Tripadvisor Inc (TRIP) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the TripAdvisor Fourth Quarter 2022 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 TripAdvisor 2022 年第四季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

And I would now like to hand the conference over to your speaker today, Ms. Angela White, VP of Investor Relations. Ms. White, please go ahead.

我現在想把會議交給今天的演講者，投資者關係副總裁安吉拉懷特女士。懷特女士，請繼續。

Thank you, Chris, and good morning, everyone. Welcome to TripAdvisor's Fourth Quarter and Full Year 2022 Financial Results Call.

謝謝克里斯，大家早上好。歡迎來到 TripAdvisor 的 2022 年第四季度和全年財務業績電話會議。

Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO. Last night, 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 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.

今天加入我的是總裁兼首席執行官 Matt Goldberg；和首席財務官 Mike Noonan。昨晚收盤後，我們分發並提交了收益報告，並在我們的投資者關係網站上發布了我們的股東信。在新聞稿中，您會發現非 GAAP 財務指標與本次電話會議上討論的最具可比性的 GAAP 指標的對賬。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上討論的某些非 GAAP 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 forward estimates -- may contain estimates and other forward-looking statements that represent management's views as of today, February 15, 2023. 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.

在我們開始之前，我想提醒您，本次電話會議可能包含前瞻性估計——可能包含代表管理層截至 2023 年 2 月 15 日的觀點的估計和其他前瞻性陳述。TripAdvisor 不承擔更新這些陳述的任何義務反映未來的事件或情況。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，了解有關可能導致實際結果與這些前瞻性陳述存在重大差異的因素的信息。

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, and good morning to everyone joining the call. We're pleased with our Q4 and full year performance. A combination of the travel industry recovery as a whole, our position in the travel ecosystem and solid execution by our teams.

謝謝你，安吉拉，早上好所有參加電話會議的人。我們對第四季度和全年的表現感到滿意。結合旅遊業的整體復甦、我們在旅游生態系統中的地位以及我們團隊的穩健執行力。

As we said in the shareholder letter we published last night, we saw a strong recovery with 65% consolidated revenue growth relative to 2021, reaching nearly 96% of 2019 revenue for the full year and exiting the year at 106% of 2019 levels in the fourth quarter. We also expanded margins year-over-year in 2022, balancing investment in future profitable growth with prudent cost management across the portfolio. This performance is strong overall relative to our expectations but we still face mixed recovery and margin pressure in parts of our portfolio, in particular, in our TripAdvisor Core segment, which we intend to address head on. I will come back to that shortly.

正如我們在昨晚發布的股東信中所說，我們看到了強勁復甦，綜合收入相對於 2021 年增長了 65%，達到 2019 年全年收入的近 96%，並以 2019 年水平的 106% 結束了這一年第四季度。我們還在 2022 年同比擴大了利潤率，平衡了對未來盈利增長的投資與整個投資組合的審慎成本管理。相對於我們的預期，這一表現總體上是強勁的，但我們的部分產品組合仍然面臨混合復甦和利潤壓力，特別是我們打算正面解決的 TripAdvisor 核心部分。我很快就會回來。

But first, let's start with Viator, where the team continued to drive accelerated growth in 2022, delivering record revenue and scale with gross bookings value of approximately $2.7 billion or 186% of 2019 levels. We compete in a large, highly fragmented and underpenetrated experiences market which is estimated to grow to more than $275 billion by 2025. We consider this market highly attractive, given that approximately 70% is still off-line but have consistently moved more online each year with tailwinds from the secular shift in consumer spending preferences away from physical goods in favor of experiences.

但首先，讓我們從 Viator 開始，該團隊在 2022 年繼續推動加速增長，實現了創紀錄的收入和規模，總預訂價值約為 27 億美元，是 2019 年水平的 186%。我們在一個龐大、高度分散且滲透率低的體驗市場中競爭，該市場預計到 2025 年將增長到超過 2750 億美元。我們認為這個市場極具吸引力，因為大約 70% 的人仍然處於離線狀態，但每年都在不斷地向線上移動消費者支出偏好從實物商品轉向體驗的長期轉變帶來了順風。

We're well positioned to take advantage of these secular trends, and our team is doing this through focus, execution and strategic investments, which are paying off. We served a record number of both first time and repeat customers in 2022, and we're improving conversion across mobile web and app, which in the year, accounted for more than 50% of bookings volume.

我們有能力利用這些長期趨勢，我們的團隊正在通過專注、執行和戰略投資來做到這一點，這些投資正在取得回報。我們在 2022 年為新來的客戶和回頭客提供了創紀錄的數量，並且我們正在提高移動網絡和應用程序的轉化率，這些在這一年中佔預訂量的 50% 以上。

Viator's tour operator partners are receiving more value than ever before, thanks to our growing demand footprint and new product features that allow them to drive extra visibility on our platform.

Viator 的旅行社合作夥伴獲得了比以往更多的價值，這要歸功於我們不斷增長的需求足跡和新產品功能，使他們能夠在我們的平台上提高知名度。

We were also pleased with the balance between aggressively growing our market share while making year-over-year improvements in profitability, which highlights the potential to achieve further operating leverage in the business.

我們還對積極擴大市場份額與逐年提高盈利能力之間的平衡感到滿意，這凸顯了在業務中實現進一步經營槓桿的潛力。

Next, at TheFork. Revenue reached $126 million in 2022, growing 48% year-over-year and reaching 99% of 2019 levels. On a constant currency basis, this result exceeded 2019 levels after considering estimated currency headwinds of approximately 6 points. For reference, the overall European restaurants market is still approximately 14% below 2019. The strength of our 2-sided marketplace is evidenced on both the diner side and the restaurant side. While the number of bookable restaurants have not yet fully recovered to 2019 levels, total bookings on our platform reached 106% of 2019 levels with sustained performance in diner monetization.

接下來，在 TheFork。 2022 年收入達到 1.26 億美元，同比增長 48%，達到 2019 年水平的 99%。在固定匯率的基礎上，考慮到約 6 個百分點的估計貨幣逆風，這一結果超過了 2019 年的水平。作為參考，整個歐洲餐廳市場仍比 2019 年低約 14%。我們雙向市場的實力在用餐者和餐廳方面都得到了證明。雖然可預訂餐廳的數量尚未完全恢復到 2019 年的水平，但我們平台的總預訂量達到 2019 年水平的 106%，晚餐貨幣化表現持續。

TheFork continues to represent a meaningful source of demand for its restaurant partners connecting them to millions of diners to our app and driving repeat visits over time. Direct bookings from repeat customers on TheFork's platform drove more than 75% of total bookings in 2022.

TheFork 繼續代表其餐廳合作夥伴的有意義的需求來源，將他們與數百萬食客連接到我們的應用程序，並隨著時間的推移推動重複訪問。 2022 年，TheFork 平台上回頭客的直接預訂佔總預訂量的 75% 以上。

Our result reflects the team's increased focus on key markets, particularly those in Europe, where we've established scale and have confidence we can win.

我們的結果反映了團隊更加關注關鍵市場，尤其是歐洲市場，我們已經在這些市場建立了規模並有信心贏得勝利。

Finally, in our TripAdvisor Core segment, we saw a positive trajectory with revenue of $966 million, growing 45% year-over-year and reaching 79% of 2019 levels. Prudent cost management contributed to year-over-year expansion of adjusted EBITDA margin to 36% in 2022 from 27% in the prior year. And while we're pleased with the recovery of our experiences and our hotel meta offerings in the U.S., both of which have fully recovered to 2019 levels as travel has returned.

最後，在我們的 TripAdvisor 核心部分，我們看到了積極的發展軌跡，收入為 9.66 億美元，同比增長 45%，達到 2019 年水平的 79%。審慎的成本管理使調整後的 EBITDA 利潤率從上一年的 27% 同比擴大到 2022 年的 36%。雖然我們對我們在美國的體驗和酒店元產品的恢復感到高興，但隨著旅行的恢復，這兩者都已完全恢復到 2019 年的水平。

We're not satisfied with the pace of our overall recovery for the segment, including the slower recovery in our media and B2B offerings. Although some of this mirrors the cyclical impact of marketing and advertising budgets, it also reflects ongoing factors that you all understand clearly, upstream competition, heightened traveler expectations, shifting advertising budgets and our own focus and execution challenges to keep pace with the evolving market.

我們對該細分市場的整體復甦速度不滿意，包括我們的媒體和 B2B 產品的複蘇速度較慢。雖然其中一些反映了營銷和廣告預算的周期性影響，但它也反映了你們都清楚地了解的持續因素，上游競爭、旅行者期望提高、廣告預算不斷變化以及我們自己的重點和執行挑戰，以跟上不斷變化的市場步伐。

The last point highlights the need to chart a durable path forward for growth and profitability in TripAdvisor Core and provides a good transition to our long-term value creation strategies and specific priorities for 2023. TripAdvisor Group represents a family of brands with a unique position in our industry that addresses attractive markets across travel and experiences, digital advertising and emerging marketplaces across multiple categories.

最後一點強調需要為 TripAdvisor Core 的增長和盈利制定一條持久的前進道路，並為我們的長期價值創造戰略和 2023 年的具體優先事項提供良好的過渡。TripAdvisor Group 代表了一系列品牌，在我們的行業致力於解決旅遊和體驗、數字廣告和跨多個類別的新興市場等具有吸引力的市場。

We attract a large global audience who trust our platforms for information, guidance and recommendations when they're making important decisions throughout their travel journey. We have access to a wealth of high intent data to drive value for travelers and our partners, whether looking for inspiration, planning a trip, considering the next experience or making it happen.

