Groupon Inc (GRPN) 2025 Q3 法說會逐字稿

Hello and welcome to Groupon's 3rd quarter 2025 financial results conference call. On the call today, our Chief Executive Officer, Dusan Senkypl and Chief Financial Officer, Rana Kashyap.

大家好，歡迎參加 Groupon 2025 年第三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杜桑·森基普爾和財務長拉納·卡什亞普。

(Operator Instructions)

（操作說明）

Before we begin, Groupon would like to remind listeners that the following discussion and responses to questions reflect management's views as of today, November 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. 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 its filings with the SEC, including its quarterly report on Form 10-Q.

在開始之前，Groupon 想提醒各位聽眾，以下討論和對問題的回答僅反映管理層截至 2025 年 11 月 7 日的觀點，並且將包含前瞻性陳述。實際結果可能與公司前瞻性聲明中明示或暗示的結果有重大差異。Groupon不承擔因新資訊或未來事件而更新這些前瞻性聲明的義務。有關可能影響公司財務業績的風險和其他因素的更多信息，請參閱公司的盈利新聞稿和向美國證券交易委員會提交的文件，包括其 10-Q 表格季度報告。

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

我們鼓勵投資人使用 Groupon 的投資人關係網站 investor.groupon.com，以便輕鬆找到有關公司的資訊。

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 會及時在本網站上提供本公司向美國證券交易委員會提交或提供的報告、公司治理資訊以及精選的新聞稿和社交媒體貼文。

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

在今天的電話會議中，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。

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-GAAP measures, including reconciliations of these measures to the most comparable measures under US GAAP.

在 Groupon 的新聞稿和提交給美國證券交易委員會的文件中（每份文件都發佈在其投資者關係網站上），您可以找到有關這些非 GAAP 指標的更多披露信息，包括這些指標與美國 GAAP 下最可比指標的調節表。

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

接下來，我想把時間交給杜桑，讓他先做幾句開場白，然後再進入問答環節。杜桑。

Hello and thanks for joining us for our third quarter 2025 earnings call. It's great to be with all of you today.

大家好，感謝各位參加我們2025年第三季財報電話會議。今天能和大家在一起真是太好了。

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

昨天股市收盤後，我們發布了獲利報告，並在我們的勞資關係網站上發布了獲利評論。

Today, I will make brief opening remarks and then open up the call for your questions.

今天，我將作簡短的開場白，然後開始接受大家的提問。

For more details on our quarterly performance, I encourage you to read our full earnings commentary, press release, and 10-Q.

有關我們季度業績的更多詳細信息，我建議您閱讀我們的完整收益評論、新聞稿和 10-Q 報告。

I'm pleased to report another strong quarter that demonstrates continued momentum in our transformation journey.

我很高興地報告，本季業績表現強勁，這表明我們在轉型之旅中持續保持良好勢頭。

Global billings grew 11% year over year, making our second straight quarter of double-digit growth.

全球帳單金額年增 11%，連續第二季達到兩位數成長。

Our core local category continues to be the engine driving this growth, with North America Local up 18% and international local excluding gift cloud up 15% year over year. Combined, our core local category now represents 89% of billings and grew 18%, reinforcing the scalability of our hyperlocal marketplace playbook.

我們的核心本地類別仍然是推動這一成長的引擎，北美本地類別較去年同期成長 18%，國際本地類別（不包括禮品雲）較去年同期成長 15%。綜合來看，我們的核心本地類別目前佔總帳單的 89%，成長了 18%，這進一步鞏固了我們超本地化市場模式的可擴展性。

We delivered adjusted EBITDA of $18 million ahead of our expectations and our trailing 12 months free cash flow reached $60 million.

我們實現的調整後 EBITDA 比預期高出 1,800 萬美元，過去 12 個月的自由現金流達到 6,000 萬美元。

This demonstrates our ability to generate strong profitability and cash flow while continuing to invest strategically to accelerate our decline.

這證明我們有能力在持續進行策略性投資以加速衰退的同時，創造強勁的獲利能力和現金流。

On the demand side, you freely reflect the compounding benefits of systematic improvements across our marketing engine.

在需求方面，您可以充分感受到我們行銷引擎系統性改善所帶來的累積效益。

We drove healthy growth in our paid mark performance channels supported by a modest increase in marketing spend and improving ROI.

在行銷支出適度增加和投資報酬率提高的支持下，我們的付費行銷成效管道實現了健康成長。

We added nearly 300,000 net new active customers quarter over quarter and 1 million plus over the last four quarters excluding Italy, a strong signal for the overall health of our marketplace.

我們每季新增近 30 萬淨活躍客戶，過去四個季度（不包括義大利）新增活躍客戶超過 100 萬，這有力地表明了我們市場的整體健康狀況。

On the supply side, our hyperlocal focus is working.

在供應方面，我們以本地化為重點的策略是行之有效的。

All 4 major international markets delivered a second consecutive quarter of double-digit growth.

四大國際市場連續第二季實現兩位數成長。

In North America, our focused hyper locality strategy is paying off. Chicago is now our biggest city and growing at nearly double the rate of North America overall.

在北美，我們以在地化為核心的策略正在發揮成效。芝加哥現在是我們最大的城市，成長速度幾乎是北美整體成長速度的兩倍。

Things to do had an exceptional summer season with its 7 consecutive quarters of strong double-digit growth.

「玩樂」專欄在夏季取得了非凡的成績，連續7個季度實現了兩位數的強勁增長。

On the technology front, our platform velocity is accelerating meaningfully. Deal page conversion rates improved 13% year over year in North America, and we are seeing faster development cycles and higher quality releases as our modernization efforts translate into tangible business capabilities.

在技​​術方面，我們的平台發展速度正在顯著加快。北美地區的交易頁面轉換率年增了 13%，隨著我們的現代化努力轉化為切實的業務能力，我們看到了更快的開發週期和更高品質的版本發布。

Looking ahead, our strategic priorities remain clear.

展望未來，我們的戰略重點依然明確。

Accelerate supplying growth toward our goal of over 20% billings growth, while generating strong adjusted EBITDA and free cash flow.

