Groupon Inc (GRPN) 2023 Q4 法說會逐字稿

Hello, and welcome to Groupon's Fourth Quarter 2023 financial results conference call. On the call today are Interim Chief Executive Officer, John Campbell, Chief Executive Chief Financial Officer, Yuri Poniard, and Senior Vice President, Corporate Development and Investor Relations, Rainer Kashyap. At this time, all participants are in a listen only mode. A question and answer session will follow the Company's formal remarks to ask a question, press star key followed by the number one on your touchtone phone. Once again, that's star one to ask your question. Today's conference call is being recorded before we begin, and Groupon would like to remind listeners that the following discussion and responses to your questions reflect management's views as of today, March 15, 2024 only and will include forward-looking statements. Actual results may differ materially from those expressed or implied in the Company's forward-looking statements. Groupon undertakes no obligation to update these forward-looking statements as a result of new information or future events. Additional information about risks and other factors that could potentially impact the Company's financial results are included in their earnings press release and in their filings with the SEC, including their annual report on Form 10K. We encourage investors to to use Groupon's Investor Relations website at investor dot groupon.com as a way of easily finding information about the Company. Groupon promptly makes available on this website, the reports that the Company files or furnishes with the SEC corporate governance information and select press releases and social media postings.

您好，歡迎您參加 Groupon 2023 年第四季財務業績電話會議。今天參加電話會議的有臨時執行長 John Campbell、執行長財務長 Yuri Poniard 以及企業發展和投資者關係高級副總裁 Rainer Kashyap。此時，所有參與者都處於只聽模式。在公司正式發言後將進行問答環節，請按星號鍵，然後按按鍵式電話上的數字 1。再說一次，這是提出你的問題的第一要務。今天的電話會議在我們開始之前進行錄音，Groupon 謹提醒聽眾，以下討論和對您的問題的答复僅反映截至今天（2024 年 3 月 15 日）管理層的觀點，並將包含前瞻性陳述。實際結果可能與公司前瞻性陳述中明示或暗示的結果有重大差異。Groupon 不承擔因新資訊或未來事件而更新這些前瞻性聲明的義務。有關可能影響公司財務表現的風險和其他因素的更多資​​訊包含在其收益新聞稿和向 SEC 提交的文件中，包括 10K 表格的年度報告。我們鼓勵投資人使用 Groupon 的投資人關係網站（投資人網站 groupon.com）輕鬆找到有關公司的資訊。Groupon 會及時在本網站上提供本公司提交的報告或隨 SEC 公司治理資訊提供的報告以及精選新聞稿和社群媒體貼文。

On the call today, the company will discuss the following non-GAAP financial measures, adjusted EBITDA and free cash flow in Groupon's press release and our filings with the SEC. Each of which is posted on our Investor Relations web. You will find additional disclosures regarding these non-GAAP measures, including reconciliation of these measures to the most comparable measures under the U.S. Gaap and with that, I am happy to turn the call over to John.

在今天的電話會議上，該公司將討論 Groupon 新聞稿和我們向 SEC 提交的文件中的以下非 GAAP 財務指標、調整後 EBITDA 和自由現金流。每一則都發佈在我們的投資人關係網站上。您會發現有關這些非公認會計原則措施的其他揭露，包括這些措施與美國公認會計原則下最可比較的措施的調節，因此，我很高興將電話轉給約翰。

Hello, and thanks for joining us for our fourth quarter and full year 2020 free Earnings Call. It's a pleasure to be with all of you. Today's prepared remarks are posted on our Investor Relations website, along with an investor presentation, which I will refer to during my remarks.

您好，感謝您參加我們的 2020 年第四季和全年免費財報電話會議。很高興和大家在一起。今天準備好的發言稿以及投資者介紹會發佈在我們的投資者關係網站上，我將在發言中參考。

In addition, I encourage you to review our press release and 10K, which contain more detail on our Q4 and full year 2023 results. I will start today's call on slide 5 and cover the key takeaways from the fourth quarter. First, our numbers. I'm pleased to deliver another quarter of progress on our reported financial results as our fourth quarter numbers came in above the high end of guidance on both revenue and adjusted EBITDA. Our strong performance was driven by our North America segment, where our revenues in our local and travel categories were down a combined 3% year-over-year, a major improvement compared to the same period last year. One of these categories were down further 1%. It's encouraging to see the progress in our North America, local and travel categories, which represents 70% of consolidated revenue. While we are far from declaring victory and clearly have more work to do in our international segment and our goods category. The improved performance of our main market is a strong positive indicator that our transformation plan is working. In addition to our top-line improvements, we also made progress on the bottom line, where adjusted EBITDA margins improved 2,400 bps compared to the last fourth quarter. A combination of better top-line and bottom-line performance resulted in positive. It's been about $51 million of free cash flow as our negative working capital cycle benefited from both Q4 holiday strength and moderating year-over-year declines. From my perspective, robust financial performance is the cornerstone of a thriving organization, fueling innovation, employee satisfaction and long-term shareholder value. I'm pleased to answer here one of our transformation on a strong close. Second, our balance sheet. I am pleased to report that the combination of our improved financial performance and increased liquidity resolves our going concern issue, since speaking with you on our first quarter earnings call, we closed on our plan to raise $100 million in liquidity through a combination of asset sales and a fully backstop rights offering. The rights offering was significantly oversubscribed. And I would like to thank all our investors for their support. Using part of the proceeds from the rights offering. In February, we prepaid and terminated our credit agreement. This is an important milestone to provide clarity to all stakeholders, including our customers, merchants, employees, suppliers and shareholders that Groupon has a solid financial foundation, and we are not going anywhere for an update on our project last quarter, I explained that the pace of our transformation will depend on our progress executing key projects across our businesses. While I will go into more details in subsequent slides, I want to briefly highlight two key projects, our new consumer front end and our gifting initiatives. Since we spoke last, the team has made significant progress on our new consumer from and which is currently running at 3% of North America and touch traffic and expected to ramp up further in the coming weeks.

