TripAdvisor has conceded that it is yet to show how it will turn around the company's recent downturn in financial performance.
The review giant saw revenues increase by a slim 1% year-on-year to $421 million during the third quarter of 2016.
Non-hotel revenues increased by 35% to $101 million but income from hotels fell by 6% to $320 million.
Total adjusted EBITDA is down 12% to $114 million over the same Q3 year-in-year period.
In classic corporate-speak, president and CEO Steve Kaufer says for the company it is "early days at demonstrating that we are plugging the monetization leak and capturing its expected financial benefits".
Central to the issue facing TripAdvisor is the ongoing integration and expansion of its Instant Booking model, whereby users can search and select a hotel on metasearch principles but secure the reservation on-site.
"As we power more bookings, we are developing a deeper understanding of the users on our site.
"We are early days at leveraging powerful transaction-level data to fuel our marketing campaigns and we are exploring a full suite of marketing channels in order to continue to drive user growth, awareness and engagement with our booking products.
"Brand re-education in an episodic category like travel is a multi-year process, and we remain encouraged by the positive trends we are seeing this year."
Part of the background to the worries surrounding its Instant Booking strategy is its relationship with mobile and users on-the-go.
The company says it started promoting the instant booking functionality on mobile over the summer of 2016 but this, in turn, "negatively impacted hotel shoppers".
"We continue, however, to experience hotel shopper growth headwinds on desktop, due to the shift to mobile devices as well as the general travel market and competitive backdrop.
"We have made instant booking more prominent, making a near-term monetization trade-off in favor of increasing long-term user engagement and building the booking habit."
Still, it's not all doom and gloom, with the core site now hosting a massive 435 million reviews (280 new reviews per minute), some 80 million pictures and all supported by 28 languages in 48 countries around the world.
There are around 1.9 million accommodation listings, 4.2 million restaurants and 730,000 attractions now listed on the site.
TripAdvisor says it will continue to add more "bookable supply" to its Viator-powered network of tours and activities, with around 55,000 currently on the system.