加速供應成長，實現超過 20% 的帳單成長目標，同時產生強勁的調整後 EBITDA 和自由現金流。

The momentum we are seeing across customer growth, category performance, and platform capability gives me confidence that we are building the foundation to become the trusted destination for quality local experiences at unbeatable value.

我們在客戶成長、品類表現和平台能力方面所看到的良好勢頭，讓我相信我們正在奠定基礎，成為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。

We are still in the early innings of a large opportunity to build a hyperlocal experience marketplace that combines trust, duration, quality, and unbeatable value with the network effects and unit economics of modern marketplaces.

我們仍處於建立超本地化體驗市場的早期階段，這是一個巨大的機遇，它將信任、持續時間、品質和無與倫比的價值與現代市場的網路效應和單位經濟效益相結合。

I would like to thank our team. This is not an easy journey and their continued commitment to our mission and to our transformation has been really great. With that, let's open the call for questions.

我要感謝我們的團隊。這不是一條輕鬆的道路，他們一直以來對我們的使命和轉型所做的貢獻真的非常了不起。接下來，我們開始接受提問。

Thanks, Dusan.

謝謝你，杜桑。

Bobby Brooks, Northland Capital.

Bobby Brooks，北地資本。

Hey, good morning, guys.

嘿，各位早安。

Thank you for taking my question. Something that really caught my attention was the commentary that after allocating the focus sales resources to Chicago at the start of the year, it's now growing double the rate of North American local. So just a few questions on that. But first, is it right for me to then think that Chicago Local Billings was growing in the high 30s and the follow-up. Could you just discuss a bit more in detail what those focused sales resources look like and the notable actions they took?

感謝您回答我的問題。真正引起我注意的是，有評論指出，在年初將重點銷售資源分配給芝加哥之後，芝加哥的成長速度現在是北美本地市場的兩倍。關於這一點，我還有幾個問題。但首先，我是否可以這樣認為：芝加哥本地比林斯的成長速度在 30% 以上，後續發展也是如此。您能否更詳細地介紹這些重點銷售資源的具體內容以及他們採取的顯著行動？

Yeah, thanks, Gober for the question. I can take it. So our Chicago efforts started already last year where we allocated this proportionately, higher share of our sales resources, and sales team to Chicago. And at the same time as we are developing our, what's how we call it, marketplace understanding, and Deal books and curation for sales, which means that we are more prescriptive in the terms of what we are asking ourselves to come with. Chicago is always the first, in the pipeline. So we are really focusing on it so that we understand the inventory, we understand what's missing, we understand, how our customers are behaving in Chicago. We understand What we are searching on Groupon, and then we are asking ourselves to come specifically and close the GAAP. And obviously, it takes several quarters before the results are visible in the numbers, but with the compounding effect, we need a very strong, we see very strong impact on Chicago results. And obviously, this is a big learning for us, it's not really a surprise result. We were expecting that this will come, so we are expanding, our focus on more cities which we already did, two quarters ago, and we are also expanding our marketplace understanding across the board so that this becomes the new golden standard across the board for all sales processes within Groupon.

是的，謝謝戈貝爾的提問。我可以承受。因此，我們早在去年就開始了在芝加哥的拓展工作，當時我們按比例將更高比例的銷售資源和銷售團隊分配到芝加哥。同時，我們正在發展我們所謂的市場理解，以及交易書籍和銷售策劃，這意味著我們對自身需要達到的目標有了更明確的要求。芝加哥始終是第一個進入下一階段的地區。因此，我們正在全力以赴，以便了解庫存情況，了解缺貨情況，並了解芝加哥的客戶行為方式。我們了解我們在 Groupon 上搜尋的內容，然後我們要求自己具體地進行操作並遵守 GAAP。顯然，需要幾個季度才能在數字中看到結果，但考慮到複利效應，我們需要非常強勁的，我們看到對芝加哥業績的非常強勁的影響。很顯然，這對我們來說是一個重要的教訓，這並不是一個令人意外的結果。我們預料到這種情況會發生，因此我們正在擴大業務範圍，重點關注更多城市（我們在兩個季度前就已經這樣做了），我們也在全面提升對市場的理解，以便將其打造成為 Groupon 所有銷售流程的新黃金標準。

Got it. That's super helpful color. And then, so it seems like this is a play that playbook that you're already in the process of expanding to other metros. I guess just for like context, you mentioned how it, the, you initially put those.

知道了。這個顏色非常實用。所以，這似乎是你們正在向其他大都市推廣的策略。我想只是為了提供一些背景信息，你提到過你最初是如何放置那些東西的。

Sales, increase sales resources in Chicago last year was, so is it like maybe, was that like 4 quarters ago, 5 quarters ago? I'm just trying to get a sense of then, maybe when we see the impact of those other metros that now you're using that playbook with start to kind of flow through results cause I get that it's a lag effect.

去年芝加哥的銷售和銷售資源增加情況，大概是 4 個季度前，還是 5 個季度前？我只是想了解一下，也許當我們看到其他大都市使用這種策略後，其效果才會開始顯現，因為我知道這存在滯後效應。

Yeah, we were iterating the process, but you can think about it that we started approximately 4 quarters ago, with all new metros, we would like to see results faster because we have learnings and it was, also a process where we were, improving pretty much every quarter and changing the, and fine tuning the approach. So it should be faster with, our metros.

是的，我們一直在迭代這個過程，但你可以想想，我們大約在四個季度前開始，當時都是全新的城市，我們希望更快地看到成果，因為我們積累了經驗，而且這也是一個我們幾乎每個季度都在改進、改變和微調方法的過程。所以搭乘我們的地鐵應該會更快。

Got it. That makes sense. And then, one more for me is just, clearly got the sense of you guys' focus of making the customer journey, kind of match the customer in the prepared marks last night if you guys use the example of someone wanting to take their kids to a water park is going to be different than someone looking for an oil change. And so I'm just curious, like, how do, how do you plan on having Groupon kind of provide a different customer journey? And I'm just curious kind of what that. Different customer journey would look like.