此外，我鼓勵您查看我們的新聞稿和 10K，其中包含有關我們第四季度和 2023 年全年業績的更多詳細資訊。我將從投影片 5 開始今天的電話會議，並介紹第四季的關鍵要點。首先，我們的數字。我很高興在我們報告的財務表現上又取得了一個季度的進展，因為我們第四季度的收入和調整後 EBITDA 的數據都高於指導上限。我們強勁的業績得益於北美業務，本地和旅遊類別的收入年減了 3%，與去年同期相比有了重大改善。其中一類進一步下降了 1%。令人鼓舞的是，我們的北美、本地和旅遊類別取得了進展，這些類別佔合併收入的 70%。雖然我們還遠未宣布勝利，並且顯然在我們的國際業務和商品類別方面還有更多工作要做。我們主要市場表現的改善是我們轉型計劃正在發揮作用的有力積極指標。除了營收改善外，我們在獲利方面也取得了進展，調整後的 EBITDA 利潤率比上個第四季度提高了 2,400 個基點。更好的頂線和底線績效的結合帶來了積極的結果。自由現金流約為 5,100 萬美元，因為我們的負營運資本週期受益於第四季度假期的強勁和同比下降的放緩。在我看來，穩健的財務表現是組織蓬勃發展的基石，能夠推動創新、員工滿意度和長期股東價值。我很高興在這裡回答我們的轉變之一，為我們的轉變畫下圓滿的句點。第二，我們的資產負債表。我很高興地報告，我們改善的財務業績和增加的流動性相結合解決了我們的持續經營問題，因為在我們第一季度的財報電話會議上與您交談後，我們結束了透過資產出售組合籌集1 億美元流動性的計劃以及完全支持的配股發行。此次配股獲得大幅超額認購。我要感謝所有投資人的支持。使用配股所得的部分收益。2月份，我們預付並終止了我們的信貸協議。這是一個重要的里程碑，旨在向所有利益相關者（包括我們的客戶、商家、員工、供應商和股東）明確說明Groupon 擁有堅實的財務基礎，我們不會去任何地方更新上季度的項目，我解釋道我們轉型的步伐將取決於我們在各個業務領域執行關鍵專案的進度。雖然我將在後續幻燈片中詳細介紹，但我想簡要強調兩個關鍵項目，即我們的新消費者前端和我們的禮品計劃。自從我們上次發言以來，該團隊在我們的新消費者方面取得了重大進展，目前該消費者和觸控流量佔北美地區的 3%，預計在未來幾週內將進一步增加。

Turning to give think our relaunch offering had strong results, and we saw December gift orders grow over 50% versus December of last year. While these numbers are off a very small base, I am pleased with the early results as we support our thesis that Groupon can become a leading destination for giftable experiences.

回想一下，我們重新推出的產品取得了強勁的成果，我們看到 12 月的禮品訂單比去年 12 月增加了 50% 以上。雖然這些數字的基數很小，但我對早期結果感到滿意，因為我們支持我們的論點，即 Groupon 可以成為禮品體驗的領先目的地。

Turning to slide 6, I want to take a minute and take a step back. It has been almost one year or since I accepted the challenge to lead Groupon in my letter to shareholders published with Q1 earnings last year, I spoke frankly about the financial challenges. Our business faced and the need to implement a significant and urgent transformation. Over the past year, our team has worked tirelessly to deliver hundreds of small improvements. We just strengthened our financial position, improve the top-line trajectory and rebuild the organization at the same time. While I am extremely proud of what this team has accomplished, my feeling is we are just getting started on our mission to become the ultimate destination for local experiences and services. Now that we have a strong understanding of internal mechanics, which means people processes, challenges and made our Company more efficient. We are shifting our focus from mainly internal improvements to delivering projects, which will impact our customers, both consumers and merchant partners. We have many opportunities in front of us much more than our current capacity to execute. We are taking a long-term approach to rebuilding Groupon from the bottom up and avoiding shortcuts that sacrifice the endgame for a temporary sugar high to juice top-line or bottom-line results. Many current projects are laying the foundation for us to become more agile and to increase our capacity to execute. We are redoing our technology stacks and changing Groupon to become a technology first company. We are changing how we go to market on the supply side and how we understand and interact with our customers. This is a huge lift and will take time to execute. We also see a massive opportunity to leverage the benefit of AI across our business in sales. We are looking to use AI to generate least leads based on our inventory needs and use IT-driven communication to improve sales efficiency. We are progressing on a out tools to help us create higher-quality deal page co-pays and to improve the efficiency of our customer support.

轉到幻燈片 6，我想花一分鐘時間後退一步。自從我在去年發布第一季財報的致股東信中接受領導Groupon的挑戰以來已經快一年了，我坦率地談到了財務挑戰。我們的業務面臨並需要實施重大且迫切的轉型。在過去的一年裡，我們的團隊不知疲倦地工作，實現了數百項小改進。我們只是加強了我們的財務狀況，改善了營收軌跡，同時重建了組織。雖然我對這個團隊所取得的成就感到非常自豪，但我的感覺是，我們的使命才剛開始，即成為在地體驗和服務的終極目的地。現在我們對內部機制有了深入的了解，這意味著人員流程、挑戰並使我們的公司更有效率。我們正在將重點從主要的內部改進轉向交付項目，這將影響我們的客戶，包括消費者和商業合作夥伴。我們面前有很多機會，遠遠超出我們目前的執行能力。我們正在採取長期方法，自下而上地重建 Groupon，並避免走捷徑，犧牲最終結果來獲得暫時的高收益，以提高營收或利潤。目前的許多專案正在為我們變得更加敏捷並提高我們的執行能力奠定基礎。我們正在重做我們的技術堆疊，並將 Groupon 轉變為技術優先的公司。我們正在改變供應方進入市場的方式以及我們理解客戶和與客戶互動的方式。這是一個巨大的提升，需要時間來執行。我們也看到了在整個銷售業務中利用人工智慧優勢的巨大機會。我們希望利用人工智慧根據我們的庫存需求產生最少的銷售線索，並利用 IT 驅動的溝通來提高銷售效率。我們正在開發工具來幫助我們創建更高品質的交易頁面自付費用並提高客戶支援的效率。

Success in our building phase is really about changing our customers' experience on both sides of our marketplace to solve more problems reduce friction and trust and increase engagement and overall satisfaction with using Groupon. And while progress in transformation is not always linear, we do expect to show improvements in our financial performance along with the very slight Southern. Our project to reengineer our front end stack continues. As of this week, our new front end is currently at 3% of traffic, which is behind my expectations after running at 1% for most of Q1, we are reaching the point where we can start ramping our new front end without jeopardizing performance. We have fixed many of the issues that had the new front end conversion and now focused on resolving two main brokers, search and the relevance and the LTE trial, we expect to ramp up traffic significantly forward and touch in North America in the coming weeks, portables interested next week, we will be posting a link to dry out the new front end on the company's Linktone page. Once North America that touch is fully ramped, we will turn to North America up, which we expect to launch shortly after after the end of this ramp, we will turn to roll out the new front end in international markets to remind investors why we are doing this. Our legacy platform was cobbled together over many years and many acquisitions as a result, our legacy platform is really several different technology stacks each with their own challenges and inefficiencies that require different people to manage the different specs are some companies who have embarked on similar simplification projects have taken three years to consolidate those specs into one single front-end. We are currently in month 11. We expect this project will enable us to launch new features in weeks versus months. We believe that this kind of speed and agility to delivery new capabilities will give us the opportunity to innovate faster for our customers and give us amazing breadth to do testing and learning. We will also get much more visibility into our customer funnel, enabling us to deliver further product enhancements.

