We Think TripAdvisor's Demand Can Improve Amid Economic Growth Uncertainty

Despite intense competition and near-term headwinds from COVID-19 and inflation, we expect TripAdvisor’s network advantage—the source of its narrow moat—to remain in place over the next decade, supported by a solid global position, the continued rise in industry online penetration, ongoing investment in experiences and dining, and an opportunity to improve monetization of its platform with products such as Plus (a subscription offering that was beta launched in the United States in early 2021).