Groupon Inc (GRPN) 2025 Q1 法說會逐字稿

Hello, and welcome to Groupon's first quarter, 2025 financial results conference call.

您好，歡迎您參加 Groupon 2025 年第一季財務業績電話會議。

On the call today, our Chief Executive Officer, Dusan Senkypl,

在今天的電話會議上，我們的執行長 Dusan Senkypl，

Chief Financial Officer and senior Vice President of finance, Rana Kashyap

財務長兼資深財務副總裁 Rana Kashyap

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Today's call will be a question-and-answer session only. The company has posted earnings materials, including earnings commentary on the company's investor relations website at investor.groupon.com.

今天的電話會議將只是問答環節。該公司已在其投資者關係網站 investor.groupon.com 上發布了收益資料，包括收益評論。

Today's conference call is being recorded.

今天的電話會議正在錄音。

Before we begin, Groupon would like to remind listeners that the following discussion and responses to your questions reflect management's views as of today, May 8th, 2025, only, and will include forward-looking statements. Actual results may differ materially from those expressed or implied in the company's forward-looking statements.

在我們開始之前，Groupon 想提醒聽眾，以下討論和對您的問題的回答僅反映截至 2025 年 5 月 8 日的管理層觀點，並將包含前瞻性陳述。實際結果可能與公司前瞻性陳述中表達或暗示的結果有重大差異。

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 its earnings press release and in its filings with the SEC, including its quarterly reports on Form 10Q.

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業績的風險和其他因素的更多信息，包含在公司的收益新聞稿和向美國證券交易委員會提交的文件（包括 10Q 表季度報告）中。

We encourage investors to use Groupon's investor relations website at investor.groupon.com, as a way of easily finding information about the company.

我們鼓勵投資者使用 Groupon 的投資者關係網站 investor.groupon.com，以便輕鬆找到有關該公司的資訊。

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.

Groupon 會及時在此網站上公佈公司向美國證券交易委員會 (SEC) 提交或提供的報告、公司治理資訊以及精選新聞稿和社交媒體貼文。

On the call today, the company will also discuss the following non-gap financial measures, adjusted EBITDA and free cash flow.

在今天的電話會議上，該公司還將討論以下非差距財務指標、調整後的 EBITDA 和自由現金流。

In Groupon's press release and their filings with the SEC, each of which is posted on its investor relations website, you will find additional disclosures regarding these non-gap measures, including reconciliations of these measures to the most comparable measures under US GAAP.

在 Groupon 的新聞稿和向美國證券交易委員會提交的文件中（均發佈在其投資者關係網站上），您會發現有關這些非差距指標的額外披露，包括這些指標與美國公認會計準則下最可比指標的對帳。

And with that, I'd like to turn it over to Duan to make a few opening remarks before we jump into Q&A.

在進入問答環節之前，我想請段永平先講幾句開場白。

Hello and thanks for joining us for our first quarter 2025 earnings call. It's a pleasure to be with all of you.

您好，感謝您參加我們的 2025 年第一季財報電話會議。很高興和大家在一起。

Yesterday, after the market closed, we released our earnings and posted our earnings commentary on our investor relationships website.

昨天，市場收盤後，我們公佈了收益，並在投資者關係網站上發表了收益評論。

Today, my plan is to make brief opening remarks and then open up the call for questions, both live from our analysts and several that were pre-submitted in advance.

今天，我的計劃是先做簡短的開場白，然後開始提問，其中既有我們分析師的現場提問，也有提前提交的幾個問題。

For more details on our quarterly performance, I encourage you to read our earnings commentary.

有關我們季度業績的更多詳情，我建議您閱讀我們的收益評論。

In addition, I encourage you to review our press release and thank you, which contain more detail on our 4th quarter and full year results.

此外，我鼓勵您查看我們的新聞稿並表示感謝，其中包含有關我們第四季度和全年業績的更多詳細資訊。

I am pleased to report a strong start to the year with our Q1 results exceeding guidance on both billings and adjusted EBITDA with a slide beat on the revenue.

我很高興地報告，今年我們第一季的業績表現強勁，營業額和調整後 EBITDA 都超乎預期，但營收有所下滑。

Global billings grew 1.4% year over year, marking our continued progress towards sustained growth.

全球營業額年增 1.4%，標誌著我們繼續朝著持續成長的方向邁進。

This performance was powered by North America Local, which accelerated to 11% year over year growth in billings. The first time we've seen double-digit growth in this segment since 2017, excluding the pandemic recovery period.

這項業績得益於北美本地業務的推動，其營業額年增 11%。這是自 2017 年以來，除疫情恢復期外，我們首次看到該領域實現兩位數成長。

Our hyperlocal strategy is delivering strong results with our TOP10 cities in North America, growing billings by double digits.

我們的超在地化策略在北美十大城市取得了強勁成果，營業額實現了兩位數成長。

Enterprise clients continue to flourish on our platform. Looking at our vertical performance within North America local. Things to do grew billing's double digits for the fifth straight quarter.

企業客戶在我們的平台上繼續蓬勃發展。看看我們在北美本地的垂直表現。待辦事項帳單連續第五個季度實現兩位數成長。

We believe our things to do franchise is significantly outpacing current industry trends and is poised to continue strong, absolute and relative performance as we head into the important summer season.

我們相信，我們的活動特許經營權遠遠超過了當前的行業趨勢，隨著我們進入重要的夏季，我們有望繼續保持強勁的絕對和相對錶現。

Our international local business, excluding Italy, also showed impressive improvement with approximately 5% year over year billing growth.

我們的國際本地業務（義大利除外）也取得了令人矚目的進步，較去年同期成長約 5%。

As I start my 3rd year as CEO of Groupon, I believe the time has come and the team is ready to start playing offense. Our mission remains clear to transform from a daily deal's platform selling everything to everyone into a trusted destination for quality local experiences at unbeatable value.