我們建設階段的成功實際上是要改變我們市場雙方的客戶體驗，以解決更多問題，減少摩擦和信任，並提高使用 Groupon 的參與度和整體滿意度。雖然轉型的進展並不總是線性的，但我們確實期望我們的財務表現會隨著南方的輕微改善而有所改善。我們重新設計前端堆疊的專案仍在繼續。截至本週，我們的新前端目前佔流量的 3%，這低於我在第一季大部分時間以 1% 運行後的預期，我們已經達到了可以開始提升新前端而不損害效能的程度。我們已經解決了新前端轉換的許多問題，現在專注於解決兩個主要經紀商、搜尋和相關性以及 LTE 試驗，我們預計在未來幾週內將顯著增加北美的流量和接觸量，如果您對便攜式設備感興趣，下週我們將在該公司的靈通網頁面上發布一個連結來乾燥新的前端。一旦北美的觸角完全擴大，我們將轉向北美，我們預計在這次擴大結束後不久推出，我們將轉向在國際市場上推出新的前端，以提醒投資者為什麼我們做這個。我們的遺留平台經過多年的拼湊和多次收購，因此，我們的遺留平台實際上是幾個不同的技術堆疊，每個技術堆疊都有自己的挑戰和低效率，需要不同的人來管理不同的規範，一些公司已經開始進行類似的簡化專案花了三年時間才將這些規範整合到一個前端。我們目前正處於第 11 個月。我們預計該專案將使我們能夠在幾週而不是幾個月內推出新功能。我們相信，這種交付新功能的速度和敏捷性將使我們有機會為客戶更快地進行創新，並為我們提供令人驚嘆的測試和學習廣度。我們還將更深入地了解我們的客戶管道，使我們能夠提供進一步的產品增強。

I would like to thank the team for their tireless efforts, and I'm excited to see what we can do with our new platform once it is released.

我要感謝團隊的不懈努力，我很高興看到新平台發布後我們可以做些什麼。

Slide 8 distinct last quarter, I highlighted again that Groupon historically had not been benefited from have not benefited from the uplift that other marketplaces and retailers typically experienced during big gifting seasons, positioning Groupon to play a bigger role in gifting and specifically last minute, giftable experiences was a key strategic growth as you see this that we wanted to test and validate in the Q4 holiday season. I am happy to report that despite a constrained, we won't experience on our legacy front end platform. The data indicates a significant opportunity in last minute, giftable experiences the highest demand for gifting, starting approximately three weeks before Christmas and speaking of the day before Christmas, overall, for the month of December, we saw gift orders increase of a very small base, 67% versus 2022 and 30% versus 2021. And when looking at the gifting across our countries, we observed a wide variety of gifting, adaptions and gift orders as a percentage of total orders ranging between 5% and 20% going forward.

在上個季度的幻燈片8 中，我再次強調，Groupon 歷史上並沒有受益於其他市場和零售商通常在大型禮品季節經歷的提振，這使得Groupon 在禮品方面發揮更大的作用，特別是在最後一刻，禮品正如您所看到的，體驗是一個關鍵的策略性成長，我們希望在第四季度的假期中測試和驗證這一點。我很高興地向大家報告，儘管受到限制，我們將無法在舊版前端平台上體驗。數據顯示最後一刻的重大機遇，從聖誕節前大約三週開始，到聖誕節前一天，Giftable 經歷了最高的送禮需求，總體而言，在 12 月份，我們看到禮物訂單的增幅非常小，與2022 年相比為67%，與2021 年相比為30%。在審視我們各國的送禮情況時，我們觀察到各種各樣的送禮、改編和禮品訂單佔總訂單的百分比，未來將在 5% 到 20% 之間。

On the marketing side, we will continue our efforts to educate customers about the benefits of experiential gifting at Groupon and we see numerous gifting opportunities throughout the year with a focus on the US market.

在行銷方面，我們將繼續努力向客戶宣傳 Groupon 體驗式送禮的好處，我們全年看到大量送禮機會，並專注於美國市場。

On the product side, we have a long list of improvements we are making to gifting on our legacy platform and are also taking our learnings to iterate on our new gifting proposition for our new front end.

在產品方面，我們正在對舊平台上的禮物進行一長串改進，並且還利用我們的經驗來迭代我們新前端的新禮物主張。

On the supply side, we are expanding our work with merchants to highlight giftable products. These are just a few examples of the initiatives underway to make Groupon more giftable. We believe giftables experiences are a large untapped market for Groupon, and we are excited to build a great gifting offerings, not just for the traditional Q4 holiday season, but an option that consumers' concern to all around forbearance special occasions over time, I believe that gifting can become a big business for us and Groupon can become a leading destination for last-minute giftable experiences. Gifting also showcases the ability of our team to move quickly and execute on a market opportunity going forward. There are significant opportunities across our business. So this is a nice case study of what the team can deliver.

在供應方面，我們正在擴大與商家的合作，突顯贈送禮品。這些只是為使 Groupon 更具禮品性而採取的一些舉措的幾個例子。我們相信，禮品體驗對Groupon 來說是一個尚未開發的巨大市場，我們很高興能夠打造出色的禮品產品，不僅是針對傳統的第四季度假日季節，而且是消費者隨著時間推移對特殊場合的關注的選擇，我相信送禮可以成為我們的一項大業務，而 Groupon 可以成為最後一刻送禮體驗的領先目的地。贈送禮物也展示了我們團隊快速行動並抓住未來市場機會的能力。我們的業務存在重大機會。所以這是一個很好的案例研究，展示了團隊可以提供什麼。

Slide 9, marketplace management overall I'm pleased with our dealer execution during the holiday season as we connected an improved assortment of deals with performance, marketing, push and active management of how we distribute our impressions. Our customers responded, and we saw uplift in our business and improving trends throughout the quarter. From the demand side of the marketplace, we saw improving trends in the number of in the number of unique visitors visiting our website, driven by growth in paid channels and improved rate of decline of direct traffic within paid channels. We delivered on our desired ROI targets while continuing to grow in SEM and display. And while it is very early, we saw success in our revamped affiliate channels, including early traction in the influencer market search and the relevance continues to be an important priority for us as we improve our algorithm and actively manage the distribution of impressions.

