Tripadvisor Inc (TRIP) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tripadvisor Third Quarter 2023 Conference Call.

美好的一天，感謝您的支持。歡迎參加 Tripadvisor 2023 年第三季電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker for today, Angela White, VP of Investor Relations. Angela, please go ahead.

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，投資者關係副總裁安吉拉懷特 (Angela White)。安琪拉，請繼續。

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

謝謝你，費莉西亞。大家早安，歡迎參加 Tripadvisor 2023 年第三季財務績效電話會議。今天加入我的是總裁兼執行長 Matt Goldberg；和首席財務官邁克·努南。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 財務指標的調整表。

Before we begin, I'd like to remind you that this call may contain estimates and other forward-looking statements that represent management's view as of today, November 7, 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 11 月 7 日的觀點的估計和其他前瞻性陳述。Tripadvisor 不承擔更新這些陳述以反映未來事件或情況的義務。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，以了解有關可能導致實際結果與這些前瞻性陳述有重大差異的因素的資訊。

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

這樣，我會將電話轉給馬特。

Thanks, Angela, and good morning to everyone joining us today. For the third quarter, on a consolidated basis, Tripadvisor Group delivered revenue of $533 million, reflecting growth of 16% year-over-year. Viator achieved another solid quarter of outperformance with 41% revenue growth versus last year and Tripadvisor Core also performed better than expected.

謝謝安琪拉，今天加入我們的大家早安。第三季度，Tripadvisor 集團綜合營收為 5.33 億美元，年增 16%。 Viator 又一個季度表現出色，營收較去年成長 41%，Tripadvisor Core 的表現也優於預期。

Across both Viator and Tripadvisor Core, the progress in our experiences offering continues to exceed our expectations, reflecting the large opportunity still in front of us in this category.

在 Viator 和 Tripadvisor Core 中，我們在體驗產品方面取得的進展持續超出我們的預期，反映出我們在這一類別中仍然面臨著巨大的機會。

TheFork made meaningful margin improvement on healthy topline growth, nearly reaching breakeven for the quarter. Consolidated adjusted EBITDA was $127 million or 24% of revenue. These results reflect our continued progress in executing our segment strategies with strong financial and operational discipline.

TheFork 在健康的營收成長的基礎上實現了顯著的利潤率改善，本季度幾乎達到了盈虧平衡。合併調整後 EBITDA 為 1.27 億美元，佔營收的 24%。這些結果反映了我們在執行細分市場策略方面不斷取得的進展，並具有嚴格的財務和營運紀律。

As a reminder, at Tripadvisor Core, we're focusing on engagement and delivering world-class guidance products to fuel our diverse monetization paths. At Viator, we are reaching our leadership -- we are reinforcing our leadership position in experiences by investing in awareness, enhanced products and repeat bookings to capture more market share.

謹此提醒，在 Tripadvisor Core，我們專注於參與並提供世界一流的指導產品，以推動我們多樣化的獲利路徑。在 Viator，我們正在達到領先地位——我們透過投資意識、增強產品和重複預訂來鞏固我們在體驗方面的領先地位，以佔領更多市場份額。

At TheFork, we're driving revenue growth with significant margin improvement this year by delivering value to both diners and restaurants as the leader in the European dining market.

在 TheFork，我們作為歐洲餐飲市場的領導者，為食客和餐廳提供價值，今年將大幅提高利潤率，推動收入成長。

I'm pleased with what our teams have accomplished in the quarter. We're leaning into the strength of our existing assets while ensuring that we build and innovate for the future.

我對我們的團隊在本季所取得的成就感到滿意。我們正在利用現有資產的優勢，同時確保我們為未來進行建設和創新。

We're executing more efficiently and effectively across each of our segments, and we continue to solidify our position as the most trusted source for travel and experiences with Tripadvisor leading the way on the launch of the coalition of trusted reviews where we brought together the leading platforms in the online review space to combat fake reviews and set global standards to best serve consumers.

我們在每個細分市場中都更加高效和有效地執行，並繼續鞏固我們作為最值得信賴的旅行和體驗來源的地位，Tripadvisor 在推出可信評論聯盟方面處於領先地位，我們匯集了領先的評論聯盟線上評論領域的平台打擊虛假評論並製定全球標準以最好地服務消費者。

Let's get into each segment. Starting with Tripadvisor Core, where we continue to make steady quarter-by-quarter progress on our strategy. I'm going to highlight a few examples of the proof points we're seeing in our ability to provide world-class travel guidance, use that guidance to drive deeper engagement with travelers and position ourselves to translate that engagement over time into meaningful financial impact.

讓我們進入每個部分。從 Tripadvisor 核心開始，我們繼續在策略上取得逐季的穩定進展。我將重點介紹幾個例子，說明我們有能力提供世界一流的旅行指導，利用該指導來推動與旅行者更深入的接觸，並讓我們自己能夠隨著時間的推移將這種參與轉化為有意義的財務影響。

Our strategy starts with innovating and enhancing our product, reinforcing Tripadvisor as a world-class guidance platform for planning and taking a trip as well as in-destination decision-making. At our last call, we mentioned the promising early feedback from a significant upgrade to trips, our Core trip planning and itinerary product, including a new generative AI-powered itinerary feature. We're still early in the journey and are iterating continuously, but we're seeing compelling results.

我們的策略始於創新和增強我們的產品，強化 Tripadvisor 作為世界一流的旅行規劃、旅行以及目的地決策指導平台的地位。在上次電話會議中，我們提到了對旅行、我們的核心旅行規劃和行程產品（包括新的生成人工智慧驅動的行程功能）進行重大升級所帶來的有希望的早期回饋。我們仍處於這一旅程的早期階段，並且正在不斷迭代，但我們已經看到了令人信服的結果。

During the first 3 months in beta, members who created itineraries, returned at a much higher rate within the first 7 days than members who hadn't created an itinerary, and we have observed that higher return rate continuing for the full month thereafter as well.

在測試版的前 3 個月內，創建行程的會員在前 7 天內的退貨率比未創建行程的會員高得多，而且我們觀察到此後的整個月退貨率也持續較高。

Importantly, members who build an itinerary also generate, on average, 3x higher revenue than the average Tripadvisor member, and the average member already monetizes at approximately 10x the rate of nonmembers. We believe the initial data is a good indication of early product market fit and we're on a plan to launch this full trip planning and itinerary product on our mobile app, on iOS and Android this quarter.

重要的是，平均而言，制定行程的會員產生的收入比普通 Tripadvisor 會員高出 3 倍，而普通會員的盈利率大約是非會員的 10 倍。我們相信，初始數據很好地表明了早期產品的市場契合度，我們計劃本季在 iOS 和 Android 行動應用程式上推出這款完整的旅行規劃和行程產品。

Another stated priority is to drive deeper engagement with travelers leveraging our unique content and data at scale. We continue to deliver progress in Q3. Let me share 2 examples. First, we've been leveraging generative AI and machine learning tools to bring together guidance from our community and our editorial team on a set of our most popular destination pages, think New York City, Paris and so on.

另一個明確的優先事項是利用我們獨特的內容和數據大規模推動與旅客的更深入互動。我們在第三季繼續取得進展。讓我分享2個例子。首先，我們一直在利用生成式人工智慧和機器學習工具，將社群和編輯團隊的指導匯集到一組最受歡迎的目的地頁面上，例如紐約市、巴黎等。

Curating fresh, relevant content on these pages is driving over 15% more saves. So travelers are engaging more frequently by adding a desired hotel, restaurant or experience they discovered through our product to the trip they're planning.

