Groupon Inc (GRPN) 2024 Q1 法說會逐字稿

Hello, and welcome to Groupon's first quarter of 2024 financial results conference call. On the call today are CEO Dusan Senkypl; CFO, Jiri Ponrt; and SVP - Corporate Development and Investor Relations, Rana Kashyap. At this time, all participants are in a listen-only mode. (Operator Instructions) Today's conference call is being recorded.

您好，歡迎您參加 Groupon 2024 年第一季財務業績電話會議。今天參加電話會議的是執行長 Dusan Senkypl；財務官，Jiri Ponrt；以及企業發展和投資者關係資深副總裁 Rana Kashyap。此時，所有參與者都處於只聽模式。（操作員指示）今天的電話會議正在錄音。

Before we begin, we would like to remind listeners that the following discussion and responses to your questions reflect management's views as of today, May 9, 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. Additionally, information about risks and other factors that could potentially impact the company's financial results are included in its earnings press release and its filings with the SEC, including its quarterly report on Form 10-Q. We encourage investors to use Groupon's Investor Relations website at investor.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.

在開始之前，我們想提醒聽眾，以下討論和對您問題的答覆僅反映管理層截至今天（2024 年 5 月 9 日）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。此外，有關可能影響公司財務表現的風險和其他因素的資訊包含在其收益新聞稿和向 SEC 提交的文件中，包括 10-Q 表格的季度報告。我們鼓勵投資者使用 Groupon 的投資者關係網站 Investor.groupon.com 作為輕鬆找到有關公司資訊的一種方式，Groupon 會及時在該網站上提供公司向 SEC 提交或提供的報告、公司治理資訊以及選擇新聞稿和社群媒體貼文。

On the call today, the company will also discuss the following non-GAAP financial measures: adjusted EBITDA and free cash flow. In Groupon's press release and their filing with the SEC, each of which is posted on its Investor Relations website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable measures under US GAAP.

在今天的電話會議上，該公司還將討論以下非公認會計原則財務指標：調整後的 EBITDA 和自由現金流。在Groupon 的新聞稿及其向SEC 提交的文件（每份文件都發佈在其投資者關係網站上）中，您會發現有關這些非GAAP 衡量標準的更多披露，包括這些衡量標準與美國GAAP 下最可比衡量標準的調節。

Before we begin, I'd like to apologize for the technical difficulties for starting this call late. And with that, I'm happy to turn the call over to Dusan.

在我們開始之前，我想對延遲開始本次通話而造成的技術困難表示歉意。至此，我很高興將電話轉給杜桑。

Hello, and thanks for joining us for our first quarter 2024 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. In addition, I encourage you to review our press release and 10-Q, which contain more detail on our first quarter results.

您好，感謝您參加我們的 2024 年第一季財報電話會議。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，我將在發言中參考這些內容。此外，我鼓勵您查看我們的新聞稿和 10-Q，其中包含有關我們第一季業績的更多詳細資訊。

I will start today's call on slide 5, and cover our first quarter numbers. Our business grew plus 1% year over year in the first quarter. While 1% growth is far below my ultimate goal and the opportunity I see ahead, I'm pleased to achieve this milestone. You need to travel back eight years to 2016 to find the last time that Groupon grew revenue on a consolidated basis.

我將從投影片 5 開始今天的電話會議，介紹我們第一季的數據。第一季我們的業務年增 1%。雖然 1% 的成長遠低於我的最終目標和我看到的未來​​機會，但我很高興實現這一里程碑。您需要追溯到八年前的 2016 年，才能找到 Groupon 上一次合併收入成長的時間。

Our strong performance in Q1 was driven by our North America segment, while revenues in our North America, local and travel categories were up a combined 8% year-over-year. In addition, our active customers in North America Local & Travel grew on a sequential basis. As a reminder, these two categories represented 74% of our total business in Q1. While we are far from declaring victory and clearly have more work to do in our International segment and our Goods category, we believe the improved performance of our main market is a strong positive indicator that our transformation plan is working. There is no single silver bullet that drove this improved performance. It's a result of many changes aligned with our transformation plan across our business including, but not limited to, rebuilding our performance marketing channels, reducing our reliance on promotional spend, improving our productivity through addressing low-hanging fruit across our business, and improving supply quality through our sales transformation efforts and returning merchants as the macroeconomy normalizes.

我們第一季的強勁表現是由北美業務推動的，而北美、本地和旅遊類別的營收則是年增了 8%。此外，我們在北美本地和旅遊的活躍客戶也較上季成長。提醒一下，這兩個類別占我們第一季總業務的 74%。雖然我們還遠未宣布勝利，並且在國際業務和商品類別方面顯然還有更多工作要做，但我們相信主要市場表現的改善是我們轉型計劃正在發揮作用的強有力的積極指標。沒有任何靈丹妙藥可以推動性能的提升。這是與我們整個業務轉型計劃一致的許多變化的結果，包括但不限於重建我們的績效行銷管道、減少對促銷支出的依賴、透過解決整個業務中容易實現的目標來提高我們的生產力以及改善供應隨著宏觀經濟的正常化，我們透過銷售轉型努力和回頭客來提高品質。

Taking a step back, a year ago, our business was declining over 20% with negative adjusted EBITDA, and we had disclosed substantial doubt on whether we had enough cash on hand to meet our bills as they come due over those next 12 months. Fast forward to today, you can see our top line is stabilizing and our last 12 months adjusted EBITDA is at $80 million. Our Q1 cash flow performance significantly improved compared to prior years, and there is no longer a substantial doubt on our ability to meet our obligations as they come due.

退一步來說，一年前，我們的業務下降了 20% 以上，調整後的 EBITDA 為負值，我們對我們手頭上是否有足夠的現金來支付未來 12 個月到期的賬單表示懷疑。快進到今天，您可以看到我們的營收正在穩定，過去 12 個月調整後的 EBITDA 為 8000 萬美元。與往年相比，我們第一季的現金流量表現顯著改善，我們履行到期義務的能力不再存在重大疑問。

In short, our business, which was in critical condition after a long cruising style, is back on its feet, but not yet firing on all cylinders. Momentum is in the right direction, but continued rehab is required to get back to winning again. With enough time, discipline, and consistency I'm confident we can restart the engines of sustained growth and realize the potential we all see for our business.

簡而言之，我們的業務在經歷了長期的巡航風格之後陷入危急狀態，現已恢復元氣，但尚未全速運轉。勢頭是正確的，但需要繼續康復才能再次獲勝。只要有足夠的時間、紀律和一致性，我相信我們能夠重新啟動持續成長的引擎，並實現我們所看到的業務潛力。

Slide 6, marketplace management. On the demand side of the marketplace, we continue to see improving trends in the number of unique visitors, driven by growth in paid channels and improving rates of decline in direct and managed channel traffic. Within paid channels, we delivered on our desired ROI targets while continuing to grow in SEM and display. As a reminder, in Q1 and Q2 of last year, we rebuilt our performance marketing campaigns and we were just starting to ramp up our paid spend, so we are lapping easy comparisons this quarter and next quarter.