我們吸引了大量的全球觀眾，他們在整個旅行旅程中做出重要決定時信任我們的平台以獲取信息、指導和建議。我們可以訪問大量高意圖數據來為旅行者和我們的合作夥伴創造價值，無論是尋找靈感、計劃旅行、考慮下一次體驗還是實現它。

Across the group, we're united by a common vision to be the world's most trusted source for travel and experiences with each segment uniquely serving this vision and reinforcing each other. But we pursue different value creation strategies for each segment, managing priorities and levels of investment appropriately given the stages of growth, market opportunities and our competitive positioning.

在整個集團中，我們因共同的願景而團結在一起，即成為世界上最值得信賴的旅行和體驗來源，每個部門都以獨特的方式服務於這一願景並相互促進。但我們為每個細分市場奉行不同的價值創造戰略，根據增長階段、市場機會和我們的競爭定位，適當地管理優先事項和投資水平。

At Viator, we will invest in growth in 2023 to accelerate our leadership position. This means driving awareness and market share and investing in enhancing our app experience and features for our partners, which we believe will result in greater direct repeat behavior. We expect this to strengthen lifetime value economics, which will extend our market leadership and contribute to longer-term sustainable profitability.

在 Viator，我們將投資於 2023 年的增長，以加速我們的領導地位。這意味著提高知名度和市場份額，並投資於為我們的合作夥伴增強我們的應用程序體驗和功能，我們相信這將導致更多的直接重複行為。我們預計這將加強終身價值經濟學，這將擴大我們的市場領導地位並有助於長期可持續盈利。

At TheFork, we plan to leverage our investments over the past few years to deliver strong growth in 2023, while targeting significant improvements in margins. This means continuing to grow both our restaurant and diner base in our priority markets by offering innovative tools and features on our platform and through continued awareness of our brand.

在 TheFork，我們計劃利用過去幾年的投資在 2023 年實現強勁增長，同時目標是顯著提高利潤率。這意味著通過在我們的平台上提供創新的工具和功能，並通過持續提高我們的品牌知名度，繼續在我們的優先市場中發展我們的餐廳和餐廳。

This brings us to an area where I've spent much of my time since joining TripAdvisor Group, aligning the TripAdvisor Core segment around a clear long-term strategy and specific priorities for 2023. The TripAdvisor Core segment plays an important role in our portfolio.

自從加入 TripAdvisor Group 以來，我花了很多時間，圍繞明確的長期戰略和 2023 年的具體優先事項調整 TripAdvisor Core 部分。TripAdvisor Core 部分在我們的產品組合中發揮著重要作用。

Over the past 20-plus years, we've built some powerful assets, a trusted brand, authentic content, a large community of contributors and one of the largest global travel audiences available anywhere. And we've created a portfolio of offerings that provide value for both travelers and partners.

在過去的 20 多年裡，我們建立了一些強大的資產、值得信賴的品牌、真實的內容、龐大的貢獻者社區以及全球最大的旅遊受眾之一。我們創建了一系列產品，為旅行者和合作夥伴提供價值。

However, it is apparent that as traveler needs and our competitive landscape continue to evolve, our business faces known headwinds. Our leadership team has been working intensively to conduct a robust and objective review of our performance and trajectory and develop a plan to respond. We have immersed ourselves in a rich data-driven fact base to deeply understand today's travelers and how we can best meet their needs.

然而，很明顯，隨著旅行者的需求和我們的競爭格局不斷演變，我們的業務面臨著眾所周知的不利因素。我們的領導團隊一直在加緊努力，對我們的績效和發展軌跡進行強有力和客觀的審查，並製定應對計劃。我們沉浸在豐富的數據驅動的事實庫中，以深入了解當今的旅行者以及我們如何才能最好地滿足他們的需求。

We set out specifically to put the traveler first, address both opportunities and challenges and drive steady profitable growth. Delivering this outcome is not contingent on a speculative bet, a silver bullet or a risky agenda. Instead, we have high conviction in a strategy grounded in deeper traveler engagement enabled by better products and stronger execution. This builds on our heritage and the reasons travelers come to us in the first place.

我們特別著手將旅行者放在首位，應對機遇和挑戰並推動穩定的盈利增長。實現這一成果並不取決於投機賭注、靈丹妙藥或冒險議程。相反，我們堅信通過更好的產品和更強大的執行力實現更深入的旅行者參與的戰略。這建立在我們的傳統以及旅行者首先來到我們這裡的原因之上。

Let me articulate the crux of our strategy. First, we will innovate around world-class guidance products to help travelers make decisions in a world where it's hard to find advice you can trust. It all starts with differentiated content that gives travelers a compelling reason to come to us directly. We have an enduring foundation with our reviews, forums and other community contributions. We will focus on new immersive formats with fresh authentic perspectives, like itineraries, guides and collections that we can create and curate with technology and data at a global scale.

讓我闡明我們戰略的關鍵。首先，我們將圍繞世界一流的指南產品進行創新，以幫助旅行者在一個很難找到值得信賴的建議的世界中做出決定。這一切都始於差異化的內容，讓旅行者有充分的理由直接來找我們。我們的評論、論壇和其他社區貢獻具有持久的基礎。我們將專注於具有全新真實視角的全新沉浸式格式，例如我們可以在全球範圍內利用技術和數據創建和策劃的行程、指南和系列。

We will deliver this content through essential trip planning tools that are more useful to travelers than anything else offered today. This includes both pre-trip planning when travelers are building the perfect itinerary as well as in destination when travelers are making immediate decisions about what to do next.

我們將通過重要的旅行計劃工具來提供這些內容，這些工具對旅行者來說比當今提供的任何其他工具都更有用。這既包括旅行者制定完美行程時的行前計劃，也包括旅行者立即決定下一步行動時的目的地規劃。

As we evolve our product experience, we will take a mobile-first approach. Today, the mobile experience is relatively undifferentiated versus the desktop site. We can enhance our mobile web experience and give travelers more reasons to download and return to our app.

隨著我們改進產品體驗，我們將採取移動優先的方法。今天，移動體驗與桌面網站相比沒有太大區別。我們可以增強我們的移動網絡體驗，讓旅行者有更多理由下載並返回我們的應用程序。

Second, we will prioritize deeper engagement with travelers, meeting their decision-making needs in a more personalized way. Today, our model is optimized around attracting high volumes of traffic bouncing on and off our platform to verify their travel choices as part of the travel planning process. We will continue to fine-tune that but we also have a significant opportunity to do a better job addressing the needs of the majority of our audience, giving them better reasons to engage more deeply and creating even more value for all our partners. This must begin with data and taking full advantage of everything we know about travelers to serve them in a more relevant, curated and contextual way.

其次，我們將優先考慮與旅行者進行更深入的互動，以更加個性化的方式滿足他們的決策需求。今天，我們的模型圍繞吸引大量流量在我們的平台上進出進行了優化，以驗證他們的旅行選擇，作為旅行計劃過程的一部分。我們將繼續對其進行微調，但我們也有一個重要的機會來更好地滿足大多數觀眾的需求，讓他們有更好的理由更深入地參與，並為我們所有的合作夥伴創造更多價值。這必須從數據開始，並充分利用我們對旅行者的了解，以更相關、更精心策劃和更符合情境的方式為他們提供服務。

As we develop a more persistent relationship with travelers, we'll be able to offer a clearer path to become a member of our community and earn their loyalty. We see a unique opportunity to recognize and reward travelers for their engagement. And while we will continue to experiment with our paid membership tier, TripAdvisor Plus, we think strengthening the value proposition of a free membership program is the right place to start.

隨著我們與旅行者建立更持久的關係，我們將能夠提供更清晰的途徑來成為我們社區的一員並贏得他們的忠誠度。我們看到了一個獨特的機會來認可和獎勵旅行者的參與。雖然我們將繼續試驗我們的付費會員級別 TripAdvisor Plus，但我們認為加強免費會員計劃的價值主張是正確的起點。

Third, we will drive a step change in the value we can deliver to our partners. This engagement model will enable us to accelerate and diversify the monetization of our valuable audience, whether through hotel meta, media advertising solutions or emerging marketplaces across valuable travel categories starting with experiences. To be clear, we will continue to reinforce our position in hotel meta, having a more engaged audience with better data and clearer signals of intent helps us deliver more high-quality traffic to our OTA and hotel partners.

第三，我們將逐步改變我們可以為合作夥伴提供的價值。這種參與模式將使我們能夠加速我們有價值的受眾的貨幣化並使其多樣化，無論是通過酒店元數據、媒體廣告解決方案還是從體驗開始的有價值旅遊類別的新興市場。需要明確的是，我們將繼續鞏固我們在酒店元數據中的地位，擁有更多參與度更高的受眾、更好的數據和更清晰的意圖信號有助於我們為 OTA 和酒店合作夥伴提供更多高質量的流量。

We will also focus on 2 other immediate monetization pads where this strategy can fuel meaningful growth. The first is experiences. We're just beginning to scratch the surface of introducing bookable experiences to our vast audience, and we're going to continue to work to accelerate this opportunity. As we continue to scale the experiences category, we can extend our learnings to other categories where matching supply and demand is valuable for both travelers and our partners.

我們還將專注於其他 2 個即時貨幣化平台，該策略可以在這些平台上推動有意義的增長。首先是經歷。我們才剛剛開始向廣大觀眾介紹可預訂體驗的皮毛，我們將繼續努力加速實現這一機遇。隨著我們繼續擴大體驗類別，我們可以將我們的學習擴展到其他類別，在這些類別中，供需匹配對旅行者和我們的合作夥伴都很有價值。

The second is media. We have an opportunity to expand our value proposition with brands, both in travel-related and non-endemic categories to engage our audiences in a contextually relevant manner that is additive to the consumer experience. We can increase the value of our audiences by delivering new ad products and leveraging our data more effectively to improve audience targeting for purchase intent, relevance and attribution.

