Tripadvisor Inc (TRIP) 2022 Q3 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Tripadvisor 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. Please go ahead.

早上好，感謝您的支持。歡迎參加 Tripadvisor 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安吉拉懷特。請繼續。

Thanks, Corey. Good morning, everyone, and welcome to Tripadvisor 's Third Quarter 2022 Financial Results Call. Joining me today are Matt Goldberg, President and CEO; Ernst Teunissen, outgoing CFO; and Mike Noonan, who joined us as incoming CFO, effective October 31, 2022. Last time, after market close, we distributed and filed our earnings release and made available our shareholder letter on our Investor Relations website. In the release, you'll find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed on this call. Also on our Investor Relations 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，科里。大家早上好，歡迎參加 Tripadvisor 2022 年第三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； Ernst Teunissen，即將離任的首席財務官；以及 Mike Noonan，他作為新任首席財務官加入我們，自 2022 年 10 月 31 日起生效。上次，在收市後，我們分發並提交了我們的收益報告，並在我們的投資者關係網站上發布了我們的股東信函。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 財務指標之間的對賬。此外，在我們的投資者關係網站上，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原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 estimates and other forward-looking statements that represent management's view as of today, November 8, 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 those forward-looking statements. With that, I'll turn the call over to Matt.

在我們開始之前，我想提醒您，本次電話會議可能包含代表管理層截至 2022 年 11 月 8 日今天的觀點的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的任何義務.有關可能導致實際結果與這些前瞻性陳述產生重大差異的因素的信息，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。有了這個，我會把電話轉給馬特。

Thank you, Angela, and good morning to everyone joining the call. As Angela mentioned, on the call with me today are Ernst Teunissen, outgoing CFO; and Mike Noonan, who started just over a week ago. In mid-October, we announced the CFO transition, and I'm pleased to have both Ernst and Mike on this call.

謝謝你，安吉拉，大家早上好。正如安吉拉所說，今天與我通話的是即將離任的首席財務官 Ernst Teunissen；還有一周前剛開始的 Mike Noonan。 10 月中旬，我們宣布了首席財務官的交接，我很高興 Ernst 和 Mike 都參加了這次電話會議。

I want to start by welcoming Mike to his first earnings call today with Tripadvisor . Many of our listeners know Mike already and understand why we are so excited to have him as a member of our leadership team, given his strong track record and deep industry experience. This is an exciting time to join Tripadvisor , and we have no doubt he'll hit the ground running.

我想首先歡迎 Mike 參加他今天與 Tripadvisor 的第一次收益電話會議。我們的許多聽眾已經認識邁克，並理解為什麼我們如此興奮地讓他成為我們領導團隊的一員，因為他擁有出色的業績記錄和深厚的行業經驗。這是加入 Tripadvisor 的一個激動人心的時刻，我們毫不懷疑他會一舉成名。

I also want to recognize Ernst and thank him for his steady leadership as a steward of capital, trusted colleague, role model and friend. We're excited for him as he thinks about his next chapter and grateful for his commitment to a seamless handover to Mike.

我也想認識恩斯特，並感謝他作為資本管理者、值得信賴的同事、榜樣和朋友的穩定領導。當他思考他的下一章時，我們為他感到興奮，並感謝他對無縫移交給邁克的承諾。

Now to the quarter. We were pleased to publish the results shared in last night's release and shareholder letter. We exceeded expectations, and Q3 was also the first quarter that we surpassed 2019 levels on a consolidated revenue basis at 107%, accelerating from 99% last quarter. It's worth mentioning that this was also our highest quarter of revenue on record at $459 million, not by much but a record, nonetheless.

現在到季度。我們很高興公佈昨晚的新聞稿和股東信中分享的結果。我們超出了預期，第三季度也是我們在綜合收入基礎上以 107% 超過 2019 年水平的第一季度，高於上一季度的 99%。值得一提的是，這也是我們有記錄以來最高的季度收入，為 4.59 億美元，儘管相差不大，但還是創紀錄的。

We provided a thorough outlay of quarterly results last night, but I'd like to take a moment to cover a few highlights before turning to some bigger picture items. Each segment of the Tripadvisor business delivered a notable performance in Q3. First, Viator led the way in revenue growth and recovery rates at 179% of 2019 levels, accelerating from 160% last quarter. This represents 138% growth year-over-year. We're excited about the large and growing market opportunity to connect global travelers to memorable experiences. The team is executing effectively with a lean cost structure, and we're seeing their efforts bear fruit. Investments in the shift to mobile, higher product quality, programs for suppliers and marketing are driving higher take rates, record new customers and improved repeat rates. As a result, we saw record revenue and gross bookings, which year-to-date have crossed over the $2 billion mark.

昨晚我們提供了詳盡的季度業績支出，但在轉向一些更大的項目之前，我想花點時間介紹一些亮點。 Tripadvisor 業務的每個部門在第三季度都取得了顯著的表現。首先，Viator 在收入增長和回收率方面處於領先地位，達到 2019 年水平的 179%，高於上一季度的 160%。這意味著同比增長 138%。我們對將全球旅行者與難忘體驗聯繫起來的龐大且不斷增長的市場機會感到興奮。該團隊正在以精益的成本結構有效地執行，我們看到他們的努力取得了成果。對移動設備、更高產品質量、供應商計劃和營銷的投資正在推動更高的接受率、創紀錄的新客戶和更高的重複率。結果，我們看到了創紀錄的收入和總預訂量，今年迄今已超過 20 億美元大關。

At TheFork, we continue to see the business recover in Q3 to 103% of 2019 levels, a strong showing, particularly with an estimated negative impact of 9% due to currency headwinds. Targeted investments in our products, technology and marketing are starting to generate the desired results. We're seeing strong mobile app downloads and unique visitors on an aggregate basis that compare favorably to other global players. We believe we're building loyalty and better lifetime value economics with our customers with increasing numbers of direct bookings through the app and from repeat customers.

在 TheFork，我們繼續看到第三季度的業務恢復到 2019 年水平的 103%，這是一個強勁的表現，特別是由於貨幣逆風，估計有 9% 的負面影響。對我們的產品、技術和營銷的有針對性的投資開始產生預期的結果。我們看到強勁的移動應用下載量和總體上的獨立訪問者與其他全球參與者相比具有優勢。我們相信，隨著通過應用程序和回頭客的直接預訂數量不斷增加，我們正在與客戶建立忠誠度和更好的終身價值經濟。

Finally, in our core Tripadvisor segment, we also executed a strong quarter with sequential improvement in recovery to 88% of 2019, up from 84% last quarter. Our branded hotels business reached 95% of 2019 levels up from 89% last quarter driven by continued recovery in our hotel meta or hotel auction as we called it in the past. We believe this is a clear sign that demand for travel remains healthy and that we are driving value for our customers and our partners, which we will continue to reinforce.

最後，在我們的核心 Tripadvisor 部門，我們也執行了一個強勁的季度，從上一季度的 84% 回升到 2019 年的 88% 的連續改善。在我們過去所說的酒店元或酒店拍賣持續復甦的推動下，我們的品牌酒店業務從上一季度的 89% 上升到 2019 年的 95%。我們相信這是一個明確的跡象，表明旅行需求保持健康，我們正在為我們的客戶和合作夥伴創造價值，我們將繼續加強這一點。

The Tripadvisor Experiences & Dining revenue stream was a notable standout, recovering 125% of 2019 levels, up from 117% last quarter, as we continue to build relationships with travelers looking for more than hotels. In our hotel B2B and media offerings, which have largely mirrored trends in hotel marketing and shifts in the advertising market, we recovered at 79% and 80% of 2019 levels, respectively. And our teams continue to lean in to the opportunity to serve our partners even more effectively.

Tripadvisor 體驗和餐飲收入流顯著突出，從上一季度的 117% 回升到 2019 年的 125%，因為我們繼續與尋求酒店以外的旅客建立關係。我們的酒店 B2B 和媒體產品在很大程度上反映了酒店營銷的趨勢和廣告市場的轉變，我們分別恢復了 2019 年的 79% 和 80% 的水平。我們的團隊繼續抓住機會，更有效地為我們的合作夥伴服務。

Across the board, we had a strong quarter of performance, and I really want to thank the teams for maintaining focus and delivering strong results. Next, I'd like to take the opportunity to share some thoughts on my first 100 days in the role. On my first call in August, I mentioned some key reasons I joined Tripadvisor , including the company's enduring assets that I believe would set the path for the future. A few that I mentioned were a far-reaching brand built on trust, a diverse set of assets across our segments, a large global audience making meaningful content contributions, a wealth of data to leverage across the group and colleagues and culture steeped in our purpose of connecting people to experiences worth sharing.

總體而言，我們有一個強勁的季度表現，我真的要感謝團隊保持專注並取得強勁的成果。接下來，我想藉此機會分享一下我擔任該職位前 100 天的一些想法。在 8 月的第一次電話會議上，我提到了我加入 Tripadvisor 的一些關鍵原因，包括我認為公司的持久資產，這些資產將為未來開闢道路。我提到的一些是建立在信任基礎上的影響深遠的品牌、跨我們細分市場的多樣化資產、做出有意義的內容貢獻的大量全球受眾、可在整個團隊和同事中利用的大量數據以及沉浸在我們目標中的文化將人們與值得分享的經驗聯繫起來。

Now here on my second call, I can confirm my initial belief that these assets provide a strong foundation from which to reimagine our future. I've had the chance to travel to many of our offices, discuss opportunities with our teams, compare observations with other thought leaders in the travel industry and talk to customers and partners. What is abundantly clear is that we play a critical role in an attractive travel ecosystem with numerous paths for growth in this dynamic and fast-moving environment.

現在，在我的第二次電話會議上，我可以確認我最初的信念，即這些資產為重新構想我們的未來提供了堅實的基礎。我有機會前往我們的許多辦公室，與我們的團隊討論機會，與旅遊業的其他思想領袖比較觀察結果，並與客戶和合作夥伴交談。非常清楚的是，我們在一個有吸引力的旅游生態系統中發揮著關鍵作用，在這個充滿活力和快速變化的環境中，我們擁有眾多增長途徑。

As a starting point, we believe that people are increasingly seeking ways to reconnect with the world, making the most of their precious time and resources as they prioritize meaningful experiences above material consumption. Our goal is to connect people to experiences worth sharing, which is paramount after years of isolation during the pandemic and the perception of an increasingly disconnected and divided world.

