Tripadvisor Inc (TRIP) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the TripAdvisor Second Quarter 2022 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Angela White, Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 TripAdvisor 2022 年第二季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者，投資者關係副總裁安吉拉懷特。請繼續。

Thank you, Michelle. Good morning, everyone, and welcome to Tripadvisor's Second Quarter 2022 Financial Results Call. Joining me today are Matt Goldberg, President and CEO; and Ernst Teunissen, CFO and Chief Executive of Viator, TheFork and Cruise Critic. Last night, after market closed, we distributed and filed our earnings release and made available our shareholder letter on our IR website. In the release, you'll find reconciliations of non-GAAP financial measures to the most comparable GAAP measures discussed on this call. Also on our IR website, you'll find supplemental financial information, which also includes reconciliations of certain non-GAAP financial measures discussed on this call as well as other metrics.

謝謝你，米歇爾。大家早上好，歡迎參加 Tripadvisor 2022 年第二季度財務業績電話會議。今天加入我的是總裁兼首席執行官馬特·戈德堡； Viator、TheFork 和 Cruise Critic 的首席財務官兼首席執行官 Ernst Teunissen。昨晚，在市場收盤後，我們分發並提交了我們的收益報告，並在我們的 IR 網站上提供了我們的股東信。在該版本中，您會發現非 GAAP 財務指標與本次電話會議中討論的最具可比性的 GAAP 指標之間的對賬。此外，在我們的 IR 網站上，您還可以找到補充財務信息，其中還包括本次電話會議中討論的某些非公認會計準則財務指標的對賬以及其他指標。

Before we begin, I'd like to remind you that this call may contain certain estimates and other forward-looking statements that represent management's views as of today, August 5, 2022. Tripadvisor disclaims any obligation to update these statements to reflect future events or circumstances. Please refer to our earnings release as well as our filings with the SEC for information concerning factors that could cause actual results to differ materially from these forward-looking statements.

在開始之前，我想提醒您，本次電話會議可能包含代表管理層截至 2022 年 8 月 5 日今天的觀點的某些估計和其他前瞻性陳述。Tripadvisor 不承擔更新這些陳述以反映未來事件或情況。有關可能導致實際結果與這些前瞻性陳述大不相同的因素的信息，請參閱我們的收益發布以及我們向美國證券交易委員會提交的文件。

With that, I'll turn the call over to Matt.

有了這個，我會把電話轉給馬特。

Thank you, Angela. Good morning, everyone, and thanks for joining us today. I'm excited to be here. I've been looking forward to my first earnings call with Tripadvisor. It's an exciting time to join this iconic company given the travel environment over the last few years, the trajectory of recovery in the sector, the return of the leisure traveler and the potential to serve consumers in new and unique ways as they look to satisfy their growing demand to get out and experience the world.

謝謝你，安吉拉。大家早上好，感謝您今天加入我們。我很高興來到這裡。我一直期待著我與 Tripadvisor 的第一次收益電話會議。鑑於過去幾年的旅遊環境、該行業的複蘇軌跡、休閒旅行者的回歸以及以新的獨特方式為消費者提供服務以滿足他們的需求的潛力，加入這家標誌性公司是一個激動人心的時刻走出去體驗世界的需求不斷增長。

As you read in the shareholder letter, we had a strong quarter. Our Viator experiences-focused offer stood out in its pace and level of recovery at 160% of 2019 levels. TheFork achieved 103% relative to 2019, and the recovery in our Core Tripadvisor hotels offering improved at 89% in the quarter, up from 63% last quarter.

正如您在股東信中所讀到的，我們的季度表現強勁。我們以 Viator 體驗為重點的產品在恢復速度和恢復水平方面脫穎而出，達到 2019 年水平的 160%。與 2019 年相比，TheFork 實現了 103% 的增長，本季度我們的核心 Tripadvisor 酒店產品的恢復率提高了 89%，高於上一季度的 63%。

Since this is my first call as CEO, I wanted to take a step back from the quarterly results and share some high-level perspectives and reflections for my first 30 days, including why I wanted to return to the travel sector and the opportunities I saw at Tripadvisor. I am personally passionate about travel and the meaning it brings to us all by opening us up to different cultures and perspectives and the higher purpose that it serves by reminding us how much we all have in common at our core.

由於這是我作為 CEO 的第一次電話會議，我想從季度業績中退一步，分享我前 30 天的一些高層次觀點和思考，包括我為什麼想回到旅遊業以及我看到的機會在 Tripadvisor。我個人對旅行以及它給我們所有人帶來的意義充滿熱情，因為它讓我們了解不同的文化和觀點，以及它通過提醒我們在我們的核心有多少共同點來服務於更高的目標。

The travel industry has always captured my professional attention as a category ripe for innovation and growth. The size of the market is massive, and the sector continues to go through constant change marked by an evolution in the democratization of travel information and distribution. This creates a compelling opportunity to reimagine the consumer experience by solving problems in what is often a fragmented and frustrating ecosystem.

旅遊業一直吸引著我的專業關注，因為它是一個適合創新和發展的領域。市場規模巨大，該行業繼續經歷不斷變化，其標誌是旅遊信息和分銷民主化的演變。這創造了一個令人信服的機會，通過解決通常是分散且令人沮喪的生態系統中的問題來重新構想消費者體驗。

When Tripadvisor launched back in 2000, it introduced a unique and disruptive offering to the market that pioneered a new way to enable travelers to decide where they want to go and discover trusted resources to make it happen. The Tripadvisor I joined today is fortunate to have a strong and stable foundation and an enduring set of assets, our trusted brand, a large global audience, a scalable content model, a rich set of data and passionate teams committed to our future. It sits squarely in the category of experiences over material consumption, a secular trend that we can expect to continue.

早在 2000 年，Tripadvisor 推出時，它就向市場推出了一種獨特的顛覆性產品，開創了一種新的方式，讓旅行者能夠決定他們想去哪裡，並發現值得信賴的資源來實現這一目標。我今天加入的 Tripadvisor 很幸運擁有強大而穩定的基礎和經久不衰的資產、我們值得信賴的品牌、龐大的全球受眾、可擴展的內容模型、豐富的數據集和致力於我們未來的充滿激情的團隊。它完全屬於物質消費的體驗類別，我們可以期待這種長期趨勢繼續下去。

My mission, simply stated, is to make sure we continue to evolve the company so that we can serve travelers, diners and experience-seekers for decades to come. While I recognize that we operate in a competitive space with external pressures, there are a number of advantages that attracted me to the opportunity.

簡單地說，我的使命是確保我們繼續發展公司，以便我們能夠在未來幾十年為旅行者、食客和尋求體驗的人提供服務。雖然我認識到我們在一個充滿外部壓力的競爭環境中運營，但有許多優勢吸引了我。

First, Tripadvisor y is a company that I have long admired, both as a traveler and a travel industry executive. I saw the opportunity to follow a visionary founder and identify new ways we can be disruptive by reimagining the future of travel at a time when consumers are looking for trusted guidance.

首先，TripAdvisor y 是我長期以來一直欽佩的公司，無論是作為旅行者還是旅遊行業的高管。我看到了跟隨一位有遠見的創始人的機會，並在消費者正在尋求值得信賴的指導時重新構想旅行的未來，並確定我們可以顛覆的新方式。

I also looked at the company's portfolio. We have a collection of diverse assets in Viator and TheFork as well as Core Tripadvisor that allow us to participate across travel experiences and business models. As the pace of change increases, this can play a meaningful role in how we serve consumers in unique and seamless ways.

我還查看了公司的投資組合。我們在 Viator 和 TheFork 以及核心 Tripadvisor 擁有一系列不同的資產，使我們能夠參與各種旅行體驗和商業模式。隨著變革步伐的加快，這可以在我們以獨特和無縫的方式為消費者提供服務方面發揮重要作用。

Given my background in digital media, something that jumped out to me is truly differentiated and valuable at Tripadvisor is a community of like-minded people actively contributing content to help their fellow travelers make the most of every experience. This has created the world's largest travel guidance platform built on a relationship of trust with over 1 billion reviews and hundreds of millions of visitors every month.

鑑於我在數字媒體方面的背景，在 Tripadvisor 讓我感到真正與眾不同和有價值的是一個由志同道合的人組成的社區，他們積極貢獻內容以幫助他們的同行旅行者充分利用每一次體驗。這創建了世界上最大的旅遊指導平台，建立在信任關係之上，每月擁有超過 10 億條評論和數億訪問者。

With this scale, I was also energized by the potential of our data assets to create a better experience for consumers and enable all areas of the company. Having spent a number of years leading advertising, content and commerce businesses enabled by data, I'm confident that our data can help us drive deeper consumer insight and higher levels of engagement, create further operational agility as well as identify meaningful commercial opportunities.

有了這樣的規模，我也被我們的數據資產的潛力所鼓舞，為消費者創造更好的體驗並為公司的所有領域提供支持。多年來，我在數據支持的廣告、內容和商業業務方面處於領先地位，我相信我們的數據可以幫助我們推動更深入的消費者洞察和更高水平的參與，創造進一步的運營敏捷性，並發現有意義的商業機會。

Perhaps most importantly, one final attribute that attracted me to Tripadvisor was the culture and people. Tripadvisor has a culture that attracts talent with a passion for purpose and a highly skilled, knowledgeable and capable team. Over the past months, I've enjoyed spending time with teams across the organization and just wanted to say thanks for welcoming me with such enthusiasm. At this early point in my tenure, I can say that my excitement for the opportunity in front of us has only grown stronger. And I'm looking forward to rolling up my sleeves, engaging with our talent and charting our course for the future.

