Tripadvisor Inc (TRIP) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tripadvisor First Quarter 2023 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。歡迎參加 Tripadvisor 2023 年第一季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Angela White. Please go ahead.

現在，我想將會議交給今天的發言人 Angela White。請繼續。

Thank you, Felicia. Good morning, everyone, and welcome to Tripadvisor's First Quarter 2023 Financial Results Call. Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO.

謝謝你，費利西亞。各位早上好，歡迎參加 Tripadvisor 2023 年第一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 Matt Goldberg；和首席財務官 Mike Noonan。

Last night after market close, we filed and made available our earnings release. In that release, you'll find reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures discussed on the call. Also in our release, you'll find supplemental financial information, which includes reconciliations of certain non-GAAP financial measures discussed on this call as well as other metrics.

昨晚收市後，我們提交並發布了收益報告。在該新聞稿中，您會發現非 GAAP 財務指標與電話會議上討論的最具可比性的 GAAP 財務指標的對賬。同樣在我們的新聞稿中，您將找到補充財務信息，其中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 estimates and other forward-looking statements that represent management's views as of today, May 4, 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代表管理層截至 2023 年 5 月 4 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義務.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。

Thanks, Angela, and thanks to all of you for joining us this morning. Since I first joined these quarterly calls last July, I have been focused on aligning our teams around a shared vision, reinvigorating our culture of execution, organizing ourselves to break down silos, building out a world-class leadership team, leveraging data to deepen our consumer engagement focus, accelerating our product development and investing to extend our market leadership and experiences.

謝謝，安吉拉，感謝大家今天早上加入我們。自從我去年 7 月第一次參加這些季度電話會議以來，我一直專注於圍繞共同願景調整我們的團隊，重振我們的執行文化，組織我們自己打破孤島，建立世界一流的領導團隊，利用數據深化我們的以消費者參與為重點，加速我們的產品開發和投資，以擴大我們的市場領導地位和經驗。

We are pleased with the progress we're making while delivering on our expectations for our financial performance. Our Q1 results were achieved as our new leadership team rallied the organization around our group vision to be the world's most trusted source for travel and experiences. We launched our strategy for Tripadvisor and engaged our employees on how we translate our priorities into an operating plan with tangible proof points while delivering on our revenue and margin plan.

我們對在實現我們對財務業績的預期方面取得的進展感到滿意。我們的第一季度業績是在我們的新領導團隊圍繞我們的集團願景團結組織成為世界上最值得信賴的旅行和體驗來源時取得的。我們推出了 Tripadvisor 戰略，並讓我們的員工參與討論我們如何將我們的優先事項轉化為具有切實證據的運營計劃，同時實現我們的收入和利潤計劃。

And we continue to deliver meaningful growth as the market leader in experiences at Viator and strengthened our European dining position at TheFork. We delivered year-over-year revenue growth of 42% or $371 million and adjusted EBITDA of $33 million or 9% of revenue, in line with our expectations for the quarter and reaffirming our confidence in our plan for the full year.

作為 Viator 體驗的市場領導者，我們繼續實現有意義的增長，並加強我們在 TheFork 的歐洲餐飲地位。我們的收入同比增長 42% 或 3.71 億美元，調整後的 EBITDA 為 3300 萬美元或收入的 9%，符合我們對本季度的預期，並重申了我們對全年計劃的信心。

In a moment, I'll provide some tangible examples of our disciplined execution and the progress we're making against our segment strategies. But first, let me frame these results in the context of our strategy and illustrate how our focus is driving performance. We operate unique segments with our own strategies, each in different stages of growth with different competitive dynamics, market opportunities and customer value propositions.

稍後，我將提供一些具體的例子，說明我們嚴格執行以及我們在細分市場戰略方面取得的進展。但首先，讓我在我們的戰略背景下構建這些結果，並說明我們的重點是如何推動績效。我們以自己的戰略經營獨特的細分市場，每個細分市場都處於不同的增長階段，具有不同的競爭動態、市場機會和客戶價值主張。

In Tripadvisor Core, we're focused on delivering sustainable revenue and profit growth by driving deeper traveler engagement that benefits our partners and fuels our diverse monetization paths. In Viator, we continue to accelerate our leadership position in experiences by investing in awareness, enhanced products and repeat bookings to capture more market share in this underpenetrated and high-growth travel category. In TheFork, we're driving healthy growth with significant margin improvement this year by delivering value to both diners and restaurants in the European dining market.

在 Tripadvisor Core，我們專注於通過推動更深入的旅行者參與來實現可持續的收入和利潤增長，這有利於我們的合作夥伴並推動我們多樣化的貨幣化路徑。在 Viator，我們繼續通過投資意識、增強產品和重複預訂來加速我們在體驗方面的領導地位，以在這個滲透率低且高增長的旅遊類別中佔據更多的市場份額。在 TheFork，我們通過為歐洲餐飲市場的食客和餐廳提供價值，推動健康增長，今年利潤率顯著提高。

Starting with Tripadvisor Core, Q1 revenue was $244 million, reflecting 28% year-over-year growth, driven by our experiences and hotel offerings. On our last call, we set out our strategy for Tripadvisor Core, outlining 3 areas of focus that we will continue to reference as we deliver our plan. Let's revisit these stated priorities.

從 Tripadvisor Core 開始，在我們的體驗和酒店產品的推動下，第一季度收入為 2.44 億美元，同比增長 28%。在上次電話會議中，我們制定了 Tripadvisor 核心戰略，概述了我們在交付計劃時將繼續參考的 3 個重點領域。讓我們重新審視這些規定的優先事項。

First, we will innovate around world-class guidance products through more dynamic and diverse content formats, innovative trip planning tools and a mobile-first approach. Second, we will prioritize deeper engagement with travelers, meeting their decision-making needs in a more personalized way, powered by data and technology while evolving our membership program over the long term to drive loyalty. And third, we believe that we can transform that engagement into more value for our partners.

首先，我們將通過更加動態和多樣化的內容格式、創新的旅行計劃工具和移動優先的方法，圍繞世界一流的指南產品進行創新。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，在數據和技術的支持下，同時長期發展我們的會員計劃以提高忠誠度。第三，我們相信我們可以將這種參與轉化為我們合作夥伴的更多價值。

Today, we monetize only a fraction of our audience, largely through our hotel meta offering. As we build a more engaged audience, we believe we can drive stronger overall monetization by further diversifying our business through our media and experiences offerings. This is a long-term strategy, and we're in the early days. But I'm pleased to report that we're on track in executing our road map for the year. Though progress will build over time, we're beginning to see important green shoots.

今天，我們只通過我們的酒店元產品從我們的一小部分觀眾中獲利。隨著我們建立更多參與的受眾，我們相信我們可以通過我們的媒體和體驗產品進一步多元化我們的業務，從而推動更強大的整體貨幣化。這是一項長期戰略，我們還處於早期階段。但我很高興地報告，我們正在按計劃執行今年的路線圖。儘管隨著時間的推移會取得進展，但我們開始看到重要的萌芽。

Let me highlight a few examples. This past quarter, we rolled out some early enhancements to our user experience across the platform, most notably in how users navigate the home screen in our app, shop for experiences in hotels and submit reviews. While this is just a starting point, we're excited about the early indicators, including increases in shopper click-through rates, decreases in bounce rates and double-digit improvements on review completion and photo submissions, all fundamental areas for our strategy going forward.

讓我強調幾個例子。上個季度，我們在整個平台上推出了一些早期的用戶體驗增強功能，最顯著的是用戶如何在我們的應用程序中瀏覽主屏幕、購買酒店體驗和提交評論。雖然這只是一個起點，但我們對早期指標感到興奮，包括購物者點擊率的增加、跳出率的降低以及評論完成和照片提交的兩位數改進，這些都是我們未來戰略的基本領域.

Importantly, in some of our tests, we saw incremental lifts in our gross booking value and revenue for experiences, one of our critical growth opportunities. We began piloting our new content approach in select destinations, developing fresh guidance across multiple formats like articles, itineraries and collections. For example, in certain cities, a traveler can now discover the best places to stay, things to do and where to eat by engaging with content that blends the voices and perspectives of real travelers with expert curation, all powered by technology and our proprietary data.

重要的是，在我們的一些測試中，我們看到了我們的總預訂價值和體驗收入的增量提升，這是我們的關鍵增長機會之一。我們開始在選定的目的地試行我們的新內容方法，開發跨多種格式的新指南，如文章、行程和收藏。例如，在某些城市，旅行者現在可以通過參與將真實旅行者的聲音和觀點與專家策劃相結合的內容來發現最好的住宿地點、活動和用餐地點，所有這些都由技術和我們的專有數據提供支持.

And as we suspected, we're finding that better content drives deeper engagement. Preliminary results show an increase in time spent on platform and page views. We made significant progress scaling our unified group-wide customer data platform, which now has over 1 billion data profiles. This is the foundation that will power our ability to display personalized search results, more effectively target customers and prospects and build better audiences for advertising partners, among other use cases.

正如我們所懷疑的那樣，我們發現更好的內容可以推動更深入的參與。初步結果顯示，花在平台和頁面瀏覽上的時間有所增加。我們在擴展我們統一的集團範圍內的客戶數據平台方面取得了重大進展，該平台現在擁有超過 10 億個數據配置文件。這是支持我們顯示個性化搜索結果、更有效地定位客戶和潛在客戶以及為廣告合作夥伴建立更好的受眾以及其他用例的能力的基礎。

We continue to drive changes within our organization to improve execution, including an aligned functional leadership structure with world-class talent in new roles, driving product, sales and marketing and operations. We're already seeing the impact of our new operating model, which is driving increased velocity in product development, more flexibility to shift resources to align with our highest priorities and streamlining our teams to generate a higher level of performance going forward.

