TRIP Presentation Trani 2017

S TA R T P L A N N I N G Y O U R N E X T T R I P
Global - Deep Value - Special Situations
T R A N I , I TA LY W W W. G W I N V E S T O R S . C O M J U LY 2 0 1 7
DISCLAIMER
This introduction has been distributed for informational purposes only. Neither the information nor any
opinions expressed constitute a recommendation to buy or sell the securities mentioned, or to invest in any
investment product or strategy related to such securities. It is not intended to provide personal investment
advice, and it does not take into account the specific investment objectives, financial situation or particular
needs of any person or entity that may receive this letter. Persons reading this introduction should seek
professional financial advice regarding the appropriateness of investing in any securities discussed in this
introduction. The author’s opinions are subject to change without notice. Forecasts, estimates, and
certain information contained herein are based upon proprietary research, and the information used in such
process was obtained from publicly available sources. Information contained herein has been obtained
from sources believed to be reliable, but such reliability is not guaranteed. Investment accounts managed
by GreenWood Investors LLC and its affiliates have positions in the securities discussed in this
introduction. GreenWood Investors LLC may re-evaluate its holdings in such positions and sell or cover
certain positions without notice. No part of this introduction may be reproduced in any form, or referred to
in any other publication, without express written permission of GreenWood Investors LLC.
Past performance is no guarantee of future results.
W W W. G W I N V E S T O R S . C O M
WHO WE ARE
We're a bottoms-up, mostly long, concentrated global investment

manager focused on areas of extreme pessimism, structural
inefficiencies and low competition.
Our framework maximizes the risk-adjusted return profile of our portfolio

while optimizing the qualitative success factors on a continuum to
ensure a wide variety of actionable opportunities.
Which results in a concentrated portfolio of great managers guiding

under-appreciated companies through transformational moments in their
history.
W H AT W E D O
Our framework directs our intensive investigative efforts on a wide array

of opportunities, which get published and closely disseminated in order
to solicit feedback and continuously improve the analysis.
Our collaborative network of partners, comprised of sophisticated

investors, entrepreneurs and business owners, help us both find and
diligence this steady stream of global opportunities.
We are particularly attracted to business builders, and frequently

engage our investments to make decisions for long-term stakeholder
success, often at the expense of shorter-term ephemeral stock gains.
SPECIAL THANKS
Travis Devitt, Aceable

network of partners Steve Gorelik, Firebird
Walt Roloson, Wikibuy
“WE MEET NO ORDINARY PEOPLE IN OUR LIVES.”

C.S. LEWIS
CURRENT FORCE-RANK LIST
TRIP: $36.19
Market Cap: $5.1B (24.3x Adj EPS)
EV: $4.6B (13.5x EBITDA)
Daily Liquidity: $92M
Short Interest: 16.6% Float
YOUR NEXT TRIP
GIGANTIC INDUSTRY
1.0 B ANNUAL INT’L

STEP 1: ABSTRACT THOUGHT
T R AV E L E R S
255 M PEOPLE EMPLOYED

(1 IN 12)
Source: PhocusWright
GIGANTIC INDUSTRY
$1.3T
Losing Share
Gaining Share
$567,
44%
GLOBAL
Online $733,
1.7% GDP
+10.5% 56%
Offline
DIRECT
+1.6% BOOKINGS
Source: PhocusWright
STEP 1: ABSTRACT THOUGHT OFFLINE EXPERIENCE
Zero Price Transparency

Zero Accountability
ALL GROWTH ONLINE
$350
US Travel Bookings CAGR +3.1%
$300
$250
US Online Bookings CAGR +7.0%
$200
$150
$100 US Offline Bookings CAGR +0.7%

