of these variable interest affiliates and have the power to direct the activities of these affiliates. Although we currently operate at a loss in the Chinese market, our variable interest entities are not material for all periods presented. |
| Accounting Estimates | Accounting Estimates We use estimates and assumptions in the preparation of our consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include revenue recognition; recoverability of long-lived assets, valuation and impairment of marketable securities, intangible assets and goodwill; income taxes; useful lives of property and equipment; purchase accounting and stock-based compensation. |
| Reclassifications | Reclassifications We have reclassified certain amounts related to our prior period results to conform to our current period presentation. |
| Seasonality | Seasonality Expenditures by travel advertisers tend to be seasonal. Traditionally, our strongest quarter has been the third quarter, which is a key travel research period, with the weakest quarter being the fourth quarter. However, adverse economic conditions or continued growth of our international operations with differing holiday peaks may influence the typical trend of our seasonality in the future. |
| Deferred Merchant Payables | Deferred Merchant Payables We receive cash from travelers at the time of booking related to our transaction-based businesses and we record these amounts, net of commissions, on our consolidated balance sheets as deferred merchant payables. We pay the hotel or vacation rental owners after the travelers’ use and subsequent billing from the hotel or vacation rental owners. Therefore, we receive cash from the traveler prior to paying the hotel or vacation rental owners, and this operating cycle represents a working capital source of cash to us. As long as our transaction-based businesses grow, we expect that changes in working capital related to these transactions will positively impact operating cash flows. As of September 30, 2013, our deferred merchant payables balance was $28.6 million and for the nine months ended September 30, 2013, the related transactions generated positive operating cash flow of $12.8 million. A payable balance of $14.5 million was acquired with our business acquisitions during the nine months ended September 30, 2013. For additional information on our business acquisitions refer to “Note 6—Acquisitions” below. The deferred merchant payables balance at December 31, 2012 was $1.3 million. There have been no material changes or other additions to our significant accounting policies since December 31, 2012. For additional information about our critical accounting policies and estimates, refer to “Note 2—Significant Accounting Policies,” included in our Annual Report on Form 10-K for the year ended December 31, 2012. |
| Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income In February 2013, the Financial Accounting Standards Board, or FASB, issued new accounting guidance which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. The new guidance requires that companies present, either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified based on its source and is effective for public companies in interim and annual reporting periods beginning after December 15, 2012. Accordingly, we have adopted these presentation requirements during the first quarter of 2013. The adoption of this new guidance did not have a material impact on our consolidated financial statements or related disclosures. |
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Cash, net of commissions, received by travelers at time of booking that is due to hotels and vacation rental owners after the traveler's use. No definition available.
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Seasonality policy. No definition available.
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Stock Based Awards and Other Equity Instruments (Tables)
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Sep. 30, 2013
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Status and Activity for Stock Option Awards Relating to Common Stock | A summary of the status and activity for stock option awards relating to our common stock for the nine months ended September 30, 2013, is presented below:
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| Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants | The fair value of stock option grants under the 2011 Incentive Plan has been estimated at the date of grant using the Black–Scholes model with the following weighted average assumptions for the periods presented below:
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| Summary of RSU Activity on Common Stock | The following table presents a summary of RSU activity on our common stock:
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| Summary of Unrecognized Compensation Expense, Net of Estimated Forfeitures and Weighted Average Period Remaining | A summary of the unrecognized compensation expense, net of estimated forfeitures, and the weighted average period remaining at September 30, 2013 related to our non-vested stock options and RSU awards is presented below (in thousands, except year information):
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Financial Instruments (Tables)
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Sep. 30, 2013
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| Investments All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash, Cash Equivalents and Marketable Securities | The following tables show our cash and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short and long-term marketable securities as of September 30, 2013 and December 31, 2012 (in thousands):
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| Fair Value and Notional Principal Amounts of Outstanding or Unsettled Derivative Instruments | The following tables show the fair value and notional principal amounts of our outstanding or unsettled derivative instruments that are not designated as hedging instruments (in thousands):
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Debt (Tables)