或許最重要的是，Tripadvisor 吸引我的最後一個屬性是文化和人。 Tripadvisor 的文化吸引了對目標充滿熱情的人才，並擁有一支技能嫻熟、知識淵博、能幹的團隊。在過去的幾個月裡，我很享受與整個組織的團隊共度時光，我只想對你們如此熱情地歡迎我表示感謝。在我任職的早期階段，我可以說我對擺在我們面前的機會的興奮只會越來越強烈。我期待著捲起袖子，與我們的人才合作，並為未來規劃我們的路線。

One area of clear focus is driving stronger and more effective execution. In the coming months, we will align our strategy, operating model and teams to deliver against our goals in a structured and rigorous manner. I expect to empower our leaders and their teams to ideate, execute and enable every employee to do their best work.

一個明確的重點領域是推動更強大和更有效的執行。在接下來的幾個月裡，我們將調整我們的戰略、運營模式和團隊，以結構化和嚴格的方式實現我們的目標。我希望讓我們的領導者和他們的團隊能夠構思、執行並使每位員工都能做到最好。

I believe that building a foundation of trust with all our employees and stakeholders is critical as we set the framework for our future together. I'm also looking forward to connecting and collaborating with our customers, partners, industry peers and shareholders to understand their perspectives and help us better serve consumers.

我相信，在我們共同為未來製定框架時，與所有員工和利益相關者建立信任基礎至關重要。我也期待與我們的客戶、合作夥伴、行業同行和股東建立聯繫和合作，以了解他們的觀點並幫助我們更好地為消費者服務。

As we pursue our next phase of growth, we are well positioned to build on our foundation as we strengthen the essential role we play in the travel ecosystem. I will aim to be clear about our plans, communicate transparently as we go and identify milestones along the way. In the meantime, I look forward to meeting many of you soon and sharing more in the coming months.

隨著我們追求下一階段的增長，我們有能力在我們的基礎上再接再厲，加強我們在旅游生態系統中發揮的重要作用。我的目標是明確我們的計劃，在我們前進的過程中進行透明的溝通，並確定沿途的里程碑。與此同時，我期待很快與你們中的許多人見面，並在未來幾個月內分享更多信息。

With that, I'll turn the call over to Ernst.

有了這個，我會把電話轉給恩斯特。

Thanks, Matt, and welcome to your first earnings call with us. To echo Matt, we had an impressive quarter, and we are pleased with the continued demand recovery as well as the strong execution by our team. I think the results speak for themselves.

謝謝，馬特，歡迎參加我們的第一次收益電話會議。為了呼應馬特，我們有一個令人印象深刻的季度，我們對持續的需求復蘇以及我們團隊的強大執行力感到高興。我認為結果不言自明。

In addition to what Matt highlighted, we reached 99% of our 2019 revenue in Q2, a strong step-up from the 70% in Q1. And our adjusted EBITDA was $109 million or 26% of revenue, both revenue and EBITDA exceeding our expectation. Free cash flow in the quarter was $282 million, and we had a little over $1 billion of cash on our balance sheet at the end of the quarter.

除了馬特強調的內容外，我們在第二季度達到了 2019 年收入的 99%，比第一季度的 70% 有了強勁的增長。我們調整後的 EBITDA 為 1.09 億美元，佔收入的 26%，收入和 EBITDA 都超出了我們的預期。本季度的自由現金流為 2.82 億美元，截至本季度末，我們的資產負債表上的現金略高於 10 億美元。

Despite the news flow of macro factors such as inflation, recession fears and consumer sentiment, travel has been and continues to be strong. While U.S. travel strength continued, this quarter also saw Europe coming back very strongly. We saw a progressive improvement of revenue as a percentage of 2019 each month of Q2. And at this time, we expect to be able to report further improvement in Q3.

儘管通脹、衰退擔憂和消費者信心等宏觀因素不斷湧現，但旅遊業一直並將繼續保持強勁勢頭。雖然美國的旅遊實力持續強勁，但本季度歐洲也強勢回歸。我們看到第二季度每個月的收入佔 2019 年的百分比都在逐步提高。目前，我們預計能夠在第三季度報告進一步的改善。

This expectation includes a currency headwind versus 2019 that we expect in the back half of roughly 4% impact on 2019 recovery. And within that, about 10% impact versus 2019 recovery for TheFork, whose revenue, as you all know, is predominantly in Europe.

這一預期包括相對於 2019 年的貨幣逆風，我們預計後半段對 2019 年復甦的影響約為 4%。其中，與 2019 年復蘇相比，TheFork 的影響約為 10%，眾所周知，TheFork 的收入主要來自歐洲。

We covered a lot of specifics about drivers of performance in our shareholder letter, which we posted last night. So rather than go through all those specifics, I wanted to highlight a few salient points here.

我們在昨晚發布的股東信中介紹了許多有關績效驅動因素的細節。因此，我不想詳細介紹所有這些細節，而是想在這裡強調一些要點。

Our new Tripadvisor Core segment has continued on its path to 2019 recovery, reaching 84% of 2019 revenue in Q2 and on track to do better again in Q3. This is with about a 3% drag from revenue lines that were discontinued or no longer consolidated.

我們新的 Tripadvisor 核心業務繼續在 2019 年復蘇，在第二季度達到 2019 年收入的 84%，並有望在第三季度再次取得更好的成績。這與已停止或不再合併的收入線拖累了約 3%。

I highlight that our hotel auction was about 100% of 2019 in the U.S. and Europe, which is pleasing. I also highlight that we are narrowing the gap with media and hotel B2B, 2 revenue streams that we have reported in the last quarter are slower to recover. We expect these revenue streams to progressively do better and ultimately intersect with their pre-pandemic trajectory although our hotel B2B business may not get there this year.

我要強調的是，我們在美國和歐洲的酒店拍賣大約是 2019 年的 100%，這很令人高興。我還強調，我們正在縮小與媒體和酒店 B2B 的差距，我們在上一季度報告的兩個收入流恢復較慢。儘管我們的酒店 B2B 業務今年可能無法實現，但我們預計這些收入流將逐步表現更好，並最終與大流行前的軌跡相交。

While we're pleased with our performance and the recovery trends, we believe that the mix of our offers within TA Core, including our weighting to hotels rather than alternative accommodations and the slower recovery in B2B and media that I just mentioned has been a relative headwind for Core Tripadvisor. We are confident, however, that we have the levers to improve our performance going forward and believe that we have the assets within our portfolio to drive attractive and profitable growth for Core Tripadvisor.

雖然我們對我們的表現和復蘇趨勢感到滿意，但我們認為，我們在 TA Core 內提供的組合，包括我們對酒店而非替代住宿的加權，以及我剛才提到的 B2B 和媒體的較慢復甦是相對的核心 Tripadvisor 的逆風。然而，我們有信心，我們有能力提高我們未來的業績，並相信我們在我們的投資組合中擁有資產來推動 Core Tripadvisor 有吸引力和盈利的增長。

Notably, our Core Tripadvisor segment exceeded pre-pandemic EBITDA margin levels in Q2 even with revenues still trailing 2019, a testament to the fixed cost reductions we affected during the pandemic.

值得注意的是，我們的核心 Tripadvisor 部門在第二季度超過了大流行前的 EBITDA 利潤率水平，儘管收入仍落後於 2019 年，這證明了我們在大流行期間影響的固定成本降低。

Our new Viator segment is showing remarkable growth, 60% growth versus 2019 in the quarter, 240% revenue growth year-over-year. And in Q3, we expect to improve our performance again. Despite a lot of growth investment, our adjusted EBITDA margin in this business slightly improved versus 2019 this quarter and improved strongly versus last year.

我們新的 Viator 部門顯示出顯著的增長，本季度與 2019 年相比增長 60%，收入同比增長 240%。在第三季度，我們希望再次提高我們的表現。儘管有大量增長投資，但本季度我們在該業務中調整後的 EBITDA 利潤率與 2019 年相比略有改善，並且與去年相比大幅改善。

Our new TheFork segment still exceeded 2019 levels in Q2 and is set to improve again in Q3. Studies indicate that the European restaurant industry as a whole has not fully recovered yet with fewer restaurant openings than in 2019 and staff shortages. This makes it all the more promising that TheFork, with its ability to drive more volume for restaurateurs, is exceeding 2019 levels already.

我們新的 TheFork 細分市場在第二季度仍超過 2019 年的水平，並將在第三季度再次改善。研究表明，歐洲餐飲業整體尚未完全復甦，餐廳開業數量少於 2019 年，員工短缺。這使得 TheFork 更有希望，因為它能夠為餐館老闆帶來更多的銷量，已經超過了 2019 年的水平。

We have provided you with a series of documents, including a memo, aligning the technicalities of our segment change and the historical presentation of segment numbers that will provide a lot of the specifics. Let me just highlight the why of this change here.

我們為您提供了一系列文件，包括一份備忘錄，其中調整了我們細分市場變化的技術細節以及細分市場編號的歷史表示，這些文件將提供很多細節。讓我在這裡強調一下為什麼會發生這種變化。

First, the segments are a good reflection of how we are currently thinking about and managing our business. These 3 segment P&Ls, Tripadvisor Core, Viator and TheFork, reflect the true stand-alone economics with market-based commercial agreements between them and overhead allocations. The segment reporting highlights that we manage Viator and TheFork for high growth and future rather than current margin.

首先，這些細分市場很好地反映了我們目前如何思考和管理我們的業務。這 3 個部分的損益表，Tripadvisor Core、Viator 和 TheFork，通過它們之間基於市場的商業協議和間接費用分配反映了真正的獨立經濟學。分部報告強調，我們管理 Viator 和 TheFork 是為了實現高增長和未來，而不是當前的利潤率。

It's also a reflection that we see great opportunity in managing brand Tripadvisor more holistically around a central user experience rather than in verticals. Despite operating these segments as separate segments, we also derive significant benefit from the intersections.

這也反映了我們看到了圍繞中心用戶體驗而不是垂直行業更全面地管理品牌 Tripadvisor 的巨大機會。儘管將這些部門作為單獨的部門運營，但我們也從交叉路口獲得了顯著的收益。

Viator and TheFork provide great and very strategic access to bookable supply for Tripadvisor Core. And Tripadvisor Core provides a significant volume of additional leads and demand to Viator and TheFork. It's also our belief that by presenting these 3 segments this way, we have made it possible for investors to truly do a sum-of-the-parts valuation of Tripadvisor, something that was not as straightforward to do with the old segments.