當我擔任 Groupon 執行長的第三年時，我相信時機已經成熟，團隊也準備好開始進攻。我們的使命始終很明確：從一個向所有人銷售所有商品的每日交易平台轉變為一個以無與倫比的價值提供優質本地體驗的值得信賴的目的地。

Our transformation strategy is working across marketplace health, platform modernization, and financial strength.

我們的轉型策略涵蓋市場健康、平台現代化和財務實力。

We are seeing success in shifting from chasing volume to building quality, migrating from legacy systems to a modern platform, and moving from negative to positive financial performance.

我們正從追求數量轉向追求品質、從傳統系統遷移到現代平台、並從負面財務業績轉向正面財務業績，從而取得巨大成功。

While our strong billing growth is encouraging, I want to know that our progress in revenue is currently lagging billings due to compression of take rates in North America local.

雖然我們強勁的帳單成長令人鼓舞，但我想知道，由於北美本地的收費率壓縮，我們的營收成長目前落後於帳單。

This evolution intake rates is deliberate and a natural consequence of our focus on building a sustainable foundation for long-term growth. For example, higher redemption rates cost a short-term headwind to revenue but are a great sign for the long-term health of our marketplace.

這種演變的攝取量是經過深思熟慮的，也是我們致力於為長期成長建立永續基礎的自然結果。例如，較高的贖回率會在短期內對收入造成不利影響，但對我們市場的長期健康發展來說卻是個好兆頭。

Over time, as we make progress on delivering these healthy marketplace fundamentals, we expect buildings and revenue growth rates will converge.

隨著時間的推移，隨著我們在提供這些健康的市場基礎方面取得進展，我們預計建築和收入成長率將會趨於一致。

On the leadership front, we've strengthened our team with key appointments, including Josef Buryan, our new Chief Marketing Officer, and Ales Drabek, our new Chief Technology Officer.

在領導方面，我們透過重要任命加強了我們的團隊，包括新任行銷長 Josef Buryan 和新任首席技術長 Ales Drabek。

We've also promoted Barbara Weisz to Chief Revenue Officer, and Filip Popovic to Chief Commercial Officer to lead our supply side commercial strategy, and Marie Havlickova to Chief Product Officer.

我們也將 Barbara Weisz 晉升為首席營收官，將 Filip Popovic 提升為首席商務官以領導我們的供應方商業策略，並將 Marie Havlickova 提升為首席產品長。

The business exited Q1 with strong momentum and continues to perform well. Looking ahead to Q2, we expect another quarter of accelerating year over year growth in both banks and revenue.

該業務在第一季表現出強勁勢頭，並繼續表現良好。展望第二季度，我們預期銀行業務和收入都將再度實現年增。

For the full year, we raised our guidance for billing's growth rate from 2 to 4% to 3 to 5% and kept our revenue and adjusted EBITDA guidance unchanged.

對於全年而言，我們將帳單成長率預期從 2% 至 4% 上調至 3% 至 5%，並保持收入和調整後 EBITDA 預期不變。

I want to emphasize that we maintained our revenue and adjusted EBITDA guidance despite completing the sale of our wholly owned subsidiary gift cloud in early April, which removes approximately $6 million in revenue and $4 million in adjusted EBITDA from our consolidated results for the remainder of the 2025.

我想強調的是，儘管我們在 4 月初完成了全資子公司 Gift Cloud 的出售，但我們仍保持了收入和調整後的 EBITDA 指引，這將使我們 2025 年剩餘時間的綜合業績減少約 600 萬美元的收入和 400 萬美元的調整後 EBITDA。

Effectively, by keeping the overall revenue and adjusted EBITDA target unchanged, we are raising our guidance for the core business, demonstrating our confidence in our core business.

實際上，透過保持整體收入和調整後的 EBITDA 目標不變，我們正在提高對核心業務的指導，以表明我們對核心業務的信心。

It's an exciting time to be at Groupon. We are no longer just stabilizing the business. We see several green shoots of growth across our business, and we are building the foundation for long-term sustained growth.

對 Groupon 來說這是一個令人興奮的時刻。我們不再僅僅穩定業務。我們看到業務中出現了幾股成長的綠芽，我們正在為長期持續成長奠定基礎。

With our platform modernization underway, improving customer experience on both sides of the platform, continued progress in financial performance, and a clear strategic direction, I believe we are positioned for success in 2025 and beyond.

隨著我們平台現代化的進行、平台兩端客戶體驗的改善、財務表現的持續進步以及明確的策略方向，我相信我們將在 2025 年及以後取得成功。

I would like to thank our team for their dedication and hard work that have made this progress possible. This journey has not been easy, and their continued commitment to our mission and to our transformation has been really great.

我要感謝我們團隊的奉獻和辛勤工作，使這一進展成為可能。這段旅程並不容易，但他們對我們的使命和轉型的持續承諾確實非常偉大。

With that, let's open the call for questions.

現在，讓我們開始提問。

Thank you, Dehaan. Our first question comes from Bobby Brooks from Northland Capital.

謝謝你，Dehaan。我們的第一個問題來自 Northland Capital 的 Bobby Brooks。

Bobby, you can now unmute your line.

Bobby，你現在可以取消靜音了。

Hey guys, thank you for taking my question. I guess something that really caught my eye in the prepared remarks that you put out yesterday was the number of North American merchants doing more than 1 million in billings was up 43% year over year. Could you just discuss what is driving that strength?

嘿夥計們，謝謝你們回答我的問題。我想，您昨天發表的準備好的發言中真正引起我注意的是，北美交易額超過 100 萬美元的商家數量同比增長了 43%。您能否討論一下推動這種優勢的因素是什麼？

Is it the new go to market strategy and focusing on higher quality merchants and providing them with better tools to track deal performance, or is it something different and more in depth?

這是新的市場進入策略，專注於更高品質的商家並為他們提供更好的工具來追蹤交易績效，還是一些不同且更深入的東西？

So if Bobby, I can take your question.

那麼 Bobby，我可以回答你的問題。

Thank you.

謝謝。

Thank you for it. How I see it in the last, I would say over 18 months, we are improving in what we call hyper geo approach that, it means, we are looking in more detail in what inventory we need in, every single location.