投影片 9，整體市場管理 我對我們經銷商在假期期間的執行情況感到滿意，因為我們將改進的交易種類與績效、行銷、推播以及我們如何分配印象的主動管理聯繫起來。我們的客戶做出了回應，我們看到了整個季度我們業務的提升和趨勢的改善。從市場需求來看，我們看到造訪我們網站的獨立訪客數量呈上升趨勢，這是由於付費管道的成長和付費管道內直接流量下降率的提高所推動的。我們實現了預期的投資報酬率目標，同時繼續在 SEM 和展示領域發展。雖然現在還很早，但我們在改進的聯盟管道中看到了成功，包括影響者市場搜尋的早期吸引力，並且隨著我們改進演算法並積極管理印象分佈，相關性仍然是我們的重要優先事項。

Finally, we continue on our initiative to reduce our reliance on promotional spend. As we have discussed before, improving the mix between paid marketing and promotional spend is a key step towards improving the health of our marketplace.

最後，我們繼續採取行動減少對促銷支出的依賴。正如我們之前討論的，改善付費行銷和促銷支出之間的組合是改善市場健康的關鍵一步。

On the supply side of the marketplace. We continue to see strength in our things to do vertical and our enterprise accounts where we see companies return to our platform after a long hiatus and existing companies increase the amount of business they want to do with Groupon both are encouraging signals. Last year as part of our transformation, we reimagined the original city Planner model for a modern needs and local nuances. Our efforts on this initiative is beginning to pay off as we are seeing strength in local micromarkets. But this approach was rolled out. We are planning to double down on our focus to manage our marketplace at a local level. Earlier this week, I was in Chicago with our sales leadership, where we announced a plan to shift our go to market in the US into eight local regions with dedicated sales reps and regional managers responsible for driving assortment strategy and deal quality.

在市場供給方面。我們繼續看到我們的垂直業務和企業帳戶的優勢，我們看到公司在長期中斷後返回我們的平台，現有公司增加了他們希望透過Groupon 進行的業務量，這都是令人鼓舞的訊號。去年，作為轉型的一部分，我們重新構想了最初的城市規劃模型，以滿足現代需求和當地的細微差別。我們在這項舉措上的努力開始得到回報，因為我們看到了當地微型市場的實力。但這種方法已經推出。我們計劃加倍專注於在當地管理我們的市場。本週早些時候，我與我們的銷售領導層在芝加哥，在那裡我們宣布了一項計劃，將我們在美國的市場轉移到八個當地區域，並由專門的銷售代表和區域經理負責推動分類策略和交易品質。

Finally, as I mentioned last quarter, we have rolled out a new merchant partner success organization focused on actively managing our top 80% of business. This full lifecycle sales team is responsible for the revenue and retention of our highest value accounts based on the success we have seen with merchant partners in this program, we have expanded our one-on-one account management and continue to build tools, processes and culture around shifting our support to more productive partner success over time, we expect this theme will help our existing merchant partners drive more business to the group.

最後，正如我上季度提到的，我們推出了一個新的商業合作夥伴成功組織，專注於積極管理我們前 80% 的業務。這個完整生命週期的銷售團隊負責我們最高價值客戶的收入和保留，基於我們在該計劃中與商家合作夥伴取得的成功，我們擴大了一對一的客戶管理，並繼續建立工具、流程和隨著時間的推移，我們的文化圍繞著將我們的支持轉向更富有成效的合作夥伴成功，我們預計這個主題將幫助我們現有的商業合作夥伴為集團帶來更多業務。

On Slide 10, let me close with a few thoughts on why I continue to be excited about the prospects for Groupon to create value for shareholders.

在投影片 10 中，我想以一些想法來結束我對 Groupon 為股東創造價值的前景感到興奮的原因。

Groupon is a 15 year old company, but we see ourselves at day zero. The market for local experiences and services is massive, rivaling our large service markets such as ridesharing delivery and hotels in those other markets that are scaled marketplaces and OTAs with combined market capitalization in the hundreds of billions of dollars. It's still a relatively early days in the experience market going online, and we expect an increasing percentage of this market to be transacted online in the future, fueling a secure growth opportunity.

Groupon 是一家已有 15 年歷史的公司，但我們認為自己還處於零日階段。本地體驗和服務市場規模龐大，可與我們的大型服務市場（例如共乘配送和其他市場中的飯店）相媲美，這些市場是規模化市場和 OTA，總市值達數千億美元。體驗市場的線上化仍處於相對早期階段，我們預計未來該市場的線上交易比例將持續增加，從而推動安全的成長機會。

Our business model is a two-sided horizontal marketplace that operates at a local level. It has attractive gross margins and a fixed cost base that can be leveraged with growth and proper execution as shown in other categories. When done the right, the Internet marketplace can be extremely attractive business model benefiting from network effects, economies of scale and low capital requirements. And given our local dimension, it will not be easy to replicate our supply-side assets. Groupon has global scale operating in 13 countries with over $1.6 billion in billings, $75 million visitor sessions per month and over [$16 million] active customers. We have an under-leveraged asset in our brand. It has been used over [$1 billion] times. Once we improve the customer value proposition, we believe we can leverage our brand recognition to engage and reengage consumers to combine with Groupon. We are drawing inspiration from a successful transformation playbook that starts with a supply cost approach and strategically shifts towards emphasizing quality value proposition and developing it functional economic model for merchant partners we are rebuilding the consumer experience with trust and convenience at the center. There are multiple opportunities to improve our market price for position for both consumers and merchant partners. Today, we have more opportunities than our ability to execute. We are assembling an A-plus management team with skin in the game and a mindset of Ambition drive passion intensity, no egos partnership first continuous growth mindset and love for our we are building a humble, meritocratic, high-performance culture that values execution excellence. First principle reasoning totally hands on sustenance to tackle the hard problems and extreme ownership. We see ourselves as a sports team and we are playing to and we believe we are providing an environment where talented people with dry can get 10 years of experience in two years. For those interested to understand the mentality and culture we are building, I recommend reading my personal assessment, which you can find in the appendix of our earnings slides. If you or anybody you know, aligns with the mindset and approach and you are ready to dedicate yourself to the mission, please reach out regardless of the positions to see open. We are building Groupon to perform in a variety of economic conditions in both growing and shrinking economies. People love getting good deals and experiences that they love and we want to be a place for them. Our merchant partners have historically used Groupon's platform, a sales management tool, a use case which can increase when demand slows. And finally, we have taken steps to strengthen our balance sheet and address our going concern issue, which usually will go into more details for Lowe's for these and other reasons. It's my belief that Groupon has the ability to drive superior value creation through a successful transformation.