知道了。這很有道理。還有一點，我明顯感覺到你們的重點是讓客戶旅程與昨晚準備好的分數相符。如果你們舉個例子，想帶孩子去水上樂園的人和想換機油的人的旅程肯定不一樣。所以我很好奇，你們打算如何讓 Groupon 提供不同的客戶體驗？我只是好奇那是什麼。不同的客戶旅程會是什麼樣子？

So, we have, I would split it into two parts. One is a mindset shift which was happening in the Groupon. In the last 6 to 12 months because in the past, we were looking on the marketplace as one product, running plenty of tests across the board, and then, quite often being surprised that we don't see results. Now, especially in the product department with new leadership, we changed the approach and we are looking really on the results and tests, per category. So for example, we have our new map feature, but simply the map is relevant only some categories and Completely irrelevant in some other categories. In the past, if we would release a new app, we would say, it's not bringing the results as expected. So let's forget it and let's jump to something else because the overall impact would be probably 0 or around 0. Now we can see that for example, when you are looking for oil exchange, then the map is very relevant and we can show it and there are some other categories where actually we should not be showing the map. So we have this very Category-specific approach in product development, which is changing the customer journeys across the board. And then there is a second, very important technological enablement project for us. This is CDP or let's say CRM for customers. We are building and we already have a live pilot in the UK, a new technology which will be able to customize the messaging because the old Groupon tech stack is very limiting. In terms of how we can target customers, how we can do personalization.

所以，我會把它分成兩個部分。一是 Groupon 正在發生的思維轉變。在過去的 6 到 12 個月裡，我們把市場視為一個整體產品，進行了大量的全面測試，然後經常驚訝地發現沒有看到結果。現在，尤其是在產品部門，隨著新領導層的到來，我們改變了方法，我們真正關注的是每個類別的結果和測試。例如，我們有了新的地圖功能，但地圖僅與某些類別相關，而與其他一些類別完全無關。過去，如果我們發布了一款新應用，我們會說，它沒有帶來預期的效果。所以，我們還是別想這件事了，跳到其他事情來吧，因為整體影響可能為 0 或接近 0。現在我們可以看到，例如，當您查找石油交易所時，地圖就非常相關，我們可以顯示它；而在其他一些類別中，我們實際上不應該顯示地圖。因此，我們在產品開發中採用了非常具體的品類劃分方法，這正在全面改變客戶體驗。此外，我們還有第二個非常重要的技術賦能專案。這就是客戶資料平台 (CDP)，或者說是客戶關係管理系統 (CRM)。我們正在開發一項新技術，並且已經在英國進行了試點，這項新技術能夠客製化訊息傳遞，因為舊的 Groupon 技術堆疊非常有限。就我們如何鎖定客戶、如何實現個人化而言。

So this is something which we are changing and we want to be pretty much optimizing based on the behavior of every single customer on the website and every user journey will be pretty much, fitting the profile of that user. When we were doing some internal demos and showing it should end up with Groupon looking completely different for each customer simply based on the, on the profile.

所以，這是我們正在改變的事情，我們希望能夠根據網站上每個客戶的行為進行最佳化，並且每個使用者的體驗路徑都將盡可能符合該使用者的個人資料。當我們進行一些內部演示並展示 Groupon 最終應該根據每個客戶的個人資料而完全不同時。

Super helpful color, and great quarter, I'll return to the cue.

顏色非常實用，四分之一碼也很棒，我會再來玩這個遊戲的。

Thank you, Bobby.

謝謝你，鮑比。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for, the questions, maybe two if I could. Building on, parts of the last answer, when do you think about purchase frequency, which you call out, the difference of behavior between newer cohorts versus older cohorts? Can you go a little bit deeper in some of the initiatives aimed at improving frequency among the newer cohorts against the type of user growth you've seen over the last 12 months, that'd be number 1. And then number 2, when do you think about the next 12 to 18 months and the intensity around marketing, how do you think about striking a balance between More direct response, marketing aimed at either user acquisition or behavior against scaling some of the brand advertising you talked about in the shareholder materials, just so we better understand the combined effort on marketing intensity over the next 12 to 18 months. Thanks so much.

非常感謝你的提問，如果可以的話，我或許可以再問兩個問題。在上一個回答的部分內容基礎上，您何時會考慮購買頻率？您提到了這一點，以及新舊用戶群在行為上的差異？能否請您更深入探討一下，針對過去 12 個月的用戶增長情況，有哪些旨在提高新用戶群使用頻率的舉措？這是第一個問題。其次，關於未來 12 至 18 個月的行銷力度，您如何考慮？您如何看待在更直接的響應式行銷（旨在獲取用戶或引導用戶行為）與擴大您在股東資料中提到的品牌廣告規模之間取得平衡？這樣我們才能更了解未來 12 至 18 個月行銷力度的綜合努力。非常感謝。

Thank you very much for both questions, Eric. We're kind of interconnected, and I will start with purchase frequency and we'll be building on the last answer. We were talking about purchase frequency as a focus for the company, probably the last 3 or 4 quarters. Yet we are reporting that we don't see material improvements. Internally, we see improvements in the repurchase rate of the cohort of new customers. When we compare, customers, which we were acquiring last year versus customers which we acquire right now and look at which per what percentage of them is doing the second purchase, typically within 30 days from the first one, we see improvement. So we know that the activities and plans which we have are Directionally right. What's holding us back is really the back limitation of our platform and that's why I was talking about the CDP project implementation which we have up and up and running in in the UK and we will be expanding it. Very soon to the, mainly to North America, but pretty much the rest of the Groupon, which would really allow us to design the specific journeys based on what customer did because we see that, we are simply category specific rules, our customers are buying. The stuff which can be predicted, meaning that if you buy all exchange now we know that most likely you will need it in like next 9 months and similar. Right now, we don't have the targeting, capabilities. So this technology enabler is, I would say last major big, missing piece in the marketing stack which we have so that we can accelerate on a purchase frequency. And the second part on the brand advertising, in general, it's very hard to predict, how exactly we will be running it, but we simply have based on our experience, We know that that brand is part of the marketing mix and especially nowadays when the world is moving towards like social media influencers, this is a channel which is, which can drive business significantly. We were piloting and we have some great influencers, promoting Groupon, I would say last 4 or 5 quarters, and we are successfully growing it, but now we are adding into it like the video advertising, YouTube and other channels where we will be pushing brand. It's very hard to say how it will be impacting ROIs overall. We don't plan to change the, our strategy that we want to grow contribution of profit, in the company at the same time, If we see that the brand is delivering more than we were expecting, we were, we would be adjusting the budgets between performance and brand advertising, but we will come back with more data, in the next earnings call because our brand campaign starts in 2 weeks.