Viator 和 TheFork 為 Tripadvisor Core 提供了可預訂供應的絕佳且極具戰略意義的途徑。 Tripadvisor 核心為 Viator 和 TheFork 提供了大量額外的潛在客戶和需求。我們還相信，通過以這種方式呈現這 3 個細分市場，我們使投資者能夠真正對 Tripadvisor 進行部分總和估值，這對於舊細分市場而言並不那麼簡單。

We continue to look at other ways to highlight the value of these businesses in addition to segment reporting as we have called [this] in the previous quarter. And although currently not yet demonstrating their profit potential as we invest in growth, we believe longer term, both Viator and TheFork can reach EBITDA margins of 25% to 30% given their strong gross margin profiles, potential for scale given their large TAMs and attractive unit economics.

除了我們在上一季度所說的[this]分部報告之外，我們還將繼續尋找其他方式來突出這些業務的價值。儘管目前在我們投資增長時尚未展示其盈利潛力，但我們相信，從長期來看，Viator 和 TheFork 的 EBITDA 利潤率都可以達到 25% 到 30%，因為它們的毛利率強勁，具有規模潛力，因為它們具有巨大的 TAM 和吸引力單位經濟學。

With that, I'll hand it over to the operator for questions.

有了這個，我會把它交給接線員提問。

(Operator Instructions) The first question comes from Naved Khan with Truist.

（操作員說明）第一個問題來自 Naved Khan 和 Truist。

Great. Just a couple of questions from me. On the -- on Viator, maybe you can provide us some color on the repeat booking behavior that you're seeing with the cohorts that you have acquired in the past 1 to 2 years? And maybe just on the branded ad campaign that you're planning in the back half, how sizable is that going to be? And what are the markets or geographies that you're looking to target? And then I had a follow-up on the Core hotel.

偉大的。我有幾個問題。在 Viator 上，也許您可以為我們提供一些關於您在過去 1 到 2 年獲得的同類群組中看到的重複預訂行為的顏色？也許只是在您計劃在後半部分進行的品牌廣告活動中，這將有多大？您希望瞄準哪些市場或地區？然後我對核心酒店進行了跟進。

All right. Viator, yes, very pleasing performance there indeed. We've seen tremendous growth in the business continuing, and we are very, very pleased with that.

好的。 Viator，是的，那裡的表現確實非常令人愉悅。我們已經看到業務持續的巨大增長，我們對此感到非常非常高興。

The growth in -- the demand push we're making, the branded demand push, which is the second part of your question, is that we are diversifying away from purely relying on SEM online channels towards also doing some brand. It's not very TV-based, although there might be a little bit of TV-based questions -- investment, but there's going to be a lot of other online more branded-oriented investment.

我們正在推動的需求推動，品牌需求推動的增長，這是您問題的第二部分，是我們正在從純粹依賴 SEM 在線渠道轉向也做一些品牌。它不是非常基於電視的，雖然可能會有一些基於電視的問題——投資，但將會有很多其他在線更以品牌為導向的投資。

I say that within the context of the guidance that we've given. So we are reinvesting some of the overage that we've seen in the business. We've given some guidance for the third quarter where we see profit come in, and those trends will be continuing into the fourth quarter. So within that envelope, you'll see those investments happening.

我是在我們提供的指導範圍內這麼說的。因此，我們正在對我們在業務中看到的一些超額進行再投資。我們已經為我們看到利潤進入的第三季度提供了一些指導，這些趨勢將持續到第四季度。所以在那個信封內，你會看到這些投資正在發生。

On the repeat economics, with Viator, we have been able to measure quite precisely and quite consistently over its history how our cohorts behave. And that behavior has been ticking up consistently every year, and we feel great confidence in the data that we're getting.

在重複經濟學方面，通過 Viator，我們能夠在其歷史上非常精確且非常一致地衡量我們的同類群體的行為方式。這種行為每年都在不斷增加，我們對我們獲得的數據充滿信心。

What we're seeing is that increasingly, we are able to trigger within the first 30 days repeat behavior, which is often just around the same trip, which is fantastic news because that is really the power of in-destination offerings. So we have already sold something. And either before the trip or during the trip, we sell a repeat transaction.

我們看到的是，我們越來越多地能夠在前 30 天內觸發重複行為，這通常是在同一次旅行附近，這是一個好消息，因為這確實是目的地產品的力量。所以我們已經賣了一些東西。在旅行之前或旅行期間，我們出售重複交易。

But then in the first 12 months, we are successful in selling onward transactions as well. And then there is a lifetime value. There is -- year 2, year 3, year 4 repeats.

但是在最初的 12 個月裡，我們也成功地出售了後續交易。然後是終生價值。有 - 第 2 年、第 3 年、第 4 年重複。

Our investments that we're making in marketing are investing beyond that first transaction for that reason. We have stretched that to 12 months before, 18 months in the past periods. So still attractive ROI from a beyond 18 months perspective but loss-making immediately. But the unit economics support that very clearly.

出於這個原因，我們在營銷方面的投資超出了第一筆交易。我們將其延長到之前的 12 個月，過去的 18 個月。因此，從超過 18 個月的角度來看，投資回報率仍然很有吸引力，但會立即虧損。但單位經濟學非常清楚地支持這一點。

So what you see in 2021 and 2022 that these marketing investments have a negative impact on EBITDA in the year itself but have a very important tailwind. And we've seen that tailwind really come through this year in our repeat revenue and in our free revenue very, very clearly.

因此，您在 2021 年和 2022 年看到，這些營銷投資對當年的 EBITDA 本身產生負面影響，但具有非常重要的順風。我們已經非常非常清楚地看到，今年我們的重複收入和免費收入確實出現了順風。

We still -- attractively across all channels, so if I take the pay channels and the free channels, if we look at new consumers coming in across all those channels, we are immediately profitable. So although our pay channels may not be profitable immediately, we have a lot of new customers that we acquire also through our app, through our site directly, through SEO.

我們仍然 - 在所有渠道上都很有吸引力，所以如果我選擇付費渠道和免費渠道，如果我們看看所有這些渠道的新消費者，我們會立即盈利。因此，儘管我們的支付渠道可能不會立即盈利，但我們還是通過我們的應用程序、直接通過我們的網站、通過 SEO 獲得了很多新客戶。

And so on a blended basis, we were actually profitable immediately with new customers. So these are powerful economics. They're very attractive. We keep improving them, and the team has been successful in improving them, and it's a main focus for us. And some of these brand investments are going to help with that.

等等，在混合的基礎上，我們實際上立即從新客戶中獲利。所以這些是強大的經濟學。他們非常有吸引力。我們不斷改進它們，團隊已經成功地改進它們，這是我們的主要關注點。其中一些品牌投資將對此有所幫助。

It's Matt. I thought I might just add one thing. As you know, the Viator team has done a fabulous job reinforcing their market position and driving growth coming out of the pandemic. And one of the things that I am really excited about is the way that they've shifted fixed costs into variable costs. And I'm a big believer in the power and value of brands and have made many brand investments in a number of my past roles.

是馬特。我想我可以只添加一件事。如您所知，Viator 團隊在鞏固市場地位和推動大流行後的增長方面做得非常出色。我真正興奮的一件事是他們將固定成本轉變為可變成本的方式。而且我非常相信品牌的力量和價值，並且在我過去的許多角色中進行了許多品牌投資。

I get excited about brands that have a loyal and passionate following that can pioneer their industry and really stand the test of time. In fact, that's one of the reasons I was excited to join Tripadvisor.

我對擁有忠誠和熱情追隨者的品牌感到興奮，這些追隨者可以開拓他們的行業並真正經受住時間的考驗。事實上，這也是我很高興加入 Tripadvisor 的原因之一。

And I would just say that the Viator brand has a real opportunity to drive market leadership and continue to scale. So being smart about how we make some of those investments and really thinking about the ROI of that investment is something that I'm excited that they're doing.

我只想說，Viator 品牌有一個真正的機會來推動市場領導地位並繼續擴大規模。因此，明智地了解我們如何進行其中一些投資並真正考慮該投資的投資回報率是我對他們正在做的事情感到興奮的事情。

Great. And the follow-up I had is on the Core hotel side and for you, Matt. So on things like TripAdvisor Plus, which maybe like a year ago looked pretty exciting. And then obviously, you guys have been trying to iterate and improve that offering. Any thoughts on how you see the potential for these kind of offerings? And just what do you see that can be done better and maybe just give us your take as you kind of look at it with a fresh set of eyes.

偉大的。我的後續行動是在核心酒店方面，對你來說，馬特。所以像 TripAdvisor Plus 這樣的事情，可能就像一年前一樣，看起來非常令人興奮。然後很明顯，你們一直在嘗試迭代和改進該產品。您對此類產品的潛力有何看法？而你認為可以做得更好的地方，也許只是給我們你的看法，因為你用一種全新的眼光看待它。

Thanks, Naved. I appreciate that. And as I think many of you know, I'm a consumer-first executive. I really want to make sure that everything we do puts the traveler and the experience-seeker at the very center of everything we do.

謝謝，納維德。我很感激。我想你們中的許多人都知道，我是一名消費者至上的高管。我真的很想確保我們所做的一切都將旅行者和尋求體驗的人置於我們所做的一切的核心。

And in that context, a direct-to-consumer offering that offers clear traveler needs with tangible benefits that consumers value is a compelling opportunity, particularly when you have an audience of this size. And as I learned about all the various aspects of the business, I understand that this was launched as an experimental model, and it's still being tested.

在這種情況下，直接面向消費者的產品能夠提供明確的旅行者需求和消費者重視的切實利益，這是一個極具吸引力的機會，尤其是當您擁有如此規模的受眾時。當我了解業務的各個方面時，我了解到這是作為實驗模型推出的，並且仍在測試中。

And [while the] discounts in the offer are substantial and frequently cover the cost of the annual subscription, of course, there have been some challenges to scale. And I recognize that the offering has not necessarily reached the milestones that might have been expected.