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Sep. 30, 2013
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Total Outstanding Borrowings | Total outstanding borrowings under the Credit Agreement consist of the following (in thousands):
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| Schedule of Remaining Future Minimum Principal Payment Obligations | The remaining future minimum principal payment obligations due under the Credit Agreement related to our Term Loan is as follows as of September 30, 2013 (in thousands):
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Acquisitions (Tables)
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Sep. 30, 2013
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Purchase Price Allocation Initially Recorded on Consolidated Balance Sheet for all Acquisitions | The following table presents the summary purchase price allocation initially recorded for all 2013 acquisitions on our consolidated balance sheets at the respective acquisition dates (in thousands):
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Goodwill and Intangible Assets, Net (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2013
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| Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Goodwill | The change in goodwill for the nine months ended September 30, 2013 consists of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Intangible Assets Acquired in Business Combinations | Intangible assets, which were acquired in business combinations and recorded at fair value on the date of purchase, consist of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Intangible Assets with Definite Lives | The following table presents the components of our intangible assets with definite lives:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Estimated Future Amortization Expense Related to Intangible Assets with Definite Lives | Intangible assets with definite lives are amortized on a straight-line basis. The estimated amortization expense for intangible assets with definite lives for the remainder of 2013, the annual expense for the next five years, and the expense thereafter, assuming no subsequent impairment of the underlying assets, is expected to be as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Schedule of intangible assets excluding goodwill. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Accrued Expenses and Other Current Liabilities (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2013
|
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| Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Details of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Commitments and Contingencies (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Table Presents Our Estimated Future Minimum Rental Payments Under Operating Leases with Non-Cancelable Lease Terms | The following table presents our estimated future minimum rental payments under all operating leases with non-cancelable lease terms having initial terms in excess of one year as of September 30, 2013 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Stockholders' Equity (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2013
|
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss Primarily Comprised of Accumulated Foreign Currency Translation Adjustments | Accumulated other comprehensive loss is primarily comprised of accumulated foreign currency translation adjustments, as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Segment Information (Tables)
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Adjusted EBITDA to Net Income | The following table is a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the periods presented (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Earnings Per Share (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding | Below is a reconciliation of the weighted average number of shares of common stock outstanding in calculating diluted earnings per share (in thousands, except for per share information):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted Net Income Per Share | The following potential common shares related to stock options and RSUs were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the periods presented (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Organization and Basis of Presentation - Additional Information (Detail)
|
9 Months Ended | 12 Months Ended |
|---|---|---|
|
Sep. 30, 2013
Segment
Country
Brand
|
Dec. 31, 2011
Company
|
|
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
| Number of separate independent public companies | 2 | |
| Number of countries with localized versions of website | 33 | |
| Number of other travel brands with websites | 20 | |
| Number of reportable segment | 1 |
| X | ||||||||||
|
- Definition
Number of countries in presence of web sites. No definition available.
|
| X | ||||||||||
|
- Definition
Number of other travel brands. No definition available.
|
| X | ||||||||||
|
- Definition
Number of separate independent public companies. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Significant Accounting Policies - Additional Information (Detail) (USD $)
|
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2013
|
Dec. 31, 2012
|
|
| Accounting Policies [Abstract] | ||
| Deferred merchant payables | $ 28,596,000 | $ 1,303,000 |
| Operating cash flow generated | 12,800,000 | |
| Payable balance acquired with business acquisition | $ 14,500,000 |
| X | ||||||||||
|
- Definition
Acquired customer advances. No definition available.
|
| X | ||||||||||
|
- Definition
Cash, net of commissions, received by travelers at time of booking that is due to hotels and vacation rental owners after the traveler's use. No definition available.
|
| X | ||||||||||
|
- Definition
The increase in operating cash related to cash, net of commissions, received by travelers at time of booking that is due to hotels and vacation rental owners after the traveler's use. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Common stock closing stock price. No definition available.
|
| X | ||||||||||
|
- Definition
Term of stock options granted. No definition available.