謝謝你。在我看來，在過去的 18 個月裡，我們正在改進所謂的超地理方法，這意味著我們正在更詳細地了解每個地點所需的庫存。

We are improving our category management in terms of understanding what's the inventory we need, and by combination of both and focusing on deals which our customers need in a given location and on the quality of deals, we can be a better partner, not only to our enterprise, partners, but, across The board also to local merchants.

我們正在改進我們的品類管理，以了解我們需要什麼庫存，透過兩者的結合，並關注我們的客戶在特定地點需要的交易和交易的質量，我們可以成為一個更好的合作夥伴，不僅對我們的企業、合作夥伴，而且對整個本地商家也是如此。

So I believe this is the result of our more focus switching from number of merchants on the platform to quality of merchants, quality of deals, quality of service, which we are providing to our customers. And I would probably also mention that the current macro environment is definitely not hurting us. I see it like quite the opposite.

所以我相信這是我們的重點從平台上的商家數量轉向商家的品質、交易的品質、我們為客戶提供的服務品質的結果。我可能也會提到，目前的宏觀環境絕對不會對我們造成傷害。我的看法恰恰相反。

Got it. And then just like a clarifying piece on that, is the greater than 1 million in billings, is that on like a year, like a 12-month trailing basis, I would guess, or is it on like an inter quarter basis? I was just curious on that, like, definition.

知道了。然後需要澄清的是，超過 100 萬美元的帳單，是基於一年，例如 12 個月的追蹤基礎，我猜，還是基於季度間基礎？我只是對這個定義感到好奇。

It's based on a training 12-month basis.

它以 12 個月的培訓為基礎。

Got it. Thank you. And then just one more for me is, it's something I noticed like kind of browsing the website in your quarters.

知道了。謝謝。對我來說，還有一件事，這是我在瀏覽你宿舍的網站時注意到的。

Some, a couple different like professional or one professional sports team that I saw specifically, was selling tickets through Groupon, and the checkout process was extremely smooth. I never having to leave the Groupon website and being able to pick the seat and pay all within the Groupon platform.

有些，例如我特別看到的幾個不同的專業或專業運動隊，透過 Groupon 出售門票，結帳過程非常順利。我無需離開 Groupon 網站，就可以在 Groupon 平台內選擇座位並付款。

This seems like something that might be a new integration based off the new platform. It is my assumption right, and maybe just touch on like that, if that's a new ability, touch on like how that's helping grow the business.

這看起來像是基於新平台的新整合。這是我的假設，也許只是這樣觸及，如果這是一種新的能力，觸及它如何幫助業務成長。

So, Bobby, I was commenting on several calls that, this new platform, we will be able to iterate in a faster pace. And this is one of the results, and obviously, checkout is one of key components of the website.

所以，Bobby，我在幾次電話會議上都表示，我們將能夠以更快的速度迭代這個新平台。這是結果之一，顯然，結帳是網站的關鍵組成部分之一。

So the team which is maintaining checkout is pretty much Every day looking what we can improve and there is still a way to go, but comparing where Groupon was two years ago, I believe we made a significant process both in terms of how easy the checkout is, but also in terms of payment methods which our customers, can use.

因此，維護結帳流程的團隊幾乎每天都在尋找可以改進的地方，雖然還有很長的路要走，但與兩年前的 Groupon 相比，我相信我們在結帳的便捷性方面以及客戶可以使用的付款方式方面都取得了重大進展。

Fair enough, I'll return back to the queue.

好吧，我會回到隊列。

Thank you, Bobby.

謝謝你，鮑比。

Our next question comes from Eric Sheridan from Goldman Sachs. Eric, you can now unmute your line.

下一個問題來自高盛的 Eric Sheridan。艾瑞克，你現在可以取消靜音了。

Great, thank you so much for taking the questions. I did want to follow up on the macro commentary and the prepared remarks. Maybe we could just go a little bit deeper in your own view about how the macro environment could act as a tailwind in the business, and then more specifically, it sounds like the implication is that the merchant pipeline.

太好了，非常感謝您回答這些問題。我確實想跟進宏觀評論和準備好的評論。也許我們可以更深入地了解您關於宏觀環境如何成為業務的順風的觀點，更具體地說，這聽起來像是商家管道的含義。

Could be increasing as certain brands and merchants want to go deeper on the platform given the current environment. I want to know if we can get as much detail as we could there about the way you're thinking about the pipeline on the supply side as an output of the macro environment and then maybe after that I just have one quick follow up.

由於當前環境下某些品牌和商家希望在該平台上更深入地發展，因此這一數字可能會增加。我想知道我們是否可以盡可能詳細地了解您對供應方管道作為宏觀環境輸出的看法，然後我可能只需要快速跟進。

Thank you, Eric, for the question. You know very well the macro environment is extremely volatile and it has impact on consumer, spending, and unfortunately, it's also very difficult to predict how customers will believe. But what we see in general, we see it as a tailwind for our business, and we see it specifically on supply side.

謝謝 Eric 提出的問題。眾所周知，宏觀環境極不穩定，會對消費者支出產生影響，不幸的是，也很難預測消費者會如何相信。但總體而言，我們認為這對我們的業務來說是一個順風，特別是在供應方面。

Where we see signs of, weakening traffic trends from some of our clients. And because, Groupon is a great performance-based platform, I believe that in this time, it's simply a great opportunity to work together. And we are just trying to figure out what are the best products for clients, how we can help them with how we can together with merchant partners create the products for our clients.

我們看到一些客戶的流量趨勢正在減弱的跡象。而且由於 Groupon 是一個出色的基於績效的平台，我相信這一次，這絕對是一個合作的絕佳機會。我們只是想弄清楚什麼是最適合客戶的產品，我們如何幫助他們，我們如何與商業夥伴一起為我們的客戶創造產品。

So, we see in general in enterprise segment, but actually the same applies in local, that we are really deepening cooperation with our existing clients, and we see also like faster inflow of new brands coming to Groupon.