而且[雖然]優惠中的折扣很大，而且通常可以支付年度訂閱的費用，當然，規模化也存在一些挑戰。而且我認識到，該產品不一定達到預期的里程碑。

But of course, I come from a subscription background in my time with Dow Jones and The Wall Street Journal. And so this is an area I plan to dive into. And I don't want to get ahead of myself on a timeline, but what I will say is that it will be a priority area of focus as we dive into strategy.

但當然，我在道瓊斯和華爾街日報工作期間有訂閱背景。所以這是我計劃深入研究的一個領域。我不想在時間表上超越自己，但我要說的是，隨著我們深入研究戰略，這將是一個優先關注的領域。

The next question comes from Richard Clarke with Bernstein.

下一個問題來自 Richard Clarke 和 Bernstein。

A couple of questions, if I may. Maybe I can just start with some slightly high-level thoughts of yours about -- I know you've only been there for a month, but do you think Tripadvisor needs dramatic changes? Does it need a change in strategy? Does it need new verticals to sell to as many customers? Or is this about execution? Do you believe the strategy is the right one, but it just needs to be executed on?

有幾個問題，如果可以的話。也許我可以從您的一些稍微高級的想法開始——我知道您只在那里呆了一個月，但是您認為 Tripadvisor 需要進行巨大的改變嗎？需要改變策略嗎？它是否需要新的垂直市場來向盡可能多的客戶銷售？或者這是關於執行？您是否認為該策略是正確的，但只需要執行？

And then maybe secondly, after a month in the business, what is your thought of the potential of Tripadvisor, should we be -- would you be looking at this as a business that's going to be a high-growth business going forward? I guess, it wasn't in a couple of years pre COVID, but can it be longer term? Or would you see this more as a business that can be more kind of cash generative? What do you think the focus of the performance is going to be? And I have a small follow-up, if I may, after that as well.

然後也許第二，在經營了一個月之後，您對 Tripadvisor 的潛力有何看法，我們應該是 - 您是否將其視為一項未來將成為高增長業務的業務？我想，這不是在 COVID 之前的幾年內，但它可以是更長期的嗎？還是您會更多地將其視為一項可以產生更多現金的業務？你認為演出的重點是什麼？如果可以的話，我還有一個小的後續行動，在那之後也是如此。

Thank you, Richard. I appreciate the question, and obviously, it's one that I've given a lot of thought to. When I think about entering the company, the first thing is I feel really fortunate because I'm joining a company that has built a really strong foundation. And it really offers many diverse assets to think about growth path.

謝謝你，理查德。我很欣賞這個問題，很明顯，這是我深思熟慮的問題。當我想到進入這家公司時，第一件事是我感到非常幸運，因為我加入了一家已經建立了非常強大的基礎的公司。它確實提供了許多不同的資產來思考增長路徑。

And of course, there are opportunities as there are in every company to think transformatively. And in some ways, the segment reporting that Ernst shared with you today is where I'm going to focus my time and energy because we have strong P&L leadership set up, Viator and TheFork both growing, strengthening their market position. And the Tripadvisor Core business. We've seen the auction come back strong. Media is doing well. We have some opportunities in B2B.

當然，每家公司都有機會進行變革性思考。在某些方面，Ernst 今天與您分享的細分報告是我將集中時間和精力的地方，因為我們建立了強大的 P&L 領導層，Viator 和 TheFork 都在成長，鞏固了他們的市場地位。以及 Tripadvisor 核心業務。我們已經看到拍賣強勢回歸。媒體做得很好。我們在 B2B 方面有一些機會。

And what I think about over the coming months is really sharpening the strategy and aligning everyone in the company around it, putting an operating model in place, making choices about where we'll prioritize. I do think execution is fundamental. We have a chance to execute more effectively than we have in the past.

在接下來的幾個月裡，我真正考慮的是加強戰略，讓公司的每個人都圍繞它進行調整，建立一個運營模式，選擇我們將優先考慮的地方。我確實認為執行是根本。我們有機會比過去更有效地執行。

And we've looked at where we can make some adjustments. We have high-performing teams. We've got a great culture. And I think getting the right cadence and processes that get us collaborating cross-functionally and empowering teams to focus on where they have a market insight and knowledge in their respective products and market, we'll do a great job.

我們已經研究了可以在哪裡進行一些調整。我們有高績效的團隊。我們有很棒的文化。而且我認為獲得正確的節奏和流程，讓我們跨職能合作，讓團隊專注於他們在各自產品和市場中擁有市場洞察力和知識的地方，我們會做得很好。

I know that everybody would like to see me set a strategy today. It's a little early to do that, but I think I can share a couple of areas of near-term focus.

我知道每個人都希望看到我今天制定戰略。現在這樣做還為時過早，但我想我可以分享幾個近期關注的領域。

I mentioned putting the consumer at the center of all of our decisions. And I think as we do that, we will reinforce the role that we play in the ecosystem and really clearly define the problems that we're in a position to uniquely solve.

我提到將消費者置於我們所有決策的中心。我認為，當我們這樣做時，我們將加強我們在生態系統中所扮演的角色，並真正明確地定義我們能夠以獨特方式解決的問題。

I think we can reimagine how we guide travelers before they go on a trip, when they're ready to make it happen and when they're in destination. If we get this right, I'm confident we'll drive more direct traffic, app downloads. And we'll see higher levels of engagement and monetization.

我認為我們可以重新想像我們如何在旅行者開始旅行之前、他們準備好旅行的時間以及到達目的地的時候為他們提供指導。如果我們做對了，我相信我們會帶來更多的直接流量和應用下載。我們將看到更高水平的參與度和貨幣化。

I'm excited that we have a good number of diverse assets in the portfolio. And the question there is how do we think about how they fit together to deliver the most value. And we can get all the areas of the business serving the consumer in a seamless manner. And I think that will be noticeable and valuable.

我很高興我們在投資組合中有大量不同的資產。問題是我們如何考慮它們如何組合在一起以提供最大的價值。我們可以無縫地為消費者服務的所有業務領域。我認為這將是引人注目且有價值的。

I'm excited about data, as I mentioned in my opening remarks. We have a data asset that can be an enabling platform for all areas of the enterprise and really a strategic lever to drive insight engagement. There are market opportunities that we can be thinking about. It will serve our existing business lines and has the potential to drive new ones.

正如我在開場白中提到的那樣，我對數據感到興奮。我們擁有的數據資產可以成為企業所有領域的支持平台，並且是推動洞察參與的真正戰略槓桿。我們可以考慮一些市場機會。它將服務於我們現有的業務線，並有可能推動新的業務線。

And I think it's also a currency where we can work even more effectively with partners in the ecosystem to drive unique solutions and value that we can be differentiated because it's an asset that we have uniquely. We talked already about direct-to-consumer, clearly, a compelling opportunity. And when I look at it all together, it really comes down to a chance to reimagine our position, reinforce it and do it from a position of strength.

我認為它也是一種貨幣，我們可以更有效地與生態系統中的合作夥伴合作，推動獨特的解決方案和價值，我們可以與眾不同，因為它是我們獨一無二的資產。我們已經談到了直接面向消費者，顯然，這是一個令人信服的機會。當我把這一切放在一起時，它真的歸結為一個重新構想我們的位置的機會，加強它並從一個強大的位置做到這一點。

Maybe something a little bit more [precise], but just on margin progression, maybe this is one for you, Ernst. But it looks like your guidance is margins will step back a little bit Q2 into Q3 and then step up again into Q4. That not the normal progression of margins that I would normally expect at Tripadvisor that tend to come down in Q4. So I just wonder whether you can sort of help with why they go down and then back up again. What are the sort of drivers of that margin shift quarter-to-quarter?

也許更 [精確] 一點，但只是在邊際進展上，也許這適合你，恩斯特。但看起來你的指導是利潤率將在第二季度略微回落到第三季度，然後再次上升到第四季度。這不是我通常在 Tripadvisor 預期的利潤率的正常增長，這種增長在第四季度往往會下降。所以我只是想知道你是否可以幫助他們為什麼會倒下然後又回來。季度間利潤率變化的驅動因素是什麼？

So from Q3 to Q4, we said in our shareholder letter that you should expect the seasonal step-down that is typical for our Q4. So you're absolutely right. Typically, Q4 is a smaller quarter for us than you would typically see a step-down in EBITDA margin as a result because of fixed cost. So that is the commentary there.

因此，從第三季度到第四季度，我們在股東信中表示，您應該期待我們第四季度典型的季節性降級。所以你是絕對正確的。通常，由於固定成本，第四季度對我們來說比您通常看到的 EBITDA 利潤率下降的季度要小。這就是那裡的評論。

And you'll see that the way we've guided for the third quarter is reasonably close to it. We had a -- to Q2, we had an unusual benefit in Q2 which we called out. We -- in France, we got paid by the French government for a subsidy for the pandemic period of $11 million. That was an unusual and one-off benefit that we -- occurred in Q2. So if you normalize for that, you'll see that the margin development between Q2 and Q3, the way we guided, is actually quite consistent.

你會看到我們為第三季度提供的指導方式相當接近它。我們有一個 - 到第二季度，我們在第二季度有一個不尋常的好處，我們稱之為。我們——在法國，我們從法國政府那裡獲得了 1100 萬美元的大流行期間補貼。這是我們在第二季度發生的一項不尋常且一次性的好處。因此，如果您對此進行標準化，您會發現第二季度和第三季度之間的利潤率發展，我們指導的方式，實際上是相當一致的。

Our next question comes from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀的 Lloyd Walmsley。

Two, one for Matt and one for Ernst. So Matt, thanks for sharing some of your views already on what brought you to Tripadvisor and kind of what you like about the asset. Now it's still early to ask you to kind of lay out your plan. But maybe instead, you could just share maybe some anecdotes about things you've done in the past.

