UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
OR
For the transition period from to
Commission File Number
(Exact name of Registrant as specified in its charter)
|
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(Address, including zip code, of Registrant’s principal executive offices)
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Accelerated Filer ☐ | Non-accelerated Filer ☐ | Smaller Reporting Company | Emerging Growth Company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes
The number of outstanding shares of Liberty TripAdvisor Holdings, Inc. common stock as of July 31, 2020 was:
Table of Contents
Part I – Financial Information
I-2
LIBERTY TRIPADVISOR HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(unaudited)
| June 30, |
| December 31, |
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2020 | 2019 |
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amounts in millions |
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Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | |
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Accounts receivable and contract assets, net of allowance for doubtful accounts of $ |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Intangible assets not subject to amortization: | ||||||
Goodwill (note 5) |
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Trademarks (note 5) |
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Intangible assets subject to amortization, net |
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Other assets, at cost, net of accumulated amortization |
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Total assets | $ | |
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(continued)
See accompanying notes to condensed consolidated financial statements.
I-3
LIBERTY TRIPADVISOR HOLDINGS, INC.
Condensed Consolidated Balance Sheets (Continued)
(unaudited)
| June 30, |
| December 31, |
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2020 | 2019 |
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amounts in millions |
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Liabilities and Equity | ||||||
Current liabilities: | ||||||
Deferred merchant and other payables | $ | |
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Deferred revenue |
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Accrued liabilities and other current liabilities |
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Total current liabilities |
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Long-term debt (note 6) |
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Deferred income tax liabilities |
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Other liabilities |
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Total liabilities |
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Redeemable preferred stock, $ | | |||||
Equity: | ||||||
Series A common stock, $ | | | ||||
Series B common stock, $ | ||||||
Series C common stock, $ | ||||||
Additional paid-in capital | | | ||||
Accumulated other comprehensive earnings (loss), net of taxes |
| ( |
| ( | ||
Retained earnings |
| ( |
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Total stockholders' equity |
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Noncontrolling interests in equity of subsidiaries |
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Total equity |
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Commitments and contingencies (note 9) | ||||||
Total liabilities, redeemable preferred stock and equity | $ | |
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See accompanying notes to condensed consolidated financial statements.
I-4
LIBERTY TRIPADVISOR HOLDINGS, INC.
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended |
| Six months ended |
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June 30, |
| June 30, |
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| 2020 |
| 2019 |
| 2020 |
| 2019 |
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amounts in millions, except |
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per share amounts |
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$ | | | | | ||||||
Operating costs and expenses: | ||||||||||
Operating expense, including stock-based compensation (note 2) |
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Selling, general and administrative, including stock-based compensation (note 2) |
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Depreciation and amortization |
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Restructuring and other related reorganization costs | | — | | — | ||||||
Impairment of goodwill and intangible assets (note 5) | | — | | — | ||||||
| |
| | | | |||||
Operating income (loss) |
| ( |
| | ( | | ||||
Other income (expense): | ||||||||||
Interest expense |
| ( |
| ( | ( | ( | ||||
Other, net |
| ( |
| | ( | | ||||
| ( |
| | ( | | |||||
Earnings (loss) before income taxes |
| ( |
| | ( | | ||||
Income tax (expense) benefit |
| |
| ( | | ( | ||||
Net earnings (loss) |
| ( |
| | ( | | ||||
Less net earnings (loss) attributable to noncontrolling interests |
| ( |
| | ( | | ||||
Net earnings (loss) attributable to Liberty TripAdvisor Holdings, Inc. shareholders | $ | ( |
| | ( | | ||||
Net earnings (loss) available to common shareholders (note 3) | $ | ( | | ( | | |||||
Basic net earnings (loss) attributable to Series A and Series B Liberty TripAdvisor Holdings, Inc. shareholders per common share (note 3): | $ | ( | | ( |
| | ||||
Diluted net earnings (loss) attributable to Series A and Series B Liberty TripAdvisor Holdings, Inc. shareholders per common share (note 3): | $ | ( | | ( |
| |
See accompanying notes to condensed consolidated financial statements.
I-5
LIBERTY TRIPADVISOR HOLDINGS, INC.