幻燈片 6，市場管理。在市場需求方面，在付費管道成長以及直接和託管通路流量下降率加快的推動下，我們繼續看到獨立訪客數量的成長趨勢。在付費管道中，我們實現了預期的投資報酬率目標，同時繼續在搜尋引擎行銷和展示方面取得成長。提醒一下，在去年的第一季度和第二季度，我們重建了效果行銷活動，並且剛開始增加付費支出，因此我們在本季度和下季度進行了簡單的比較。

From the supply side of the marketplace, we continue to see strength in our Things To Do vertical and our Enterprise accounts, where we see former Groupon merchants return to our platform after a long hiatus and existing Groupon merchants increase the amount of business they want to do with Groupon. Both are encouraging signals.

從市場的供應來看，我們繼續看到我們的Things To Do 垂直領域和企業帳戶的實力，我們看到前Groupon 商家在長期中斷後返回我們的平台，而現有的Groupon 商家增加了他們想要的業務量與 Groupon 一起做。兩者都是令人鼓舞的訊號。

We also saw great performance from North America Travel in Q1. The largest driver was an increase in the number of days live on our site by our largest accommodation merchant. In late 2023, we implemented a connectivity solution with this accommodation merchant. By removing friction from the booking process, we've been able to reduce their operating costs and become a more favorable channel for them to distribute their inventory on a more consistent basis. The integration also leads to a better customer experience. This is a great example of the bookability flywheel in practice and what we are looking to build on across our business. That said, going forward, I don't expect North America Travel to post a similar growth rate in Q2, as several factors, including recent site performance issues, which I will cover on the next slide, have hurt our North America Travel performance in Q2.

我們也看到北美旅遊在第一季的出色表現。最大的推動因素是我們最大的住宿商家在我們網站上的停留天數的增加。2023 年末，我們與這家住宿商家實施了連接解決方案。透過消除預訂流程中的摩擦，我們能夠降低他們的營運成本，並成為他們更一致分配庫存的更有利的管道。整合還可以帶來更好的客戶體驗。這是可預訂飛輪在實踐中的一個很好的例子，也是我們希望在整個業務中建立的基礎。也就是說，展望未來，我預計北美旅遊在第二季度不會出現類似的成長率，因為有幾個因素，包括最近的網站效能問題（我將在下一張投影片中介紹），損害了我們的北美旅遊表現Q2。

Finally, as announced at our last earnings call, we have taken a regionalized approach to managing our sales teams for Local in the US, with each sales region with dedicated sales reps to drive freshness and account managers to maintain and grow existing businesses, all guided by an expert market manager. The inclusion of territory expertise adds another dimension to our sales reps, providing several benefits, including a local market understanding of gaps between inventory and customer demand, awareness of competitive supply and impacts of shifting sales and local nuances in preferred deal structures and target economics.

最後，正如我們在上次財報電話會議上宣布的那樣，我們採取了區域化的方法來管理美國本地的銷售團隊，每個銷售區域都有專門的銷售代表來推動新鮮感，並由客戶經理來維持和發展現有業務，所有這些都受到指導由專家市場經理。區域專業知識的加入為我們的銷售代表增加了另一個維度，帶來了多種好處，包括對當地市場庫存和客戶需求之間差距的了解、對競爭性供應的認識、銷售變化的影響以及首選交易結構和目標經濟中的當地細微差別。

Slide 7, product updates. Starting in mid-March, we started to experience an unexpected drop in performance as we saw a pullback in our conversion funnel despite minimal change to traffic trends. This has impacted our April results and continued into early May. The drop in performance happened around the same time we were ramping up our new front end, which initially led us to suspect our new front end was causing the performance change. Under further investigation, we diagnosed the conversion issues were mainly related to two separate short-term technical issues.

投影片 7，產品更新。從 3 月中旬開始，我們開始遇到效能意外下降的情況，因為儘管流量趨勢變化很小，但我們的轉換管道出現了回落。這影響了我們四月份的業績，並持續到五月初。效能下降大約發生在我們升級新前端的同時，這最初讓我們懷疑是我們的新前端導致了效能變化。經過進一步調查，我們診斷出轉換問題主要與兩個單獨的短期技術問題有關。

First, as part of our efforts to modernize our technology stack, we launched a new third-party tool that identifies potentially fraudulent transactions on our platform, replacing an old internal tool that was very manual, inefficient and delivered a poor customer experience. Every month, our customers were sending us thousands of complaints about unfulfilled orders, which at their root were caused by lengthy order processing times linked to fraud verification. Our new process evaluates transactional risk in an instant, resulting in a much improved customer experience. Over time, we expect our upgraded product platform will lead to better conversion. Unfortunately, due initial learning curves specific to our business, the new process initially hurt us more than it helped us. We have been working hard to close the gap and have almost achieved performance parity with the old solution in the last few days.

首先，作為我們技術堆疊現代化努力的一部分，我們推出了一款新的第三方工具，可以識別我們平台上潛在的詐騙交易，取代了手動操作、效率低下且客戶體驗不佳的舊內部工具。每個月，我們的客戶都會向我們發送數千起有關未履行訂單的投訴，其根源是由於與詐欺驗證相關的訂單處理時間過長造成的。我們的新流程可以即時評估交易風險，從而大大改善客戶體驗。隨著時間的推移，我們預計升級後的產品平台將帶來更好的轉換。不幸的是，由於我們業務特定的初始學習曲線，新流程最初對我們的傷害大於對我們的幫助。我們一直在努力縮小差距，在過去幾天幾乎實現了與舊解決方案相同的效能。

Second, we ran into a challenge with our legacy search and relevance algorithm. We previously made the decision to move away from our internally developed algorithm and adopt a third-party tool, which is already powering search and relevance of our new front end and several legacy applications. Unfortunately, one of our larger legacy applications still relies on our legacy solution. We made the basic fix, and the long-term fix will require us to migrate 100% to the new front-end. Search and the relevance is core service for our marketplace, and I see a significant opportunity to drive better conversion over time once we have our new front end in place.

其次，我們的遺留搜尋和相關性演算法遇到了挑戰。我們先前決定放棄內部開發的演算法並採用第三方工具，該工具已經為我們的新前端和多個遺留應用程式的搜尋和相關性提供了支援。不幸的是，我們較大的遺留應用程式之一仍然依賴我們的遺留解決方案。我們進行了基本修復，長期修復將要求我們 100% 遷移到新的前端。搜尋和相關性是我們市場的核心服務，我看到，一旦我們有了新的前端，隨著時間的推移，將有一個重要的機會來推動更好的轉換。

This is a lot of operational detail, but I want investors to understand what is driving our performance as well as our challenges. Overall, we have already recovered the majority of the performance growth, but we are still not back to where we would like to be. We expect it will take us the better part of the second quarter to get back on track, and is the main reason behind our second quarter guidance, which Jiri will provide.