在這些頁面上策劃新鮮、相關的內容可以使節省量增加 15% 以上。因此，旅行者透過將透過我們的產品發現的所需酒店、餐廳或體驗添加到他們計劃的旅行中，從而更頻繁地參與其中。

Second, we recently rolled out a test across tens of thousands of hotels that uses Gen AI to summarize reviews and deliver clear insights to travelers on key quality attributes as they consider their choices.

其次，我們最近在數萬家酒店中進行了一項測試，使用 Gen AI 來總結評論，並在旅客考慮選擇時提供關鍵品質屬性的清晰見解。

Let me give an example. For me, the single most important factor in booking a hotel is that I can get a quiet night sleep. We are now leveraging our data to provide a clear signal about the noise level of a particular hotel, along with other critical qualities we know are important to travelers like atmosphere, service, value and more.

讓我舉個例子。對我來說，預訂飯店最重要的因素是我能睡個好覺。我們現在利用我們的數據來提供有關特定酒店噪音水平的清晰信號，以及我們知道對旅行者很重要的其他關鍵品質，如氛圍、服務、價值等。

While Gen AI provides the perfect way to summarize content at scale, trust is still at the center of why people come to us. So in this feature, we share the specific underlying reviews from our community of travelers that were used to generate each insight and provide a direct path to go deeper on what matters most to the traveler.

雖然 Gen AI 提供了大規模總結內容的完美方式，但信任仍然是人們來找我們的核心原因。因此，在此功能中，我們分享來自旅行者社群的具體基本評論，這些評論用於產生每項見解，並提供直接路徑來深入了解對旅行者最重要的事情。

These examples are just a few of the many encouraging proof points that our teams are driving, which gives us conviction in our strategic direction, prioritization and sequencing, but we know this only matters if it translates to financial impact over time, and we're also pleased with the leading indicators we're getting on monetization.

這些例子只是我們團隊正在推動的眾多令人鼓舞的證據點中的幾個，這讓我們對我們的策略方向、優先順序和順序充滿信心，但我們知道，只有當它隨著時間的推移轉化為財務影響時，這才重要，而且我們正在我們還對我們獲得的貨幣化領先指標感到滿意。

I mentioned before the significantly higher revenue we see among users who create a trip. As these users build an itinerary and engage more deeply, they're exposed to monetizable hotel and experience recommendations and to relevant ads from our partners, all of which we're increasingly integrating directly into this user journey. And the refreshed content on our destination pages is a perfect point in the journey to surface these options to a traveler. We've already observed double-digit increases in experiences revenue on the pages with these content enhancements, and we're just beginning to scale.

我之前提到過，我們在創建旅行的用戶中看到了顯著更高的收入。隨著這些用戶制定行程並更深入參與，他們會接觸到可獲利的飯店和體驗推薦以及來自我們合作夥伴的相關廣告，所有這些我們都越來越多地直接整合到這個用戶旅程中。我們的目的地頁面上更新的內容是向旅客展示這些選項的旅程中的完美點。我們已經觀察到，透過這些內容增強，頁面上的體驗收入出現了兩位數的成長，而且我們才剛開始擴大規模。

All this adds up to more engaged travelers exposed to monetizable products. In experiences, for example, we've already exposed over 30 million more shoppers to bookable products year-to-date than in 2022. Given our position in the traveler journey and our scale, we see opportunities to expand bookable supply into other categories or geographies, driving value for travelers and partners alike.

所有這些都使得更多的旅行者接觸到可貨幣化的產品。例如，在體驗方面，與2022 年相比，今年迄今為止，我們已經讓可預訂產品的購物者多了3000 萬。鑑於我們在旅行者旅程中的地位和規模，我們看到了將可預訂供應擴展到其他類別或產品的機會。地理，為旅行者和合作夥伴帶來價值。

Turning to Viator. Our position as the global leader in experiences continues to strengthen. We're serving more travelers, partnering with more operators, empowering more experiences storefronts than ever before. We reached $1.1 billion in gross bookings value this quarter. In an attractive category with a total addressable market projected to reach nearly $300 billion in GBV in the next few years, online players like us are set to disproportionately benefit as bookings increase and migrate online.

轉向維阿托。我們作為體驗領域全球領導者的地位不斷加強。我們正在為更多的旅客提供服務，與更多的營運商合作，為更多的體驗店面提供比以往更多的服務。本季我們的總預訂價值達到 11 億美元。在一個有吸引力的類別中，預計未來幾年 GBV 的總潛在市場將達到近 3000 億美元，隨著預訂量的增加和線上遷移，像我們這樣的線上玩家將獲得不成比例的受益。

We're working hard to accelerate this migration, differentiate Viator and drive sustainable results. On the traveler side, our acquisition engine is gaining efficiency. Our brand marketing investments are yielding greater demand from more profitable channels such as brand search, app and direct traffic. And we're successfully turning this new audience into a loyal one. We're doing this in 2 ways: first, by improving the product experience, by easing search, enhancing the app and improving our checkout experience and in hundreds of other large and small ways.

我們正在努力加速這一遷移，使 Viator 脫穎而出並推動永續成果。在旅行者方面，我們的獲取引擎正在提高效率。我們的品牌行銷投資正在從品牌搜尋、應用程式和直接流量等更有利可圖的管道產生更大的需求。我們正在成功地將這些新觀眾轉變為忠實觀眾。我們透過兩種方式做到這一點：首先，透過改善產品體驗、簡化搜尋、增強應用程式和改善我們的結帳體驗以及數百種其他大大小小的方式。

Second, we're making it simple and sensible to come back by providing programs and incentives that drive loyalty. Collectively, these are driving significant improvements to repeat behavior. Our most loyal users are our fastest growing, highest spending and least expensive of all our users.

其次，我們透過提供提高忠誠度的計劃和激勵措施，使回歸變得簡單而明智。總的來說，這些正在推動重複行為的顯著改善。我們最忠實的用戶是我們所有用戶中成長最快、支出最高且最便宜的用戶。

On top of this compelling traveler experience, we're also reinforcing our supply asset. Viator has the world's largest high-quality online supply of experiences, over 300,000 products from more than 55,000 operators. We've achieved this by being the best partner we can by driving more bookings and delivering demand as seamlessly as possible. Our success here shows up in our high retention rates as well as our operator engagement with suppliers generating meaningfully more business through Viator, the longer they remain on our platform.

除了這種引人入勝的旅行者體驗之外，我們還加強了我們的供應資產。 Viator 擁有全球最大的高品質線上體驗供應，來自超過 55,000 家營運商的超過 300,000 種產品。我們透過推動更多預訂並盡可能無縫地滿足需求，成為最好的合作夥伴，從​​而實現了這一目標。我們在這裡的成功體現在我們的高保留率以及我們與供應商的營運商互動，他們在我們平台上停留的時間越長，透過 Viator 產生的業務就越多。

We also see it in the adoption of our Accelerate program. More than half of eligible products are now opted into the program with operators choosing to exchange a higher commission for increased exposure across our platform. This has contributed to sustained improvements in take rates and a clear signal of the meaningful value we are providing.

