Groupon Inc (GRPN) 2025 Q2 法說會逐字稿

Hello, and welcome to Groupon's second quarter 2025 financial results conference call. On the call today, our Chief Executive Officer, Dusan Senkypl; Chief Financial Officer, Jiri Ponrt; and Senior Vice President of Finance, Rana Kashyap. (Operator Instructions) The company has posted earnings materials, including earnings commentary on the company's Investor Relations website at investor.groupon.com. Today's conference call is being recorded.

您好，歡迎您參加 Groupon 2025 年第二季財務業績電話會議。今天參加電話會議的有我們的執行長 Dusan Senkypl、財務長 Jiri Ponrt 和財務高級副總裁 Rana Kashyap。（操作員指示）本公司已在其投資者關係網站 investor.groupon.com 上發布了包括收益評論在內的財報資料。今天的電話會議正在錄音中。

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, August 7, 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今天（2025 年 8 月 7 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 obligations 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 press release and in its filings with the SEC, including its quarterly report on Form 10-Q.

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，包含在公司的新聞稿和向美國證券交易委員會提交的文件（包括 10-Q 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. 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.

我們鼓勵投資者使用 Groupon 的投資者關係網站 investor.groupon.com 來輕鬆找到有關該公司的資訊。Groupon 會及時在此網站發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 the filings of 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 GAAP 財務指標：調整後的 EBITDA 和自由現金流。在 Groupon 的新聞稿和美國證券交易委員會 (SEC) 的文件中（兩者都發佈在其投資者關係網站上），您可以找到有關這些非 GAAP 指標的額外揭露，包括這些指標與美國 GAAP 下最可比較指標的對帳。

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

在我們進入問答環節之前，我想請杜桑 (Dusan) 先講幾句開場白。

Hello, and thanks for joining us for our second quarter of 2025 earnings call. It is a pleasure to be with all of you. Yesterday, after the market closed, we released our earnings and posted our earnings commentary on our Investor Relationships website. 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.

您好，感謝您參加我們的 2025 年第二季財報電話會議。很高興和大家在一起。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。今天，我的計劃是做一個簡短的開場白，然後開始提問。兩份報告均來自我們的分析師的現場報道，其中幾份是提前提交的。

For more details on our quarterly performance, I encourage you to read our earnings commentary. In addition, I encourage you to review our press release and 10-Q, which contain more detail on our fourth quarter and full year results.

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。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四季度和全年業績的更多詳細資訊。

I am pleased to report our strong quarter of accelerating growth. Global buildings grew 12% year over year, marking continued acceleration in our growth trajectory. This was driven by strong performance in our core local category, with North America Local Billings up 20% year over year and International Local Billings excluding Italy and Giftcloud, up 15% year over year.

我很高興地報告我們本季強勁的成長勢頭。全球建築年增12%，標誌著我們的成長軌跡持續加速。這是由於我們核心本地類別的強勁表現所推動的，其中北美本地賬單同比增長 20%，不包括意大利和 Giftcloud 的國際本地賬單同比增長 15%。

Combined, our core local category excluding Italy and Giftcloud grew 19% and now represents nearly 90% of our billings. This validates the scalability of our marketplace transformation playbook and keeps us on track toward our target of accelerating global billing's growth to over 20% by 2027.

總體而言，除義大利和 Giftcloud 之外，我們的核心本地類別成長了 19%，目前占我們營業額的近 90%。這驗證了我們的市場轉型策略的可擴展性，並使我們朝著 2027 年將全球帳單成長率加速到 20% 以上的目標邁進。

We generated strong positive free cash flow of $25 million, demonstrating our ability to drive profitable growth while investing in our platform and team. We also announced a proactive refinancing that meaningfully simplifies our capital structure and eliminates constraints, putting Groupon in a position to play offense.

我們產生了 2500 萬美元的強勁正自由現金流，證明了我們在投資平台和團隊的同時推動獲利成長的能力。我們還宣布了一項積極的再融資計劃，這將顯著簡化我們的資本結構並消除限制，使 Groupon 能夠主動進攻。

Our hyperlocal strategy continues to deliver strong results. Our North America enterprise brands had an exceptionally strong quarter, with 26 brands generating over $1 million in quarterly billings, representing 53% year-over-year growth. North America Things To Do delivered strong double-digit growth for the sixth consecutive quarter, demonstrating market leadership during the crucial summer season with particular strength in amusement parks, water parks, and multi-attraction tour passes.