二是媒體。我們有機會通過品牌擴大我們的價值主張，無論是在旅遊相關類別還是非流行類別中，以一種與情境相關的方式吸引我們的觀眾，從而增加消費者體驗。我們可以通過提供新的廣告產品和更有效地利用我們的數據來提高受眾的購買意向、相關性和歸因來提高受眾的價值。

Taken together, these strategic priorities are integrated and reinforcing powered by first-party data and signals of intent. With each interaction, we can serve travelers better. An increasingly personalized experience delivers more relevance, greater engagement and more opportunities for monetization. Now, we won't do it all at once. We're going to focus in 2023 on areas where we have the most conviction and iterate our way towards this North Star. A balanced approach to sequencing reflects our commitment to an attractive financial profile. Our plan will enable us to drive margin expansion over the next several years and grow revenue for the long term.

總而言之，這些戰略優先事項在第一方數據和意圖信號的支持下得到整合和加強。通過每次互動，我們可以更好地為旅行者提供服務。日益個性化的體驗帶來更多的相關性、更高的參與度和更多的獲利機會。現在，我們不會一下子全部完成。我們將在 2023 年專注於我們最有信心的領域，並迭代我們通往這顆北極星的道路。平衡的排序方法反映了我們對有吸引力的財務狀況的承諾。我們的計劃將使我們能夠在未來幾年推動利潤率增長並實現長期收入增長。

We believe this approach is the optimal value creation strategy for TripAdvisor Core and it also fuels our ability to continue to invest in experiences and Viator in particular, while preserving the flexibility to pursue inorganic opportunities in our broader portfolio.

我們相信這種方法是 TripAdvisor Core 的最佳價值創造策略，它還增強了我們繼續投資於體驗，尤其是 Viator 的能力，同時保留了在我們更廣泛的產品組合中尋求無機機會的靈活性。

We know delivering on this plan requires focused execution. Value will be delivered by making it happen in practice. And we recognize that our past execution has not always delivered on our aspirations. So we're changing how we're organized and the way we operate in order to execute more effectively. We've introduced an updated operating model that balances the autonomy and empowerment of P&L ownership with strong functional alignment and collaboration.

我們知道，實現這一計劃需要集中執行。價值將通過在實踐中實現而實現。我們認識到，我們過去的執行並不總能實現我們的願望。因此，我們正在改變我們的組織方式和運作方式，以便更有效地執行。我們引入了一種更新的運營模式，該模式平衡了 P&L 所有權的自主權和授權與強大的職能協調和協作。

We've added critical new leadership roles and aligned our teams around product, marketing, technology and data, sales and operations. This breaks down silos, and already, we're seeing improved efficiency and productivity and increased capacity in areas like engineering to reallocate resources to our top strategic priorities.

我們增加了重要的新領導角色，並圍繞產品、營銷、技術和數據、銷售和運營調整我們的團隊。這打破了孤島，我們已經看到效率和生產力的提高以及工程等領域能力的提高，可以將資源重新分配給我們的首要戰略重點。

We are also executing on a road map to enhance our core data and technology capabilities to provide the foundation for our engagement-led product experience. And we've already gotten started putting in place a new customer data platform, which will provide a single view of our customers and the ability to leverage data across all of TripAdvisor Group.

我們還在執行路線圖，以增強我們的核心數據和技術能力，為我們以參與為主導的產品體驗奠定基礎。我們已經開始建立一個新的客戶數據平台，該平台將提供我們客戶的單一視圖以及利用整個 TripAdvisor Group 數據的能力。

When I think about this strategy, the distillation of our path forward, I can't underscore enough the opportunity we see ahead. We believe that we are best positioned of anyone in our ecosystem to help travelers make decisions in a world where it's hard to find advice you can trust. We're excited about our strategy for TripAdvisor Core and the future of TripAdvisor Group.

當我想到這個戰略時，我們前進道路的昇華，我無法強調我們看到的未來機會。我們相信，在我們生態系統中的任何人中，我們都處於最佳位置，可以幫助旅行者在一個很難找到您可以信任的建議的世界中做出決定。我們對 TripAdvisor Core 的戰略和 TripAdvisor Group 的未來感到興奮。

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

有了這個，我會把電話轉給邁克。

Thanks, Matt, and good morning, everyone.

謝謝，馬特，大家早上好。

I will review the results of the fourth quarter, briefly cover our performance for the full year and provide some color on the trends for the first quarter and thoughts on 2023.

我將回顧第四季度的業績，簡要介紹我們全年的業績，並提供一些關於第一季度趨勢和對 2023 年的想法的顏色。

In summary, we had a strong fourth quarter and full year. We exceeded expectations in Q4 with consolidated revenue of $354 million reflecting year-over-year growth of 47% and reaching 106% of 2019 levels. Recovery rates versus 2019 for reportable segments, TripAdvisor Core, Viator and TheFork were 85%, 208% and 94%, respectively. Let me dive into some top line highlights from Q4 for each of the segments.

總之，我們有一個強勁的第四季度和全年。我們在第四季度超出了預期，綜合收入為 3.54 億美元，同比增長 47%，達到 2019 年水平的 106%。與 2019 年相比，可報告細分市場、TripAdvisor Core、Viator 和 TheFork 的回收率分別為 85%、208% 和 94%。讓我深入了解第四季度每個細分市場的一些頂級亮點。

At TripAdvisor Core, we saw better-than-expected performance in the quarter as revenue reached 85% of 2019 levels, which is a modest step back from third quarter's result of 88%. Our overall branded hotel revenue was 90% of 2019 levels compared to 95% in Q3. Hotel meta revenue recovered to 93% as we saw consistent performance through the quarter.

在 TripAdvisor Core，我們看到本季度的業績好於預期，收入達到 2019 年水平的 85%，與第三季度 88% 的業績相比略有倒退。我們的整體品牌酒店收入為 2019 年水平的 90%，而第三季度為 95%。酒店元收入恢復到 93%，因為我們看到整個季度的表現一致。

We continue to see varying degrees of recovery by geography with U.S. remaining well over '19 levels, while EMEA and Rest of the World remain below '19 levels. Our hotel B2B revenue line had a solid quarter improving sequentially. Similarly, revenue from our media and platform offering also saw acceleration in the quarter, reaching 85% of 2019 levels, which is acceleration from third quarter's recovery rate of 80%.

我們繼續看到不同地區的複蘇程度不同，美國仍遠高於 19 年的水平，而 EMEA 和世界其他地區仍低於 19 年的水平。我們的酒店 B2B 收入線有一個穩定的季度環比改善。同樣，我們的媒體和平台產品的收入在本季度也出現了加速增長，達到 2019 年水平的 85%，高於第三季度 80% 的恢復率。

TripAdvisor's Core's experience and dining revenue saw strong growth in the quarter, reaching 113% recovery versus 2019. This represents a modest step down from Q3's results of 125%. Within this revenue line, the experiences recovery rates continue to accelerate sequentially and was well above the overall experiences and dining recovery rate. As an important reminder, other revenue within TripAdvisor Core includes offerings within the crews, flights, vacation rentals and rental cars categories.

TripAdvisor 的核心體驗和餐飲收入在本季度實現強勁增長，與 2019 年相比恢復了 113%。這比第三季度 125% 的業績略有下降。在此收入線內，體驗恢復率繼續環比加速，遠高於整體體驗和餐飲恢復率。需要提醒的是，TripAdvisor Core 的其他收入包括機組人員、航班、度假租賃和租車類別的產品。

When considering these offerings in categories with those we have since divested such as SmarterTravel in China, this revenue stream collectively represented over $160 million in annual revenue in 2019. As we sharpen our focus and look to prioritize investments in our highest return opportunities, there are areas that we will continue to invest in as well as other areas where we'd be more prudent in terms of capital allocation. And as such, we do not expect TripAdvisor Core's other revenue line as currently defined to fully recover to 2019 level.

在將這些產品與我們後來剝離的產品（例如中國的 SmarterTravel）按類別考慮時，這一收入流在 2019 年的年收入總計超過 1.6 億美元。隨著我們更加專注並尋求優先投資於我們回報率最高的機會，有我們將繼續投資的領域以及我們在資本配置方面會更加謹慎的其他領域。因此，我們預計 TripAdvisor Core 目前定義的其他收入線不會完全恢復到 2019 年的水平。

At Viator, we continue to see strong demand in Q4. Revenue recovery versus 2019 reached 208%, which is an increase from third quarter's rate of 179%. We saw strengthening demand towards the back half of the quarter despite major weather disruptions and a subsequent increase in cancellations. Gross bookings grew to over $600 million, which represented 220% versus '19 levels.

在 Viator，我們繼續看到第四季度的強勁需求。與 2019 年相比，收入恢復達到 208%，高於第三季度的 179%。儘管出現了嚴重的天氣乾擾以及隨後取消的航班數量增加，但我們看到本季度後半段的需求增強。總預訂量增長到超過 6 億美元，與 19 年的水平相比增長了 220%。

At TheFork, recovery versus 2019 was 94% for the quarter, which was negatively impacted by estimated currency headwinds of about 9 points. The sequential step-down is primarily impacted by the timing of an acquisition in the fourth quarter of 2019. Without this, the recovery rate would have been closer to fully recover, a modest step down from last quarter's rate of 103%. The sequential decline is due in part to a larger-than-expected impact of the World Cup in TheFork's major European markets in October and November as well as European macro conditions, which have impacted both diner demand as well as restaurant supply.

在 TheFork，本季度與 2019 年相比的複蘇率為 94%，這受到估計約 9 個百分點的貨幣逆風的負面影響。連續降級主要受 2019 年第四季度收購時間的影響。如果沒有這個，復甦率將更接近完全復甦，比上一季度的 103% 略有下降。環比下降的部分原因是世界杯在 10 月和 11 月對 TheFork 主要歐洲市場的影響大於預期，以及歐洲宏觀環境影響了餐飲需求和餐廳供應。

Turning now to the full year 2022, we reached nearly $1.5 billion in revenue and consolidated revenue, which is 96% of 2019 levels and represent 65% year-over-year growth rate.

