SCHEDULE: Starboard Value Adjusts TripAdvisor Stake

Starboard Value entities have adjusted their holdings in TripAdvisor, Inc., selling shares and entering into cash-settled total return swaps.

Summary

• Starboard Value and its affiliated entities have reported transactions in TripAdvisor, Inc. securities.
• These transactions include the sale of common stock and the purchase of cash-settled total return swaps.
• The sales and swap purchases occurred on April 1 and April 2, 2026.
• As of April 2, 2026, the reporting persons collectively ceased to beneficially own more than 5% of the outstanding shares.
• The total economic exposure, including notional shares from swaps, is approximately 9.4% of outstanding shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, indicating strategic adjustments in holdings rather than a significant positive or negative development for the company itself.

Negatives

• Starboard Value entities have reduced their direct ownership of TripAdvisor common stock.
• The reporting persons collectively no longer beneficially own more than 5% of the outstanding shares as of April 2, 2026.

Risks

• The cash-settled total return swaps have maturity dates in October 2027, indicating ongoing financial arrangements.
• The reporting persons do not have the right to convert the swaps into actual shares, limiting direct control.

Future Outlook

The cash-settled total return swaps have maturity dates in October 2027, indicating ongoing financial arrangements and economic exposure to TripAdvisor's stock performance until that time.

Industry Context

StockSavvy.ai notes that this filing reflects active portfolio management by significant institutional investors like Starboard Value, who utilize various financial instruments, including derivatives like total return swaps, to manage their exposure and investment strategies in the online travel and hospitality sector.

Stakeholder Impact

• Shareholders may observe shifts in significant ownership percentages, potentially influencing market perception.
• The use of derivatives by Starboard Value indicates a sophisticated investment strategy that may not be directly replicated by all investors.

Next Steps

• The cash-settled total return swaps will mature in October 2027, at which point the economic exposure will cease unless renewed or altered.

Key Dates

Keywords

TripAdvisor, Starboard Value, Schedule 13D, Securities, Common Stock, Total Return Swap, SEC Filing, Investment