我們的超在地化策略持續取得強勁成果。我們的北美企業品牌本季表現異常強勁，其中 26 個品牌的季度營業額超過 100 萬美元，較去年同期成長 53%。北美遊玩計畫連續第六個季度實現強勁的兩位數成長，在關鍵的夏季展現出市場領導地位，尤其在遊樂園、水上樂園和多景點旅遊通票方面表現強勁。

On the leadership front, I'm excited to announce that effective September 1, Jiri Ponrt will assume the role of Chief Operating Officer, and Rana Kashyap will become our next Chief Financial Officer. Both have been instrumental in our transformation since joining in early 2023. And these changes reflect our commitment to developing leaders from within as we build toward our next chapter of growth.

在領導方面，我很高興地宣布，自 9 月 1 日起，Jiri Ponrt 將擔任首席營運官，Rana Kashyap 將成為我們的下一任財務長。自 2023 年初加入以來，兩人都為我們的轉型發揮了重要作用。這些變化反映了我們在邁向下一階段成長的道路上從內部培養領導者的承諾。

Looking ahead, we are raising our full year billings guidance from 3% to 5% and 7% to 9% growth, reflecting the strong momentum we are seeing across our business. We see multiple levers driving accelerating growth and remain confident we are building the foundation for sustained long-term value creation.

展望未來，我們將全年營業額成長預期從 3% 上調至 5%，從 7% 上調至 9%，這反映了我們整個業務所看到的強勁勢頭。我們看到了推動加速成長的多種槓桿，我們仍然相信我們正在為持續的長期價值創造奠定基礎。

We are still in the early innings of a large opportunity to build a hyperlocal experienced marketplace that combines trust, curation, quality, and unbeatable value with the network effects and unique economics of modern marketplaces. 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 our continued commitment to our mission and to our transformation has been really great.

我們仍處於一個巨大機會的早期階段，可以建立一個超本地化的體驗市場，將信任、策展、品質和無與倫比的價值與現代市場的網路效應和獨特經濟相結合。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，我們對我們的使命和轉型的持續承諾確實很棒。

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

現在，讓我們開始提問。

Sean McGowan, Roth Capital Partners.

麥高恩 (Sean McGowan)，羅斯資本合夥公司 (Roth Capital Partners)。

Hi, can you hear me, okay?

嗨，你聽得到我說話嗎？

Yes, we can.

是的，我們可以。

Great, thank you. You mentioned in the commentary that you issued yesterday that you are seeing, AI generated traffic or searches. Can you just elaborate a little bit more on that? Is that incremental -- you think you are getting like incremental traffic and business from that? And what is it that makes that more valuable?

太好了，謝謝。您在昨天發表的評論中提到，您看到人工智慧產生了流量或搜尋。您能否對此進行更詳細的說明？這是增量的嗎—您認為您會從中獲得增量流量和業務嗎？那麼是什麼讓它更有價值呢？

Thank you, Sean, for the question. Based on how we currently review, we believe that the traffic coming from AI is more as an incremental. And I really see AI traffic as a tailwind to us. We are spending a lot of resources on building the platform in a way that we are a great partner for AI driven companies. I'm a big believer that the traffic is moving, and people are changing behaviour and they will be using AI more and more.

謝謝肖恩提出的問題。根據我們目前的審查情況，我們認為來自人工智慧的流量更多的是增量。我確實認為人工智慧流量對我們來說是順風。我們投入了大量資源來建立平台，以便成為人工智慧驅動型公司的優秀合作夥伴。我堅信交通在不斷變化，人們的行為不斷改變，他們將越來越多地使用人工智慧。

And I actually see, Groupon positioned very well in this because we have a very unique offer and we can be a gateway for many merchants to be part of this AI economy as to call it. And yes, we are growing with pretty much zero-base last year because this is extremely developing. But overall, we see it as a positive trend with really very, very strong double-digit growth every month.

事實上，我看到 Groupon 在這方面的定位非常好，因為我們提供非常獨特的服務，而且我們可以成為許多商家參與所謂的人工智慧經濟的門戶。是的，去年我們的成長幾乎是零基數，因為這是一個極為重要的發展階段。但總體而言，我們認為這是一個正面的趨勢，每個月都呈現非常強勁的兩位數成長。

At the same time, this is a new field, which is not always easy to measure and there are no like standards in general. So we see on the market various numbers from different types of companies. So I would like to emphasize that still it's a small part of our traffic, but it's the type of traffic which we believe will grow significantly and will grow also in terms of impact on overall Groupon performance.