$50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Data Source: PhocusWright
ALL GROWTH ON MOBILE
$350
US Travel Bookings CAGR +3.1%
Mobile
$300
$250
US Desktop Bookings CAGR +4.0%
$200
$150
$100 US Offline Bookings CAGR +0.7%
$50
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Data Source: PhocusWright
H I G H E S T N P S B Y FA R
46
36
29
25
20
11
-1
-7
-10
Source: Customer Guru
MASSIVE USER BASE
U N I Q U E M O N T H LY U S E R S ( M I L L I O N S )
450
400
350
300
250
200
150
100
50
0
3/12
6/12
9/12
3/13
6/13
9/13
3/14
6/14
9/14
3/15
6/15
9/15
3/16
6/16
9/16
3/17
12/11
12/12
12/13
12/14
12/15
12/16
GreenWood estimates using TRIP Data
ENGAGED ECOSYSTEM
MILLIONS OF REVIEWS
500
450
400
350
300
250
200
150
100
50
0
12/08
10/09
11/11
12/13
10/14
11/16
5/09
3/10
8/10
1/11
6/11
4/12
9/12
2/13
7/13
5/14
3/15
8/15
1/16
6/16
E N G A G E M E N T A C C E L E R AT I N G
R E V I E W S P E R 1 K A C T I V E U S E R S P E R D AY
1.4
1.19
1.2
1.0 0.94
0.8 0.71
0.64
0.58 0.59
0.6
0.4
0.2
0.0
2011 2012 2013 2014 2015 2016
INFLUENCING >½ DECISIONS
How Travelers Decide on Accomodation

60% 55%
50% 45%
39% 39%
40%
30% 26%
20%
10%
0%
TripAdvisor OTAs Social Posts Official Hotel Word of Mouth
Ratings
2016 Survey n=36k
CAPTURING 23 BPS OF HOTEL REVENUE

Data Sources: TripAdvisor, TripBarometer
T H E M O S T I M P O R TA N T F A C T O R
Factors in Hotel Selection

Guest Ratings/Experience Factors 51%
Location 48%
Price 42%
Loyalty Program Points 18%
Promotions 16%
Amenities 8%
Convention 6%
Green Program 1%
0% 10% 20% 30% 40% 50% 60%
Data Source: Anderson, C. (2012). e impact of social media on lodging performance [Electronic article]. Cornell Hospitality Report, 12(15), 6-11.
STEP 1: ABSTRACT THOUGHT PRICING POWER
+11.2% IN PRICING POWER

( W I T H S A M E S H A R E & O C C U PA N C Y )
Data Source: Anderson, C. (2012). e impact of social media on lodging performance [Electronic article]. Cornell Hospitality Report, 12(15), 6-11.
M O N E T I Z AT I O N G A P
US EXAMPLE - Q1 2017
Traffic:
~20% ~15.5m users

254.3 million
Converts to
Users: hotel click-
75.9 million based revenue
~$7.70
RPU
$119m
US-Hotel
Transaction
Revenue
GreenWood estimates using data from TRIP, Slice Intelligence, SimilarWeb
HOW WELL DID TRIP MONETIZE?

$119m
HOTEL REVENUE INFLUENCED BY TRIP:

$15 BILLION
(ENTIRE SLIDE)
0.78%
Monetization

“ W H AT W O U L D Y O U S AY I T I S …
YOU DO HERE?”
$119m
STEP 1: ABSTRACT THOUGHT SOME SEE A…
Problem

STEP 1: ABSTRACT THOUGHT WE SEE AN…
OPPORTUNITY
(19X)

OPPORTUNITY
STILL GROWING (19X)
+14%
DOUBLE-DIGITS!

THE ELEPHANT IN THE ROOM
450
400
350
300
250
200
NON-HOTEL
150
CAGR +38%
100
HOTEL
50
CAGR +20%
0
12/11
12/12
12/13
12/14
12/15
12/16
3/12
6/12
9/12
3/13
6/13
9/13
3/14
6/14
9/14
3/15
6/15
9/15
3/16
6/16
9/16
3/17
THE ELEPHANT IN THE ROOM
NON-HOTEL SEGMENT
450
TRIP REVENUE: $290M
400
M O N E T I Z AT I O N : 2 . 5 B P S
350
300
250
200
NON-HOTEL
150
CAGR +38%
100
50
$2T $250B $100B