非常感謝你的兩個問題，埃里克。我們之間其實是相互關聯的，我會從購買頻率開始，然後我們會在上一個答案的基礎上繼續討論。我們一直在討論將購買頻率作為公司關注的重點，大概是過去三、四個季度。然而，我們報告稱，我們並未看到實質的改善。從內部來看，我們看到新客戶群的複購率有所提升。當我們比較去年我們獲取的客戶和現在獲取的客戶，並查看其中有多少百分比的客戶會在第一次購買後的 30 天內進行第二次購買時，我們發現情況有所改善。所以我們知道，我們所進行的活動和製定的計畫在方向上是正確的。真正阻礙我們前進的是我們平台的後端限制，這就是為什麼我談到了 CDP 項目的實施，我們在英國已經成功實施並正在運行該項目，我們將擴大其規模。很快就會推出，主要面向北美，但也幾乎面向 Groupon 的其他地區，這將真正使我們能夠根據客戶的行為設計特定的旅程，因為我們看到，我們只是根據類別特定的規則，我們的客戶正在購買。可以預測的東西，也就是說，如果你現在購買所有交易所，我們知道你很可能在接下來的9個月左右需要它。目前，我們還沒有精準定位的能力。所以，我認為這項技術賦能工具是我們行銷體系中最後一個重要的缺失環節，有了它，我們就可以加速購買頻率。關於品牌廣告的第二部分，一般來說，很難預測我們將如何具體開展，但我們根據經驗知道，品牌是行銷組合的一部分，尤其是在當今世界正朝著社群媒體影響者的方向發展時，這是一個可以顯著推動業務的管道。我們一直在進行試點，並且有一些很棒的網紅在推廣 Groupon，我想說在過去的 4 到 5 個季度裡，我們成功地發展壯大了它，但現在我們正在增加視頻廣告、YouTube 和其他渠道，我們將在這些渠道上推廣品牌。很難說這會對整體投資報酬率產生怎樣的影響。我們不打算改變我們的策略，我們希望提高公司利潤貢獻。同時，如果我們發現品牌帶來的收益超過了我們的預期，我們會調整成效廣告和品牌廣告之間的預算，但我們會在下次財報電話會議上提供更多數據，因為我們的品牌推廣活動將在兩週後開始。

Great, thank you.

太好了，謝謝。

Bobby Brooks, Northland Capital.

Bobby Brooks，北地資本。

Hey, thanks. I just, wanted to circle back on, it was great to hear the shift in tone on how you're kind of looking at the buyback comparative, from the prepared remarks last night, comparatively from the second quarter call. So, I was just curious if you could maybe give us a look or a bit more color on the factors you guys will be considering when, of making the decision of when to be stepping in the buyback or just any more general color on how to be thinking about it or modeling it going forward.

嘿，謝謝。我只是想再補充一點，很高興聽到你昨晚在準備好的發言中，對股票回購的看法與第二季度電話會議相比，語氣發生了轉變。所以，我只是好奇你們能否給我們介紹一下，或者更詳細地說明一下，在決定何時介入回購時，你們會考慮哪些因素，或者更籠統地談談你們是如何考慮或如何進行後續建模的。

Thank you.

謝謝。

Yeah, Bobby, hey, this is Rana. I can take this. So, I think you rightfully noticed, our commentary in the script, which, I think you commented on was a little was different than what we said in the past was fairly noncommittal and I think this, what we've said here is we expect to be opportunistic, and so we are evaluating, and the factors to consider here you asked about, we are looking at our cash generation, our investment priorities, what the market conditions are like, and of course the trading prices of our shares.

是的，鮑比，嘿，這是拉娜。我可以接受。所以，我想您已經正確地註意到，我們在劇本中的評論，正如您所評論的，與我們過去相當含糊其辭的說法略有不同，而我們在這裡所說的是，我們預計會抓住機會，因此我們正在評估，您提到的需要考慮的因素包括：我們的現金流、我們的投資重​​點、市場狀況，當然還有我們股票的交易價格。

So we will be opportunistic on the buyback, and those are the factors that that we'll be considering in evaluating how to allocate our capital with respect to this channel.

因此，我們將抓住機會進行股票回購，這些因素也是我們在評估如何將資金分配到該管道時會考慮的。

Got it. That's helpful. And then I just want to follow-up, to Sean. I think with the customer frequency of the new cohort, I just want to make sure I understood it right. You mentioned that the new cohorts added in 2024, or I should say the new cohorts added in 2025, their purchase frequency is.

知道了。那很有幫助。然後我想對肖恩說幾句。我認為，考慮到新客戶群的訪問頻率，我只是想確認我是否理解正確。您提到 2024 年新增的群體，或者應該說 2025 年新增的群體，他們的購買頻率是。

Higher than the cohorts added in 2024, I'll be at that 2025 new customers are still below the legacy customers. Am I understanding that correctly?

高於 2024 年新增的客戶群，到 2025 年，新客戶數量仍低於舊客戶數。我理解得對嗎？

Probably on the operational level so that we can drive these projects in a very agile way. We are pretty much, following the, theory purchase rate in the next 30 days, meaning when a new customer makes an order, we are looking what percentage of these customers is doing the second order within the 30-day interval because it's a leading indicator for the purchase frequency. And we can see based on the changes and projects which we started already in Q4 last year that there is improvement in this group. So this makes me strongly convinced that like the projects which we have in place are the right ones that they will be working. It's by adding right inventory, we were talking about the deals, but it's also about the communication at the right moment, right time, which is typically when the customer is redeeming and using the service, which typically means very good experience with Groupon. We are more open to next purchase, so this is confirmed.