同時，這是一個新領域，並不總是容易衡量的，而且一般沒有類似的標準。因此，我們在市場上看到不同類型的公司提供的各種數據。因此我想強調的是，這仍然只是我們流量的一小部分，但我們相信這種流量將會大幅成長，對 Groupon 整體表現的影響也會成長。

Thank you. Do I have a chance to ask another question at this point? Yeah, okay. If you can talk a little more generally about the efforts that you've been making over the last couple of years to get merchants more engaged and to see more repeat business. Can you talk a little bit about progress there?

謝謝。我現在還有機會問另一個問題嗎？嗯，好的。您能否更概括地談談過去幾年來您為吸引更多商家參與並獲得更多回頭客所做的努力。您能談談那裡的進展嗎？

Yeah. So we are talking about the merchant relationship and the way how we are doing the sales pretty much since I joined the Groupon, and we have different views and different angles how we are looking at it. But in general, I consider Groupon like an amazing platform for merchants in general, because we are performance-based platforms.

是的。自從我加入 Groupon 以來，我們就一直在討論商家關係以及我們的銷售方式，我們對此有不同的看法和角度。但總的來說，我認為 Groupon 對商家來說是一個很棒的平台，因為我們是基於績效的平台。

So which means that we are getting paid only when merchants are getting paid and this is very important when you are advertising on other platforms, typically, you have to pay for traffic and then you hope that you will be able to optimize. So in general, our long-term positioning is very strong with merchants. We are still in the process of transformation of our salesforce to be partners to merchants.

這意味著只有當商家獲得報酬時我們才會獲得報酬，當您在其他平台上做廣告時，這一點非常重要，通常您必須為流量付費，然後您希望能夠進行優化。所以總的來說，我們對於商家的長期定位非常強。我們的銷售團隊仍在轉型為商家的合作夥伴。

We are now looking on Groupon not as a one marketplace when one size fits all, but internally, we are talking about like triple digit number of micro categories on Groupon. We want to understand one by one, understand how the economy for merchants works, and then be their partners and helping them to create campaigns which, will make sense both for merchants, but also for marketplace.

我們現在不再將 Groupon 視為一個千篇一律的市場，而是在內部討論 Groupon 上三位數的微類別。我們希望逐一了解商家的經濟運作方式，然後成為他們的合作夥伴，幫助他們創造對商家和市場都有意義的活動。

And this applies actually across the board. We were in our commentary talking about very strong performance in the national enterprise segment. And what I was describing works both with small businesses, but at the same time, it works with large national enterprise partners where sometimes the discussion is even easier and faster because they really understand performance. They understand how much they are paying with other marketplaces or advertising platforms, which they are using. And when we understand their needs, then we can be a great partner for them.

這實際上適用於所有領域。我們在評論中談到了國家企業部門的強勁表現。我所描述的方法不僅適用於小型企業，同時也適用於大型國家企業合作夥伴，有時討論會變得更容易、更快捷，因為他們真正了解績效。他們了解他們在使用的其他市場或廣告平台上支付了多少錢。當我們了解他們的需求時，我們就能成為他們優秀的合作夥伴。

Also, I would say that in the last 12 months, we made huge progress on understanding what is going on the platform. So right now -- and we are starting with these like large partners, we can come to them and explain and show them what the data are showing about the incrementality of the business, like whether customers coming from Groupon would come to where either websites or properties without Groupon or not showing the behaviour, how they were making the decision process. And these data are actually very positive for -- in the way how we are presenting and showing Groupon value. And then it helps us grow the business with merchants more.

另外，我想說，在過去的 12 個月裡，我們在了解平台現狀方面取得了巨大進展。所以現在——我們從這些大型合作夥伴開始，我們可以向他們解釋並向他們展示數據所顯示的有關業務增量的信息，比如來自 Groupon 的客戶是否會訪問沒有 Groupon 或沒有表現出這種行為的網站或場所，他們是如何做出決策的。這些數據實際上對於我們呈現和展示 Groupon 價值的方式非常有利。這有助於我們與商家進一步發展業務。

Thank you. I will jump back in the queue.

謝謝。我將重新回到隊列中。

Bobby Brooks, Northland Capital.