因此，我們總體上在企業領域看到這種情況，但實際上在本地也同樣如此，我們正在深化與現有客戶的合作，我們也看到新品牌更快地湧入 Groupon。

But at the same time, I would like to mention that these are kind of early signs and the overall situation in macro, but also in our marketplace in this term is quite fluid. So, we need to follow very closely what's going on the in macro and NA mainland, but Western Europe is very similar and just adapt.

但同時，我想說的是，這些都是早期跡象，宏觀的整體形勢，以及我們這個時期的市場形勢，都是相當不穩定的。因此，我們需要密切關注宏觀和北美大陸的情況，但西歐的情況非常相似，只需適應即可。

Great, thank you. And maybe just one quick follow up, you had a number of comments in the prepared remarks around marketing investments and the ROI you're achieving on those marketing investments. Can you talk a little bit about your own attempts internally to optimize dollars against your return? Goals for deploying those dollars and or how the overall marketing environment and pricing and auction density might have helped or acted as different sorts of headwinds to the ROI and the quarter. I just want to understand a little bit of the external versus the internal dynamic on marketing ROI. Thanks.

太好了，謝謝。也許只需要快速跟進一下，您在準備好的評論中對行銷投資以及您在這些行銷投資上實現的投資回報率提出了一些評論。您能否稍微談談您自己內部為優化收益所做的嘗試？部署這些資金的目標，或整體行銷環境、定價和拍賣密度如何對投資回報率和季度產生幫助或產生不同類型的阻力。我只是想了解一下行銷投資報酬率的外部與內部動態。謝謝。

Yeah. So, in general, last two years, our strategy is to be able to acquire our new customers pretty much at the, with ROI 100% in 7-day windows, which pretty much means that the profit margin which we have on the first order, is cost of our acquisition.

是的。因此，總的來說，過去兩年，我們的策略是在 7 天內以 100% 的投資回報率獲得新客戶，這意味著我們在第一筆訂單中獲得的利潤率就是我們的收購成本。

We, I was commenting in the script, and I see performance of our marketing channels improving, which is allowing us to increase volumes. Because in marketing, in general, if you want to increase volume, very, every incremental dollar and click or traffic or eyeball which you are buying is more expensive. So, if We are claiming that we are growing and increasing marketing with the same ROI.

我們，我在腳本中進行了評論，我看到我們的行銷管道的表現正在改善，這使我們能夠增加銷量。因為在行銷中，一般來說，如果你想增加銷量，那麼你購買的每一美元增量、點擊量、流量或眼球都會更加昂貴。因此，如果我們聲稱我們正在以相同的投資回報率發展和增加行銷。

It means that in general, we are improving conversion rates in in our marketing, and we actually see some additional opportunities, how to continue in this trend going forward. So, I believe that performance marketing for us will be a tailwind, in the near future. .

這意味著，總體而言，我們正在提高行銷的轉換率，而且我們實際上看到了一些額外的機會，即如何在未來繼續保持這種趨勢。因此，我相信在不久的將來，績效行銷對我們來說將是一股順風。。

At the same time, as the team is strengthening, I was mentioning that the new CMO started, we are also exploring new channels in the mid and upper part. Of the, of the funnel, which is mainly social media influencers, and we already have several pilots, in place where we can present Groupon's to really millions of people on social media and on platforms where Groupon was not active in the past. So, this is another opportunity which I'm extremely happy about and I'm looking forward to the results.

同時，隨著團隊的加強，我剛才提到新的CMO上任，我們也在探索中高端的新通路。我們的管道主要是社交媒體影響者，我們已經進行了多次試點，可以在社交媒體上以及 Groupon 過去不活躍的平台上向數百萬人展示 Groupon。所以，這是另一個讓我非常高興的機會，我期待結果。

Thank you, Eric.

謝謝你，埃里克。

Our next question is from Sean McGowan from Roth Capital Partners.

我們的下一個問題來自 Roth Capital Partners 的 Sean McGowan。

Sean, you can now mute your line.

肖恩，你現在可以靜音了。

Thank you. I appreciate that. Couple of questions. Could you give us a little bit more color on the international? You've talked in the past about Spain, being one of the markets where you initiated some of these fixes, earlier and it was really paying off quite well. Could you give us an update on some of those markets that have been in the turnaround process longer?

謝謝。我很感激。幾個問題。您可否向我們詳細介紹一下國際情況？您之前曾談到西班牙，它是您早些時候啟動一些修復措施的市場之一，而且確實取得了相當不錯的回報。您能否向我們介紹一下那些轉型過程已經持續較長時間的一些市場的最新情況？

Okay. Thank you, Sean, for the question. In general, I would say that the trends across all major markets in the international continue to improve, and we are, and I'm personally very happy with performance of international, markets.

好的。謝謝肖恩提出的問題。總的來說，我想說國際所有主要市場的趨勢都在持續改善，我們對國際市場的表現感到非常滿意，我個人也對國際市場的表現感到非常滿意。

The leading market in terms of, growth is still Spain, which simply has, 18 months, head start, in terms of when we started the transformation and the process, and the framework which we use for transformation in Spain is simply working great. And, we have very strong double-digit growth, in Spain.

就成長而言，領先的市場仍然是西班牙，就我們開始轉型和進程而言，西班牙僅領先了 18 個月，我們在西班牙用於轉型的框架運作良好。我們在西班牙實現了非常強勁的兩位數成長。

All other big markets, meaning Germany, UK, France, are also performing very well, and we see that the trend is, It's, is still improving. The comp is a little bit different going forward in Q2 because last year, we lost Italy as a market.

所有其他大市場，即德國、英國、法國，也表現得非常好，我們看到趨勢仍在改善。由於去年我們失去了義大利這個市場，因此第二季的業績略有不同。

So, that's why, the, although overall, we were slightly negative, last quarter, it will change because we will not be comparing again, against Italy. But when I'm looking really on performance of every single country, it's going in the right direction. And the playbook and the stuff which we do where is pretty similar to what we do in the United States.