0
12/11
12/12
12/13
12/14
12/15
12/16
3/12
6/12
9/12
3/13
6/13
9/13
3/14
6/14
9/14
3/15
6/15
9/15
3/16
6/16
9/16
3/17
Data Source: Plunkett Research, Euromonitor International, Skift
STEP 1: ABSTRACT THOUGHT S O … T R AV E L
1) GIANT INDUSTRY
2) ABOVE-GDP GROWTH
3) SECULAR SHIFT TO ONLINE
4) PRODUCES SOME…
INCREDIBLE WINNERS
90x
80x
70x
60x
50x
40x 74.2x
30x
20x
10x 6.1x
0x
7/05 7/06 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15 7/16
ECONOMICS 101
P
D
Q
O T H E R S F O C U S O N S U P P LY
P
TRIP FOCUSES ON DEMAND
P
D
Q
P O W E R V. F O R C E
P
D
Q
BOTH SIDES
A R E I M P O R TA N T T O T H E M A R K E T
P
D
Q
STEP 1: ABSTRACT THOUGHT O N E FA R M O R E C R O W D E D …
STEP 1: ABSTRACT THOUGHT THAN THE OTHER…
V A L U AT I O N S A L S O O F F
138.1x
EV/EBITDA
30x
25x 22.0x
20x
14.0x 13.9x 13.7x

15x
10x
5x
0x
TRVG PCLN EXPE YELP TRIP
S U P P LY DEMAND
STEP 1
S T E P 2 : D O W N S I D E C O N S I D E R AT I O N S
M O B I L E G R O W I N G FA S T E R
Monthly Hotel Shoppers CAGR +17.1%

160
140
120
100 Mobile Hotel Shoppers CAGR +39.6%
80
60
Desktop Hotel Shoppers CAGR +9.9%
40
20
0
12/12
12/13
12/14
12/15
12/16
3/13
6/13
9/13
3/14
6/14
9/14
3/15
6/15
9/15
3/16
6/16
9/16
3/17
GreenWood Estimates Based on Company Disclosures
MOBILE SALES GAP
Mobile Monetization (as % of desktop)

35%
30%
25%
20%
15%
10%
12/12
12/13
12/14
12/15
12/16
3/13
6/13
9/13
3/14
6/14
9/14
3/15
6/15
9/15
3/16
6/16
9/16
3/17
GreenWood Estimates Based on Company Disclosures
WHY?
Click-through experience not seamless on mobile.

S T E P 2 : D O W N S I D E C O N S I D E R AT I O N S H E N C E , I N S TA N T B O O K
E A R LY I B S N A F U S
BEST PRICING NOT OBVIOUS
E A R LY I B S N A F U S
BEST PRICING NOT OBVIOUS
S T E P 2 : D O W N S I D E C O N S I D E R AT I O N S P R O B L E M S O LV E D
FIXES BEGAN IN 2H 2016

1) I B O N LY P R O M I N E N T LY
F E AT U R E D W H E N B E S T- P R I C E
2) USERS IDENTIFIED AS
RESEARCHERS OR EXECUTORS
3) S E A R C H R E S U LT S R A N K E D B Y
“ B E S T V A L U E ” R AT H E R T H A N
J U S T R AT I N G
4) TV ADVERTISING BEGINNING
T O D AY T O B U I L D A W A R E N E S S
W
HA
T
AB
O
UT
G
O
O
G
Google’s History of
LE
Ad Labeling
?
Source: Search Engine Land
W H AT A B O U T G O O G L E ?
Paid Search Has Been Ramping
140 37% 38% 38% 40%

Desktop Hotel Users 37%
36%
Non-TV Marketing Spend
120 35%
31%
30%
100 25% 106.2
23% 101.5
23% 96.2 25%
92.9 90.5 92.7
80
78.1 80.3 20%
60
62.6 15%
40
10%
20 5%
0 0%
2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E
We expect it to continue…
GreenWood estimates using data from TRIP
TRIP AN SEO DREAM
TRIP’s strength is terrific in organic (unpaid) search
SOURCES OF TRAFFIC
80%
71% TRIP EXPE KYAK
70%
60%
50% 43%
38%
40%
28%
30% 25%
21%
17% 19%
20%
10%
8% 6%
10% 5%4%
3% 1%1%1% 1% 1%1%1%
0%
Direct Organic Referrals Paid Search Social Mail Display Ads
Search
Is also it’s biggest potential weakness…

Sources: SimilarWeb
ONE WITHOUT THE OTHER
Bearish analysts expect paid search spending to

continue climbing, but desktop users to decline.