兩份，一份給馬特，一份給恩斯特。所以，Matt，感謝您分享您對 Tripadvisor 的一些看法，以及您對該資產的喜愛之處。現在要求您制定計劃還為時過早。但也許相反，你可以分享一些關於你過去做過的事情的軼事。

You've had kind of broad range of experiences in kind of media and tech. So like are there things from your past, analogs from your career that may serve as a playbook for what you might apply here at Tripadvisor, anything you could share that would give us kind of a sense of you're taking over here, even though, obviously, it's a little early to ask you to kind of lay out the future would be helpful.

你在媒體和技術方面擁有廣泛的經驗。就像你過去的事情，你職業生涯中的類似物可以作為你在 Tripadvisor 申請的劇本，你可以分享的任何東西都會讓我們有一種你正在接管這裡的感覺，即使，顯然，現在要求您對未來有所幫助還為時過早。

And then, Ernst, can you give us just like a broad sense of kind of health in the metasearch auctions? Clearly, the numbers were strong this quarter. The cadence looks better than -- more consistent than what we're hearing from other travel channels. But there are big players talking about leaning away from performance marketing. Curious, just like to get your views on just broadly the health of the auction and what you're seeing there.

然後，Ernst，您能否在元搜索拍賣中給我們提供一種廣泛的健康意識？顯然，本季度的數字很強勁。節奏看起來比 - 比我們從其他旅行渠道聽到的更一致。但也有一些大玩家在談論遠離績效營銷。很好奇，只是想大致了解一下拍賣的健康狀況以及您在那裡看到的情況。

Lloyd, thanks for the question. And I'm sure you all have had a chance to see what I have spent time doing in my career and having had a chance to be early in my career in the travel industry, really going deep on digital media and the transformation of a number of different iconic assets, commerce, data. I've been active thinking about how to take a consumer perspective to drive product-led innovation.

勞埃德，謝謝你的問題。而且我敢肯定，你們都有機會看到我在職業生涯中所做的事情，並且有機會在我的旅遊業早期進入職業生涯，真正深入研究數字媒體和數字轉型不同的標誌性資產、商業、數據。我一直在積極思考如何從消費者的角度來推動以產品為主導的創新。

Of course, I've worked in sales, marketing, business development, M&A operations. If I were to go to a couple of anecdotes, I think I'll start most recently with my time at The Trade Desk, which was just a great experience to operate with a platform at scale across a number of categories in data driven advertising environment.

當然，我曾從事過銷售、營銷、業務發展、併購業務。如果我要講一些軼事，我想我最近會從我在 The Trade Desk 的時間開始，這只是在數據驅動的廣告環境中使用跨多個類別的大規模平台操作的絕佳體驗.

(technical difficulty)

（技術難度）

It really gave me a much deeper perspective and the pre categories in a data-driven advertising environment. It really gave me a much deeper perspective and appreciation on the power of data. And importantly, really starting with an ROI focus for partners and advertisers to show real value to their business.

在數據驅動的廣告環境中，它確實給了我更深入的視角和預分類。它真的讓我對數據的力量有了更深入的了解和欣賞。重要的是，真正從關注投資回報開始，讓合作夥伴和廣告商向他們的業務展示真正的價值。

This can be helpful in our media and B2B businesses, our auction, really thinking about a solution orientation because if you start with client objectives and deliver solutions that meet their needs, you can build a business of scale. And of course, at The Trade Desk really working across all the most contemporary platforms where consumers are engaging, which helps connect it all back to the consumer and that traveler and experience-seeker and putting their needs at the heart of everything we do.

這對我們的媒體和 B2B 業務、我們的拍賣、真正考慮以解決方案為導向的業務很有幫助，因為如果您從客戶目標開始並提供滿足他們需求的解決方案，您就可以建立一個規模化的業務。當然，The Trade Desk 確實在消費者參與的所有最現代的平台上工作，這有助於將所有平台與消費者、旅行者和體驗者聯繫起來，並將他們的需求置於我們所做一切的核心。

It would be remiss for me not to share some thoughts about back at Lonely Planet because it was one of the best experiences in my career that I've had the pleasure of doing. As a relatively young global CEO in the travel sector at a time of incredible change also coming out of the 2008 period, which was very dynamic, it was another iconic company looking for an inflection point from a publisher to a diversified travel information provider and paid content, digital media marketplaces.

如果我不分享一些關於回到孤獨星球的想法，那將是我的失職，因為這是我職業生涯中最愉快的經歷之一。作為旅遊行業相對年輕的全球 CEO，在 2008 年也出現了令人難以置信的變化，這是一個非常有活力的時期，它是另一家標誌性公司，正在尋找從出版商到多元化旅遊信息提供商的轉折點，並支付內容、數字媒體市場。

And I was really proud of that team as well, achieving growth and transformation through a dynamic environment. And we really leaned into digital and understanding our audience, global and cross-border and some interesting product-led innovation just as the iPhone was emerging and the iPad where we were in rooms that were blacked out and secure so that we could develop the very first travel apps that would leverage all of the newest technology in those devices.

我也為這個團隊感到非常自豪，他們通過充滿活力的環境實現了增長和轉型。我們真的傾向於數字化並了解我們的受眾、全球和跨境以及一些有趣的產品主導的創新，就像 iPhone 正在出現和我們在房間裡的 iPad 一樣第一個將利用這些設備中所有最新技術的旅行應用程序。

And that adaptation to a rapidly changing landscape and the learnings that I took from it about the needs of the travel consumer and where companies could go to serve them most effectively, I certainly will bring with me in this experience to come. Ernst?

對快速變化的環境的適應以及我從中學到的關於旅遊消費者需求以及公司可以去哪裡最有效地為他們服務的經驗，我肯定會在未來的這段經歷中帶來。恩斯特?

Yes, Lloyd, on your question about the auction. The auction has been healthy. We've experienced healthy dynamics, good [and bad] levels and participations from OTAs, hotels. Our CPCs have been strong.

是的，勞埃德，關於你關於拍賣的問題。拍賣一直很健康。我們經歷了健康的動態、好（和壞）的水平以及 OTA、酒店的參與。我們的 CPC 一直很強大。

I commented earlier then that in the quarter for U.S. and Europe, we were actually quite close to 2019 revenue, exceeding it at different parts. We saw in the auction in the first half of July, we saw a bit of weakness, a bit of a step back. And you may have heard others comment on that as well with everything that was going on in travel, multiple factors probably. But we've seen that sort of go back up again at the second half of July, and the early days of August are off to a very good start.

我早些時候評論說，在美國和歐洲的季度，我們實際上非常接近 2019 年的收入，在不同的部分都超過了它。我們在 7 月上半月的拍賣中看到，我們看到了一點疲軟，一點退步。您可能已經聽到其他人對此發表評論，以及旅行中發生的一切，可能是多種因素。但我們已經看到這種情況在 7 月下半月再次回升，而 8 月初的開局非常好。

And so everything is back to sort of normal, and we expect continued improvement in that. APAC is still underperforming. I talked about U.S. and Europe, which in 2019 was, say, 3/4 of our revenue. So it's an important chunk of it that is back on, but also an important chunk of geographic revenue that is not still performing well. And we're looking forward to the recovery to happen in those areas, maybe not in the back half of this year but hopefully into next year.

所以一切都恢復了正常，我們預計會繼續改善。亞太地區仍然表現不佳。我談到了美國和歐洲，比如說，它們在 2019 年占我們收入的 3/4。因此，這是一個重要的部分，但也是一個重要的地理收入部分，仍然表現不佳。我們期待著這些領域的複蘇，也許不會在今年下半年，但希望到明年。

So strong performance overall. And if I broaden my comments about July out to the rest of the business, in the rest of the business, we saw no such first half weakness in July. We have seen quite consistent strong performance. And overall for us as a percentage of 2019, July was a little bit better than June. So we look at the health of the auction, we look at the rest of our business, and we see strong trends and are very -- with anticipation looking forward to the rest of the year.

整體表現如此強勁。如果我將我對 7 月份的評論擴展到其他業務，在其他業務中，我們在 7 月份沒有看到這樣的上半年疲軟。我們已經看到了相當一致的強勁表現。總體而言，對於我們而言，以 2019 年的百分比來看，7 月比 6 月好一點。因此，我們著眼於拍賣的健康狀況，我們著眼於我們的其他業務，我們看到了強勁的趨勢，並且非常期待今年剩下的時間。

If I can actually ask a follow-up, Ernst. That's great. Helpful color, and I appreciate that perspective, Matt. Just digging into the hotel auctions, I know you're not disclosing like hotel shoppers anymore, but can you kind of help us think through how much of the recovery has happened on the kind of hotel shopper side and the monetization side to kind of get back to where you are?

如果我真的可以要求跟進，恩斯特。那太棒了。有用的顏色，我很欣賞這種觀點，馬特。只是深入研究酒店拍賣，我知道你不再像酒店購物者那樣披露，但你能幫助我們思考一下酒店購物者和貨幣化方面發生了多少復甦回到你所在的地方？

Yes. We've seen more progress on the monetization side, CPCs, revenue per shopper than on the volume side. So volume is still under 2019. And price realization is strong, obviously driven by strong ADRs in the hotel business but also driven by obviously a healthy auction environment. So strong price. Volume is still not completely back.

是的。我們在貨幣化、每次點擊費用、每位購物者的收入方面取得了比在數量方面更多的進展。因此，銷量仍低於 2019 年。價格實現強勁，這顯然是受酒店業務強勁的 ADR 推動，但也明顯受到健康拍賣環境的推動。這麼強的價格。成交量仍未完全恢復。

And I would just add, Ernst, a broad perspective on the auction. We were, of course, pleased to see the strong comeback following the pandemic. And for me, this is a sign of continued relevance for the product, and that the auction really has a place in the ecosystem.

