• TripAdvisor continues to make gains in its non-hotel business, most notably restaurants and experiences.
• The paid ads is a concept which has a lot of potential, given the size of their platform and data stack.
• Their hotel business is low growth at best, perhaps not even that, but it provides cash flow for investing in the growth parts and share buybacks.
• Still, we think the shares are fairly fully valued here.

Source: TripAdvisor Should Concentrate On Its Paid Ads – TripAdvisor Inc. (NASDAQ:TRIP) | Seeking Alpha