我們繼續推動我們組織內部的變革以提高執行力，包括調整職能領導結構，讓世界一流的人才擔任新角色，推動產品、銷售、營銷和運營。我們已經看到了我們新運營模式的影響，它正在推動產品開發速度的提高，更靈活地轉移資源以與我們的最高優先事項保持一致，並精簡我們的團隊以產生更高水平的績效。

These examples are reflective of a more consumer and product-led mindset that we will continue to build on quarter-by-quarter. I'm particularly excited about the work we're currently progressing at the intersection of trip planning and generative AI. What sets us apart in the industry is our relationship of trust with travelers. We understand that travel decisions are complex and good advice is hard to find. And we believe that we're uniquely positioned to bring together our large asset of proprietary first-party data and authentic content with best-in-class large language models and embed them in the tools travelers need to fully plan itineraries end to end.

這些例子反映了我們將繼續每個季度建立的更加以消費者和產品為主導的心態。我對我們目前在旅行規劃和生成 AI 的交叉領域取得的進展感到特別興奮。讓我們在行業中脫穎而出的是我們與旅行者的信任關係。我們知道旅行決定很複雜，而且很難找到好的建議。我們相信，我們具有獨特的優勢，可以將我們的大量專有第一方數據資產和真實內容與一流的大型語言模型結合在一起，並將它們嵌入到旅行者需要的工具中，以端到端地全面規劃行程。

We have distinct assets and capabilities. Our brand trust, broad reach, signals of intent, quality reviews from real travelers sharing their actual experiences and more, all of which we can leverage to reinforce our relevance in the travel ecosystem.

我們擁有獨特的資產和能力。我們的品牌信任、廣泛的影響力、意向信號、真實旅行者分享他們實際體驗的質量評論等等，所有這些我們都可以利用來加強我們在旅游生態系統中的相關性。

Turning now to Viator, where we are accelerating our leadership position in the experiences category. We grew revenue year-over-year by 105% to $115 million and reached over $800 million in gross bookings value. The strong revenue growth rate was driven by volume and better take rates, and we continue to see improvements in repeat rates of our customer cohorts.

現在轉向 Viator，我們正在加速我們在體驗類別中的領導地位。我們的收入同比增長 105% 至 1.15 億美元，總預訂價值超過 8 億美元。強勁的收入增長率是由數量和更好的採用率推動的，我們繼續看到我們客戶群的重複率有所提高。

The market for experiences is large and growing. Anticipated to reach just under $280 billion in gross bookings value by 2025 and a market that is still largely off-line with only about 1/4 of gross bookings transacted online today, but has continued to migrate online at a fast rate. Beyond these category tailwinds, we're investing in marketing to acquire new customers, to build our brand and to drive awareness to the experiences category. We expect that over time, as our marketing efforts and expansion into other channels gain traction, we can drive strong unit economics.

體驗市場很大，而且還在不斷增長。預計到 2025 年總預訂價值將略低於 2800 億美元，該市場目前仍基本處於離線狀態，目前只有約 1/4 的總預訂是在線交易的，但仍在繼續快速遷移到線上。除了這些類別順風，我們正在投資營銷以獲取新客戶，建立我們的品牌並提高對體驗類別的認識。我們預計，隨著時間的推移，隨著我們的營銷努力和向其他渠道的擴張獲得牽引力，我們可以推動強勁的單位經濟效益。

Our teams are focused on improving the UX, the app experience, product and technology and marketing programs for our suppliers. As a result, we're seeing ongoing improvement in conversion, take rate and app adoption. We're frequently asked about the advantage of having 2 brands in the market in the experiences category, and what role each one plays. I'd like to share a few thoughts on this topic.

我們的團隊專注於為我們的供應商改進用戶體驗、應用程序體驗、產品和技術以及營銷計劃。因此，我們看到轉化率、採用率和應用程序採用率不斷提高。我們經常被問及在體驗類別的市場上擁有 2 個品牌的優勢，以及每個品牌扮演的角色。我想就這個話題分享一些想法。

Our experiences brands are complementary, allowing us to capture a broad travel audience across all the things to do on a trip as well as going deep in experiences. At Viator, the world's leading experience is OTA. We provide travelers who are looking to book their next experience with an unparalleled collection of global tours, activities and experiences. For our 50,000-plus operators, we offer distribution on thousands of sites, reaching millions of travelers, including direct access to Tripadvisor's storefront.

我們的體驗品牌是互補的，使我們能夠在旅行中的所有事情以及深入的體驗中吸引廣泛的旅遊受眾。在Viator，世界領先的體驗是OTA。我們為希望預訂下一次體驗的旅行者提供無與倫比的全球旅遊、活動和體驗。對於我們的 50,000 多家運營商，我們在數千個網站上提供分發服務，覆蓋數百萬旅行者，包括直接訪問 Tripadvisor 的店面。

At Tripadvisor, as the largest travel guidance platform, our trusted brand and reviews help build awareness and guide travelers to the right experience as part of their overall travel planning. It serves travelers higher up in the funnel, enabling us to reach audiences that Viator traditionally doesn't, introducing experiences as one component of an overall trip. Almost as many travelers come to us for experiences as for hotels or restaurants and we have a significant opportunity to expose even more of them to bookable inventory. And the majority of those travelers come to Tripadvisor by a free traffic, given the vast reach of the brand which is an exceptional asset to help us drive our unit economics over time.

在 Tripadvisor，作為最大的旅行指南平台，我們值得信賴的品牌和評論有助於建立知名度並引導旅行者獲得正確的體驗，作為其整體旅行計劃的一部分。它為漏斗中更高層的旅行者提供服務，使我們能夠接觸到 Viator 傳統上無法觸及的受眾，將體驗作為整個旅行的一個組成部分引入。來我們這裡尋求體驗的旅客幾乎與來酒店或餐館的旅客一樣多，我們有一個重要的機會讓更多的旅客接觸可預訂的庫存。考慮到該品牌的廣泛影響力是幫助我們隨著時間的推移推動單位經濟效益的一項特殊資產，這些旅行者中的大多數都是免費訪問 Tripadvisor 的。

We believe that our combined approach leveraging Viator and Tripadvisor for their distinct but complementary strengths and their large TAMs is a competitive advantage as we focus on creating the best user journey that matches growing traveler demand for experiences with the most relevant supply.

我們相信，我們利用 Viator 和 Tripadvisor 各自獨特但互補的優勢及其龐大的 TAM 的組合方法是一種競爭優勢，因為我們專注於創造最佳的用戶旅程，以滿足不斷增長的旅行者對體驗和最相關供應的需求。

Finally, at TheFork, we saw solid performance, reinforcing our position as a leader in the European dining sector. Revenue grew 35% year-over-year and 41% in constant currency, driven by strong booking volumes. We're even more pleased at this activity when considering the less-than-ideal backdrop in Europe with the macro environment and other disruptions such as the recent strikes in France.

最後，在 TheFork，我們看到了穩健的表現，鞏固了我們作為歐洲餐飲業領導者的地位。在強勁的預訂量推動下，收入同比增長 35%，按固定匯率計算增長 41%。考慮到歐洲不太理想的宏觀環境背景和其他干擾因素，例如法國最近的罷工，我們對這項活動更加滿意。

As we balance growth with profitability, adjusted EBITDA margin improved year-over-year. We're continuing to drive value to both restaurants and diners. On the restaurant side, we saw improved productivity and discipline across our sales teams that we believe will help us grow from our current base of over 55,000 restaurants. We're also delivering analytics that demonstrate a clear return on investment for restaurant owners which helps drive restaurant acquisition and retention.

由於我們平衡了增長與盈利能力，調整後的 EBITDA 利潤率同比有所提高。我們將繼續為餐廳和食客創造價值。在餐廳方面，我們看到銷售團隊的生產力和紀律得到提高，我們相信這將幫助我們從目前超過 55,000 家餐廳的基礎上發展壯大。我們還提供分析，為餐廳老闆展示明確的投資回報，這有助於推動餐廳的收購和保留。

On the diner side, we're seeing a higher share of new customer acquisition through our app versus the web, and app download volumes that are nearly double 2022 levels. We know that diners who come to us through the app have a higher lifetime value and much better retention, giving us confidence in the value we're driving for customers.

在餐廳方面，我們發現通過我們的應用程序獲得的新客戶份額高於網絡，並且應用程序下載量幾乎是 2022 年水平的兩倍。我們知道通過該應用程序來找我們的食客具有更高的終生價值和更好的保留率，這使我們對我們為客戶帶來的價值充滿信心。

Over the last year, we've observed consumers prioritizing their discretionary spend in travel and experiences over other categories despite the macro uncertainty. As we prepare for the upcoming peak travel season, we continue to see positive signals of intent in our own data that we find encouraging. While travelers are just starting to kick off the peak planning period for summer holidays, summer travel intent is already significantly higher than last year at this time by advanced planners.

在過去的一年裡，我們觀察到儘管存在宏觀不確定性，但消費者將他們在旅行和體驗方面的可自由支配支出置於其他類別之上。在我們為即將到來的旅遊旺季做準備時，我們繼續在我們自己的數據中看到積極的意向信號，這讓我們感到鼓舞。雖然旅行者剛剛開始開啟暑假計劃的高峰期，但提前計劃者此時的夏季旅行意向已經明顯高於去年。

Our data also suggests that share of international travel intent is returning to pre-pandemic levels in the U.S. and EMEA. And APAC intent to travel is more than double than last summer. We're also observing an increase in experiences searches year-over-year, particularly in Europe. Of course, there remains ongoing uncertainty about the macro environment. Regardless, we're focused on the things we can control, executing on our strategy and delivering on our plan for each of our segments.

我們的數據還表明，美國和 EMEA 的國際旅行意向份額正在恢復到大流行前的水平。亞太地區的旅遊意向是去年夏天的兩倍多。我們還觀察到體驗搜索逐年增加，尤其是在歐洲。當然，宏觀環境的不確定性依然存在。無論如何，我們專注於我們可以控制的事情，執行我們的戰略並為我們的每個細分市場交付我們的計劃。

As I close out my remarks, I want to thank our teams for their growing engagement levels and energy for the work we're fortunate to do together every day. As I travel across our offices to discuss our strategic priorities and execution plans, I continue to be impressed with our team's curiosity, action orientation and passion for our purpose, all grounded in the relationships we build with travelers as they navigate their travel decisions and connect to our partners. We are confident in our progress and look forward to keeping you updated in the coming quarters.