作為一個起點，我們相信人們越來越多地尋求與世界重新聯繫的方式，充分利用他們寶貴的時間和資源，因為他們將有意義的體驗置於物質消費之上。我們的目標是將人們與值得分享的經驗聯繫起來，這是在大流行期間多年孤立以及對一個日益脫節和分裂的世界的看法之後至關重要的。

Tripadvisor Group represents a family of brands with a shared mission to be the world's most trusted source for travel and experiences. We can deliver this across brand Tripadvisor , the world's largest travel guidance platform; Viator, the leading marketplace for in-destination bookable experiences; TheFork, Europe's leading online dining reservation platform; and Cruise Critic, the largest cruise committee in the -- community in the world.

Tripadvisor 集團代表著一個品牌家族，其共同使命是成為世界上最值得信賴的旅行和體驗來源。我們可以通過全球最大的旅遊指導平台 Tripadvisor 品牌提供這一服務； Viator，目的地可預訂體驗的領先市場； TheFork，歐洲領先的在線餐飲預訂平台；和 Cruise Critic，世界上最大的郵輪委員會。

Our opportunity is to build on a relationship of trust, one of our most precious assets and one that we will continue to reinforce and enhance. We are well positioned to capture the secular shift in consumer demand from physical goods to experiences, which we expect to fuel the future of leisure travel.

我們的機會是建立信任關係，這是我們最寶貴的資產之一，也是我們將繼續加強和加強的資產。我們有能力捕捉消費者需求從實物到體驗的長期轉變，我們預計這將推動休閒旅遊的未來。

I also recognize that we have not always executed on our ambition as effectively as possible or made the most of all our assets and capabilities. While the business has bounced back well from the pandemic, there are opportunities to reinforce our relevance and create even more value for travelers, experience-seekers, diners and our partners.

我也認識到，我們並不總是盡可能有效地實現我們的雄心壯志，也沒有充分利用我們所有的資產和能力。儘管該業務已從大流行中恢復良好，但仍有機會加強我們的相關性，並為旅行者、體驗者、食客和我們的合作夥伴創造更多價值。

This leads me to an area of focus where I spent much of my time in the last few months, kicking off work to align the company around a clear set of strategic priorities, starting with the core Tripadvisor brand. While it's too early to share specifics, what I can say is that we're taking the time to reimagine the unique role we play in travel, where we can address consumer pain points and how we can further differentiate ourselves on our future path.

這使我進入了一個重點領域，在過去幾個月中我花了很多時間，開始工作以使公司圍繞一組明確的戰略優先事項，從核心的 Tripadvisor 品牌開始。雖然現在分享細節還為時過早，但我可以說的是，我們正在花時間重新想像我們在旅行中所扮演的獨特角色，我們可以解決消費者的痛點，以及我們如何在未來的道路上進一步區分自己。

Together with our talented employees, who are subject matter experts, we've embarked on a structured process to evaluate our business, take a fact-based, data-driven view and set the path for a clear and compelling strategy, and our team is energized by the opportunity.

我們與作為主題專家的才華橫溢的員工一起，開始了一個結構化的流程來評估我們的業務，採用基於事實、數據驅動的觀點，並為製定清晰而引人注目的戰略鋪平道路，我們的團隊正在被機會所激勵。

My mission is to make sure we continue to evolve so that we can serve travelers, diners and experience-seekers for decades to come. And this means that the traveler experience will be at the center of everything we do. We will lean into the strengths for which we're known, reinforce our value proposition and identify new ways to drive sustainable growth. As we do so, we will seek to build enduring relationships with travelers, leverage our data to better understand and address their needs and create a highly engaging experience for the consumer and our partners.

我的使命是確保我們繼續發展，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。這意味著旅行者體驗將成為我們所做一切的核心。我們將發揮我們眾所周知的優勢，強化我們的價值主張，並確定推動可持續增長的新方法。在此過程中，我們將尋求與旅行者建立持久的關係，利用我們的數據更好地了解和滿足他們的需求，並為消費者和我們的合作夥伴創造高度參與的體驗。

Before I turn the call over to Mike and Ernst, I want to reiterate how excited I am to be here, how pleased I am with the quarter's results and how much I'm looking forward to continuing the work on setting our priorities and sharing more with you on that in the future. As we close out the year and look forward to 2023, we've heard a lot about high interest rates, questions about consumer spending, the rising costs of goods and services, recessionary pressures across the globe and the impact all this will have on travel.

在我將電話轉給 Mike 和 Ernst 之前，我想重申我對來到這裡感到多麼興奮，我對本季度的結果感到多麼高興，以及我多麼期待繼續努力設定我們的優先事項並分享更多信息將來與您一起討論。在我們結束這一年並展望 2023 年之際，我們聽到了很多關於高利率、消費者支出問題、商品和服務成本上升、全球經濟衰退壓力以及所有這些將對旅行產生的影響.

However, from our vantage point, it's too early to point to indicators that would tell us one way or the other where things will land next year. Travel remains robust, and our internal data suggests that a majority of travelers plan to travel the same or more over the coming months, and many are even willing to spend more.

然而，從我們的角度來看，現在指出可以告訴我們明年事情將在哪裡著陸的指標還為時過早。旅行依然強勁，我們的內部數據表明，大多數旅行者計劃在未來幾個月內進行相同或更多的旅行，許多人甚至願意花費更多。

We've also observed that cost and affordability is becoming more important when planning a trip, and consumers are likely to be more diligent as they research a trip and decide what to book. This may create opportunity for us as we seek to address consumer preferences. And we also acknowledge that as financial situations shift, the consumer may adjust.

我們還觀察到，在計劃旅行時，成本和負擔能力變得越來越重要，消費者在研究旅行並決定預訂什麼時可能會更加勤奮。當我們尋求解決消費者偏好時，這可能會為我們創造機會。我們也承認，隨著財務狀況的變化，消費者可能會做出調整。

Regardless of near or medium-term external macro conditions, we have conviction about the resilience of our portfolio of brands. Our positioning as a trusted source for travel and experiences is an enduring long-term opportunity. And I'm excited at the work we're doing to ensure that Tripadvisor Group continues to play a vital role in our industry for years to come.

無論近期或中期的外部宏觀狀況如何，我們都堅信我們品牌組合的彈性。我們作為值得信賴的旅行和體驗來源的定位是一個持久的長期機會。我對我們所做的工作感到興奮，以確保 Tripadvisor 集團在未來幾年繼續在我們的行業中發揮重要作用。

Now I'd like to turn the call over to Mike to say a few words. Mike?

現在我想把電話轉給邁克說幾句話。麥克風？

Thanks, Matt, and good morning, everyone. I'm very pleased to be here and join the call. I've known Tripadvisor for a good number of years, and it's a company I've long respected and followed. It's been clear that the opportunity in travel and experiences continues to evolve and innovate, and I'm excited to be part of this innovation at Tripadvisor .

謝謝，馬特，大家早上好。我很高興來到這裡並加入電話會議。我認識 Tripadvisor 很多年了，它是我長期以來一直尊重和追隨的公司。很明顯，旅行和體驗方面的機會在不斷發展和創新，我很高興能在 Tripadvisor 參與這項創新。

I'm particularly looking forward to joining at this juncture, working to establish our strategic priorities and solidify near and long-term planning. It's very early days for me, and I will certainly take advantage of the transition period Ernst is providing. But I'm also looking forward to providing the team with a fresh perspective in leveraging my background and experience.

我特別期待在這個時刻加入，努力確定我們的戰略重點並鞏固近期和長期規劃。對我來說現在還很早，我肯定會利用 Ernst 提供的過渡期。但我也期待著利用我的背景和經驗為團隊提供全新的視角。

Matt talked about the work we've been doing to set strategic priorities. Regarding 2023, given where we are in our planning cycle, and importantly, in setting our strategic goals, it's premature at this time to provide thoughts on our outlook for 2023. However, we believe we have an opportunity to lean into a large and growing travel and experiences market. In light of this opportunity, we will assess areas of investment, opportunities to reallocate capital as well as look for ways to continue to drive operating efficiencies. We will continue to do so with a disciplined ROI-driven approach. I'm looking forward to catching up with everyone over the coming weeks.

Matt 談到了我們為確定戰略重點所做的工作。關於 2023 年，鑑於我們處於規劃週期的哪個階段，更重要的是，在製定我們的戰略目標時，現在就我們對 2023 年的展望提出想法還為時過早。但是，我們相信我們有機會進入一個龐大且不斷增長的旅遊和體驗市場。鑑於這一機會，我們將評估投資領域、重新分配資本的機會，並尋找繼續提高運營效率的方法。我們將繼續以嚴格的投資回報率驅動方法來做到這一點。我期待在接下來的幾週內與大家見面。

Now to Ernst to cover the results.

現在讓恩斯特來報導結果。

Thanks, Mike, and good morning, everyone. We had a great quarter, exceeding expectations and reaching $459 million in revenue, which was a 51%, increase over last year and reaching 107% of 2019, while currency was an estimated 5% headwind to growth versus 2019. Adjusted EBITDA also exceeded expectations at $115 million or 25% of revenue. Free cash flow was $46 million, reflecting typical seasonality, and we had about $1.1 billion of cash and cash equivalents.

謝謝，邁克，大家早上好。我們有一個很棒的季度，超出預期，收入達到 4.59 億美元，比去年增長 51%，達到 2019 年的 107%，而與 2019 年相比，貨幣對增長的阻力估計為 5%。調整後的 EBITDA 也超出預期1.15 億美元或收入的 25%。自由現金流為 4600 萬美元，反映了典型的季節性，我們擁有約 11 億美元的現金和現金等價物。

In addition, both year-on-year, and compared to 2019, our fixed and discretionary costs as a percentage of revenue have come down, resulting in adjusted EBITDA margins in the Tripadvisor core segment at pre-pandemic levels.