我們在加速計畫的採用中也看到了這一點。現在，超過一半的合格產品選擇加入該計劃，營運商選擇用更高的佣金來換取在我們平台上增加曝光率。這有助於持續提高採用率，並明確表明我們正在提供有意義的價值。

Finally, at TheFork, we continue to make progress on executing our strategy to achieve profitable growth growing topline revenue while reaching an adjusted EBITDA loss of $1 million, a significant improvement over last year. As we build on this performance, we remain on track to deliver on our commitment to exit the year at breakeven profitability. We're achieving these results by leveraging our historical investments on both sides of the marketplace while focusing on operational execution.

最後，在 TheFork，我們在執行策略方面繼續取得進展，以實現利潤成長，增加總收入，同時實現調整後 EBITDA 虧損 100 萬美元，比去年有顯著改善。在我們鞏固這一業績的同時，我們仍有望兌現以盈虧平衡的盈利能力結束今年的承諾。我們透過利用我們在市場雙方的歷史投資同時專注於營運執行來實現這些成果。

On the demand side, we observed strong bookings' contribution from repeat diners, the majority of which engage with us through our app, our most efficient and profitable channel. On the supply side, our restaurant cohort performance exhibited sequential improvements on both volume and value per restaurant. We're also benefiting from operational efficiencies as we lead our teams to higher levels of productivity as the business continues to grow.

在需求方面，我們觀察到回頭客的強勁預訂貢獻，其中大多數透過我們的應用程式與我們互動，這是我們最高效和最有利可圖的管道。在供應方面，我們的餐廳群體績效在每家餐廳的數量和價值上都呈現出連續改善。隨著業務的不斷成長，我們帶領我們的團隊提高生產力水平，我們也從營運效率中受益。

Before I pass the call to Mike, I want to reiterate how excited we are about the work we're doing and how proud I am of our team and their focus entering the final stretch of the year. As we look externally, we can't predict how the global economy or geopolitical events may impact the strong activity and travel we've seen for the last year plus. It's normal for us to see immediate movement in destination intent and experienced bookings when disruptions occur, which typically abate in the days or weeks following, whether related to extreme weather, natural disasters or recently the activity in the Middle East.

在我把電話轉給麥克之前，我想重申我們對我們正在做的工作感到多麼興奮，我對我們的團隊以及他們進入今年最後階段的專注感到多麼自豪。當我們放眼外部時，我們無法預測全球經濟或地緣政治事件可能如何影響我們去年多以來看到的強勁活動和旅行。當中斷發生時，我們看到目的地意圖和經驗豐富的預訂立即發生變化是正常的，無論是與極端天氣、自然災害還是最近中東的活動有關，中斷通常會在接下來的幾天或幾週內減弱。

Overall, however, we continue to see resilient and durable travel intent in our data driven by the enduring trend of consumers prioritizing travel and experiences over other discretionary spend. What we do know is that across the group, we're making tangible progress.

然而，總體而言，我們在數據中繼續看到有彈性和持久的旅行意圖，這是由消費者優先考慮旅行和體驗而不是其他可自由支配支出的持久趨勢所驅動的。我們所知道的是，整個集團正在取得實際的進展。

At Tripadvisor Core, we're on track in a multiyear transformation journey, leaning into a future that diversifies our business to deliver new avenues for sustainable growth and profitability as exemplified by our thriving experiences marketplace.

在 Tripadvisor 核心，我們正走在多年轉型之旅的正軌上，致力於實現業務多元化的未來，為可持續增長和盈利提供新途徑，正如我們蓬勃發展的體驗市場所體現的那樣。

At Viator, we're scaling to lead the Global Experiences category, delivering healthy levels of growth with improving unit economics, which gives us confidence in our ability to realize increased profitability at scale from the strategic investments we've made.

在 Viator，我們正在擴大規模以引領全球體驗類別，透過改善單位經濟效益來實現健康的成長水平，這讓我們對透過策略性投資實現大規模獲利能力的能力充滿信心。

And at TheFork, we're executing in a fragmented market with a compelling value proposition and competitive differentiation. We'll continue to leverage historical investments as we progress this segment to profitable growth in the near term.

在 TheFork，我們在一個分散的市場中執行任務，具有令人信服的價值主張和競爭優勢。我們將繼續利用歷史投資，推動該領域在短期內實現獲利成長。

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

這樣，我會將電話轉給麥克。

Thanks, Matt, and good morning, everyone. I'll start by reviewing Q3 results and provide some color on expectations for Q4 as well as some preliminary thoughts on fiscal 2024. All growth rates for 2023 are relative to the comparable period in 2022, unless otherwise indicated.

謝謝馬特，大家早安。我將首先回顧第三季度的業績，並對第四季度的預期提供一些說明，以及對2024 財年的一些初步想法。除非另有說明，2023 年的所有增長率均相對於2022 年的可比時期而言。

Now on to Q3. We delivered results that exceeded our expectations for the quarter. Consolidated revenue was $533 million, reflecting growth of 16% or 13% on a constant currency basis. Adjusted EBITDA of $127 million or 24% of revenue was approximately 150 basis points better than the range we provided last quarter.

現在進入第三季。我們交付的業績超出了我們對本季的預期。合併收入為 5.33 億美元，以固定匯率計算成長 16% 或 13%。調整後 EBITDA 為 1.27 億美元，佔營收的 24%，比我們上季提供的範圍高出約 150 個基點。

Turning to the segment performance for the third quarter. Tripadvisor Core delivered revenue of $290 million, which represented a 2% growth for the quarter. Branded Hotels revenue of $181 million declined 4%, an improvement from last quarter's decline of 7%. Within Branded Hotels, we saw mid-single-digit declines in hotel meta and high single-digit growth in our hotel B2B business.

轉向第三季的部門業績。 Tripadvisor Core 營收 2.9 億美元，本季成長 2%。品牌飯店營收為 1.81 億美元，下降 4%，較上季 7% 的降幅有所改善。在品牌飯店中，我們看到飯店元資料出現中個位數下降，而飯店 B2B 業務出現高個位數成長。

We were pleased with the stability of the hotel meta in Q3, in particular, coming out of the volatility we observed in Q2. Healthier trends emerge in July and carried forward to the rest of the quarter. The performance in the quarter as compared to our outlook was largely driven by sustained pricing strength with volume broadly in line with our expectations across both free and paid channels.

我們對第三季酒店元的穩定性感到滿意，特別是擺脫了我們在第二季度觀察到的波動。七月份出現了更健康的趨勢，並將延續到本季剩餘時間。與我們的預期相比，本季的業績主要是由持續的定價優勢推動的，免費和付費管道的銷售基本上符合我們的預期。

Geographically, Europe performed better than our expectations, though on a year-over-year basis, it still lags the U.S., which continues to benefit from sustained pricing strength. We continued to see strong pricing growth globally, while volumes lagged last year's levels. While pricing is heavily impacted by the overall health of the travel market, we believe the pricing trends we have witnessed this year are also a direct result of product decisions that we have made on the platform.

從地理上看，歐洲的表現好於我們的預期，儘管與去年同期相比，它仍然落後於美國，而美國繼續受益於持續的定價優勢。我們繼續看到全球價格強勁成長，但銷售卻落後於去年的水平。雖然定價很大程度上受到旅遊市場整體健康狀況的影響，但我們相信今年看到的定價趨勢也是我們在平台上做出的產品決策的直接結果。

Some of the changes that we implemented have reduced volume but delivered higher quality clicks for our partners, which we believe has contributed to the strong pricing trend this year. We were pleased with the performance of our free channels within hotel meta as the share of hotel meta revenue coming from free channels remained stable year-over-year.