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
(unaudited)
Three months ended | Six months ended | |||||||||
June 30, | June 30, | |||||||||
2020 | 2019 | 2020 | 2019 | |||||||
amounts in millions | ||||||||||
Net earnings (loss) | $ | ( | | ( | | |||||
Other comprehensive earnings (loss), net of taxes: | ||||||||||
Foreign currency translation adjustments |
| | ( | ( | ( | |||||
Reclassification adjustment for net losses included in net income | | — | | — | ||||||
Other comprehensive earnings (loss) |
| | ( | ( | ( | |||||
Comprehensive earnings (loss) |
| ( | | ( | | |||||
Less comprehensive earnings (loss) attributable to the noncontrolling interests |
| ( | | ( | | |||||
Comprehensive earnings (loss) attributable to Liberty TripAdvisor Holdings, Inc. shareholders | $ | ( | | ( | — |
See accompanying notes to condensed consolidated financial statements.
I-6
LIBERTY TRIPADVISOR HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Six months ended |
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June 30, |
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2020 | 2019 |
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amounts in millions |
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Cash flows from operating activities: |
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Net earnings (loss) | $ | ( |
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Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | ||||||
Depreciation and amortization |
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Stock-based compensation |
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Realized and unrealized (gains) losses on financial instruments, net | — | ( | ||||
Impairment of goodwill and intangible assets | | — | ||||
Deferred income tax expense (benefit) |
| ( |
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Other charges (credits), net |
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Changes in operating assets and liabilities | ||||||
Current and other assets |
| |
| ( | ||
Payables and other liabilities |
| ( |
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Net cash provided (used) by operating activities |
| ( |
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Cash flows from investing activities: | ||||||
Capital expended for property and equipment, including internal-use software and website development |
| ( |
| ( | ||
Purchases of short term investments and other marketable securities |
| — |
| ( | ||
Sales and maturities of short term investments and other marketable securities |
| — |
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Other investing activities, net | | — | ||||
Net cash provided (used) by investing activities |
| ( |
| ( | ||
Cash flows from financing activities: | ||||||
Borrowings of debt |
| |
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Repayments of debt |
| ( |
| ( | ||
Shares repurchased by subsidiary | ( | — | ||||
Payment of withholding taxes on net share settlements of equity awards |
| ( |
| ( | ||
Shares issued by subsidiary | — | | ||||
Issuance of redeemable preferred stock | | — | ||||
Other financing activities, net | ( | ( | ||||
Net cash provided (used) by financing activities |
| |
| ( | ||
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash |
| — |
| ( | ||
Net increase (decrease) in cash, cash equivalents and restricted cash |
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Cash, cash equivalents and restricted cash at beginning of period |
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Cash, cash equivalents and restricted cash at end of period | $ | |
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See accompanying notes to condensed consolidated financial statements.
I-7
LIBERTY TRIPADVISOR HOLDINGS, INC.
Condensed Consolidated Statements of Equity
(unaudited)
Stockholders' equity | ||||||||||||||||||
Accumulated | Noncontrolling | |||||||||||||||||
Additional | other | interest in | ||||||||||||||||
Common Stock | paid-in | comprehensive | Retained | equity of | Total | |||||||||||||
Series A | Series B | Series C | capital | earnings (loss) | earnings | subsidiaries | equity | |||||||||||
amounts in millions | ||||||||||||||||||
Balance at January 1, 2020 |
| $ | |
| — |
| — |
| |
| ( |
| |
| |
| | |
Net earnings (loss) | — | — | — | — |
| — |
| ( |
| ( |
| ( | ||||||
Other comprehensive earnings (loss) | — | — | — | — |
| ( |
| — |
| ( |
| ( | ||||||
Stock-based compensation | — | — | — | |
| — |
| — |
| |
| | ||||||
Withholding taxes on net share settlements of stock-based compensation | — | — | — | ( |
| — |
| — |
| — |
| ( | ||||||
Shares repurchased by subsidiary | — | — | — | | — | — | ( | ( | ||||||||||
Preferred stock adjustment | — | — | — | — | — | ( | — | ( | ||||||||||
Other, net | — |
| — |
| — |
| ( |
| — |
| ( |
| |
| ( | |||
Balance at June 30, 2020 | $ | |
| — |