布魯克斯（Bobby Brooks），北國資本（Northland Capital）。

Hey, good morning, team. And first, I just want to congratulate Rana on moving to the CFO role and you are taking over the COO role. So kind of piggybacking on the AI questions, it was really interesting to hear that the AI powered search is showing strong signs of growth, albeit off a small base.

嘿，早上好，團隊。首先，我要祝賀 Rana 出任財務官，並接任營運長。因此，借助人工智慧問題，聽到人工智慧搜尋顯示出強勁的成長跡象真的很有趣，儘管基數較小。

But two-part question. First, of that notable growth that you have seen so far, is that mostly just these AI search engines sort of organically picking up your deals? Or have you made intentional enhancements to your listings to try to pick up this traffic? And then second, just wanted to hear how you plan internally to further accelerate that traffic coming from this channel.

但問題分為兩部分。首先，到目前為止您所看到的顯著成長，是否主要是這些人工智慧搜尋引擎以有機的方式挑選出您的交易？或者您是否有意增強了您的清單以嘗試吸引這些流量？其次，我只是想聽聽你們內部計畫如何進一步加速來自這個管道的流量。

Yeah. So internally, we are looking on AI together with SEO because as you know Google is significantly changing the behaviour of search result pages, how we are looking and put in more and more content and keeping the people much more on their website versus sending them to us. So what we see in SEO that -- is that we have pretty much steady performance, which actually is a great win because there are plenty of companies which are really facing headwinds right now because the traffic goes down.

是的。因此，在內部，我們將人工智慧與 SEO 結合起來考慮，因為正如你所知，谷歌正在顯著改變搜尋結果頁面的行為，我們如何看待和投入越來越多的內容，並讓人們更多地留在他們的網站上，而不是將他們發送給我們。因此，我們在 SEO 中看到的是——我們的表現相當穩定，這實際上是一個巨大的勝利，因為有很多公司現在確實面臨阻力，因為流量下降。

What we see is that we have declining traffic. However, people are making and spending a little bit more time in decision making on Google, for example, and then coming to Groupon and they have simply higher conversion. So in SEO part, which also partially includes AI through these AI snippets, we are holding study, which I consider great results.

我們看到的是流量正在下降。然而，人們在 Google 等網站上做決定時花費的時間更多一些，而當他們來到 Groupon 時，轉換率就更高了。因此，在 SEO 部分，其中也部分包括透過這些 AI 片段的 AI，我們正在進行研究，我認為這取得了很好的結果。

And then we see the part where people are starting their search in a AI engines being it perplexity OpenAI and others. And we are investing into our platforms so that Groupon is providing proper results so that they can directly link us as a source to the recommendation and we will be discussing what I can do with my kids over the weekend that Groupon is included, and this part is growing, and I see this trend of moving people towards AI search as very strong and it just accelerates.

然後我們看到人們開始在人工智慧引擎中進行搜索，其中包括困惑 OpenAI 和其他引擎。我們正在投資我們的平台，以便 Groupon 提供正確的結果，這樣他們就可以直接將我們作為推薦來源鏈接，我們將討論在 Groupon 加入後我可以和孩子們在周末做些什麼，這部分正在增長，我看到這種將人們轉向人工智能搜索的趨勢非常強勁，而且還在加速。

And how we look at it from the mid-term and long-term perspective, yes, we are investing into our platform so that our platform is good citizen and partner in this AI world. We plan to be part of the pilot program, for example, with open AI so that in -- as they will be developing their product, it will be even possible to book Groupon experiences and deals directly through AI agent.

從中期和長期來看，是的，我們正在投資我們的平台，以便我們的平台成為這個人工智慧世界的好公民和好合作夥伴。例如，我們計劃參與試點項目，採用開放人工智慧，這樣，當他們開發自己的產品時，甚至可以透過人工智慧代理直接預訂 Groupon 體驗和交易。

And this is the -- in my opinion, the direction where AI is heading. It will take some time, but I expect that it will be really like an executive assistant for people where they will be using voice, talking, discussing with AI what to do. And e-commerce players who want to be really playing important part in this ecosystem need to support it so that it's easy for AI platform to do the booking, do the orders, and find all the relevant information. And this is one of the internal focuses of Groupon to play really well.