恩斯特，我只想補充一下拍賣的廣泛視角。當然，我們很高興看到大流行之後的強勁反彈。對我來說，這是產品持續相關的標誌，並且拍賣確實在生態系統中佔有一席之地。

We can think differently about data. And of course, we always work with partners to help them achieve their objectives. And I think as we get that solution orientation, we'll be able to leverage that product to be really helpful and continue to reinforce its place in the ecosystem.

我們可以對數據有不同的看法。當然，我們始終與合作夥伴合作，幫助他們實現目標。而且我認為，當我們以解決方案為導向時，我們將能夠利用該產品真正提供幫助並繼續加強其在生態系統中的地位。

All right. Nice quarter.

好的。漂亮的季度。

Thank you.

謝謝你。

The next question comes from Mario Lu with Barclays.

下一個問題來自巴克萊銀行的馬里奧·盧。

The first question is on Core segment margins. You mentioned it exceeded pre-pandemic levels for the first time. So can you help us break down the 200 bps of improvement since 2019? Is it mostly from the fixed cost side or anything you're seeing in terms of marketing efficiency here?

第一個問題是關於核心細分市場的利潤率。你提到它第一次超過了大流行前的水平。那麼你能幫助我們分解自 2019 年以來 200 個基點的改進嗎？它主要來自固定成本方面還是您在這裡看到的營銷效率方面的任何東西？

Yes. It is from fixed cost is where all the improvement is, and this is the fixed cost reduction that we have executed -- that we executed during the pandemic. Our variable cost is still elevated from 2019. And this is because some of our very profitable B2B and media businesses are not quite back to those levels yet. So that provides some deleverage.

是的。所有改進都來自固定成本，這是我們在大流行期間執行的固定成本降低。從 2019 年起，我們的可變成本仍然較高。這是因為我們一些非常有利可圖的 B2B 和媒體業務還沒有完全恢復到這些水平。因此，這提供了一些去槓桿作用。

And in the auction, we have seen a closing of the gap between free and paid revenue in the pandemic. And in the first half of the year, we've seen a higher skew to pay revenue, but that gap is closing in. And so those 2 combined show some deleverage on the variable side but some strong leverage on the fixed side, which results in this outperformance even with revenue levels lower than 2019 in the second quarter. So better margin at lower revenue levels still so that bodes really well as we continue the recovery on the revenue side.

在拍賣中，我們看到大流行中免費和付費收入之間的差距縮小了。在今年上半年，我們看到支付收入的傾斜度更高，但這種差距正在縮小。因此，這兩者加起來顯示了可變方面的一些去槓桿化，但固定方面的一些強大的槓桿作用，結果即使第二季度的收入水平低於 2019 年，也能取得如此優異的表現。因此，在較低的收入水平下利潤率仍然更高，這預示著我們在收入方面繼續復甦。

Great. And one on Viator. So you mentioned previously that the operational take rate was in the 20 percentage range. In the second quarter, the reported take rate was around 17%. So is that just a function of timing with most of the experiences expected to be realized in the third quarter? And if so, has the operational take rate change that out versus 2019?

偉大的。還有一個關於 Viator 的。所以你之前提到過，運營率在 20% 範圍內。在第二季度，報告的採用率約為 17%。那麼這只是時間的一個功能，大多數體驗預計將在第三季度實現嗎？如果是這樣，與 2019 年相比，運營收益率是否會發生變化？

Our take rate is in the mid-20s, and we have actually been executing on a number of strategies that allowed us to increase that over time by providing suppliers with ways of marketing themselves more effectively on Tripadvisor at higher take rates. So that's been a very positive trend and improving trend.

我們的採用率在 20 年代中期，實際上我們一直在執行一些策略，這些策略使我們能夠隨著時間的推移通過為供應商提供在 Tripadvisor 上以更高的採用率更有效地營銷自己的方式來增加這一點。所以這是一個非常積極的趨勢和改善的趨勢。

We have some great programs in place at the moment that help both suppliers and help our take rate. Accelerate is the name of the program. So it's been going really well. If you compare -- we're sharing gross booking value trends, and we share revenue trends.

我們目前有一些很棒的計劃可以幫助供應商並幫助我們提高錄取率。 Accelerate 是程序的名稱。所以它一直很順利。如果您進行比較 - 我們分享總預訂價值趨勢，我們分享收入趨勢。

There's a couple of in betweens, as you were alluding to. First of all, revenue gets recognized on the moment of consumption of the experience. And GBV is a measure of when the booking takes place. So there's a timing difference there. And especially as you ramp into the year, bookings lead to revenue recognition, of course. So that's one difference.

正如您所暗示的那樣，中間有幾個。首先，收入在體驗消費的那一刻得到確認。 GBV 是預訂發生時間的衡量標準。所以那裡有時間上的差異。尤其是當你進入這一年時，預訂當然會導致收入確認。所以這是一個區別。

And the other -- and then there's -- take rate in there is the difference. And then there is cancellations. So cancellations are in line with what we've seen last year. They're still a little bit elevated from 2019. But cancellations is another factor as you compare between gross booking value and net revenue because the gross booking value that we present is pre, but cancellations --it's gross of cancellation.

另一個 - 然後是 - 採取率是有區別的。然後是取消。所以取消與我們去年看到的一致。與 2019 年相比，它們仍然略有上升。但是當您比較總預訂價值和淨收入時，取消是另一個因素，因為我們提供的總預訂價值是預先的，但取消 - 這是取消的總和。

The next question comes from James Lee with Mizuho.

下一個問題來自瑞穗的 James Lee。

Matt, congratulations on your first quarter as the CEO. And given your experience in digital marketing, maybe can you give us an early view on the hotel metasearch business? Obviously, investors are concerned that OTAs are getting more direct traffic, and Google is encroaching in the space.

馬特，祝賀你擔任首席執行官的第一季度。鑑於您在數字營銷方面的經驗，也許您能給我們提前了解一下酒店元搜索業務嗎？顯然，投資者擔心OTA正在獲得更多直接流量，而谷歌正在蠶食這一領域。

Now given that you want the Tripadvisor strength is reviews from consumers, is that a potential angle to unlock revenue opportunities or maybe moving up to mid- to upper-funnel marketing makes more sense? Would love your color on that.

現在，鑑於您希望 Tripadvisor 的優勢是來自消費者的評論，那麼這是一個釋放收入機會的潛在角度，還是可能提升到中高端渠道營銷更有意義？會喜歡你的顏色。

Yes. Thanks for that question, James. I think you identified that there's a number of different ways that we can play in this ecosystem. And of course, I recognize that we're in a competitive space. And there are really strong players at the top of the funnel and that there are players totally optimized at the bottom of the funnel.

是的。謝謝你的問題，詹姆斯。我想你已經確定了我們可以在這個生態系統中使用多種不同的方式。當然，我承認我們處於競爭激烈的領域。漏斗頂部有非常強大的玩家，漏斗底部有完全優化的玩家。

And I think if we really lean into where we are strong in providing that context, in bringing that audience that may or may not be looking to book right away and thinking about before they travel and really driving further engagement, I think there's a number of ways that we can do that and understanding the signals that they bring and their needs. We can use all of that to do a great job engaging on the site and then understand that point at which they're ready to make it happen or they're actually in destination and be thoughtful about what's the right offer and experience at that moment.

而且我認為，如果我們真的傾向於我們在提供這種背景方面的優勢，讓那些可能會或可能不會立即預訂並在他們旅行之前考慮並真正推動進一步參與的觀眾，我認為有很多我們可以做到這一點的方式，並了解它們帶來的信號和他們的需求。我們可以利用所有這些來在網站上進行出色的互動，然後了解他們準備好實現這一目標的時間點，或者他們實際上已經到達目的地，並考慮在那一刻什麼是正確的報價和體驗.

We have a lot of assets to leverage to do that. Now I've spent my career competing, cooperating, differentiating from some of the big technology platforms. And of course, we can do the same at Tripadvisor.

我們有很多資產可以利用來做到這一點。現在，我的職業生涯一直在與一些大型技術平台競爭、合作和區分。當然，我們也可以在 Tripadvisor 做同樣的事情。

The key is going to be to focus on how we're differentiated. And again, as we reimagine the way that we are the definitive guide for consumers as they make those choices, I think that will help a lot. So we can play up and down the funnel.

關鍵是要關注我們如何與眾不同。再一次，當我們重新構想我們是消費者做出這些選擇時的權威指南時，我認為這將有很大幫助。所以我們可以在漏斗中上下播放。

I think you mentioned the OTAs. And I think obviously, they are an important part of the ecosystem. They have what they do best. I think everybody wants to see direct traffic. And of course, we will focus on the benefit that we can deliver to them as part of their funnel consideration.

我想你提到了OTA。我認為顯然，它們是生態系統的重要組成部分。他們有他們最擅長的。我想每個人都希望看到直接的流量。當然，我們將專注於我們可以為他們帶來的好處，作為他們漏斗考慮的一部分。

And again, I mentioned that we have assets that I think we can take even better advantage of like data and the way we think about a full range of solutions. And it's that power of context that I think can really be helpful. So I'm excited when I think about having spent a couple of decades in digital media, I feel as though the assets and the diversity and what we represent as a brand is a very, very strong place to start.

我再次提到，我們擁有資產，我認為我們可以更好地利用類似數據以及我們思考全方位解決方案的方式。我認為正是這種背景的力量真的很有幫助。因此，當我想到在數字媒體領域花了幾十年的時間時，我感到很興奮，我覺得資產和多樣性以及我們作為一個品牌所代表的東西是一個非常非常強大的起點。

Great. If I can ask a follow-up question, its more separately related to consumer behavior, right? And clearly, investors are concerned about macro uncertainty. Are you guys seeing any changes in consumer behavior maybe trading down to lower-priced hotels, maybe shorter stays? And just curious what you're seeing there.

偉大的。如果我可以問一個後續問題，它更多地與消費者行為相關，對吧？顯然，投資者擔心宏觀不確定性。你們是否看到消費者行為的任何變化，可能會降價到價格較低的酒店，或者停留時間更短？只是好奇你在那裡看到了什麼。

Yes. So I'll kick it off, and if Ernst wants to add any detail, he can do that. I've only been in the role for about a month. But from everything I see, consumers are actively returning to travel and experiences.

