Tripadvisor Inc (TRIP) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tripadvisor Second Quarter 2023 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Angela White, VP of IR. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Tripadvisor 2023 年第二季度電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，IR 副總裁 Angela White。請繼續。

Thank you, (inaudible). Good morning, everyone, and welcome to Tripadvisor's Second Quarter 2023 Financial Results Conference Call. Joining me today are Matt Goldberg, President and CEO and Mike Noonan, CFO.

謝謝你，（聽不清）。大家早上好，歡迎參加 Tripadvisor 2023 年第二季度財務業績電話會議。今天與我一起出席的有總裁兼首席執行官馬特·戈德堡 (Matt Goldberg) 和首席財務官邁克·努南 (Mike Noonan)。

Last night, after the market closed, 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 this call. Before we begin, I'd like to remind you but this call may contain forward estimates and other forward-looking statements that represent management's views as of today, August 3, 2023. Tripadvisor disclaim 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. With that, I'll turn the call over to Matt.

昨晚，市場收盤後，我們提交並發布了收益報告。在此版本中，您將發現非 GAAP 財務指標與本次電話會議中討論的最具可比性的 GAAP 財務指標的調節表。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和其他前瞻性陳述，這些陳述代表了截至今天（2023 年8 月3 日）管理層的觀點。Tripadvisor 不承擔更新這些陳述以反映未來事件或情況。請參閱我們的收益報告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。這樣，我會將電話轉給馬特。

Thanks, Angela, and thanks to all of you for joining us this morning. For the second quarter, on a consolidated basis, we delivered healthy revenue growth of 18% across the group, driven by our experiences offerings, which outperformed our expectations and notably surpassed our branded hotels revenue in size for the first time. We believe this is a reflection of our advantaged position as we leverage the complementary nature of our Viator and Tripadvisor brands to lead the market in this high-growth, underpenetrated and fragmented travel category. Group adjusted EBITDA was $90 million or 18% of revenue within the range we provided last quarter. Importantly, our teams continue to make progress across our segment strategies.

謝謝安吉拉，也感謝大家今天早上加入我們。第二季度，在我們的體驗產品的推動下，我們整個集團的整體收入實現了 18% 的健康增長，超出了我們的預期，並且在規模上首次超過了我們的品牌酒店收入。我們相信，這反映了我們的優勢地位，因為我們利用 Viator 和 Tripadvisor 品牌的互補性，在這一高增長、滲透率低且分散的旅遊類別中引領市場。集團調整後 EBITDA 為 9000 萬美元，占我們上季度提供的收入範圍的 18%。重要的是，我們的團隊繼續在我們的細分戰略方面取得進展。

At Tripadvisor Core, we are executing on our engagement-led strategy by reinvigorating our focus on world-class guidance products to fuel our diverse monetization path. At Viator we are reinforcing our leadership position and experiences by investing in awareness, enhanced products and repeat bookings to capture more market share. At TheFork, we're focusing on driving healthy growth with significant margin improvement this year by delivering value to both diners and restaurants as the leader in the European dining market. Within the Tripadvisor Core segment, we delivered results that were in line with expectations, with the exception of a shortfall in branded hotels revenue related to a lower seasonal pickup in European hotel meta.

在 Tripadvisor Core，我們正在執行以互動為主導的戰略，重新聚焦於世界一流的指導產品，以推動我們多樣化的盈利路徑。在 Viator，我們通過投資於意識、增強產品和重複預訂來鞏固我們的領導地位和經驗，以佔領更多市場份額。在 TheFork，我們今年致力於通過為食客和餐廳提供價值，作為歐洲餐飲市場的領導者，推動健康增長並顯著提高利潤率。在 Tripadvisor 核心細分市場，我們的業績符合預期，但由於歐洲酒店元季節性回升較低導致品牌酒店收入出現短缺。

Mike will cover the details in his remarks, but I think it's important to note this upfront to place our quarterly performance in the context of our strategy. We are 5 months into a multiyear strategy at Tripadvisor, and as we've shared previously, the financial impact will take time to materialize. While we're still in the early days, we're already seeing encouraging momentum as we execute, and we will continue to reinforce our focus on our highest conviction priorities. At the same time, we will balance operating with financial discipline with how we deliver on our longer-term plans. To provide flexibility to invest in our strategic priorities this year and next, we have initiated actions to achieve cost savings within the organization.

邁克將在他的講話中介紹詳細信息，但我認為重要的是要預先註意這一點，以便將我們的季度業績置於我們戰略的背景下。 Tripadvisor 的多年戰略已經實施了 5 個月，正如我們之前所分享的，財務影響需要一段時間才能體現。雖然我們仍處於早期階段，但我們在執行過程中已經看到了令人鼓舞的勢頭，我們將繼續加強對最高信念優先事項的關注。與此同時，我們將在財務紀律運營與如何實現長期計劃之間取得平衡。為了靈活地投資今年和明年的戰略重點，我們已採取行動在組織內實現成本節約。

This is expected to result in an estimated $35 million of annualized savings. These actions are aligned with our strategy and we believe will help position us for the future. We're making meaningful progress on our strategic initiatives. In late June, we launched a significant upgrade to Trips, our core trip planning and itinerary product. This includes the introduction of a new generative AI-powered travel itinerary feature, which leverages a combination of best-in-class LLMs, along with our proprietary data and trusted content. We've been pleased to receive positive consumer feedback, which we believe highlights our unique opportunity to deliver better recommendations based on the advice of real travelers and to integrate AI fully into our overall trip planning experience.

預計每年可節省 3500 萬美元。這些行動與我們的戰略相一致，我們相信將有助於我們為未來做好準備。我們的戰略舉措正在取得有意義的進展。六月下旬，我們對核心旅行規劃和行程產品 Trips 進行了重大升級。這包括引入新的生成式人工智能驅動的旅行行程功能，該功能結合了一流的法學碩士以及我們的專有數據和可信內容。我們很高興收到積極的消費者反饋，我們相信這突顯了我們獨特的機會，可以根據真實旅行者的建議提供更好的建議，並將人工智能完全融入我們的整體旅行規劃體驗中。

While the feature is still in public beta, our early metrics are promising, with user satisfaction scores already approaching nearly 70% positive feedback on individual recommendations and meaningful conversion to saved trips. The completion rate at which travelers are providing inputs to generate an itinerary is approximately 2x higher than our historical average for other similar structured inputs. And travelers are signing in as members to engage with this feature at approximately 4x our site-wide average. We know from our internal data that when casual visitors to our sites convert to members they visit 4x more often and monetize at 10x the rate of nonmembers. And this is only the beginning.

雖然該功能仍處於公開測試階段，但我們的早期指標頗具前景，用戶滿意度得分已接近 70%，對個人推薦的積極反饋以及已保存行程的有意義轉化。旅行者提供輸入來生成行程的完成率大約比其他類似結構化輸入的歷史平均水平高出 2 倍。旅行者以會員身份登錄並使用此功能的比例約為我們網站平均水平的 4 倍。我們從內部數據得知，當我們網站的臨時訪問者轉化為會員時，他們的訪問頻率是非會員的 4 倍，盈利率是非會員的 10 倍。而這僅僅是開始。

Going forward, we have a robust product road map that includes extending these features to our mobile app in both iOS and Android and integrating hotel and tour recommendations. The rollout of our trip planning tool is an example of delivering on our strategy to drive deeper engagement with travelers. We've also scaled improvements to our content submission flow UX and expanded to additional destinations, leveraging AI and ML tools to bring together guidance from our community and our editorial team. As a result, we have seen a lift in traveler saves, new itinerary creation and membership sign-ups.

展望未來，我們有一個強大的產品路線圖，包括將這些功能擴展到我們的 iOS 和 Android 移動應用程序，以及集成酒店和旅遊推薦。我們的旅行規劃工具的推出是實施我們推動與旅行者更深入互動的戰略的一個例子。我們還對內容提交流程用戶體驗進行了改進，並擴展到其他目的地，利用人工智能和機器學習工具匯集來自社區和編輯團隊的指導。結果，我們看到了旅行者節省的費用、新行程的創建和會員註冊的增加。

We also continue to make progress on our group-wide customer data platform which now has nearly 2 billion profiles, double the number from last quarter. We tested initial use cases, including how we retarget shoppers across both Tripadvisor experiences and Viator and saw meaningful uplifts in traffic, engagement, conversion and revenue. We continue to see strong momentum in our Tripadvisor experiences marketplace, where much of the Q2 growth came from our ability to guide travelers to the experience that best meets their needs.

我們還在集團範圍內的客戶數據平台上繼續取得進展，該平台目前擁有近 20 億個檔案，是上季度數量的兩倍。我們測試了最初的用例，包括如何通過 Tripadvisor 體驗和 Viator 重新定位購物者，並發現流量、參與度、轉化率和收入顯著提升。我們繼續看到 Tripadvisor 體驗市場的強勁勢頭，第二季度的增長很大程度上來自於我們引導旅行者獲得最能滿足其需求的體驗的能力。

Specifically, we redesigned attraction pages and improved product discovery exposing over 30% more travelers to bookable experiences than we did in the same period last year. This is consistent with our strategy to lean harder into Tripadvisor's unique strengths. Our breadth of supply across free and paid things to do, combined with our guidance content, while exploring ways to fully leverage Viator's depth of complementary capabilities as the leading bookable experiences platform. We expect that we will be able to extend our ability to match our traveler demand with relevant suppliers to other marketplace categories in the future.