我們實施的一些改變減少了流量，但為我們的合作夥伴提供了更高品質的點擊，我們認為這促成了今年強勁的定價趨勢。我們對酒店元中免費管​​道的表現感到滿意，因為來自免費管道的酒店元收入份額比去年同期保持穩定。

We continue to manage paid channels for profitability by maintaining consistent ROAS' targets. While this puts pressure on hotel meta revenue growth, we believe maintaining profitability in paid channels is prudent as we continue to execute on our transformation at Tripadvisor Core.

我們透過保持一致的 ROAS 目標來繼續管理付費管道以實現盈利。雖然這給酒店元收入成長帶來壓力，但我們認為，隨著我們繼續在 Tripadvisor 核心區實施轉型，維持付費管道的獲利能力是謹慎的做法。

Display and Platform revenue grew 15% to $38 million. We're proud of the growth we were able to drive amidst some more modest growth in the broader Travel Media category, in particular, traditional display advertising. This performance is due in part to the collaboration in creative and content we are doing with endemic and non-endemic partners.

顯示和平台收入成長 15%，達到 3,800 萬美元。我們為在更廣泛的旅遊媒體類別（特別是傳統展示廣告）的溫和增長中能夠推動的增長感到自豪。這一表現在某種程度上歸功於我們與地方性和非地方性合作夥伴在創意和內容方面的合作。

Experience & Dining revenue grew 22% to $55 million, with Experiences revenue growing nearly 30%. We're very pleased with this performance, in particular, with how the teams have managed to continuously improve conversion rates across channels and services, while more effectively managing profitability in the paid channels. Revenue from other offerings declined 11% to $16 million due to continued deemphasis of flights, car rental and vacation rental categories, which offset revenue growth in crews of 13%.

體驗和餐飲收入成長 22%，達到 5,500 萬美元，其中體驗收入成長近 30%。我們對這項表現非常滿意，特別是對團隊如何持續提高跨通路和服務的轉換率，同時更有效地管理付費管道的獲利能力感到非常滿意。由於航班、汽車租賃和度假租賃類別的持續淡化，其他產品的收入下降了 11%，至 1,600 萬美元，抵消了機組人員 13% 的收入成長。

Tripadvisor Core adjusted EBITDA was $111 million or 38% of revenue, above our expectations and approximately 100 basis points lower than the same period a year ago. The modest deleverage was a result of revenue mix shift between hotel meta and Experiences.

Tripadvisor 核心調整後 EBITDA 為 1.11 億美元，佔營收的 38%，高於我們的預期，比去年同期低約 100 個基點。適度的去槓桿化是飯店元和體驗之間收入組合轉變的結果。

Although hotel meta's revenue is a smaller share of total segment revenue, its contribution margin has remained stable year-over-year.

儘管飯店梅塔的收入佔分部總收入的比例較小，但其貢獻率較去年同期保持穩定。

Turning to Viator. Revenue was $245 million, reflecting growth of 41% or 39% on a constant currency basis, which was meaningfully higher than our expectations. Gross booking value was approximately $1.1 billion, reflecting growth of approximately 33%. Growth in gross bookings value was primarily driven by volume growth and to a lesser extent, pricing. We observed strong growth in destination bookings outside of the U.S.

轉向維阿托。營收為 2.45 億美元，以固定匯率計算成長 41% 或 39%，明顯高於我們的預期。總預訂價值約 11 億美元，成長約 33%。總預訂價值的成長主要由銷售成長以及較小程度的定價所推動。我們觀察到美國以外的目的地預訂強勁成長

Adjusted EBITDA at Viator was $17 million or 7% of revenue, which is flat year-over-year. While we achieved leverage in performance marketing this quarter, it was offset by an increase in brand spend. I want to reiterate what Matt said earlier about how Viator continues to deliver an enhanced value proposition to both travelers and operators.

Viator 調整後 EBITDA 為 1,700 萬美元，佔營收的 7%，與去年同期持平。雖然本季我們在效果行銷方面取得了成效，但它被品牌支出的增加所抵消。我想重申 Matt 之前所說的 Viator 如何繼續為旅客和營運商提供增強的價值主張。

It's a large opportunity, and our strategy is focused on investing to build scale and a strong competitive position in the Experiences category. Our investment in traveler acquisition continues to translate into attractive and improving repeat behavior that's now delivering meaningful financial impact that we see carrying over to deliver full year profitability in 2024.

這是一個巨大的機會，我們的策略重點是投資以擴大規模並在體驗類別中建立強大的競爭地位。我們在旅客獲取方面的投資繼續轉化為有吸引力且不斷改善的回頭客行為，目前正在帶來有意義的財務影響，我們預計這些影響將在 2024 年實現全年盈利。

As we've discussed, the online addressable market for Experiences still has low awareness. Just 25% of the nearly $250 billion market transacts online today, but continues to migrate quickly. Given these dynamics, new travelers typically discover Viator through paid online acquisition channels, such as search engine marketing. Given the value of scale and the reach that these channels offer, we have been investing significantly to acquire new customer cohorts that are new, not only to Viator, but often new to the category itself.

正如我們所討論的，線上體驗市場的認知度仍然較低。如今，在近 2500 億美元的市場中，只有 25% 進行線上交易，但仍在快速遷移。鑑於這些動態，新旅客通常會透過付費線上獲取管道（例如搜尋引擎行銷）來發現 Viator。考慮到這些管道所提供的規模價值和覆蓋面，我們一直在大力投資以獲取新客戶群，這些客戶群不僅對 Viator 來說是新的，而且對於該類別本身來說也是新的。

Underpinning this investment strategy is our success in capturing new demand at scale through all acquisition channels and delighting these customers for the first time and this success is driving attractive growing repeat behavior that we are now seeing drive the leverage as Viator continues to scale. Our traveler cohort performance has consistently improved across every major metric. Higher rates of repeat bookers who are spending more with us and in every subsequent booking returning to us through our most profitable channels, whether it be directly on our site or app or through SEO, branded affiliates or branded search.

支撐這項投資策略的是我們成功地透過所有收購管道大規模捕捉新需求並首次取悅這些客戶，這一成功正在推動有吸引力的重複行為不斷增長，我們現在看到隨著Viator 不斷擴大規模，這種行為推動了槓桿作用。我們的旅行者群體在每一個主要指標上的表現都在持續改善。透過我們最有利可圖的管道（無論是直接在我們的網站或應用程式上，還是透過搜尋引擎優化、品牌附屬機構或品牌搜尋）返回我們的重複預訂者在我們這裡花費更多以及在每次後續預訂中的回頭客率更高。

The combination of this consistent behavior has resulted in a very -- in a highly valuable base of loyal repeat travelers. Gross booking value from the repeat customer base has been our fastest-growing segment at Viator, where we observed 3.5x growth relative to new customers this quarter.

這種一致的行為結合在一起，形成了非常有價值的忠誠回頭客基礎。來自重複客戶群的總預訂價值一直是 Viator 成長最快的部分，我們觀察到本季相對於新客戶成長了 3.5 倍。

As we continue to deliver on our value proposition, we expect Viator's traveler cohort mix to continue to shift disproportionately more towards a higher contribution of repeat travelers that engage with Viator more and more directly or through immediately profitable acquisition channels.

隨著我們繼續兌現我們的價值主張，我們預計 Viator 的旅行者群體組合將繼續不成比例地轉向回頭客的更高貢獻，這些旅行者越來越直接或透過立即盈利的收購管道與 Viator 互動。

So we continue to be encouraged by the strength of Viator's unit economics and the leverage they are driving in the second half of this year that we believe will underpin full year profitability next year.