此外，與 2019 年相比，與 2019 年相比，我們的固定和可自由支配成本佔收入的百分比均有所下降，導致 Tripadvisor 核心部門的調整後 EBITDA 利潤率處於大流行前的水平。

We were also pleased to see Viator deliver its first profitable quarter since the pandemic started and at levels that exceeded those in 2019. And I note that the Viator segment EBITDA is above 2019 for year-to-date as well. We achieved that with massive revenue growth.

我們也很高興看到 Viator 自大流行開始以來的第一個盈利季度實現了超過 2019 年的水平。我注意到，Viator 部門的 EBITDA 年初至今也高於 2019 年。我們通過巨大的收入增長實現了這一目標。

We've provided our outlook for Q4 in the shareholder letter that we published last night with some details on some of the puts and takes to the 2019 comparison. I wanted to highlight the following. Operationally, nothing material has changed from Q3 to Q4 in core Tripadvisor . We are seeing the same revenue trends continue from September. The only material operational change in Q4 is the increased investment in Viator, which we started in Q3. For the core, if you take out some of the one-offs in Q4 2019 as the comparison point, growth in Tripadvisor core in October and November and December is like July and September as a percentage of 2019.

我們在昨晚發布的股東信中提供了第四季度的展望，其中包含一些看跌期權的一些細節，並與 2019 年進行了比較。我想強調以下幾點。從運營上看，核心 Tripadvisor 從第三季度到第四季度沒有發生任何重大變化。從 9 月份開始，我們看到相同的收入趨勢仍在繼續。第四季度唯一的重大運營變化是我們在第三季度開始對 Viator 的投資增加。對於核心，如果剔除 2019 年第四季度的一些一次性作為比較點，Tripadvisor 核心在 10 月和 11 月和 12 月的增長與 2019 年 7 月和 9 月的百分比一樣。

In the core, we have a larger EBITDA margin step-down from Q3 to Q4 than we had in 2019 for reasons of the cost profile in Q3 and Q4 of 2019, not material increases in spending this year. There are obviously many puts and takes regarding comparisons 3 years ago that we understand makes it challenging to compare quarter-to-quarter performance versus prior periods.

從核心來看，我們從第三季度到第四季度的 EBITDA 利潤率下降幅度比 2019 年更大，原因是 2019 年第三季度和第四季度的成本狀況，而不是今年支出的實質性增加。顯然有很多關於 3 年前比較的看跌期權，我們理解這使得將季度業績與前期進行比較具有挑戰性。

We are excited to be investing in Viator in Q4 while keeping combined Q3 and Q4 EBITDA to be approximately breakeven. We are investing not only because of the strong top line performance this year, but also the underlying customer economics have moved very favorable.

我們很高興在第四季度投資 Viator，同時保持第三季度和第四季度的合併 EBITDA 接近盈虧平衡。我們進行投資不僅是因為今年強勁的收入表現，而且潛在的客戶經濟狀況也非常有利。

Before I close out the prepared remarks, I want to take this opportunity to say that it's been a pleasure working with all of you over the last 7 years. I believe Tripadvisor is an amazing brand, an amazing company and will always hold a special place for me, and I will continue to watch its progress. My transition ends at the year-end, and I feel very good passing on the baton to Mike. With that, I'll turn the call over to the operator and begin Q&A.

在結束準備好的發言之前，我想藉此機會說，在過去的 7 年裡，與大家一起工作很愉快。我相信 Tripadvisor 是一個了不起的品牌，一個了不起的公司，將永遠為我佔據一個特殊的位置，我將繼續關注它的進步。我的過渡在年底結束，我感覺很好，把接力棒傳給了邁克。有了這個，我將把電話轉給接線員並開始問答。

(Operator Instructions)Our first question comes from Richard Clarke at Sanford c. Bernstein.

（操作員說明）我們的第一個問題來自 Sanford c 的 Richard Clarke。伯恩斯坦。

I guess we need to start with the Q4 10% EBITDA guidance. So just to unpick what you're saying, you're saying that the drop-off from Q3 to Q4 is just a 2019 seasonal effect. Maybe you can just remind us what that seasonal effect is. And what was the 2019 Q4 margin kind of ex those seasonal effects in 2019? And then thinking ahead to 2023, obviously, your margin in Q4 is going to be 17% lower than it was in Q4 2019. Should we carry a large chunk of that 17% lower into 2023? Or does a large slice of that reverse as we think into next year?

我想我們需要從第四季度 10% EBITDA 指導開始。所以只是為了解開你在說什麼，你說從第三季度到第四季度的下降只是 2019 年的季節性影響。也許你可以提醒我們季節性影響是什麼。除了 2019 年的季節性影響之外，2019 年第四季度的利潤率是多少？然後考慮到 2023 年，顯然，您在第四季度的利潤率將比 2019 年第四季度低 17%。我們是否應該將這 17% 的大部分降低到 2023 年？或者我們認為明年會有很大一部分逆轉？

Thank you, Richard. Yes, a few puts and takes, and thanks for the question. And hopefully, we will clarify it to your satisfaction. So the first comment is there is always a seasonal decline from Q3 to Q4 in EBITDA margin. And that is because there is a seasonal decline in revenue from Q3 to Q4. And therefore, fixed cost coverage is unfavorable in Q4. So that's the general trend that's always happening.

謝謝你，理查德。是的，有幾個放和取，謝謝你的問題。希望我們能澄清它，讓您滿意。因此，第一個評論是 EBITDA 利潤率從第三季度到第四季度總是出現季節性下降。那是因為從第三季度到第四季度，收入出現了季節性下降。因此，第四季度的固定成本覆蓋率不利。所以這是總的趨勢，一直在發生。

Additional to our consolidated -- if you compare it to 2019, in addition to our -- for our consolidated results is, of course, that the waiting for Viator, where we're incurring a loss -- projected loss in Q4 is much larger than it was in 2019. So you have a mix shift overall there as well.

除了我們的合併 - 如果你將它與 2019 年進行比較，除了我們的 - 當然，我們的合併結果是等待 Viator，我們正在遭受損失 - 預計第四季度的損失要大得多與 2019 年相比。因此，整體上你也有一個混合轉變。

If you go to the core and compare it to 2019, we had, in 2019, a very limited seasonal step-down in EBITDA margin from 30% -- sorry, from 34 -- I apologize. From a marginal step back from 39% -- from 40% to 39%, sorry. I was fumbling a little bit. From 40%, 39%, a very small step back in 2019, in Tripadvisor core.

如果你深入核心並將其與 2019 年進行比較，我們在 2019 年的 EBITDA 利潤率從 30% 的季節性下降非常有限——抱歉，從 34%——我道歉。從 39% 的小幅回落——從 40% 到 39%，抱歉。我有點摸不著頭腦。在 Tripadvisor 核心，從 40% 到 39%，與 2019 年相比，這是一個很小的進步。

And the reason for that was that we had a number of fixed costs in Q3 and Q4 that were different. So we had a step down of about $20 million of unique costs from Q3 to Q4. One was TV advertising that stepped down meaningfully from Q3 to Q4. And the other one was a reversal of a bonus accrual that we did in Q4 2019. And so that made the step down much less pronounced than it would typically have been. That was a major impact. And if you take all those things together, the seasonal decline that we're projecting between Q3 and Q4 is typical but for the additional investment we're making in the Viator brand.

原因是我們在第三季度和第四季度有許多不同的固定成本。因此，從第三季度到第四季度，我們的獨特成本減少了約 2000 萬美元。一是電視廣告從第三季度到第四季度顯著下降。另一個是我們在 2019 年第四季度所做的應計獎金的逆轉。這使得降級遠沒有通常情況那麼明顯。那是一個重大影響。如果你把所有這些因素放在一起，我們預計第三季度和第四季度之間的季節性下降是典型的，但我們在 Viator 品牌上進行的額外投資。

Okay. And then just how should we think about those effects as we run into 2023 that what is going to be the headwind to margins into 2023 from the effects you're giving?

好的。然後，當我們進入 2023 年時，我們應該如何考慮這些影響，您所提供的影響將成為 2023 年利潤的逆風？

Well, I -- so the comparison to 2019, hopefully, will be in the rearview mirror as we move into next year, and we'll have some more normalized trends. There are just so many puts and takes if you compared to 2019 because the profile of our business was different. The other difference there was in 2019 was we had a few businesses that we are no longer consolidating. We had our China business, which is deconsolidated. We had our SmarterTravel business, which we discontinued. We had very different mix between different lines -- revenue lines and segments. And so the comparison to 2019 is always going to be very difficult. Hopefully, into next year, we will have a more normalized comparison to the trends that you've seen in '22.

好吧，我 - 所以與 2019 年的比較，希望，隨著我們進入明年，我們將有一些更加正常化的趨勢。如果您與 2019 年相比，那麼看跌期權就太多了，因為我們的業務概況不同。 2019 年的另一個區別是我們有一些業務不再合併。我們有我們的中國業務，該業務已分拆。我們有我們的 SmarterTravel 業務，但我們停止了。我們在不同的線之間有非常不同的組合——收入線和細分市場。因此，與 2019 年的比較總是非常困難。希望到明年，我們將與您在 22 年看到的趨勢進行更規範的比較。

And I think I would just add that you've got this Viator investment that's unique to this quarter, and that could be a differential as well.

我想我只想補充一點，你已經獲得了本季度獨有的 Viator 投資，這也可能是一個差異。

Okay. Okay. That's a 1-quarter investment. Got you.

好的。好的。這是一個季度的投資。得到你。

Well, it started in Q3 and extended into Q4. So there's a Q3, Q4 2022 investment.

嗯，它從第三季度開始並延伸到第四季度。因此，有 2022 年第三季度、第四季度的投資。

Our next question comes from Naved Khan at Truist Securities.

我們的下一個問題來自 Truist Securities 的 Naved Khan。

Ernst, we'll miss you on these call, and Mike, welcome. So a couple of questions. Maybe the first one for me would be just on the branded ad campaign that you're doing for Viator. Can you just maybe talk about the relative size of this campaign and what kind of payback you're expecting? And over what time period?