具體來說，我們重新設計了景點頁面並改進了產品發現，與去年同期相比，接觸可預訂體驗的旅客數量增加了 30% 以上。這與我們更加努力發揮 Tripadvisor 獨特優勢的戰略是一致的。我們提供免費和付費活動的廣泛服務，結合我們的指導內容，同時探索如何充分利用 Viator 作為領先的可預訂體驗平台的深度互補能力。我們期望未來能夠將我們的能力擴展到其他市場類別，以將我們的旅行者需求與相關供應商相匹配。

Let's shift to Viator, our high-growth business, where we've been on a mission to drive market leadership and the significant value creation that we believe is available to the category leader. Our teams are executing on this path leveraging all our assets and capabilities across the group to do so and delivering results that speak for themselves. Across all points of sale, we saw tremendous growth in Q2. Revenue grew 59% year-over-year, which came in higher than our expectations with gross booking value growing to approximately $1.1 billion or 40% year-over-year. Adjusted EBITDA loss was just $2 million, which was even better than we expected despite the incremental investments we are making.

讓我們轉向 Viator，我們的高增長業務，我們一直致力於推動市場領導地位和我們認為該類別領導者可以實現的重大價值創造。我們的團隊正在沿著這條道路執行，利用我們整個集團的所有資產和能力來實現這一目標，並交付不言而喻的結果。在所有銷售點，我們在第二季度都看到了巨大的增長。收入同比增長 59%，高於我們的預期，總預訂價值增長至約 11 億美元，同比增長 40%。調整後的 EBITDA 損失僅為 200 萬美元，儘管我們正在進行增量投資，但這個結果甚至比我們的預期要好。

Our investment at Viator is delivering immediate and significant revenue growth and puts us in a position to sustain long-term category leadership. One of our areas of focus has been on driving Viator brand awareness and customer acquisition. We're also delivering meaningful improvements in our repeat rates with repeat bookers driving outsized growth, which gives us increasing confidence in our unit economics and margin potential over time. We have a tremendous opportunity to drive awareness for the OTA category and experiences and to build our brand alongside it. We believe we can shift traveler behavior from an often disjointed booking experience to Viator, a single convenient place to see, sort and book experiences.

我們對 Viator 的投資帶來了即時且顯著的收入增長，並使我們能夠保持長期的類別領先地位。我們的重點領域之一是提高 Viator 品牌知名度和客戶獲取。我們還對重複預訂率進行了有意義的改進，重複預訂者推動了大幅增長，這讓我們對單位經濟效益和利潤潛力隨著時間的推移越來越有信心。我們有巨大的機會來提高 OTA 類別和體驗的知名度，並與之一起打造我們的品牌。我們相信，我們可以將旅行者的行為從經常脫節的預訂體驗轉變為 Viator，這是一個查看、排序和預訂體驗的便捷場所。

We're early into our brand investment, but the signs are positive. Since the launch of our brand advertising last fall, we're seeing growth in awareness and related metrics like direct traffic and branded searches. The spend is a clear example of our decision to build scale and long-term customer economics despite delayed profitability. We're also focused on enhancing the traveler and operator experience. We're investing to deliver more value across the board in programs aimed at travelers, partners and suppliers. Ongoing improvements to the critical points in the traveler experience, such as a faster, easier checkout and app improvements are contributing to improved conversion.

我們的品牌投資還處於早期階段，但跡像是積極的。自從去年秋天推出我們的品牌廣告以來，我們看到了知名度和相關指標（例如直接流量和品牌搜索）的增長。此次支出清楚地表明了我們儘管盈利能力有所延遲，但仍決定建立規模和長期客戶經濟效益的決定。我們還致力於增強旅客和運營商的體驗。我們正在投資為針對旅行者、合作夥伴和供應商的計劃提供全面的更多價值。對旅行者體驗關鍵點的持續改進，例如更快、更輕鬆的結帳和應用程序改進，有助於提高轉化率。

We're exploring ways to leverage these gains for our Tripadvisor experiences point of sale as well as we lean into the complementary strengths of our brands. We're also listening to operator feedback and making improvements to how we drive value to suppliers. We've previously mentioned our supplier program accelerate, which now represents more than half of our GBV and contributes to higher take rates.

我們正在探索如何將這些收益用於我們的 Tripadvisor 體驗銷售點，並利用我們品牌的互補優勢。我們還聽取運營商的反饋，並改進為供應商創造價值的方式。我們之前提到過我們的供應商計劃加速，現在它占我們 GBV 的一半以上，並有助於提高采用率。

Finally, at TheFork, the team achieved 19% revenue growth, combined with meaningful year-on-year margin improvement, putting the business on a path to achieve profitability in the back half of 2023. On the supply side of our marketplace, one of our priorities is to increase the number of quality restaurants on TheFork platform by demonstrating clear value to our restaurant partners. TheFork differentiates through a trusted brand and a loyal relationship with diners. In addition, our ERB software provides restaurants with purpose-built tools, analytics and marketing promotions that help them drive incremental revenue and margin improvement. Successful sales execution in priority geographic markets, combined with improved market conditions relative to last year have driven multiple consecutive months of net restaurant growth.

最後，TheFork 團隊實現了 19% 的收入增長，加上同比利潤率顯著提高，使公司走上了在 2023 年下半年實現盈利的道路。在我們市場的供應方面，我們的首要任務是通過向我們的餐廳合作夥伴展示明確的價值來增加TheFork 平台上優質餐廳的數量。 TheFork 憑藉值得信賴的品牌和與食客的忠誠關係而脫穎而出。此外，我們的 ERB 軟件為餐廳提供專用工具、分析和營銷促銷，幫助他們增加收入和提高利潤。優先地理市場的成功銷售執行，加上相對於去年的市場狀況的改善，推動了餐廳連續多個月的淨增長。

On the demand side, we continue to focus on enhancements to diner acquisition and repeat engagement that will increase usage on TheFork platform. Our app continues to be a key channel for profitable growth and so far this year, we've seen installs grow at over 30% year-on-year. In addition, the portion of bookings from repeat diners across TheFork network is now more than 3/4 of our bookings, which we believe will contribute to profitability over time. As we look to the back half of the year, we're monitoring the health of the consumer closely. We continue to see consistent patterns that indicate health and travel.

在需求方面，我們繼續專注於增強食客獲取和重複參與度，這將增加 TheFork 平台的使用量。我們的應用程序仍然是盈利增長的關鍵渠道，今年到目前為止，我們的安裝量同比增長超過 30%。此外，TheFork 網絡中回頭客的預訂量目前已超過我們預訂量的 3/4，我們相信隨著時間的推移，這將有助於提高盈利能力。展望今年下半年，我們正在密切監控消費者的健康狀況。我們繼續看到表明健康和旅行的一致模式。

Our data from customer behavior on the Tripadvisor site reflects stability across room rates, quality of hotels and length of stay. Most encouragingly, we continue to see a meaningful opportunity to serve the traveler in search of experiences, which is increasingly core to travel planning with more travelers indicating they plan to book experiences ahead of their trip. We believe this continued interest in travel and experiences bodes well for our vision, strategy and market position. Before I close, I want to take a moment to thank our teams for their ongoing commitment as we continue to transform our business together.

我們從 Tripadvisor 網站上的客戶行為獲得的數據反映了房價、酒店質量和入住時間的穩定性。最令人鼓舞的是，我們繼續看到為尋求體驗的旅行者提供服務的有意義的機會，這越來越成為旅行計劃的核心，越來越多的旅行者表示他們計劃在旅行前預訂體驗。我們相信，人們對旅行和體驗的持續興趣預示著我們的願景、戰略和市場地位。在結束之前，我想花點時間感謝我們的團隊在我們繼續共同轉型業務的過程中所做出的持續承諾。

We have encouraging proof points at Tripadvisor, strong growth and market leadership in the experiences category at Viator and a clear path to profitability at TheFork. We have conviction about the road ahead. None of these path is easy, and I'm grateful to all our colleagues who continue to demonstrate strong execution. With that, I'll turn the call over to Mike.

我們在 Tripadvisor 擁有令人鼓舞的證據，在 Viator 的體驗類別中擁有強勁的增長和市場領導地位，在 TheFork 擁有清晰的盈利路徑。我們對未來的道路充滿信心。這些道路都不容易，我感謝所有繼續表現出強大執行力的同事。這樣，我會將電話轉給邁克。

Thanks, Matt, and good morning, everyone. I will review the results of the second quarter, including segment commentary and provide some color on expectations for the second half of the year. All growth rates for 2023 are relative to the comparable period in 2022, unless otherwise indicated. Now on to Q2. We delivered results that were in line versus our expectations for the quarter. Consolidated revenue was $494 million, reflecting an 18% growth rate or 19% on a constant currency basis and adjusted EBITDA was $90 million and represented a margin of 18%. Our results reflect continued strong performance in experiences both at Viator and Tripadvisor Core. Turning to the segment performance for the second quarter. Tripadvisor Core delivered revenue of $279 million, which represented 2% growth. This was in line with our expectations though branded hotels declined more quickly than anticipated, decreasing 7% year-over-year. Within branded hotels, our hotel B2B offering performed slightly better than expected. However, in hotel Meta, we did see some uneven performance across the geographies. In U.S. and APAC, we performed in line with our expectations of low single-digit declines which reflected the anticipated tougher year-over-year comparison.

謝謝馬特，大家早上好。我將回顧第二季度的業績，包括部門評論，並對下半年的預期提供一些顏色。除非另有說明，2023 年的所有增長率均相對於 2022 年的可比時期。現在進入第二季度。我們交付的業績符合我們對本季度的預期。合併收入為 4.94 億美元，增長率為 18%，按固定匯率計算增長率為 19%，調整後 EBITDA 為 9000 萬美元，利潤率為 18%。我們的結果反映出 Viator 和 Tripadvisor Core 的體驗持續表現強勁。轉向第二季度的部門業績。 Tripadvisor Core 實現收入 2.79 億美元，增長 2%。這符合我們的預期，儘管品牌酒店的下滑速度比預期更快，同比下降了 7%。在品牌酒店中，我們的酒店 B2B 產品表現略好於預期。然而，在Meta酒店，我們確實看到了不同地區的表現參差不齊。在美國和亞太地區，我們的表現符合我們對低個位數下降的預期，這反映了預期的同比比較更加嚴峻。

In the U.S., we continue to see strong pricing as a result of solid execution from our team as well as a healthy domestic travel market. In our European hotel meta, revenue declines were larger than expected due to delayed and lower seasonal peak and increased competition in the paid channels. Although we saw healthier volume trends in July, we did not see our typical seasonal patterns in May and June. Because summer peak season is generally driven by paid channels, the more competitive environment had a greater impact on paid click volumes on our European meta revenue in the quarter. We specifically chose to maintain our ROAS and prioritize profitability over growth.