|
| X | ||||||||||
|
- Definition
Vesting period of stock options. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
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| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
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| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Stock Based Awards and Other Equity Instruments - Summary of Status and Activity for Stock Option Awards Relating to Common Stock (Parenthetical) (Detail)
|
Sep. 30, 2013
|
|---|---|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
| Number of options not converted in shares | 168,795 |
| X | ||||||||||
|
- Definition
The number of options not converted into shares and returned to the authorized but unissued pool due to net share settlement to cover the aggregate exercise price and the minimum amount of required employee withholding taxes. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Stock Based Awards and Other Equity Instruments - Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants (Detail)
|
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
| Risk free interest rate | 1.83% | 0.90% | 1.40% | 1.03% |
| Expected term (in years) | 5 years 9 months 18 days | 6 years 3 months | 6 years 18 days | 6 years 2 months 19 days |
| Expected volatility | 49.62% | 54.78% | 50.81% | 53.54% |
| Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Stock Based Awards and Other Equity Instruments - Summary of RSU Activity on Common Stock (Parenthetical) (Detail) (Restricted Stock Units (RSUs) [Member])
|
9 Months Ended |
|---|---|
|
Sep. 30, 2013
|
|
|
Restricted Stock Units (RSUs) [Member]
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| RSUs withheld to satisfy minimum tax withholding requirements | 127,199 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Stock Based Awards and Other Equity Instruments - Summary of Unrecognized Compensation Expense, Net of Estimated Forfeitures and the Weighted Average Period Remaining (Detail) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended |
|---|---|
|
Sep. 30, 2013
|
|
|
Stock Options [Member]
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Unrecognized compensation expense (net of forfeitures), Stock Options | $ 100,509 |
| Weighted average period remaining (in years), Stock Options | 3 years 5 months 16 days |
|
Restricted Stock Units (RSUs) [Member]
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Unrecognized compensation expense (net of forfeitures), RSUs | $ 32,061 |
| Weighted average period remaining (in years), RSUs | 3 years 3 months 15 days |
| X | ||||||||||
|
- Definition
The weighted average remaining vesting period over which unamortized cost of stock options will be recognized to the profit and loss statement. No definition available.
|
| X | ||||||||||
|
- Definition
The weighted average remaining vesting period over which unamortized cost of RSU's will be recognized to the profit and loss statement. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Cash and cash equivalents cash at carrying value. No definition available.
|
| X | ||||||||||
|
- Definition
Cash unrealized gain. No definition available.
|
| X | ||||||||||
|
- Definition
Cash unrealized loss. No definition available.
|
| X | ||||||||||
|
- Definition
Long term marketable securities cash. No definition available.
|
| X | ||||||||||
|
- Definition
Short term marketable cash. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Financial Instruments - Schedule of Cash, Cash Equivalents and Marketable Securities (Parenthetical) (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Amortized Cost And Fair Value Debt Securities [Abstract] | ||
| Cash not include marketable securities | $ 40,406 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Receivable From Sale Of Marketable Securities No definition available.
|
| X | ||||||||||
|
- Definition
Cash and cash equivalents maximum maturity period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Marketable securities impairment charge. No definition available.
|
| X | ||||||||||
|
- Definition
Long-term maturities have remaining terms of 1 to 3 years. No definition available.
|
| X | ||||||||||
|
- Definition
Long-term maturities have remaining terms of 1 to 3 years. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum maturities period of short-term marketable securities No definition available.