在我看來，這就是人工智慧的發展方向。這需要一些時間，但我希望它能真正成為人們的行政助理，人們可以使用語音、對話並與人工智慧討論要做什麼。而想要在這個生態系統中真正發揮重要作用的電子商務參與者需要支援它，以便人工智慧平台可以輕鬆地進行預訂、下訂單並找到所有相關資訊。這也是 Groupon 內部要重點做好的事情之一。

And maybe the last remark on this. I believe that we are positioned very well also from the perspective that we have unique inventory. There are many companies which pretty much have commodity inventory which you can buy on other places, but Groupon has a unique deals which are not available anywhere else, typically on the internet. And in this point, it's a major, major advantage for us to be even, I would say, preferred partner for AI companies in certain segments.

這也許就是關於這一點的最後一則評論。我相信，從我們擁有獨特庫存的角度來看，我們的定位也非常有利。許多公司都有許多可以在其他地方購買的商品庫存，但 Groupon 擁有獨特的優惠，這些優惠是其他任何地方（通常是網路）都無法獲得的。從這一點上來說，我們有很大的優勢，甚至可以說，我們是某些領域人工智慧公司的首選合作夥伴。

Appreciate that detail. And just to confirm, so it seems like the uptake in traffic that you've seen so far is sort of a mix of just organic and enhancements that you've made to the platform?

感謝這個細節。只是為了確認一下，所以到目前為止您看到的流量增長似乎是自然增長和您對平台所做的增強的混合？

I would say that in SEO, we have -- we can, let's say maintain our numbers because of new platform which we have, which is able to provide better and better results from Google. And then there is the part focusing on what you can get internally in ChatGPT and others, which is, I would say, additional technological development, which our platform is capable of providing right now. And that part is the growth, which we were talking about in our commentary. This part, although starting with very low and small base, it's growing 50% month over month.

我想說，在搜尋引擎優化方面，我們可以維持我們的數字，因為我們有新的平台，它能夠從谷歌提供越來越好的結果。然後還有一部分重點介紹您可以在 ChatGPT 和其他平台內部獲得什麼，我想說，這是我們平台現在能夠提供的額外技術開發。這部分是成長，我們在評論中談到了這一點。這部分雖然起始基數很低且很小，但月環比成長 50%。

Got it. And then the next one for me is, you guys talked about how you mentioned over 200 micro categories within the North American local segment where you feel you can execute your go to market strategy. Could you just provide some context on that? Like maybe what would be helpful is how many micro categories did you feel you successfully pursued within second quarter, that will result in -- that were reflected in second quarter results?

知道了。然後對我來說下一個問題是，你們談到如何提到北美本地細分市場中的 200 多個微類別，您認為您可以在其中執行行銷策略。您能否提供一些相關背景資訊？也許有幫助的是，您認為您在第二季度成功實現了多少個微類別，這將導致 - 這些反映在第二季度的業績中？

So we are trying to improve across the board. However, it will be a long-term process and we were mentioning that we are really in the beginning in many areas that we see that if we do a deep dive, we have a category manager in some segment, and we really understand the merchants, we understand their economy. We understand really in depth what customers are asking for, then it allows us to accelerate.

因此我們正在努力全面改進。然而，這將是一個長期的過程，我們提到，我們在許多領域才剛起步，如果我們深入研究，就會發現我們在某些領域有品類經理，我們真正了解商家，了解他們的經濟狀況。我們真正深入了解了客戶的需求，這使我們能夠加快速度。

So we have several categories and I believe we were mentioning, for example, the airport parking, we were mentioning categories which maybe you would not expect on Groupon, like all exchange, for example, where we work very closely to have proper supply on one side. But at the same time, we are into product and again thanks to the better platform which we have now available. We can start customizing the user interface, so that it includes features which are important for decision-making process.

因此，我們有幾個類別，我相信我們提到過，例如機場停車，我們提到的類別可能是您在 Groupon 上不會想到的，例如所有交易，我們密切合作以確保一方面有適當的供應。但同時，我們也專注於產品，並再次感謝我們現在擁有的更好的平台。我們可以開始自訂使用者介面，以便它包含對決策過程很重要的功能。

To give you a very simple example, there are categories where image is not important at all when you are, for example, deciding on the oil exchange, the picture is very small part of the decision-making process, while there are categories where simply, you need to know how the place where you will go looks like, how it will be, the feelings, emotions. So we are able to go on that level, both with merchants, but right now, also with the consumer to customize the user experience.