在美國，由於我們團隊的堅定執行力以及健康的國內旅遊市場，我們繼續看到強勁的定價。在我們的歐洲酒店元數據中，由於季節性高峰的延遲和降低以及付費渠道的競爭加劇，收入下降幅度大於預期。儘管我們在 7 月看到了更健康的成交量趨勢，但在 5 月和 6 月我們沒有看到典型的季節性模式。由於夏季旺季通常由付費渠道推動，因此競爭更加激烈的環境對本季度歐洲元收入的付費點擊量產生了更大的影響。我們特別選擇維持 ROAS，並將盈利能力置於增長之上。

Our unpaid channels in Europe followed a similar seasonal patterns, but to a lesser extent. Experiences in dining had another strong quarter, growing revenue of 43% with experiences growing over 50%. The performance we see with this offering underpins the growth in the category and provides strong evidence of our ability to monetize the diverse traffic at Tripadvisor Core. Display and platform had a solid quarter with revenue growth of 14%, marking another period of consistent backlog growth. Our other offerings revenue declined by 7% due to continued deemphasis of our rentals, flights and cars offerings, while a cruise offering grew at well over 20% in the quarter.

我們在歐洲的免費頻道遵循類似的季節性模式，但程度較小。餐飲體驗領域又一個強勁的季度，收入增長了 43%，體驗增長超過 50%。我們通過該產品獲得的業績支撐了該類別的增長，並有力地證明了我們通過 Tripadvisor 核心的多樣化流量獲利的能力。顯示和平台季度表現穩健，收入增長 14%，標誌著積壓訂單又一個持續增長的時期。由於我們繼續不再重視租賃、航班和汽車服務，我們的其他產品收入下降了 7%，而遊輪產品在本季度增長了 20% 以上。

Adjusted EBITDA in Tripadvisor Core was $96 million or 34% of revenue, which was slightly below our expectations for the quarter and approximately 8 percentage points lower than last year's comparable period of 42%. A little over half of the margin deleverage is due to the impact of phasing of hiring last year as headcount increases were weighted to the back half of the year. The remaining margin pressure is due to increased performance marketing from continued growth in experiences as well as the lower Hotel meta revenue.

Tripadvisor 核心版的調整後 EBITDA 為 9,600 萬美元，佔收入的 34%，略低於我們對該季度的預期，比去年同期的 42% 低約 8 個百分點。略多於一半的利潤率去槓桿化是由於去年分階段招聘的影響，因為員工人數的增加被加權到今年下半年。剩餘的利潤壓力是由於體驗持續增長帶來的績效營銷增加以及酒店元收入下降所致。

Turning to Viator. Revenue was $216 million, reflecting growth of 59% or 61% on a constant currency basis, which was meaningfully higher than our expectations. Gross booking value was approximately $1.1 billion and grew approximately 40%. Revenue growth was higher than gross booking growth primarily due to the gross bookings to revenue recognition timing as well as increased take rates year-over-year. These results were driven not only by strong demand across geographies but also conversion rate improvements as our teams continue to refine and optimize the customer journey.

轉向維阿托。收入為 2.16 億美元，按固定匯率計算增長 59% 或 61%，明顯高於我們的預期。總預訂價值約為 11 億美元，增長約 40%。收入增長高於總預訂增長，主要是由於總預訂到收入確認的時間以及同比增長。這些結果不僅是由跨地區的強勁需求推動的，而且隨著我們的團隊不斷完善和優化客戶旅程，轉化率也得到了提高。

Adjusted EBITDA loss at Viator was $2 million or negative 1% of segment revenue, 1 percentage point lower versus Q2 of last year. The deleverage of 1 percentage point comes largely from the investment in brand spend, which offset the impact of lower performance marketing and headcount costs as a percent of revenue. We started our brand campaigns in the second half of last year, and we expect to continue for the back half of the year. We're very pleased with the performance of our marketing spend, which is continuing to deliver new customers at a greater pace than expected. These larger cohorts of new customers are contributing to a rapidly expanding foundation of reliable repeat bookers. We see that each successive new cohort has higher revenue retention rates, plus with reliable repeat booking behaviors, the result is that we can deliver stable, predictable revenue growth and increasingly profitable bookings.

Viator 調整後 EBITDA 損失為 200 萬美元，佔部門收入的負 1%，比去年第二季度低 1 個百分點。 1個百分點的去槓桿化主要來自品牌支出的投資，這抵消了績效營銷和員工成本佔收入百分比較低的影響。我們在去年下半年開始了品牌活動，預計下半年會繼續下去。我們對營銷支出的表現非常滿意，我們的營銷支出繼續以比預期更快的速度提供新客戶。這些大量的新客戶正在為可靠的回頭客基礎的快速擴大做出貢獻。我們看到，每個連續的新群體都有更高的收入保留率，加上可靠的重複預訂行為，結果是我們可以實現穩定、可預測的收入增長和利潤不斷增加的預訂。

Repeat bookers tend to spend more as well. A repeat booker on average purchased more items than the first booker and at a higher average item value and repeat bookers come to us through unpaid channels at a higher rate with each successive booking. This customer behavior gives us great confidence that we can achieve very solid long-term margins at Viator. However, today, we're focused on building a large and durable leader in the experiences sector. We will continue to invest across all areas of the business, not only in building large, profitable customer cohorts, but also in user experience, supply and in mobile. We're making great progress in all these areas.

重複預訂的人也往往會花更多的錢。重複預訂者平均比首次預訂者購買了更多物品，且平均物品價值更高，並且重複預訂者每次連續預訂都通過免費渠道以更高的價格來到我們這裡。這種客戶行為讓我們充滿信心，相信我們能夠在 Viator 實現非常穩固的長期利潤。然而，今天，我們的重點是在體驗領域打造一個大型且持久的領導者。我們將繼續在業務的各個領域進行投資，不僅要建立龐大的、可盈利的客戶群，還要投資於用戶體驗、供應和移動領域。我們在所有這些領域都取得了巨大進展。

At TheFork, revenue was $38 million and grew 19% or 16% on a constant currency basis. Bookings growth of approximately 5% was impacted by tougher comparison versus last year due to timing of brand campaigns as well as strong recovery and post-pandemic dining in last year's comparable period. We are very pleased with the improved trend in profitability. Adjusted EBITDA loss in Q2 was $4 million or negative 11% of segment revenue, which is a meaningful improvement over last year's margin of negative 22%, especially in light of a COVID subsidy benefit we received during the same period last year of $11 million.

TheFork 的收入為 3800 萬美元，按固定匯率計算增長 19% 或 16%。由於品牌活動的時機以及去年可比時期的強勁復甦和大流行後餐飲，預訂量增長了約 5%。我們對盈利能力的改善趨勢感到非常滿意。第二季度調整後EBITDA 損失為400 萬美元，佔部門收入的負11%，這比去年負22% 的利潤率有了顯著改善，特別是考慮到我們去年同期收到的1100 萬美元的新冠肺炎補貼福利。

Drivers of this leverage were lower sales and marketing as a percent of revenue due to the timing of planned brand investment between Q1, Q2 versus last year.

這種槓桿的驅動因素是銷售和營銷佔收入的百分比較低，原因是與去年相比，計劃品牌投資的時間安排在第一季度和第二季度之間。

Turning now to consolidated expenses. Cost of revenue delevered by about 100 basis points due to the increased weighting of Viator related COGS as a percent of consolidated revenue. These costs include credit card processing fees, which increased with Viator's transaction volume. Sales and marketing expenses delevered by approximately 260 basis points, primarily due to an increase in Viator performance, marketing and brand spend. Technology and content expenses delevered by approximately 160 basis points, driven by increase in people costs.

現在轉向綜合費用。由於 Viator 相關銷貨成本佔合併收入的比重增加，收入成本降低了約 100 個基點。這些成本包括信用卡手續費，該費用隨著 Viator 交易量的增加而增加。銷售和營銷費用減少約 260 個基點，主要是由於 Viator 業績、營銷和品牌支出的增加。由於人力成本增加，技術和內容支出減少了約 160 個基點。

General and administrative expenses delevered by approximately 280 basis points driven by people costs and a combined benefit in Q2 of 2022 of $13 million from TheFork sub -- COVID subsidy and to a lesser extent, a nonincome tax-related benefit in Tripadvisor Core.

由於人員成本和 2022 年第二季度來自 TheFork 子項的 1,300 萬美元的綜合收益（新冠肺炎補貼）以及 Tripadvisor 核心中的非所得稅相關收益，一般和管理費用減少了約 280 個基點。

Now on to our cash and liquidity position. Free cash flow for the quarter was $90 million, which was down versus $282 million in Q2 of 2022. This year-over-year decline was primarily due to a $113 million payment related to the previously disclosed tax settlement with the IRS for the periods of 2009, 2011. In addition to a USD 64 million federal tax refund related to the CARES Act received during Q2 '22 of last year. As we discussed last quarter, we expect to receive a tax refund of approximately $45 million to $55 million from a foreign tax jurisdiction during 2023 as part of the tax settlement.