現在轉向 2022 年全年，我們的收入和合併收入達到近 15 億美元，是 2019 年水平的 96%，同比增長率為 65%。

Growth in recovery was driven in large part by our Viator segment at 171% of 2019 levels and 168% year-over-year growth, and to a lesser extent, our TripAdvisor Core hotel meta and experiences revenue and TheFork.

復甦的增長在很大程度上是由我們的 Viator 部門推動的，達到 2019 年水平的 171% 和同比增長 168%，在較小程度上，我們的 TripAdvisor 核心酒店元數據和體驗收入以及 TheFork。

Q4 adjusted EBITDA was $43 million on a consolidated basis or 12% of revenue. This is flat with adjusted EBITDA margin of 12% in Q4 2021 and down versus 27% in Q4 of 2019. On a consolidated basis, adjusted EBITDA margins were down about 15 points as compared to Q4 '19. This is primarily the result of greater investment in our experience offering, both in Viator and TripAdvisor Core through performance marketing spend and experiences becoming a larger part of the overall mix of our business. It's also due, to a lesser extent, to a higher mix of paid traffic in hotel meta within TripAdvisor Core. This has been partially offset by leverage on our fixed and discretionary costs on a consolidated basis.

第 4 季度調整後的 EBITDA 在綜合基礎上為 4300 萬美元，佔收入的 12%。這與 2021 年第四季度調整後的 EBITDA 利潤率為 12% 持平，低於 2019 年第四季度的 27%。在綜合基礎上，調整後的 EBITDA 利潤率與 19 年第四季度相比下降了約 15 個百分點。這主要是由於通過績效營銷支出和體驗成為我們整體業務組合的更大部分，我們在 Viator 和 TripAdvisor Core 中對體驗產品進行了更多投資的結果。在較小程度上，這也是由於 TripAdvisor Core 中酒店元數據中付費流量的更高組合。這已被我們在綜合基礎上對固定和可自由支配成本的槓桿作用部分抵消。

In our TripAdvisor Core segment, the primary drivers of the lower adjusted EBITDA margin versus Q4 2019, or increases in performance marketing to drive experiences as well as hotel meta traffic mix shift. We also witnessed some deleverage in fixed and discretionary costs due to lower revenue recovery despite these costs being lower on an absolute basis.

在我們的 TripAdvisor 核心部分，調整後 EBITDA 利潤率低於 2019 年第四季度的主要驅動因素，或增加績效營銷以推動體驗以及酒店元流量組合轉變。儘管這些成本在絕對基礎上較低，但由於收入回收率較低，我們還目睹了固定和可自由支配成本的一些去槓桿化。

In Viator, the improvement in adjusted EBITDA margin relative to 2019 in Q4 are due to the significant leverage in our headcount and other fixed costs as a percent of revenue, offsetting increases in performance marketing and recent brand spend.

在 Viator，第四季度調整後的 EBITDA 利潤率相對於 2019 年有所改善，這是由於我們的員工人數和其他固定成本佔收入的比例很大，抵消了績效營銷和近期品牌支出的增長。

Finally, in TheFork, adjusted EBITDA margin performance relative to Q4 '19 was driven primarily by increases in traffic and other variable costs in headcount and other direct costs. These investments have been in support of driving awareness to consumers and our restaurant partners, which we hope to leverage in 2023.

最後，在 TheFork 中，調整後的 EBITDA 利潤率相對於 19 年第四季度的表現主要是由流量增加以及員工人數和其他直接成本中的其他可變成本推動的。這些投資一直在支持提高消費者和我們的餐廳合作夥伴的意識，我們希望在 2023 年利用這一點。

Taking a moment to look at adjusted EBITDA margin sequentially, we saw a reduction of about 13 percentage points from Q3 to Q4 '22 compared to a sequential step down in 2019 of 3 percentage points. As we discussed on our last earnings call, Q4 '19 benefited from a large step down in television advertising spend at TripAdvisor Core and a reduction in our bonus accrual totaling about 6 percentage points of this difference.

花點時間按順序查看調整後的 EBITDA 利潤率，我們發現從 22 年第三季度到第四季度減少了約 13 個百分點，而 2019 年連續下降了 3 個百分點。正如我們在上次財報電話會議上討論的那樣，19 年第四季度受益於 TripAdvisor Core 的電視廣告支出大幅下降以及我們的應計獎金減少，總計減少了約 6 個百分點。

Without these factors, the adjusted EBITDA margin in Q4 2019 would have been approximately 6 points lower than the 27% margin reported that quarter. The remaining difference can be attributed to the Q3 to Q4 2022, smaller sequential step down in variable marketing costs in Viator and TripAdvisor Core experiences as well as a sequentially larger increase in fixed discretionary costs as a percent of revenue.

如果沒有這些因素，2019 年第四季度調整後的 EBITDA 利潤率將比該季度報告的 27% 利潤率低約 6 個百分點。其餘差異可歸因於 2022 年第三季度至第四季度，Viator 和 TripAdvisor 核心體驗中可變營銷成本的連續下降幅度較小，以及固定可自由支配成本佔收入百分比的連續增加幅度較大。

Adjusted EBITDA in 2022 was $295 million or 20% of revenue, reflecting a significant improvement from 11% of revenue in 2021, but down from 28% of revenue in 2019. Our deleverage versus 2019 is largely due to a higher mix of performance marketing expenses and our faster growing experiences business, as we incur the spend in advance of revenue recognition.

2022 年調整後的 EBITDA 為 2.95 億美元，佔收入的 20%，與 2021 年佔收入的 11% 相比有顯著改善，但低於 2019 年佔收入的 28%。與 2019 年相比，我們的去槓桿化主要是由於績效營銷費用組合更高以及我們增長更快的體驗業務，因為我們在收入確認之前就發生了支出。

At Viator, we believe that this investment is supported by growth in new customer bookings and the improvements we've seen in our return customer behavior. Repeat customers who in recent cohorts return more frequently also spend more with us improving our unit economics.

在 Viator，我們相信這項投資得到了新客戶預訂量增長和回頭客行為改善的支持。最近一批回頭客更頻繁的回頭客也花更多錢與我們一起改善我們的單位經濟效益。

Additionally, in TripAdvisor Core, we've invested more in experiences, given the attractiveness of this category. In hotel meta, as you've seen, longer-term shift in search marketing that have impacted our channel mix, we increased performance marketing slightly to drive revenue while maintaining our ROAs targets.

此外，鑑於該類別的吸引力，我們在 TripAdvisor Core 中對體驗進行了更多投資。在酒店元數據中，正如您所見，搜索營銷的長期轉變影響了我們的渠道組合，我們略微增加了績效營銷以增加收入，同時保持我們的 ROA 目標。

To partly offset the increase in variable marketing as a percent of revenue, we've maintained our lower fixed and discretionary costs as a percent of revenue.

為了部分抵消可變營銷佔收入百分比的增加，我們保持較低的固定和可自由支配成本佔收入的百分比。

Now on to our cash and liquidity position. Free cash flow for this year was $344 million, which was up meaningfully versus $54 million in free cash flow in 2021. This year-over-year improvement was due to higher operating cash flow, which includes the benefit of positive working capital movements at Viator related to deferred merchant payables as well as some onetime tax credits we received related to the pandemic. We ended the year with a strong balance sheet with just over $1 billion in cash and $1.5 billion in total liquidity, including our undrawn credit facility.

現在談談我們的現金和流動性狀況。今年的自由現金流為 3.44 億美元，與 2021 年的 5400 萬美元相比有了顯著增長。這一同比改善是由於運營現金流增加，其中包括 Viator 的積極營運資本流動帶來的好處與遞延的商家應付款項以及我們收到的與大流行相關的一些一次性稅收抵免有關。年底，我們的資產負債表表現強勁，現金略多於 10 億美元，流動資金總額為 15 億美元，包括未提取的信貸額度。

We believe that our strong liquidity and cash flow profile provides us a solid cushion against any potential macro headwinds as well as allows us to pursue capital allocation decisions that will drive long-term value creation.

我們相信，我們強大的流動性和現金流狀況為我們提供了一個堅實的緩衝，以抵禦任何潛在的宏觀逆風，並使我們能夠做出將推動長期價值創造的資本配置決策。

Additionally, as noted in our shareholder letter, in the first quarter of 2023 as part of the disclosed IRS audit of Expedia for the years 2019 through 2011, we expect to incur an additional income tax charge in an estimated range of $25 million to $35 million during the first quarter of 2023.

此外，正如我們在股東信中指出的那樣，在 2023 年第一季度，作為披露的 Expedia 2019 年至 2011 年 IRS 審計的一部分，我們預計將產生額外的所得稅費用，估計範圍為 2500 萬至 3500 萬美元2023 年第一季度。

From a cash flow perspective, a net cash outflow of approximately $70 million to $80 million is expected during 2023. This will have no impact on our adjusted EBITDA.

從現金流的角度來看，預計 2023 年的淨現金流出約為 7000 萬至 8000 萬美元。這不會對我們調整後的 EBITDA 產生影響。

Now on to the recent trends and thoughts for the first quarter. We want to provide a little more color and remind folks of the dynamics of January relative to the first quarter and the first quarter relative to the full year outlook for which we provided last night. While we will not continue to the comparison to 2019 when we move into fiscal '23, I will provide some color on January's performance relative to 2019 as a reference point.