這是很多營運細節，但我希望投資者了解推動我們業績的因素以及我們面臨的挑戰。總體而言，我們已經恢復了大部分業績成長，但仍然沒有回到我們想要的水平。我們預計，這將需要第二季度的大部分時間才能重回正軌，這也是 Jiri 將提供的第二季度指導背後的主要原因。

Turning to the new front end, in the midst of the performance issues, we made the decision to pull back on the ramp-up of our new front end, which at the time was running at 50% of the traffic in North America. It's currently back to 3% and we expect to start ramping back up later this quarter. Our goal is to have the new front end fully ramped on all surfaces in all regions in time for the Q4 holiday season.

談到新前端，由於效能問題，我們決定延後新前端的升級，當時該前端的流量佔北美的 50%。目前已回升至 3%，我們預計本季稍晚將開始回升。我們的目標是讓新前端在第四季假期期間及時在所有地區的所有路面上全面投入使用。

Navigating the operational complexity facing our business had made it significantly harder than I expected to make quick changes to our product proposition. Based on my prior experiences building internet products. I believe it would take a small team of developers a matter of months to recreate Groupon front end experience. The difficult part of Groupon is integrating the new front end into the wide array of existing legacy internal services that make up the rest of our technology stack. We are making progress, and I'm confident that we will deliver on our goal to modernize Groupon, but it's taking longer than I originally expected.

應對我們業務面臨的營運複雜性使得快速改變我們的產品主張比我預期的要困難得多。基於我之前建立互聯網產品的經驗。我相信一小群開發人員需要幾個月的時間才能重新創建 Groupon 前端體驗。Groupon 的困難部分是將新前端整合到構成我們技術堆疊其餘部分的現有遺留內部服務中。我們正在取得進展，我相信我們將實現 Groupon 現代化的目標，但所需時間比我最初預期的要長。

Given the operationally complex turnaround, I expect we will continue to face hurdles, which may delay our progress and may impact short-term performance, but not lesses our resolve. I still expect our business to inflect to sustained growth sometime in the second half of this year, but exactly when within that six month period we inflect will depend on our delivery of our projects.

鑑於營運上的複雜轉變，我預計我們將繼續面臨障礙，這可能會推遲我們的進展並可能影響短期業績，但不會削弱我們的決心。我仍然預計我們的業務將在今年下半年的某個時候實現持續成長，但具體何時在這六個月內持續成長將取決於我們專案的交付。

Slide 8 and 9. As we updated investors at our last earnings, we have shifted into the building phase of our transformation and are working on many projects across the company to change our customer experience on both sides of the marketplace. Our vision is to build a healthier marketplace at Groupon through driving merchant and customer flywheels. The core idea is that changing Groupon's value proposition for a consumer or business won't come from a single grand gesture or a splashy brand campaign, but through a series of never-ending product enhancements that address customer pain points. Each incremental change builds on the value on both sides of our marketplace from doing business with Groupon and reinforces the flywheel effect.

幻燈片 8 和 9。當我們向投資者通報最新財報時，我們已經進入轉型的建設階段，並正在整個公司開展許多項目，以改變我們在市場雙方的客戶體驗。我們的願景是透過推動商家和客戶飛輪，在 Groupon 上建立一個更健康的市場。其核心理念是，改變 Groupon 對消費者或企業的價值主張不會來自於單一的宏偉姿態或引人注目的品牌活動，而是透過一系列永無止境的產品增強來解決客戶的痛點。每項增量變化都建立在與 Groupon 開展業務所帶來的市場雙方價值之上，並強化了飛輪效應。

Trust is at the center of our efforts on both our customer and merchant flywheel, and we believe it is essential for a healthy marketplace. For merchants, we want to become a trusted marketing partner for them to acquire and retain customers. For consumers, we want to be a trusted and convenient destination for local experiences and services.

信任是我們為客戶和商家飛輪所做努力的核心，我們相信這對健康的市場至關重要。對於商家來說，我們希望成為他們值得信賴的行銷合作夥伴，幫助他們獲取和留住客戶。對消費者來說，我們希望成為一個值得信賴、便利的在地體驗和服務目的地。

Let me provide a few examples of what we are doing to build trust in our marketplace. First, we recently delivered a new feature to our local merchants in North America to enhance transparency for merchants by providing them with dashboards to monitor deal performance and sharing the impact on their sales when running on promotions. This is just the beginning. We are laying the groundwork to offer advanced but simple tools to help merchants manage their deals and achieve their business objectives.

讓我舉幾個例子來說明我們正在採取哪些措施來建立市場信任。首先，我們最近向北美當地商家提供了一項新功能，透過為商家提供儀表板來監控交易績效並分享促銷活動對其銷售的影響，從而提高商家的透明度。這只是個開始。我們正在奠定基礎，提供先進但簡單的工具來幫助商家管理他們的交易並實現他們的業務目標。

Second, on our strategy of shifting from quantity to quality, we have taken action to remove low-quality deals from our inventory and progress on an initiative to help quality merchants curate their deals. We are using AI to identify merchants' unique selling points and then significantly enhance deal content, including imagery and in the future video, to capitalize on what sets these merchants apart and drive demand to their deals.

其次，在從數量轉向品質的策略上，我們採取行動去庫存中的低品質交易，並在幫助優質商家策劃交易方面取得進展。我們正在使用人工智慧來識別商家的獨特賣點，然後顯著增強交易內容，包括圖像和未來的視頻，以利用這些商家的獨特之處並推動他們的交易需求。

Third, our bookability initiative. I earlier mentioned how connectivity helped drive better performance with one large accommodation merchant in Travel. We recently launched launched an integration with SiteMinder, a leader channel manager with over 41,000 hotel connections globally, connections that will help us more seamlessly and dynamically onboard, price, transact, and redeem new hotel partner inventory, while also providing customers with a smooth online booking and redemption experience. Only roughly a third of our direct accommodation inventory in Travel is bookable, and our penetration is even lower in Local. Over time, our strategy is to significantly increase the number of bookable deals we currently offer.