You can’t have both of these factors together.
Possible
M Highly
ing ar in
g
k et ke
tin k e t
Unlikely
ar g ar
M M
Us Us
ers er er
Us s s
S T E P 2 : D O W N S I D E C O N S I D E R AT I O N S GOOGLE’S EFFORTS THWARTED
S T E P 2 : D O W N S I D E C O N S I D E R AT I O N S TV EFFECTIVE
Google Trends
100
90
80
70
60
50
40
30
20
10
TripAdvisor trivago Priceline Booking.com Expedia
0
7/8/12 7/8/13 7/8/14 7/8/15 7/8/16
(Indexed, not to scale of traffic)
S T E P 2 : D O W N S I D E C O N S I D E R AT I O N S COMPETITION
NPS
Mitigating this TV-ad blitz is the
fact that Trivago’s NPS is terribly
low, so it’s paying for traffic that
will quickly erode.
-7
Zero differentiation in its product.
All marketing.
W H AT
ABOUT
AI?
“SIRI, BOOK ME
A V A C AT I O N . ”
-NO ONE EVER
S T E P 2 : D O W N S I D E C O N S I D E R AT I O N S D ATA C R U C I A L F O R A I
MOST TRAFFICKED WEBSITE

300
Q1 US Traffic (millions)
250
200
150
100
50
M O S T P O P U L A R T R AV E L A P P
>230 MILLION DOWNLOADS
1 5 0 M I L L I O N M O N T H LY U N I Q U E S
4 2 % M O B I L E T R AV E L E R S H A R E
Sources: SimilarWeb, Frederic Gonzalez
S T E P 2 : D O W N S I D E C O N S I D E R AT I O N S D ATA I S P O W E R
AI
HIGHLIGHTS
S T R AT E G I C
VA L U E
M O R E L I K E A N U P S I D E C O N S I D E R AT I O N
STEP 2
S T E P 3 : U P S I D E C O N S I D E R AT I O N S
H O T E L M O N E T I Z AT I O N
Cost-Per-Click Instant-Booking
$2.25 $27-45
PER CLICK P E R AV G . B O O K I N G
12-15% COMMISSION
Cost-Per-Click Instant-Booking
$2.25 $27-45
PER CLICK P E R AV G . B O O K I N G
12-15% COMMISSION
D E S P I T E E A R LY D I L U T I O N & P O O R E X E C U T I O N ,
THIS IS VERY BIG LONG-TERM
BIGGEST NEEDLE-MOVER IS IMPROVEMENT IN
CONVERSION
TRIP Hotel-Based Revenue

$9,000
Phantom Other Hotel Hotel Transaction
a s t,
$8,000
re c
a f o o n l y
$7,000 o t
N trati v e
$6,000 illus
$5,000 $7,510
$8,260
$4,000
$3,000
$2,000
$1,000 $837 $750

$696 $870
$588
$0
2012 2013 2014 2015 2016 Convert @ LT Potential
EXPE/PCLN
S T E P 3 : U P S I D E C O N S I D E R AT I O N S $2T OPPORTUNITY
S T E P 3 : U P S I D E C O N S I D E R AT I O N S P E N E T R AT I O N B U I L D I N G
Prior to being taken private,

OPEN showed solid ex-US
progress on penetration
International Diners / Restaurant
2,000
1,807
1,800
1,600
1,400 1,266
1,200
1,000 896
800 638
600 468
400
200
0
2009 2010 2011 2012 2013
S T E P 3 : U P S I D E C O N S I D E R AT I O N S R E S TA U R A N T U P S I D E
ACQUIRED FOR $2.6B

JUNE, 2014
ACQUIRED FOR $2.6B

JUNE, 2014
R E S TA U R A N T S :
23.8K US
+7.7K EU
31.5K WW
$82.4K
PER
R E S TA U R A N T
ACQUIRED FOR $2.6B

JUNE, 2014
R E S TA U R A N T S :
23.8K US
+7.7K EU
4 1 K R E S TA U R A N T S
31.5K WW BOOKABLE
$82.4K = $3.4B
PER
R E S TA U R A N T S T R AT E G I C V A L U E
4 1 K R E S TA U R A N T S
BOOKABLE
<0% EBITDA
70% EV
= $3.4B S T R AT E G I C V A L U E
R E S TA U R A N T U P S I D E
TRIP Restaurant Revenue

$1,200
$1,000
$800
Monetizing @ OPEN’s
$520
2013 diners/restaurant
$600
$1,055
$400
$348
$200
$148 $187
$0 $11 $37 $38
All drops to bottom-line.