可能是在營運層面，這樣我們就可以以非常敏捷的方式推進這些專案。我們基本上遵循未來 30 天的理論購買率，也就是說，當一個新客戶下單時，我們會查看有多少百分比的客戶會在 30 天內進行第二次下單，因為這是購買頻率的領先指標。從我們去年第四季開始實施的變革和專案來看，這個團隊已經有所進步。所以這讓我更加確信，我們現有的這些物品是正確的，它們一定會奏效。我們剛剛談到優惠活動，關鍵在於增加合適的庫存，但更重要的是在合適的時機進行溝通，通常是在客戶兌換和使用服務的時候，這通常意味著客戶在使用 Groupon 時會獲得非常好的體驗。我們對下次採購持更開放的態度，所以這件事已經確定了。

To ramp it up and so it's converted in the overall user base, we simply need to also step up with better technology so that we can target and personalize in a more advanced way.

為了擴大規模，從而在整個用戶群中實現轉化，我們只需要採用更好的技術，以便我們能夠以更先進的方式進行定位和個性化。

Got it. I'll return to the queue.

知道了。我將重新排隊。

Thank you.

謝謝。

Thank you.

謝謝。

Thanks, Bobby.

謝謝你，鮑比。

Sean McGowan, ROTH Capital Partners.

Sean McGowan，ROTH Capital Partners。

Thank you. Kind of following up on some of the things you've talked about there. Have you, you've been now doing for quite a while, the, reminding consumers of, expiring Groupon's and, encouraging them to redeem them. Can you talk a little bit about what impact you've noticed on their purchase patterns, how likely they are to, purchase an additional Groupon?

謝謝。我算是你剛才提到的一些事情的後續補充。你已經這樣做了相當長一段時間了，那就是提醒消費者即將到期的 Groupon 優惠券，並鼓勵他們兌換這些優惠券。您能否談談您觀察到的對他們購買模式的影響，以及他們購買額外 Groupon 的可能性？

I've, thank you, Sean, for the question. I am not able to share the exact numbers, but our analysis are showing that when the customer re deems, we simply have a much higher rate of the, of the second purchase. And one, this is a project which we were talking about since last year.

謝謝你的提問，肖恩。我無法透露確切的數字，但我們的分析表明，當客戶再次購買時，我們的第二次購買率要高得多。第一，這是我們從去年就開始討論的一個專案。

It takes a little bit more time versus what we were expecting because of the way how some Groupon's are redeemed because with some merchants, we don't even have a redemption signal, so we have to do plenty of background work to improve the system and collect. More inputs and signals from our merchant partners. But, this is one of the, like the priority projects. We will be also improving and expanding our review section which is very highly related to the overall topic, and we will expect that it will translate into repurchase rate overall for all Groupon customers.

由於某些 Groupon 的兌換方式，我們比預期花費的時間要多一些，因為有些商家甚至沒有兌換訊號，所以我們必須做大量的後台工作來改進系統並進行收款。來自我們商家合作夥伴的更多輸入和訊號。但是，這是優先項目之一。我們還將改進和擴展評論部分，這與整體主題密切相關，我們預計這將提高所有 Groupon 客戶的整體復購率。

Okay, thank you. And Rana, a quick, kind of housekeeping questions. You, I think you mentioned in the prepared remarks That ex gift cloud international billings were up 15%. Can you translate that into what the revenue growth would have been at ex Gift crown?

好的，謝謝。拉娜，問幾個簡單的家事問題。我想你在準備好的演講稿中提到過，Ex Gift Cloud 的國際帳單成長了 15%。你能把這個結果轉化成如果收購 Gift Crown，收入成長會是多少嗎？

So, ex gift crown, our revenue growth in Italy, ex gift Crown and ex Italy, our revenue growth in Q2, was up 7.6%, so I think about 8%.

所以，除去 Gift Crown 的影響，我們在義大利的營收成長，除去 Gift Crown 和義大利，我們第二季的營收成長了 7.6%，所以我認為大約是 8%。

Okay.

好的。

Thank you very much. And then back to you just on the, quite a bit in the prepared remarks about AI, can you give a little bit more color on what some of the benefits you're expecting to see from greater use of AI?

非常感謝。然後回到您剛才的問題，關於您準備的發言中多次提到的人工智慧，您能否更詳細地闡述一下您期望從人工智慧的更廣泛應用中獲得哪些好處？

So there will be and there are benefits both on the, like how we are running the company, but at the same time, we see opportunities with customers. So I can start with, like let's call it a G&A opportunities. AI is, and will be increasingly more One of the factors which will be improving conversion of our sales team. We are doubling down and expanding our lead generation capabilities. We have the system now which is connected with our, I talk about it as marketplace understanding so that we are feeding our legion engine with information. Which businesses, which deals we need in what areas. So, we will be sending to our sales team better quality leads which when will be converted will generate higher revenue versus just some code leads in general. Which we had, in the past. We have AI included in the, I call it warm-up communication with merchants to present, the Groupon and overall, we are adding AI tools to the whole sales process. For example, we were talking about that AI deal creation where we see that when we can present merchants during the sales call. How the deal will be looking on Groupon. It's not only speeds up the whole process, but it's also increasing conversion. We already have AI used in supply monitoring where AI is giving, deal insights and like guiding salespeople, what should be changed on the deal to improve it and generate more for the merchant and more sales, for Groupon. And for customers. Obviously, engineering, it's pretty much everywhere, higher efficiency, higher quality of outputs, finance also higher efficiency, and marketing scale and convergence like going forward, I expect that we will be able to drive growth of performance marketing and social and influencer marketing, the same, or smaller team. And, recently also we, introduced, the chatbot, for our customer service where we expect that, until now the chatbot was, or the customer service of Groupon was more really like a service, but, going forward, we want to look at customer service as a, advertising marketing channel because it's a touch point with customers and we already have AI-driven chatbot which is handling the initial part of the communication and then Advanced system where our agents are pretty much, guiding AI how we should treat, the conversation with customer and taking over just part of the communication with heavy help of AI. So this is on SG&A side and then on the, customer side, I expect that, and it will be slower than everyone probably predicts now, like always with new technologies that there will be a change in behavior, how customers are looking for services. So we closely, monitoring and working with partners, and with our teams how to be ready for AI apps, how to have the website easy to read and communicate with AI engines so that they can find it. We are analyzing what are the really keywords which are driving the AI traffic so that we can provide better results, like going forward and again it will be slower than everyone expect we believe that people will change.