恩斯特，我們會在這些電話中想念你，邁克，歡迎你。所以有幾個問題。也許對我來說第一個就是你為 Viator 做的品牌廣告活動。你能談談這個活動的相對規模以及你期望什麼樣的回報嗎？以及在什麼時間段內？

And then, Matt, you spoke about maybe some cost and affordability becoming more important to the travelers. Can you maybe just elaborate a little bit more on what you're seeing out there. Are you seeing people doing more searches? Or are you seeing more price sensitivity? A little more color there would be helpful.

然後，馬特，你談到了一些成本和負擔能力對旅行者來說可能變得更加重要。您能否詳細說明您在外面看到的內容。您是否看到人們進行更多搜索？還是您看到更多的價格敏感度？多一點顏色會有幫助。

Thanks, Naved. I'll take the first part of it. We've said that, for Viator, we expect to be roughly breakeven on EBITDA between Q3 and Q4, which dimensionalizes the loss for you of Viator in Q4. Without the brand investment in Q4, we would have been breakeven plus on Viator for the quarter as well, which gives you a little bit of a sense of the magnitude.

謝謝，納維德。我將採取它的第一部分。我們已經說過，對於 Viator，我們預計 Q3 和 Q4 之間的 EBITDA 大致收支平衡，這將 Viator 在 Q4 的損失量化。如果沒有第四季度的品牌投資，我們在本季度也將在 Viator 上實現盈虧平衡，這讓您對規模有所了解。

We started this investment in Q3 already but at a lower level. I just want to say a few things about why we're doing this and why we're doing this now. Obviously, Viator has been on a spectacular path this year. But as we have been sort of observing the underlying economics underneath, we've seen improvements in conversion rate. We've seen improvements in the number of items people book per trip. We've seen improvements in trips per traveler, retention rates, take-up rate. And so all of these things multiply to an increasing estimate of lifetime value that we have and an improvement of cohorts that we have.

我們已經在第三季度開始了這項投資，但水平較低。我只想說一些關於我們為什麼要這樣做以及我們現在為什麼要這樣做的一些事情。顯然，Viator 今年走上了一條壯觀的道路。但是，當我們一直在觀察底層的經濟原理時，我們看到了轉化率的提高。我們已經看到人們每次旅行預訂的物品數量有所改善。我們已經看到每位旅客的旅行次數、保留率和使用率都有所改善。因此，所有這些事情都會乘以對我們擁有的終生價值的不斷增加的估計以及我們擁有的同類群組的改進。

And so that's been very encouraging underneath. We have nice loyalty and repeat from those users that have used us on Viator. But our awareness among the broader populus is still somewhat limited. And so we believe that by sort of targeted and sort of thoughtful and measuring ROI along the way, investments that are a little bit more across the funnel, we can take advantage of these underlying improvements that we've taken and reach a broader audience.

所以這在下面非常令人鼓舞。我們有很好的忠誠度，並從那些在 Viator 上使用過我們的用戶那裡重複。但我們在更廣泛的人口中的認識仍然有些有限。因此，我們相信，通過在整個過程中進行有針對性的、深思熟慮的和衡量投資回報率的投資，在整個渠道中進行更多的投資，我們可以利用我們已經採取的這些潛在改進並接觸更廣泛的受眾。

We're playing to win with Viator. We think we are in excellent position to be the global leader in this exciting category, and we're going to continue to invest in that.

我們正在與 Viator 一起贏得勝利。我們認為我們處於成為這一令人興奮的類別的全球領導者的絕佳位置，我們將繼續對此進行投資。

So some of you may have seen us a little bit more than before on channels like Instagram, Facebook, Pinterest, podcasts, Spotify, and we are excited about that. It's a relatively -- still relatively modest but for us, large investments at Viator, and we're going to really carefully monitor what the impact is that we see as we think about the plans for next year.

所以你們中的一些人可能比以前更多地在 Instagram、Facebook、Pinterest、播客、Spotify 等渠道上看到了我們，我們對此感到很興奮。這是一個相對 - 仍然相對溫和但對我們來說，在 Viator 的大量投資，我們將非常仔細地監控我們在考慮明年計劃時看到的影響。

Yes. And I would just say before I get into your question about the consumer, Naved, Viator, we are so excited about this asset. We think there are lots of ways of leaning in. And it's -- the team is really executing well. The category is poised to continue to accelerate. And we think market leadership has tremendous value. So it's something that we're just really excited about and I know we'll be talking a lot about as we go forward.

是的。在我回答你關於消費者 Naved Viator 的問題之前，我只想說，我們對這項資產感到非常興奮。我們認為有很多方法可以讓我們參與進來。而且——團隊真的執行得很好。該類別有望繼續加速增長。我們認為市場領導地位具有巨大的價值。所以這是我們非常興奮的事情，我知道我們會在前進的過程中談論很多。

On the consumer, yes, we're following the consumer very closely. And you asked about what we're seeing. Definitely, searches are up across the board, searches for hotels, experiences and restaurants. But we are seeing in our data that, inflationary pressures, while people want to continue spending, they're thinking about how they might adjust their travel plans.

在消費者方面，是的，我們非常密切地關註消費者。你問我們看到了什麼。毫無疑問，搜索量全面上升，搜索酒店、體驗和餐廳。但我們在數據中看到，通脹壓力，雖然人們想繼續消費，但他們正在考慮如何調整他們的旅行計劃。

And so with rising cost of living, many more are going to be traveling at shorter length than maybe they had planned in the past. Some are going to think about vacations being much closer to home. If maybe you were thinking about going international, you might go domestic. And of course, they're also thinking about what they're going to do on that trip. And what we are seeing is they still want to take the trip with a large majority, but that -- they'll be thoughtful.

因此，隨著生活成本的上升，更多人的旅行時間將比他們過去計劃的要短。有些人會認為假期離家更近。如果你正在考慮走向國際，你可能會去國內。當然，他們也在考慮這次旅行要做什麼。我們看到的是，他們仍然希望以絕大多數人的身份參加這次旅行，但是——他們會考慮周到的。

We think there's an advantage there as they think about comparing pricing, as they think about making that choice. That sort of ability to guide the consumer through a period of time from real people who are having real experiences, and then at that moment when they want to make that decision, helping them make it happen, I think, is -- it plays right to our strength. So the consumer behavior is very promising, by and large, but of course, some adjustments based on personal financial situations.

我們認為，當他們考慮比較定價時，當他們考慮做出選擇時，這是有優勢的。那種從有真實經歷的真實的人那裡引導消費者度過一段時間的能力，然後在他們想要做出決定的那一刻，幫助他們實現它，我認為，是——它發揮了正確的作用以我們的力量。因此，消費者的行為總體上是非常有前途的，但當然會根據個人財務狀況進行一些調整。

Next up is Lloyd Walmsley from UBS.

接下來是瑞銀的勞埃德沃爾姆斯利。

You talked a little bit about broadening the brand marketing channels. I don't think -- correct me if I'm wrong, I don't think you've been in TV very broadly for the last few years, but it has been generally a portion of the ad mix at Tripadvisor . How do you guys think about -- as we think about maybe the next year or so, how do you think about more broadly getting back into TV advertising?

您談到了拓寬品牌營銷渠道。我不認為——如果我錯了，請糾正我，我認為您在過去幾年中並未廣泛涉足電視領域，但它通常是 Tripadvisor 廣告組合的一部分。你們如何看待——當我們考慮可能在明年左右的時候，你們如何看待更廣泛地重返電視廣告？

And then, I guess, strategically, are there any things we should contemplate over the next year? It's only been -- it's still been a pretty short 10 years since you've been here, Matt, but any big overhauls that you guys are thinking about strategically as we get to next year that you can help shed light on?

然後，我想，從戰略上講，明年我們應該考慮什麼事情嗎？只是——馬特，距離你來這裡還有很短的 10 年，但是你們在明年戰略性地考慮的任何重大改革，你可以幫助闡明嗎？

Thanks, Lloyd. Appreciate the question. I am so excited about the strategy work. It's been very energizing both for me and the team that we have engaged. We're really rallying around the opportunity. And I think it's something that we all feel there is real upside if we get this right and do it deliberately. So I appreciate the time you've given me given my tenure to really get through that process. We're part of the way through now and we are building conviction about areas to prioritize.

謝謝，勞埃德。欣賞這個問題。我對戰略工作感到非常興奮。這對我和我們參與的團隊來說都非常有活力。我們真的圍繞著這個機會團結起來。我認為，如果我們做對了並且有意識地去做，我們都覺得這是真正的好處。所以我很感激你給我的時間，讓我在任期內真正完成這個過程。我們現在是其中的一部分，我們正在建立對優先領域的信念。

The goal for the strategy work, of course, is to ensure we create sustainable value for the group as a portfolio and that we make sure that we have a really clear and compelling proposition. We went through work like that with Viator and TheFork in the past. And so that's why our current focus is on core Tripadvisor and really thinking about how we serve travelers as a modern guidance platform.

當然，戰略工作的目標是確保我們作為一個投資組合為集團創造可持續的價值，並確保我們有一個非常清晰和令人信服的主張。我們過去曾與 Viator 和 TheFork 進行過類似的工作。這就是為什麼我們目前的重點是核心 Tripadvisor，並真正考慮如何將我們作為現代指導平台為旅行者提供服務。

And I think there's a lot we can do to be far more contemporary. We have a lot of advantages, right? And we're going to lean into our heritage. We've got a trusted brand. We've got a community that really values connecting with us and with each other. And of course, we've got a content asset. And we know we need to focus on our product to really start to utilize our unique data and ultimately to drive higher levels of direct traffic and engagement that will create multiple opportunities for monetization. And so we're going to balance how we think about reimagining the core product while continuing to invest in the growth opportunities as we see them. We recognize that there are headwinds.