因此，我們繼續對 Viator 的單位經濟實力及其在今年下半年推動的槓桿作用感到鼓舞，我們相信這將支持明年全年的盈利能力。

At TheFork, revenue in Q3 was $42 million, reflecting growth of 20% and 14% on a constant currency basis. Revenue growth was driven by a mix of both volume and pricing growth. Overall, we are focused on continuing to increase monetization of our marketplace with balanced investments in both supply and demand in order to exit the year at adjusted EBITDA breakeven.

TheFork 第三季的營收為 4,200 萬美元，以固定匯率計算分別成長 20% 和 14%。收入成長是由銷售和價格成長共同推動的。總體而言，我們的重點是透過平衡供需投資來繼續提高市場的貨幣化程度，以便在調整後的 EBITDA 盈虧平衡下結束這一年。

Adjusted EBITDA loss of TheFork was $1 million or negative 2% of revenue. Sales and marketing as well as technology and content costs leveraged significantly resulting in 24 percentage points of year-over-year margin improvement, driven by disciplined operating execution.

TheFork 調整後 EBITDA 損失為 100 萬美元，即收入的負 2%。在嚴格的營運執行的推動下，銷售和行銷以及技術和內容成本得到了顯著利用，利潤率比去年同期提高了 24 個百分點。

We are pleased with the progress we are making on profitability and anticipate further momentum in future periods.

我們對獲利能力的進展感到滿意，並預計未來將取得進一步的發展動能。

Turning now to consolidated expenses. Cost of revenue delivered by approximately 100 basis points, primarily due to the increased weighting of Viator related costs as a percent of consolidated revenue. Viator's costs include credit card processing fees which increased with Viator's transaction volume. We also saw some increases in media-related costs in the Tripadvisor Core segment due to more customized campaigns we ran in the quarter.

現在轉向綜合費用。收入成本下降約 100 個基點，主要是由於 Viator 相關成本佔合併收入的比重增加。 Viator 的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。由於我們在本季度開展了更多的客製化活動，我們也發現 Tripadvisor 核心部分的媒體相關成本增加。

Sales and marketing as a percent of revenue was approximately flat year-over-year. People costs as a percent of revenue were lower, Tripadvisor Core and TheFork, offset by higher sales and marketing spend at Viator, primarily due to increased brand spend. Technology and content delevered modestly due to higher people costs at both Viator and Tripadvisor Core, which offset lower cost at TheFork.

銷售和行銷佔收入的百分比與去年同期基本持平。 Tripadvisor Core 和 TheFork 的人員成本佔收入的百分比較低，但被 Viator 較高的銷售和行銷支出所抵消，這主要是由於品牌支出增加。由於 Viator 和 Tripadvisor Core 的人員成本上升，技術和內容適度減少，抵消了 TheFork 成本下降的影響。

G&A expenses levered by about 50 basis points, primarily due to lower people costs at Tripadvisor Core. During the quarter, we had a restructuring expense of approximately $18 million. This included $8 million in Tripadvisor Core related to the cost savings actions we discussed on our last call.

一般及行政費用槓桿化約 50 個基點，主要是因為 Tripadvisor 核心的人員成本降低。本季度，我們的重組費用約為 1800 萬美元。其中包括與我們在上次電話會議中討論的成本節約行動相關的 800 萬美元 Tripadvisor 核心資金。

In Viator, this included $3 million related to restructuring efforts to move certain functions to lower-cost locations.

在 Viator，這包括與重組工作相關的 300 萬美元，以將某些職能轉移到成本較低的地點。

Finally, at TheFork, this included $7 million related to cost savings initiatives actioned during the quarter. As we noted on the last call, the actions impacting Tripadvisor Core expected to result in $35 million annualized cost savings. We now also expect the actions we took at TheFork to drive approximately $10 million in annualized savings.

最後，在 TheFork，這包括與本季採取的成本節約措施相關的 700 萬美元。正如我們在上次電話會議中指出的那樣，影響 Tripadvisor 核心的行動預計將帶來 3,500 萬美元的年度成本節省。現在，我們也預計 TheFork 採取的行動將每年節省約 1000 萬美元。

Timing of the actions we took across the businesses were largely isolated to the third quarter but expect some small incremental restructuring expense to carry over in the coming quarters based on execution timing.

我們對各業務部門採取的行動的時間安排在很大程度上與第三季無關，但預計根據執行時間，未來幾季將結轉一些小額增量重組費用。

Now on to our cash and liquidity position. Free cash flow in the quarter was a deficit of $2 million. The sequential movement was driven in part by the seasonal outflow in deferred merchant payables during the peak travel season.

現在談談我們的現金和流動性狀況。該季度的自由現金流赤字為 200 萬美元。這一連續走勢的部分原因是旅遊旺季期間延期商家應付帳款的季節性流出。

During the quarter, we received a tax refund of $49 million associated with the previously disclosed IRS audit settlement. As a reminder, this refund was partially offset by the settlement payment of $113 million made during the second quarter of 2023.

本季度，我們收到了與先前揭露的 IRS 審計和解相關的 4,900 萬美元退稅。需要提醒的是，這筆退款已被 2023 年第二季支付的 1.13 億美元和解款項部分抵銷。

The expected net cash outflow related to the settlement is approximately $60 million to $65 million. Year-over-year, the decline in operating cash flow was due largely to timing of deferred merchant payables and other normal working capital movements.

與和解相關的預計淨現金流出約為 6,000 萬至 6,500 萬美元。與去年同期相比，經營現金流量下降主要是因為遞延商戶應付帳款和其他正常營運資金變動的時間安排所致。

Finally, as noted in last night's release, during the quarter, the Board of Directors authorized a new repurchase program of $250 million. We plan to execute this program opportunistically subject to financial performance of the business, stock price movements and other external factors.

最後，正如昨晚的新聞稿所述，本季董事會批准了一項 2.5 億美元的新回購計畫。我們計劃根據業務的財務表現、股價走勢和其他外部因素，擇機執行該計劃。

Turning now to outlook for the fourth quarter. Although we have limited exposure to the Middle East across our brands, we did see volatility increase at the onset of the conflict in October, primarily in Experiences. We saw both an increase in cancellations and a deceleration of new bookings in the region. We also saw some impacts in European countries as travel warnings were implemented.

現在轉向第四季的展望。儘管我們的品牌在中東的業務有限，但我們確實看到 10 月衝突爆發時波動性增加，主要是在體驗方面。我們發現該地區的取消預訂量增加，而新預訂量則有所減少。隨著旅行警告的實施，我們也看到歐洲國家受到了一些影響。

Cancel rates receded as we exited the month. October performance has been incorporated in our quarterly outlook. For the quarter, we expect the following: consolidated revenue growth of mid-single digits. The primary drivers of our expectations are mid-single-digit declines in Tripadvisor Core and low 20% growth in Viator. We expect TheFork to grow in the low to mid-teens year-over-year.

隨著我們退出這個月，取消率有所下降。十月份的業績已納入我們的季度展望。對於本季度，我們預計：綜合收入將實現中個位數成長。我們預期的主要驅動因素是 Tripadvisor Core 的中個位數下降和 Viator 的 20% 低成長。我們預計 TheFork 的年成長率將在 15% 左右。

For adjusted EBITDA, we expect consolidated margins of mid-teens expanding year-over-year by 400 to 500 basis points. By segment, we expect an approximately flat margin in Tripadvisor Core despite expected revenue declines. We expect year-over-year improvement in Viator margin of approximately 350 to 450 basis points, and we expect TheFork to benefit year-over-year from cost improvements and exit breakeven.