GreenWood Estimates based on La Fourchette and TRIP data.
A D M I T T E D D E F E AT
“OpenTable's post-acquisition strategy was premised on

significant and rapid investment in international
expansion… As this strategy was achieving limited
progress, in the third quarter of 2016 OpenTable modified
its strategy. As a result…[we] recognized a non-deductible
goodwill impairment charge of $940.7 million.”
2016 10-K
S T E P 3 : U P S I D E C O N S I D E R AT I O N S T H E P E R F E C T PA I R
LS
R
R E S TA U R A N T S
TRUSTED FOR
R E S TA U R A N T S U
TRUSTED FOR
TE
S
T
E
O
D
H
F
R
O
FO
R
H
O
D
T
TE
E
LS
US
TR
S T E P 3 : U P S I D E C O N S I D E R AT I O N S T H AT W E D O N ’ T W A N T…
WE DON’T WANT A BUYOUT
W O U L D R AT H E R A L - T H O L D I N G
BUT IT’S A REAL RISK…

S T E P 3 : U P S I D E C O N S I D E R AT I O N S AT T R A C T I O N S
T H E O N LY O N E T R U S T E D
F O R AT T R A C T I O N S
$250B
TA M
Data Source: Euromonitor International
FA S T E S T G R O W I N G
Millions of Places Reviewed

8,000
Restaurants Hotels Vacation Rentals Attractions

7,000
R + 5 6%
6,000 CAG
%
CAGR +27
5,000
%
CAGR +12
4,000
3,000
2,000
CAGR +35%
1,000
0
12/12
12/13
12/14
12/15
12/16
3/13
6/13
9/13
3/14
6/14
9/14
3/15
6/15
9/15
3/16
6/16
9/16
3/17
FOCUSED ON CONVERSION
7% of reviewed attractions are bookable.

~7% bookings now taking place on TRIP.
AT T R A C T I O N S R E V E N U E
$500
Improves +7%
$450
$400
Incremental
$151
$350 $300 million all
$300 drops to bottom
$250 line (EBITDA
$149 $452
$200 +88% from LTM)
$150
$100
$153
$50 $112
$36
$0
2014 2015 2016 Conversion Bookable NT Potential
GreenWood estimates based on data provided by TRIP and subsidiaries.
PUTTING IT TOGETHER
STEP 3
STEP 4: RANGE OF OUTCOMES
SKEWED RANGE OF OUTCOMES
250
200
150
100
50
0
12-11 12-12 12-13 12-14 12-15 12-16 12-17 12-18 12-19 12-20
Our estimated
probability
distribution
SKEWED RANGE OF OUTCOMES
250
200
150
100
50
0
12-11 12-12 12-13 12-14 12-15 12-16 12-17 12-18 12-19 12-20
Multiple compression Multiple compression Average historical Average historical

to trough after more to trough on 2017 multiple given relative multiple with healthy
monetization leakage, results, which we view success in keeping monetization of dining
stalled traffic and still to be the bottom. traffic, but at a higher & attractions and
a high marketing Terrible traffic and cost. Progress on better organic traffic
budget. monetization. dining & attractions. (hotel margins rise).
W H AT E N S U R E S T O P - E N D O U T C O M E S ?
STEP 4
STEP 5: PERFORMANCE DRIVERS
PERFORMANCE DRIVERS
Always trying to maximize success factors:
1. Management capability ½ Weighted

2. Industry characteristics 5. Capacity to Invest (Compounder)
6. Crowding in the investment
3. Competitive advantages 7. Cyclicality of the business
4. Conscious capitalists 8. Earnings Quality (Cash Conversion)
MA IN CA CC
CO CR CY EQ
STEP 5: PERFORMANCE DRIVERS A+ OVERSIGHT
MAFFEI MALONE
S L I G H T LY O F F S E T B Y B - R AT E D M A N A G E M E N T
MA
STEP 5: PERFORMANCE DRIVERS AT T R A C T I V E I N D U S T R Y & M O AT
$1.3T
Losing Share
Gaining Share
$567,
44%
Online $733,
+10.5% 56%
Offline
+1.6%
IN CA
AT T R A C T I V E I N D U S T R Y & M O AT
Current TRIP
Monetization - 27 bps
Massive ASTOUNDING REACH:

Runway & • >3.5B UNIQUE ANNUAL USERS
Growing • MOST TRAFFICKED/TRUSTED
DD%
• MOST DOWNLOADED APP
$556B • HIGHEST NPS (43)
• INFLUENCES >½ TRIPS
CO CA
STEP 5
STEP 6: ROADMAP
P R E D I C TA B I L I T Y L O W
BUSINESS MODEL CHANGES
M A K I N G P R E D I C TA B I L I T Y L O W E R
Surprise History
6%
4%
STEP 6: ROADMAP
2%
0%
2011 2012 2013 2014 2015 2016
-2%
-4%
-6%
-8%
Revenue Earnings
-10%
GUIDANCE WITHDRAWN
Data source: CapIQ
PEAK SHORT INTEREST
120 18%
Stock (LH) Short Interest 16%
100 (RH) 14%
12%
STEP 6: ROADMAP
80
10%
60 8%
6%
40
4%
2%
20
0%
0 -2%
12/11
12/12
12/13
12/14
12/15
12/16
3/12
6/12
9/12
3/13
6/13
9/13
3/14
6/14
9/14
3/15
6/15
9/15
3/16
6/16
9/16
3/17
Data Source: CapIQ
P E A K S H O R T R AT I N G S
30 Sell-side Ratings
25
Buys
STEP 6: ROADMAP
20
15
Holds
10
5 Shorts
Data Source: CapIQ
STEP 6: ROADMAP C O N T R A - I N D I C AT O R
STEP 6: ROADMAP
$20
$40
$60
$80
$100
$120
$0
12/11
3/12
6/12
9/12
12/12
3/13
6/13
9/13
12/13
3/14
6/14
9/14
12/14
3/15
6/15
9/15
PEAK PESSIMISM
12/15
3/16
6/16
AT A 4 . 7 - Y E A R L O W
9/16
12/16
3/17
6/17
W I T H L O W E R P R O F I T V I S I B I L I T Y,
W H AT O T H E R M E T R I C S A R E U S E F U L
STEP 6: ROADMAP
T O M E A S U R E H E A LT H O F T R I P ?
ECOSYSTEM GROWING
450
400
STEP 6: ROADMAP
350
300
250
200
150
100
50
0
3/12
6/12
9/12
3/13
6/13
9/13
3/14
6/14
9/14
3/15
6/15
9/15
3/16
6/16
9/16
3/17
12/11
12/12
12/13
12/14
12/15
12/16
E N G A G E M E N T A C C E L E R AT I N G
R E V I E W S P E R U S E R P E R D AY
1.4
1.19
1.2
STEP 6: ROADMAP
1.0 0.94
0.8 0.71
0.64
0.58 0.59
0.6
0.4
0.2
0.0
2011 2012 2013 2014 2015 2016
URSA EMPTOR
25% 5%
Unique Hotel Shoppers (LH)
Transaction Revenue Per Shopper (RH)
0%
20%
STEP 6: ROADMAP
-5%
15%
-10%
10%
-15%
5%
-20%
0% -25%
3/15 6/15 9/15 12/15 3/16 6/16 9/16 12/16 3/17
STEP 6: ROADMAP
10%
20%
30%
40%
50%
-30%
-20%
-10%
0%
7/7/13
9/7/13
11/7/13
1/7/14
3/7/14
5/7/14
7/7/14
9/7/14
11/7/14
1/7/15
3/7/15
with Sales/User trough

Bottom perfectly coincides
5/7/15
7/7/15
9/7/15
11/7/15
1/7/16
3/7/16
5/7/16
7/7/16
CHANGE IN GOOGLE TRENDS
9/7/16
11/7/16
1/7/17
3/7/17
ORGANIC SEARCH IMPROVING
5/7/17
CHEAPEST IN CLASS
138.1x
EV/EBITDA
30x
25x
22.0x
STEP 6: ROADMAP
20x
14.6x 14.0x 13.9x