而且我認為我們可以做很多事情來變得更加現代。我們有很多優勢，對吧？我們將利用我們的傳統。我們有一個值得信賴的品牌。我們有一個真正重視與我們和彼此聯繫的社區。當然，我們有一個內容資產。我們知道我們需要專注於我們的產品，才能真正開始利用我們獨特的數據，並最終推動更高水平的直接流量和參與度，從而創造多種貨幣化機會。因此，我們將平衡我們對重新構想核心產品的看法，同時繼續投資於我們看到的增長機會。我們認識到存在不利因素。

There has been a number of things like shift to mobile, obviously, our traffic mix. There are geographic differences where we think we can improve with international focus. We can take a much more thoughtful long -- lifetime value focus on the consumer in our marketing. We can lean into B2B and media and really drive those businesses harder. And we think about our content assets and the way we want it to be far more immersive as we guide travelers and then be with them at that moment where they want to make their decisions. So I think there is a lot of opportunity. I wouldn't want to tell you we're going to overhaul something today. We think that certainly, our core meta business has bounced back. It's performing. It is showing relevance not only for consumers, who come in not only to compare pricing but also to find that hotel and ultimately start to build that experience. We also think it provides tremendous value for our partners, and that's what we're seeing is that high-intent traffic continues to be valuable, and we think our partners will continue to prioritize us as part of their marketing mix.

顯然，我們的流量組合已經發生了很多事情，比如轉向移動設備。我們認為我們可以通過國際關注來改善地理差異。我們可以在營銷中對消費者進行更深思熟慮的長期價值關注。我們可以依靠 B2B 和媒體，真正推動這些業務的發展。我們會考慮我們的內容資產以及我們希望它以何種方式更加身臨其境，因為我們引導旅行者，然後在他們想要做出決定的那一刻與他們在一起。所以我認為有很多機會。我不想告訴你我們今天要大修一些東西。我們認為，我們的核心元業務肯定已經反彈。它在表演。它不僅對消費者顯示出相關性，他們進來不僅是為了比較價格，而且是為了找到那家酒店並最終開始建立這種體驗。我們還認為它為我們的合作夥伴提供了巨大的價值，這就是我們所看到的高意向流量仍然很有價值，我們認為我們的合作夥伴將繼續優先考慮我們作為他們營銷組合的一部分。

So we're very excited about leaning into that, reinforcing it, thinking about how we can adjust to both mobile and geographic opportunities. On the question of our marketing, I think that what we've learned with Viator and to some degree, TheFork, is that when we do really thoughtful marketing, whether it be performance marketing, or thinking about other promotional marketing in the channels that help us do that. As long as we look at that in a highly disciplined way and think about what's the purpose, who are we trying to reach, what's the expected result and we watch that we're actually delivering those results as we go. We can consider all channels. And I think that's something we'll consider.

因此，我們很高興能夠專注於這一點，加強它，思考我們如何適應移動和地理機會。關於我們的營銷問題，我認為我們從 Viator 以及在某種程度上，TheFork 學到的是，當我們進行真正深思熟慮的營銷時，無論是績效營銷，還是考慮渠道中的其他促銷營銷有幫助我們這樣做。只要我們以高度自律的方式看待這一點，並思考目的是什麼，我們試圖達到的目標是什麼，預期的結果是什麼，並且我們觀察我們實際上正在交付這些結果。我們可以考慮所有渠道。我認為這是我們會考慮的事情。

We're going to -- Mike and I have talked about this, we're going to take a very disciplined approach, but I think you can expect us as we continue to drive our product offering to be wanted to talk about it and really get the benefit for the work that we're planning to do.

我們將——邁克和我已經討論過這個問題，我們將採取一種非常有紀律的方法，但我認為你可以期待我們，因為我們繼續推動我們的產品供應，讓人們想要談論它，真的為我們計劃做的工作獲得收益。

Okay. And good luck, Ernst, and congrats, Mike, good to have you on board.

好的。祝你好運，恩斯特，恭喜邁克，很高興你能加入。

Thanks, Lloyd.

謝謝，勞埃德。

Next up, we have Jed Kelly from Oppenheimer & Company.

接下來，我們有來自 Oppenheimer & Company 的 Jed Kelly。

Great. Ernst, good luck, and Mike, welcome aboard. Two questions, if I may. One, can you just talk about investing in Viator and how you're thinking about some of the competition that Google has recently done with their maps? And then my second question, any change to potentially unlocking strategic value with Viator once the public market sort of settled down?

偉大的。恩斯特，祝你好運，邁克，歡迎加入。兩個問題，如果可以的話。第一，您能否談談對 Viator 的投資，以及您如何看待 Google 最近使用他們的地圖進行的一些競爭？然後我的第二個問題是，一旦公開市場安定下來，與 Viator 潛在釋放戰略價值的任何變化？

Yes, I'll take the first, and Matt will take the second. This is an exciting area, and there will be multiple players trying to get a piece of the Experiences business, of course. Google is active; others are active. We have competition. It's a large market. It's 80% still off-line. A lot of secular growth to be had. We are playing with enormous breadth of supply that we have aggregated, which is hard to aggregate and we've been aggregating over time, which will be difficult for others to copy. And we're growing quickly and -- which is cementing our relationships with suppliers globally. And so we -- although there is competition, there should be in a market that is this attractive, we really like our chances and continue to do well.

是的，我會選第一個，馬特會選第二個。這是一個令人興奮的領域，當然會有多個參與者試圖在體驗業務中分一杯羹。谷歌是活躍的；其他人很活躍。我們有競爭。這是一個很大的市場。 80% 仍處於離線狀態。有很多長期的增長。我們正在使用我們匯總的巨大供應量，這很難匯總，而且隨著時間的推移我們一直在匯總，其他人將難以復制。而且我們正在迅速發展，並且正在鞏固我們與全球供應商的關係。所以我們 - 儘管存在競爭，但應該有一個如此有吸引力的市場，我們真的很喜歡我們的機會並繼續做得很好。

Yes. Thanks, Jed. It's Matt. And I just want to add to what -- your question about Google. I've spent a career I think, as I said last time, in businesses that have to contend with Google and done it in such a way that has worked out reasonably well. You have to think about what you're going to do that's going to be different than Google. And I think we have a lot that we can do that will be different from Google.

是的。謝謝，傑德。是馬特。我只是想補充一下你關於谷歌的問題。正如我上次所說，我認為我的職業生涯是在必須與穀歌抗衡的企業中度過的，並且以一種相當不錯的方式來完成它。你必須考慮你要做什麼，這將與穀歌不同。而且我認為我們可以做很多與穀歌不同的事情。

If we focus on our content and our trust and the security that travelers have with us when they think about the decision that they're going to make, the way that we're able to guide with a point of view and leverage the community, we know that we're ranked above Google, Facebook, Airbnb, Booking when we track our brand in terms of trust. We know that our community has value. We know that curating content and really thinking about a more longitudinal relationship to serve consumers at every step along the journey not just at a moment when they're ready to make a particular search, I think, are all ways that we're thinking about how to do that.

如果我們專注於我們的內容、我們的信任以及旅行者在考慮他們將要做出的決定時對我們的安全性，我們能夠以一種觀點指導並利用社區的方式，我們知道，當我們在信任度方面跟踪我們的品牌時，我們的排名高於谷歌、Facebook、Airbnb、Booking。我們知道我們的社區具有價值。我們知道，策劃內容並真正考慮更縱向的關係，以便在旅程的每一步為消費者提供服務，而不僅僅是在他們準備進行特定搜索的那一刻，我認為，都是我們正在考慮的方式怎麼做。

I don't want to suggest that it's easy. I have a lot of respect for Google, and they're an important player in the ecosystem, but we think we can differentiate.

我不想暗示這很容易。我非常尊重谷歌，他們是生態系統中的重要參與者，但我們認為我們可以與眾不同。

On the question of strategic value at Viator, part of the work we're doing is to, of course, create value for the whole of the group, and that's inclusive of maximizing value for Viator. And that's why I shared with you that we see a lot of growth potential there and want to continue to invest and have a lifetime value focus and think about how we add value to suppliers. And it also means that we're going to think about every option we have to drive more recognition for and value in the business. And so while the markets make it challenging to have a point of view on that today, we're just going to lean in and focus on driving the market opportunity.

關於 Viator 的戰略價值問題，我們正在做的部分工作當然是為整個集團創造價值，這包括為 Viator 最大化價值。這就是為什麼我與您分享我們看到了很多增長潛力並希望繼續投資並關注終生價值並考慮我們如何為供應商增加價值的原因。這也意味著我們將考慮我們必須為業務帶來更多認可和價值的每一個選項。因此，儘管今天的市場很難對此發表看法，但我們將努力投入並專注於推動市場機會。

Our next question comes from James Lee of Mizuho.

我們的下一個問題來自瑞穗的 James Lee。

Can you guys comment about maybe future of TripPLUS? How does that fit into your strategy going forward? And also second question, maybe with the uncertain economy, how should we think about your cost structure. And how flexible can you navigate in this shopping environment?

你們能評論一下TripPLUS的未來嗎？這與您未來的戰略有什麼關係？還有第二個問題，也許在不確定的經濟環境下，我們應該如何考慮您的成本結構。您在這種購物環境中導航的靈活性如何？

Thank you, James. Appreciate the question. So I think I said in the last call together that we thought that the direct-to-consumer opportunity was an interesting one that we really want to dive into. And of course, it's an area that we are deeply exploring as part of our strategy work. We think we can certainly do better with consumer-facing products and services.

謝謝你，詹姆斯。欣賞這個問題。所以我想我在上次電話會議中說過，我們認為直接面向消費者的機會是一個有趣的機會，我們真的很想深入研究。當然，這是我們在戰略工作中深入探索的一個領域。我們認為我們當然可以在面向消費者的產品和服務方面做得更好。

We haven't yet finalized how Tripadvisor Plus would fit into that, but I think the direct-to-consumer offering needs to address very clear travel needs with tangible benefits that consumers value. And we need to communicate that clearly to drive a compelling opportunity. We think with a brand that we have, with the trust that we have, thinking about a broader membership opportunity is a natural place to develop the relationship further. And we have to do it in a way that reinforces the entire value proposition. It can't just be a separate proposition, just about discounting, which is kind of the starting point for Tripadvisor Plus. We need to find ways to recognize and reward loyalty that users come. And we need to make sure that when we think about membership, it can be easy to engage.