在我結束髮言時，我要感謝我們的團隊不斷提高的參與度和精力，感謝我們有幸每天一起做的工作。當我走遍我們的辦公室討論我們的戰略重點和執行計劃時，我仍然對我們團隊的好奇心、行動方向和對我們目標的熱情印象深刻，所有這些都基於我們與旅行者建立的關係，因為他們在製定旅行決策和聯繫時與他們建立了聯繫給我們的合作夥伴。我們對我們的進展充滿信心，並期待在未來幾個季度為您提供最新信息。

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. I will review the results of the first quarter, including segment commentary and provide some color on the trends we are seeing in the second quarter. All growth rates for 2023 are relative to the comparable period in 2022, unless otherwise indicated.

謝謝，馬特，大家早上好。我將回顧第一季度的結果，包括部分評論，並對我們在第二季度看到的趨勢提供一些色彩。除非另有說明，否則 2023 年的所有增長率均與 2022 年同期相比。

Now on to Q1. We delivered results that were in line with our expectations. Consolidated revenue was $371 million, reflecting a 42% growth rate or 46% on a constant currency basis. And adjusted EBITDA was $33 million or 22% growth rate and represented a margin of 9%.

現在進入第一季度。我們交付了符合我們預期的結果。綜合收入為 3.71 億美元，增長率為 42%，按固定匯率計算為 46%。調整後的 EBITDA 為 3300 萬美元，增長率為 22%，利潤率為 9%。

Our results reflect a healthy travel environment, particularly in the experiences category, where we continue to lean into a very large market opportunity.

我們的結果反映了一個健康的旅遊環境，特別是在體驗類別中，我們繼續依靠一個非常大的市場機會。

Turning to the segment performance for the first quarter. Tripadvisor Core delivered a strong quarter with revenue of $244 million, which represented 28% growth. Branded Hotels grew 24% with solid execution in both hotel meta and our B2B offerings. In hotel meta, the quarter was helped by an easier year-over-year comparison in January and, to a lesser extent, in February due to Omicron while March grew at a more normalized level. Hotel meta performance was consistent across regions, with some higher growth in APAC given the broader opening of travel in the region.

轉向第一季度的細分市場表現。 Tripadvisor Core 本季度表現強勁，收入達 2.44 億美元，增長 28%。品牌酒店增長了 24%，酒店元數據和我們的 B2B 產品均表現出色。在酒店元數據方面，該季度得益於 1 月份較容易的同比比較，2 月份由於 Omicron 而在較小程度上有所幫助，而 3 月份的增長水平更為正常。酒店元數據在各個地區的表現是一致的，鑑於該地區旅行的更廣泛開放，亞太地區的增長有所加快。

We saw particularly strong performance in experiences in dining, which grew 65% in the quarter. This was due to growth in our experiences revenue, which was up over 100% in Q1, primarily driven by marketing investment as well as improvements to conversion rates. These improvements were largely related to better presentation and matching of experienced recommendations to our customers.

我們看到餐飲體驗表現尤為強勁，本季度增長了 65%。這是由於我們的體驗收入增長，第一季度增長超過 100%，這主要是受營銷投資和轉化率提高的推動。這些改進在很大程度上與更好地向我們的客戶展示和匹配有經驗的建議有關。

Display and platform grew 15%, which was impacted slightly by the timing of several new media deals as backlog in the quarter remained strong. Our other revenue grew 30%, driven by growth in our cruise offering, which has seen strong performance as the cruise industry continues its recovery.

顯示和平台增長了 15%，這受到幾項新媒體交易時間的輕微影響，因為本季度的積壓訂單仍然強勁。我們的其他收入增長了 30%，這得益於郵輪產品的增長，隨著郵輪行業的持續復甦，郵輪產品表現強勁。

Adjusted EBITDA in Tripadvisor Core was $72 million, or 30% of revenue, just above 29% of revenue in the same period a year ago. The slight margin improvement was driven by fixed cost leverage despite sustained performance marketing spend to drive experiences growth.

Tripadvisor 核心的調整後 EBITDA 為 7200 萬美元，佔收入的 30%，略高於去年同期收入的 29%。儘管績效營銷支出持續推動體驗增長，但固定成本槓桿推動了利潤率的小幅改善。

At Viator, revenue was $115 million, reflecting growth of 105% or 115% on a constant currency basis. Gross booking value, or GBV, was over $800 million and exceeded expectations. Revenue growth was higher than GBV growth, primarily due to increased take rates year-over-year. The increase in take rates is due to greater adoption of our programs that allow suppliers to advertise more effectively on our platform and, to a lesser extent, an increase in mix shift towards non-U.S. destinations.

Viator 的收入為 1.15 億美元，按固定匯率計算增長了 105% 或 115%。總預訂價值 (GBV) 超過 8 億美元，超出預期。收入增長高於 GBV 增長，這主要是由於收入同比增長。接受率的增加是由於更多地採用我們的計劃，使供應商能夠在我們的平台上更有效地做廣告，並且在較小程度上，增加了向非美國目的地的混合轉移。

Additionally, this quarter, we saw a step-up in average book windows compared to both last year and Q1 of 2019, which we believe is reflective of a continued healthy travel market.

此外，與去年和 2019 年第一季度相比，本季度我們看到平均預訂窗口有所增加，我們認為這反映了旅遊市場持續健康發展。

Adjusted EBITDA loss for the Viator segment was $30 million, which represents year-over-year margin improvement, primarily driven by leverage and people cost. Sales and marketing expenses as a percent of revenue increased year-over-year, primarily due to the start of our brand campaigns in the second half of 2022 and will continue in 2023. We saw leverage in performance marketing costs as we continue to diversify our acquisition channels outside of traditional SEM.

Viator 部門調整後的 EBITDA 虧損為 3000 萬美元，這意味著利潤率同比有所提高，這主要是由槓桿和人員成本推動的。銷售和營銷費用佔收入的百分比同比增長，這主要是由於我們的品牌活動於 2022 年下半年開始，並將持續到 2023 年。隨著我們繼續多元化經營，我們看到了績效營銷成本的槓桿作用傳統 SEM 之外的獲取渠道。

As a reminder, total sales and marketing expenses incurred in period generally benefit recognized revenue in future periods. We like the returns and unit economics improvements we are seeing and are leaning into the large experiences opportunity through sales and marketing investments to drive new and repeat customer bookings that can further accelerate share gains in this attractive market.

提醒一下，期間發生的總銷售和營銷費用通常有利於未來期間確認的收入。我們喜歡我們所看到的回報和單位經濟效益的改善，並通過銷售和營銷投資抓住大量體驗機會，以推動新客戶和回頭客預訂，從而進一步加快在這個有吸引力的市場中的份額增長。

We are encouraged by recent cohort performance and believe our investments will create a large repeat customer base over time that can ultimately drive very profitable business for us at scale. Our repeat customers who booked at a higher average item value than new customers often return to us through free channels at higher rates than our new customers are and are, therefore, more profitable.

我們對最近的隊列表現感到鼓舞，並相信我們的投資將隨著時間的推移創造一個龐大的回頭客群，最終可以為我們大規模推動非常有利可圖的業務。我們以比新客戶更高的平均商品價值預訂的回頭客通常通過免費渠道以比我們的新客戶更高的價格返回給我們，因此利潤更高。

As repeat customer bookings become a greater share of our total bookings, we expect to drive more and more leverage. Further, we believe that as we build brand and awareness and drive more direct and new and repeat customer bookings, customer unit economics will continue to improve. In the near term, we are investing to build a large customer base, deliver more value to our suppliers and improve our product.

隨著重複客戶預訂在我們總預訂中所佔的比例越來越大，我們預計會推動越來越多的槓桿作用。此外，我們相信，隨著我們建立品牌和知名度並推動更直接、新的和重複的客戶預訂，客戶單位經濟效益將繼續改善。在短期內，我們正在投資建立一個龐大的客戶群，為我們的供應商提供更多價值並改進我們的產品。

At TheFork, revenue in Q1 was $35 million, reflecting year-over-year growth of 35% and 41% on a constant currency basis. Performance was driven by year-over-year bookings growth of approximately 24% and healthy growth in revenue per booking. We were pleased with this performance considering the disruption in France from the recent strikes and other macro volatility in Europe.

在 TheFork，第一季度的收入為 3500 萬美元，按固定匯率計算同比增長 35% 和 41%。業績是由約 24% 的同比預訂量增長和每次預訂收入的健康增長推動的。考慮到法國最近的罷工和歐洲其他宏觀波動造成的破壞，我們對這一表現感到滿意。

Adjusted EBITDA loss for TheFork was $9 million, which represents improved margins year-over-year and was primarily driven by leverage in people costs and, to a lesser extent, a onetime cost benefit and cost of revenue. This leverage was partially offset by the timing of planned brand investments between Q1 and Q2 this year versus last year.

TheFork 調整後的 EBITDA 虧損為 900 萬美元，這表明利潤率同比有所提高，主要是由於人力成本的影響，以及較小程度上的一次性成本效益和收入成本。這一槓桿作用被今年第一季度和第二季度與去年相比計劃的品牌投資時間部分抵消了。

Turning now to consolidated expenses. Cost of revenue levered by about 60 basis points due to greater head count absorption in our Viator brand. Sales and marketing expenses delevered by about 525 basis points, primarily due to increase in Viator marketing spend, including brand which more than offset leverage in people costs.