| — |
| |
| ( |
| ( |
| |
| |
Stockholders' equity | ||||||||||||||||||
Accumulated | Noncontrolling | |||||||||||||||||
Additional | other | interest in | ||||||||||||||||
Common Stock | paid-in | comprehensive | Retained | equity of | Total | |||||||||||||
Series A | Series B | Series C | capital | earnings (loss) | earnings | subsidiaries | equity | |||||||||||
amounts in millions | ||||||||||||||||||
Balance at March 31, 2020 | $ | | — | — | | ( | | | | |||||||||
Net earnings (loss) | — | — | — | — | — | ( | ( | ( | ||||||||||
Other comprehensive earnings (loss) | — | — | — | — | | — | | | ||||||||||
Stock-based compensation | — | — | — | | — | — | | | ||||||||||
Withholding taxes on net share settlements of stock-based compensation | — | — | — | ( | — | — | — | ( | ||||||||||
Preferred stock adjustment | — | — | — | — | — | ( | — | ( | ||||||||||
Other, net | — | — | — | ( | — | — | | — | ||||||||||
Balance at June 30, 2020 | $ | | — | — | | ( | ( | | |
I-8
Stockholders' equity | ||||||||||||||||||||
Accumulated | Noncontrolling | |||||||||||||||||||
Additional | other | interest in | ||||||||||||||||||
Common Stock | paid-in | comprehensive | Retained | equity of | Total | |||||||||||||||
Series A | Series B | Series C | capital | earnings (loss) | earnings | subsidiaries | equity | |||||||||||||
amounts in millions | ||||||||||||||||||||
Balance at January 1, 2019 |
| $ | |
| — |
| — |
| |
| ( |
| |
| |
| | |||
Net earnings (loss) | — | — | — | — |
| — |
| |
| |
| | ||||||||
Other comprehensive earnings (loss) | — | — | — | — |
| ( |
| — |
| ( |
| ( | ||||||||
Stock-based compensation | — | — | — | |
| — |
| — |
| |
| | ||||||||
Withholding taxes on net share settlements of stock-based compensation | — | — | — | ( | — | — | — | ( | ||||||||||||
Other, net | — |
| — |
| — |
| ( |
| — |
| |
| |
| | |||||
Balance at June 30, 2019 | $ | |
| — |
| — |
| |
| ( |
| |
| |
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Stockholders' equity | ||||||||||||||||||
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Accumulated | Noncontrolling |
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Additional | other | interest in |
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Common Stock | paid-in | comprehensive | Retained | equity of | Total |
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Series A | Series B | Series C | capital | earnings (loss) | earnings | subsidiaries | equity |
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amounts in millions |
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Balance at March 31, 2019 | $ | | — | — | | ( | | | | |||||||||
Net earnings (loss) | — | — | — | — |
| — |
| |
| |
| | ||||||
Other comprehensive earnings (loss) | — | — | — | — |
| ( |
| — |
| ( |
| ( | ||||||
Stock-based compensation | — | — | — | |
| — |
| — |
| |
| | ||||||
Withholding taxes on net share settlements of stock-based compensation | — | — | — | ( | — | — | — | ( | ||||||||||
Other, net | — |
| — |
| — |
| ( |
| — |
| — |
| |
| | |||
Balance at June 30, 2019 | $ | |
| — |
| — |
| |
| ( |
| |
| |
| |
See accompanying notes to condensed consolidated financial statements
I-9
LIBERTY TRIPADVISOR HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(1) Basis of Presentation
During October 2013, the Board of Directors of Liberty Interactive Corporation and its subsidiaries (“Liberty”) (subsequently renamed Qurate Retail, Inc. (“Qurate Retail”)) authorized a plan to distribute to the stockholders of Liberty’s then-outstanding Liberty Ventures common stock shares of a wholly-owned subsidiary, Liberty TripAdvisor Holdings, Inc. (“TripCo,” “Consolidated TripCo,” the “Company,” “we,” “our” or “us,” unless the context otherwise requires) (the “TripCo Spin-Off”). TripCo does not have any operations outside of its controlling interest in its subsidiary Tripadvisor, Inc. (“Tripadvisor”). Tripadvisor’s financial performance tends to be seasonally highest in the second and third quarters of a given year, which includes the seasonal peak in consumer demand, traveler hotel and rental stays, and travel activities and experiences taken, compared to the first and fourth quarters, which represent seasonal low points.
The accompanying (a) condensed consolidated balance sheet as of December 31, 2019, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. Additionally, certain prior period amounts have been reclassified for comparability with the current period presentation. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2019 as presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) recognition and recoverability of goodwill, intangible and long-lived assets and (ii) accounting for income taxes to be its most significant estimates. Some of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility as a result of COVID-19 (as defined below). As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.