|
| X | ||||||||||
|
- Definition
Minimum maturities period of short-term marketable securities. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Financial Instruments - Fair Value and Notional Principal Amounts of Outstanding or Unsettled Derivative Instruments (Detail) (Foreign Exchange-Forward Contracts (Current) [Member], Not Designated as Hedging Instruments [Member], USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
Prepaid Expenses and Other Current Assets [Member]
|
Dec. 31, 2012
Accrued and Other Current Liabilities [Member]
|
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Asset | ||
| Liability | 160 | 64 |
| U.S. Dollar Notional | $ 6,604 | $ 2,710 |
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Debt - Additional Information (Detail)
|
3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2013
USD ($)
|
Sep. 30, 2012
USD ($)
|
Sep. 30, 2013
USD ($)
|
Sep. 30, 2012
USD ($)
|
Dec. 31, 2012
USD ($)
|
Sep. 30, 2013
Chinese Credit Facility-BOA [Member]
USD ($)
|
Sep. 30, 2013
Chinese Credit Facility-BOA [Member]
CNY
|
Sep. 30, 2012
Chinese Credit Facility-BOA [Member]
USD ($)
|
Sep. 30, 2012
Chinese Credit Facility-BOA [Member]
CNY
|
Sep. 30, 2013
Chinese Credit Facility-JPM [Member]
USD ($)
|
Sep. 30, 2013
Chinese Credit Facility-JPM [Member]
CNY
|
Apr. 30, 2012
Chinese Credit Facility-JPM [Member]
USD ($)
|
Apr. 30, 2012
Chinese Credit Facility-JPM [Member]
CNY
|
Sep. 30, 2013
Term Loan [Member]
|
Dec. 20, 2011
Term Loan [Member]
USD ($)
|
Sep. 30, 2013
Revolving Credit Facility [Member]
USD ($)
|
Dec. 20, 2011
Revolving Credit Facility [Member]
USD ($)
|
Sep. 30, 2013
Letters of Credit [Member]
USD ($)
|
Sep. 30, 2013
Borrowings on Same Day-notice [Member]
USD ($)
|
Sep. 30, 2013
Chinese Credit Facility [Member]
USD ($)
|
Dec. 31, 2012
Chinese Credit Facility [Member]
USD ($)
|
|
| Debt Instrument [Line Items] | |||||||||||||||||||||
| Maximum borrowing limits | $ 30,000,000 | 189,000,000 | $ 600,000,000 | ||||||||||||||||||
| Term Loan Facility, principal amount | 350,000,000 | 350,000,000 | 400,000,000 | ||||||||||||||||||
| Period of Term Loan Facility | 5 years | 5 years | |||||||||||||||||||
| Borrowings, maturity date | Dec. 01, 2016 | Dec. 01, 2016 | |||||||||||||||||||
| Borrowing capacity under Revolving Credit Facility | 200,000,000 | 40,000,000 | 40,000,000 | ||||||||||||||||||
| Borrowings, interest rate description | Interest at LIBOR plus 150 basis points, or the Eurocurrency Spread, or the alternate base rate ("ABR") plus 50 basis points | ||||||||||||||||||||
| Borrowings alternate base rate | 0.50% | 100.00% | 100.00% | 100.00% | 100.00% | 1.50% | |||||||||||||||
| Commitment fee on undrawn amount | 0.225% | ||||||||||||||||||||
| Borrowings, interest rate basis | 5.60% | 5.60% | 5.60% | 5.60% | 1.70% | ||||||||||||||||
| Principal repayment of term loan | 2.50% | ||||||||||||||||||||
| Principal payments on long-term debt | 30,000,000 | 15,000,000 | |||||||||||||||||||
| Revolving Credit Facility borrowings | 26,177,000 | 26,177,000 | 32,145,000 | 11,900,000 | 14,300,000 | 0 | |||||||||||||||
| Total interest and commitments fees | 1,800,000 | 2,100,000 | 5,900,000 | 6,500,000 | |||||||||||||||||
| Short term borrowings outstanding | 26,200,000 | 32,100,000 | |||||||||||||||||||
| Extended revolving credit facility of Chinese subsidiaries with BOA | 22,000,000 | 138,600,000 | 20,000,000 | 125,000,000 | |||||||||||||||||
| Revolving credit facility, maturity term | 1 year | 1 year | 1 year | 1 year | |||||||||||||||||
| Payment of interest on Chinese Credit Facilities | $ 10,900,000 | 68,283,570 | $ 3,900,000 | 24,281,546 | |||||||||||||||||
| Interest rate of Chinese Credit Facility BOA | Chinese Credit Facility-BOA currently bears interest at a rate based on 100% of the People's Bank of China's base rate and was 5.6% as of September 30, 2013. | Chinese Credit Facility-BOA currently bears interest at a rate based on 100% of the People's Bank of China's base rate and was 5.6% as of September 30, 2013. | Chinese Credit Facility-JPM currently bears interest at a rate based on 100% of the People's Bank of China's base rate and was 5.6% as of September 30, 2013. | Chinese Credit Facility-JPM currently bears interest at a rate based on 100% of the People's Bank of China's base rate and was 5.6% as of September 30, 2013. | |||||||||||||||||
| X | ||||||||||
|
- Definition
The carrying amount of outstanding short term borrowings under our Chinese credit facilities. No definition available.