所以，這就是為什麼，儘管總體而言，我們上個季度的表現略有負面，但情況會改變，因為我們不會再與義大利進行比較。但當我真正觀察每個國家的表現時，它正朝著正確的方向發展。我們在那裡採取的策略和做法與我們在美國採取的非常相似。

On every market, we want to have very strong leader, a strong owner who owns all business. We go hyperlocal, meaning we are focusing on the largest cities in international.

在每個市場，我們都希望擁有非常強大的領導者，擁有所有業務的強大所有者。我們走向超本地化，這意味著我們專注於國際上最大的城市。

It's typically the capital city as the first one and then typically 2nd or 3rd largest city in In the country and making sure that we are adding both high quality local deals, but, similar to United States, we see high importance of high quality enterprise deals because these other deals, which are driving traffic to the Groupon and that traffic is converting not only on these enterprise deals, but also converting to local merchants.

我們通常會先選擇首都，然後是全國的第二大或第三大城市，並確保我們添加高品質的本地交易，但與美國類似，我們認為高品質的企業交易非常重要，因為這些其他交易會為 Groupon 帶來流量，而這些流量不僅會轉化為這些企業交易，還會轉化為本地商家。

Great, thanks for that color, and then, if you could just give us a quick update on the international website and mobile app updates, I think those are things we're expecting in the first half where are we on those?

太好了，謝謝你的顏色，然後，如果你能給我們一個關於國際網站和行動應用程式更新的快速更新，我想這些都是我們期待在上半年發生的事情，我們現在在哪裡呢？

So, on last earnings call he mentioned that this year we will be taking very cautious approach, and we, quite frankly, have, slow progress during the quarter. We have very good visibility into each step in the conversion funnel of our mobile next application versus legacy application.

因此，在上次財報電話會議上，他提到今年我們將採取非常謹慎的態度，坦白說，我們在本季的進展緩慢。我們對下一代行動應用程式與傳統應用程式的轉換管道中的每個步驟都有很好的了解。

We see there in that conversion funnel, both good and bad guys, meaning that in certain steps, we see that legacy. The customers are used to something slightly different than what we have in in mobile application. So, our approach is to make it more similar and closer to legacy because we simply don't want to have, don't want to hurt performance. But at the same time, we see in the conversion process, several good guys, meaning in certain steps, the mobile next approach is showing better conversions. So, in the long run, we are committed to the pro project.

我們在轉換漏斗中看到有好人也有壞人，這意味著在某些步驟中，我們會看到這種遺留問題。客戶所習慣的東西與我們在行動應用程式中所擁有的東西略有不同。因此，我們的方法是使其更相似、更接近傳統，因為我們根本不想擁有，也不想損害性能。但同時，我們在轉換過程中看到了一些好人，這意味著在某些步驟中，移動下一步方法顯示出更好的轉換效果。所以，從長遠來看，我們致力於專業專案。

We believe that it will bring an upside opportunity for Groupon, not only on the website where we have it already implemented, but also in the application. In terms of, when and how we need to finish first, NA up. And once we finish NA up, we will continue with international.

我們相信，它將為 Groupon 帶來上升機會，不僅在我們已經實施的網站上，而且在應用程式上。就我們何時以及如何首先完成而言，NA 領先。一旦我們完成北美市場，我們將繼續國際市場。

But at this point, I don't want to provide a timeline because like our priority is really to make sure that our systems are stable, our customers don't have any issues, and the performance of the whole company, the financial performance is simply delivered. That's the priority number one for me.

但目前，我不想提供時間表，因為我們的首要任務是確保我們的系統穩定，我們的客戶沒有任何問題，以及整個公司的業績、財務表現能夠順利實現。這對我來說是首要任務。

Cool. All right, thank you. I'll get back in the queue as well.

涼爽的。好的，謝謝。我也會回到隊列中。

Thank you.

謝謝。

Thank you, Sean. We'll now pose written questions to management that came in through our investor relations press line.

謝謝你，肖恩。我們現在將透過投資者關係新聞熱線向管理層提出書面問題。

Investors on the line, please re-raise your hands if you have follow-up questions.

在線的投資者，如果您有後續問題，請再次舉手。

Our first written question.

我們的第一個書面問題。

You identified product velocity as a key focus area. What specific metrics are you using to measure improvement in this area and what are your targets for increasing the pace of innovation?

您將產品速度確定為重點關注領域。您使用什麼具體指標來衡量這一領域的進步？您加快創新步伐的目標是什麼？

So, internally, we are looking on the velocity of delivery for engineering and product teams. From the outside, I would say higher level perspective, it's simply looking on our ability to deliver small weekly changes on our website platform and our application platform, and There were multiple improvements.

因此，在內部，我們正在關注工程和產品團隊的交付速度。從外部來看，我想說從更高層次的角度來看，它只是看我們在網站平台和應用程式平台上每週進行小幅更改的能力，並且有多項改進。

We were touching in previous question today, for example, to check out, but there are many other parts of the website where we released improvements, be it merchant pages, being it location or search, and we will simply continue and I believe, as we will be moving more and more technology to mobile next, we will see improvements in the face.

例如，我們今天在上一個問題中談到了結帳，但我們在網站的許多其他部分也發布了改進，無論是商家頁面、位置還是搜索，我們將繼續下去，我相信，隨著我們接下來將越來越多的技術轉移到移動設備上，我們將看到實際的改進。

And from a shareholder, and user customer perspective, both on the side of merchant and Consumer, simply, we want to make sure that they see that Groupon is changing and we will be seeing more and more features.

從股東和用戶客戶的角度來看，無論是商家還是消費者，我們都希望確保他們看到 Groupon 正在發生變化，並且我們將看到越來越多的功能。

We are working, for example, also on new maps because that's the functionality where we believe that we can provide much more value to our customers and there are a few more interesting projects, one more of which I can actually mention is search because search is one of key drivers of revenue and conversion, and we believe that it's possible to do much more with search versus what we have right now.