第三，我們的可預訂方案。我之前提到過連通性如何幫助旅遊業的一家大型住宿商家提高績效。我們最近推出了與SiteMinder 的集成，SiteMinder 是一家領先的通路管理公司，在全球擁有超過41,000 家酒店連接，這些連接將幫助我們更加無縫和動態地加入、定價、交易和兌換新的酒店合作夥伴庫存，同時也為客戶提供順暢的線上服務預訂和兌換體驗。我們在旅遊領域的直接住宿庫存中只有大約三分之一是可預訂的，而我們在本地領域的滲透率甚至更低。隨著時間的推移，我們的策略是大幅增加目前提供的可預訂優惠數量。

Before I turn the call over to Jiri, let me provide a few closing remarks. As announced earlier this week, I reached an agreement with our Board to assume the role as permanent CEO. First, I want to thank the Board for their confidence in me to continue to lead the company. Second, if you want my motivation for taking this permanent role, the work is not done. My aim is to bring Groupon to a sustainable growth trajectory and build a motivated performance-driven management team which can push Groupon to new levels. The top-line opportunity ahead of Groupon is massive, and we are drawing inspiration from a transformation playbook (technical difficulty).

在將電話轉給 Jiri 之前，請允許我做一些結束語。正如本週早些時候宣布的那樣，我與董事會達成協議，擔任永久執行長。首先，我要感謝董事會對我繼續領導公司的信任。其次，如果你想知道我擔任這個永久職位的動力，那麼工作還沒完成。我的目標是讓 Groupon 走上可持續成長的軌道，並建立一支積極進取、績效驅動的管理團隊，將 Groupon 推向新的水平。Groupon 面臨著巨大的營收機遇，我們正在從轉型手冊中汲取靈感（技術難度）。

Our main broker in this respect is our capacity to execute, which really comes down to people. Building a motivated performance-driven management team made up of A-plus players is a necessary condition to achieve our ambition. Compensation is a crucial ingredient in recruiting, retaining and motivating our team. My desire is to have one of the most pro performance-oriented compensation program in all of Nasdaq and use it as an invitation to A-plus players around the world that Groupon can be a great, great place to build, achieve our ambition and be appropriately rewarded with a piece of ownership in our company. This is why, starting with my new CEO compensation package, we are rolling out a new multi-year performance compensation program for our entire senior leadership team.

在這方面，我們的主要經紀人是我們的執行能力，這實際上取決於人。建立一支由一流人才組成的積極進取、績效驅動的管理團隊是實現我們雄心壯志的必要條件。薪酬是招募、留住和激勵我們團隊的關鍵因素。我的願望是擁有整個納斯達克最專業的以績效為導向的薪酬計劃之一，並用它來邀請世界各地的A+ 玩家，讓他們知道Groupon 可以成為一個偉大的地方，讓我們能夠建立、實現我們的抱負，並成為我們的目標。這就是為什麼從我的新執行長薪酬方案開始，我們正在為整個高階領導團隊推出新的多年績效薪酬計畫。

The main concept we are bringing is that our leadership team should only earn equity in our business if we create sustained value for shareholders above a certain hurdle rate. I simply don't believe our leaders should earn equity in our business solely based on time served. At the same, above a preferred return for investors. I believe our leaders should share in a portion of the upside.

我們提出的主要理念是，只有當我們為股東創造高於某一門檻的持續價值時，我們的領導團隊才應該在我們的業務中賺取股權。我根本不認為我們的領導者應該只根據服務時間來獲得我們企業的股權。同時，以上也為投資者帶來了優選的回報。我相信我們的領導人應該分享一部分好處。

While more details of the program are disclosed in our proxy and in my CEO performance share agreement filed along with the CEO announcement in our recent 8-K filing, a few principles I want to share here. We have established stock price hurdles that are sufficiently challenging to produce market-beating returns and reflect ambitious growth rates for the underlying fundamental drivers of our business. PSU awards will vest only if both a stock price hurdle requirement and a service condition requirement are achieved. This means if no hurdles are achieved, no shares will vest. Or if the hurdle is achieved, but not the service condition, those shares will not vest. As an example, if the 90-day calendar day average stock price reaches $15 a year from now, approximately 8% of the outstanding PSU awards would vest. In total, we currently expect to award about roughly 4 million shares to our existing management team, equally split into tranches or roughly 1 million shares per each stock price hurdle. We do not expect to issue any time-based restricted stock awards in tandem with the PSU awards to our senior leadership team. And as long as I am leading this company as CEO, I don't anticipate a scenario in which I would ask shareholders for additional shares until our stock price exceeds $70 per share.

雖然該計劃的更多細節已在我們的代理書和我的首席執行官績效分享協議中披露，該協議與我們最近的8-K 文件中的首席執行官公告一起提交，但我想在此分享一些原則。我們設定的股價門檻具有足夠的挑戰性，足以產生跑贏市場的回報，並反映出我們業務的根本驅動力的雄心勃勃的成長率。只有同時滿足股價門檻要求和服務條件要求時，PSU 獎勵才會歸屬。這意味著如果沒有實現任何障礙，則不會授予任何股份。或者，如果達到了門檻，但沒有達到服務條件，這些股份將不會歸屬。舉例來說，如果一年後 90 天日曆日平均股價達到 15 美元，則大約 8% 的未償 PSU 獎勵將歸屬。總的來說，我們目前預計向現有管理團隊授予約 400 萬股，平均分為幾批，即每個股價障礙約 100 萬股。我們預計不會在向我們的高階領導團隊授予 PSU 的同時頒發任何基於時間的限制性股票獎勵。只要我作為執行長領導這家公司，我預計在我們的股價超過每股 70 美元之前，我不會要求股東增持股份。

Please reach out to ir@groupon.com with any questions. Your vote is important to me and I look forward to receiving your support.

如有任何疑問，請聯絡 ir@groupon.com。您的投票對我很重要，我期待得到您的支持。

Turning around a business like Groupon is tough, and like many entrepreneurial endeavors, there are daily roadblocks and negative data points. But it's important to separate noise from signal. The current Groupon experience on both sides of the marketplace is filled with friction. While customer obsession is a common talking point for many management teams, Groupon has been internally focused for too long and solving more of our customer pain points will be the key to finding our way to sustained growth.

扭轉像 Groupon 這樣的企業是很困難的，而且像許多創業努力一樣，每天都會遇到障礙和負面數據點。但將雜訊與訊號分開很重要。目前市場雙方的 Groupon 體驗充滿了摩擦。雖然對客戶的執著是許多管理團隊的共同話題，但 Groupon 長期以來一直專注於內部，解決更多客戶痛點將是我們找到持續成長之路的關鍵。

Another big positive I see is the Groupon brand strength. Internally, I was positively surprised to see how many Grouponers bleed green and are committed to making Groupon successful. When I see the emotional attachment our team has to the Groupon brand, how deep that connection is, I feel a lot of admiration and I want to build on this heritage and develop Groupon into something we can all be proud of. And externally, I am positively surprised by the reactions we have on social networks and influencer posts when a great Groupon deal is being shared. There are so many people who remember, in a positive way, the Groupon brand. Our brand is an asset which will help us in the future.