我們的商業模式是在本地營運的雙邊水平市場。它具有有吸引力的毛利率和固定成本基礎，可以利用成長和適當的執行，如其他類別所示。如果做得正確，網路市場可以成為極具吸引力的商業模式，受益於網路效應、規模經濟和低資本需求。考慮到我們的本地規模，複製我們的供應方資產並不容易。Groupon 在全球 13 個國家/地區開展業務，營業額超過 16 億美元，每月訪問量達 7,500 萬美元，活躍客戶超過 [1,600 萬美元]。我們的品牌資產槓桿率不足。它已被使用超過 [10 億美元] 次。一旦我們提高了客戶價值主張，我們相信我們可以利用我們的品牌知名度來吸引和重新吸引消費者與 Groupon 結合。我們從成功的轉型手冊中汲取靈感，該手冊從供應成本方法開始，策略性地轉向強調品質價值主張並為商業合作夥伴開發功能性經濟模型，我們正在以信任和便利為中心重建消費者體驗。我們有多種機會來提高我們的市場價格，以爭取消費者和商業合作夥伴的地位。今天，我們的機會多於我們的執行能力。我們正在組建一支一流的管理團隊，他們具有參與其中、雄心勃勃、激情驅動、不自私、夥伴關係第一、持續成長的心態和對我們的熱愛。我們正在建立一種謙遜、任人唯賢、高績效的文化，重視卓越的執行力。第一原理推理完全依靠食物來解決難題和極端所有權。我們將自己視為一支運動隊伍，我們正在為此奮鬥，我們相信我們正在提供一個環境，​​讓有才華的人可以在兩年內獲得 10 年的經驗。對於有興趣了解我們正在建立的心態和文化的人，我建議您閱讀我的個人評估，您可以在我們的收益投影片的附錄中找到該評估。如果您或您認識的任何人認同這種思維方式和方法，並且準備好奉獻自己的使命，請與我們聯繫，無論職位空缺如何。我們正在打造的 Groupon 能夠在經濟成長和萎縮的各種經濟條件下發揮作用。人們喜歡獲得他們喜歡的優惠和體驗，我們希望成為他們的地方。我們的商家合作夥伴歷來使用 Groupon 的平台，這是一種銷售管理工具，當需求放緩時，此用例可能會增加。最後，我們已採取措施加強我們的資產負債表並解決我們的持續經營問題，基於這些和其他原因，通常會為 Lowe's 提供更多細節。我相信 Groupon 有能力透過成功的轉型推動卓越的價值創造。

Before I turn the call over to Uzi, I want to take the opportunity to thank the Groupon team transformations are not easy. We have asked and continue to ask our teams to drive significant changes across our business. Our team has responded with energy and passion to deliver on our mission. I'm proud of the dedication and the resilience of our team has shown and excited to work together as we focus on innovating faster for our users and merchant partners. With that, I will turn it over to you the same vision.

在我把電話轉給 Uzi 之前，我想藉此機會感謝 Groupon 團隊的轉型並不容易。我們已經並將繼續要求我們的團隊推動整個業務的重大變革。我們的團隊以充沛的精力和熱情來完成我們的使命。我為我們團隊所表現出的奉獻精神和韌性感到自豪，並很高興能夠在我們專注於為用戶和商業合作夥伴更快地進行創新的過程中共同努力。如此，我將把同樣的願景交給你。

Thank you as well to everyone who is joining us today. It's a pleasure to be speaking with you. I believe my time today to provide further insight into our fourth quarter financial results, progress on our cost savings actions, update on our liquidity position and our updated outlook.

也感謝今天加入我們的所有人。很高興與你交談。我相信我今天的時間將進一步深入了解我們第四季度的財務業績、成本節約行動的進展、流動性狀況的最新情況以及最新的展望。

Turning to Slide 12. So let's jump into our Q4 summary financial results. In the fourth quarter, we delivered global billings of $436 million, a decrease of approximately 7% year over year revenue was $138 million and declined at 7% year over year, a significant improvement in year over year trends versus our third quarter result and above the high end of our guidance.

轉到投影片 12。讓我們來看看第四季的財務業績摘要。第四季度，我們的全球營收為 4.36 億美元，年減約 7% 收入為 1.38 億美元，年減 7%，與第三季及以上業績相比，年比趨勢顯著改善我們所指導的高端。

Moving on, our gross profit as a percentage of revenues remained stable at 89%. Persons marketing expense for the fourth quarter was $34 million or 28% of gross profit. As we have discussed in our last two earnings calls, our EBIT performance, marketing campaigns appreciates increased investments, and this trend continue in the fourth quarter where we increased our marketing spend 19% quarter over quarter as we deliver additional improvements in the efficiency of our performance marketing channels. We will continue to review our marketing spend to ensure these bags are at balance between maintaining sufficient returns on each dollar spend and driving better top-line results.

接下來，我們的毛利佔收入的百分比穩定在 89%。Persons 第四季的行銷費用為 3,400 萬美元，佔毛利的 28%。正如我們在過去兩次財報電話會議中所討論的那樣，我們的息稅前利潤表現、營銷活動讚賞投資的增加，這種趨勢在第四季度繼續下去，我們的營銷支出環比增加了19%，因為我們進一步提高了我們的行銷效率。績效行銷管道。我們將繼續審查我們的行銷支出，以確保這些包款在維持每一美元支出的足夠回報和推動更好的營收績效之間取得平衡。

Contributing profit for the first quarter was $88 million for 64% of revenues. Adjusted EBITDA was $27 million as we recorded the third straight quarter positive adjusted EBITDA.

第一季貢獻利潤為 8,800 萬美元，佔營收的 64%。調整後 EBITDA 為 2,700 萬美元，我們連續第三季調整後 EBITDA 為正值。

Turning to cash flow. Fourth-quarter operating cash flow was positive $55 million and free cash flow was positive $51 million, strong improvement both sequentially and year over year, as our cash flow benefited from both Q4 holidays, things and moderating year-over-year billing declines. We ended the quarter with $142 million in cash and cash equivalents, including $42.8 million drawn on the revolver. Please note that our cash position excludes $26 million of restricted cash, which is posted as collateral against our outstanding letters of credit and a bucket in our balance sheet in prepaid expenses and other current assets slide, starting with approximately $16.5 million customers worldwide as of quarter end, down [0.5 million] from the prior quarter.

