$TRIP's Q2 was a pretty large beat ($59MM revenue vs $49MMe), but most of the street is still underweight. Maybe its still too early here but there are some encouraging signs.

1/ monthly unique visitors on Tripadvisor sites recovered from -67% Y/Y in April to -55% Y/Y in May, -40% Y/Y in June, and -33% in July, while revenue recovered more modestly from -90% Y/Y in April/May to -80% in June, and -70% in July.

2/ While there may still be many cancellations, management thinks monthly unique visitors are a leading indicator.

3/ Bigger picture, Tripadvisor now seems really focused on becoming the platform for the complete trip including experiences and restaurant bookings.

4/ The Blue Sky scenario is still TRIP using their data and userbase to weave everything from flights to hotels to experiences to restaurants together, and become something that Booking and Expedia simply cannot.

5/ I'm actually more worried that cost cutting and having a private equity player on the board might stop them from investing in that future.

6/ Developments in the right direction include relaunching the website, launching its first DTC paid offering, incl. a personalized travel service that connects consumers with a community of expert trip designers and a trip insurance product.

7/ As well as plans to further integrate the SinglePlatform & Bookatable offerings into the main app, as well as add contactless payments to TheFork

8/ I also now get that $LTRPA often trades at a small discount to $TRIP and provides a levered way to play $TRIP due to the Certares pref + provides an additional call option on an additional $LTRPA change of control premium (as it controls $TRIP) thanks to @GWInvestors