|
| X | ||||||||||
|
- Definition
Summary of outstanding borrowings and potential borrowings under revolving credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
Term of outstanding term loan and revolving credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
Debt instrument alternate base rate. No definition available.
|
| X | ||||||||||
|
- Definition
Interest and commitment fees. No definition available.
|
| X | ||||||||||
|
- Definition
The increased or maximum borrowing capacity under our Chinese credit facilities. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of repayment amount on total principal amount of term loan after first year. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Debt - Summary of Total Outstanding Borrowings (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Short-Term Debt: | ||
| Total Short-Term Borrowings | $ 40,000 | |
| Long-Term Debt: | ||
| Total Long-Term Borrowings | 310,000 | 340,000 |
|
Revolving Credit Facility [Member]
|
||
| Short-Term Debt: | ||
| Total Short-Term Borrowings | ||
|
Term Loan [Member]
|
||
| Short-Term Debt: | ||
| Total Short-Term Borrowings | 40,000 | |
| Long-Term Debt: | ||
| Total Long-Term Borrowings | $ 310,000 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Debt - Schedule of Remaining Future Minimum Principal Payment Obligations (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2013 | $ 10,000 |
| 2014 | 40,000 |
| 2015 | 40,000 |
| 2016 | 260,000 |
| Total | $ 350,000 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Acquisitions - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2013
Acquisition
|
Sep. 30, 2012
Acquisition
|
|
| Business Combinations [Abstract] | ||
| Number of business acquired | 5 | 0 |
| Total purchase price consideration | $ 31.5 | |
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Acquisitions - Summary of Purchase Price Allocations Initially Recorded on Consolidated Balance Sheet for all Acquisitions (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Business Acquisition [Line Items] | ||
| Goodwill | $ 500,686 | $ 471,684 |
|
Series of Individually Immaterial Business Acquisitions [Member]
|
||
| Business Acquisition [Line Items] | ||
| Net liabilities | (14,195) | |
| Goodwill | 34,137 | |
| Intangible assets | 16,944 | |
| Deferred tax liability | (1,352) | |
| Total purchase price consideration | $ 35,534 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Acquisitions - Summary of Purchase Price Allocations Initially Recorded on Consolidated Balance Sheet for all Acquisitions (Parenthetical) (Detail) (USD $)
In Millions, unless otherwise specified |
9 Months Ended |
|---|---|
|
Sep. 30, 2013
|
|
| Business Acquisition [Line Items] | |
| Cash acquired | $ 2.9 |
| Goodwill expected to be deductible for tax purposes | 17.4 |
| Weighted-average life of the identifiable definite-lived intangible assets | 8 years 3 months 18 days |
|
Developed Technology [Member]
|
|
| Business Acquisition [Line Items] | |
| Identifiable definite-lived intangible assets | 1.6 |
|
Trade Name [Member]
|
|
| Business Acquisition [Line Items] | |
| Identifiable definite-lived intangible assets | 7.0 |
|
Customer Relationships [Member]
|
|
| Business Acquisition [Line Items] | |
| Identifiable definite-lived intangible assets | 7.9 |
|
Non-Compete Agreements [Member]
|
|
| Business Acquisition [Line Items] | |
| Identifiable definite-lived intangible assets | $ 0.4 |
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Goodwill and Intangible Assets, Net - Summary of Changes in Goodwill (Detail) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended |
|---|---|
|
Sep. 30, 2013
|
|
| Goodwill And Intangible Assets Disclosure [Abstract] | |
| Balance at December 31, 2012 | $ 471,684 |
| Additions | 34,137 |
| Purchase price allocation adjustments | (5,391) |
| Foreign exchange translation adjustments | 256 |
| Balance at September 30, 2013 | $ 500,686 |
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Goodwill and Intangible Assets, Net - Summary of Intangible Assets Acquired in Business Combinations (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Goodwill And Intangible Assets Disclosure [Abstract] | ||
| Intangible assets with definite lives | $ 33,707 | $ 21,382 |
| Less: accumulated amortization | (13,000) | (13,492) |
| Intangible assets with definite lives, net | 20,707 | 7,890 |
| Intangible assets with indefinite lives | 30,300 | 30,300 |
| Intangible assets, net | $ 51,007 | $ 38,190 |