我看到的另一個重大正面因素是 Groupon 的品牌實力。在內部，我非常驚訝地發現有如此多的 Groupon 用戶熱血沸騰並致力於讓 Groupon 取得成功。當我看到我們的團隊對 Groupon 品牌的情感依戀以及這種聯繫的深刻程度時，我感到非常欽佩，我希望繼承這一傳統，將 Groupon 發展成為我們都可以引以為豪的東西。從外部來看，當我們分享 Groupon 優惠時，我們在社交網路和影響者貼文上的反應讓我感到非常驚訝。有很多人都以積極的方式記住 Groupon 品牌。我們的品牌是一項資產，它將在未來幫助我們。

With that, I will turn it over to Jiri.

這樣，我就把事情交給吉里了。

Thank you, Dusan, and thank you as well to everyone who is joining us today. It's a pleasure to be speaking with you. I will use my time today to provide further insights into our first quarter financial results, progress on our cost-saving actions, updates on the other business items and our updated outlook.

謝謝杜桑，也感謝今天加入我們的所有人。很高興與你交談。我將利用今天的時間進一步了解我們第一季的財務業績、成本節約行動的進展、其他業務項目的最新情況以及我們最新的展望。

Turning to slide 11, let's jump into our first quarter summary financial results. In the first quarter, we delivered global billings of $381 million, a decrease of approximately 4% year over year. Revenue was $123 million, and increased 1% year over year, significant improvement in year-over-year trends versus our fourth quarter results and above the high end of the guidance. Revenue as a percentage of gross billings was 32%, an increase of over 150 basis points year over year, and we benefited from favorable variable consideration trends while other factors were relatively stable.

轉向投影片 11，讓我們進入第一季財務績效摘要。第一季度，我們的全球營收為 3.81 億美元，年減約 4%。營收為 1.23 億美元，年增 1%，與第四季業績相比，年比趨勢顯著改善，高於指導上限。收入佔總帳單的百分比為 32%，年成長超過 150 個基點，我們受益於有利的可變對價趨勢，而其他因素相對穩定。

Moving on, our gross profit as a percentage of revenues was 90%, slight improvement from the prior quarter. Going forward, we expect gross profit as a percent of revenue to remain in the 87% to 90% range.

接下來，我們的毛利佔收入的百分比為 90%，比上一季略有改善。展望未來，我們預期毛利佔收入的百分比將維持在 87% 至 90% 的範圍內。

Marketing expense for the first quarter was $29 million or 26% of gross profit. Going forward, we expect marketing as a percentage of gross profit to remain within the range we reported over the last three quarters.

第一季的行銷費用為 2,900 萬美元，佔毛利的 26%。展望未來，我們預計行銷佔毛利潤的百分比將保持在我們過去三個季度報告的範圍內。

Adjusted EBITDA was positive $20 million, and we recorded the fourth straight quarter of positive adjusted EBITDA. Our last 12 months' adjusted EBITDA has now reached $80 million, a $93 million increase versus our previous 12 months adjusted EBITDA a year ago.

調整後 EBITDA 為正 2,000 萬美元，我們連續第四個季度實現調整後 EBITDA 為正。我們過去 12 個月的調整後 EBITDA 現已達到 8,000 萬美元，比一年前 12 個月調整後的 EBITDA 增加了 9,300 萬美元。

Turning to cash flow, first quarter operating cash flow was negative $10 million and free cash flow was negative $14 million, a strong improvement versus last year, when we reported free cash flow of negative $86 million.

談到現金流，第一季營運現金流為負 1000 萬美元，自由現金流為負 1400 萬美元，與去年相比有了很大改善，當時我們報告的自由現金流為負 8600 萬美元。

We ended the quarter with $159 million in cash and cash equivalents. Please note that our cash position excludes $30 million of restricted cash, which primarily relates to collateral posted against our outstanding letters of credit and reported on our balance sheet in prepaid expenses and other current costs.

本季結束時，我們擁有 1.59 億美元的現金和現金等價物。請注意，我們的現金頭寸不包括 3000 萬美元的限制性現金，這主要與我們未償還信用證的抵押品有關，並在我們的資產負債表上以預付費用和其他當前成本報告。

Slide 12. We had approximately 16 million active customers worldwide as of quarter end, down 0.4 million from the prior quarter. Within North America, our active customer count was down sequentially very slightly. And when you exclude our Goods category, our North America active customers grew sequentially.

幻燈片 12。截至季末，我們在全球擁有約 1,600 萬活躍客戶，比上一季減少 40 萬。在北美，我們的活躍客戶數量較上季略有下降。當您排除我們的商品類別時，我們的北美活躍客戶持續成長。

Turning to our local category, consolidated local billings were $316 million, flat compared with the prior year. Within North America, we delivered Local billings of $231 million, up 4% compared with the prior year. North America Local billings benefited from lower refund rates. Excluding this positive impact, North America Local billings would have declined slightly. Within International, we delivered Local billings of $85 million, down 9% year over year.

說到我們的本地類別，合併本地帳單為 3.16 億美元，與前一年持平。在北美，我們交付的本地帳單為 2.31 億美元，比上一年增長 4%。北美本地帳單受益於較低的退款率。排除此正面影響，北美本地帳單將會略有下降。在國際範圍內，我們交付的本地帳單為 8,500 萬美元，年減 9%。

Moving to our Travel category. In the first quarter, consolidated Travel billings was $36 million, up 2% year over year. Within North America, we delivered Travel billing growth of 30% year over year. Within international, Travel still has more work to do, with billings down 39% year over year.

轉到我們的旅行類別。第一季度，綜合旅行帳單為 3,600 萬美元，年增 2%。在北美地區，我們的旅行帳單年增了 30%。在國際領域，旅遊業仍有更多工作要做，營收年減 39%。

Moving to our Goods category. Consolidated Goods billings was $29 million, down 36% year over year. Our current Goods business is struggling, and we do not see any near-term change in the negative trend. At 4% of first quarter revenues and declining rapidly, Goods is becoming a smaller and smaller part of our business.

轉到我們的商品類別。綜合商品帳單為 2,900 萬美元，年減 36%。我們目前的商品業務正在苦苦掙扎，我們認為短期內這種負面趨勢不會有任何變化。商品佔第一季營收的 4%，並且正在迅速下降，在我們業務中所佔的比例越來越小。

Slide 13. Turning to operating expenses. First quarter SG&A was $74 million, down 27% year over year, and includes $2 million in stock-based compensation and $5 million in depreciation and amortization. Quarter over quarter, our SG&A was up almost $2 million or 2%, driven by increased stock-based compensation, timing related to our cloud migration project and incremental payroll costs. While we still expect to realize further savings in our SG&A, we expect the timing of these initiatives to be realized in the second half of the year and expect our second quarter SG&A to be similar or slightly higher compared to our first quarter.