現在談談我們的現金和流動性狀況。該季度的自由現金流為9000 萬美元，較2022 年第二季度的2.82 億美元有所下降。這一同比下降主要是由於與之前披露的美國國稅局(IRS) 期間的稅務和解相關的1.13 億美元付款所致。 2009 年、2011 年。此外，去年 22 年第二季度收到了與 CARES 法案相關的 6400 萬美元聯邦退稅。正如我們上季度討論的那樣，作為稅收結算的一部分，我們預計 2023 年將從外國稅務管轄區獲得約 4500 萬至 5500 萬美元的退稅。

Regarding total cash flow, we repurchased 4.7 million shares in the quarter, totaling $75 million. We ended the quarter with a strong balance sheet with just over $1.1 billion in cash. Finally, during the quarter, we amended our credit facility of $500 million, extending its maturity to 2028. I will provide a bit more color on the cost-saving initiatives as Matt mentioned in his commentary. As we continue to drive operational transformation across our business, we are embarking on a broad plan to reduce costs. We recently initiated a series of actions that we estimate will yield approximately $35 million in annualized savings, primarily from headcount reductions across various roles at Tripadvisor Core, which includes corporate G&A.

就總現金流而言，我們本季度回購了 470 萬股股票，總計 7500 萬美元。本季度結束時，我們的資產負債表強勁，現金略多於 11 億美元。最後，在本季度，我們修改了 5 億美元的信貸安排，將其期限延長至 2028 年。正如馬特在評論中提到的那樣，我將對成本節約舉措提供更多說明。隨著我們繼續推動整個業務的運營轉型，我們正在實施一項降低成本的廣泛計劃。我們最近發起了一系列行動，預計每年可節省約 3,500 萬美元，主要來自 Tripadvisor 核心各個職位的員工人數削減，其中包括企業管理及行政費用。

Due to the timing of these actions, we expect only modest savings this year as they will more fully benefit us next year, but will allow us to more effectively execute on our stated segment strategies. As we move through the rest of the year, we will continue to explore areas across the segments for additional savings, which include other discretionary costs and our real estate footprint. Turning now to thoughts for Q3 and the rest of the year. Starting with Q3. For Tripadvisor Core, we expect a low single-digit year-over-year revenue decline, driven by the trends we saw in Q2, in particular in branded hotels.

由於這些行動的時機，我們預計今年只會節省少量資金，因為它們明年將使我們更充分地受益，但將使我們能夠更有效地執行我們既定的細分市場戰略。在今年剩下的時間裡，我們將繼續探索各個領域的其他領域，以實現額外的節省，其中包括其他可自由支配的成本和我們的房地產足跡。現在談談第三季度和今年剩餘時間的想法。從第三季度開始。對於 Tripadvisor 核心版，我們預計，受我們在第二季度看到的趨勢（尤其是品牌酒店）的推動，收入將出現較低的個位數同比下降。

In Viator, we expect year-over-year revenue growth in the low 30% range driven by the monthly step down through the quarter from Q2 growth rates as we comped very high growth rates last year. In TheFork, we expect year-over-year growth rates to marginally accelerate from the second quarter's levels. On a consolidated basis for Q3, we expect the above assumptions to result in year-over-year growth of close to 10%. In Tripadvisor Core, despite the meaningful improvements we observed in July within branded hotels, we are taking a prudent approach and planning for greater headwinds based on the trends we saw in Q2 and across Hotel Meta globally.

在 Viator，我們預計收入同比增長將在 30% 左右，這是由於與去年非常高的增長率相比，整個季度的月度增長率較第二季度有所下降。在 TheFork 中，我們預計同比增長率將較第二季度的水平略有加快。在第三季度的綜合基礎上，我們預計上述假設將導致同比增長接近 10%。在Tripadvisor 核心，儘管我們在7 月份觀察到品牌酒店取得了有意義的改進，但我們正在採取謹慎的態度，並根據我們在第二季度和全球Hotel Meta 看到的趨勢，制定應對更大阻力的計劃。

For Q3 consolidated adjusted EBITDA margin, we're expecting a sequential seasonal improvement in margin but about a 250 to 350 basis point step down year-over-year due to lower margins at Tripadvisor Core as well as a higher contribution of Viator in the group's consolidated results. For Q3, adjusted EBITDA margin at Tripadvisor Core, we are expecting to see a sequential seasonal improvement but a step down of approximately 200 to 300 basis points in margin year-over-year, largely due to branded hotels, where we are taking a more prudent outlook based on Q2 trends.

對於第三季度綜合調整後 EBITDA 利潤率，我們預計利潤率將出現環比季節性改善，但由於 Tripadvisor 核心利潤率較低以及 Viator 在集團營收中的貢獻較高，同比下降約 250 至 350 個基點綜合結果。對於第三季度，Tripadvisor Core 的調整後EBITDA 利潤率，我們預計會看到環比季節性改善，但利潤率同比下降約200 至300 個基點，這主要是由於品牌酒店，我們在品牌酒店方面採取了更多措施基於第二季度趨勢的審慎前景。

For the full year, we continue to expect mid-teens consolidated revenue growth. However, this is now driven by a different segment mix with Viator accounting for more of the growth than previously expected. Finally, we expect consolidated adjusted EBITDA margin to be approximately 150 to 350 basis points lower versus 2022. This implies margin at Tripadvisor Core to be approximately 200 to 400 basis points lower than 2022 levels. Viator margin to be approximately flat year-over-year as they reinvest upside to drive revenue and market share growth and TheFork to continue to significantly improve margins year-over-year.

就全年而言，我們繼續預計綜合收入將實現百分之十左右的增長。然而，現在這是由不同的細分市場組合推動的，其中 Viator 所佔的增長量超出了之前的預期。最後，我們預計綜合調整後 EBITDA 利潤率將比 2022 年低約 150 至 350 個基點。這意味著 Tripadvisor 核心的利潤率將比 2022 年的水平低約 200 至 400 個基點。 Viator 的利潤率同比基本持平，因為他們再投資以推動收入和市場份額的增長，而 TheFork 則繼續同比大幅提高利潤率。

Lastly, we expect the in-year impact from the previously mentioned cost savings initiatives to be largely realized in Q4 and thus will have a minimal benefit to the 2023 fiscal year. With that, I'll hand the call over to the operator for Q&A.

最後，我們預計上述成本節約舉措的年內影響將在第四季度大部分實現，因此對 2023 財年的好處微乎其微。這樣，我會將電話轉交給接線員進行問答。

(Operator Instructions) And now we will have Naved Khan from B. Riley Securities.

（操作員說明）現在請來 B. Riley 證券公司的 Naved Khan。

Just a few questions from me. Maybe just on the core Tripadvisor side of things. Given the outlook for the back half of low to mid-single-digit decline. How should we be thinking about kind of this segment kind of coming back to growth beyond 2023, just high-level thoughts there? I know you're not guiding. And then on AI, it's great to see the deployment there into Trips. I'm just wondering about the commercialization opportunities and how aggressively would you look to get that into the motion as well? Or are you just looking at engagement first for that commercialization maybe in a year from now or something like that?

我只想問幾個問題。也許只是在 Tripadvisor 的核心方面。考慮到後半段的前景將出現低至中個位數的下降。我們應該如何思考這個細分市場在 2023 年之後恢復增長的情況，只是高層的想法？我知道你不引導。然後在人工智能方面，很高興看到在 Trips 中的部署。我只是想知道商業化的機會，以及您會以多大的積極性將其付諸實踐？或者您只是首先考慮一年後的商業化或類似的事情？

Naved, it's Matt. We believe that we are managing through a transformation of our business. And many of the trends we've seen are trends that have been long known and we understand them and we put our strategy in place precisely to deliver a diversity and stronger business through a more consumer-focused engagement strategy that we really believe is gaining traction. Now when we first communicated our strategy in February, we noted that we didn't expect to see incremental revenue impact in 2023 from the strategy. We expect to have more concrete information to share as we start to look towards 2024, how our investments are beginning to drive both that engagement and the KPIs, which we started to share the early green shoots and things that are giving us really strong confidence that, that engagement can then relate to a financial profile that begins to show the kind of growth that you just asked about. And I would just note that we believe that these strategies are going to have a better use case for the consumer, which will bring them to our site more frequently to stay longer and to repeat with us more than they have in the past.

納維德，是馬特。我們相信我們正在通過業務轉型進行管理。我們看到的許多趨勢都是早已為人所知的趨勢，我們了解它們，我們準確地制定了我們的戰略，通過更加以消費者為中心的參與戰略來提供多樣性和更強大的業務，我們確實相信這種戰略正在獲得吸引力。現在，當我們在 2 月份首次傳達我們的戰略時，我們指出，我們預計該戰略不會對 2023 年的收入產生增量影響。當我們開始展望 2024 年時，我們希望能夠分享更多具體信息，我們的投資如何開始推動參與度和關鍵績效指標 (KPI)，我們開始分享早期的萌芽以及那些讓我們非常有信心的事情： ，這種參與度就可以與財務狀況相關聯，財務狀況開始顯示出您剛才詢問的那種增長。我想指出的是，我們相信這些策略將為消費者提供更好的用例，這將使他們更頻繁地訪問我們的網站，停留更長時間，並比過去更多地與我們重複。

So we're really looking at a more targeted, more valuable user and audience. And we believe that as we leverage the products innovation that we've been doing and as we really think about the way that we deliver that world-class guidance experience, we can then deliver that user into a set of revenue streams, which will include our media business, which is outperforming the market today and continues to make progress. Our meta business, which we believe can be sustained over a long period, although we understand it's not the growth driver and through our marketplace business, which we believe we've already proven what we can do to fuel growth at Viator, and we think we can match our demand with supply in multiple categories over time.