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Goodwill and Intangible Assets, Net - Summary of Estimated Future Amortization Expense Related to Intangible Assets with Definite Lives (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Goodwill And Intangible Assets Disclosure [Abstract] | ||
| 2013 (remaining three months) | $ 1,462 | |
| 2014 | 4,631 | |
| 2015 | 2,713 | |
| 2016 | 2,213 | |
| 2017 | 2,052 | |
| 2018 | 2,052 | |
| 2019 and thereafter | 5,584 | |
| Intangible assets with definite lives, net | $ 20,707 | $ 7,890 |
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Payables And Accruals [Abstract] | ||
| Accrued salary, bonus, and related benefits | $ 32,449 | $ 29,438 |
| Accrued marketing costs | 26,225 | 11,941 |
| Accrued charitable foundation payments | 6,150 | 6,757 |
| Accrued treasury share purchases | 4,756 | |
| Other | 25,588 | 15,100 |
| Total accrued expenses and other current liabilities | $ 95,168 | $ 63,236 |
| X | ||||||||||
|
- Definition
Accrued charitable foundation payments. No definition available.
|
| X | ||||||||||
|
- Definition
Accrued liabilities related to share repurchase. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Build up area of land for building under lease. No definition available.
|
| X | ||||||||||
|
- Definition
Damages expressed as a percentage of total current assets in determining requirement for disclosure. No definition available.
|
| X | ||||||||||
|
- Definition
Letter of credit held as collateral under lease agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Operating leases final base rent per square foot per annum. No definition available.
|
| X | ||||||||||
|
- Definition
Operating leases initial base rent per square foot per annum. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Commitments and Contingencies - Estimated Future Minimum Rental Payments under All Operating Leases with Non-Cancelable Lease Terms having Initial Terms in Excess of One Year (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
|---|---|
| Commitments And Contingencies Disclosure [Abstract] | |
| 2013 (remaining three months) | $ 2,679 |
| 2014 | 10,221 |
| 2015 | 8,879 |
| 2016 | 12,951 |
| 2017 | 13,358 |
| 2018 and thereafter | 149,643 |
| Total | $ 197,731 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Income Taxes - Additional Information (Detail) (USD $)
|
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
| Income Tax Disclosure [Abstract] | ||||
| Effective tax rate | 33.20% | 34.40% | 28.20% | 32.60% |
| Accrued uncertain tax benefits | $ 1,800,000 | $ 1,800,000 | ||
| Accrued interest | 900,000 | 900,000 | ||
| Accrued penalties | $ 0 | $ 0 | ||
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
Accrued liabilities related to share repurchase. No definition available.
|
| X | ||||||||||
|
- Definition
Par value of Class B common shares. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum number of Class B common shares permitted to be issued. No definition available.
|
| X | ||||||||||
|
- Definition
The number of common shares received for each share of Class B common share upon conversion. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of directors that can currently be elected by common stock holders. No definition available.
|
| X | ||||||||||
|
- Definition
Number Of Voting Rights Per Share No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of directors elected by common stock holders. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
|
Stockholders' Equity - Accumulated Other Comprehensive Loss Primarily Comprised of Accumulated Foreign Currency Translation Adjustments (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Equity [Abstract] | ||
| Net unrealized loss on securities, net of tax | $ (151) | $ (104) |
| Cumulative foreign currency translation adjustments | (1,157) | (765) |
| Total accumulated other comprehensive loss | $ (1,308) | $ (869) |
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Definition
No authoritative reference available. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Stockholders' Equity - Accumulated Other Comprehensive Loss Primarily Comprised of Accumulated Foreign Currency Translation Adjustments (Parenthetical) (Detail) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 12 Months Ended |
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Sep. 30, 2013
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Dec. 31, 2012
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| Equity [Abstract] | ||
| Unrealized tax benefits | $ 0.1 | $ 0.1 |
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Other comprehensive income available for sale cumulated securities tax. No definition available.