例如，我們也在開發新地圖，因為我們相信這項功能可以為客戶提供更多價值，此外還有一些更有趣的項目，其中我可以提到的一個是搜索，因為搜索是收入和轉化的關鍵驅動因素之一，我們相信，與現在相比，利用搜索可以做更多的事情。

Thank you, Dean. Looks like we have a follow-up question from Bobby Brooks from Northland Capital. Bobby, you can now unmute your line.

謝謝你，迪恩。看起來我們有一個來自 Northland Capital 的 Bobby Brooks 的後續問題。Bobby，你現在可以取消靜音了。

Hey guys, thanks for taking the follow-up question. So, in 4Q, kind of a key point was how the TOP5, the TOP5 metros in North America were up double digits on billings.

嘿夥計們，感謝你們回答後續問題。因此，在第四季度，一個關鍵點是北美前五個大都市的營業額如何實現兩位數成長。

Now, in the first quarter, that's expanded to the TOP10 metros of double digits. So I was curious, was this an expansion of the number, was this expansion of the number of cities seeing double digit growth a result of you expanding that go to market strategy to the new cities, or is that the, or is it maybe something where it was already happening in the other cities that you go to market, but now it's just starting to kind of take hold, right?

現在，在第一季度，這一數字已經擴大到兩位數的 TOP10 大都會。所以我很好奇，這是數量的擴大嗎？是你們將市場策略擴展到新城市的結果，還是，或者，這可能是你們進入的其他城市已經發生的事情，但現在才剛開始流行，對嗎？

Yeah, so, this is, something which is mainly about the timing, because when we were deciding where and how we will focus our sales capacities, which are unfortunately not unlimited, we were simply deciding what percentage of our workforce will be focusing on TOP5, what percentage will be focusing on TOP10. And because on TOP5.

是的，所以，這主要與時機有關，因為當我們決定將銷售能力集中在哪裡以及如何集中（不幸的是，銷售能力不是無限的），我們只是決定有多少比例的員工將專注於 TOP5，有多少比例的員工將專注於 TOP10。並且因為在TOP5上。

we simply had more capacity. We were able to see the growth, faster and the growth in our 10 cities simply came later, but, in general, we are not limiting, new deals and ourselves just to these TOP10 cities.

我們只是擁有了更多的容量。我們能夠看到更快的成長，而我們這 10 個城市的成長只是來得晚一些，但總的來說，我們不會將新交易和我們自己僅僅限制在這 TOP10 個城市。

We simply target all big cities in the United States, but unfortunately, due to lack of capacity, it simply takes longer with some cities. At the same time, we are with our one of key projects which we are running in sales, we are doubling down, mainly on the biggest locations because there is that compounding effect when you have enough customers, and at the same time, good density of high-quality deals, the pace of improvement is accelerating.

我們只是針對美國所有大城市，但不幸的是，由於容量不足，有些城市需要更長的時間。同時，我們正在加倍努力進行銷售中的一個關鍵項目，主要集中在最大的地點，因為當你有足夠多的客戶時，就會產生複合效應，同時，高品質交易的密度也很高，改進的步伐正在加快。

So I don't expect that we would be kind of covering TOP50 cities in the United States with the, let's say similar per capita sales force, I still expect that we will be pushing these top locations, and I would say TOP10 is a good number, more than the rest of the country. But we expect and we see performance improvement in all big cities being ahead of performance, in smaller cities and smaller locations.

因此，我並不期望我們能夠覆蓋美國 TOP50 個城市，假設人均銷售人員相似，我仍然希望我們能夠推廣這些頂級地點，而且我會說 TOP10 是一個不錯的數字，比該國其他地區都要多。但我們預計，並且我們看到所有大城市的業績改善都領先於小城市和小地區的業績改善。

Got it. And then just like kind of piggybacking on that, I think it's clear that you're taking, you're switching from, kind of a defense to offense. Is it right for me to think and I, on the last call, you, it was mentioned that like, hey, like we're still kind of tweaking the go to market strategy.

知道了。然後就像搭便車一樣，我認為很明顯你正在從防守轉向進攻。我這樣想對嗎？在上次通話中，您提到，嘿，我們仍在調整行銷策略。

So like taking those two things into account, it seems like you've kind of figured out the, you've kind of unlocked the right go to market strategy and kind of those your response the last time. Is it right for me to think now this like I.

因此，考慮到這兩件事，看起來你已經想通了，你已經找到了正確的市場進入策略，這也是你上次做出的反應。我現在這樣想對嗎？

Was mentioning in opening remarks also some organizational changes which we did and mainly in this regard, this is about Barbara Weisz, being promoted and Filip Popovic being promoted and, this do will create very powerful team where Philip is bringing, category management and very deep and high, analytical skills, helping, our hyper Geo approach to add also not only where we need, deals, but what exactly are the deals, what should be Profit margin structure, what should be the pricing structure.

在開幕詞中也提到了我們所做的一些組織變革，主要涉及芭芭拉·薇姿 (Barbara Weisz) 和菲利普·波波維奇 (Filip Popovic) 的晉升，這將創建一個非常強大的團隊，菲利普將帶來品類管理和非常深入和高級的分析技能，幫助我們的超地理方法應該增加我們需要的交易，不僅增加交易是什麼樣，利潤的結構到底應該是什麼樣的結構應該是什麼樣的結構。

So, yeah, we are doubling down on this. I believe that the approach which we took since early last year is the right one, but we are improving every quarter. And right now, the structure which we have is combination of local understanding or Hyper Geo. You understand with also understanding and people who understand categories, because, like the massage is performing differently versus Botox or some other product.

是的，我們正在加倍努力。我相信我們自去年年初以來採取的方法是正確的，但我們每個季度都在進步。現在，我們所擁有的結構是局部理解或超地理的組合。您和理解類別的人也理解，因為按摩的效果與肉毒桿菌或其他產品不同。

And now we have people who understand what the issues for merchants in this category are so that we can prepare a better product, which is a win-win for both Groupon and the merchants.