因此，我們真正關注的是更有針對性、更有價值的用戶和受眾。我們相信，當我們利用我們一直在做的產品創新，當我們真正思考如何提供世界一流的指導體驗時，我們就可以將該用戶帶入一系列收入流，其中包括我們的媒體業務目前表現優於市場，並繼續取得進步。我們的元業務，我們相信可以長期持續，儘管我們知道它不是增長動力，並且通過我們的市場業務，我們相信我們已經證明了我們可以做些什麼來推動 Viator 的增長，我們認為隨著時間的推移，我們可以將多個類別的需求與供應相匹配。

I think the second question was related to AI. And we have a strong focus with urgency to execute on AI across our business. And ultimately, we started to show that with the launch of our new trip planning tool. We think engagement will result from that. I mentioned we're starting to see really good early signs around completion rates, member sign in, user satisfaction. This is, in fact, the beginning of how we will integrate AI into all of our products and services as we deliver a more personalized, more relevant, more predictive and more contextual experience that will get people coming back.

我認為第二個問題與人工智能有關。我們非常重視並緊迫地在整個業務中執行人工智能。最終，我們通過推出新的旅行計劃工具開始證明這一點。我們認為，參與將會由此產生。我提到過，我們開始在完成率、會員登錄、用戶滿意度方面看到非常好的早期跡象。事實上，這是我們將人工智能集成到我們所有產品和服務中的開始，我們將提供更個性化、更相關、更具預測性和更情境化的體驗，讓人們成為回頭客。

Now we're leveraging AI in multiple ways. Obviously, we're using it for our products and our tools. We're also using it in the way that we power our content, and we're delivering authentic insights that enhances the user experience and are having a positive uplift. We think we can use AI in a number of different ways in a differentiated fashion. First of all, we've got proprietary first-party data. We have every interaction from hundreds of millions of visitors that's tracked across multiple touch points and frankly, is proprietary to us. We have human insights from real travelers and a billion reviews, and we have a trusted brand, and we're known for that world-class guidance in our traveler community.

現在我們正在以多種方式利用人工智能。顯然，我們將其用於我們的產品和工具。我們還以支持內容的方式使用它，我們提供真實的見解，增強用戶體驗並產生積極的提升。我們認為我們可以以多種不同的方式以差異化的方式使用人工智能。首先，我們擁有專有的第一方數據。我們通過多個接觸點跟踪數億訪問者的每一次互動，坦率地說，這些互動都是我們專有的。我們擁有來自真實旅行者的真知灼見和十億條評論，我們擁有值得信賴的品牌，並且我們在旅行者社區中以世界一流的指導而聞名。

We think we are unique in our ability to connect those things and combine our first-party data, our reviews and create a user graph that will be unique and make that experience better over time. And so when we think about delivering in our product, we think about 3 things. We think about the authentic content, first-party data, a trusted brand. We have all 3, and we think it makes us unique. We will also leverage AI in other ways. We will leverage AI to be more productive. We're already improving our productivity, testing with our engineers. We are going to look at other opportunities in customer service, translation, how we think about marketing and creative optimization. We think there's a lot of potential there. And of course, we want to influence the ecosystem. And so we are partnering with Open AI, Microsoft, Google, to be there, understand how this ecosystem evolves, and frankly, influence it so that we get our fair share of value.

我們認為我們在連接這些事物並結合我們的第一方數據、我們的評論並創建一個獨特的用戶圖表方面具有獨特的能力，並且隨著時間的推移可以使體驗變得更好。因此，當我們考慮交付我們的產品時，我們會考慮三件事。我們考慮真實的內容、第一方數據和值得信賴的品牌。我們擁有這三者，我們認為這使我們獨一無二。我們還將以其他方式利用人工智能。我們將利用人工智能來提高生產力。我們已經在與工程師一起進行測試來提高生產力。我們將尋找客戶服務、翻譯、營銷和創意優化方面的其他機會。我們認為那裡有很大的潛力。當然，我們希望影響生態系統。因此，我們正在與 Open AI、微軟、谷歌合作，了解這個生態系統如何發展，坦率地說，影響它，以便我們獲得公平的價值份額。

The urgency is in our organization, we are staffing this to do it. And it's one of the reasons we wanted to create the flexibility to make sure that we are focused on our highest priority initiatives where we have real conviction. So thank you for asking about that. We're very excited about it.

我們的組織面臨緊急情況，我們正在為此配備人員。這也是我們希望創造靈活性的原因之一，以確保我們專注於我們有真正信念的最高優先級舉措。謝謝你詢問這個問題。我們對此感到非常興奮。

And now we have Lloyd Walmsley from UBS.

現在我們有來自瑞銀集團的勞埃德·沃姆斯利 (Lloyd Walmsley)。

All right. Great. Wanted to just ask about some of the European weakness in the meta business. Can you give us a sense of how much of that is kind of on the user side versus the customer side and bidding levels, I think the 10-Q may seem like CPCs are strong, so maybe more a function of engagement and then just going back to the AI question. It sounds like you're seeing some pretty big upticks in -- I think, sign-ins and saves and that. Maybe you can elaborate on what you mean by the completion rate getting better? And then what have you seen in terms of these cohorts of people ultimately migrating into the hotel funnel, are you seeing those people eventually monetize? Or is that more just something you need to do -- you need to integrate hotels to get that level of -- to connect to monetization. Anything more you can say there would be great.

好的。偉大的。我想問一下歐洲在元業務方面的一些弱點。您能否讓我們了解一下用戶方與客戶方以及出價水平之間的關係，我認為 10-Q 可能看起來 CPC 很強大，所以也許更多的是參與的功能，然後就可以了回到人工智能問題。聽起來你看到了一些相當大的增長——我認為，登錄和保存等等。也許您可以詳細說明一下完成率變好是什麼意思？然後，您在這些最終遷移到酒店渠道的人群中看到了什麼？您是否看到這些人最終獲利？或者這只是你需要做的事情——你需要整合酒店才能達到這種水平——以連接到貨幣化。如果您還能說更多的話那就太好了。

Lloyd, it's Mike. I'll take the first part, and I think Matt will take the second part. Yes, just a few big points about the meta business overall, and then I'll get to your European, I'd say, as a reminder, we were expecting declines, right, in the business as we're facing a tough comp, that's point one. Two, U.S. and APAC performed as expected and really was this more unusual pattern we saw in Europe. And it really did stem from a very delayed and a more muted seasonal pattern.

勞埃德，是邁克。我將承擔第一部分，我認為馬特將承擔第二部分。是的，只是關於整個元業務的幾個要點，然後我會談談您的歐洲業務，我想說的是，作為提醒，我們預計業務會出現下滑，因為我們面臨著嚴峻的競爭，這是第一點。第二，美國和亞太地區的表現符合預期，這確實是我們在歐洲看到的更不尋常的模式。這確實源於一種非常延遲且更加溫和的季節性模式。

Our seasonal, as I said in the prepared remarks, the seasonal peak season tends to be more paid traffic driven. And where we saw was just a much more competitive environment in those paid channels. So it was more of a volume, certainly a volume impact in the quarter in EMEA. We saw some price pressure, too, but it's more of a volume in the paid channel. We reacted accordingly. We chose very specifically to maintain our ROAS and really solve for profitability over growth in this region. I will say that we -- as I said, in July, we saw a nice return, really globally, but we saw it as well in July in Europe as well. But we very much based our outlook for the year on a more prudent view of kind of what we saw for the majority of Q2. And Matt, I'll let you take the second piece.

我們的季節性，正如我在準備好的發言中所說，季節性旺季往往更多是付費流量驅動的。我們看到的是這些付費渠道的競爭環境更加激烈。因此，這更多的是銷量，當然是歐洲、中東和非洲地區本季度銷量的影響。我們也看到了一些價格壓力，但更多的是付費渠道的銷量。我們做出了相應的反應。我們非常明確地選擇維持我們的投資回報率，並真正解決該地區的盈利能力超過增長的問題。我想說的是，正如我所說，7 月份，我們在全球範圍內看到了不錯的回報，但我們 7 月份在歐洲也看到了這種回報。但我們對今年的展望很大程度上是基於對第二季度大部分時間的更為謹慎的看法。馬特，我會讓你拿第二塊。

Yes, thanks. Lloyd, remember, we just recently launched our AI-driven trip planning tool. It went out at the end of June. We scaled it across the U.S. through the web in July. So it's an early data and we're really excited and think that we have a very strong foundation to build on, and we're going to lean into that, stay with it. Our teams are excited about the product and we will continue to push it forward. In terms of what we're seeing, we have seen that -- I mentioned completion rates, what that means is the rate at which users are providing the full set of inputs to generate an itinerary, has been double what we've seen in the historical average for things like quizzes and other times where we are asking consumers to provide structured inputs. Now the sign in, you have to be a member to use it, so the sign-in rate at which users are coming in is 4x the site-wide average. And this is really good because if it drives membership log in, that is core to our strategy. That provides us with an understanding of the consumer. We can be more personalized. We understand how to deliver a better overall experience. And of course, with these kinds of tools, the more that they get used, the better the models are, and they are trained. We have a mix of LLMs and we're trying to approach it to deliver the best experience we can, training it on our data and our content. And so the user satisfaction is promising.

對了謝謝。勞埃德，請記住，我們最近剛剛推出了人工智能驅動的旅行規劃工具。六月底就出來了。 7 月份，我們通過網絡將其擴展到美國各地。所以這是一個早期的數據，我們真的很興奮，並認為我們有一個非常堅實的基礎，我們將依靠它，堅持下去。我們的團隊對該產品感到興奮，我們將繼續推動它向前發展。就我們所看到的而言，我們已經看到——我提到了完成率，這意味著用戶提供全套輸入來生成行程的速度，是我們在測驗等活動以及我們要求消費者提供結構化輸入的其他時間的歷史平均值。現在登錄，你必須成為會員才能使用它，因此用戶的登錄率是全站平均水平的 4 倍。這真的很好，因為如果它能推動會員登錄，那就是我們戰略的核心。這使我們能夠了解消費者。我們可以更加個性化。我們了解如何提供更好的整體體驗。當然，對於這些類型的工具，使用得越多，模型就越好，並且它們得到的訓練就越好。我們擁有多種法學碩士，我們正在努力提供最好的體驗，並根據我們的數據和內容對其進行培訓。因此用戶滿意度是有希望的。

You asked about monetization. We believe starting with engagement will drive monetization. And the more time that people spend on the site, the better we can connect our demand to supply. In the beta version, we did not focus initially on monetization. So we will add over the coming quarters, hotels, bookable tours and we'll be able to drive that user into the hotel flow. Whether it be to look at prices in meta, we're to think about hotel as a category and serve up multiple products and services that get the consumer to the right hotel and really benefit our partners. So we think this is a really good first step and as we collect more learnings as we roll it out, we think the monetization opportunities will be meaningful.