現在轉向合併費用。由於我們的 Viator 品牌吸收了更多的員工，收入成本槓桿化了約 60 個基點。銷售和營銷費用減少了約 525 個基點，這主要是由於 Viator 營銷支出的增加，其中包括抵消了人力成本影響的品牌。

Technology and content and general and administrative expenses levered by approximately 450 basis points, primarily driven by people costs. Consolidated adjusted EBITDA in Q1 was $33 million or 9% of revenue compared to 10% of revenue for Q1 of last year.

技術和內容以及一般和管理費用槓桿化約 450 個基點，主要受人力成本驅動。第一季度合併調整後的 EBITDA 為 3300 萬美元，佔收入的 9%，而去年第一季度佔收入的 10%。

Now on to our cash and liquidity position. Free cash flow for the quarter was $119 million, which is up meaningfully versus $72 million in Q1 of 2022. This year-over-year improvement was primarily due to an increase in cash received in advance from customers for experience bookings within deferred revenue and deferred merchant payables.

現在談談我們的現金和流動性狀況。本季度的自由現金流為 1.19 億美元，與 2022 年第一季度的 7200 萬美元相比有顯著增長。這一同比改善主要是由於遞延收入和遞延收入中從客戶那裡預收的用於體驗預訂的現金增加商戶應付賬款。

We ended the quarter with a strong balance sheet with just over $1.1 billion in cash.

本季度結束時，我們的資產負債表表現強勁，現金超過 11 億美元。

Moving to recent trends and thoughts for the second quarter. As a reminder, Q2 is a tougher year-over-year comparable period as last year, we witnessed a surge of travel demand as we emerged from the impact of Omicron in Q1. As such, we are expecting growth rates to moderate through the second quarter of this year.

轉到第二季度的最新趨勢和想法。提醒一下，與去年相比，第二季度是一個比去年同期更艱難的時期，隨著我們在第一季度從 Omicron 的影響中走出來，我們目睹了旅行需求的激增。因此，我們預計今年第二季度的增長率將放緩。

Tripadvisor Core revenue saw low single-digit growth in April, which we expect to closely mirror growth for the quarter. For Viator revenue, April growth rate was over 60%, which we expect to step down meaningfully through the quarter as we move into a difficult compare versus last year. For TheFork revenue, we saw a little over 20% growth rate in April, and we expect this to be fairly consistent through the quarter.

Tripadvisor 核心收入在 4 月份實現了較低的個位數增長，我們預計這將與本季度的增長密切相關。對於 Viator 的收入，4 月份的增長率超過 60%，我們預計隨著我們進入與去年相比的艱難時期，這一季度將大幅下降。對於 TheFork 的收入，我們在 4 月份看到略高於 20% 的增長率，我們預計這一季度將保持相當穩定。

For Q2, consolidated adjusted EBITDA margin, we're expecting to see a sequential seasonal improvement in margin, but about a 6- to 8-point step down year-over-year. Contributing to the margin headwind is approximately 3 percentage points due to a COVID subsidy benefit of approximately $11 million in TheFork and a onetime non-income-related tax benefit of approximately $2 million in Tripadvisor Core. Both recorded in Q2 of 2022, with the remaining impact of approximately 3 to 4 percentage points due to primarily the investments in Viator growth and marketing and brand spend.

對於第二季度，綜合調整後的 EBITDA 利潤率，我們預計利潤率將出現連續的季節性改善，但同比下降約 6 至 8 個百分點。由於 TheFork 的 COVID 補貼收益約為 1100 萬美元，以及 Tripadvisor Core 的一次性非收入相關稅收收益約為 200 萬美元，對利潤率的不利影響約為 3 個百分點。兩者都記錄在 2022 年第二季度，其餘影響約為 3 到 4 個百分點，主要是由於對 Viator 增長和營銷以及品牌支出的投資。

For Q2, adjusted EBITDA margin at Tripadvisor Core, we're expecting to see a sequential seasonal improvement but about a 6- to 7-point step down in margin year-over-year. This is largely due to a difficult compare and was anticipated in our margin expectations for the full year. A little over half of the margin step-down is due to the impact of phasing of hiring last year as head count increases were weighted to the back half of the year. This is magnified by a stronger sequential increase in revenue from Q1 to Q2 in 2022 as we emerged from Omicron versus this year's expected sequential pickup in revenue.

對於第二季度，Tripadvisor Core 調整後的 EBITDA 利潤率，我們預計會出現連續的季節性改善，但利潤率同比下降約 6 至 7 個百分點。這主要是由於比較困難，並且在我們對全年的利潤率預期中有所預期。略多於一半的利潤率下降是由於去年分階段招聘的影響，因為員工人數的增加集中在今年下半年。隨著我們從 Omicron 中脫穎而出，與今年預期的收入連續回升相比，2022 年第一季度至第二季度的收入連續增長更為強勁，這一點得到了放大。

The remaining margin pressure is due to increased investment in performance marketing to drive experiences growth as well as the aforementioned cost benefit in Q2 of last year. We are reaffirming our expectations for the full year of 2023 adjusted EBITDA margins for both consolidated and Tripadvisor Core to remain approximately flat with 2022 margins.

剩餘的利潤率壓力是由於增加了對績效營銷的投資以推動體驗增長以及上述去年第二季度的成本效益。我們重申，我們預計合併和 Tripadvisor Core 的 2023 年全年調整後 EBITDA 利潤率將與 2022 年的利潤率大致持平。

Our outlook remains consistent with expectations a few months ago. To conclude, we believe Q1 was a solid quarter and we are on track to deliver expectations for the year as we continue to manage the business that reflects our segment strategies.

我們的前景與幾個月前的預期一致。總而言之，我們認為第一季度是一個穩健的季度，隨著我們繼續管理反映我們細分戰略的業務，我們有望實現今年的預期。

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) The first question comes from Lloyd Walmsley from UBS.

（操作員說明）第一個問題來自瑞銀集團的 Lloyd Walmsley。

I have kind of, I guess, a 2-part question on generative AI. And I guess the first part is just like -- it seems like a huge hurdle territory to reinvent travel planning. You guys seem like you have a lot of good assets to put to work here. So anything more you can share on just like how you're thinking about creating new product experiences using that? And like how big of a team do you have focused on this?

我想，我有一個關於生成 AI 的兩部分問題。我想第一部分就像——重塑旅行計劃似乎是一個巨大的障礙。你們似乎有很多好的資產可以在這里工作。那麼你還有什麼可以分享的，就像你是如何考慮使用它來創造新的產品體驗一樣的？你有多大的團隊專注於此？

And the second part is just kind of on the more defensive side. It also seems like something that could open the door for new applications from other people. So what steps are you guys taking to protect your content from getting crawls and used by other players? Like what are you doing? What can you do? Anything you guys can share there would be great.

而第二部分只是更具防禦性的一面。它似乎也可以為其他人的新應用程序打開大門。那麼你們採取了哪些措施來保護您的內容不被其他玩家抓取和使用？比如你在做什麼？你能做什麼？你們可以在那里分享的任何東西都會很棒。

Thanks, Lloyd. Appreciate the question. And of course, generative AI is such a hot topic as we all know. And we've been focusing on it since day 1. Generative AI and the advances in large language models, it's such a meaningful advance in technology, and we think it's going to have a significant impact in all areas of society. And so there's a lot of use cases out there. There's -- things are moving really rapidly.

謝謝，勞埃德。感謝這個問題。當然，眾所周知，生成式人工智能是一個熱門話題。我們從第一天起就一直關注它。生成式人工智能和大型語言模型的進步，這是一項意義重大的技術進步，我們認為它將對社會的各個領域產生重大影響。所以那裡有很多用例。有 - 事情發展得非常迅速。

I think there's a lot of questions to answer. And we -- I think our primary point of view is that the companies with well-established brands, large assets of data, communities that trust them are really well positioned to utilize generative AI to capitalize on that position, and we intend to do that. So we have a long history with AI, and we have a substantial team working on this.

我認為有很多問題需要回答。我們——我認為我們的主要觀點是，擁有知名品牌、大量數據資產、信任他們的社區的公司確實處於有利地位，可以利用生成人工智能來利用這一地位，我們打算這樣做.所以我們在 AI 方面有著悠久的歷史，並且我們有一個龐大的團隊致力於此。

We made the decision that we weren't going to go chase the early headlines. We wanted instead to work on something that would really leverage what's unique about us, what capabilities do we have, and how can we deeply integrate it into our product strategy for the long term. As you know, we developed a strategy where generative AI actually creates an incredible opportunity for us to differentiate.

我們決定不去追逐早期的頭條新聞。相反，我們想做的是真正利用我們的獨特之處、我們擁有的能力以及我們如何將其長期深入整合到我們的產品戰略中的東西。如您所知，我們制定了一項戰略，其中生成人工智能實際上為我們創造了一個令人難以置信的差異化機會。

People come to us for guidance, and we think that the technology can help us supercharge that. And of course, we can deliver that in context. And so as we unlock the value, we're thinking about, how does the technology integrate into our UX, how do we embed it into the product experience and drive engagement? We think it can be an accelerant. And ultimately, we want it to be in the tools that travelers use to fully plan their itineraries end to end.

人們來找我們尋求指導，我們認為這項技術可以幫助我們加強指導。當然，我們可以在上下文中提供它。因此，當我們釋放價值時，我們正在考慮，技術如何融入我們的用戶體驗，我們如何將其嵌入產品體驗並推動參與？我們認為它可以是一種促進劑。最終，我們希望它成為旅行者用來全面規劃端到端行程的工具。

I mentioned the importance of our relationships of trust. There's certainly a lot of people experimenting with generative AI. I think those who can deliver results that are meaningful and reliable and do that at scale are going to be in a good position. And we just think that the baseline of the -- I mentioned the 1 billion data profile, that is a great start for us to do it. But as with any technology, there's a lot of iteration, there are going to be areas of opportunity beyond product.