我們尚未最終確定 Tripadvisor Plus 將如何適應這一點，但我認為直接面向消費者的產品需要滿足非常明確的旅行需求，並提供消費者重視的切實利益。我們需要清楚地傳達這一點，以創造一個令人信服的機會。我們認為，憑藉我們擁有的品牌和信任，考慮更廣泛的會員機會是進一步發展關係的自然場所。我們必須以強化整個價值主張的方式來做到這一點。它不能只是一個單獨的提議，只是關於折扣，這是 Tripadvisor Plus 的起點。我們需要找到方法來識別和獎勵用戶的忠誠度。我們需要確保當我們考慮會員資格時，它可以很容易參與。

Certainly, it could be tiered. There ought to be a way to think about membership where it's not just about the consumer necessarily paying for something. But rather, if you remember, we can learn more about you and engage with you and monetize in multiple different ways. So the work that we're doing, we are reviewing and rethinking, and as part of the strategic work I've outlined, we're going to share more when we discuss our strategy in more detail.

當然，它可以分層。應該有一種方法來考慮會員資格，而不僅僅是消費者必須為某些東西付費。但是，如果您還記得，我們可以更多地了解您並與您互動並以多種不同的方式獲利。所以我們正在做的工作，我們正在審查和重新思考，作為我概述的戰略工作的一部分，當我們更詳細地討論我們的戰略時，我們將分享更多信息。

In terms of the cost structure, I would point out that compared to 2019, we have shifted our cost structure to less fixed cost and more variable cost, which would help in any scenario going forward. The -- we've taken our fixed cost during the pandemic. We've added some back, but not a lot. And in brands like Viator, we're currently operating with less fixed cost even with the enhanced scale than we had in 2019, which has allowed us to make all these investments in marketing and still be profitable last quarter. So that's been good going forward. Would we have levers there? Of course. There's always an opportunity to see how we can organize differently and create levers. And so there's flexibility in that, too.

在成本結構方面，我要指出，與 2019 年相比，我們已將成本結構轉變為更少的固定成本和更多的可變成本，這將有助於未來的任何情況。 - 我們在大流行期間採取了固定成本。我們增加了一些，但不是很多。在 Viator 等品牌中，即使規模比 2019 年有所擴大，我們目前的運營固定成本也較低，這使我們能夠在營銷上進行所有這些投資，並且在上個季度仍然盈利。所以這一直很好。我們那裡會有槓桿嗎？當然。總是有機會看到我們如何以不同的方式組織並創造槓桿。所以這也有靈活性。

Next up is Mario Lu from Barclays.

接下來是來自巴克萊的馬里奧·盧。

I have a couple on Tripadvisor core. It looks like the guide stepped down in 4Q versus 2019. It seems mostly timing-related with tough comps in terms of the high TV ads in -- '19. I know it's still early, but should we expect trends in this segment to then rebound in 1Q '23, all else equal?

我有幾個在 Tripadvisor 核心。與 2019 年相比，該指南在第四季度似乎下台了。就 19 年的高電視廣告而言，這似乎主要與時間安排有關。我知道現在還為時過早，但我們是否應該預期該細分市場的趨勢會在 23 年第一季度反彈，其他條件相同嗎？

You're right to point out that there is some comp issues compared to Q4 2019. So although we see a step-down in performance in 2019 from Q3 to Q4, there are one-off items in Q4 2019 that we can point to that, if you isolate for those, actually, in September to October, October, November, December, is very smooth in terms of recovery. We had a very strong summer, particularly in our core meta business, and August was even stronger than July and September. We were, on average, for the quarter in our meta business at 100% of 2019 August was substantially higher. And within that, the U.S. did really well in August.

您說得對，與 2019 年第四季度相比存在一些補償問題。因此，儘管我們看到 2019 年第三季度到第四季度的業績有所下降，但我們可以指出 2019 年第四季度的一次性項目，如果你對那些進行隔離的話，其實9月到10月、10月、11月、12月，在恢復方面是非常順利的。我們度過了一個非常強勁的夏天，尤其是在我們的核心元業務方面，8 月甚至比 7 月和 9 月還要強勁。平均而言，我們的元業務季度在 2019 年 8 月的 100% 上要高得多。其中，美國在 8 月份的表現非常好。

Took a step back in September, but that was not weakness in September. That was the strength that we saw in August. September and July were quite similar. And then if you normalize for these one-off items in Q4 2019, the path versus 2019 has been very consistent, September to October to November, December.

9 月退了一步，但這並不是 9 月的疲軟。這就是我們在八月看到的力量。九月和七月非常相似。然後，如果您在 2019 年第四季度對這些一次性項目進行標準化，則與 2019 年的路徑非常一致，從 9 月到 10 月到 11 月、12 月。

Yes. And I would just add that, for me, putting fresh eyes on the top line growth in meta. Steady recovery every quarter thus far in 2022 just suggests to me the continued relevance of that product. And of course, we recognize that the landscape has changed, but I think we can reinforce the relevance of the product in the way that we think about targeting consumers and understanding them better and creating user journeys on core Tripadvisor that meet their particular need, whether it's for an accommodation shopping experience or they're looking to just start planning higher in the funnel.

是的。我只想補充一點，對我來說，重新審視元數據的收入增長。到目前為止，2022 年每個季度的穩步復甦只是向我表明該產品的持續相關性。當然，我們認識到形勢已經發生了變化，但我認為我們可以通過以下方式加強產品的相關性：針對消費者並更好地了解他們，並在核心 Tripadvisor 上創建滿足他們特定需求的用戶旅程，無論是這是為了住宿購物體驗，或者他們正在尋求開始在渠道中進行更高的計劃。

There are opportunities to look at increasing our effectiveness geographically with mobile. I just think that there's a way to develop an opportunity that just reinforces that. So to me that, again, goes to the point of enduring and a really good foundation.

有機會通過移動設備在地理上提高我們的效率。我只是認為有一種方法可以開發一個可以加強這一點的機會。所以對我來說，這又一次達到了持久和一個非常好的基礎。

Great. Just a follow-up in terms of Trip's meta in the positioning within the travel ecosystem. The OTAs generally are ramping up their loyalty programs, and it sounds like they're prioritizing more direct traffic into their mobile app. I guess, how does that translate to Trip's positioning long term? Any puts and takes to consider here?

偉大的。只是關於 Trip 在旅游生態系統中定位的元數據的後續行動。 OTA 通常會加強他們的忠誠度計劃，聽起來他們正在優先考慮更直接的流量進入他們的移動應用程序。我想，這如何轉化為 Trip 的長期定位？這裡有什麼需要考慮的嗎？

Yes. So we know that there's a continued demand for the product. And of course, our product really fits well with our strengths of being trusted and guidance and the reviews. And we continue to believe that partners find value in this offering as one of the channels because of the high intent nature of the traffic. And in fact, that's what we're seeing in the dynamic. And so we'll continue to work to identify the ways to deliver the best product and service to those partners. And no doubt, OTAs have always wanted to focus on more direct traffic, and that's nothing new, and they'll continue to do that. I don't think that means that we will lose the opportunity to continue to be a part of their mix.

是的。所以我們知道對該產品有持續的需求。當然，我們的產品確實非常適合我們值得信賴、指導和評論的優勢。我們仍然相信，由於流量的高意圖性質，合作夥伴會在此產品中發現價值，並將其作為渠道之一。事實上，這就是我們在動態中看到的。因此，我們將繼續努力確定向這些合作夥伴提供最佳產品和服務的方法。毫無疑問，OTA 一直希望專注於更直接的流量，這並不是什麼新鮮事，他們將繼續這樣做。我不認為這意味著我們將失去繼續成為他們組合的一部分的機會。

Next up, we have Brian Fitzgerald with WFS.

接下來，我們請來了 WFS 的 Brian Fitzgerald。

From Wells Fargo. Congrats, Ernst and best of luck; and Mike, welcome. I wanted to follow up on Naved's question actually. And when you look at what you're seeing, I'm trying to parse apart maybe if you're seeing any trends with respect to business travelers, if you're looking for 2 to 3 nights in the middle of the week, you're pricing elastic, it's likely a small medium business search for travel. Are you seeing anything like that, that would indicate business travel is starting to pick up as well?

來自富國銀行。恭喜，恩斯特，祝你好運；和邁克，歡迎。實際上，我想跟進 Naved 的問題。當您查看您所看到的內容時，如果您看到有關商務旅客的任何趨勢，如果您正在尋找一周中的 2 到 3 晚，我試圖分解'定價彈性，它可能是一個中小型企業搜索旅行。您是否看到類似的情況表明商務旅行也開始回升？

As a brand, we tend to skew more to the consumer use case rather than the business use case. Undoubtedly, that we have business travelers, small business travelers in our mix, but not the signal that you're after.

作為一個品牌，我們傾向於更多地傾向於消費者用例而不是業務用例。毫無疑問，我們的組合中有商務旅客、小型商務旅客，但不是您所追求的信號。

Yes. I mean what we do know is that some portion of travelers are going to travel at shorter length than maybe they previously planned. I don't know that that's a direct indicator of business. But certainly, I think that as we start to think about liberating the potential of our data, we'll start to think in a far more segmentation oriented way and really understand who's coming to our site in ways that I think will create value for us, both across the business as it stands now and ways to identify commercial opportunities in the future.

是的。我的意思是我們所知道的是，部分旅行者的旅行時間可能比他們之前計劃的要短。我不知道這是業務的直接指標。但可以肯定的是，我認為當我們開始考慮釋放數據的潛力時，我們將開始以更加細分化的方式進行思考，並真正了解誰以我認為會為我們創造價值的方式訪問我們的網站，無論是在目前的業務範圍內，還是在未來識別商業機會的方法。

Our next question is coming from John Colantuoni from Jefferies.

我們的下一個問題來自 Jefferies 的 John Colantuoni。

This is Chris to check in for John. Can you just give us any more color on actual consumer behavior trends that you're seeing throughout the third and maybe a little bit into the fourth quarter here? Are you seeing any signs of a trade-down or shorter trip duration yet? And is that kind of any different across the key geographies?