對於調整後的 EBITDA，我們預計綜合利潤率將年增 400 至 500 個基點。按細分市場劃分，儘管預計收入會下降，但我們預計 Tripadvisor 核心版的利潤率將大致持平。我們預計 Viator 利潤率同比將提高約 350 至 450 個基點，並且我們預計 TheFork 將從成本改善和退出盈虧平衡中同比受益。

For the full year 2023, we now expect revenue growth in the high teens, slightly above the outlook we provided on our last call. For adjusted EBITDA margin, we are slightly increasing our expectations from our last call and now expect consolidated EBITDA margin of approximately 18%. As we begin to think about 2024 on a consolidated basis, we expect to deliver adjusted EBITDA dollar growth that will outpace revenue growth due to the full year contributions from both Viator and TheFork coupled with our approach to balancing investment in core strategy where the savings we found in 2023 allow us more flexibility to support future execution of the strategy.

對於 2023 年全年，我們現在預計收入成長將達到兩位數，略高於我們上次電話會議中提供的前景。對於調整後的 EBITDA 利潤率，我們略微提高了上次電話會議的預期，現在預計綜合 EBITDA 利潤率約為 18%。當我們開始綜合考慮 2024 年時，我們預計調整後的 EBITDA 美元增長將超過收入增長，這要歸功於 Viator 和 TheFork 的全年貢獻，再加上我們平衡核心戰略投資的方法，其中我們節省了2023年的發現使我們能夠更靈活地支持該策略的未來執行。

With that, I'd like to turn the call back over to the operator and begin Q&A.

這樣，我想將電話轉回給接線員並開始問答。

(Operator Instructions)

（操作員說明）

The first question comes from the line of Naved Khan of B. Riley Securities.

第一個問題來自 B. Riley Securities 的 Naved Khan。

Two questions from me. It's great to see the signs of leverage in Viator margins. Just a quick sort of question on how should we think about 2024. So Mike, I think in your prepared commentary, you said you expect to see positive margins. But -- just give us a sense of like the amount of leverage you're willing to kind of drive through that. I understand there's a balance to be played out between growth and margins. So give us your thoughts there.

我有兩個問題。很高興看到 Viator 利潤率出現槓桿跡象。這是一個關於我們應該如何看待 2024 年的簡單問題。麥克，我認為在您準備的評論中，您說過您希望看到積極的利潤率。但是，請讓我們了解您願意在這方面發揮多大的槓桿作用。我知道成長和利潤之間需要平衡。請告訴我們您的想法。

And then, Matt, maybe on Accelerate 2.0, just tell us what your expectations are. Are you thinking you can drive more adoption through this revised version of Accelerate?

然後，Matt，也許是關於 Accelerate 2.0，請告訴我們您的期望是什麼。您是否認為可以透過 Accelerate 的修訂版來推動更多採用？

Great. Thanks, Naved. Just on your question one, regarding kind of 2024 outlook for Viator. So I think it's a little early to put a very specific stake in the ground on growth and margin.

偉大的。謝謝，納維德。關於你的第一個問題，關於 Viator 2024 年的前景。因此，我認為現在就成長和利潤率進行具體投資還為時過早。

That's what we will be developing over the coming -- finalized another couple of months. I think the point we really want to make was, one, we're excited about the portfolio.

這就是我們將在未來幾個月開發的內容——最後確定。我認為我們真正想要表達的一點是，第一，我們對這個產品組合感到興奮。

(technical difficulty)

（技術難度）

Sorry we lost our audio, I think.

抱歉，我們失去了音頻，我想。

Yes. Naved, it's Matt. I can assure you, it wasn't anything you said. It was all -- so yes, you were asking about Accelerate 2.0, and we're really excited because, of course, Accelerate has been a terrific program, which is really conveying clear value as operators opt in for more and more products. More than half of products are opted in at this point. And so what the team has been doing has been really looking at how to expand that program to really boost the operators who are looking for more demand, and this is driving more operators who are willing to participate above the minimum margin and continuing to boost the take rate.

是的。納維德，是馬特。我可以向你保證，這不是你說的。就是這樣——所以，是的，您問的是Accelerate 2.0，我們真的很興奮，因為當然，Accelerate 是一個很棒的計劃，隨著運營商選擇越來越多的產品，它確實傳達了明確的價值。此時超過一半的產品已被選擇。因此，該團隊一直在真正研究如何擴展該計劃，以真正促進尋求更多需求的營運商，這正在推動更多願意參與高於最低利潤的營運商，並繼續提高採取率。

And so we've seen more than a pretty significant double-digit growth and more products coming in. And the weighted average margin boost is increasing and that's really delivering a better take rate. And so we're excited about that, and we're looking to scale that as we go forward.

因此，我們看到了相當顯著的兩位數成長和更多產品的出現。加權平均利潤率的提升正在增加，這確實帶來了更好的採用率。因此，我們對此感到興奮，並希望在未來的過程中擴大規模。

Understood. And Mike, I think we lost you kind of midway through the commentary on margins. Just -- can you just recap it?

明白了。麥克，我想我們在邊緣評論中途失去了你。只是──你能重述一下嗎？

Yes. Sorry, Naved, I didn't know we lost you. Yes, my points were a couple of points on your questions on specifics around Viator. So one, it's early to give specifics around growth and margin. That's what we'll be developing over the next -- finalizing in the next couple of months. The main points we want to convey is, one, we are very excited about the portfolio delivering EBITDA growth next year. And that's with all the brands contributing to EBITDA. So that's point one.

是的。抱歉，納維德，我不知道我們失去了你。是的，我的觀點是針對您關於 Viator 細節的問題的幾點觀點。因此，現在給出有關成長和利潤率的具體細節還為時過早。這就是我們接下來要開發的內容——在接下來的幾個月內完成。我們想要傳達的要點是，第一，我們對投資組合明年實現 EBITDA 成長感到非常興奮。這就是所有為 EBITDA 做出貢獻的品牌。這就是第一點。

Point two was when we think about full year profitability for Viator, it's what we've been talking about for some time. It is the unit economics we've been seeing. It's the repeat behavior developing, giving us confidence that we are moving into that area of profitability for Viator and that's what's exciting for us. On the February call, we'll be giving more guidance around this specifically.

第二點是當我們考慮 Viator 的全年獲利能力時，這是我們已經討論了一段時間的問題。這就是我們所看到的單位經濟效益。正是這種重複行為的發展，讓我們相信我們正在進入 Viator 的獲利領域，這對我們來說是令人興奮的。在二月的電話會議上，我們將專門就此提供更多指導。

The next question comes from the line of Ben Miller of Goldman Sachs.

下一個問題來自高盛的本·米勒。

Just on Viator, you talked a lot about some of the in-house work you've done to optimize the user experience and customer journey to drive retention and repeat rates. Just curious how much of that is still ahead of you in '24 versus behind you and what that road map looks like. And then on the cost savings in the Core and TheFork, how are you thinking about the flow-through of that versus reinvestments in both segments?

就在 Viator 上，您談到了為優化用戶體驗和客戶旅程以提高保留率和重複率所做的一些內部工作。只是好奇在 24 年裡還有多少事情在你前面，而在你後面，以及路線圖是什麼樣的。然後，關於 Core 和 TheFork 的成本節約，您如何看待這兩個領域的流程和再投資？

Thanks, Ben. I'll take the first question about Viator product. And then Mike, I think we'll take the second. So I think there is a lot of headroom on Viator product. The team is very focused and disciplined about what it delivers quarter by quarter and annually, and we see many, many more opportunities than we can go after.