現在我們有人了解這個類別的商家面臨的問題，這樣我們就可以準備更好的產品，這對 Groupon 和商家來說是雙贏的。

Got It, so it's fair to say like, Pedal to the metal. Now it's not kind of just as focusing on a couple different cities. Obviously, the bigger cities are the more focused, but it's taking this go to market strategy everywhere Groupon is now.

明白了，所以可以說，全力以赴。現在它不再只關注幾個不同的城市。顯然，城市越大，關注度就越高，但 Groupon 現在在各個市場都採取了這種市場策略。

That's true. At the same time, there is still plenty of work ahead of us. So, we are definitely not in the finish line. But I believe that we are progressing very well and the trajectory which we are on is a really good one.

這是真的。同時，我們面前還有大量的工作要做。所以，我們肯定還沒到終點。但我相信，我們的進展非常順利，我們所走的軌跡也非常好。

I agree with that and congrats on the great quarter and looking forward to the continued progress. I'll return to the queue. Thanks guys.

我同意這一點，並祝賀本季度取得的出色成績，並期待繼續取得進展。我會回到隊列。謝謝大家。

Thank you very much.

非常感謝。

Thank you, Bobby. We'll go back to another written question. Many companies are integrating AI into their operations and product offerings. How was Groupon leveraging AI and what impact do you expect to have on your business over the next 12 to 24 months?

謝謝你，鮑比。我們將回到另一個書面問題。許多公司正在將人工智慧融入其營運和產品供應中。Groupon 如何利用人工智慧？您預計未來 12 到 24 個月內人工智慧會對您的業務產生什麼影響？

So, AI is one of my favourite topics, I see for Groupon many opportunities going forward. It can definitely help us in our sales part were going forward, I believe that at least the initial communication with our merchant partners can be done by AI.

所以，人工智慧是我最喜歡的話題之一，我看到 Groupon 未來有很多機會。它絕對可以幫助我們未來的銷售工作，我相信至少與我們的商家合作夥伴的初步溝通可以透過人工智慧來完成。

We heavily investing also into the AI tool, which is analysing which deals are working in certain environments and the output of this, which should be coming in next one or Q2 quarters will be a significant improvement of our capability to help merchants to Design the right deal, right pricing, which will be working on Groupon for them.

我們還對人工智慧工具進行了大力投資，該工具可以分析哪些交易在特定環境下有效，其輸出結果將在下個季度或第二季度公佈，這將顯著提高我們幫助商家設計正確交易和正確定價的能力，這將有利於 Groupon 為他們服務。

Then definitely in engineering and technology, you can expect that, with, AI and the push into AI, we can see significantly improved, efficiency and then in terms of, business, we actually see a move, on Google and other search engines, using what they call AI snippets. And we are making sure that our website and platform is ready so that when customers will be searching on whatever location it will be in the future, Groupon will be able to provide information compatible with AI driven search, so that they can, so that they can directly go to Groupon and finalize the transaction or in the future, most likely it will be possible that agents will finalize the transaction.

那麼在工程和技術領域，你可以預期，隨著人工智慧和人工智慧的推動，我們可以看到效率的顯著提高，然後在商業方面，我們實際上看到了谷歌和其他搜尋引擎使用他們所謂的人工智慧片段的舉動。我們正在確保我們的網站和平台已經準備就緒，以便將來客戶無論在何處進行搜索時，Groupon 都能夠提供與人工智能搜索兼容的信息，這樣他們就可以直接前往 Groupon 完成交易，或者在未來，最有可能的是，由代理商完成交易。

Even in this, we see very interesting trends where, in some areas, AI is really picking up, very quickly, and we see some drop in traffic, but on the other hand, we are, we see dramatic improvement in convergence, meaning that customers who are using AI and who see these AI snippets presenting the deal features price, if they come to Groupon, it's much highly likely that they will finalize the transaction.

即使在這種情況下，我們也看到了非常有趣的趨勢，在某些領域，人工智慧確實正在迅速發展，我們看到流量有所下降，但另一方面，我們看到融合的顯著改善，這意味著使用人工智慧並看到這些呈現交易特徵價格的人工智慧片段的客戶，如果他們來到 Groupon，他們很可能會完成交易。

And maybe just one last touch over the next 12 to 24 months. We just want to make sure that Groupon will be compatible with all major AI platforms that it will be possible to have some kind of MCP connectors or something like that, whatever technology will be, or standard will be in the future. So, it will be easy for AI engines to connect to Groupon and provide Groupon inventory to customers who are using AI.

也許只是未來 12 到 24 個月內的最後一次接觸。我們只是想確保 Groupon 能夠與所有主要的 AI 平台相容，這樣它就有可能擁有某種 MCP 連接器或類似的東西，無論未來的技術或標準是什麼。因此，AI 引擎可以輕鬆連接到 Groupon 並向使用 AI 的客戶提供 Groupon 庫存。

Thank you, Duson.

謝謝你，杜森。

Let's go back to our queue. We have a follow up from Sean McGowan. Sean, you can now unmute your line.

讓我們回到我們的隊列。我們收到了 Sean McGowan 的後續報導。肖恩，你現在可以取消靜音了。

Thank you. I wanted to ask a couple of questions about the gift cloud sale, specifically, how did the price that you got compared to what you had expected, when you first identified it as a non-core asset that you would look to sell, should we expect a one-time gain, was it significantly higher than the cost basis, and then, related to that sale.

謝謝。我想問幾個關於禮品雲銷售的問題，具體來說，當您第一次將其確定為要出售的非核心資產時，您獲得的價格與您的預期相比如何，我們是否應該預期一次性收益，它是否明顯高於成本基礎，然後，與那次銷售有關。

Do the terms of the recent convert offering restrict what you can do with those proceeds, or was that restriction limited to sum up?

最近的轉換發行條款是否限制了您可以使用這些收益做什麼，或者這種限制僅限於總結？

I can take the first part maybe if you can take the second part, on the first part when we were first, doing like estimations of, how much we can make, or gain from, these non-core assets. Our estimation was in line, actually, with what we got from Gift cloud.