舉一個非常簡單的例子，有些類別中圖像根本不重要，例如，當你決定進行石油交易時，圖片只是決策過程中很小的一部分，而有些類別中你只需要知道你要去的地方是什麼樣子，它會是什麼樣的，感覺，情緒。因此，我們不僅能夠與商家合作，而且現在還可以與消費者合作，以客製化用戶體驗。

And it will be -- this will be pretty much never-ending process. Like, there are many marketplaces which really focus on one category and it is much easier for when we have, as I said, right now internally, our structure shows 200 categories. This is by far not the final number. We may end up with less or more, but it will take time really to go deeper and deeper. We have several categories which we pre-selected and focus on them to prove the concept, which -- where we have very good results. But then we will probably improve pretty much each of them to a certain level and do iterations.

而且這將是——這將是一個幾乎永無止境的過程。就像，有很多市場真正專注於一個類別，當我們擁有時，這會容易得多，正如我所說，現在在內部，我們的結構顯示 200 個類別。這遠非最終數字。我們最終可能會得到更多或更少，但要真正深入下去則需要時間。我們預先選定了幾個類別，並專注於它們來證明這個概念，並且取得了非常好的成果。但隨後我們可能會對它們中的每一個進行改進，達到一定水平並進行迭代。

That's super helpful. And then just one last one for me with the refinancing that you guys did in your quarter, that obviously allows you to step back into your buyback. Just curious to hear any thoughts on when that might make sense for you guys to do it? Or just maybe triggers that you would be looking for to then step into -- start to repurchase shares?

這非常有幫助。最後我想問一下，你們在本季進行的再融資顯然可以讓你們重新開始回購。我只是好奇想聽聽你們對於什麼時候做這件事才合理的看法？或者也許只是您想要尋找的觸發因素，然後開始回購股票？

So like the -- maybe I can take this one, is that I look at this through the lenses of value creation. So we are here, and our main responsibility is to grow value for our shareholders. I believe that we are in very good position, and we want to maintain going forward optimal and resilient balance sheet.

所以就像——也許我可以接受這一點，我透過價值創造的角度來看這個問題。所以我們在這裡，我們的主要責任是為股東創造價值。我相信我們處於非常有利的地位，我們希望繼續保持最佳且有彈性的資產負債表。

And right now, I see two areas, which we are looking into it. First, as you mentioned, is share repurchases. Right now, we have an existing share buyback authorization in place, which has $245 million available for repurchases. And while buybacks will always remain an important consideration, we will deploy capital here only when it represents a really highly attractive use of funds.

目前，我看到兩個我們正在研究的領域。首先，正如您所提到的，是股票回購。目前，我們已有股票回購授權，其中 2.45 億美元可供回購。儘管回購始終是一個重要的考慮因素，但只有當它代表著真正極具吸引力的資金用途時，我們才會在這裡部署資本。

The second part to the story, M&A opportunities. During my career, I let like dozens of acquisitions, and I understand both the opportunity and the risk associated with inorganic strategies. And while we will remain open to strategically aligned acquisitions that enhance our market position and capabilities, we will do it only with discipline to make sure that it brings value. So these are both share repurchases and M&A opportunities are something which we are looking into very deeply and we want to make right decisions here.

故事的第二部分，併購機會。在我的職業生涯中，我經歷了數十次收購，我了解無機策略帶來的機會和風險。雖然我們仍將對具有戰略意義的收購持開放態度，以增強我們的市場地位和能力，但我們會嚴格遵守紀律，確保收購能帶來價值。因此，這些都是股票回購和併購機會，我們正在深入研究，並希望在此做出正確的決定。

Sean.

肖恩。

Yeah, thank you. I appreciate that. Any update on the progress you've made in kind of re-engaging the cohort that you felt like you lost late last year in the tech conversion?

是的，謝謝。我很感激。您覺得在去年底的技術轉型中您失去了一群客戶，在重新吸引他們方面您取得了什麼進展？

My answer would be very similar to what we were answering last earnings. We don't publish any specific numbers, but based on the overall results of the company you can see that we were able to achieve some meaningful improvements here. Overall, we are very happy both with the acquisition of new customers and growth of new customers, but also the cohort of existing customers is performing well.

我的回答與我們上次回答的收益非常相似。我們沒有公佈任何具體的數字，但根據公司的整體業績，您可以看到我們能夠在這裡實現一些有意義的改進。整體而言，我們對新客戶的獲得和新客戶的成長感到非常高興，而且現有客戶群的表現也很好。

Okay. Thank you. If I can ask you a couple of questions about Italy, does this settlement with Italy put, in your opinion, a final end to that whole thing? And are there any other countries kind of looming in the wings there that might have something to say? And would you rule out restarting the business, the local business in Italy, now that this tax thing is settled?