In December 2019, a novel strain of coronavirus (“COVID-19”) was reported in Wuhan, China. On January 30, 2020 the World Health Organization declared COVID-19 to constitute a “Public Health Emergency of International Concern” and subsequently, on March 11, 2020, declared COVID-19 to constitute a “Pandemic.” The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. COVID-19 has caused material declines in demand within the travel, hospitality, restaurant and leisure industry. The pandemic’s proliferation, concurrent with travel bans, increased governmental restrictions and mandates globally, to limit the spread of the virus, has dampened consumer demand for Tripadvisor’s products and services, which has adversely and materially affected its business, results of operations and financial condition. Tripadvisor believes the travel industry and its business will continue to be adversely and materially affected while travel bans and other government restrictions and mandates continue to remain in place. However, the extent of the impact of the COVID-19 pandemic on its business remains highly uncertain and difficult to predict, as the response to the pandemic continues to be ongoing and shifting as information is rapidly evolving, and the duration and severity of the pandemic are also uncertain and cannot be predicted. In addition, Tripadvisor does not have visibility into when these bans will be lifted, where additional bans may be initiated or where bans that have been previously lifted are reinstated due to resurgence of the virus, nor does it have visibility into the changes to consumer usage patterns on its platform or travel behavior patterns when travel bans and other government restrictions and mandates are fully lifted.
I-10
LIBERTY TRIPADVISOR HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a protracted local and/or global economic recession. Such economic disruption could have a material adverse effect on Tripadvisor’s business as consumers reduce their discretionary spending. Policymakers around the globe have responded with fiscal policy actions to support certain areas of the travel industry and economy as a whole. The magnitude and overall effectiveness of these actions remains uncertain.
The Company's future results of operations and liquidity could also be adversely impacted by delays in payments of outstanding accounts receivable amounts beyond normal payment terms, travel supplier and restaurant insolvencies, and the impact of any initiatives or programs that Tripadvisor may undertake to address financial and operational challenges faced by Tripadvisor and its customers. As of the date of issuance of these condensed consolidated financial statements, the extent and duration to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations in the future continues to be uncertain.
In addition, due to the impact of COVID-19 to Tripadvisor’s business, Tripadvisor did not experience its typical seasonal pattern for revenue and profit during the three months ended June 30, 2020. In addition, cash outflows to travel suppliers related to deferred merchant payables significantly exceeded cash received from travelers during the first six months of 2020, reflecting the decline in consumer demand for Tripadvisor’s products and cancellations of reservations related to COVID-19, contributing significantly to unfavorable working capital trends and material negative operating cash flow during the six months ended June 30, 2020. It is difficult to forecast the seasonality for the upcoming quarters, given the uncertainty related to the extent and duration of the impact from COVID-19 and the shape and timing of a recovery.
On March 26, 2020, TripCo issued and sold
Spin-Off of TripCo from Qurate Retail
Following the TripCo Spin-Off, Qurate Retail and TripCo operate as separate, publicly traded companies, and neither has any stock ownership, beneficial or otherwise, in the other. In connection with the TripCo Spin-Off, TripCo entered into certain agreements, including the services agreement, the facilities sharing agreement and the tax sharing agreement, with Qurate Retail and/or Liberty Media Corporation (“Liberty Media”) (or certain of their subsidiaries) in order to govern certain of the ongoing relationships between the companies after the TripCo Spin-Off and to provide for an orderly transition.
Pursuant to the services agreement (except as described below in respect to Gregory B. Maffei), Liberty Media provides TripCo with general and administrative services including legal, tax, accounting, treasury and investor relations support. TripCo reimburses Liberty Media for direct, out-of-pocket expenses incurred by Liberty Media in providing these services and TripCo pays a services fee to Liberty Media under the services agreement that is subject to adjustment semi-annually, as necessary.
In December 2019, TripCo entered into an amendment to the services agreement with Liberty Media in connection with Liberty Media’s entry into a new employment arrangement with Gregory B. Maffei, TripCo’s Chairman, President and Chief Executive Officer. Under the amended services agreement, components of his compensation will either be paid directly to him by each of TripCo, Liberty Broadband Corporation, GCI Liberty, Inc. and Qurate Retail (collectively, the “Service Companies”) or reimbursed to Liberty Media, in each case, based on allocations among Liberty Media and the Service Companies set forth in the amended services agreement, currently set at
Under the facilities sharing agreement, TripCo shares office space with Liberty Media and related amenities at Liberty Media’s corporate headquarters in Englewood, Colorado.