我提到了我們信任關係的重要性。肯定有很多人在嘗試生成人工智能。我認為那些能夠提供有意義和可靠的結果並大規模地做到這一點的人將處於有利地位。我們只是認為——我提到了 10 億數據配置文件的基線，這對我們來說是一個很好的開始。但與任何技術一樣，有很多迭代，會有超越產品的機會領域。

And I think about productivity improvements. I think about, certainly, we can accelerate how fast we move. It's super early. We're going to iterate and learn. And I think that when we think about our content, we have choices about who gets to crawl and index our content and under what terms. And so we'll always be thinking about how to take the content that we have that's valuable and make sure that we are rewarded for it in the right way.

我考慮提高生產力。我想，當然，我們可以加快行動的速度。超級早。我們將迭代和學習。而且我認為，當我們考慮我們的內容時，我們可以選擇由誰來抓取和索引我們的內容以及在什麼條件下。因此，我們將始終考慮如何利用我們擁有的有價值的內容，並確保我們以正確的方式獲得回報。

So again, we recognize both the opportunity and the questions that need to be answered, and we're going to be saying more about this quarter by quarter.

因此，我們再次認識到機會和需要回答的問題，我們將逐個季度更多地討論這個問題。

Our next question comes from the line of James Lee from Mizuho.

我們的下一個問題來自瑞穗的 James Lee。

Two here. Can you guys talk about maybe ADR trends by geography? What are you seeing in terms of hotel pricing in the major region you're operating?

這裡有兩個。你們能談談按地域劃分的 ADR 趨勢嗎？您對您經營的主要地區的酒店定價有何看法？

And also, second thing, Viator, it sounds like you guys are making good traction on advertising. How should we think about the opportunity of that business advertising in terms of takeaway over the longer term?

而且，第二件事，Viator，聽起來你們在廣告方面的吸引力很大。從長遠來看，我們應該如何考慮外賣業務廣告的機會？

So James, I didn't catch that second part of the question, what was that?

詹姆斯，我沒聽清問題的第二部分，那是什麼？

Advertising.

廣告。

Second part is the advertising take way for Viator, how should we think about that for the long term of the business?

第二部分是廣告讓位給 Viator，從長遠來看，我們應該如何考慮？

Yes, I'll take the first part on ADR. So really, I guess the question is kind of what are we seeing in our primary hotel auction and B2B business. I'd say Q1, we certainly saw very healthy volumes and pricing, and that was largely on a year-over-year basis, a lot driven by the easy compare. And we did see those step down, right, as we moved through the quarter.

是的，我將參加 ADR 的第一部分。所以真的，我想問題是我們在主要酒店拍賣和 B2B 業務中看到了什麼。我想說第一季度，我們當然看到了非常健康的銷量和定價，而且這主要是按年同比計算的，這在很大程度上是由簡單的比較驅動的。我們確實看到那些人在我們走過這個季度時下台了。

We have seen a period of pricing has been pretty stable. As we move through Q2, we are expecting volumes to come down, right, as we move through that tougher compare with pricing to be a bit more modestly up on a year-over-year basis. So what we're seeing in our -- in the hotel business is expected behavior on a year-over-year basis as we see, as we move into our tough compare period and pretty much aligned with our expectations on that part.

我們已經看到一段時期的定價非常穩定。隨著我們進入第二季度，我們預計銷量會下降，是的，因為我們經歷了與定價相比更艱難的情況，與去年同期相比略微上漲。因此，我們在酒店業務中看到的是我們所看到的同比預期行為，因為我們進入了艱難的比較期，並且與我們對該部分的預期非常一致。

And then the second question, I mean you asked about advertising take rate in Viator. I would make the point that we have programs that are intended to help quality operators get the most exposure on our platform. And those programs are obviously delivering our take rate, and it's increasing. And that's because they are seeing performance. And the teams are very focused on continuing to drive that.

然後是第二個問題，我的意思是你問過 Viator 的廣告採納率。我要指出的是，我們有旨在幫助優質運營商在我們的平台上獲得最大曝光率的計劃。這些計劃顯然提高了我們的接受率，而且還在增加。那是因為他們看到了性能。團隊非常專注於繼續推動這一點。

And I think we're really pleased with the number of operators that are taking us up on that. I don't think we've necessarily put any of those -- we've quantified it in the past, and I don't think we intend to. But what I would say is it's very healthy.

而且我認為我們對接受我們的運營商數量感到非常滿意。我不認為我們必須把其中任何一個——我們過去已經對其進行了量化，我認為我們不打算這樣做。但我要說的是它非常健康。

The next question comes from Jed Kelly from Oppenheimer & Co.

下一個問題來自 Oppenheimer & Co. 的 Jed Kelly。

Two, if I may. Just one on -- just on the core auction. Did you notice any difference in bidding behavior in certain geographies by some of your partners?

兩個，如果可以的話。就一個——就在核心拍賣上。您是否注意到某些合作夥伴在某些地區的出價行為有任何差異？

And then just moving back to the Viator advertising, a couple of things on that. How should we think about investing in 2 brands, Viator and Tripadvisor experiences? And can you give us any metrics around your payback on Viator?

然後回到 Viator 廣告，還有一些事情。我們應該如何考慮投資 2 個品牌，Viator 和 Tripadvisor 體驗？你能給我們關於你在 Viator 上的回報的任何指標嗎？

Yes, I'll take the first one. As I said in my earlier comments to James, we don't comment specifically on obviously partner bidding behaviors other than to say Q1 was an expected quarter, and we saw pretty consistent to our expectations, which is strong volumes, but declining year-over-year, right, as we get -- as we move through the quarter as we lap that comp, and pricing still remains strong.

是的，我要第一個。正如我在之前對 James 的評論中所說，我們不會具體評論明顯的合作夥伴競標行為，只是說第一季度是預期的季度，我們看到與我們的預期非常一致，即銷量強勁，但同比下降- 年，正確的，正如我們所得到的那樣 - 隨著我們在這個季度中前進，並且價格仍然保持強勁。

The pricing year-over-year benefit, we do expect to moderate as we move into Q2. But as we see it, it was a kind of an expected quarter from our auction business in general. So we feel pretty good about that.

隨著我們進入第二季度，我們確實預計定價同比收益會有所緩和。但正如我們所看到的，這是我們拍賣業務總體上預期的一個季度。所以我們對此感覺很好。

And on Viator advertising, I think what you're all getting at is the brand spend. And so obviously, we've been investing both to acquire new customers, to build out the brand, to drive awareness in the categories. And obviously, we're doing that because we're very excited about it. The shift we're seeing in the potential for stronger unit economics. And so what that means, first of all, we're always going to have fiscal discipline when we evaluate brand spend. And we're going to look at the data, and the data is suggesting that our awareness and consideration are growing.

在 Viator 廣告上，我認為你們都在關注品牌支出。很明顯，我們一直在投資以獲取新客戶、打造品牌和提高品類知名度。顯然，我們這樣做是因為我們對此感到非常興奮。我們在更強大的單位經濟潛力方面看到的轉變。所以這意味著什麼，首先，我們在評估品牌支出時總是要有財政紀律。我們將查看數據，數據表明我們的意識和考慮正在增長。

It's also -- we're getting a really strong indication from brand search SEM clicks, and it represents a more efficient path to be thinking about mid and upper funnel as we also think about that lower funnel. So we like what we see there. We're always going to be looking at the data, and we will optimize what we think will drive us to leadership in the category.

這也是——我們從品牌搜索 SEM 點擊中得到了一個非常強烈的指示，它代表了一種更有效的途徑來考慮中上漏斗，因為我們也在考慮下漏斗。所以我們喜歡我們在那裡看到的東西。我們將始終關注數據，我們將優化我們認為將推動我們在該類別中處於領先地位的內容。

Yes. And I guess the last part of your question was on kind of like paybacks, LTVs. We're obviously not going to comment on that level of detail. I would just say, Jed, we're very focused on what unit economics look like in this category. And they dictate a lot of ways how we think about our phasing and how we spend both in performance channels as well as in brand.

是的。我想你問題的最後一部分是關於回報，LTV。我們顯然不會對那種程度的細節發表評論。我只想說，傑德，我們非常關注這一類別的單位經濟學。他們決定了我們如何看待我們的階段以及我們如何在績效渠道和品牌上花費的很多方式。

And again, we are, I think, continue to lean in into the opportunity because we continue to see good unit economics. As you know, we do think about these things on an LTV basis. As we look at -- and the key metric is that repeat rate as to the things I highlighted in my prepared remarks. We like the repeat rates we're seeing. They're improving. We like the -- how they're coming back to us through channels that are either free or at a much more efficient basis.

而且，我認為，我們繼續抓住機會，因為我們繼續看到良好的單位經濟效益。如您所知，我們確實在 LTV 的基礎上考慮這些事情。正如我們所看到的——關鍵指標是我在準備好的發言中強調的事情的重複率。我們喜歡我們看到的重複率。他們正在改善。我們喜歡 - 他們如何通過免費或更有效的渠道回到我們身邊。

Creating that sticky client base is very important. So we do see the investment -- the upfront investment -- the merits of the upfront investment versus the payback large down the road. And I think this -- we know that scale is really important in these businesses, and it's really important in marketplaces. And as we drive to scale benefits, we feel pretty strongly that those are important for long-term winning in this category, and we'll continue to kind of view it that way.

建立粘性客戶群非常重要。所以我們確實看到了投資——前期投資——前期投資的優點與未來巨大的回報。我認為——我們知道規模在這些企業中非常重要，在市場中也非常重要。當我們努力擴大收益時，我們非常強烈地認為這些對於在這一類別中長期獲勝很重要，我們將繼續以這種方式看待它。

The next question comes from Mario Lu from Barclays.

下一個問題來自巴克萊銀行的 Mario Lu。

The first one is on Viator. You mentioned April growth is over 60%, but expected to step down the next couple of months. So just curious if you could give some color on last year's trends, how much of a tougher comp was May and June compared to April.