好的。謝謝。如果我可以問您幾個關於義大利的問題，您認為與義大利達成的這項協議是否最終結束了整件事？還有沒有其他國家可能有意發表一些言論？現在稅務問題已經解決，您是否會排除重啟義大利本地業務的可能性？

Thank you. I will answer that. So first of all, the settlement is -- agreement is now on a verbal agreement. It is not binding. It has to go through various approvals through various statutory bodies in Italy, but if it's approved, then yes, it means that our troubles in Italy about these two cases, tax cases from 2012 and 2017 are over.

謝謝。我會回答這個問題。因此，首先，解決方案是—協議現在是口頭協議。它不具有約束力。它必須經過義大利各個法定機構的各種批准，但如果獲得批准，那麼是的，這意味著我們在義大利因這兩起案件（2012 年和 2017 年的稅務案件）而產生的麻煩已經結束了。

And then on to your second question, [AV] will be thinking about reopening Italy. Generally, what we see, we see that we are doing very well in international business, which was not the case in a couple of quarters ago, and so certainly we will sink all options including reopening Italy.

然後回答你的第二個問題，[AV] 會考慮重新開放義大利。總體而言，我們看到我們在國際業務方面做得很好，而幾個季度前的情況並非如此，因此我們肯定會放棄所有選擇，包括重新開放義大利。

Okay, thank you.

好的，謝謝。

Thank you, Sean. We will now move to written questions. A question for Dusan, you may have answered a bit of this already. Which initiatives are spurring most growth?

謝謝你，肖恩。我們現在將進入書面問題環節。問杜桑一個問題，你可能已經回答了一部分了。哪些措施最能刺激成長？

I don't see it as one single initiative. Like, I know that, there are many people who love this question, and I'm like, answering it in the same time -- in the same way for the last two years, plenty of smaller initiatives which simply add up together and this is done by the complexity of Groupon a number of verticals, which I was talking about today in questions regarding the micro categories were simply we need to take it one by one.

我並不認為這是一項單一的舉措。就像，我知道，有很多人喜歡這個問題，而我想，同時以同樣的方式回答它——在過去的兩年裡，許多較小的舉措只是加在一起，這是由 Groupon 的複雜性和許多垂直行業共同完成的，我今天在談論有關微類別的問題時，我們只需要逐一處理。

And I think in the past, when the company tried to have like one size fits all approach, I don't think it was the right strategy. But I can simplify it into the three parts of which are pretty much most important on for each marketplace. On demand side, we have a new platform mobile next powering plenty of our traffic.

我認為，過去當公司試圖採取一刀切的做法時，我認為這並不是正確的策略。但我可以將其簡化為三個部分，這三個部分對每個市場來說都是最重要的。在需求方面，我們有一個新的平台移動，可以為我們的大量流量提供動力。

We were able to improve the platform so that it's running and supporting our marketing activities. So new platform and marketing engine behind it is a big enabler of what we are doing and the results, which we are achieving right now. And that marketing engine, it's not just the performance marketing, but pretty much all channels. We were discussing today, SEO and AI, which are a tailwind for us versus headwind for many other companies.

我們能夠改進該平台，使其能夠運作並支援我們的行銷活動。因此，背後的新平台和行銷引擎對於我們現在所做的事情以及所取得的成果有著巨大的推動作用。而這個行銷引擎不僅僅是績效行銷，而是幾乎所有管道。我們今天討論了 SEO 和 AI，它們對我們來說是順風，而對許多其他公司來說則是逆風。

But at the same time, we are able to do huge progress in marketing, in display marketing. We are growing and doing plenty of not only experiments because we have very significant traffic already coming from the resources with influencer marketing. So we are moving here thanks to the platform. And the marketing engine up in the funnel, and that is why we were talking about the plan to run in Q4 and Q1 next year, the small brand campaign.

但同時，我們在行銷、展示行銷方面取得了巨大進步。我們正在成長，並且正在進行大量的實驗，因為我們已經從具有影響力的行銷資源中獲得了非常可觀的流量。因此，我們藉助這個平台來到這裡。行銷引擎在漏斗中，這就是我們談論明年第四季和第一季開展小品牌活動的計劃的原因。

Then on the supply side, there were several questions to this. I see the way that every quarter, we are getting better and better in small steps in managing supply side. And I am answering it in a very wide-open way, by talking about managing supply side means understanding who are the merchants which we need to get on the platform. How the deals which we need on the platform should look like. What is the value which we should be providing as a Groupon.