轉向現金流。第四季營運現金流為正 5,500 萬美元，自由現金流為正 5,100 萬美元，環比和同比都有強勁改善，因為我們的現金流受益於第四季度的假期和同比賬單下降的緩和。本季結束時，我們擁有 1.42 億美元的現金和現金等價物，其中包括 4,280 萬美元的左輪手槍動用資金。請注意，我們的現金頭寸不包括2600 萬美元的限制性現金，這些現金作為我們未償還信用證的抵押品，以及我們資產負債表中預付費用和其他流動資產的一部分，從截至本季度全球約1,650 萬美元的客戶開始最終，比上一季減少了 [50 萬]。

Turning to our local category. Consolidated local billings were [$363 million], DOWN 1% compared with the prior year. In Latin America, the deliver local billings of $257 million, flat compared with the prior year. International, we delivered local billings of $106 million, down 3% year over year. Similar to the third quarter, our Q4 performance in local benefited from the strong performance in [six] to do vertical and our enterprise customers.

轉向我們的本地類別。合併本地帳單為 [3.63 億美元]，與前一年相比下降 1%。在拉丁美洲，本地銷售額為 2.57 億美元，與去年持平。國際層面，我們交付的本地帳單為 1.06 億美元，年減 3%。與第三季類似，我們第四季在本地的表現受益於[六]做垂直和我們企業客戶的強勁表現。

Moving to our paper category into Q4, consolidated fiber billings was $28 million, down 12% year over year.

進入第四季度，我們的紙張類別中，綜合纖維銷售額為 2800 萬美元，年減 12%。

With North America, we can see our transformation strategy taking hold. It's federal delivery and billing growth of 4% year over year and international and travel still has more work to do within billings, down 38% year over year.

在北美，我們可以看到我們的轉型策略正在紮根。聯邦快遞和帳單年增 4%，國際和旅行帳單方面仍有更多工作要做，比去年同期下降 38%。

Moving to a good start, category consolidating moves and billings was $45 million down 36% year over year in the fourth quarter. Our current new business is struggling and we do not see any near term change in the negative trends at 6% of Q4 revenues and declining capital group is becoming smaller and smaller part of our business.

第四季品類整合銷售額和營業額為 4,500 萬美元，年減 36%，取得了良好的開端。我們目前的新業務正在苦苦掙扎，我們認為第四季度收入佔 6% 的負面趨勢短期內不會有任何變化，而且不斷下降的資本集團在我們業務中的比例越來越小。

Slide 14. Turning to our operating expenses. Fourth quarter SG&A was $72 million down 55% year over year and down 9% quarter-over-quarter as we continue to see the benefits of our Asian cost-saving actions reflected in our financials. Sg&a includes $0.7 million in stock-based compensation and $6 million in depreciation and amortization, creating an efficient efficient cost structure is a key pillar of our transformation plan. And as you can see, we've made significant progress, reducing our fixed cost base going forward. While we continue to see opportunities to further reduce costs, we expect to see smaller declines than we saw in 2023. Many of our projects underway to further reduce costs will take multiple quarters to deliver, such as our cloud cost optimization project for our ERP simplification project. In addition, we are still evaluating investments into our sales organization.

幻燈片 14。轉向我們的營運費用。第四季的銷售管理費用為 7,200 萬美元，年減 55%，環比下降 9%，因為我們繼續看到亞洲成本節約行動的好處反映在我們的財務數據中。Sg&a 包括 70 萬美元的股票薪酬和 600 萬美元的折舊和攤銷，創建高效的成本結構是我們轉型計劃的關鍵支柱。正如您所看到的，我們已經取得了重大進展，減少了未來的固定成本基礎。雖然我們繼續看到進一步降低成本的機會，但我們預計降幅將小於 2023 年。我們正在進行的許多旨在進一步降低成本的專案將需要多個季度才能交付，例如我們的 ERP 簡化專案的雲端成本優化專案。此外，我們仍在評估對我們銷售組織的投資。

Slide 15. Turning to free cash flow. In the first quarter, we generated positive $77 million of adjusted EBITDA and positive $51 million of free cash flow in order to better help investors to understand the conversion from adjusted EBITDA to free cash flow, big paper and bridge that reconciles adjusted EBITDA to free cash flow, I would like to point your attention to five drivers. One CapEx is primarily driven by capitalized labor to change in merchant and supplier payables is driven by the annual change in billings, along with a quarter over quarter change in billings. For example, our December ending merchant payable bonds benefited both from improving year over year trends and the timing of Q4 holidays sorry, change in paid accounts payable is primarily driven by a how much non-payroll G&A and marketing expenses, Andy and it changes in our accounts payable cycle, accounts payable cycle aside significantly, and we do not expect further compression for change in our accrued SG&A and other current liabilities. It's primarily driven by the trajectory of SG&A and R&D expenses in the fourth quarter, we had an increase in activity in accruals for marketing and several other current liabilities. Five cash outflow from change in net of price increases driven by remaining lease payment obligations in our impaired leases in Q1 2023, say the outflows included a one-time payments associated with the early lease termination of our Chicago offices has various size. Our real estate footprint in our current needs, either through the expiration of our current leases for negotiating early lease exits, expect that the working capital outflow from this item, the brands that are zero going forward, our ability to convert positive adjusted EBITDA generation to positive free cash flow will depend on these drivers to timing of our working capital cycle and application.

幻燈片 15。轉向自由現金流。第一季度，我們實現了7700 萬美元的調整後EBITDA 和5100 萬美元的自由現金流，以便更好地幫助投資者了解從調整後EBITDA 到自由現金流的轉換、大紙和將調整後EBITDA 與在自由現金進行調節的橋樑流程中，我想請您注意五位駕駛者。一次資本支出主要由資本化勞動力驅動，而商家和供應商應付帳款的變化則由帳單的年度變化以及季度與季度之間的帳單變化驅動。例如，我們12 月底的商業應付債券受益於同比趨勢的改善和第四季度假期的時間安排。抱歉，已付應付賬款的變化主要是由非工資G&A 和營銷費用的多少驅動的，安迪及其變動我們的應付帳款週期，除了顯著的應付帳款週期外，我們預期應計銷售管理費用和其他流動負債的變動不會進一步壓縮。這主要是受到第四季度銷售管理、行政管理和研發費用軌蹟的推動，我們的行銷和其他幾項流動負債的應計活動有所增加。2023 年第一季度，我們受損租賃中的剩餘租賃付款義務導致了淨價格變化帶來的5 項現金流出，其中包括與我們芝加哥辦事處提交終止租賃相關的一次性付款，金額各異。我們目前需求中的房地產足跡，無論是透過目前租約到期以協商提前租約退出，預計該專案的營運資金流出，未來為零的品牌，我們將正調整後的 EBITDA 發電轉換為正的自由現金流將取決於我們營運資金週期和應用的時間安排的這些驅動因素。