是的。所以我會開始，如果 Ernst 想添加任何細節，他可以做到。我只擔任這個角色大約一個月。但從我所看到的一切來看，消費者正在積極回歸旅行和體驗。

So while we're always looking for signs of slowdown, we don't see anything today that causes any near-term concern. And of course, we've put the business in a good position post pandemic and rebalanced more towards variable cost. The team did a great job there.

因此，雖然我們一直在尋找放緩的跡象，但我們今天看不到任何會導致任何近期擔憂的事情。當然，我們在大流行後將業務置於有利位置，並更多地重新平衡可變成本。團隊在那裡做得很好。

I will say we can't predict what's to come. But having operated in a variety of contexts through a number of cycles, I'm confident that as we watch the macro, we will see if there are early signs and be able to adjust. Ernst, do you want to add anything?

我會說我們無法預測會發生什麼。但是經過多個週期在各種環境中運行，我有信心在我們觀察宏觀時，我們將看到是否有早期跡象並能夠調整。恩斯特，你想補充什麼嗎？

Yes, I'll just echo that is -- obviously, we're focused on that. We're looking at the data and seeing -- are we seeing some -- any signs of potential weakening of the consumer in travel, and we're not seeing it. The demand is very strong.

是的，我只是重複一下——顯然，我們專注於這一點。我們正在查看數據並看到 - 我們是否看到了一些 - 任何跡象表明消費者在旅行中可能會減弱，但我們沒有看到它。需求非常強烈。

If you look at forward behavior like searches that are being done in a forward level bookings that get done forward, they're all strong versus 2019. And so we're not seeing signs.

如果您查看前瞻性行為，例如在提前完成的預訂中進行的搜索，它們與 2019 年相比都很強。所以我們沒有看到任何跡象。

Of course, as Matt says, we also cannot predict the impact of the economy on travel going forward. But as we look at now and the summer and into the rest of the year, we see the traveler wanting to return to travel.

當然，正如馬特所說，我們也無法預測經濟對未來旅行的影響。但當我們看到現在、夏天和今年餘下的時間時，我們看到旅行者想要返回旅行。

And we talked about pent-up demand. A lot of people are talking about pent-up demand, and we're just seeing it. We're seeing very enthusiastic travel behavior from our audience and see no signs that -- of slowdown in our business to date.

我們談到了被壓抑的需求。很多人都在談論被壓抑的需求，而我們只是看到了它。我們從觀眾那裡看到非常熱情的旅行行為，並且沒有看到任何跡象——迄今為止我們的業務放緩。

The next question comes from Deepak Mathivanan with Wolfe Research.

下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

So first, Matt, I know it's still early for you, but how do you think about the org structure currently at Trip? Trip had done a few iterations in the past, but where do you see sort of like the talent gaps that need to be addressed at the high level?

首先，馬特，我知道現在對你來說還為時過早，但你如何看待 Trip 目前的組織結構？ Trip 過去曾進行過幾次迭代，但您在哪裡看到了需要在高層解決的人才缺口？

And then, Ernst, I wanted to ask you, you have about $1 billion in cash. Any thoughts on kind of path for shareholder capital returns? Or how are you thinking about it?

然後，恩斯特，我想問你，你有大約 10 億美元的現金。對股東資本回報的路徑有什麼想法嗎？或者你是怎麼想的？

Thanks, Deepak. I appreciate the question. And as I noted earlier, I think there is a strong team in place. And of course, we're always going to seek to be a vibrant home for world-class talent and highly effective teams.

謝謝，迪帕克。我很欣賞這個問題。正如我之前提到的，我認為有一個強大的團隊。當然，我們始終致力於為世界級人才和高效團隊打造充滿活力的家園。

And as in any organization, there are always opportunities to stretch a little more regardless of the function. I think that we will be building on the capabilities we already have here. And eventually, we'll look at where we think we might have gaps.

與任何組織一樣，無論職能如何，總有機會多做一點。我認為我們將建立在我們已經擁有的能力的基礎上。最終，我們將看看我們認為可能存在差距的地方。

I think that has more to do with the next stage of opportunities we'll approach through our strategy work and less to do with me in particular joining the company. The team is really great. There's a lot of talent. I'm excited to join this team and be a part of it.

我認為這更多地與我們將通過戰略工作接近的下一階段機會有關，而不是與我特別是加入公司有關。團隊真的很棒。有很多人才。我很高興能加入這個團隊並成為其中的一員。

As we think about organization, I mentioned opportunities for execution. I am excited to think about the way that our strategy and operating model will link. But of course, any organization is always a function of what you choose to do, how you prioritize and setting your teams up for success. And that's the order in which we'll do it.

當我們考慮組織時，我提到了執行的機會。我很高興想到我們的戰略和運營模式將如何联繫起來。但是，當然，任何組織始終取決於您選擇做什麼，如何確定優先級以及如何設置團隊以取得成功。這就是我們要做的順序。

And Deepak, to your question of cash, we have indeed a considerable cash balance. And we are evaluating all the different ways of how we can go about that cash, either keep it in reserve for a while, earmark it for acquisitions. We have, obviously, attractive businesses that might be complemented with acquisitions. And then we have options around delevering or equity repurchases.

迪帕克，關於你的現金問題，我們確實有可觀的現金餘額。我們正在評估如何處理這筆現金的所有不同方式，要么將其保留一段時間，要么將其指定用於收購。顯然，我們擁有可以通過收購來補充的有吸引力的業務。然後我們可以選擇去槓桿或股票回購。

And -- so we continuously evaluate that. With Matt coming on board, we'll look at that together in the months and quarters to come along with our Board, of course.

並且 - 所以我們不斷評估這一點。當然，隨著馬特的加入，我們將在接下來的幾個月和幾個季度與我們的董事會一起討論這個問題。

Yes, I would just say and I didn't mention it upfront. As I was evaluating things, I really liked what I saw from a financial perspective, that strong balance sheet, an enduring and cash-generative core business, 2 strong growing segments. And I think we have a good array of assets to deliver growth. And they'll benefit from sharper focus, better alignment.

是的，我只想說，我沒有提前提到它。當我評估事物時，我真的很喜歡我從財務角度看到的東西，強大的資產負債表，持久且可產生現金的核心業務，2 個強勁的增長部分。而且我認為我們擁有大量資產來實現增長。他們將受益於更清晰的焦點，更好的對齊。

But I'm excited about organic opportunities. There, of course, are other opportunities to consider. I think the main thing is that we'll seek always to be great stewards of capital to think about what is the best mix to get the best return on capital. So we'll certainly be talking about that over time with you all.

但我對有機機會感到興奮。當然，還有其他機會可以考慮。我認為最重要的是，我們將始終尋求成為偉大的資本管家，思考什麼是獲得最佳資本回報的最佳組合。因此，隨著時間的推移，我們肯定會與大家討論這個問題。

The next question comes from Ron Josey with Citi.

下一個問題來自 Citi 的 Ron Josey。

I wanted to ask you, Matt, a little bit more about the data aspect of Tripadvisor. You just mentioned a few times the size and value of Trip's data and unlocking that asset even more so than today. So talk just a little bit more about -- I know it's only 1 month, but just how you might envision using this data to call it, create a better or a more engaging consumer experience and drive better partner ROI?

我想問你，Matt，關於 Tripadvisor 數據方面的更多信息。您剛剛提到了 Trip 數據的規模和價值的幾倍，並且比今天更頻繁地解鎖該資產。因此，請多談一點——我知道這只有 1 個月，但是您如何設想使用這些數據來調用它，創造更好或更吸引人的消費者體驗並推動更好的合作夥伴投資回報率？

And then -- and maybe, Ernst, a question about Viator and revenue retention and new users. You talked just about consistent revenue retention rates and investments in acquiring new users. So maybe talk to us about these investments on the consumer side and building up the brand.

然後 - 也許，恩斯特，關於 Viator 和收入保留以及新用戶的問題。您剛剛談到了一致的收入保留率和在獲取新用戶方面的投資。所以也許可以和我們談談這些在消費者方面的投資和建立品牌。

Yes. Thanks for the question, Ron. And so, of course, it's still early. But what I can say is having spent a good number of years thinking about the way that data is transforming really every industry and all the companies that I've been a part of, I do have conviction that we can leverage our data asset in ways that we haven't before to enable the business.

是的。謝謝你的問題，羅恩。所以，當然，現在還為時過早。但我可以說的是，多年來我一直在思考數據如何真正改變每個行業和我參與過的所有公司，我堅信我們可以通過多種方式利用我們的數據資產我們以前沒有啟用該業務。

And I think it's going to deliver agility, more insight. It will be really useful as we think about the way that we bring our strategy together to get all the pieces really reinforcing. Data is one of those currencies that can play across the entire organization and really help understand that consumer in a more granular way, of course, with all privacy considered and think about what's the next best opportunity to serve that consumer need.

而且我認為它將提供敏捷性，更多洞察力。當我們考慮將我們的戰略整合在一起以使所有部分真正得到加強時，這將非常有用。數據是可以在整個組織中發揮作用的貨幣之一，並且確實有助於以更精細的方式了解消費者，當然，考慮到所有隱私，並考慮滿足消費者需求的下一個最佳機會是什麼。

And so I think it does open up a number of different opportunities. It would be early for me to project, but absolutely data in the way that it plays in media ecosystems, in the way that we can serve our partners and think about value exchange in different ways, the opportunity to think about yield on the platform. Data is something that can be aggregated and anonymized and really get trend signal.