我可以討論第一部分，如果你可以討論第二部分，那麼關於第一部分，我們首先進行的是估算，我們可以從這些非核心資產中賺取多少利潤。事實上，我們的估計與我們從 Gift Cloud 獲得的資訊一致。

But, at the same time, I would like to mention that what we got was on the very high end of the range which we had for the sale. So, stating that I'm very happy with the deal itself. I think it's a great deal for gift cloud and gift cloud employees and I think it's a great deal also for Groupon because the gift cloud was simply completely different business to what Groupon is doing, and it will allow part of the management to focus on other growth opportunities And, usually Yeah at least we have a problem.

但同時，我想說的是，我們所得到的產品是我們銷售範圍內的最高價。所以，我對這筆交易本身非常滿意。我認為這對禮品雲和禮品雲員工來說是一件大事，我認為這對 Groupon 來說也是一件大事，因為禮品雲與 Groupon 所做的業務完全不同，它將使部分管理層能夠專注於其他增長機會，而且通常情況下，是的，至少我們有一個問題。

If I will, if, I, if I will comment, about our proceeds versus our 2027 bonds, we are allowed to use up to 20 million of proceeds from any, non-core asset sale.

如果我願意，如果，如果我願意評論我們的收益與 2027 年債券的收益，我們可以從任何非核心資產出售中使用高達 2000 萬美元的收益。

So it means, those money will, strengthen our position of, cash position and of Q2.

所以這意味著，這些錢將加強我們的現金狀況和第二季的狀況。

Okay, great. And will, would there be a one-time gain then, booked in the 2nd quarter?

好的，太好了。那麼，第二季是否會出現一次性收益呢？

It's Yeah, it's a discontinued operation, so it will not be EBITDA if you are asking for this this question.

是的，這是一項已停止的業務，因此如果您問的是這個問題，它不會是 EBITDA。

No, I was wondering if there would be, in the even add back, would there be a one-time gain, like a couple million bucks or whatever. I don't know what the cost basis was of it, so I'm just trying to.

不，我想知道即使加回去，是否會有一次性收益，例如幾百萬美元之類的。我不知道它的成本基礎是多少，所以我只是嘗試一下。

Anticipate, the transactions in Q2, so, we will, still under consideration and we will report it in Q2. It's Q2 ears.

預計第二季的交易，因此，我們仍將考慮，並將在第二季報告。是Q2耳朵。

All right, thank you.

好的，謝謝。

Thank you, Sean. We'll go back to written questions.

謝謝你，肖恩。我們將回到書面問題。

You've highlighted a shift in marketing focus from acquisition to lifetime value. Can you discuss this shift more and what early results are you seeing from initiatives like your Wow Deal pilot?

您強調了行銷重點從獲取到終身價值的轉變。您能否進一步討論這種轉變，以及您從 Wow Deal 試點等舉措中看到了哪些早期成果？

Yeah. So, my view of where we stand with Groupon is that we are extremely successful in terms of, customer acquisition, which is actually, must have if we want to build, really marketplace which is sustainable and growing in the long run.

是的。所以，我認為 Groupon 在客戶獲取方面非常成功，如果我們想建立一個真正可持續、長期成長的市場，這一點至關重要。

At the same time, we are simply not happy with, purchase frequency, which we see for customers on a Groupon and that's why our Internal priority for the whole company.

同時，我們對 Groupon 上顧客的購買頻率感到非常不滿意，這也是我們整個公司內部優先考慮的事情。

Number one priority is retention It's retention also on merchant side, to make cooperation with Groupon sustainable, but it's definitely retention also, for customers, meaning we want to, find a way how to deliver more value to them and have more offers. And one of projects which we are running in, under this like strategy. Umbrella is Wow deal pilot where we took a very popular food and drink brand and we were promoting gift card for, from, for this food and drink brand to several customer segments within Groupon.

首要任務是留住顧客。對商家來說，留住顧客也很重要，這樣才能確保與 Groupon 的合作可持續。對顧客來說，留住顧客也很重要，這意味著我們要找到一種方法，為他們提供更多價值，並提供更多優惠。我們正在運行的一個專案就遵循了類似的策略。Umbrella 是 Wow deal 的試點項目，我們選擇了一個非常受歡迎的食品和飲料品牌，並向 Groupon 內的幾個客戶群推廣該食品和飲料品牌的禮品卡。

And in some cases, we saw even over 25% take rate of that offer, which was extremely encouraging, but at the same time, it makes complete sense because food and drink, is an area where you can expect the highest purchase frequency.

在某些情況下，我們甚至看到該優惠的接受率超過 25%，這非常令人鼓舞，但同時，這也是完全合理的，因為食品和飲料是購買頻率最高的領域。

And based on the results of this initial pilot, which started already in Q4 2024, right now, we are expanding it so that we build, Set or a couple of these like wow top grade deals which will, we will be offering to our customers to just create a habit that they will do 2 or 3 transactions on Groupon and they will simply start coming to Groupon for certain types of services.

基於這項於 2024 年第四季度開始的初步試點的結果，現在，我們正在擴大試點範圍，以便我們建立、設置或推出一些類似“哇哦”的頂級優惠，我們將為客戶提供這些優惠，讓他們養成在 Groupon 上進行 2 到 3 筆交易的習慣，然後他們就會開始在 Groupon 上購買某些類型的服務。

So, it will be an initiative which, will take a long time, but the earlier results, which we are seeing and especially the initial 1st pilot is extremely encouraging for me. The results were above what, at least I was personally expecting.

因此，這將是一項需要很長時間的舉措，但我們所看到的早期成果，特別是最初的第一次試點，對我來說非常令人鼓舞。結果超出了至少我個人的預期。

Thank you, Dusan. There are no other questions. This concludes our call for today.

謝謝你，杜桑。沒有其他問題。今天的通話到此結束。

Thank you everyone for joining. For additional information, please go to investor.groupon.com.

感謝大家的參與。如需更多信息，請訪問 investor.groupon.com。