所以，無論是在公司營運方面還是在客戶方面，都會有好處，但同時，我們也看到了客戶帶來的機會。所以，我可以從，比如說，稱之為一般及行政管理方面的機會開始。人工智慧現在是，而且將來會越來越成為提高我們銷售團隊轉換率的因素之一。我們正在加倍投入，擴大潛在客戶開發能力。我們現在擁有一個與我們的市場理解相連的系統，這樣我們就可以向我們的軍團引擎提供資訊。我們需要在哪些領域開展哪些業務、達成哪些交易？因此，我們將向銷售團隊發送更高品質的銷售線索，這些線索轉換後將比一般的銷售線索產生更高的收入。我們過去曾有過這樣的經驗。我們在與商家進行預熱溝通時加入了人工智慧，用來展示 Groupon，總的來說，我們正在將人工智慧工具添加到整個銷售過程中。例如，我們之前討論過人工智慧促成交易，在銷售電話中，我們可以向商家展示交易資訊。這筆交易在 Groupon 上看起來會是什麼樣子？它不僅加快了整個流程，而且還提高了轉換率。我們已經將人工智慧應用於供應監控，人工智慧可以提供交易洞察，並指導銷售人員如何改善交易，從而為商家創造更多利潤，為 Groupon 帶來更多銷售。對客戶而言也是如此。顯然，工程技術幾乎無所不在，更高的效率，更高的產出品質；金融領域也需要更高的效率；而行銷規模和整合，例如展望未來，我預計我們將能夠以相同甚至更小的團隊推動效果行銷、社交行銷和影響者行銷的成長。最近，我們也為客戶服務引入了聊天機器人。我們認為，到目前為止，Groupon 的聊天機器人或客戶服務更像是一種服務，但展望未來，我們希望將客戶服務視為廣告行銷管道，因為它是與客戶的接觸點。我們已經擁有一個人工智慧驅動的聊天機器人，它可以處理溝通的初始部分；然後是更高級的系統，在這個系統中，我們的客服人員可以指導人工智慧如何處理與客戶的對話，並在人工智慧的大力協助下接管部分溝通工作。所以這是銷售、一般及行政費用方面的情況，而就客戶方面而言，我預計這種情況會比現在大家可能預測的要慢，就像所有新技術一樣，客戶的行為方式以及他們尋找服務的方式都會發生變化。因此，我們密切關注並與合作夥伴和我們的團隊合作，了解如何為人工智慧應用程式做好準備，如何使網站易於閱讀並與人工智慧引擎通信，以便它們能夠找到它。我們正在分析哪些關鍵字真正推動了人工智慧流量，以便我們能夠提供更好的結果，就像未來一樣，而且速度會比每個人預期的要慢，但我們相信人們會改變。

The way how we are looking for stuff and it will be more conversational and Groupon will be part of it. Ultimately, I see Groupon also as a kind of gateway for small businesses because it's very hard to expect that all small businesses will Quite often tough time just to run the business. We'll be ready to have the solution already working with all the key players. We will be ultimately the platform which will be bringing all local merchants and the small businesses to AI world.

我們尋找商品的方式會更加對話化，Groupon 也會參與其中。最終，我認為 Groupon 也是小型企業的一種途徑，因為很難指望所有的小型企業都能獲得 Groupon 的支持，而且很多時候，光是維持企業營運就已經很艱難了。我們將做好準備，確保解決方案能夠與所有關鍵參與者順利接合。我們最終將成為將所有本地商家和小型企業帶入人工智慧世界的平台。

Thank you, very helpful.

謝謝，很有幫助。

Okay.

好的。

Thanks, Sean. We'll now pose written questions to management that came in through our investor relations press line. Investors who are live on the line, if you have follow-ups, please raise your hand and we'll head back to you.

謝謝你，肖恩。接下來，我們將把透過投資者關係新聞專線收到的書面問題轉達給管理階層。正在線上的投資者們，如果您有任何後續問題，請舉手，我們會盡快回覆您。

Our first written question is in regards to marketing efficiency.

我們的第一個書面問題是關於行銷效率的。

Marketing spend rose 14% year over year to 37% of gross profit as you leaned into acquisition. How are you measuring marketing ROI across channels, and what early learnings are emerging from your new brand campaign in key markets like New York and Chicago?

由於加強了客戶獲取力度，行銷支出年增 14%，佔毛利的 37%。您如何衡量跨通路的行銷投資報酬率？您在紐約和芝加哥等重點市場的新品牌推廣活動有哪些初步經驗？

I can't take that question. So first, brand campaign is starting in the next 2 weeks, so we don't have a lot of learnings from our own. Obviously, we were doing the homework and we were looking on how our companies were running brand campaigns to take the learning. So we have positive expectations of, the outcome and In terms of performance of our marketing channels, based on the numbers which we were reporting, you can see that our marketing channels, and paid marketing channels are performing, very well. We have very good ROI. We are not changing our ROI goal of like 100% return within the seven-day window for all our performance marketing, budget, and we, with this setup, although based on the results which, Google and Meta are posting, you see that they are able to monetize better their traffic. We are still able to grow and improve the marketing, with the exactly same ROI which I consider as a. Result and based on the additional AI opportunities, I believe we still have a way to go. We still can grow the video part, the social part of the marketing. So, I believe that part of our future growth will be coming from this area.