第一個是在 Viator 上。你提到 4 月份的增長率超過 60%，但預計未來幾個月會下降。所以很好奇你是否可以對去年的趨勢給出一些顏色，與 4 月相比，5 月和 6 月的表現要強多少。

Yes. I would say, May and June was when we really started picking up into the main season of the experiences buy. Sometimes that's closer in to become longer out. So last year was a meaningfully tougher compare in those 2 months for Viator, which is why our commentary of April was still a very healthy growth rate. But expect it to moderate as we move through the quarter. And a lot of that, again, is just seasonal buying last year for the product. So not really providing more specific color on a month-by-month basis than that, but we are expecting it to moderate as we move through the quarter.

是的。我想說，5 月和 6 月是我們真正開始進入體驗購買的主要季節的時候。有時，越近越遠。因此，去年對於 Viator 來說，這兩個月的比較是有意義的，這就是為什麼我們對 4 月份的評論仍然是一個非常健康的增長率。但隨著我們進入本季度，預計它會緩和。同樣，其中很多只是去年對該產品的季節性購買。因此，並沒有真正按月提供比這更具體的顏色，但我們預計它會隨著季度的推移而緩和。

Great. And in terms of the full year EBITDA margin guidance, good to hear that. It's being maintained flat year-on-year for core and total. Just curious, is there any kind of level of revenue growth kind of embedded in there to kind of hit those targets?

偉大的。就全年 EBITDA 利潤率指導而言，很高興聽到這個消息。核心和總計同比持平。只是好奇，是否有某種嵌入其中的收入增長水平可以達到這些目標？

Yes. So we -- on our last call, we said that we had a target to grow in line with broad industry participants in markets which we did further clarify that was kind of mid-teens, around 15%. We haven't updated that, but our position hasn't changed in that. So we still feel, again, as both Matt and I emphasize executing on plan that we outlined a few months ago.

是的。所以我們 - 在我們的最後一次電話會議上，我們說我們的目標是與市場中廣泛的行業參與者保持一致，我們進一步澄清說這是十幾歲左右，大約 15%。我們沒有更新，但我們的立場沒有改變。因此，我們仍然覺得，馬特和我都強調執行我們幾個月前概述的計劃。

The next question comes from the line of Stephen Ju from Credit Suisse.

下一個問題來自瑞士信貸的Stephen Ju。

So I think in your prepared remarks, you talked about improvements rolled out to Viator in terms of the presentation, and I guess partly what the consumer is seeing in the search results. So can you elaborate on that a little bit? Because it seems like improvements like this don't just end at 1 quarter, but continue to, I guess, get you benefits on an ongoing basis.

因此，我認為在您準備好的發言中，您談到了在演示方面向 Viator 推出的改進，我猜部分是消費者在搜索結果中看到的內容。那麼你能詳細說明一下嗎？因為看起來像這樣的改進不僅會在 1 個季度結束，而且我想會繼續讓您持續受益。

Stephen, I'll kick that off and Matt can provide any additional color. So just to clarify, the comments were related to what we're seeing in Tripadvisor Core experiences, right, and around conversion improvements. And I think what's important there is that we are excited about -- and Matt talked about this on the call, we're excited about what this channel can do as we think about our overall experiences opportunity.

斯蒂芬，我會開始，馬特可以提供任何額外的顏色。因此，澄清一下，這些評論與我們在 Tripadvisor 核心體驗中看到的內容相關，並且圍繞著轉化改進。我認為重要的是我們對此感到興奮——馬特在電話中談到了這一點，我們對這個渠道在考慮我們的整體體驗機會時能做些什麼感到興奮。

And that comes in a couple of forms. We did say that our ability to monetize a massive traffic base that we have here at Tripadvisor is very important, and we're doing that primarily through free traffic in our Tripadvisor Core channel for experiences. So that traffic -- the free traffic -- our ability to attract that free traffic when they experiences product is very important. That's one.

這有幾種形式。我們確實說過，我們將 Tripadvisor 擁有的龐大流量基礎貨幣化的能力非常重要，我們主要通過 Tripadvisor 核心體驗頻道中的免費流量來實現這一目標。因此，流量——免費流量——我們在體驗產品時吸引免費流量的能力非常重要。那是一個。

Two, getting directly to your question around conversion improvement. Well, I think what you're seeing is that as we continue to think about our experiences opportunity as a whole, we're looking at both channels, Viator and what we're doing at Tripadvisor Core, right? And because you can book that product on Tripadvisor Core, and are really thinking about porting over different wins at different channels and how we think about conversion improvements across both channels.

第二，直接回答您關於提高轉化率的問題。好吧，我想你看到的是，當我們繼續從整體上考慮我們的體驗機會時，我們正在關注兩個渠道，Viator 以及我們在 Tripadvisor Core 所做的事情，對嗎？因為您可以在 Tripadvisor Core 上預訂該產品，並且真的在考慮移植不同渠道的不同勝利以及我們如何考慮跨兩個渠道的轉化改進。

And so I think the comment is reflective of us being able to look at some improvements we've had at Viator and applying those at a channel -- at our channels at Tripadvisor Core, and we're excited to see that things around how we present -- how we're getting better at our Tripadvisor channel to present the right experience to the right individual, improves on conversion rates. So this is just the hard blocking and tackling of funnel optimization that we're excited that we are making progress there.

因此，我認為評論反映了我們能夠看到我們在 Viator 取得的一些改進，並將這些改進應用到一個渠道——在我們 Tripadvisor Core 的渠道上，我們很高興看到我們如何展示——我們如何改進我們的 Tripadvisor 渠道，向合適的人展示合適的體驗，提高轉化率。所以這只是漏斗優化的硬塊和解決，我們很高興我們在那裡取得進展。

Yes, Stephen, it's Matt. And I just wanted to add. The reason I wanted to share those particular examples is because I wanted to give you an update on the strategy we set out for Tripadvisor and really convey that we're executing against that strategy. We're on track, and it's flowing into the way we're leveraging data and you know that data is so fundamental to where we're going to go with this strategy.

是的，斯蒂芬，我是馬特。我只是想補充一下。我想分享這些特定示例的原因是因為我想向您介紹我們為 Tripadvisor 制定的戰略的最新情況，並真正傳達出我們正在按照該戰略執行。我們走上正軌，它正在流入我們利用數據的方式，你知道數據對於我們將要採用這一戰略的地方來說是如此基礎。

We can see the impact in our user experience, and then we can see the way that we're able to accelerate this stuff. It does connect very nicely to Viator. And of course, Viator is fundamentally focused on making sure that more people know about the category, come to Viator. When they come in, we want that experience of booking to be easy, enjoyable. We want them to come back to us, download our app. And finally, we want to make sure that, that demand is delivering the kind of value that we expect to deliver to the supply side.

我們可以看到對我們的用戶體驗的影響，然後我們可以看到我們能夠加速這些東西的方式。它確實很好地連接到 Viator。當然，Viator 從根本上專注於確保更多人了解該類別，來到 Viator。當他們進來時，我們希望預訂體驗輕鬆愉快。我們希望他們回到我們身邊，下載我們的應用程序。最後，我們要確保需求正在提供我們期望提供給供應方的那種價值。

And the way that we are aligning the 2 to work together, we're enthusiastic about the advantage that it creates. So that's why I wanted to share those with you today.

我們將 2 調整為一起工作的方式，我們對它創造的優勢充滿熱情。所以這就是為什麼我今天想和你們分享這些。

Your next question comes from Nathaniel Schindler from Bank of America.

你的下一個問題來自美國銀行的 Nathaniel Schindler。

Just a bit of clarity. You're saying that you are expecting adjusted EBITDA margins to be similar to what they were last year, just under 20% is where you were. And if you look at this quarter, a little under where you were last year because of excess spend on growing Viator, totally understandable. Next quarter, though, you're calling for both Core, Viator and TheFork all to be quite a bit lower than last year for, as you said, various reasons, including some COVID payments. Does that mean the back half is quite a bit higher, like a lot higher?

只是一點點清晰。你是說你預計調整後的 EBITDA 利潤率與去年相似，略低於 20%。如果你看一下這個季度，由於在增長 Viator 上的過度支出，你的表現略低於去年，這是完全可以理解的。不過，下個季度，您要求 Core、Viator 和 TheFork 都比去年低很多，原因如您所說，包括一些 COVID 付款。這是否意味著後半部分要高很多，比如高很多？

Yes, I'll take that. No, we don't think it's a lot higher, right? I think, first of all, I would say this year, it's slightly more weighted to the back half, not tremendously different from last year, but a little bit more weighted. I think on a consolidated basis, a few things driving that, right?

是的，我會接受的。不，我們認為它不會高很多，對嗎？我想，首先，我會說今年，後半部分的權重略高，與去年沒有太大不同，但權重更高了一點。我認為在綜合的基礎上，有一些因素推動了這一點，對吧？

One is that you're going to have both, I think, expectations around TheFork and Viator of having margin improvement, right? So I think that's a big driver in that, particularly TheFork, in that kind of second half kind of margin improvement.

一個是，我認為，您將對 TheFork 和 Viator 都有提高利潤率的期望，對嗎？所以我認為這是一個很大的推動力，尤其是 TheFork，在下半年的利潤率提高方面。

And then secondly, I would say just on Core, we are -- that's really not around an auction story, but it's really around some of our higher-margin businesses expectations to continue to make progress as we move through the year. That being media, B2B. So we don't see that this is a dramatic shift versus last year -- versus first half, second half of last year. But there are some slight moving pieces there that do make it slightly more weighted to the second half.

其次，我想就 Core 說，我們 - 這真的不是圍繞拍賣故事，而是圍繞我們的一些利潤率較高的企業期望在我們通過這一年繼續取得進展。那就是媒體，B2B。因此，我們認為與去年相比，這與去年上半年、下半年相比沒有顯著變化。但是那裡有一些輕微的變化，確實使下半場的權重略高。

The next question comes from the line of Doug Anmuth of JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

This is Dae on for Doug. We have a follow-up questions on Viator brands investment. So do you have any early learning that you can share around expecting for this brand? And how do you feel about your brands then presently? Is it at an adequate level? Or do you anticipate additional ramp going forward?