您詢問了貨幣化問題。我們相信從參與開始將推動貨幣化。人們在網站上花費的時間越多，我們就越能將需求與供應聯繫起來。在測試版中，我們最初並沒有關注貨幣化。因此，我們將在接下來的幾個季度中添加酒店、可預訂的旅遊，我們將能夠推動該用戶進入酒店流程。無論是查看元數據中的價格，我們都將酒店視為一個類別，並提供多種產品和服務，讓消費者找到合適的酒店，並真正使我們的合作夥伴受益。因此，我們認為這是一個非常好的第一步，隨著我們在推出過程中收集更多的經驗教訓，我們認為貨幣化機會將是有意義的。

Okay. If I can sneak in a follow on, Mike, are you seeing any impact of the European search competition? Is any of this from the Google search changes? Is that something you're seeing?

好的。如果我可以偷偷跟進一下，邁克，您是否看到了歐洲搜索競爭的影響？這是否來自 Google 搜索的變化？這是你看到的嗎？

Yes. I think we've seen some of the chatter on this. From our perspective, there's no -- nothing really new there. If you talk about the carousel ads, that's product that's been around for a while that we've been participating in. So that's kind of point one that leads us to say that's not. Point two, that's a global product and as we said before, U.S. and rest of the world acted was in line with expectations is really more of a European thing. So we didn't see anything from a product -- Google product perspective that we attributed the European performance to.

是的。我想我們已經看到了一些關於這個問題的討論。從我們的角度來看，那裡沒有什麼真正新鮮的東西。如果你談論輪播廣告，那麼我們一直參與的產品已經存在了一段時間。因此，這是導致我們說不是的第一點。第二點，這是一個全球產品，正如我們之前所說，美國和世界其他地區的行為符合預期，這實際上更多是歐洲的事情。因此，我們沒有從產品——谷歌產品的角度看到任何我們將歐洲表現歸因於的東西。

We will have our next question. Now we will have Richard Clarke from Bernstein.

我們將提出下一個問題。現在請來伯恩斯坦的理查德·克拉克。

A couple of questions, if I can, on margin. Just firstly on the miss your prior guidance on core. Just trying to square that with your comment about focusing on return on advertising spend. Is that, therefore, more down to mix to the E&D division within core, how much of a headwind does that give you? And then secondly, just wanted to ask about the Viator kind of long-term margin outlook and the prior management team used to talk about 20% margins when we try and run cost versus revenue for Viator. It looks like maybe you're heading more towards sort of 10% or low double-digit margins. Just any thoughts on where you think Viator ultimately might be able to come out on margins.

如果可以的話，順便問幾個問題。首先，錯過您之前對核心的指導。只是想將這一點與您關於關注廣告支出回報的評論相一致。因此，這是否更適合核心內的 E&D 部門，這會給您帶來多大的阻力？其次，我只是想詢問 Viator 的長期利潤前景，當我們嘗試計算 Viator 的成本與收入時，之前的管理團隊常常談論 20% 的利潤率。看來你們的利潤率可能會更接近 10% 或較低的兩位數。只是關於你認為 Viator 最終可能在哪裡獲得利潤的任何想法。

Yes, just on the core miss, I would say, while we were targeting and did have stable ROASs in our -- globally in our meta product. We did see from a contribution margin perspective, right, lower dollars, right, from the meta, particularly in Europe. So that had an impact on the margin as well as, as you said, from a secondary perspective, some incremental investment or investments in the mix from the experiences business at core. But it was really more around those lower dollars that's contributing to the margin. In terms of Viator long-term outlook, when we sit and look at this business, we see no reason why this business can't achieve OTA-like margins in the long term.

是的，我想說的是，就核心失誤而言，雖然我們的目標是在我們的元產品中實現全球穩定的廣告支出回報率。我們確實從邊際貢獻的角度來看，美元走低，尤其是在歐洲。因此，這對利潤率產生了影響，正如您所說，從次要角度來看，一些增量投資或核心體驗業務的組合投資也產生了影響。但實際上，更多的是因為美元走低才對利潤率做出了貢獻。就Viator的長期前景而言，當我們坐下來審視這項業務時，我們認為這項業務沒有理由不能長期實現類似OTA的利潤率。

When you think about the marketplace and we look at the correlations with other similar OTAs in the market, we don't see that there's really a difference in margin structure. I think we're going to stop short of saying when that happens because we do recognize, and I think we've been consistent on this, is that we really want to be thinking about how we create a long-term durable player and leader in this category. And we're very focused on thinking about what we've talked about several quarters. We know there is an investment in a new user. We see the data that, that new user if they come back to us is more profitable, and they stick with us longer, right? So that is a pattern that we think is very important. We do recognize that scale is very important in this business. It's a key way we are able to leverage our cost structure and not just fixed cost, but variable costs. When you think about payments, credit card processing, customer service, that really are scale benefits that are very, very important to, I think, unlocking those long-term margins. So we are very focused on the unit economics of the acquisition cohorts we are engaged in today and we'll continue to manage this, we believe, prudently a long-term glide path to getting to achieving those margins.

當您考慮市場並查看與市場上其他類似 OTA 的相關性時，我們並沒有發現利潤結構存在真正的差異。我認為我們不會說這種情況何時發生，因為我們確實認識到，而且我認為我們在這一點上一直保持一致，我們真的想考慮如何創造一個長期持久的球員和領導者在此類別中。我們非常專注於思考我們幾個季度所討論的內容。我們知道有對新用戶的投資。我們看到的數據表明，如果新用戶回到我們身邊，他們會獲得更多利潤，並且他們會更長時間地使用我們，對嗎？所以我們認為這是一個非常重要的模式。我們確實認識到規模對於這項業務非常重要。這是我們能夠利用我們的成本結構的關鍵方式，而不僅僅是固定成本，還有可變成本。當你想到支付、信用卡處理、客戶服務時，我認為這確實是規模效益，對於釋放這些長期利潤非常非常重要。因此，我們非常關注我們今天參與的收購群體的單位經濟效益，我們相信，我們將繼續謹慎地管理這一目標，以實現這些利潤率的長期下滑。

Our next question, Ronald Josey from Citi.

我們的下一個問題是來自花旗集團的羅納德·喬西。

This is James Michael on for Ron. On Viator, in context of the strong growth you've seen in experiences clearly backed by brand investments. Can you talk about the ROAS you're seeing on the ad dollars and then second, any changes to the competitive landscape for experiences overall?

這是詹姆斯·邁克爾替羅恩發言。在 Viator 上，您可以看到明顯由品牌投資支持的體驗的強勁增長。您能談談您在廣告費用上看到的廣告支出回報率嗎？其次，整體體驗的競爭格局有何變化？

Sure. I'll take the brand question. Putting brand investment in ROAS is very, very difficult. Brand is an investment, we think more of a midterm to long-term investment in awareness, that awareness benefits us along many dimensions. But it doesn't drive necessarily users right away to our platforms, but it does promote, again, awareness, it promotes effectiveness in the paid channels. It promotes direct behavior, all of which are very, very important for long-term health. And quite frankly, it helps us think about how we diversify our channel mix over time, right? So we're making investments in brand today for long-term channel diversification, which we think is very important.

當然。我來回答品牌問題。將品牌投資投入到 ROAS 中是非常非常困難的。品牌是一種投資，我們認為更多的是對知名度的中長期投資，這種知名度在很多方面都使我們受益。但它不一定會立即吸引用戶訪問我們的平台，但它確實會再次提高意識，提高付費渠道的有效性。它促進直接行為，所有這些對於長期健康都非常非常重要。坦率地說，它可以幫助我們思考如何隨著時間的推移使我們的渠道組合多樣化，對吧？因此，我們今天正在對品牌進行投資，以實現長期的渠道多元化，我們認為這非常重要。

So in traditional sense, measuring ROASs is very challenging. How we do measure it. We do measure it across various categories, some qualitative, some quantitative. On the quantitative side, we certainly are looking at how does our branded search terms, how are they trending, which we are -- they are trending favorably. We do look at performance statistics of conversion rates because there are added benefits as I said to that before, of awareness and coming into the funnel and actually converting in the funnel, which is very important. We look at qualitative things, which are around brand surveys, unaided, aided brand awareness. All of these things we use really as a mosaic to think about effectiveness of this brand spend away from kind of a traditional ROAS. But we are very focused on measurement of brand spend and we'll continue to do so. And on the second point, I'll turn...

所以從傳統意義上來說，衡量ROAS是非常具有挑戰性的。我們如何衡量它。我們確實通過不同的類別來衡量它，有些是定性的，有些是定量的。在定量方面，我們當然正在關注我們的品牌搜索詞如何，它們的趨勢如何，我們 - 它們的趨勢是有利的。我們確實會關注轉化率的績效統計數據，因為正如我之前所說，還有額外的好處，即意識、進入漏斗和實際在漏斗中進行轉化，這非常重要。我們著眼於定性的事物，這些事物圍繞著品牌調查、獨立的、輔助的品牌知名度。我們將所有這些東西真正用作馬賽克來思考該品牌支出的有效性，遠離傳統的 ROAS。但我們非常注重品牌支出的衡量，並將繼續這樣做。關於第二點，我要轉...