謝謝，本。我將回答有關 Viator 產品的第一個問題。然後麥克，我想我們會選擇第二個。所以我認為 Viator 產品還有很大的發展空間。團隊非常專注並嚴格遵守每季和每年交付的內容，我們看到了比我們所能追求的更多的機會。

And so as we look at where we're focused, we've been focused on the app, which is driving significantly more app downloads, I think 50% more app downloads and really thinking about how to improve the post-booking journey. And of course, the app converts better than any other surface. So we're really excited to continue leaning into the app.

因此，當我們審視我們關注的重點時，我們一直專注於應用程序，它顯著推動了應用程式下載量的增長，我認為應用程式下載量增加了50%，並且真正考慮如何改善預訂後的旅程。當然，該應用程式的轉換效果比任何其他表面都要好。因此，我們非常高興能夠繼續關注該應用程式。

They're also spending time thinking about loyalty and how travelers can be rewarded to drive further repeat. So they're just testing a rewards program, which will roll out as well. And the initial tests have been really quite positive about items and also a lift in repeat. There's a lot we can do going forward using data. So of course, we have a unified data platform now, and the team has been experimenting with leveraging data from across the group, including Tripadvisor data to drive audiences that will make it far more effective.

他們還花時間思考忠誠度以及如何獎勵旅行者以推動更多回頭客。所以他們只是測試一個獎勵計劃，該計劃也將推出。最初的測試對產品確實非常積極，而且重複率也有所提高。利用數據我們可以做很多事。當然，我們現在擁有一個統一的數據平台，團隊一直在嘗試利用整個集團的數據（包括 Tripadvisor 數據）來吸引受眾，從而提高效率。

There's also experimentation going on in pricing. And similarly, as we continue to offer award-winning customer service, leveraging AI to drive augmented customer service that will be great quality and also improve handle rates significantly. So there is a lot we can be doing, and we're excited about Q4 road map and 2024.

定價方面也正在進行實驗。同樣，隨著我們繼續提供屢獲殊榮的客戶服務，利用人工智慧來推動增強的客戶服務，這將提高品質並顯著提高處理率。因此，我們可以做很多事情，我們對第四季度路線圖和 2024 年感到興奮。

Yes, Ben, on the cost savings and just to reiterate a little bit, we said for Core is the $35 million annualized savings. And then we introduced a new -- our new incremental to that, it was 10% at TheFork, just to be clear, and there's no confusion.

是的，Ben，關於成本節省，只是重申一下，我們所說的 Core 是每年 3500 萬美元的節省。然後我們引入了一個新的——我們新的增量，TheFork 的增量是 10%，澄清一下，不會造成混淆。

Yes. When I think about the question around flow-through to next year, I think one emphasis is that the teams have done a lot of hard work this year, right, building a great foundation to implement strategy work. And I think that cost savings work is a big piece of that. I think we are evaluating how to execute against our strategy. Our strategy is very important as to the long-term growth and margin of Core and so a lot of the work on the savings is -- allows us the opportunity to evaluate investing rather than necessarily flowing that all through to margin. And these are the choices that we're making and evaluating right now.

是的。我在思考明年的流程問題時，我覺得重點是今年團隊做了很多艱苦的工作，對吧，為戰略工作的實施打下了很好的基礎。我認為節約成本工作是其中重要的一環。我認為我們正在評估如何執行我們的策略。我們的策略對於核心的長期成長和利潤率非常重要，因此大量的節省工作使我們有機會評估投資，而不是必然將其全部流向利潤率。這些是我們現在正在做出和評估的選擇。

The next question comes from the line of Lloyd Walmsley of UBS.

下一個問題來自瑞銀集團 (UBS) 的勞埃德‧沃姆斯利 (Lloyd Walmsley)。

Apologies if you've covered some of this already, but I wanted to just dig into the long-term strategy around more integration of generative AI. Like what are you seeing so far in your trip planning product in terms of consumer uptake and kind of the overall impact on the platform?

如果您已經介紹了其中的一些內容，我深表歉意，但我只想深入探討圍繞生成式人工智慧更多整合的長期策略。到目前為止，您在旅行規劃產品中看到的消費者接受程度以及對平台的整體影響如何？

And how do you see that evolving over the next year? How big of a priority is this? And how meaningful could this become? Would love to get your thoughts on that.

您如何看待明年的發展？這有多大的優先順序？這會變得多有意義？很想聽聽您對此的想法。

Thanks, Lloyd. Of course, we've been working on AI and ML for a long time in this company when generative AI became something that everybody was talking about. I was very clear that we have urgency and focus on it, and we think about it in 3 ways. One is what we can do to really drive activity in our product. And you've seen us do that with our itinerary builder and really leveraging our data, the proprietary first-party data that we have, click stream data, behavioral data to really understand users and then to deliver an itinerary that is highly personalized and with the right kind of prompt engineering to deliver a good experience.

謝謝，勞埃德。當然，當生成式人工智慧成為每個人都在談論的話題時，我們在這家公司已經研究人工智慧和機器學習很長時間了。我非常清楚，我們有緊迫感並專注於它，我們從三個方面考慮它。一是我們可以做些什麼來真正推動我們產品的活動。您已經看到我們透過行程建立器做到了這一點，並真正利用我們的數據、我們擁有的專有第一方數據、點擊流數據、行為數據來真正了解用戶，然後提供高度個人化的行程正確的提示工程可以提供良好的體驗。

And that product, of course, is now delivering a really good number of generative AI itineraries. It's a double-digit percentage of total itineraries being created and growing.

當然，該產品現在正在提供大量的生成式人工智慧行程。在正在創建和增長的總行程中，這一比例達到兩位數。

And we're seeing that those users are returning at a much higher rate, as I mentioned. And this is without significant product marketing or further enhancements of the product.

正如我所提到的，我們看到這些用戶的回訪率要高得多。而且這還沒有進行重大的產品行銷或產品的進一步增強。

And so now we look to enhance that product and really drive monetization and further integration coming out of it going forward. We also have been doing a lot with our content, right? We have this incredible vast billion reviews that are from real people, and we have got -- and we've been improving the product so that we continue to have recency and relevance, which gives us an incredible content data set to be leveraging and of course, our audience and brand of trust. So we think generative AI around our product is going to continue to be meaningful, and we'll look to leverage it across all of our categories, hotels, experiences, and restaurants.

因此，現在我們希望增強該產品，並真正推動未來的貨幣化和進一步整合。我們也對我們的內容做了很多工作，對吧？我們擁有來自真實用戶的令人難以置信的數十億條評論，並且我們一直在改進產品，以便我們繼續擁有新近度和相關性，這為我們提供了令人難以置信的內容數據集可供利用和當然，還有我們的受眾和品牌的信任。因此，我們認為圍繞我們產品的生成人工智慧將繼續有意義，我們將尋求在我們所有的類別、酒店、體驗和餐廳中利用它。

We'll also leverage generative AI for productivity, and we're exploring lots of use cases across how we think about trust and safety and what we're doing to make sure we have the highest quality reviews, translation and localization, as I mentioned before, customer service, engineering productivity, marketing productivity. We can imagine a use case for every functional area, and we're going to be leaning in for the long term.