幻燈片 13。轉向營運費用。第一季的 SG&A 為 7,400 萬美元，年減 27%，其中包括 200 萬美元的股票薪酬和 500 萬美元的折舊和攤提。受股票薪酬增加、與雲端遷移項目相關的時間安排以及工資成本增量的推動，我們的 SG&A 環比增長了近 200 萬美元，即 2%。雖然我們仍期望在銷售管理及行政費用方面進一步節省，但我們預計這些措施的實施時間將在今年下半年實現，並預計第二季的銷售管理及行政費用將與第一季相似或略高。

Slide 14. Turning to free cash flow. In the first quarter, we generated negative $14 million of free cash flow, a significant improvement of $72 million compared to the free cash flow outflow in the first quarter last year. The $72 million improvement was achieved primarily through $26 million improvement in our accounts payables, $24 million increase in our adjusted EBITDA, $13 million improvement in our merchant and supplier payables, $10 million improvement in operating lease obligations.

幻燈片 14。轉向自由現金流。第一季度，我們產生了負1,400萬美元的自由現金流，與去年第一季的自由現金流流出相比，大幅改善了7,200萬美元。7,200 萬美元的改善主要是透過應付帳款改善 2,600 萬美元、調整後 EBITDA 增加 2,400 萬美元、商家和供應商應付帳款改善 1,300 萬美元、經營租賃義務改善 1,000 萬美元來實現。

While the conversion of adjusted EBITDA to free cash flow will move around from quarter to quarter, depending on the timing of our working capital cycle and other cash expenses, we are seeing many of the working capital and cash expense items become more predictable and stable. However, change in merchant and supplier payables is the major swing factor from quarter to quarter, evidenced by $50 million difference between the fourth quarter last year to first quarter this year. Change in merchant and supplier payables is driven by the annual change in billings, along with quarter-over-quarter change in billings. Overall, our significantly improved Q1 free cash flow performance sets us up well to deliver on our full year guide of positive cash flow.

雖然調整後的 EBITDA 到自由現金流的轉換將根據我們的營運資金週期和其他現金支出的時間而逐季度變化，但我們看到許多營運資金和現金支出項目變得更加可預測和穩定。然而，商家和供應商應付帳款的變化是季度與季度之間的主要波動因素，去年第四季與今年第一季之間 5,000 萬美元的差異就證明了這一點。商家和供應商應付帳款的變化是由帳單的年度變化以及帳單的季度變化所驅動的。總體而言，我們第一季自由現金流表現的顯著改善使我們能夠很好地實現全年正現金流指標。

Slide 15, other business updates. We have completed the following transactions to improve our liquidity position. In Q1 2023, we received $18.9 million in proceeds from the sale of a portion of our stake in SumUp. In January 2024, we closed a fully backstopped rights offering that was significantly oversubscribed and raised $80 million. In February of 2024, we prepaid $43.1 million and terminated our credit facility in advance of its maturity in May 2024. In April 2024, we received proceeds from the sale of non-core intangible assets.

投影片 15，其他業務更新。我們已完成以下交易以改善我們的流動性狀況。2023 年第一季度，我們透過出售 SumUp 部分股權獲得了 1,890 萬美元的收益。2024 年 1 月，我們完成了完全支持的配股發行，該配股獲得了大幅超額認購，籌集了 8,000 萬美元。2024 年 2 月，我們預付了 4,310 萬美元，並在 2024 年 5 月到期前終止了我們的信貸安排。2024年4月，我們收到出售非核心無形資產的收益。

In addition to the completed transactions, management continues to evaluate the monetization of certain non-core assets, including the company's remaining stake in SumUp and GiftCloud. While there can be no assurances as to whether or when the sale of these non-core assets will be consummated, management currently believes these future noncore asset sales could be to generate proceeds of approximately $90 million.

除了已完成的交易外，管理層還繼續評估某些非核心資產的貨幣化，包括公司在 SumUp 和 GiftCloud 的剩餘股權。雖然無法保證這些非核心資產的出售是否或何時完成，但管理層目前認為這些未來的非核心資產出售可能會產生約 9,000 萬美元的收益。

Moving to the topic of Italy. On April 15th, we updated investors on a negative ruling related to a tax assessment for one of our Italian subsidiaries, Groupon S.r.l. Since then, Groupon S.r.l. has temporarily paused the sale of the local vouchers in Italy as we evaluate our options. We continue to believe that the tax assessment is without merit and Groupon S.r.l. has been vigorously defending itself in this matter. The best case scenario is we will prevail on the merits of the case and resume our Italian operations. In the worst case, if we are unable to find a reasonable solution to continue operating Groupon S.r.l., we will consider an exit of the local business in Italy. Local voucher sales in Italy generated revenues of approximately EUR1 million per month. We do not expect our financial exposure to exceed the assets of Grupo S.r.l.

話題轉到義大利。4 月 15 日，我們向投資者通報了一項與我們的義大利子公司 Groupon S.r.l. 的稅務評估相關的負面裁決的最新情況。自此，Groupon S.r.l.當我們評估我們的選擇時，已暫時停止在義大利銷售當地優惠券。我們仍然認為稅務評估沒有依據，並且 Groupon S.r.l.一直在這件事上極力為自己辯護。最好的情況是我們將根據案情取得勝訴並恢復我們在義大利的業務。在最壞的情況下，如果我們無法找到合理的解決方案繼續經營Groupon S.r.l.，我們將考慮退出義大利當地業務。義大利當地優惠券銷售每月產生約 100 萬歐元的收入。我們預計我們的財務風險不會超過 Grupo S.r.l. 的資產。

Slide 16. Now, turning to guidance. As of May 9, 2024, management is issuing guidance for the second quarter of 2024 as follows. Revenues between $116 million and $122 million or a decline year over year between minus 10% and minus 5%. Positive adjusted EBITDA between $12 million and $17 million. Negative free cash flow; however, we expect it to be better than Q1. Management would also like to reiterate its 2024 outlook that we first issued in November 2023. Year-over-year revenue change at minus 5% to 0%. Positive adjusted EBITDA between $80 million and $100 million. Positive free cash flow for the full year.