Yes. On the competitive context, there's no doubt that the experience of the space is a competitive space with a dynamic that there are a number of players going after a very big TAM. Now it's a difficult space, and you've seen competitors come in and back off, what you've seen is the emergence of a number of regional players, who are starting from one region and thinking about how they want to get global. We believe that we are very well positioned with the combination of 2 brands that can serve the experiences traveler in different ways, right? So Tripadvisor and our strategy is all about doing guidance that gets you to the place that you want to make it happen. At that point -- and that's -- by the way, that's a broad experience, multi-category but when somebody is looking for experience, we should be able to understand it and you're looking for a place to go. We should be able to offer you the things that are most relevant to you and what you're looking for, given your behaviors of the past and your stated intent.

是的。在競爭環境中，毫無疑問，該空間的體驗是一個充滿活力的競爭空間，有許多玩家在追求一個非常大的 TAM。現在這是一個困難的領域，你看到競爭對手進來又退出，你看到的是許多區域參與者的出現，他們從一個地區開始，思考如何走向全球。我們相信，通過兩個品牌的結合，我們處於非常有利的位置，可以以不同的方式為旅行者提供體驗，對吧？因此，Tripadvisor 和我們的策略就是提供指導，幫助您到達您想要實現的目標。在那一點上——順便說一下，這是一種廣泛的經驗，多類別的，但當有人在尋找經驗時，我們應該能夠理解它，而你正在尋找一個可以去的地方。根據您過去的行為和您聲明的意圖，我們應該能夠為您提供與您最相關以及您正在尋找的東西。

What Viator delivers is that depth, right? That ability to be the preeminent booking platform. And the two together, I think, is reflective of that kind of marketplace economics we've been talking about and we're starting to see how together they are really driving meaningful growth. So I'm not surprised at the competitive dynamic and what everybody else chooses to do, doesn't influence what we are trying to do. Because we are trying to use all of our capabilities and manage prudently and thoughtfully so that we can be the leader in the category and bring it together on behalf of the traveler. And we think we'll get rewarded for that over the long term.

Viator 提供的就是這種深度，對吧？有能力成為卓越的預訂平台。我認為，兩者結合起來反映了我們一直在談論的市場經濟學，我們開始看到它們如何共同真正推動有意義的增長。因此，我對競爭動態並不感到驚訝，其他人選擇做什麼，不會影響我們正在嘗試做的事情。因為我們正在努力利用我們所有的能力並謹慎和深思熟慮地進行管理，以便我們能夠成為該類別的領導者並代表旅行者將其聚集在一起。我們認為，從長遠來看，我們會因此獲得回報。

Jed Kelly from Oppenheimer.

奧本海默的傑德·凱利。

Just on the headcount reductions. Can you speak to just this -- how this will impact your ability to make Viator better and to innovate around Tripadvisor Core? And then just on the -- just with Viator, can you talk about the difference between the gap in gross booking growth and revenue growth. That gap has widened. Can you speak to those trends?

只是在裁員方面。您能談談這一點嗎？這將如何影響您改進 Viator 以及圍繞 Tripadvisor 核心進行創新的能力？然後，就 Viator 而言，您能談談總預訂增長和收入增長之間的差距嗎？這種差距已經擴大。您能談談這些趨勢嗎？

Thanks, Ted. Let me start with the cost savings. This is part of our transformation work. And it is very much about creating the flexibility to invest in our strategic priorities this year and next. And so we are looking at how we allocate resources and creating the space to go after the biggest market opportunities. It has no impact on Viator. We are focused on our core business and making sure that we can continue to deliver the promising momentum that we have shared over the last quarter or two. And so that is the most important piece of this. And we have conviction in our strategy. This action reflects how we want to continue to support it. And of course, we want to be disciplined in the choices that we make.

謝謝，特德。讓我從節省成本開始。這是我們轉型工作的一部分。這在很大程度上是為了創造靈活性來投資我們今年和明年的戰略重點。因此，我們正在研究如何分配資源並創造空間來追求最大的市場機會。對 Viator 沒有影響。我們專注於我們的核心業務，並確保我們能夠繼續提供我們在過去一兩個季度所分享的有希望的勢頭。這是其中最重要的部分。我們對我們的戰略充滿信心。這一行動反映了我們希望繼續支持它的意願。當然，我們希望在做出選擇時遵守紀律。

Yes. Jed, on the gap in Viator between gross booking growth and revenue, we touched upon it a little bit in my prepared remarks, but the 2 biggest -- the 2 drivers are the book -- rev rec in timing and as well as the margin piece. Now the margin piece that Matt alluded to, we have seen continued year-over-year improvements in the take rates. And that is across various reasons. Biggest reason is what we've talked about is the Accelerate program, a very important tool for our suppliers to utilize how they advertise on our platform and are purposely choosing to manage how they want to pay and advertise. So that's a very important tool that has been very productive for our suppliers. That's been a piece of the gap. The other piece is just the timing, right? And I think we've been -- our growth rates have been coming down from very high growth rates. And with that, you will see that difference in the booking to the rev rec timing. So it's really just the accounting timing between the booking and the actual experience itself.

是的。 Jed，關於Viator 總預訂量增長和收入之間的差距，我們在我準備好的發言中稍微談到了這一點，但最大的兩個因素——兩個驅動因素是書——時間和利潤的收入記錄片。現在，馬特提到的利潤部分，我們已經看到採用率持續逐年提高。這是出於多種原因。最大的原因是我們所討論的加速計劃，這是我們的供應商利用他們在我們平台上做廣告的方式並有目的地選擇管理他們想要的付款和廣告方式的非常重要的工具。所以這是一個非常重要的工具，對我們的供應商來說非常高效。這就是差距的一部分。另一部分只是時間，對吧？我認為我們的增長率一直在從非常高的增長率下降。這樣，您就會看到預訂與轉速記錄時間之間的差異。所以這實際上只是預訂和實際體驗本身之間的會計時間。

Mario Lu from Barclays.

來自巴克萊銀行的馬里奧·盧。

The first one is on Tripadvisor Core. Just curious if you could help us frame how we should think about the long-term EBITDA margins, especially after layering in the announced cost savings when we compare that to, say, pre-COVID levels, is it just structurally different now going forward now that Trip experiences is a larger percentage.

第一個位於 Tripadvisor Core。只是好奇您是否可以幫助我們制定如何考慮長期 EBITDA 利潤率，尤其是在將宣布的成本節約與新冠疫情之前的水平進行比較之後，現在的結構是否有所不同？旅行經歷所佔的比例更大。

Yes. Mario, I think that's right. I'll stop short of giving any specifics as we move into the back half of the year. And obviously, we're getting to next year and longer-term planning. If you're really comparing against prepandemic, which I would say is many years ago, and we have talked about this business is different in a lot of ways. But for those 2 factors that you've mentioned, right. One, from the auction perspective, just that mix between the paid and free traffic has been a headwind in margins and that has been structural in the business since prepandemic. And two is the growth in experiences where we certainly have been making more investments at Tripadvisor Core for paid traffic to come and come to the site. So those are the two factors, as you mentioned, that would be -- has caused a headwind versus pre-pandemic times.

是的。馬里奧，我想是的。當我們進入今年下半年時，我將不再提供任何具體細節。顯然，我們正在製定明年和更長期的計劃。如果你真的與大流行前相比，我想說的是很多年前，我們已經討論過這項業務在很多方面都是不同的。但對於你提到的這兩個因素來說，是的。其一，從拍賣的角度來看，付費流量和免費流量的混合一直是利潤率的阻力，而且自大流行前以來，這一直是該業務的結構性因素。第二個是體驗的增長，我們確實在 Tripadvisor 核心進行了更多投資，以獲得網站的付費流量。正如您所提到的，這兩個因素導致了與大流行前時期相比的逆風。

And I would just add, the mix coming into the business is different. And over time, our strategy will deliver a mix that we think will be healthy in terms of profit and revenue growth.

我想補充一點，進入這個行業的組合是不同的。隨著時間的推移，我們的戰略將帶來我們認為在利潤和收入增長方面健康的組合。

Just to follow up on Viator. It was pretty large outperformance this quarter on the revenue side. Not as much deceleration in the last couple of months of the quarter. So any key geos or categories to call out that kind of drove this outperformance?

只是為了跟進 Viator。本季度收入方面的表現相當出色。本季度最後幾個月的減速程度沒有那麼大。那麼有什麼關鍵的地理區域或類別可以推動這種優異的表現嗎？

Yes. I'd just say we were very pleased with the performance in the quarter. It did outperform our expectations. I think the Viator brand is obviously -- its biggest market is the U.S. and North America. And we continue to see a very healthy travel market here in U.S. We saw a very healthy international travel, North America to Europe. That was a very strong area for us. And I think that Viator did a very good job of leaning into that demand and fulfilling customer needs and helping its suppliers advertise effectively on its platform to find that customer demand. So yes, I think that's right. I think, listen as we move in the back half of the year, we are going to comp 100-plus percent growth rates last year. We think that -- we acknowledge that those are tougher comps and you're moving into the back half of the year away from peak travel. And so our guide reflects that. Otherwise, very healthy business, and we're very pleased with the performance.