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Segment Information - Additional Information (Detail)
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9 Months Ended |
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Sep. 30, 2013
Segment
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| Segment Reporting [Abstract] | |
| Number of reportable segment | 1 |
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Segment Information - Reconciliation of Adjusted EBITDA to Net Income (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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| Segment Reporting [Abstract] | ||||
| Adjusted EBITDA | $ 104,422 | $ 107,059 | $ 326,601 | $ 288,169 |
| Depreciation | (7,634) | (5,037) | (20,834) | (14,033) |
| Amortization of intangible assets | (1,443) | (1,310) | (4,182) | (4,909) |
| Stock-based compensation | (11,651) | (8,463) | (35,470) | (19,923) |
| Other expense, net | (71) | (1,439) | (8,154) | (10,619) |
| Provision for income taxes | (27,741) | (31,275) | (72,792) | (77,814) |
| Net income | $ 55,882 | $ 59,535 | $ 185,169 | $ 160,871 |
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Net income plus tax expense, Other income (expense), depreciation of property and equipment, including internal use software and website development, amortization of intangible assets, stock-based compensation and non-recurring expenses. No definition available.
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Earnings Per Share - Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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| Numerator: | ||||
| Net income attributable to TripAdvisor | $ 55,882 | $ 59,360 | $ 185,169 | $ 160,490 |
| Denominator: | ||||
| Weighted average shares used to compute Basic EPS | 142,690 | 142,342 | 143,095 | 138,458 |
| Weighted average effect of dilutive securities: | ||||
| Stock options | 2,435 | 1,223 | 1,925 | 1,249 |
| RSUs | 329 | 92 | 238 | 129 |
| Stock warrants | 681 | |||
| Weighted average shares used to compute Diluted EPS | 145,454 | 143,657 | 145,258 | 140,517 |
| Basic EPS | $ 0.39 | $ 0.42 | $ 1.29 | $ 1.16 |
| Diluted EPS | $ 0.38 | $ 0.41 | $ 1.27 | $ 1.14 |
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Earnings Per Share - Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted Net Income Per Share (Detail)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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| Earnings Per Share [Abstract] | ||||
| Stock options | 1,360 | 4,921 | 2,559 | 3,584 |
| RSUs | 47 | 32 | 20 | |
| Total | 1,407 | 4,921 | 2,591 | 3,604 |
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RSUs (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. No definition available.
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- Definition
Stock options (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. No definition available.
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Earnings Per Share - Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted Net Income Per Share (Parenthetical) (Detail)
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9 Months Ended | |
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Sep. 30, 2013
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Sep. 30, 2012
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| Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Performance based options, bearing right to acquire common stock | 155,000 | 110,000 |
| Total Performance based options and restricted stock units, bearing right to acquire common stock | 199,000 | |
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Restricted Stock Units (RSUs) [Member]
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| Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Restricted stock units, bearing right to acquire common stock | 44,000 | 400,000 |
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Performance based options, number of securities called by options. No definition available.
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Total performance based awards called by restricted stock units and options. No definition available.
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Performance based restricted stock units, number of securities called by restricted stock units. No definition available.
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Class B common stock shares held by related party. No definition available.
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Common stock shares held by related party. No definition available.
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Number Of Voting Rights Per Share No definition available.
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Percentage of related party revenue to total revenue. No definition available.
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The percentage of Class B common stock owned by a related party. No definition available.
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The percentage of common stock owned by a related party. No definition available.
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The percentage of common stock owned by a related party if Class B shares were converted to common shares. No definition available.
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The voting rights percentage assuming the related party voted both common and class B stock. No definition available.
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