I'm sorry, Slide 16 beginning in the fourth quarter 2023 to be disclosed, conditions and events can consider in the aggregate are a substantial doubt about our ability to continue as a going concern since then we've taken the following actions to improve our liquidity. Our operating cash flow performance has improved for full year 2023 compared to full year 2022. And for Q4 and we see compared to Q4 '22. In the first quarter '23, VA received $18.9 million in proceeds from the sale of portion of our state income in January, it went before the close of fully backstop rights offering that was significantly oversubscribed and raised $18 million in February seventh before the prepaid $43.1 million and terminated our credit facility in advance of its maturity in May 2024. Accordingly, management has concluded that the substantial doubt about our ability to continue as a going concern has been alleviated. In addition to the completed transactions, management continues to evaluate the monetization of certain noncore assets, including the Company's remaining stake in somewhat difficult and its portfolio of intellectual property filings that can be no assurances as to whether or when the sales of these non-core assets will be consummated.

抱歉，從 2023 年第四季開始披露的幻燈片 16，總體而言，可以考慮的條件和事件對我們持續經營的能力存在重大疑問，自那時起，我們採取了以下行動來改善我們的流動性。與 2022 年全年相比，我們 2023 年全年的營運現金流量表現有所改善。對於第四季度，我們看到與 22 年第四季度相比。在23 年第一季度，VA 從1 月份出售部分州收入中獲得了1890 萬美元的收益，這是在完全支持配股發行結束之前進行的，該配股大幅超額認購，並在預付43.1 美元之前籌集了1800 萬美元。百萬，並在 2024 年 5 月到期之前終止了我們的信貸安排。因此，管理層得出的結論是，對我們持續經營能力的重大懷疑已經得到緩解。除了已完成的交易外，管理層還在繼續評估某些非核心資產的貨幣化，包括公司在有些困難的資產中的剩餘股權及其智慧財產權申請組合，這些資產不能保證是否或何時出售這些非核心資產資產將會完善。

Management currently believes Zi's future non-core asset sales. We generate proceeds of approximately $100 million.

管理層目前相信紫光未來將出售非核心資產。我們的收益約為 1 億美元。

Slide 17. Now turning to guidance. As of March 15, 2024 management issuing guidance for the first quarter of 2024 as follows revenues between [$113 million and $118 million] for decline year over year between minus 7% and minus 3%. Adjusted EBITDA between $7 million and $12 million negative free cash flow management look a lot, which I would also like to reiterate, it's 2024 outlook. Year over year revenue change at minus 5% and 0% adjusted EBITDA between $80 million and $100 million positive free cash flow for the full year.

幻燈片 17。現在轉向指導。截至 2024 年 3 月 15 日，管理層發布了 2024 年第一季的指導，收入在 [1.13 億美元至 1.18 億美元]之間，年減 -7% 至 -3%。調整後的 EBITDA 在 700 萬美元到 1200 萬美元之間，負自由現金流管理看起來很多，我還想重申一下，這是 2024 年的展望。全年營收年減為 -5% 和 0%，調整後 EBITDA 在 8,000 萬美元至 1 億美元之間為正自由現金流。

Finally, I would like to provide some additional commentary to assist you with your models where we expect to generate negative free cash flow for the first quarter, given the timing of our accrued merchant payables as we exit Q4 holidays, we expect to report a significant improvement in the level of outflows compared to the same period last year. There are many drivers that influence saving as a percentage of gross billings including merchant margins, segment mix, category mix, local vertical mix, breakage points, utilization and several other factors in the number of the drivers with some exiting of certain handlings and other lesser Belden's. It's hard to predict with precision where we will land each and every quarter. That said, for 2024, we do not see consolidated consolidated revenue as a percentage of gross billings varying significantly compared to the Range reported over the last five, Walter, as we commented in last quarter's earnings call, one area of focus for us has been the checkout process that we see many opportunities to improve the experience for customers who have made it all the way through our funnel and added items to our prior to out to their car fees include promoting some payment options ahead of other, depending on local customer preferences. We continue to expect revenues in the first half of 2024 to decline year over year and revenues in the second half of 2024 to grow year over year. The tragic story of the year will depend on a variety of factors, including the delivery of certain projects such as such as our new CONSUMER front-end. Given our operating plan focus in driving profitable top-line growth, positive value of our non-core assets, we believe we can create an increased value for all of our stakeholders as we continue to execute our transformation strategy.

最後，我想提供一些額外的評論，以幫助您建立您的模型，我們預計第一季將產生負自由現金流，考慮到我們在第四季度假期結束時應計商家應付帳款的時間，我們預計將報告顯著的與去年同期相比，流出水準有所改善。有許多驅動因素會影響節省佔總帳單的百分比，包括商家利潤、細分市場組合、類別組合、本地垂直組合、破損點、利用率以及驅動程式數量中的其他幾個因素，其中一些退出了某些處理和其他較小的操作貝爾登的。很難準確預測我們每季的著陸點。也就是說，對於2024 年，我們認為合併後的收入佔總帳單的百分比與過去五年報告的範圍相比不會有顯著變化，沃爾特，正如我們在上一季的財報電話會議中評論的那樣，我們關注的一個領域是在結帳流程中，我們看到了許多機會來改善客戶的體驗，這些客戶已經通過我們的管道，並在支付汽車費用之前添加了項目，包括根據當地客戶的喜好，在其他付款方式之前推廣一些付款方式。我們繼續預期 2024 年上半年營收將年減，2024 年下半年營收將年增。今年的悲慘故事將取決於多種因素，包括某些項目的交付，例如我們新的消費者前端。鑑於我們的營運計劃重點是推動獲利性營收成長和非核心資產的正價值，我們相信，在繼續執行轉型策略的同時，我們可以為所有利害關係人創造更高的價值。

Thank you for your time today. And with that, I would like to open the call up for your questions. Operator?

感謝您今天抽出時間。接下來，我想打開電話詢問大家的問題。操作員？

Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. Your first question comes from the line of Sean McGowan, ROTH MKM. Please go ahead.