我無法回答這個問題。首先，品牌推廣活動將在接下來的兩週內開始，所以我們沒有太多自身經驗可以藉鏡。顯然，我們做了功課，研究了我們公司是如何進行品牌推廣活動的，以便從中吸收經驗。因此，我們對結果抱持著正面的期望。就我們的行銷管道表現而言，根據我們報告的數據，你可以看到我們的行銷管道，尤其是付費行銷管道，表現得非常好。我們的投資報酬率非常高。我們不會改變我們的投資報酬率目標，即在七天內實現所有效果行銷預算的 100% 回報。而且，在這種設定下，儘管根據Google和 Meta 發布的結果來看，他們能夠更好地將流量變現，但我們仍然堅持這一目標。我們仍然能夠發展和改進行銷，同時保持相同的投資回報率，我認為這是…就結果以及人工智慧帶來的其他機會而言，我認為我們還有很長的路要走。我們仍然可以發展視訊行銷和社交媒體行銷。因此，我相信我們未來的部分成長將來自這個領域。

And maybe, one additional comment on this. At the same time, we see a shift of behavior of customers. We see that, the AIPCs, mainly by Google are simply, decreasing the traffic, coming from SEO at the same time. We see higher conversion. So, SEO overall for everyone, not, it's not just a Groupon specific topic, it's definitely kind of, headwind, but, at the same time we see that there are opportunities with conversion and opportunities with AI which advance it.

或許，我還有一點補充。同時，我們看到顧客的行為發生了轉變。我們看到，主要由Google推出的 AIPC 政策，實際上正在減少來自 SEO 的流量。我們看到轉換率更高了。所以，就整體而言，SEO對所有人來說都是一個挑戰，這不僅僅是Groupon特有的話題，它確實面臨著一些阻力，但同時，我們也看到了轉換率和人工智慧帶來的機會，這些機會推動了SEO的發展。

Thank you, Dusan.

謝謝你，杜桑。

Our next written question is in regards to platform modernization.

我們下一個書面問題是關於平台現代化的。

Your new app remains at roughly 3% of traffic, with plans for a full North American cutover by early Q1 2026. What KPIs are you watching to gauge readiness for the full migration, and what incremental uplift in conversion or engagement have you seen from early adopters?

您的新應用目前流量佔比約為 3%，計劃在 2026 年第一季初完成北美地區的全面切換。您正在關注哪些關鍵績效指標 (KPI) 來衡量全面遷移的準備？您從早期採用者那裡看到了轉換率或參與度的哪些提升？

So I'm happy to report that in recent weeks, we see quite major improvements and that's why we are more optimistic, with the rollout of the platform.

因此，我很高興地報告，最近幾週我們看到了相當大的改進，這也是我們對平台推出更加樂觀的原因。

The biggest learning and takeaway which we have from the app is that new mobile next app users have 10 to 20% higher engagement, which means that because the app is easy to use, we are simply coming back to the application. Relaunching it, looking what's available on Groupon, more than, customers using the legacy application. At the same time, it's not converted yet into conversion. The monetization is pretty much on par. That's why, the We are just decided that we will be ramping up the distribution for new users already now in Q4 and then we will really accelerate it in early Q1 because we feel much more confident about the up performance, right now.

我們從這款應用程式中得到的最大收穫是，新行動應用用戶的參與度提高了 10% 到 20%，這意味著由於該應用程式易於使用，我們會不斷回到該應用程式。重新推出，看看 Groupon 上有什麼，比使用舊版應用程式的客戶更多。同時，它還沒有轉化為實際的轉化。獲利模式基本持平。因此，我們決定從第四季開始逐步擴大對新用戶的推廣力度，並在第一季初真正加速推進，因為我們現在對產品效能更有信心。

And the second part to this question is related again to the CDP or CRM platform, which would allow us to deliver personalized messaging because this is a tool, how to improve experience for customers, deliver them the push notifications and in-app messages which will be more relevant and we see this as a, opportunity for us for next year.

這個問題的第二部分又與 CDP 或 CRM 平台有關，它使我們能夠提供個人化訊息，因為這是一個改善客戶體驗的工具，可以向他們推送更具相關性的通知和應用程式內訊息，我們認為這是我們明年的機會。

Thanks you, Dusan.

謝謝你，杜桑。

Sean McGowan, ROTH Capital Partners.

Sean McGowan，ROTH Capital Partners。

Thank you. Yeah, I noticed that, the last quarter and this quarter as well, travel seems to be doing better. So can you talk about some of the things that you're doing in travel that seem to be working?

謝謝。是的，我也注意到了，上個季度和這個季度，旅遊業似乎都在好轉。那麼，您能否談談您在旅遊方面正在做的一些似乎行之有效的事情？

Rana, do you want to take that question, or should I?

拉娜，你想回答這個問題嗎？還是我來回答？

Yeah, I can take it.

是的，我可以承受。

So, Sean, you correctly noted our travel business has been done, been doing well, our travel port business in is still relatively small relative to the market opportunity, and our business. We have had success this summer working with several large enterprise brands and travel, that really, fit with our proposition, and so what we've been doing there, these are actually existing customers that we're growing faster with. And what we've been working closely with them to understand their needs and designing, and understanding what our customer needs are and introducing more room nights, better deals, and that's been, really successful, the, these properties. Also overlaid with many of the outdoor activities for the summer. And so that also, let's say, lines up well with our platform offering things to do experiences, and so that's really what drove, travel this summer.

所以，肖恩，你正確地指出，我們的旅行社業務已經開展，而且一直做得很好，我們的旅行港口業務相對於市場機會和我們的業務來說仍然相對較小。今年夏天，我們與幾家大型企業品牌和旅遊公司合作取得了成功，這些公司與我們的產品理念非常契合，因此，我們一直在與這些現有客戶合作，並與他們一起實現了更快的成長。我們一直與他們密切合作，了解他們的需求，並進行設計，了解我們的客戶需求，推出更多客房晚數、更好的優惠，這些舉措都非常成功，這些酒店也因此受益匪淺。此外，也疊加了許多夏季戶外活動。所以，可以說，這也與我們平台提供的體驗活動非常契合，而這正是今年夏天推動旅行的真正動力。

Great. Thanks, Rana.