那麼在供應方面，有幾個問題。我看到每個季度我們在管理供應方面都在一點點進步。我以一種非常開放的方式回答這個問題，透過談論管理供應方意味著了解我們需要進入平台的商家是誰。我們在平台上需要的交易應該是什麼樣的。身為 Groupon，我們應該提供什麼價值？

And there are multiple strategies. It's like micro category approach to understand risk businesses and profitability. However, also, last several earnings calls, I was talking about this hyper localization strategy where the teams are focused on smaller areas, they understand it. So this is a mix on the supply side of both these approaches.

並且有多種策略。這就像微類別方法一樣，可以了解風險業務和獲利能力。然而，在最近幾次的財報電話會議上，我還談到了這種超本地化策略，即團隊專注於較小的領域，他們理解這一點。因此，這是供應方面這兩種方法的混合。

And then for last year, we were fighting with multiple headwinds from our platform migrations, and it was a huge lesson for me, for the whole company, I believe. And this year, we do much better and we focus on mitigating impact and making sure that whatever we do, it takes longer than what I would love to see. But at the same time, the platform is not causing headwinds, which we were fighting last year.

去年，我們在平台遷移過程中遇到了多重阻力，我相信這對我、整個公司來說都是一個巨大的教訓。今年，我們做得更好，我們專注於減輕影響，並確保無論我們做什麼，所花的時間都比我希望看到的時間還要長。但同時，該平台也沒有為我們帶來去年所面臨的阻力。

Thank you, Dusan. Bobby Brooks, Northland Capital.

謝謝你，杜桑。布魯克斯（Bobby Brooks），北國資本（Northland Capital）。

Hey, thanks for letting me jump back on. Just a quick one, and I just feel like it might be helpful to remind the investment community of the dynamic between billings growth and revenue growth and how you see those two starting to converge here over the next few quarters. Could you just remind us on that dynamic?

嘿，謝謝你讓我重新開始。我只是覺得提醒投資界注意營業額成長和收入成長之間的動態關係以及您如何看待這兩者在未來幾季開始整合可能會有所幫助。您能否提醒我們一下這項動態？

Yes, Bobby. So what you see is that we are growing, especially in local business billings much faster versus revenue. This gap is very similar to what we described in the previous quarters. Roughly half of that is related to our take rate and -- sorry, to our redemption, which influenced take, which is our people are really enjoying our deals, and we are proposing and pushing them to do it because we believe that -- and we see it on our data, if the customer is using and redeeming our voucher, it's increasing their lifetime value because they are coming back to our platform, buying new deals and thus becoming our loyal customers.

是的，鮑比。所以你看到的是我們正在成長，特別是本地業務帳單的成長速度比收入的成長速度要快得多。這種差距與我們在前幾個季度描述的非常相似。其中大約一半與我們的收取率有關——抱歉，與我們的兌換有關，這影響了收取，也就是說，我們的員工真的很喜歡我們的優惠，我們建議並推動他們這樣做，因為我們相信——我們從數據中看到，如果客戶使用和兌換我們的優惠券，這將增加他們的終身價值，因為他們會回到我們的平台，購買新的優惠，從而成為我們的忠實價值，因為他們會回到我們的平台，購買新的優惠，從而成為我們的忠實價值，因為他們會回到我們的平台，購買新的優惠，從而成為我們的忠誠度。

So this is one part. Second part is a mix of take rates due to our increased enterprise deals. And also, that we had very good things to do season, which is generally the line of business, which doesn't have such high take rates as, for example, health and beauty or other categories. So on those two factors, higher redemption and the mix of categories and mix of enterprise versus core local is what is contributing to the difference between our billings and revenues.

這是其中的一部分。第二部分是由於我們增加的企業交易而產生的混合接受率。而且，我們這個季節有非常好的事情要做，這通常是業務線，其接受率不像健康和美容或其他類別那麼高。因此，根據這兩個因素，更高的兌換率、類別組合以及企業與核心本地的組合是造成我們的帳單和收入差異的原因。

Got it. Thanks, that is helpful.

知道了。謝謝，這很有幫助。

If there are no other questions, this concludes our call for today. Thank you everyone for joining. For additional information, please go to investor.groupon.com.

如果沒有其他問題，我們今天的電話會議就到此結束。感謝大家的參與。如需更多信息，請訪問 investor.groupon.com。