這是 Dae on for Doug。我們有一個關於 Viator 品牌投資的後續問題。那麼，您是否有任何可以分享的關於對這個品牌的期待的早期知識？您現在對您的品牌有何看法？它是否處於適當的水平？或者您預計未來會有更多的增長？

As a follow-up, Viator adjusted EBITDA, is there any way you guys could frame like when you expect that segment to become adjusted EBITDA profitable?

作為後續行動，Viator 調整了 EBITDA，當您期望該部分調整後的 EBITDA 盈利時，你們有什麼方法可以構想嗎？

I'll take -- at least start both of those and Matt can chime in where need to. So on the Viator brand spend, I think we're looking at this as a very disciplined basis. And we look at brand spend across a lot of different dimensions, very much kind of at the micro macro level.

我會接受 - 至少開始這兩個，Matt 可以在需要的地方插話。因此，在 Viator 品牌支出方面，我認為我們將其視為一個非常有紀律的基礎。我們從很多不同的維度來看待品牌支出，非常類似於微觀宏觀層面。

At the macro level, we clearly are investing to drive awareness. And that is a -- we're constantly measuring that, right? And those are things you can do through unaided and aided brand awareness surveys, which we do. We like what those metrics are telling us.

在宏觀層面，我們顯然正在投資以提高知名度。那是——我們一直在衡量它，對吧？這些都是你可以通過我們做的獨立和輔助品牌知名度調查來做的事情。我們喜歡這些指標告訴我們的內容。

From the more of a micro level and thinking about effectiveness of brand spend, we look at a lot of different metrics because brand spend is an investment today that does help future periods, right? And we should see, over time, improved conversion rates, which we're seeing -- we should be seeing increased brand SEO or brand searches, which we're seeing. So there are a lot of different metrics, which we use to evaluate effectiveness of the brand spend. And we're very -- use all these tools at our disposal to do this, because we do recognize brand spend is tricky.

從更微觀的層面考慮品牌支出的有效性，我們會考慮很多不同的指標，因為品牌支出是今天的一項投資，確實有助於未來時期，對吧？隨著時間的推移，我們應該看到我們看到的轉化率提高了——我們應該看到我們看到的品牌搜索引擎優化或品牌搜索增加。所以有很多不同的指標，我們用它們來評估品牌支出的有效性。我們非常 - 使用我們可以使用的所有這些工具來做到這一點，因為我們確實認識到品牌支出很棘手。

So again, along those dimensions, we continue to like what we see and we'll continue to deploy brand spend. Again, we started this in the second half of last year. We are expecting to continue the campaign this year based on, again, what we're seeing there.

因此，再次沿著這些維度，我們繼續喜歡我們所看到的，我們將繼續部署品牌支出。同樣，我們是從去年下半年開始的。我們預計今年將繼續根據我們在那裡看到的情況繼續開展活動。

The second question, which is around long-term margin. Our long-term margin, or I guess your question was really more on when do you expect profitability. I would say last year, we were profitable in the kind of second half of the year or in the third quarter of the year. And as we said, just to reiterate some of the points we made in our call in February, as we think about this brand, first and foremost, we think it's a great opportunity for us and a huge market.

第二個問題，是關於長期保證金的。我們的長期利潤率，或者我猜你的問題實際上更多的是你期望什麼時候盈利。我會說去年，我們在下半年或今年第三季度實現了盈利。正如我們所說，只是重申我們在 2 月份的電話會議中提出的一些觀點，當我們考慮這個品牌時，首先，我們認為這對我們和一個巨大的市場來說是一個很好的機會。

And we do think that scale matters, as I said earlier, and we'll continue to look at customer acquisition to build a very large repeat customer base. And that is what the scale will ultimately drive a very profitable business for us. And we do think this business should have very healthy long-term margins when we achieve scale.

正如我之前所說，我們確實認為規模很重要，我們將繼續關注客戶獲取，以建立一個非常龐大的回頭客群。這就是規模最終將為我們帶來非常有利可圖的業務。我們確實認為，當我們達到規模時，這項業務應該有非常健康的長期利潤率。

I think what's going to dictate that is as long as we continue to see healthy unit economics and we've already reviewed all the things we look at there around that, we're going to continue to kind of invest in that area. But we're going to manage it with the line of sight towards profitability.

我認為只要我們繼續看到健康的單位經濟並且我們已經審查了我們在那裡看到的所有事情，我們就會繼續在那個領域進行投資。但我們將著眼於盈利能力來管理它。

And as we said in our call in February, we're expecting the Viator margin to be approximately flat. And I think that aligns with how we're managing this, which we think is, again, capturing customers with the proper unit economics, but then also having an eye towards that profitability level.

正如我們在 2 月份的電話會議中所說，我們預計 Viator 的利潤率將大致持平。我認為這與我們的管理方式一致，我們認為這再次以適當的單位經濟來吸引客戶，但同時也要關注盈利水平。

And I would just add, our strategy is to be a winner in this very meaningful experiences category, and we believe that these investments are optimizing long-term shareholder value. We have the scale in this business right now and, frankly, improving unit economics where profitability does become a choice. We want to make sure that in an environment where the consumer is becoming aware that this category exists and is leaning into it, we're there to capture that demand, to grow our market share and to be a long-term winner that we think will be very valuable.

我只想補充一點，我們的戰略是成為這個非常有意義的體驗類別的贏家，我們相信這些投資正在優化長期股東價值。我們現在擁有這項業務的規模，坦率地說，提高單位經濟效益確實成為一種選擇。我們希望確保在消費者開始意識到這一類別的存在並傾向於它的環境中，我們在那裡抓住需求，擴大我們的市場份額並成為我們認為的長期贏家將非常有價值。

The next question comes from Ron Josey from Citi.

下一個問題來自花旗銀行的 Ron Josey。

This is James Michael on for Ron. Just 1 for me. Could you talk a little bit more about the enhancements you're making across the home screen and maybe how the Core user experience is evolving? What features are most incremental? What engagement benefits are you seeing? And any quantification on the click-through or bounce rates would be very helpful.

這是羅恩的詹姆斯邁克爾。對我來說只有 1 個。您能否多談談您在主屏幕上所做的增強，以及核心用戶體驗是如何演變的？哪些功能是最增量的？您看到了哪些參與好處？任何關於點擊率或跳出率的量化都會非常有幫助。

Yes. And so again, we're doing a rigorous amount of testing as we roll out these enhancements. The idea here is to start with the consumer and to think about what is the consumer experience we want to deliver when they arrive on our sites. So we've made some changes to the app homepage to make it more effective and bring users into the experience, elevating the search bar, being more deliberate about driving qualified traffic, because in the end, it's really about giving the consumer that experience that translates to engagement, that will deliver a highly qualified traveler to our partners and really drive monetization.

是的。因此，我們在推出這些增強功能時再次進行了大量測試。這裡的想法是從消費者開始，思考當他們到達我們的網站時我們想要提供的消費者體驗是什麼。因此，我們對應用程序主頁進行了一些更改，以使其更有效並讓用戶參與體驗，提升搜索欄，更加謹慎地推動合格的流量，因為最終，這實際上是為消費者提供這樣的體驗轉化為參與，這將為我們的合作夥伴提供高素質的旅行者並真正推動貨幣化。

This is just the beginning of the work that we're doing there, and we're excited that we think our mobile product can be an essential in-destination companion to help travelers make the most of our trips. And so what I would say about quantification is, well, I don't want to put numbers out there earlier, every category that I talked about where we're seeing changes was meaningful and areas that we think we can lean into and drive for long-term improvement.

這只是我們在那裡所做工作的開始，我們很高興我們認為我們的移動產品可以成為必不可少的目的地伴侶，幫助旅行者充分享受我們的旅行。因此，關於量化，我想說的是，好吧，我不想早點把數字放在那裡，我談到的每個類別我們看到的變化都是有意義的，我們認為我們可以深入並推動的領域長期改善。

We're seeing some stuff in our shopping experience as well, both experiences and hotels, where we're also -- we did some changes to the hotels product detail page, which were some of the most significant changes we did in the last 5 years. And again, we saw increased user engagement with the page and that really meant a more qualified hotel shopper, which makes that traffic even more interesting to our partners. And again, that will play through Meta, media and the kinds of marketplaces that we want to put in place.

我們也在我們的購物體驗中看到了一些東西，包括體驗和酒店，我們也在 - 我們對酒店產品詳細信息頁面進行了一些更改，這是我們在過去 5 年中所做的一些最重要的更改年。再一次，我們看到用戶對該頁面的參與度有所提高，這確實意味著更多合格的酒店購物者，這讓我們的合作夥伴對流量更加感興趣。同樣，這將通過元、媒體和我們想要建立的各種市場發揮作用。

And then, of course, in experiences shopping, some of the changes that we did to the product detail page made it a richer, more comprehensive page, and we saw meaningful improvements there. And so when we see increased investment and, again, decreased bounce rates, we're really excited.

然後，當然，在體驗購物中，我們對產品詳細信息頁面所做的一些更改使其變得更豐富、更全面，我們在那裡看到了有意義的改進。因此，當我們看到投資增加並且跳出率再次下降時，我們真的很興奮。

Now the one thing I will say, and maybe quantify just a little bit, we're still very focused on users wanting to come to our pages and leave reviews. And so we made improvements to our Write a Review form to drive more review and photo submissions. And the change and what we did with those pages and rolled out with both hotels and restaurants, we actually saw double-digit increases in both review completion rates and photo uploads for both hotels and restaurants.

現在我要說的一件事，也許只是一點點量化，我們仍然非常關注想要訪問我們的頁面並留下評論的用戶。因此，我們改進了寫評論表單，以推動更多評論和照片提交。以及我們對這些頁面所做的更改以及我們在酒店和餐廳推出的內容，我們實際上看到酒店和餐廳的評論完成率和照片上傳量都出現了兩位數的增長。

And so these are big meaningful improvements that go right to the heart of our strategy. So we're really excited about it, and we're going to lean into that and share more as we go forward.

