TripAdvisor Inc. (NASDAQ:TRIP) Q2 2020 Earnings Conference Call - Final Transcript
Aug 07, 2020 • 08:30 am ET
Good morning, and welcome to TripAdvisor Second Quarter 2020 Earnings Conference Call. As a reminder, today's conference call is being recorded.
At this time, I would like to turn the conference over to TripAdvisor's Vice President of Investor Relations, Mr. Will Lyons. Please go ahead.
Thanks, Catherine. Good morning, everyone, and welcome to our call. Joining me today is our CEO, Steve Kaufer and our CFO, Ernst Teunissen. Last night, after market close, we distributed and filed our second quarter 2020 earnings release and made available our Shareholder Letter on our Investor Relations website located at ir.tripadvisor.com.
In the release, you will find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed on this call. Also, on our IR site, you will find supplemental financial information which includes reconciliations of certain non-GAAP financial measures discussed on this call as well as other metrics.
Before we begin, I'd like to remind you that this call may contain estimates and other forward-looking statements that represent management's views as of today, August 7th, 2020. TripAdvisor disclaims any obligation to update these statements to reflect future events or circumstances. Please refer to our earnings release as well as our filings with the SEC for information concerning factors that could cause actual results to differ materially from these forward-looking statements.
And with that, I'll pass the call to Steve.
Thank you, Will, and good morning, everyone. Thank you for joining the call. As you saw from our results and described in our Shareholder Letter that we posted last night, the second quarter was one of historic proportion, given the impacts of COVID-19 pandemic is having on our business and on the travel industry.
Significant year-over-year impacts persist, but we are encouraged by gradually improving trends since April. Monthly unique users on TripAdvisor sites progressed from 33% of last year's comparable period in April to 67% of last year's comparable period in July. Revenue improved from 10% of last year's period in April and May to approximately 30% of last year's comparable period in July.
So while Q2 was challenging, we have emerged from our industry's darkest of days. I remain confident that while it may take time and be uneven along the way, it will eventually fully return. In the meantime, we are executing well on what we can control, streamlining our operations to preserve cash, leveraging our platform's differentiated strengths to help customers and redoubling our strategic efforts to address future opportunities and emerge in a strong position on the other side of this pandemic.
Now before I turn the call over to Ernst, I want to, again, extend a thank you to all frontline workers, from medical professionals to the everyday heroes working in our local grocery stores or delivery services. And to our employees, I'm grateful for your tireless hard work during this difficult period. You have demonstrated both your talent and your resilience. I am pleased with how we have come together to execute on our important initiatives