現在談談第一季度的最新趨勢和想法。我們想提供更多顏色，並提醒人們 1 月份相對於第一季度的動態以及第一季度相對於我們昨晚提供的全年展望的動態。雖然我們不會在進入 23 財年時繼續與 2019 年進行比較，但我將提供一些關於 1 月份相對於 2019 年的表現的顏色作為參考點。

In TripAdvisor Core, January 2023 recovery versus '19 was in the mid-70s percent, a step down from 85% in Q4 2022. We expect the recovery rate versus 2019 will be lower for the quarter due to the tougher compare in the first half of 2019. Revenue versus 2019 for Viator in the fourth in January saw a strong improvement from Q4's recovery levels, and we expect that to continue in Q1.

在 TripAdvisor Core 中，2023 年 1 月的複蘇率與 19 年相比處於 70% 左右，比 2022 年第四季度的 85% 有所下降。我們預計，由於上半年比較艱難，本季度與 2019 年相比的複蘇率將更低2019 年 Viator 在 1 月份第四季度的收入與 2019 年相比，從第四季度的恢復水平來看有很大的改善，我們預計這種情況將在第一季度繼續。

Switching now to year-over-year growth in January, we saw an acceleration in year-over-year growth rates across all segments versus where we exited Q4 2022. As a reminder, January of 2022 was a weaker period for us given the Omicron variant while February and March of '22, recovery accelerated at a very fast pace. Given this dynamic, we expect that February and March growth rates will normalize. The result will be a small sequential step-down of our consolidated growth rate in Q1 2023.

現在切換到 1 月份的同比增長，我們看到所有細分市場的同比增長率都比我們退出 2022 年第四季度時有所加快。提醒一下，鑑於 Omicron，2022 年 1 月對我們來說是一個較弱的時期22 年 2 月和 3 月的變體，恢復速度非常快。鑑於這種動態，我們預計 2 月和 3 月的增長率將正常化。結果將是我們在 2023 年第一季度的綜合增長率小幅連續下降。

With regard to consolidated EBITDA margin, in Q1, we expect margins to be largely consistent with the same period a year ago. This assumes a flat margin year-over-year in TripAdvisor Core. As a reminder, the Q1 margin trend reflects the seasonality of marketing spend at Viator.

關於綜合 EBITDA 利潤率，我們預計第一季度的利潤率將與去年同期基本持平。這是假設 TripAdvisor Core 的利潤率同比持平。提醒一下，第一季度的利潤率趨勢反映了 Viator 營銷支出的季節性。

In the shareholder letter last night, we noted that for the full year, we expect full year consolidated revenue growth that reflects the diverse growth profiles across our portfolio and is consistent with the broader travel growth trends. And consolidated adjusted EBITDA margin to remain flat year-over-year, which assumes approximately flat year-over-year margins in TripAdvisor Core as well.

在昨晚的股東信中，我們指出，對於全年，我們預計全年綜合收入增長反映了我們投資組合的多樣化增長情況，並與更廣泛的旅遊增長趨勢保持一致。合併調整後的 EBITDA 利潤率將保持同比持平，假設 TripAdvisor Core 的同比利潤率也大致持平。

I will reiterate how excited we are about our direction. We believe our plan sets us up to drive sustainable, profitable growth and deliver on our near- and longer-term strategic priorities. At TripAdvisor Core, we'll be focusing on operational execution to produce stable margins this year while we establish a foundation to deliver long-term sustainable revenue and adjusted EBITDA growth.

我將重申我們對我們的方向感到多麼興奮。我們相信我們的計劃使我們能夠推動可持續的盈利增長，並實現我們近期和長期的戰略重點。在 TripAdvisor Core，我們今年將專注於運營執行以產生穩定的利潤，同時我們為實現長期可持續收入和調整後的 EBITDA 增長奠定基礎。

Viator will continue to invest in growth and market share gains, while driving improving economics that reflect the profit potential in this business. Finally, at TheFork, we'll be aiming for significant margin improvement, in particular in the second half of the year while continuing to drive healthy growth.

Viator 將繼續投資於增長和市場份額收益，同時推動改善反映該業務盈利潛力的經濟狀況。最後，在 TheFork，我們的目標是顯著提高利潤率，特別是在今年下半年，同時繼續推動健康增長。

To this end, we're managing our business to longer-term priorities. Our goal is to build a business that can deliver attractive durable revenue growth rates that will drive adjusted EBITDA growth as well as expanding margins over time. In the near term, we look forward to keeping you updated.

為此，我們正在根據長期優先事項管理我們的業務。我們的目標是建立一個能夠提供有吸引力的持久收入增長率的企業，這將推動調整後的 EBITDA 增長並隨著時間的推移擴大利潤率。在短期內，我們期待為您提供最新信息。

With that, I'll pass the call back over to the operator for Q&A.

有了這個，我會把電話轉回給接線員進行問答。

(Operator Instructions) Our first question will come from Lloyd Walmsley of UBS.

（操作員說明）我們的第一個問題將來自瑞銀的 Lloyd Walmsley。

This is Chris on for Lloyd. Maybe 2 questions, if we can. Maybe just first on the '23 revenue guidance. You said it would be consistent with broader travel trends. I think focus right is around 18% growth year-over-year for OTA hotel bookings. I guess versus that really kind of the right number we should be benchmarking to? And second, I guess, how should we be thinking about the segment accelerating, decelerating and building to that consolidated consistent with broader travel trends type of growth? I'll pause there and ask the second one as a follow-up.

這是勞埃德的克里斯。如果可以的話，也許有 2 個問題。也許首先是關於 23 年的收入指導。你說這將符合更廣泛的旅遊趨勢。我認為重點是 OTA 酒店預訂量同比增長約 18%。我想與我們應該作為基準的那種真正正確的數字相比？其次，我想，我們應該如何考慮該細分市場的加速、減速和建設，以符合更廣泛的旅遊趨勢增長類型？我會在那裡暫停並詢問第二個作為後續行動。

Yes. It's Mike here. Thanks for the question. So when we look across the travel market and we look at not just market surveys, we look at our peer group, we see that kind of market growth rate more mid-teens level and that is a reflection of the diversity of the portfolio of travel segments, but it's really more of the mid-teens level.

是的。我是邁克。謝謝你的問題。因此，當我們審視整個旅遊市場時，我們不僅著眼於市場調查，還著眼於我們的同行群體，我們看到這種市場增長率處於十幾歲左右的水平，這反映了旅遊組合的多樣性段，但實際上更多的是青少年中期。

Your second question was around how do we see kind of growth rates of the segments. So within that, you would expect as we invest in growth in Viator to be a higher growth rate than our consolidated. As we look at that, we are looking the fourth to be a higher growth rate as well. And then on our TripAdvisor Core business, that would be a lower growth rate than kind of our -- than that -- the consolidated growth rate. So that should just give you a shape of kind of we're thinking about the growth as we move for the full year.

你的第二個問題是關於我們如何看待這些細分市場的增長率。因此，在此範圍內，您會期望我們投資於 Viator 的增長比我們的合併增長率更高。當我們看到這一點時，我們也在尋找第四個更高的增長率。然後在我們的 TripAdvisor 核心業務上，這將比我們的綜合增長率低。因此，這應該會給你一種我們正在考慮的增長的形狀，因為我們會在全年移動。

Okay. Got it. And maybe just a high-level question here. As we think through the new strategy, lot of conversation around generative AI. Just curious how do you guys think about using generative AI trained on -- potentially being trained on your reviews to answer questions for travelers to really just help them make decisions without having to come through reviews or really just kind of what are your high-level thoughts at this point more broadly? And how you could use this technology and how it could be impacting travel search and booking experiences?

好的。知道了。也許這裡只是一個高級問題。在我們思考新戰略時，圍繞生成 AI 展開了很多討論。只是好奇你們如何考慮使用受過訓練的生成人工智能——可能會接受你的評論的訓練來回答旅行者的問題，從而真正幫助他們做出決定，而不必通過評論或者實際上只是一種你的高水平在這一點上的想法更廣泛？您如何使用這項技術以及它如何影響旅遊搜索和預訂體驗？

Thanks, Chris. It's Matt. Appreciate the question. Obviously, just about everyone is talking about generative AI. I think every kitchen table that I've been at is mentioning it.

謝謝，克里斯。是馬特。感謝這個問題。顯然，幾乎每個人都在談論生成人工智能。我想我去過的每張廚房餐桌都提到了它。

And it's one of those technologies that we really want to pay attention to. You can imagine that over history, when you look at new technologies, people often get really excited in the short term and maybe overestimate what's going to happen and try to be predictive about that short term, only to underestimate in the long term. So this is one to watch in the long term.

這是我們真正想要關注的技術之一。你可以想像，縱觀歷史，當你審視新技術時，人們往往會在短期內非常興奮，並且可能高估了將要發生的事情，並試圖預測短期內的情況，結果卻低估了長期內的情況。所以這是一個值得長期關注的問題。

And we think this is a technology that puts us in a place of advantage. We expect that it will be ubiquitous. The key differentiator is the underlying data and content, if you will, that generative AI draws from. People in travel want real recommendations based on what other travelers or experts have done and recommend not just generic thought recommendations.

我們認為這是一項讓我們處於優勢地位的技術。我們希望它無處不在。關鍵的區別在於基礎數據和內容，如果你願意的話，生成 AI 從中提取。旅行中的人需要基於其他旅行者或專家所做的真實建議，而不僅僅是一般性的想法建議。

And we think that puts us in a really strong position to experiment with the technology, to take advantage of our vast content asset we have, as you know, over 1 billion reviews. And of course, we've got hundreds of millions of members of our audience with unique interest here. So we can create unique tips, guidance and drive a more personalized experience.

我們認為這讓我們處於非常有利的位置來試驗這項技術，利用我們擁有的龐大內容資產，如您所知，我們擁有超過 10 億條評論。當然，我們有數以億計的觀眾對這裡有著獨特的興趣。因此，我們可以創建獨特的提示、指導並推動更加個性化的體驗。

It will remain to be seen how it impacts search. Obviously, the big search players are experimenting with it, and we know it can't be rushed. We also know that there are some unit economic questions in that space. And we'll leave it for the search organizations to play with that, and we will look to take advantage of it. We think it reinforces the imperative of our strategy to build a persistent and direct relationship with the traveler that experiments with content.