這是克里斯為約翰辦理登機手續。您能否就您在整個第三季度甚至第四季度看到的實際消費者行為趨勢再給我們一些顏色？您是否看到任何折價或縮短旅行時間的跡象？這在主要地區有什麼不同嗎？

No, yes. I mean we've shared a bit of color on the consumer. We have a lot of confidence in the consumer. We haven't seen anything change. No signs of trading down. We -- I think we referenced Europe has been different than the U.S. But beyond that, the consumer has been strong.

不，是的。我的意思是我們在消費者身上分享了一些色彩。我們對消費者充滿信心。我們沒有看到任何變化。沒有下跌的跡象。我們——我認為我們提到的歐洲與美國不同。但除此之外，消費者一直很強勁。

Next question comes from Ron Josey of Citi.

下一個問題來自花旗的 Ron Josey。

And Ernst, congrats, and Mike, welcome, and Matt, welcome again. I wanted to ask maybe a little bit more about Viator and specifically about the resiliency /consumer appetite of experiences in dining versus travel overall. I'm just wondering if things -- as the macro progresses and do you think we could see an acceleration in this mix shift towards Viator if you see continued macro pressures? I understood it's still early. And then I think in the letter, you talked about improving user experience at Viator. Just can you talk to us a little bit more about how the user experience is evolving here in terms of the products and services?

恩斯特，恭喜，邁克，歡迎，馬特，再次歡迎。我想問更多關於 Viator 的信息，特別是關於餐飲體驗與整體旅行體驗的彈性/消費者胃口。我只是想知道事情是否——隨著宏觀的發展，如果你看到持續的宏觀壓力，你認為我們會看到這種混合轉向 Viator 的加速嗎？我明白現在還為時過早。然後我想在信中，你談到了改善 Viator 的用戶體驗。您能否與我們多談談用戶體驗在產品和服務方面的發展情況？

Yes, I'll take the first part and ask Matt to add as well. We've seen very, very strong growth, obviously, in Viator, Viator point of sale, but also the Tripadvisor point of sale and experiences. And we believe that is our good execution, but it's also just the secular trend in the market. I think there's 2 secular trends at play. One is a general shift from people wanting to experience rather than just go for the hotel or just go for the flight, a general trend from things to experiences, which is clear signs of it in the economy, and that's a benefit for us.

是的，我將採用第一部分並請馬特也添加。我們已經看到了非常非常強勁的增長，很明顯，在 Viator、Viator 銷售點，還有 Tripadvisor 銷售點和體驗。我們相信這是我們良好的執行力，但這也只是市場的長期趨勢。我認為有兩個長期趨勢在起作用。一個是人們想要體驗的普遍轉變，而不僅僅是去酒店或只是去坐飛機，從事物到體驗的總體趨勢，這是經濟中的明顯跡象，這對我們來說是一個好處。

The other big sort of secular trend is this is one of the last verticals within travel to really move online. I said this before, about 80% is still off-line, and we are at the forefront on bringing this industry online and aggregating supply. And in some ways, the playbook is a bit like what hotels were for the early OTAs. And so we're going after that.

另一個大的長期趨勢是，這是旅行中最後一個真正轉向在線的垂直領域。我之前說過，大約 80% 仍處於離線狀態，我們處於使這個行業在線和聚合供應的最前沿。在某些方面，該劇本有點像早期 OTA 的酒店。所以我們要追求那個。

And then the enablement of mobile is really an important secular trend as well. As we've really seen in our business, we're now -- over half our bookings on Viator are mobile. And that was maybe a 1/3 in 2019. And so you see the acceleration of mobile, and that means it has opened up new use cases. We saw in the past -- in Viator, we saw the predominant use case was someone before they went on a trip, tried to plan activities. Now we increasingly see that happening on mobile and in destination. And that is allowing us for repeat rates even within the trip. So maybe someone booked before they went on the trip, and then we can cross-sell while they're in the trip.

然後，移動的啟用也確實是一個重要的長期趨勢。正如我們在業務中所看到的那樣，我們現在 - 我們在 Viator 上的預訂量超過一半是移動的。這可能是 2019 年的 1/3。所以你看到了移動的加速，這意味著它開闢了新的用例。我們過去看到——在 Viator 中，我們看到主要的用例是某人在旅行之前嘗試計劃活動。現在我們越來越多地看到這種情況發生在移動設備和目的地。這使我們即使在旅途中也能獲得重複率。因此，也許有人在旅行之前就預訂了，然後我們可以在他們旅行時進行交叉銷售。

And so we've spent a lot of our user experience development over the last 2 years is honing the app, making the app more attractive, making the app more performant and really being more thoughtful and better at what do we present to a traveler at what point in time, how do we think about the first booking, the second booking, the third booking on the same trip or on subsequent trips. And so that's where we've been focusing our development and that has led to the improvement that I was citing in terms of conversion, in terms of number of trips in terms of -- really across the spectrum.

因此，我們在過去 2 年中花費了大量的用戶體驗開發來完善應用程序，使應用程序更具吸引力，使應用程序更高效，並且在我們向旅行者提供的內容方面更加周到和更好。什麼時間點，我們如何看待同一行程或後續行程的第一次預訂、第二次預訂、第三次預訂。所以這就是我們一直關注我們的發展的地方，這導致了我在轉換方面引用的改進，就旅行次數而言 - 真的在整個範圍內。

Yes. That was a good answer. The other thing I would add is I think the work the team is doing has been really sharp not only on the consumer side, driving some of these trends that Ernst just described. But also on the supplier side, I mean, they're really focused on growing the value of supplier offerings through the product and thinking about opportunities around engagement with suppliers and co-marketing with suppliers, and that's delivering value both to the supplier and benefits on take rate.

是的。那是一個很好的答案。我要補充的另一件事是，我認為團隊正在做的工作不僅在消費者方面非常敏銳，而且推動了 Ernst 剛剛描述的一些趨勢。但在供應商方面，我的意思是，他們真正專注於通過產品增加供應商產品的價值，並考慮與供應商接觸和與供應商共同營銷的機會，這既為供應商創造價值，又為供應商帶來利益採取率。

We will continue to look for opportunities to accelerate. The team is always thinking about what else we can do. There's an opportunity to leverage data across the group that would be really beneficial for Viator given the vast amount of data we have across the various brands. And they're also -- we can think differently about the relationship between Viator and Tripadvisor , and that's something we're really excited to think about because the 2 together give them a very distinct advantage in the marketplace. And so there's a lot of opportunity here, and it's one that, again, I think we get excited about for years to come.

我們將繼續尋找加速發展的機會。團隊一直在思考我們還能做些什麼。鑑於我們在各個品牌中擁有的大量數據，有機會利用整個集團的數據，這對 Viator 非常有益。而且他們也是 - 我們可以對 Viator 和 Tripadvisor 之間的關係有不同的看法，這是我們非常興奮地考慮的事情，因為這兩者共同為他們在市場上帶來了非常明顯的優勢。所以這裡有很多機會，而且我認為我們在未來幾年都會對此感到興奮。

Our next question comes from Deepak Mathivanan at Wolfe Research.

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

Great. So Matt, maybe I wanted to ask another kind of big picture question related to the prior one. Your traffic is still at healthy levels and recovering and all that. But if you look at kind of consumer behavior for travel research, particularly among younger demographics, that's increasingly shifting towards services like Instagram and TikTok partly due to the nature of content and the level of attractiveness and all that stuff. How are you thinking about defending and potentially enhancing the value prop of Tripadvisor 's core business for this changing consumer behavior over the long term?

偉大的。所以馬特，也許我想問另一個與前一個問題相關的全局問題。您的流量仍處於健康水平並正在恢復等等。但是，如果您查看用於旅遊研究的消費者行為，尤其是在年輕人群中，就會越來越多地轉向 Instagram 和 TikTok 等服務，部分原因是內容的性質和吸引力水平等等。從長遠來看，對於這種不斷變化的消費者行為，您如何看待捍衛和潛在提升 Tripadvisor 核心業務的價值支柱？

And then second question is for Ernst. Going back to your EBITDA margin comment on the core hotel business, you're kind of near mid-30s this year compared to sort of high 30s in 2019. And you've obviously made a lot of cost savings during the pandemic. I know there are certain onetime things in 2019. But this business carries very high incremental margins. How should we think about sort of like the margin trends for this segment in '23 and beyond?

第二個問題是給恩斯特的。回到你對核心酒店業務的 EBITDA 利潤率評論，與 2019 年的 30 多歲相比，你今年接近 30 多歲。而且在大流行期間，你顯然節省了很多成本。我知道 2019 年有一些一次性的事情。但這項業務的增量利潤非常高。我們應該如何考慮類似於 23 年及以後該細分市場的利潤率趨勢？

Yes. Thank you for the question, Deepak. And of course, again, coming out of the media space and doing it for so long, I've obviously had a chance to experience consumer shifts to lots of different kinds of platforms going all the way back to the search and social and much more immersive content set. So when I think about Instagram and TikTok and the inspiration that they can deliver they're absolutely platforms that make a lot of sense.

是的。謝謝你的問題，迪帕克。當然，再一次，從媒體領域出來並做了這麼久，我顯然有機會體驗到消費者轉向許多不同類型的平台，一路回到搜索和社交等等身臨其境的內容集。因此，當我想到 Instagram 和 TikTok 以及它們可以提供的靈感時，它們絕對是非常有意義的平台。

They are also platforms that we can experiment with and think about how -- what's our role in that world that balances what we do on our platform and off our platform. But I think one of the areas that we can lean into is in our content. And when you think about combining our content with our data and what we can learn about a traveler, we have a pretty powerful asset. And we can both improve the content experience, and think about different formats and really enhance the way that we deliver that immersive experience and also think about the platform that brings to bear the best of our guidance to travelers because when you go into some of those other platforms, there's a trust factor. Now some of it may be your friends and your family, but there's a trust factor around, is that something that I can really rely on. And I think our brand stands for trust, and I think we're uniquely positioned to do just that.