因此，這些都是意義重大的重大改進，直達我們戰略的核心。因此，我們對此感到非常興奮，並且我們將在前進的過程中依靠它並分享更多。

The next question comes from the line of Kevin Kopelman of TD Cowen.

下一個問題來自 TD Cowen 的 Kevin Kopelman。

Could you touch a little more on the seasonal uptick that you're seeing in Core revenue to start Q2, which looks pretty strong?

您能否多談談您在第二季度開始的核心收入中看到的季節性增長，這看起來非常強勁？

I'm sorry, Kevin, did you say on Core, I couldn't hear you?

對不起，凱文，你在 Core 上說過，我聽不見嗎？

Sorry, the seasonal uptick in the Core revenue, which looks pretty strong, at least if you track it relative to 2019, for example?

抱歉，核心收入的季節性增長看起來相當強勁，至少如果你相對於 2019 年進行跟踪，例如？

Yes. So I think the seasonal uptick -- I'm sorry, you're referring to Q2, correct?

是的。所以我認為季節性上升——對不起，你指的是第二季度，對嗎？

Sorry, yes, the second quarter, like what you're seeing in April.

抱歉，是的，第二季度，就像您在四月份看到的那樣。

So I would say a couple of things. In April, we still -- in April, we still saw good growth, but we are expecting that to come down pretty dramatically, right, as we move into May and June, which we hit our very tough comp areas.

所以我想說幾件事。在 4 月，我們仍然 - 在 4 月，我們仍然看到良好的增長，但我們預計隨著我們進入 5 月和 6 月，我們將進入非常艱難的競爭領域，這種情況會大幅下降。

So what I talked about on the call was, as we move through that lapping period, for example, in -- both in core and auction, on core, we're expecting volumes to come down on a year-over-year basis pretty meaningfully, and pricing to come down as well, but to a lesser extent.

因此，我在電話會議上談到的是，當我們度過那個重疊期時，例如，在核心和拍賣方面，我們預計核心交易量將同比下降有意義，價格也會下降，但幅度較小。

So again, all this was very much in our -- as we saw the year shaping very much in the year. I think for experiences at core, we're expecting a similar type of -- not similar to the auction, but similar in terms of when think about Viator -- very strong growth in April, but we do expect a step down as we move through those really tough compare months in May and June.

所以，所有這一切都在我們的 - 因為我們看到這一年在這一年中非常重要。我認為對於核心體驗，我們預計會出現類似的類型——與拍賣不同，但在考慮 Viator 時類似——4 月份增長非常強勁，但我們確實預計會隨著我們的行動而下降通過 5 月和 6 月那些非常艱難的比較月份。

So I don't want to overstate the April piece. But yes, I think that there's a tougher comp there in May and June.

所以我不想誇大四月的文章。但是，是的，我認為 5 月和 6 月會有更艱難的比賽。

And then, just on Viator, could you give us a sense of the GBV growth in April, just to give us a better sense of how that's tracking?

然後，就 Viator 而言，您能否讓我們了解一下 4 月份 GBV 的增長情況，以便讓我們更好地了解它是如何追踪的？

Yes, it's a good question. We have been given approximations on GBV, Kevin. And some of that is just felt maybe a bit competitively sensitive. We are evaluating as we move forward, giving much more specifics on that GBV number, of which then you'll be able to calculate very specifically growth rates.

是的，這是個好問題。我們已經得到了 GBV 的近似值，凱文。其中一些只是感覺可能有點競爭敏感。我們正在評估我們前進的過程，提供更多關於 GBV 數字的細節，然後你將能夠計算出非常具體的增長率。

So that's why I want to avoid about a specific growth rate. I did want to point out, though, that when you think about these approximations, that, that growth rate is lower on a year-over-year basis than the revenue due to the take rate improvement year-over-year. But that's the reason why we've given the approximation for now.

所以這就是為什麼我想避免特定的增長率。不過，我確實想指出，當你考慮這些近似值時，由於採用率同比提高，同比增長率低於收入。但這就是我們現在給出近似值的原因。

Got it. And then just housekeeping. You mentioned onetime costs offset at TheFork in Q1. I think in COGS, I think, how large is that?

知道了。然後只是客房服務。你在第一季度提到了 TheFork 的一次性成本抵消。我認為在 COGS 中，它有多大？

Yes. It was about -- we didn't quantify that, but it was just related to a contract renegotiation, yes. It's fairly small but meaningful for TheFork margin.

是的。這是關於 - 我們沒有量化，但這只是與合同重新談判有關，是的。它相當小，但對 TheFork 保證金來說很有意義。

The next question comes from the line of Dan Wasiolek of Morningstar.

下一個問題來自 Morningstar 的 Dan Wasiolek。

Just on the Viator and TheFork brands, it seems that there's a lot of underappreciated value on those. And I know in the past that there had been talk about crystallizing the value of those. Is that something you guys are still considering or thinking about? And if so, what would need to transpire to kind of start to maybe communicate that message?

就 Viator 和 TheFork 品牌而言，這些品牌似乎有很多未被充分認識的價值。我知道過去曾討論過要具體化這些價值。你們還在考慮或思考這個問題嗎？如果是這樣，需要發生什麼才能開始傳達該信息？

Yes, it's Mike. And I think that probably a lot -- most of that relates to Viator and I think previously communicated thoughts around potentially spinning that out. I'd say a couple of things. And this is really reiterating what we said on our February call. We are very much focused on the experience category and how do we maintain and grow leadership in this business in the space.

是的，是邁克。我認為這可能有很多——其中大部分與 Viator 相關，我認為之前就可能將其分拆出來傳達了想法。我想說幾件事。這實際上是在重申我們在 2 月份的電話會議上所說的話。我們非常關注體驗類別，以及我們如何在該領域保持和發展該業務的領導地位。

I think, as such, we're not really focused on what that -- how to execute that. I think some of that is in the market itself today kind of -- the markets the way they are, it's just not an area where we're very focused on. That being said, we're not removing anything from the realm of possibility. It's just not where our area of focus is. And we're much more focused on how do we manage these -- the Viator, how do we manage Tripadvisor Core, and what they're doing experiences to really create wider and deeper moats in experiences. But we'll always be open to ideas of thinking about this.

我認為，因此，我們並沒有真正關注那是什麼——如何執行它。我認為其中一些在今天的市場本身——市場的現狀，這不是我們非常關注的領域。話雖這麼說，我們並沒有從可能性領域中刪除任何東西。這不是我們關注的領域。我們更加關注我們如何管理這些——Viator，我們如何管理 Tripadvisor Core，以及他們正在做什麼以真正創造更廣泛和更深的體驗護城河。但我們將始終對思考這個問題的想法持開放態度。

And I just want to add, Dan, I agree with you, there's underappreciated value there. And what we're really focused on is making sure that we drive the fundamental underlying improvements in those businesses that, ultimately, over the medium to long term, we really do crystallize through the performance of the business.

我只想補充一點，丹，我同意你的看法，那裡的價值被低估了。我們真正關注的是確保我們推動這些業務的根本性改進，最終，在中長期內，我們確實通過業務績效具體化。

And that's why we're super excited about the work that's happening at Viator around the product and around our ability to invest and see improving consumer engagement and unit economics. And we're driving TheFork towards profitability. That is our plan to -- in the back half, really start to see TheFork hit a much better margin profile than we've seen in the past.

這就是為什麼我們對 Viator 圍繞產品以及我們的投資能力和看到改善消費者參與度和單位經濟性的工作感到非常興奮。我們正在推動 TheFork 實現盈利。這是我們的計劃——在後半段，真正開始看到 TheFork 的利潤率比我們過去看到的要好得多。

So we're focused on the underlying operations of those businesses, most specifically.

因此，我們專注於這些業務的基礎運營，尤其是。

The next question comes from the line of Tom White of D.A. Davidson & Co.

下一個問題來自 D.A. 的 Tom White。戴維森公司

This is Wyatt Swanson on for Tom. I just have a quick one here. I was hoping you could provide an update on Viator's partnership with Uber, which I believe was announced late last year. Curious if that's been a needle mover for Viator in any meaningful way or if it's on track as well.

這是湯姆的懷亞特斯旺森。我這裡有一個快速的。我希望你能提供有關 Viator 與優步合作的最新信息，我相信這是去年年底宣布的。好奇這是否以任何有意義的方式對 Viator 起到了推動作用，或者它是否也在軌道上。

Yes. I don't know that we would specifically call out any single relationship. But what I can say is that Viator's strategy to make sure that we are connecting to the best points of sale for experiences is working. Obviously, Tripadvisor is doing a great job as a storefront for Viator and really driving meaningful growth. But also the many, many other third parties that we connect to are driving growth in that business as well.

是的。我不知道我們會特別指出任何單一關係。但我可以說的是，Viator 確保我們連接到最佳體驗銷售點的策略正在發揮作用。顯然，Tripadvisor 作為 Viator 的店面表現出色，並真正推動了有意義的增長。但我們連接的許多其他第三方也在推動該業務的增長。

And so what I would say is, overall, that strategy is paying off. Thanks for the question.

所以我要說的是，總的來說，該策略正在奏效。謝謝你的問題。

At this time, I would like to turn the call back over to Matt Goldberg for further comments.

此時，我想將電話轉回給 Matt Goldberg 以徵求進一步意見。

Thank you all for joining us today and for your questions. As you can see, we're excited to continue to execute on our plans. And as we approach midyear, we look forward to sharing more about our progress in the next quarter. Thank you all.

感謝大家今天加入我們並提出問題。如您所見，我們很高興能夠繼續執行我們的計劃。隨著年中臨近，我們期待在下一季度分享更多關於我們進展的信息。謝謝你們。

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。