它將如何影響搜索還有待觀察。顯然，大型搜索公司正在對此進行試驗，我們知道這不能操之過急。我們也知道該領域存在一些單位經濟問題。我們將把它留給搜索組織使用，我們將尋求利用它。我們認為這加強了我們戰略的必要性，即與嘗試內容的旅行者建立持久和直接的關係。

(Operator Instructions) And our next question will come from Stephen Ju of Credit Suisse.

（操作員說明）我們的下一個問題將來自瑞士信貸的 Stephen Ju。

Okay. Thank you so much. So Matt, I don't really want to put words in your mouth, but in terms of your cost plans for TripAdvisor Core. It sounds like you're looking to develop an intermodal search and planning products. I'm just wondering if you can offer us some additional color, more details on what this will look like?

好的。太感謝了。所以馬特，我真的不想在你嘴裡說什麼，但就你的 TripAdvisor Core 成本計劃而言。聽起來您正在尋求開發多式聯運搜索和規劃產品。我只是想知道您是否可以為我們提供一些額外的顏色，更多關於它的外觀的細節？

And secondarily, you already pulled inventory from your lodging partners and you have some of your own products for things to do at destinations. But do you feel like you have good access to all of the different pieces of the total trip to properly funnel the purchase intent that you already have?

其次，您已經從您的住宿合作夥伴那裡提取庫存，並且您擁有一些自己的產品用於目的地的活動。但是您是否覺得您可以很好地訪問整個旅程的所有不同部分以正確地匯集您已經擁有的購買意向？

Yes. So we're really excited about the development of our product. We reorganized ourselves to be much more consumer first and product led. And we've got a new Chief Product Officer that has deep experience in that area. And so we have a lot of conviction that we're leaning into an area that's both something that travelers are looking for and something that we're uniquely positioned to deliver. And so the opportunities will really deepen the relationship and focus on making sure that our guidance is well curated, is matched to the individual needs and personalized to users that arrive who we can understand better because of the data asset that we're leveraging.

是的。所以我們對我們產品的開發感到非常興奮。我們重組了自己，更加註重消費者至上和產品主導。我們有一位在該領域擁有豐富經驗的新首席產品官。因此，我們堅信我們正在進入一個既是旅行者正在尋找的領域，又是我們具有獨特定位的領域。因此，這些機會將真正加深這種關係，並專注於確保我們的指導得到精心策劃，與個人需求相匹配，並為到達的用戶提供個性化服務，因為我們正在利用的數據資產，我們可以更好地理解他們。

We think that we can start with content to give a really compelling reason to come back to our site and benefit from context and curation. And then it can move into robust planning tools that give users a sense of as they're thinking about where they want to go next, what they want to do that they're able to actually start to think about an itinerary, and we have lots of ideas about how to serve up that from our content and the products that we want to deliver. If we do that, there's going to be a higher level of engagement, and that engagement will, of course, drive monetization.

我們認為我們可以從內容開始，以提供一個真正令人信服的理由讓我們回到我們的網站並從上下文和管理中受益。然後它可以進入強大的規劃工具，讓用戶感覺到他們正在考慮下一步想去哪裡，他們想做什麼，他們能夠真正開始考慮行程，我們有關於如何從我們的內容和我們想要提供的產品中提供服務的很多想法。如果我們這樣做，將會有更高水平的參與，而這種參與當然會推動貨幣化。

We think that this adds up to a kind of modern media marketplace for travel, and it's not a single product bet. It's really all about the experience that we're delivering. And we already have access to the elements that we need because we're already serving around accommodation, experiences, restaurants and we think we have a lot to build on.

我們認為這構成了一種現代旅遊媒體市場，而不是單一的產品賭注。這真的完全取決於我們提供的體驗。而且我們已經可以訪問我們需要的元素，因為我們已經圍繞住宿、體驗、餐廳提供服務，我們認為我們有很多可以建立的基礎。

(Operator Instructions) Our next question will come from Douglas Anmuth of JPMorgan.

（操作員說明）我們的下一個問題將來自摩根大通的 Douglas Anmuth。

This is Dae on for Doug. First one, you guys talked about macro environment (inaudible). Are you seeing any changes in demand or behaviors of the travelers today? And then secondly, on margins, could you talk about your margin expectations for Viator for in 2023? And then in the fourth, you talked about improving margins in the half of the year. Could you talk about the drivers of that improvement?

這是 Dae on for Doug。第一個，你們談到了宏觀環境（聽不清）。您是否看到當今旅行者的需求或行為有任何變化？其次，關於利潤率，您能否談談您對 Viator 2023 年的利潤率預期？然後在第四節，你談到了提高半年的利潤率。你能談談這種改進的驅動因素嗎？

Thank you for the question, Dae. This is Matt. I'll take the first question, and Mike will take the second.

謝謝你的問題，Dae。這是馬特。我將回答第一個問題，邁克將回答第二個問題。

The trends we're seeing from the consumer are strong. There's an ongoing excitement to be able to travel again. And 2023 certainly kicked off with really strong signals of intent and growth from travelers across all regions. And so they're coming back, international is becoming more interesting.

我們從消費者那裡看到的趨勢很強勁。能夠再次旅行一直令人興奮。 2023 年無疑以來自所有地區的旅行者的真正強烈的意圖和增長信號拉開了序幕。所以他們回來了，國際化正變得越來越有趣。

We're seeing a level of interest in international being roughly at pre-pandemic levels and travelers are getting more comfortable with advanced planning again. So we're seeing booking windows start to extend. So not only is the traveler returning on our site, it's also translating into both engagement and clear action.

我們看到對國際旅行的興趣大致處於大流行前的水平，旅行者再次對提前計劃感到更加自在。所以我們看到預訂窗口開始延長。因此，旅行者不僅會返回我們的網站，還會轉化為參與和明確的行動。

The other thing I would say is that as we really try to get a sense of how travelers are thinking about travel in the future, we are seeing a really good signal around 86% of travelers plan to take 1 to 2 trips between March and May 2023. Now of course, inflation is still choppy, and there are still signs about thinking about how they want to adjust. And we may see fewer shorter trips likely the weekend get away is going to be really interesting. But ultimately, travelers are protecting the discretionary spend in travel at the expense of other destiny categories. And so we're really pleased with what we're seeing in terms of the robust nature of demand.

我要說的另一件事是，當我們真正試圖了解旅行者對未來旅行的看法時，我們看到了一個非常好的信號，大約 86% 的旅行者計劃在 3 月至 5 月期間進行 1 到 2 次旅行2023年。當然，現在通脹依然波濤洶湧，還有跡象表明他們要考慮如何調整。我們可能會看到更少的短途旅行，可能週末度假會非常有趣。但歸根結底，旅行者是以犧牲其他目的地類別為代價來保護可自由支配的旅行支出。因此，就需求的強勁性質而言，我們對我們所看到的情況感到非常滿意。

Dae, I'll take the second piece on margins. So just to remind you what we just said. So from a consolidated basis, we're going to be consistent flat year-over-year. We said that same thing for TripAdvisor Core.

Dae，我將在邊距上拍攝第二張。所以只是提醒你我們剛剛說過的話。因此，從綜合的角度來看，我們將與去年同期持平。我們對 TripAdvisor Core 也說過同樣的話。

In respect to Viator and TheFork. So Viator, as you've heard us say, we're really excited about this market, right? And we want to continue to invest behind this. That's in things we've talked about already, acquisition, product, channel expansion, et cetera. So we're going to continue to invest there. So we expect those margins to remain fairly consistent year-over-year.

關於 Viator 和 TheFork。所以 Viator，正如您聽到我們所說的那樣，我們對這個市場感到非常興奮，對嗎？我們希望繼續在這背後進行投資。這就是我們已經討論過的事情，收購、產品、渠道擴張等等。所以我們將繼續在那裡投資。因此，我們預計這些利潤率將與去年同期保持相當一致。

On Fork, we've made a lot of investments in our -- as we said in the prepared remarks, around things like systems, things like payments, sales force people to build back supply base. These are assets and investments we're looking to leverage this year. So Fork, we are expecting margins to improve year-over-year. and that would be the basis of that overall consolidated flat year-over-year consolidated guidance.

在 Fork 上，我們已經對我們進行了大量投資——正如我們在準備好的發言中所說的那樣，圍繞系統、支付、銷售人員等事物來重建供應基礎。這些是我們今年希望利用的資產和投資。所以 Fork，我們預計利潤率將逐年提高。這將是總體綜合持平的同比綜合指導的基礎。

(Operator Instructions) Our next question will come from Richard Clarke of Bernstein.

（操作員說明）我們的下一個問題將來自伯恩斯坦的理查德克拉克。

Just would like to ask with the new strategy on TripAdvisor Core, what do you ultimately think that division is capable of? You sort of said you don't expect the revenues to come all the way back to 2019 in the shorter term, but what kind of revenue growth can that business achieve? What kind of margins do you think you can achieve in the TripAdvisor Core business over the midterm? And then maybe any sense of the time scale to get to that performance?

只是想問一下 TripAdvisor Core 的新戰略，您最終認為該部門的能力是什麼？你有點說你不希望收入在短期內一路回到 2019 年，但該業務可以實現什麼樣的收入增長？您認為您可以在 TripAdvisor 核心業務中實現什麼樣的利潤率？然後也許對實現該性能的時間尺度有任何感覺？

Richard, it's Mike. I'll take a stab and Matt can provide a covenant you want.