幻燈片 16。現在，轉向指導。截至 2024 年 5 月 9 日，管理階層發布 2024 年第二季指引如下。營收在 1.16 億美元至 1.22 億美元之間，或年減 -10% 至 -5% 之間。調整後的正數 EBITDA 在 1200 萬美元至 1700 萬美元之間。自由現金流為負；然而，我們預計它會好於第一季。管理階層也想重申我們在 2023 年 11 月首次發布的 2024 年展望。收入年變動為負 5% 至 0%。正調整後的 EBITDA 介於 8,000 萬至 1 億美元之間。全年自由現金流為正。

Finally, I would like to provide some additional commentary to assist you with your models. As Dusan commented in his script, our platform is facing several technical issues, which has impacted performance in April, but we are confident in our ability to resolve those issues. We expect it will negatively impact our second quarter results and explains why our second quarter guidance represents a setback in our business versus the first quarter. We expect consolidated revenues as a percentage of gross billings staying within the range we have reported over the last five quarters. We 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 trajectory of the year will depend on a variety of factors, including the delivery of certain projects such as our new consumer front end. We continue to explore potential changes with our payment methods. Now that our going-concern issue is behind us, it's possible that we will rebalance some of the checkout options which we deprioritized last year.

最後，我想提供一些額外的評論來幫助您建立模型。正如 Dusan 在他的腳本中評論的那樣，我們的平檯面臨著幾個技術問題，這影響了 4 月的效能，但我們對解決這些問題的能力充滿信心。我們預計這將對我們第二季的業績產生負面影響，並解釋了為什麼我們的第二季指導代表我們的業務與第一季相比出現了挫折。我們預計合併收入佔總帳單的百分比將保持在我們過去五個季度報告的範圍內。我們預計 2024 年上半年營收將年減，2024 年下半年營收將年增。今年的發展軌跡將取決於多種因素，包括某些項目的交付，例如我們的新消費者前端。我們將繼續探索付款方式的潛在變化。現在我們的持續經營問題已經過去，我們有可能會重新平衡去年我們取消優先考慮的一些結帳選項。

Overall, I'm pleased with our financial results in the first quarter. While progress in transformation is not always a straight path, I'm confident that our transformation plan, focused on driving profitable top-line growth, can generate attractive returns for our shareholders over the long term.

總的來說，我對第一季的財務表現感到滿意。雖然轉型的進展並不總是一條直線，但我相信，我們的轉型計畫專注於推動獲利性營收成長，能夠為我們的股東帶來有吸引力的長期回報。

With that, I would like to open the call up for questions. Operator?

至此，我想開始提問。操作員？

(Operator Instructions) Sean McGowan, ROTH MKM

（操作員說明）Sean McGowan，ROTH MKM

Thank you. Thanks, guys.

謝謝。多謝你們。

A couple of questions. Can you give us some sense of progress that you've made on a couple of initiatives that you've talked about in the past, specifically increasing the frequency of Groupons as a gift? And I think more generally than the process of making the platform more merchant friendly, I think that may be part of what you're touching on some of these technical glitches you've had, but taking a step back and say what kind of progress are you making towards realizing those two goals?

有幾個問題。您能否向我們介紹一下您過去談到的幾項舉措（特別是增加 Groupon 作為禮物的頻率）所取得的進展？我認為，比使平台對商家更加友好的過程更普遍，我認為這可能是您所遇到的一些技術故障的一部分，但退一步說一下取得了什麼樣的進展您正在努力實現這兩個目標嗎？

Okay. Thank you, Sean, for the question. Let me start with the later part. I was mentioning in my script that we released a feature for our merchants dashboards so they can clearly see the impact of our promotional activities. This is something merchants were asking for for several years. And what it provides is that you can clearly see how many additional -- how big additional volume of sales you can get if you provide additional discount. So our merchants in the past were kind of blind from this perspective, and it has made additional impact on them that they know that if they continue with additional promotions, they can sell more and have like better visibility. So this is one example of what we are doing in terms of improving merchant experience. And now every quarter, every month, we will be adding more and more features to this functionality, so that it's much easier to manage the campaign on Groupon and achieve the goals which every specific merchant has. In terms of gifting, I don't have any additional specific information above what I was talking about the last earnings. Last earnings, we covered the Valentine's Day, like you see great results. We have Mother's Day ahead of us now. But really the biggest main season for gifting is Q4. So our key focus is to make sure that both product and also the offering, meaning the deals which we have for gifting, will be much, much better for our Q4 season.

好的。謝謝肖恩的提問。讓我從後面的部分開始。我在腳本中提到，我們為商家儀表板發布了一項功能，以便他們可以清楚地看到我們促銷活動的影響。這是商家多年來一直要求的。而且它提供的是，你可以清楚地看到，如果你提供額外的折扣，你可以獲得多少額外——多大的額外銷售量。因此，我們的商家過去從這個角度來看有點盲目，這對他們產生了額外的影響，他們知道如果他們繼續進行額外的促銷活動，他們可以銷售更多產品並擁有更好的知名度。這是我們在改善商家體驗方面所做工作的一個例子。現在，每個季度、每個月，我們都會為此功能添加越來越多的功能，以便更輕鬆地管理 Groupon 上的活動並實現每個特定商家的目標。在禮物方面，除了我所說的上次收入之外，我沒有其他具體資訊。上一份財報中，我們報道了情人節，就像您看到的很好的結果一樣。現在母親節就在我們面前。但真正最重要的送禮季節是第四季。因此，我們的重點是確保產品和產品（這意味著我們的禮品交易）對於我們的第四季來說會好得多。

And then maybe we have other initiatives which we are focusing on is the regionalization, which is important part of it. And we also see very, very positive progress. I don't know specific numbers which I will be able to report right now.

也許我們還有其他舉措，我們重點關注的是區域化，這是其中的重要組成部分。我們也看到非常非常積極的進展。我不知道現在可以報告的具體數字。

Thank you. And if I can ask another one, the dramatic disparity between the performance of North America Travel and International Travel, I don't think the economic profiles would explain fully that disparity. Can you talk about what would explain the disparity between these two markets?

謝謝。如果我可以問另一個問題，即北美旅遊和國際旅遊表現之間的巨大差異，我認為經濟狀況無法完全解釋這種差異。您能談談如何解釋這兩個市場之間的差異嗎？

Between North America and International?

北美和國際之間？

In Travel. Yes.

在旅行中。是的。

Okay. We have better connectivity in North America, which which makes it much easier to plug in some other, our partners, compared to International. Some features which are available on N.A. market are simply not yet available in International. However, I mentioned that we implemented SiteMinder and that platform, for example, will be implemented or is implemented and live now both in N.A. and on International markets. So it will allow us to put more inventory on International market and improve the performance (inaudible) also on International markets.

好的。與國際相比，我們在北美擁有更好的連接性，這使得我們更容易與其他合作夥伴聯繫。北美市場上提供的一些功能在國際市場上尚不可用。不過，我提到我們實施了 SiteMinder，該平台將在北美和國際市場實施或現已實施並上線。因此，這將使我們能夠在國際市場上投入更多庫存，並提高國際市場的表現（聽不清楚）。

Okay. Thank you. I'll pass it on, but get back in the queue. Thank you.