I-11
LIBERTY TRIPADVISOR HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Qurate Retail and TripCo and other agreements related to tax matters.
Under these agreements, approximately $
(2) Stock-Based Compensation
TripCo Incentive Plans
TripCo has granted to certain of its directors and employees restricted stock units (“RSUs”) and stock options to purchase shares of TripCo common stock (collectively, “Awards”). TripCo measures the cost of employee services received in exchange for an equity classified Award based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.
TripCo has calculated the GDFV for all of its equity classified Awards and any subsequent remeasurement of its liability classified Awards using the Black-Scholes-Merton model. TripCo estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of TripCo common stock. TripCo uses a
Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, the majority of which relates to Tripadvisor as discussed below:
Three months ended |
| Six months ended |
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June 30, |
| June 30, |
| |||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| ||
amounts in millions |
| |||||||||
Operating expense | $ | | | | | |||||
Selling, general and administrative expense |
| |
| | |
| | |||
$ | |
| | |
| |
Stock-based compensation expense related to Tripadvisor was $
I-12
LIBERTY TRIPADVISOR HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
TripCo - Outstanding Awards
The following tables present the number and weighted average exercise price (“WAEP”) of the Awards to purchase TripCo common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining contractual life and aggregate intrinsic value of the Awards.
Weighted | |||||||||||
average | |||||||||||
remaining | Aggregate | ||||||||||
contractual | intrinsic | ||||||||||
Series A | WAEP | life | value | ||||||||
in thousands | in years | in millions | |||||||||
Outstanding at January 1, 2020 |
| | $ | | |||||||
Granted |
| | $ | | |||||||
Exercised |
| — | $ | — | |||||||
Forfeited/Cancelled |
| ( | $ | | |||||||
Outstanding at June 30, 2020 |
| | $ | |
| $ | — | ||||
Exercisable at June 30, 2020 |
| | $ | |
| $ | — |
|
|
|
|
| Weighted |
|
|
| |||
average |
| ||||||||||
remaining | Aggregate |
| |||||||||
contractual | intrinsic |
| |||||||||
Series B | WAEP | life | value |
| |||||||
in thousands | in years | in millions |
| ||||||||
Outstanding at January 1, 2020 |
| | $ | |
| ||||||
Granted |
| — | $ | — |
| ||||||
Exercised |
| — | $ | — |
| ||||||
Forfeited/Cancelled |
| — | $ | — | |||||||
Outstanding at June 30, 2020 |
| | $ | |
| $ | | ||||
Exercisable at June 30, 2020 |
| | $ | |
| $ | |
During the six months ended June 30, 2020, TripCo granted
Also during the six months ended June 30, 2020, TripCo granted
There was no activity during the period related to the TripCo Series B options.
As of June 30, 2020, the total unrecognized compensation cost related to unvested Awards was approximately $
I-13
LIBERTY TRIPADVISOR HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
As of June 30, 2020, TripCo reserved
Tripadvisor Equity Grant Awards
The following table presents the number and WAEP of the Awards to purchase Tripadvisor common stock granted to certain officers, employees and directors of Tripadvisor.
Weighted | |||||||||||
average | |||||||||||
TripAdvisor | remaining | Aggregate | |||||||||
stock | contractual | intrinsic | |||||||||
options | WAEP | life | value | ||||||||
in thousands | in years | in millions | |||||||||
Outstanding at January 1, 2020 |
| | $ | | |||||||
Granted |
| | $ | | |||||||
Exercised |
| ( | $ | | |||||||
Cancelled or expired | ( | $ | | ||||||||
Outstanding at June 30, 2020 |
| | $ | |
| $ | — | ||||
Exercisable at June 30, 2020 |
| | $ | |
| $ | — |
The weighted average GDFV of options granted was $
As of June 30, 2020, the total unrecognized compensation cost related to unvested Tripadvisor stock options was approximately $
Additionally, during the six months ended June 30, 2020, Tripadvisor granted approximately
On May 27, 2020, Tripadvisor’s Compensation Committee of its Board of Directors approved a modification of Tripadvisor’s Annual RSU grant issued to its employees in the first quarter of 2020, which consisted of reducing the original grant-date vesting period from
I-14
LIBERTY TRIPADVISOR HOLDINGS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(3) Earnings (Loss) Per Common Share (EPS)
Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) attributable to common shareholders by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. Excluded from EPS for the three and six months ended June 30, 2020 and 2019 are less than a million and