所以我認為它確實開闢了許多不同的機會。我現在預測還為時過早，但絕對是媒體生態系統中的數據，我們可以為合作夥伴服務並以不同方式考慮價值交換的方式，以及考慮平台收益的機會。數據是可以聚合和匿名的東西，可以真正獲得趨勢信號。

And there's a lot of different things we could be doing with that. Of course, there are ways to think about the data ecosystem and the way that one might target segments at scale. So I think there are a lot of hypotheses that we could develop. And we'll be very thoughtful about testing and learning and then sharing at that moment of conviction. But I think as a starting point, I'm excited about that platform. And we've already been rolling up our sleeves and getting to it.

我們可以用它做很多不同的事情。當然，有多種方法可以考慮數據生態系統以及大規模針對細分市場的方式。所以我認為我們可以提出很多假設。我們會非常周到地測試和學習，然後在確信的那一刻分享。但我認為作為一個起點，我對這個平台感到興奮。我們已經捲起袖子開始著手了。

And on the -- Ron, on the Viator repeat rates and investments we're making there, very important focal point for the team. There has been strides and more we can do around what experiences do we present to people coming to our site at what moment. What do we show people next when they have already booked an experience when -- what else they could do and how do we present that.

關於 - Ron，關於 Viator 的重複率和我們在那裡進行的投資，這是團隊非常重要的焦點。我們已經取得了長足的進步，我們可以在什麼時候向訪問我們網站的人們呈現什麼體驗方面做得更多。當人們已經預訂了體驗時，我們接下來會向他們展示什麼——他們還能做什麼以及我們如何呈現。

Investment in the app, what has been a major focus for us over the last 12 months, our app usage and number of bookings through the app has grown very impressively over the last 12 months. And that's important because not surprisingly, bookings from the app have higher repeat rates, higher LTVs than coming in, in other ways.

對應用程序的投資是過去 12 個月我們的主要關注點，過去 12 個月，我們的應用程序使用量和通過應用程序預訂的數量增長非常驚人。這很重要，因為毫不奇怪，來自應用程序的預訂在其他方面具有更高的重複率和更高的 LTV。

And so we've been pleased with that progress, also allows us to have more effective communication with in-market with folks, which improves the repeat rate. We've been focusing on localization of content. We have historically skewed to the English-speaking point of sale, not so much to destination. Actually, Europe as a destination is larger historically for us than the U.S. as a destination but skewed to U.S. speaking audiences that book.

因此，我們對這一進展感到滿意，也使我們能夠與市場內的人們進行更有效的溝通，從而提高重複率。我們一直專注於內容的本地化。我們歷來傾向於講英語的銷售點，而不是目的地。實際上，從歷史上看，歐洲作為一個目的地對我們來說比美國作為一個目的地更大，但偏向於這本書的美國讀者。

And we see a huge opportunity to broaden that to European audiences and later on in the cycle, Asian audiences as well. And so we're investing in that. And then there are other channels that we can explore that are more conducive to experiences to repeat rates.

我們看到了一個巨大的機會，可以將其擴展到歐洲觀眾，然後在這個週期的後期，也包括亞洲觀眾。所以我們正在投資。然後我們可以探索其他更有利於重複率體驗的渠道。

App downloads is an attractive investment area that we've been looking at. And so there are a lot of activities going on. And all with that very important KPI of how can we improve repeat behavior of our customers because that's ultimately going to be the driver of the LTV per customer, which allows us to invest more, but more -- and importantly, show very attractive margins over time.

應用下載是我們一直在關注的一個有吸引力的投資領域。所以有很多活動正在進行。所有這些都具有非常重要的 KPI，即我們如何改善客戶的重複行為，因為這最終將成為每位客戶 LTV 的驅動因素，這使我們能夠投資更多，但更多——更重要的是，顯示出非常有吸引力的利潤率時間。

The next question comes from John Colantuoni with Jefferies.

下一個問題來自 Jefferies 的 John Colantuoni。

I wanted to start by asking about strength in the U.S. dollar versus the euro and the pound. Even based on your data that you're collecting on cross-border travel behavior, I'm curious whether you saw this U.S. dollar strength help catapult more customer engagement to Tripadvisor as U.S. travelers took advantage of their currency going a little bit further across some of the key destination markets across Europe, given that's an important driver of traffic for Tripadvisor? And I've got a follow-up.

我想首先詢問美元兌歐元和英鎊的強勢。即使根據您收集的有關跨境旅行行為的數據，我也很好奇您是否看到美元走強有助於提高客戶對 Tripadvisor 的參與度，因為美國旅行者利用他們的貨幣在某些地區走得更遠考慮到這是 Tripadvisor 訪問量的重要驅動因素，歐洲主要目的地市場的份額？我有後續行動。

Yes. It's difficult to say that definitively, but it does make common sense. And it has -- in the past, we have seen that as an important driver. It is -- there's multiple factors going on, including the price of flights, et cetera. So you have to look at the total trip for a traveler from the U.S., say, to Europe.

是的。很難說清楚，但這確實是常識。而且它 - 在過去，我們已經將其視為一個重要的驅動因素。它是 - 有多種因素在發生，包括航班價格等。因此，您必須查看從美國到歐洲的旅行者的總行程。

But we have seen in the past that, of course, if the euro is cheap, then it is more attractive to travel overseas and travel to Europe. So nothing really I can give you a strong data point at this point. But we have seen the growth of intercontinental travel come back progressively over the -- during the quarter.

但是我們過去也看到，當然，如果歐元便宜，那麼出國旅遊、去歐洲旅遊就更有吸引力了。因此，在這一點上，我真的無法為您提供強有力的數據點。但我們已經看到洲際旅行的增長在本季度逐步恢復。

We have seen the U.S. travelers booking hotels in Europe come back. We've seen very strong growth in U.S. travelers buying experiences in Europe, which is a strong indication of more people traveling to Europe. So how much of that is pent-up demand and borders opening versus the euro impacting is a little bit difficult to draw a straight line to. But yes, we have seen very, very robust U.S. to Europe travel behavior.

我們已經看到在歐洲預訂酒店的美國旅行者回來了。我們看到美國遊客在歐洲購買體驗的增長非常強勁，這有力地表明越來越多的人前往歐洲。因此，其中有多少是被壓抑的需求和邊境開放與歐元的影響，很難劃清界限。但是，是的，我們已經看到美國到歐洲的旅行行為非常非常強勁。

Great. And Viator, obviously, it has been delivering very impressive revenue growth. But when you look at customer trends, sort of what portion in recent periods would you say are new to Viator versus repeat customers? And how does this customer composition between new and repeat compare to pre-COVID? And how does that kind of help inform your outlook for customer lifetime value and the ROI on your ramping marketing spend in that business?

偉大的。顯然，Viator 一直在實現非常可觀的收入增長。但是，當您查看客戶趨勢時，您會說 Viator 近期的哪些部分是新客戶而不是回頭客？與 COVID 之前相比，新客戶和重複客戶之間的這種客戶構成如何？這種幫助如何幫助您了解客戶終身價值的前景以及您在該業務中不斷增加的營銷支出的投資回報率？

So new customer growth has been very important for us. And you've seen us lean in on marketing in 2021 and in 2022. And so fortunately, that means we're getting a lot of new customers in the door. But also, fortunately, we see the expected growth in a repeat customer revenue as well. And we see that as we anticipated.

因此，新客戶的增長對我們來說非常重要。而且您已經看到我們在 2021 年和 2022 年依靠營銷。幸運的是，這意味著我們將迎來很多新客戶。但幸運的是，我們也看到了回頭客收入的預期增長。正如我們預期的那樣，我們看到了這一點。

So you see both lines going up into the right, new customer revenue as well as repeat revenue, which is, of course, very pleasing. And new revenue is an indication of repeat revenue in the following year. So that's been strong.

所以你看到兩條線都在上升，新客戶收入和重複收入，當然，這是非常令人愉快的。新的收入是來年重複收入的指標。所以一直很強大。

The other thing I would call out is that pre-pandemic, our profile was predominantly Americans and Brits travel to Europe. That was the big source of our revenue. So Europe as a destination was the big revenue source.

我要指出的另一件事是大流行前，我們的個人資料主要是美國人和英國人到歐洲旅行。那是我們收入的主要來源。因此，歐洲作為目的地是最大的收入來源。

Of course, the pandemic shifted a lot of demand to North America domestic. People going to -- and so what we've seen now in this year is that the North America to North America volume and growth has been like it was last year. So our customers continue to do that.

當然，大流行將大量需求轉移到了北美國內。人們會去——所以我們今年現在看到的是，北美到北美的數量和增長與去年一樣。所以我們的客戶繼續這樣做。

Plus now the U.S. and U.K. to Europe revenue has come back in full force. So we're adding that. Plus Europe to Europe revenue has come back. So we're getting the double benefit of now 2 big markets, where we only had one before. We had U.S. to Europe before. Now we have U.S. to Europe as well as North America to North America as very, very strong market. So that's an important driver as well.

此外，現在美國和英國到歐洲的收入已經全面恢復。所以我們正在添加它。加上歐洲到歐洲的收入又回來了。因此，我們現在獲得了兩個大市場的雙重好處，而我們以前只有一個。我們之前有美國到歐洲。現在我們擁有美國到歐洲以及北美到北美的非常非常強大的市場。所以這也是一個重要的驅動因素。

We've not only created a lot of new users. We've also created a new use case for our users, which is Viator's great to use when you stay in the U.S. as well.

我們不僅創造了很多新用戶。我們還為我們的用戶創建了一個新的用例，當您留在美國時，Viator 也非常適合使用。

With that, the call will come to a conclusion. I would now like to turn the conference back to Matt Goldberg for closing remarks.

至此，通話將告一段落。我現在想把會議轉回給馬特·戈德堡的閉幕詞。

Thank you all for joining us this summertime Friday morning. We have a lot of opportunities ahead of us and a lot of exciting work to do. I'm looking forward to this next phase and keeping it open and (inaudible) with all of you. Have a great weekend, everyone.

感謝大家在這個夏天的周五早上加入我們。我們面前有很多機會，還有很多令人興奮的工作要做。我期待著下一階段，並與大家保持開放和（聽不清）。祝大家週末愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。