理查德，是邁克。我會試一試，馬特可以提供你想要的盟約。

So as you said, 2023 is an important year for us at TripAdvisor Core. There's a lot of things we're doing foundationally to set us up for which we said sustainable growth and margin expansion in that business.

正如您所說，2023 年對我們 TripAdvisor Core 來說是重要的一年。我們正在做很多事情來建立我們的基礎，我們說該業務的可持續增長和利潤率擴張。

So this year is aligned around how we align ourselves, how we really find a lot and I've already identified operating efficiencies in the business, which we're very excited about. And then it's also making those foundational investments in those -- in the long-term strategy pieces. While those investments won't really show financial return in this year, they very much are expected to continue to prove this out beyond 2023. Those are things we're doing this year like data, as Matt talked about. Things like content, beginnings of experimentation around the tooling and guidance platforms, as we said.

所以今年圍繞我們如何調整自己，我們如何真正發現很多，我已經確定了業務的運營效率，我們對此感到非常興奮。然後它也在長期戰略部分中進行這些基礎投資。雖然這些投資在今年不會真正顯示出財務回報，但預計它們將在 2023 年以後繼續證明這一點。正如馬特所說，這些是我們今年正在做的事情，比如數據。正如我們所說，諸如內容、圍繞工具和指導平台的實驗開始之類的事情。

So while we're operating and doing these things, we're also making sure we're operating efficiently as possible. Running the business to be efficient on cost, we remove costs where we can, which is largely reflected, Richard, in that margin -- that flat margin guide.

因此，在我們運營和做這些事情的同時，我們也在確保我們盡可能高效地運營。經營業務以提高成本效率，我們盡可能地消除成本，理查德，這在很大程度上反映在那個利潤率 - 那個固定利潤率指南中。

Over time, as this business again, moved beyond 2023, which is a very different business than it was in 2019, where, as I mentioned, we had that very large other piece of core revenue as that mix becomes bigger in even TA Core with experiences as we have continued recovery in our media business, which we do think is lagging kind of overall travel -- the travel industry as our B2B business comes back online. All of this is being reinforced and driven by our overall strategy of engagement, which should be really a flywheel impact of all of our businesses. We do expect this then to be able to drive that growth in margin. And again, experiences in TA Core would be a big piece of that as well.

隨著時間的推移，隨著這項業務再次超越 2023 年，這與 2019 年的業務截然不同，正如我提到的那樣，我們在 2019 年擁有非常大的其他核心收入，因為即使在 TA Core 中，這種組合也變得更大隨著我們媒體業務的持續復甦，我們的經驗，我們認為這落後於整體旅遊——隨著我們的 B2B 業務重新上線，旅遊行業。我們的整體參與戰略正在加強和推動所有這一切，這應該是我們所有業務的真正飛輪影響。我們確實希望這能夠推動利潤率的增長。同樣，在 TA Core 中的經驗也將是其中的重要組成部分。

But Matt, I don't know if anything...

但是馬特，我不知道有沒有...

Yes, I think that's good color. Richard, I would say we're focused on TA Core as delivering steady growth, sustaining and building off of what we do this year. I think margins, we'd like to see at 2019 levels over the coming midterm, which is over the next 3 years. This steady growth and the relative shift in our revenue mix towards experiences in media allows us to, I think, over time, expand margin in the medium term to 2019 levels.

是的，我認為這是很好的顏色。理查德，我想說我們專注於 TA Core 實現穩定增長，維持和鞏固我們今年所做的工作。我認為利潤率，我們希望在未來 3 年的即將到來的中期看到 2019 年的水平。我認為，隨著時間的推移，這種穩定的增長以及我們收入組合向媒體體驗的相對轉變使我們能夠在中期將利潤率擴大到 2019 年的水平。

So can I ask one quick follow-up. Just your January commentary about stepping back to the mid-70s. That feels a little bit different to some of your peers have talked about a decent acceleration in January compared to Q4. Just anything color you can provide on maybe why your -- you've not seen that acceleration in January that others have?

那麼我可以問一個快速跟進嗎？只是你一月份關於回到 70 年代中期的評論。與您的一些同行談論的 1 月份與第四季度相比出現了不錯的加速，這感覺有點不同。您可以提供任何顏色，也許為什麼您 - 您沒有看到其他人在 1 月份看到的那種加速？

Yes. Thanks, Richard. When we talk about recovery, which we hope to get past that -- talk about that in the new year, it is -- you're anchoring back to a period a long time ago in '19 was a very just unusual year for us in the first half of the year, we saw very high volume, very high pricing. So -- so when you anchor back to recovery levels, that's why you see that kind of that step down.

是的。謝謝，理查德。當我們談論復甦時，我們希望能夠克服它——在新的一年裡談論它——你回到了很久以前的那個時期，19 年對我們來說是非常不尋常的一年今年上半年，我們看到銷量非常高，定價也非常高。所以 - 所以當你回到恢復水平時，這就是為什麼你會看到那種下降的原因。

I would say the growth rates -- when you think about the growth rates, the sequential growth rates, modest step down, but in line. And I think when you really think about the year-over-year change -- the sequential change in revenue, when you go way back pre-pandemic, that Q4 to Q1 -- that Q4 to Q1 movement, we're kind of in line with what we've seen way back when. I know we're throwing a lot of history at folks but these are things we think about when we look at it and say, yes, we see the step back. We understand it's a comp, but we also feel it represents a continuing healthy business. And there's no systematic change in Q1 versus Q4 that is caused enough to have pause for the quarter.

我會說增長率——當你考慮增長率時，連續增長率，適度下降，但保持一致。我認為，當你真正考慮同比變化時——收入的連續變化，當你回到大流行前，從第四季度到第一季度——從第四季度到第一季度的變化，我們有點與我們之前看到的一致。我知道我們向人們灌輸了很多歷史，但這些是我們在審視它並說，是的，我們看到倒退時會想到的事情。我們知道這是一個補償，但我們也認為它代表了一個持續健康的業務。而且第一季度與第四季度沒有系統性變化，足以讓本季度暫停。

(Operator Instructions) Our next question will come from Ronald Josey of Citi.

（操作員說明）我們的下一個問題將來自花旗銀行的 Ronald Josey。

This is Mike on for Ron. You mentioned that Viator conversion rates improved due to product improvements. Can you talk a little bit more about what changes in the product drove the improvement there? And maybe what product improvement this any are in the pipeline for Viator in 2023?

這是羅恩的邁克。您提到 Viator 的轉化率因產品改進而提高。你能多談談產品的哪些變化推動了那裡的改進嗎？也許在 2023 年 Viator 有哪些產品改進？

Yes, I'll take a quick -- give you some thoughts. I know Matt will probably add on to it as well.

是的，我會快速——給你一些想法。我知道 Matt 可能也會加入。

So -- so we're -- the conversion improvements, we're always experimenting with everything in the funnel, right? And that starts with how we acquire traffic, what we acquire traffic, we're making a lot of investments in diversifying that -- those channels this year as we talked about. We've been launching and lagging our way into some brand spend, which is an example of how we're trying to diversify channel expansion. These are all different ways of improving conversion, finding different pieces of traffic.

所以 - 所以我們 - 轉換改進，我們一直在試驗漏斗中的所有內容，對嗎？這從我們如何獲取流量開始，我們獲取流量的方式，我們正在進行大量投資以使其多樣化 - 正如我們所討論的那樣，今年的這些渠道。我們一直在推出並落後於一些品牌支出，這是我們如何努力使渠道擴張多樣化的一個例子。這些都是提高轉化率、尋找不同流量的不同方式。

But then also a lot of the work we're doing in our app, on our mobile product all about how we orient the users who come in with high intent to the surface and get that traffic to convert. So it really starts up and down the funnel. The type of traffic which we acquire and then product improvements to get people to move into the (inaudible) product.

但是，我們在我們的應用程序和移動產品中所做的很多工作都是關於我們如何將具有高度意圖的用戶定位到表面並讓流量轉化。所以它真的開始上下漏斗。我們獲得的流量類型，然後是產品改進，讓人們進入（聽不清）產品。

Yes, I think that's right. And so you see the team focusing deeply on matching the post booking experience, making sure our tech platform is as fast and personalized as it can be that we really are paying attention to repeats, which are improving, and we're seeing cohorts improve. And it's looking at the kinds of things that create loyalty and create the incentive to repeat.

是的，我認為這是對的。因此，您會看到團隊非常專注於匹配預訂後體驗，確保我們的技術平台盡可能快速和個性化，因為我們真正關注重複，這些重複正在改進，並且我們看到隊列在改進。它著眼於創造忠誠度和創造重複的動機的事物。

We want to make sure we're focused on creating more value for operators and so there's a lot of work going into how we do that through a trusted operator program that really helps them capture opportunities. In the end, it's about being the default choice and that delivers the scale. It creates more reasons for partners to work with us. It creates more reasons for operators to come. And of course, it creates more reason for consumers to come, get a good experience and return to repeat.

我們希望確保我們專注於為運營商創造更多價值，因此我們在如何通過真正幫助他們抓住機會的可信運營商計劃來做到這一點方面做了大量工作。最後，它是關於成為默認選擇並提供規模。它為合作夥伴與我們合作創造了更多理由。它為運營商的到來創造了更多理由。當然，它也為消費者創造了更多的理由來這裡，獲得良好的體驗並再次光顧。

(Operator Instructions) Our next question will come from Mario Lu of Barclays.

（操作員說明）我們的下一個問題將來自巴克萊銀行的 Mario Lu。

This is Jack on for Mario. In the shareholder letter, you mentioned that the U.S. recovery in the hotel space was outpacing Europe and the rest of the world. Maybe if you could just talk to us about what drove that and if there was anything notable outside of macro to call out there? And then similarly, you mentioned within trip branded hotels, European recovery rates slowed from last quarter. I'm just curious as to the main drivers of the slowdown as well?