謝謝。提醒一下，如果您想提問，請按電話鍵盤上的星號一。你的第一個問題來自 Sean McGowan，ROTH MKM。請繼續。

Morning and thank you very much on a couple of questions, if you don't mind. One is to give us some thoughts on your capital allocation priorities on balance sheet's in great improvements. You've eliminated a going concern. You've got some cash, you looks like cash flow prospects. And can you give us an idea of what the what the priorities are for capital allocation?

早安，非常感謝你回答幾個問題，如果你不介意的話。一是給我們一些關於資產負債表上資本配置優先事項的一些想法，以實現巨大的改進。您已經消除了一家持續經營企業。你有一些現金，看起來有現金流前景。您能否告訴我們資本配置的優先事項是什麼？

Yes. I think currently, we are here to make it sustainable and frankly had one positive quarter and we still have to work on making a long-term sustainable growth. It's cash flow of this company.

是的。我認為目前，我們的目標是使其可持續發展，坦白說，我們度過了一個積極的季度，但我們仍然需要努力實現長期可持續成長。這是這家公司的現金流。

Okay. And on user engagement, can you give us some thoughts there on what what are you seeing currently in terms of the number of occasions that a user engages and what's your goal for growing that?

好的。關於用戶參與度，您能否給我們一些想法，看看您目前所看到的用戶參與次數以及您增加用戶參與次數的目標是什麼？

Yes. Thanks, John, for the question. We have we are focusing right now on the next generation of that site, which will bring us many, many new opportunities. The one very positive signal, which which we have overall is the gifting which opens another set of opportunities several several times a year, but we have like many, many additional use cases, which we will start unlocking once we have the new websites launched and we will have that clearly increased cadence of new features coming coming into the portfolio. So this will be an area of our focus for later part of this year.

是的。謝謝約翰提出這個問題。我們現在專注於網站的下一代，這將為我們帶來許多許多新的機會。總體而言，我們擁有的一個非常積極的信號是禮物，它每年多次打開另一組機會，但我們有很多很多其他用例，一旦我們推出新網站，我們將開始解鎖這些用例我們將明顯增加新功能進入產品組合的節奏。因此，這將是我們今年下半年的重點領域。

Okay, great. I would I would imagine as you get that engagement up and it really has a significant impact on your cash flow and EBITDA. So how big do you think gifting can get as a percentage of total revenue.

好的，太好了。我想，當你提高參與度時，它確實會對你的現金流和 EBITDA 產生重大影響。那麼您認為禮物在總收入中所佔的比例有多大？

I can't really comment comments and the numbers, but the clearly the current use cases on the on the platform are fairly limited. And as I said, there will be new features come in, but we are also focusing on a lot on the curation of deals and bringing the right deals. So when the customers come to the website, there will be always something new and something extremely engaging for them. So I think it should be another driver by far to bring customers more often to the platform Great.

我無法真正評論評論和數字，但顯然平台上目前的用例相當有限。正如我所說，將會有新的功能出現，但我們也非常關注交易的策劃和帶來正確的交易。因此，當客戶造訪該網站時，總是會有一些新的東西對他們來說非常有吸引力。因此，我認為這應該是迄今為止讓客戶更頻繁地使用該平台的另一個驅動因素。

Thank you very much, and we'll come back.

非常感謝你，我們會回來的。

And your next question comes from the line of Eric Sheridan, Goldman Sachs. Please go ahead.

你的下一個問題來自高盛的艾瑞克謝裡登。請繼續。

Thanks so much for taking the questions. Maybe two, just on the supply side of the marketplace, how should we be thinking about elements of both gross additions on the supply side, building as we go through 2024 and where you're most focused on reducing friction from the onboarding side for supply?

非常感謝您提出問題。也許有兩個，就市場的供應方而言，我們應該如何考慮供應方的總增量要素，隨著我們進入 2024 年，以及您最關注減少供應方的摩擦的地方？

And then in terms of our supply retention conversion, delivering ROI, how should we be thinking about elements of once that supply is where you want it to be how that then would possibly translate into more marketing spend to drive growth. Thank you.

然後就我們的供應保留轉換、提供投資回報率而言，一旦供應到達您想要的位置，我們應該如何考慮這些要素，然後如何轉化為更多的行銷支出以推動成長。謝謝。

And so in terms of things like. Thanks for the question on and I'll start from backwards. In terms of marketing spend, I believe that directionally we are on the level of our we would like to say, we still believe that we can grow the marketing in volume, but not in a percentage of gross revenues or of our gross billing.

就諸如此類的事情而言。謝謝你的提問，我將從倒著開始。就行銷支出而言，我認為從方向上講，我們處於我們想說的水平，我們仍然相信我們可以增加行銷數量，但不能增加總收入或總帳單的百分比。

Just on month one side, Dan, in terms of what we have on our website, we saw in the last quarter. That's a plenty of suppliers. We were working in the past some big merchants, national merchants who are working with Groupon are coming back and we are doing more and more business. So we are very confident that as our sales process, which is very consultative nowadays, is improving we will be also also able to grow the business with our existing merchants or which will have a very positive impact on overall group on the results.

丹，就我們網站上的內容而言，就在第一個月，我們在上個季度看到了這一點。有很多供應商。我們過去曾與一些大商家合作，與 Groupon 合作的全國性商家正在回來，我們正在做越來越多的業務。因此，我們非常有信心，隨著我們現在諮詢性很強的銷售流程的改進，我們也將能夠與現有商家一起發展業務，或者這將對整個集團的業績產生非常積極的影響。

And then in terms of like supply proposition which we have on the vet side, we have a lot of focus on the top half of the inventory. In the past past, management was focusing more on the automated the process on an onboarding process for merchants through online acquisition. What we see is that we if we really support our merchants in the way how we are structuring the deals, it brings much, much better results. So this is our focus. So I expect that together with the regionalization that we will have real experts on the individual geographies we will be able to optimize the marketplace coverage with the deals and with supply proposition. So when we generate optimal results, not only for Groupon, but the the same will apply for our merchant partners and for customers.

然後，就我們在獸醫方面的類似供應主張而言，我們非常關注庫存的上半部。在過去，管理層更專注於透過線上收購實現商家入職流程的自動化。我們看到的是，如果我們真正以我們建立交易的方式支持我們的商家，它會帶來更好的結果。所以這是我們的重點。因此，我希望透過區域化，我們將擁有各個地區的真正專家，我們將能夠透過交易和供應主張來優化市場覆蓋範圍。因此，當我們產生最佳結果時，不僅適用於 Groupon，也適用於我們的商家合作夥伴和客戶。

Thank you.

謝謝。

We have no further questions in our queue at this time. And with that, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

目前我們的隊列中沒有其他問題。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。