15x 13.7x
10x
5x
0x
TRVG PCLN GOOGL EXPE YELP TRIP
Given insignificant interest & capex, 80% EBITDA = Cash Earnings

CONCLUSION
SKEWED SUCCES DRIVERS

POTENTIALITIES OPTIMIZED
250
200
CONCLUSION
150 MA IN CA CC
100
50 CO CR CY EQ
0
12-11 12-12 12-13 12-14 12-15 12-16 12-17 12-18 12-19 12-20
E X P E C TAT I O N S V S . R E A L I T Y
H I G H LY F A V O R A B L E
R E L AT E D R E A D I N G
THESIS:
EXCHANGE
DRIVES
E C O N O M Y,
I N N O V AT I O N ,
GENETIC
EVOLUTION.
T R I P A C C E L E R AT E S E X C H A N G E
ECONOMY
I N N O V AT I O N
EVOLUTION
E X C H A N G E , I N N O V AT E , E V O LV E .
LET US KNOW IF YOU’D LIKE TO BE KEPT ABREAST OF TRIP &
COME VISIT US!
Global - Deep Value - Special Situations

TRIP Presentation Trani 2017

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S TA R T P L A N N I N G Y O U R N E X T T R I P

Global - Deep Value - Special Situations

We're a bottoms-up, mostly long, concentrated global investment

Our framework maximizes the risk-adjusted return profile of our portfolio

Which results in a concentrated portfolio of great managers guiding

Our framework directs our intensive investigative efforts on a wide array

Our collaborative network of partners, comprised of sophisticated

We are particularly attracted to business builders, and frequently

Travis Devitt, Aceable

“WE MEET NO ORDINARY PEOPLE IN OUR LIVES.”

1.0 B ANNUAL INT’L

255 M PEOPLE EMPLOYED

Zero Price Transparency

$100 US Offline Bookings CAGR +0.7%

Data Source: PhocusWright

$100 US Offline Bookings CAGR +0.7%

Data Source: PhocusWright

GreenWood estimates using TRIP Data

How Travelers Decide on Accomodation

2016 Survey n=36k

CAPTURING 23 BPS OF HOTEL REVENUE

Factors in Hotel Selection

Guest Ratings/Experience Factors 51%

Loyalty Program Points 18%

0% 10% 20% 30% 40% 50% 60%

+11.2% IN PRICING POWER

~20% ~15.5m users

GreenWood estimates using data from TRIP, Slice Intelligence, SimilarWeb

HOW WELL DID TRIP MONETIZE?

GreenWood estimates using data from TRIP, Slice Intelligence, SimilarWeb

HOTEL REVENUE INFLUENCED BY TRIP:

GreenWood estimates using data from TRIP, Slice Intelligence, SimilarWeb

GreenWood estimates using data from TRIP, Slice Intelligence, SimilarWeb

GreenWood estimates using data from TRIP, Slice Intelligence, SimilarWeb

GreenWood estimates using data from TRIP, Slice Intelligence, SimilarWeb

$2T $250B $100B

14.0x 13.9x 13.7x

Monthly Hotel Shoppers CAGR +17.1%

100 Mobile Hotel Shoppers CAGR +39.6%

Mobile Monetization (as % of desktop)

Click-through experience not seamless on mobile.

FIXES BEGAN IN 2H 2016

140 37% 38% 38% 40%

Is also it’s biggest potential weakness…

Bearish analysts expect paid search spending to

continue climbing, but desktop users to decline.

(Indexed, not to scale of traffic)

MOST TRAFFICKED WEBSITE

Sources: SimilarWeb, Frederic Gonzalez

THIS IS VERY BIG LONG-TERM

TRIP Hotel-Based Revenue

$1,000 $837 $750

Prior to being taken private,

ACQUIRED FOR $2.6B

ACQUIRED FOR $2.6B

ACQUIRED FOR $2.6B

TRIP Restaurant Revenue

All drops to bottom-line.

“OpenTable's post-acquisition strategy was premised on

WE DON’T WANT A BUYOUT

BUT IT’S A REAL RISK…

Millions of Places Reviewed

Restaurants Hotels Vacation Rentals Attractions

7% of reviewed attractions are bookable.