這是馬里奧的傑克。在股東信中，您提到美國酒店業的複蘇速度超過歐洲和世界其他地區。也許你可以和我們談談是什麼推動了這一點，以及在宏觀之外是否有什麼值得注意的地方可以呼喚？然後類似地，您在旅行品牌酒店中提到，歐洲的恢復率比上個季度有所放緩。我也很好奇經濟放緩的主要驅動因素？

Yes, Jack, it's Mike. I'll take that.

是的，傑克，是邁克。我會接受的。

So they're really the same drivers because the meta and the branded hotels are part of that same subsegment. So this is a trend that I think we've seen for some time now where U.S. has been recovered in EMEA and rest of the world are just lagging. And I think there's a lot of what's in that is really geographic in nature in terms of different recovery rates by geo. Obviously, the U.S. travel general market has recovered at a faster pace than Europe or the rest of the world. Rest of the world being largely APAC. And obviously, that -- those areas have been slower to open up travelers than other areas. Europe just simply has had maybe more macro headwind, considering the events there, whether it's Ukraine War or other impacts of inflation hitting there.

因此，它們實際上是相同的驅動因素，因為元酒店和品牌酒店屬於同一細分市場。所以這是一種趨勢，我認為我們已經看到一段時間了，美國在歐洲、中東和非洲地區已經復蘇，而世界其他地區只是落後。而且我認為，就按地域劃分的不同恢復率而言，其中有很多內容實際上是地理性質的。顯然，美國旅遊綜合市場的複蘇速度快於歐洲或世界其他地區。世界其他地區主要是亞太地區。顯然，那些地區開放旅客的速度比其他地區慢。考慮到那裡發生的事件，無論是烏克蘭戰爭還是通貨膨脹的其他影響，歐洲可能只是遇到了更多的宏觀逆風。

And listen, in the U.S., we're a well-known brand here. We have strong auction dynamics within our core meta and continue to drive good performance here but I think there's nothing really else to call out than those main drivers between the regions.

聽著，在美國，我們是這裡的知名品牌。我們的核心元中有強大的拍賣動態，並繼續在這裡推動良好的表現，但我認為除了區域之間的主要驅動因素之外，沒有什麼值得一提的了。

I will also say, as we think about how we reinforce the relevance and performance of meta as we think about how we're going to leverage data and how we're going to improve the experience, particularly on mobile to attack the monetization opportunity there.

我還要說的是，當我們考慮如何加強元數據的相關性和性能時，我們會考慮如何利用數據以及我們將如何改善體驗，特別是在移動設備上以抓住那裡的貨幣化機會.

We think there's an opportunity in international. We know we haven't served those international audiences in the meta product as well as we may have wanted. And so we think there's room for improvement, and we think monetization will improve and of course, as those markets come back online, particularly in Asia, we see real opportunities. So excited about that for 2023.

我們認為國際上有機會。我們知道我們沒有像我們想要的那樣在元產品中為這些國際觀眾提供服務。所以我們認為還有改進的空間，我們認為貨幣化將會改善，當然，隨著這些市場重新上線，特別是在亞洲，我們看到了真正的機會。對 2023 年的那件事感到非常興奮。

(Operator Instructions) Our next question will come from Jed Kelly of Oppenheimer.

（操作員說明）我們的下一個問題將來自奧本海默的傑德凱利。

Just a couple on Viator. As you think around the longer-term strategy of Viator, how do you think about potentially serving some of those longer tail providers that might not need to pay like a higher commission rate? And then can you touch on the performance marketing you're investing in TripAdvisor Core to drive experiences? And if you were to potentially do a strategic transaction of Viator, would that impact the margins of Viator just because you're spending some of that performance marketing in TripAdvisor Core experiences?

只是一對夫婦在 Viator 上。當您考慮 Viator 的長期戰略時，您如何考慮可能為一些可能不需要支付更高佣金率的長尾供應商提供服務？然後，您能否談談您在 TripAdvisor Core 中投資的績效營銷以提升體驗？如果您有可能對 Viator 進行戰略交易，這是否會僅僅因為您在 TripAdvisor 核心體驗中花費一些績效營銷而影響 Viator 的利潤率？

Thanks, Jed. It's Matt. I'll take the first, and then I think Mike will take the second part of that question.

謝謝，傑德。是馬特。我將回答第一部分，然後我認為 Mike 將回答該問題的第二部分。

Look, Viator for the long term, our goal is to win as the leading global experiences marketplace. And the job there is to create a great experience on the demand side and then to bring the supply side on where we do matching that is easy and delivers a great result where the consumer walks away in wonder.

從長遠來看，Viator，我們的目標是贏得全球領先的體驗市場。那裡的工作是在需求方創造良好的體驗，然後將供應方帶到我們進行匹配的地方，這很容易，並提供了一個很好的結果，讓消費者驚嘆不已。

And so the opportunity, as we continue to scale is to help everyone on the operating side that is high quality to they get exposure to that audience. And the team is very focused on working with operators to ensure that anyone who has a high-quality experience that they want to deliver in any location can come on to our platform and meet the appropriate demand. So that concept of leveraging data to do better matching is something that we are very focused on, and that will happen over time.

因此，隨著我們繼續擴大規模，機會是幫助運營方面的每個人都高質量地接觸到這些觀眾。該團隊非常專注於與運營商合作，以確保任何想要在任何地點提供高質量體驗的人都可以進入我們的平台並滿足適當的需求。因此，利用數據進行更好匹配的概念是我們非常關注的事情，並且隨著時間的推移會發生。

The key is as we continue to scale, we get all kinds of advantages as the leader, and we're very focused on continuing to accelerate and reinforce that position.

關鍵是隨著我們不斷擴大規模，我們獲得了作為領導者的各種優勢，我們非常專注於繼續加速和鞏固這一地位。

Yes. I'd say on the second question, so experiences on TripAdvisor Core is a great opportunity for us. It's a very different platform, obviously, than Viator, where people are coming to Viator for very specific booking transaction. TripAdvisor Core has a lot of different traffic that comes to us for very, very different reasons. And part of the opportunity for us, I think, as part of our strategy overlay of how to bring those into monetizable channels.

是的。關於第二個問題，我想說的是，TripAdvisor Core 的體驗對我們來說是一個很好的機會。顯然，這是一個與 Viator 截然不同的平台，人們來到 Viator 進行非常具體的預訂交易。 TripAdvisor Core 有很多不同的流量，它們出於非常非常不同的原因來到我們這裡。我認為，這對我們來說是機會的一部分，作為我們如何將這些帶入可貨幣化渠道的戰略覆蓋的一部分。

So we do spend performance marketing to attract experiences on TripAdvisor core. And again, I think there's a huge opportunity for us to continue to find ways to increase that. And as you know, the Viator is the back end that fills the experience itself.

所以我們確實花費績效營銷來吸引 TripAdvisor 核心體驗。再一次，我認為我們有很大的機會繼續尋找增加它的方法。如您所知，Viator 是填充體驗本身的後端。

So I think the relationship between the 2, it's built on a normal third-party arrangement that -- I think your question was if it were separated, that would seem to be in the same realm of that -- those economics. So I wouldn't think there'd be any really major change because that's the way we've set up the -- the way that the intercompany kind of works today.

所以我認為這兩者之間的關係是建立在正常的第三方安排之上的——我認為你的問題是如果它是分開的，那似乎屬於同一個領域——那些經濟學。所以我認為不會有任何真正重大的變化，因為這就是我們建立的方式——今天公司間的運作方式。

Yes, the segment reporting helps you understand what Viator could look like on a stand-alone basis, the commercial arrangement would continue.

是的，細分報告可以幫助您了解 Viator 在獨立的基礎上會是什麼樣子，商業安排將繼續。

We think that the combination of TripAdvisor and Viator together gives us unique positioning to win in this space. And our job is to make sure that we're doing a great job with both. The demand generation platform that TripAdvisor represents and creating the best possible experience when you're thinking about what you want to do next on your travel journey, whether you're planning and thinking about what's that unique experience I want to have and making sure that we have the right supply.

我們認為 TripAdvisor 和 Viator 的結合為我們提供了在這個領域取勝的獨特定位。我們的工作是確保我們在這兩方面都做得很好。 TripAdvisor 所代表的需求生成平台，當您考慮在旅行中接下來要做什麼時，無論您是否正在計劃和思考我想要擁有的獨特體驗，並確保我們有合適的供應。

Now Viator gives us an advantage immediately to provide that supply, but we know we have upside in providing other supply opportunities. And that's something that we can look at and really match that demand with supply. And in the meantime, Viator can focus on doing the best job of making that conversion and making that a great experience that somebody comes back to want to do again.

現在 Viator 立即為我們提供了提供該供應的優勢，但我們知道我們在提供其他供應機會方面有優勢。這是我們可以研究並真正將需求與供應相匹配的東西。與此同時，Viator 可以專注於盡最大努力實現這種轉變，並使這種體驗成為人們回來想要再次體驗的絕佳體驗。

So the combination of the 2 and running each of these most effectively is going to put us in a position to win in the category.

因此，將兩者結合起來並最有效地運行其中的每一個將使我們能夠在該類別中獲勝。

This will complete the Q&A portion of the call. I would now like to turn the conference back to Matt Goldberg for closing remarks.

這將完成通話的問答部分。我現在想把會議轉回 Matt Goldberg 作閉幕詞。

With that, I'd like to thank you all for your time today. We're excited about our strategic direction, and we can't be more energized to get out and execute with our teams. We look forward to continuing to share updates with you quarter by quarter. Thanks.

有了這個，我要感謝大家今天的時間。我們對我們的戰略方向感到興奮，我們不能更有活力地走出去並與我們的團隊一起執行。我們期待每季度繼續與您分享更新。謝謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect, and have a pleasant day.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接，並度過愉快的一天。