它們也是我們可以試驗和思考的平台——我們在這個世界中的角色是什麼，平衡了我們在平台上和平台外所做的事情。但我認為我們可以關注的領域之一是我們的內容。當您考慮將我們的內容與我們的數據以及我們可以了解的有關旅行者的信息相結合時，我們擁有非常強大的資產。我們既可以改善內容體驗，又可以考慮不同的格式，真正增強我們提供沉浸式體驗的方式，還可以考慮為旅行者帶來最好的指導的平台，因為當你進入其中的一些其他平台，有一個信任因素。現在其中一些可能是你的朋友和家人，但周圍有一個信任因素，這是我真正可以依賴的東西。我認為我們的品牌代表著信任，我認為我們在這方面處於獨特的地位。

On the margin part, if you look at Q3 comparison to 2019, in core Tripadvisor , the EBITDA margin was very similar to what we had in Q3, but it comes together in a different way. We've lowered our fixed cost substantially versus Q3 2019, but we've seen an increase in the more variable costs compared to 2019. And the driver of that is that as we are recovering, we have seen that the higher margin revenue streams have been slower to come back.

在利潤率方面，如果你看一下與 2019 年第三季度的比較，在核心 Tripadvisor 中，EBITDA 利潤率與我們在第三季度的非常相似，但它以不同的方式結合在一起。與 2019 年第三季度相比，我們已大幅降低了固定成本，但與 2019 年相比，我們發現可變成本有所增加。其驅動因素是，隨著我們的複蘇，我們已經看到更高的利潤率收入流回來比較慢。

And so for instance, if you look at our meta business, in -- as we said in Q3, we were at 2019 levels in our meta business. But for pay channels, that was above, and for free channels, that was below. And so there's a higher -- there's a lower contribution margin than we had back in 2019.

例如，如果你看看我們的元業務，正如我們在第三季度所說的那樣，我們的元業務處於 2019 年的水平。但是對於付費頻道來說，那是在上面，而對於免費頻道來說，那是在下面。因此，與 2019 年相比，我們的邊際貢獻率更高 - 更低。

And then if you look at some of the high-margin revenue streams, such as our media business or display business as well as our hotel B2B business, they have been slower to recover than our meta auction, slower to recover than other revenue streams within our Tripadvisor core business like Tripadvisor Experiences and Tripadvisor Restaurant B2C.

然後，如果您查看一些高利潤率的收入流，例如我們的媒體業務或展示業務以及我們的酒店 B2B 業務，它們的恢復速度比我們的元拍賣慢，比其他收入流恢復慢我們的 Tripadvisor 核心業務，例如 Tripadvisor 體驗和 Tripadvisor 餐廳 B2C。

And so there has been a shift from fixed cost to variable cost. But the margin we achieved in Q3 is -- was very similar to 2019. Now then there's a movement to Q4 that we talked about, but that's the 2019 to '22 in Q3 in Tripadvisor core.

因此，已經從固定成本轉向可變成本。但我們在第三季度實現的利潤率與 2019 年非常相似。現在我們談到了第四季度的變化，但那是 Tripadvisor 核心的 2019 年到第三季度的 22 年。

I would just add, as part of our strategy work, we are leaning into what do we want to do to differentiate ourselves and improve our operational performance in B2B and media. And that's something that we do think some of the self-inflicted things in the past around our sales teams and driving higher levels of productivity. But I think we can really drive more solution orientation. I think as I talked about product before, when we think about the product and services that we want to provide to deliver performance, leveraging engagement and data and productivity as well as with media, getting into those formats where we're experimenting already, but we primarily played in the display ad category, which we know is declining. And so as we focus on the consumer and look to drive more value for partners and advertisers, there's a real opportunity to lead into serving clients there more effectively.

我只想補充一點，作為我們戰略工作的一部分，我們正在考慮我們想要做些什麼來區分自己並提高我們在 B2B 和媒體方面的運營績效。這就是我們認為過去圍繞我們的銷售團隊自我造成的一些事情，並推動更高水平的生產力。但我認為我們真的可以推動更多的解決方案導向。我認為正如我之前談到的產品，當我們考慮我們想要提供的產品和服務以提供性能時，利用參與度、數據和生產力以及媒體，進入我們已經在試驗的那些格式，但是我們主要從事展示廣告類別，我們知道該類別正在下降。因此，當我們專注於消費者並希望為合作夥伴和廣告商帶來更多價值時，我們就有機會更有效地為那裡的客戶提供服務。

We'll now take our final call from Vince Ciepiel Cleveland Research Company.

我們現在將接聽 Vince Ciepiel Cleveland Research Company 的最後電話。

I wanted to follow up on the prior comment. I thought that was a helpful explanation of variable as a percentage of rev running higher. I'm just curious if you think that, over time, variable expenses as a percentage of revenue can kind of get back down to the levels they were pre-COVID or if the mix shift in the business towards more Viator would cause that line item to be more inflated than it was pre-COVID. That's the first part of the question on variable.

我想跟進之前的評論。我認為這是一個有用的解釋變量作為轉速更高的百分比。我很好奇您是否認為隨著時間的推移，可變費用佔收入的百分比可能會回到 COVID 之前的水平，或者如果業務向更多 Viator 的組合轉變會導致該項目比 COVID 之前更加膨脹。這是關於變量的問題的第一部分。

And then second, on fixed, you guys did a really nice job taking fixed costs out of the business through the pandemic. I think it was little over $200 million. I'm curious how much of that's being added back this year given the 4Q guide and how you think about your ability to leverage on that over time.

其次，在固定方面，你們做得非常好，通過大流行將固定成本從業務中剔除。我認為這只是略高於 2 億美元。鑑於第 4 季度指南以及您如何看待隨著時間的推移利用這一點的能力，我很好奇今年將增加多少。

I'll take those both in turn. The Viator mix shift impact on the overall margin structure is clearly a factor as we are continuing to grow Viator and investing in Viator. That Viator business has a lower EBITDA margin than our Tripadvisor core, and with the mix shift, there will be a change.

我會輪流拿這兩個。 Viator 組合轉變對整體利潤率結構的影響顯然是我們繼續發展 Viator 並投資於 Viator 的一個因素。 Viator 業務的 EBITDA 利潤率低於我們的 Tripadvisor 核心業務，隨著組合的轉變，將會發生變化。

In Tripadvisor core, an important driver for margin improvement going forward will be bringing our media business and our B2B business back to pre-pandemic levels and beyond. And this is what Matt was just talking about, they have been slower to recover. That is not surprising. You see in other sort of media-oriented advertising models that the growth there has been slower, especially around travel. And so we feel we are doing -- we're performing in line with the broader media travel media and upper funnel travel spend. But hotels, for instance, are not prioritizing more upper funnel spend on media or our B2B offerings. And so it's slower to recover, and that will change. That will change with the overall market coming back to more normal levels.

在 Tripadvisor 核心業務中，未來利潤率提高的一個重要驅動因素是將我們的媒體業務和 B2B 業務恢復到大流行前及以後的水平。這就是馬特剛才所說的，他們恢復得較慢。這並不奇怪。你會在其他類型的以媒體為導向的廣告模式中看到增長放緩，尤其是在旅遊方面。所以我們覺得我們正在做——我們的表現與更廣泛的媒體旅遊媒體和上游渠道旅遊支出一致。但是，例如，酒店並沒有優先考慮在媒體或我們的 B2B 產品上的更多高端渠道支出。所以它恢復得更慢，這會改變。隨著整體市場恢復到更正常的水平，這種情況將會改變。

There are levers that we have internally. Matt talked about them. We continue to rebuild the sales force, the productivity in the sales force, which took a hit in the pandemic. And so there's execution that we can affect there as well. Those were profitable -- have been profitable parts of our portfolio. And so bringing those back will be very effective. Within our meta auction, we've seen in the pandemic that high CPCs have led us to with ability to buy more traffic of paid, that may normalize to some extent going forward as well.

我們內部有一些槓桿。馬特談到了他們。我們繼續重建銷售隊伍，即在大流行中受到打擊的銷售隊伍的生產力。因此，我們也可以影響執行。這些都是有利可圖的——一直是我們投資組合中有利可圖的部分。因此，將這些帶回來將非常有效。在我們的元拍賣中，我們已經在大流行中看到，高 CPC 使我們能夠購買更多的付費流量，這也可能在某種程度上正常化。

The second part, the fixed cost. Yes, we took about from 2019 to 2020, about $200 million of fixed and discretionary costs. We've added back about 1/4 of that, mostly through inflationary pressures. You can imagine that, over the last 3 years, there's been some wage inflation. But we've been very, very prudent in adding it back, limited headcount and limited investment in additional discretionary marketing or above-the-line marketing in TheFork and Viator as we've described. So we've been prudent in adding that back.

第二部分，固定成本。是的，從 2019 年到 2020 年，我們花費了大約 2 億美元的固定和可自由支配成本。我們已經增加了大約 1/4，主要是通過通脹壓力。您可以想像，在過去 3 年中，工資出現了一定程度的上漲。但是，正如我們所描述的，我們非常非常謹慎地將其添加回來，有限的員工人數和有限的額外全權營銷或在線營銷的投資。因此，我們一直謹慎地將其添加回去。

Yes. I'd just say, it's Mike here. I would say kudos and the team for being really prudent in their capital allocation and cost structure. And it's clearly going to be something that we, as a team, are going to look at going forward, being -- as in my prepared comments, and we think about 2023 planning being very focused on operating efficiencies and how we can drive value through those mechanisms as well. So I just want to chime in on that.

是的。我只想說，這裡是邁克。我會說榮譽和團隊在他們的資本分配和成本結構上非常謹慎。很明顯，我們作為一個團隊，將會著眼於未來，就像我準備好的評論中所說的那樣，我們認為 2023 年的規劃非常關注運營效率以及我們如何推動價值那些機制也是如此。所以我只想插話。

Thank you. At this time, I would now like to turn the call back to Matt Goldberg for closing remarks.

謝謝你。在這個時候，我現在想把電話轉回馬特·戈德堡的閉幕詞。

With that, I'd like to thank you all for your time today. I look forward to seeing you the next time. Bye-bye.

有了這個，我想感謝大家今天的時間。我期待著下次見到你。再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。