好的。謝謝。我會把它傳遞出去，但請回到隊列中。謝謝。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）Eric Sheridan，高盛。

Thanks so much for taking the question. Maybe a big picture, one or two, if I could. One in terms of incremental investments on driving platform growth, how would you characterize the opportunity to either be driven by user growth or existing shopper growth, and driving more utility or frequency among shoppers on the platform? What do you see as big -- you see as the more fertile ground for return on investment over the next 6 to 12 months?

非常感謝您提出問題。如果可以的話，也許是一幅大圖，一兩張。就推動平台成長的增量投資而言，您如何描述由用戶成長或現有購物者成長驅動的機會，以及提高平台上購物者的效用或頻率？您認為什麼是最重要的——您認為未來 6 到 12 個月內投資回報更肥沃的土壤？

The second question would be, as you get further along in running the business, what do you see as some of the competitive advantages, but also some of the challenges facing the company when you think about the competitive landscape for local services and local goods? Thanks so much.

第二個問題是，隨著您經營業務的深入，當您考慮本地服務和本地商品的競爭格局時，您認為公司的一些競爭優勢是什麼，以及公司面臨的一些挑戰是什麼？非常感謝。

Thanks, Eric, for the question. In terms of growth and supply, we don't need to grow supply in terms of number of merchants. Actually, I expect that we will go down and we are in the process of removing low-quality merchants. What we need to do is grow number of quality merchants and have the right structure of deals with them, so that the deals makes sense for both for our consumers and for merchants, and this is part of our market manager and sales regionalization activity. I still see Groupon primarily as a supply-driven marketplace. So this is our main focus in terms of growing the marketplace. But obviously hand in hand, we should be coming with product which is easier to use, improve the bookability among our deals and do our changes in marketing. To increase the user frequency, I actually believe that we will need to grow some categories which drive frequency, like food and drink and similar categories. And here it goes back to improvements in terms of how we are doing the sales. We need to really do the -- define the ultimate goal for every deal with the merchant. Because to give you an example, for some deals when you go to the restaurant and you have some upsells like additional drinks, wine, our current take rate when you take into account additional revenue is actually pretty low. And vice versa, there are deals where upsell is not expected and that case actually, our take rate should be more comparable with Uber Eats and similar. So in order to move ahead in this area, we need to do some product improvements and prepare our sales to be able to work in this more like consultative type of sale.

謝謝埃里克提出的問題。在成長和供應方面，我們不需要以商家數量來增加供應。事實上，我預計我們會走下坡路，我們正在清除低品質的商家。我們需要做的是增加優質商家的數量，並與他們建立正確的交易結構，這樣交易對我們的消費者和商家來說都有意義，這是我們市場經理和銷售區域化活動的一部分。我仍然認為 Groupon 主要是一個供應驅動的市場。因此，這是我們發展市場的主要重點。但顯然，我們應該齊頭並進，推出更易於使用的產品，提高交易的可預訂性，並在行銷方面做出改變。為了提高用戶頻率，我實際上認為我們需要增加一些可以提高頻率的類別，例如食品和飲料以及類似的類別。這裡又回到了我們銷售方式的改進。我們需要真正做到──為與商家的每筆交易定義最終目標。因為舉個例子，對於一些交易，當你去餐廳時，你有一些追加銷售，比如額外的飲料、葡萄酒，當你考慮到額外收入時，我們當前的接受率實際上相當低。反之亦然，有些交易預計不會追加銷售，實際上，我們的接受率應該與 Uber Eats 等類似產品更具可比性。因此，為了在這一領域取得進展，我們需要進行一些產品改進並準備我們的銷售，以便能夠在這方面更像諮詢式銷售。

And in terms of competitive advantages and challenges, I see personally, Groupon has the best platform to start and grow the business, and yes, we have competitors. You can even take Google and Facebook and their sponsored products, adverts, as a competition, but Groupon really is performance-based, meaning that merchants are paying Groupon only if we deliver them customers, I think it's a big advantage. We cover pretty much all that because we have some other vertical marketplaces as the competitors, but no one is doing the whole scale. And I see this combination, this performance approach, great advantage and being Groupon as a great partner to local businesses.

就競爭優勢和挑戰而言，我個人認為，Groupon 擁有啟動和發展業務的最佳平台，是的，我們也有競爭對手。你甚至可以將Google 和Facebook 及其贊助產品、廣告視為競爭，但Groupon 確實是基於績效的，這意味著只有我們為商家提供客戶，商家才會向Groupon 付費，我認為這是一個很大的優勢。我們幾乎涵蓋了所有這些，因為我們還有其他一些垂直市場作為競爭對手，但沒有人在做整個規模的事情。我看到了這種結合、這種績效方法、巨大的優勢以及 Groupon 成為本地企業的優秀合作夥伴。

Thank you.

謝謝。

Sean McGowan, ROTH MKM.

肖恩·麥高恩，羅斯·MKM。

Thanks again for the follow-up opportunity here. I meant to ask earlier on Travel, do you think it -- you talked about some of these glitches maybe not being worked out until the end of the second quarter? I don't know if you're talking specifically about Travel, but do you think Travel could get back to the Q1 level by Q3?

在此再次感謝您給予的後續機會。我想早些時候在《旅遊》節目中問，你認為這些問題可能要到第二季末才能解決嗎？我不知道你是否專門談論旅行，但你認為旅行可以在第三季恢復到第一季的水平嗎？

Yes, I think we have a decent chance to get to similar levels.

是的，我認為我們有很好的機會達到類似的水平。

Okay. That's helpful. And did you mention, either on this call - I don't think you did or in a filing, how much you got for the sale of those intangibles?

好的。這很有幫助。您是否在這次電話會議上（我認為您沒有這樣做）或在一份文件中提到過，您出售這些無形資產得到了多少錢？

No. Well, very confidential about this deal and everything. But what about this deal is contained in Note Two of our earnings disclosure and sorry, we cannot disclose. Thank you.

不。嗯，對這筆交易和一切都非常保密。但這筆交易的情況包含在我們收益揭露的附註二中，抱歉，我們無法透露。謝謝。

Okay. But when you mentioned in the prepared remarks about the $90 million, that does not include what you already got, right?

好的。但當你在準備好的發言中提到9000萬美元時，這並不包括你已經得到的，對吧？

No. Yes, correct.This is what we still have -- what we believe we can get from other noncore assets, primarily GiftCloud and SumUp, our remaining stake.

不。是的，正確。

Right. Great. Thank you very much. Appreciate it.

正確的。偉大的。非常感謝。欣賞它。

There are no further questions at this time and this will conclude today's call. We thank you so much for your participation, and you may now disconnect.

目前沒有其他問題，今天的電話會議將結束。我們非常感謝您的參與，您現在可以斷開連接。