是的。我只想說我們對本季度的表現非常滿意。它確實超出了我們的預期。我認為 Viator 品牌顯然——其最大的市場是美國和北美。我們繼續看到美國的旅遊市場非常健康。我們看到從北美到歐洲的國際旅遊非常健康。這對我們來說是一個非常強大的領域。我認為 Viator 在深入了解這一需求、滿足客戶需求以及幫助其供應商在其平台上有效地做廣告以發現客戶需求方面做得非常好。所以是的，我認為這是對的。我認為，聽聽我們今年下半年的進展，我們去年的增長率將達到 100% 以上。我們認為，我們承認這些競爭更加艱難，而且您將進入今年下半年，遠離旅行高峰。我們的指南也反映了這一點。除此之外，業務非常健康，我們對業績非常滿意。

I would just add a couple of things for texture. The experienced traveler is increasingly -- they're taking bigger, more expensive trips, right? So that's some of the international stuff that we've seen. And so that's been driving some growth. And I think there are some categories that are really exploding, which I find fascinating, cultural and theme tours, food and wine, outdoor activities, all really good growth. And so it's -- when you can offer the largest set of inventory of experiences in the world, you can really allow those categories to drive a really healthy growth for the traveler.

我只想添加一些紋理的東西。經驗豐富的旅行者越來越多地進行更大、更昂貴的旅行，對吧？這就是我們所看到的一些國際事物。這一直在推動一些增長。我認為有些類別確實呈爆炸式增長，我覺得這些類別很有趣，文化和主題旅遊、美食和美酒、戶外活動，所有這些都非常好的增長。因此，當您能夠提供世界上最大的體驗庫存時，您就可以真正讓這些類別為旅行者帶來真正的健康增長。

Stephen Ju from Credit Suisse.

瑞士信貸銀行的史蒂芬·朱（Stephen Ju）。

So I wanted to follow up about your commentary about the rise in repeat transactions for Viator that does sound like get increasing customer lifetime value. So I was wondering if you can elaborate a little bit in terms of specific product updates, you have to drive that? Or do you think you are benefiting from increased awareness from the brand campaigns you're running.

因此，我想跟進您對 Viator 重複交易增加的評論，這聽起來確實增加了客戶終身價值。所以我想知道您是否可以在具體產品更新方面詳細說明一下，您必須推動這一點？或者您認為您正在從您正在開展的品牌活動中提高知名度中受益。

Yes, I'll start and I'll let Matt chime in at the end if he needs. But yes, I think, Stephen, it's a great question. It is a very important stat that we are very focused on here in the company because it does inform how you think about bidding for new users as you said on an LTV basis. And it all stems from -- in the most basic level, it's around everything in the product, right? So when we bring you in and we -- and you signed up to a product, it's having a great experience. It's ease of payment. It's great customer service, if there's a problem, right? So all these things, we have to nail the product experience, first and foremost, right? And that, that person exits that experience with a great experience and to say that this is something that I really enjoyed and want to do again. Then I think it is important around the brand awareness and how we are then ability to remarket and reengage with those users.

是的，我會開始，如果馬特需要的話，我會讓馬特在最後插話。但是，是的，我認為，斯蒂芬，這是一個很好的問題。這是一個非常重要的統計數據，我們在公司非常關注，因為它確實告訴您如何考慮對新用戶的競價，正如您所說的基於 LTV 的基礎。這一切都源於——在最基本的層面上，它圍繞著產品的一切，對吧？因此，當我們邀請您加入並且您註冊了某個產品時，您會獲得很棒的體驗。付款很方便。如果有問題的話，客戶服務很棒，對吧？因此，所有這些事情，我們首先必須確定產品體驗，對吧？然後，那個人帶著美好的經歷結束了那次經歷，並說這是我真的很喜歡並且想再次做的事情。然後我認為圍繞品牌知名度以及我們如何重新營銷和重新吸引這些用戶的能力非常重要。

So it really goes across all the things that Viator is doing, product experience, customer experience and then how we then keep engaged with that user. And I'd tell you, the more we're doing it ties into the CDP work we're working on, the more data we have around the individuals, the more customized we can be, the more customized we can be. That means we're just going to offer unique and differentiated things on a personalized, customized basis that others just can't do in the category. So we're very excited about that.

因此，它確實涵蓋了 Viator 正在做的所有事情、產品體驗、客戶體驗，以及我們如何與該用戶保持互動。我想告訴你，我們做的事情與我們正在開展的 CDP 工作聯繫得越多，我們擁有的關於個人的數據就越多，我們就越能定制化。這意味著我們將在個性化、定制的基礎上提供獨特且差異化的產品，這是其他同類產品無法做到的。所以我們對此感到非常興奮。

Yes, the Viator team is so focused on making sure people know who they are and how they can serve them. Once they get them in, they're making the experience easier, more enjoyable to book across the whole booking life cycle, no matter the device. They are doing foundational work to make sure that the power and speed of our tech is delivering. They're removing friction. They are thinking about loyalty and making sure that people come back over and over. And so they're -- I think they are very focused and their strategy is clear. They're focused on conversion, repeat, making sure that experience is great, creating more value for operators and delivering an affiliate program that is the best in the world. So they really are clear on what they're aiming to deliver, and I think the results are materializing.

是的，Viator 團隊非常專注於確保人們知道他們是誰以及如何為他們提供服務。一旦他們加入，他們就會讓整個預訂生命週期的預訂體驗變得更輕鬆、更愉快，無論使用什麼設備。他們正在做基礎工作，以確保我們技術的力量和速度能夠發揮作用。他們正在消除摩擦。他們正在考慮忠誠度並確保人們一次又一次地回來。所以他們——我認為他們非常專注，他們的策略也很明確。他們專注於轉化、重複，確保良好的體驗，為運營商創造更多價值，並提供世界上最好的聯盟計劃。因此，他們非常清楚自己的目標是什麼，而且我認為結果正在實現。

Brian Fitzgerald, Wells Fargo.

布萊恩·菲茨杰拉德，富國銀行。

Yes. I'll just rift a little bit off of Stephen's question. I think you said in the prepared remarks, Mike, more Viator bookings come from paid channel right now. Is the -- did I hear that right, is the second derivative that increasing or decreasing? I assume it's decreasing, so it's decelerating. And so if you could unpack that a bit, just what are you seeing in terms of travelers and/or events that are coming through the paid channel because you clearly have really good repeat rates. And so I would imagine the paid channel is getting less important to Viator.

是的。我將稍微迴避斯蒂芬的問題。我想你在準備好的發言中說過，邁克，現在更多的 Viator 預訂來自付費渠道。我沒聽錯吧，二階導數是增加還是減少？我認為它正在減少，所以它正在減速。因此，如果您能稍微展開一下，您會看到通過付費渠道進行的旅行者和/或活動的情況，因為您顯然擁有非常高的重複率。因此，我認為付費頻道對 Viator 來說變得不那麼重要了。

Yes. I think Brian, let me clarify this statement. I think -- I don't think we said we had more through the paid channel. I would say what we did say when you repeat through us, you tend to come back to us through nonpaid channels, right? You skew the nonpaid channels, just to be clear on the statement. And just overall, from a channel philosophy, the paid channels are important, right? It's a great way to us find that new incremental user. And that's where we're very focused on having effective acquisition of that new user realizing that, that gives us a chance to bring that user back on a repeat basis through what we hope and what we have seen the data through more effective and efficient channels. So I wouldn't necessarily say there's a difference in the channels with I think you with different products or different experiences, but I just wanted to clarify, I think what we said on the call.

是的。我想布萊恩，讓我澄清一下這個說法。我認為——我不認為我們說過我們通過付費渠道獲得了更多。我想說的是，當您通過我們重複時，您往往會通過非付費渠道回到我們身邊，對吧？您歪曲了非付費頻道，只是為了在聲明中清楚地表明這一點。總的來說，從渠道理念來看，付費渠道很重要，對嗎？這是我們找到新的增量用戶的好方法。這就是我們非常注重有效獲取新用戶的地方，我們意識到，這使我們有機會通過我們希望的以及我們通過更有效和高效的渠道看到的數據來重複吸引該用戶。因此，我不一定會說渠道存在差異，我認為您擁有不同的產品或不同的體驗，但我只是想澄清一下，我認為我們在電話中所說的。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼，TD·考恩。

I had a follow-up on an earlier question. Just a question on the $35 million cost savings or cost cut that you have that you get the benefit of that next year. Do you see that as a way to make up the core EBITDA shortfall next year and get that core margin back into that kind of 35%, 36% range? Or is it more just to pave the way for more reinvestment in core advertising to get that segment going again?

我對之前的問題進行了跟進。只是問一下您明年將受益的 3500 萬美元成本節省或成本削減。您是否認為這是彌補明年核心 EBITDA 缺口並使核心利潤率回到 35%、36% 範圍的一種方式？還是只是為了為核心廣告的更多再投資鋪平道路，以使該細分市場再次發展？

Yes, Kevin, I would say, I guess, more of the latter. I mean, we weren't -- the headcount reduction was really more around how do we preserve flexibility, how do we preserve investment in the strategy that we believe is transformative to the business. We're -- I'm going to stop short of trying to say what margins are going to be next year. There's time to develop that and talk about that later. But it's really not around a margin solve. It's around how do we create the space and flexibility to continue to operate in this -- in the strategy and execute on that strategy.

是的，凱文，我想，更多的是後者。我的意思是，我們沒有——裁員實際上更多地是為了我們如何保持靈活性，如何保持對我們認為對業務具有變革性的戰略的投資。我們——我將不再試圖說出明年的利潤率是多少。有時間來發展這個並稍後討論。但這確實不是圍繞邊際解決的。問題在於我們如何創造空間和靈活性來繼續運作——在戰略中並執行該戰略。

So I would now like to turn the conference back over to Matt Goldberg, CEO for closing remarks. Thank you.

因此，我現在想將會議轉回首席執行官馬特·戈德堡 (Matt Goldberg) 致閉幕詞。謝謝。

Thanks, everyone, for joining us today. We believe we're making good progress on our stated strategies across each of our segments, and we look forward to sharing our next update with you next quarter. Have a great day.

謝謝大家今天加入我們。我們相信，我們在每個細分市場的既定戰略方面都取得了良好進展，我們期待在下個季度與您分享我們的最新動態。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。