偉大的。謝謝你，拉娜。

Bobby Brooks, Northland Capital.

Bobby Brooks，北地資本。

Hey, one more for me. So obviously a lot of discussion on the AI initiatives and kind of where you see the opportunity there. But I guess I was just curious like from the customer-facing perspective, is there anything like, as folks are checking out the website and looking for deals in the coming months, is, are any of these kind of AI initiatives going to be able to be directly seen, one browsing. Inventory on the website or maybe through the app, whether it's the legacy or the new rollout one, just curious to hear that color.

嘿，再給我來一個。所以很明顯，大家對人工智慧計畫進行了很多討論，也探討了其中的機會所在。但我只是好奇，從面向客戶的角度來看，當人們在未來幾個月瀏覽網站並尋找優惠時，這些人工智慧舉措是否能夠被直接看到。庫存資訊可以在網站上查詢，也可以透過應用程式查詢，無論是舊版還是新推出的版本，我只是好奇想知道是什麼顏色。

So one internal project which we are running in this area is also really updated version of Search and the relevance platform for whole Groupon, which would allow us to unlock, better opportunities, more personalization in general, in line with what I was talking about with the CRM, project also, and the plan is, that when we will have this platform released, we will be adding the AI search also on the Groupon platform.

因此，我們在這個領域正在運行的一個內部項目，也是 Groupon 搜尋和相關性平台的真正更新版本，這將使我們能夠解鎖更好的機會，整體上實現更個性化，這與我之前提到的 CRM 項目也是一致的。我們的計劃是，當這個平台發佈時，我們還將在 Groupon 平台上添加 AI 搜尋。

Until then we release the functionality which is not like pure AI but which is like helping customers when they are typing the search query that we are, adding the better suggestions, we are adding the related stuff based on the previous results. This is what we are already piloting on that new technology, but we expect much more. When we will have it. And at the same time, we have a very heavy stream when we are making sure that our website is able to talk with all AI platforms because like our observation right now is that not many customers are really using the apps, from in OpenAI and other platforms. It's more still the organic language. Help me find the Groupon deals in New York, for example, the query, which is quite often used in OpenAI or find me the deals for, I don't know, for the bowling during the weekend, and we want to make sure that our website is providing the feeds for AI agents so that It's very easy to incorporate our results in that, natural language flow there, but obviously we are and will be ready also, for the upper world when it will, we will see, some better numbers coming. We have projects which are covering it so that we are ready, but from like impact perspective, I believe that, the bigger value right now is about the compatibility of the website to talk with AI engines so that it's easy for them to show our results.

在此之前，我們將發布一項功能，該功能並非純粹的人工智慧，而是在客戶輸入搜尋查詢時提供協助，我們會根據先前的搜尋結果添加更好的建議和相關內容。這就是我們目前正在這項新技術上進行試點的項目，但我們期望能做得更多。我們什麼時候才能擁有它。同時，我們在確保我們的網站能夠與所有 AI 平台進行互動方面投入了大量精力，因為我們目前的觀察是，真正使用 OpenAI 和其他平台應用程式的客戶並不多。它更像是一種自然的語言。例如，幫我查找紐約的 Groupon 優惠，這個查詢在 OpenAI 中經常使用，或者幫我查找週末保齡球的優惠，我們希望確保我們的網站能夠為 AI 代理提供信息流，以便能夠非常輕鬆地將我們的結果整合到那裡的自然語言流程中，但顯然，我們也已經並將繼續做好準備，迎接更高層次的發展，屆時我們將看到一些更好的數據出現。我們有相關的項目來應對這種情況，所以我們已經準備好了。但是從影響的角度來看，我認為目前更大的價值在於網站與人工智慧引擎的兼容性，以便它們可以輕鬆地展示我們的結果。

Makes a lot of sense. Appreciate the color.

很有道理。欣賞這種顏色。

Thanks, Bobby.

謝謝你，鮑比。

We have one final written question. Can you give an update on the Italian tax settlement?

我們還有一個書面提問。您能提供一下義大利稅務和解方案的最新進展嗎？

Yeah, I can take that one, and there are more details on this in our queue, but the headline is we continue to see progress there. Our Italian entity received an update that the proposed settlement we had has received several approvals, so that's good progress, and now it's waiting to get a revised assessment that reflects the terms of the agreement. We also have an upcoming court date in December, and we're expecting to jointly seek judicial approval. So this is progress. We're hoping to resolve this ongoing matter and put it behind us, at the same time it's been a fluid situation and so, we, we'll continue to update you as we get more information. Yeah, and maybe as a reminder, the remaining amount that would be owed under the terms of this agreement is approximately $15 million, so that's the latest update we have on Italy.

是的，我可以處理這件事，我們還有更多相關細節需要處理，但重點是我們繼續看到這方面取得進展。我們的義大利實體收到最新消息，我們提出的和解方案已獲得多項批准，這是一個良好的進展，現在它正在等待一份反映協議條款的修訂評估報告。我們12月份還有一次庭審，我們預計會共同尋求司法批准。所以這是進步。我們希望能夠解決這個懸而未決的問題，並將其拋諸腦後。同時，情況瞬息萬變，因此，一旦我們獲得更多信息，我們將繼續向您通報最新進展。是的，或許應該提醒一下，根據這項協議的條款，剩餘應付金額約為 1500 萬美元，這是我們目前掌握的關於義大利的最新情況。

Thank you.

謝謝。

Thank you, Rana.

謝謝你，拉娜。

Thank you, Dusan. There are no further live or written questions, so this concludes our call for today.

謝謝你，杜桑。現場或書面提問環節已全部結束，今天的電話會議到此結束。

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

感謝各位的參與。如需了解更多信息，請訪問 investor.groupon.com。