我們還將利用生成式人工智慧來提高生產力，我們正在探索大量用例，涉及我們如何看待信任和安全，以及我們正在採取哪些措施來確保我們擁有最高品質的評論、翻譯和在地化，正如我提到的之前是客戶服務、工程生產力、行銷生產力。我們可以為每個功能領域想像一個用例，並且我們將長期致力於此。

And then finally, we want to be very thoughtful about how we partner with the best-of-class LLMs and the large tech platforms as we think about being a part of the generative AI ecosystem. Whether we choose to be a direct partner or, frankly, select the ones that we feel we're getting the most value from and choose not to work with and therefore, block the others that don't.

最後，當我們考慮成為生成人工智慧生態系統的一部分時，我們希望認真考慮如何與一流的法學碩士和大型技術平台合作。無論我們選擇成為直接合作夥伴，還是坦白說，選擇我們認為從中獲得最大價值的合作夥伴並選擇不與之合作，從而阻止其他不合作的合作夥伴。

So we think we've got a good strategy for the long term, and this is a long-term proposition. It's very early days, but we're excited about where we are.

所以我們認為我們有一個好的長期策略，這是一個長期的主張。雖然現在還為時過早，但我們對目前的情況感到興奮。

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. I have 2. So first one, could you provide a little more color on the Viator 4Q growth guide? Does the low 20% growth expectation includes any view on improvement in growth in the back half of the quarter?

這是道格的戴昂。我有 2 個。所以第一個，你能在 Viator 4Q 成長指南上提供更多的資訊嗎？ 20% 的低成長預期是否包括對本季後半段成長改善的看法？

And then secondly, just looking at monetization, is the goal to drive more revenue per user using the monetization you already have in place? Or do you see an opportunity to add new monetization options over time?

其次，只考慮貨幣化，目標是利用現有的貨幣化為每個用戶帶來更多收入嗎？或者您看到隨著時間的推移添加新的獲利選項的機會？

Yes. I'll take the first one on Viator Q4. So yes, I would say, when we think about Viator and outlook for Q4, I would say a couple of things. One, it is a tougher comp or a tough comp, lapping still very high growth rates in that fourth quarter. And then secondly, I would say, as I said in the prepared remarks, October, we did see some volatility coming out of the Middle East and as -- and some have leaked over into Europe.

是的。我將在 Viator Q4 上選擇第一個。所以，是的，我想說，當我們考慮 Viator 和第四季度的前景時，我會說幾件事。第一，這是一個更艱難的競爭或一個艱難的競爭，第四季的成長率仍然非常高。其次，我想說，正如我在 10 月準備好的演講中所說，我們確實看到中東地區出現了一些波動，其中一些已經滲透到歐洲。

And that was -- that's part of our forecast. So I think those are 2 areas that would be, I would tell you in terms of how our thoughts are thinking around Q4 for Viator.

這是我們預測的一部分。所以我認為這是兩個領域，我會告訴你我們對 Viator 第四季的想法。

Yes. Thanks. And in terms of monetization, you're absolutely right. Our strategy is less about having a vanity metric of users and much more about focusing on the highest value users that are going to significantly drive ARPU. And as you know, we will continue to attract an audience of scale, and we feel that we can stabilize the top of the funnel, but we really believe that we can convert more of them into highly engaged users into members, that drive deeper into our site and further engagement through our mobile app, which will deliver much stronger monetization and ARPU.

是的。謝謝。在貨幣化方面，你是完全正確的。我們的策略不是建立用戶的虛榮指標，而是專注於將顯著提高 ARPU 的最高價值用戶。如你所知，我們將繼續吸引大規模的受眾，我們認為我們可以穩定管道的頂部，但我們真的相信我們可以將更多的用戶轉化為高度參與的用戶，從而進一步推動我們的網站以及透過我們的行動應用程式進一步參與，這將帶來更強大的貨幣化和ARPU。

Now it's also true that we believe we can diversify monetization. Of course, we've been a business in the very early years of this business that at Tripadvisor, in particular, that was driven by CPC economics.

現在我們確實相信我們可以實現多元化。當然，我們在業務的早期階段就已經開展業務，特別是在 Tripadvisor，這是由 CPC 經濟驅動的。

And more frequently, we are driving a balance with increasing CPM economics. And of course, marketplace economics where we are increasingly matching supply and demand and taking a percentage of the transaction. That's what we've seen in our marketplaces -- our experiences marketplace, and we believe that there is a lot of headroom there for Tripadvisor as we add new categories, as we add new geographies where we can go deeper into slivers of demand and match with supply.

更常見的是，我們正在透過提高 CPM 經濟性來實現平衡。當然，在市場經濟中，我們越來越多地匹配供需並收取一定比例的交易。這就是我們在我們的市場（我們的體驗市場）中看到的情況，我們相信，隨著我們添加新的類別，隨著我們添加新的地理位置，我們可以更深入地了解需求和匹配，Tripadvisor的發展空間很大。有供應。

It may be via towards supply, but it could also be supplied from elsewhere, and we're excited to continue to do that. And we will also lean in to our mobile app experience to really drive that diversification as well.

它可能是透過供應，但也可以從其他地方供應，我們很高興繼續這樣做。我們還將依靠我們的行動應用程式體驗來真正推動多元化。

The next question comes from the line of Niall Mitchelson of Bernstein.

下一個問題來自伯恩斯坦的尼爾·米切爾森。

I just wondered if you could break down some of your Q4 guide for Core as to how do you think sort of that mid-single decline will come from meta and some of the other moving parts because, obviously, business-to-business was up in the quarter. So maybe you could break that down as to how much is driven by meta.

我只是想知道你是否可以分解一下你的第四季度核心指南，你認為中單銷量的下降將如何來自元和其他一些移動部分，因為顯然，企業對企業的增長在本季度。所以也許你可以將其分解為有多少是由元驅動的。

And then another question, if I may, the buyback guidance of $250 million. How are you thinking about timing of that? And how do you sort of balance buybacks with the cash that you have on your balance sheet as well and capital returns to shareholders?

如果可以的話，還有一個問題，2.5 億美元的回購指引。您如何考慮這個時機？您如何平衡回購與資產負債表上的現金以及股東的資本回報？

Yes, on Core, I think the guide of what we gave you is heavily influenced. We didn't give you a breakdown on the business units at Core, but obviously, it's going to be heavily influenced by the Core Auction business. In terms of the Core Auction business, I'd say a couple of things.

是的，在 Core 上，我認為我們為您提供的指南受到了很大的影響。我們沒有向您提供核心業務部門的詳細信息，但顯然，它將受到核心拍賣業務的嚴重影響。就核心拍賣業務而言，我想說幾件事。

One, for Q4, it's really more dependent around pricing assumptions. I think Q4 tends to be historically lower pricing just seasonally.

第一，對於第四季度來說，它實際上更依賴定價假設。我認為第四季的價格往往會出現歷史性的季節性較低。

And then secondly, we are lapping some product changes, which I referenced in my prepared remarks around pricing benefit which has really helped us this year. And we just want to be prudent as we continue to lap those changes and think about how it impacts us in Q4. So that would be the biggest -- kind of biggest way we thought about Q4 for the Auctions business.

其次，我們正在進行一些產品更改，我在準備好的有關定價優勢的評論中提到了這些變化，這對我們今年確實有幫助。我們只是想保持謹慎，繼續關注這些變化，並思考它對我們第四季的影響。因此，這將是我們對拍賣業務第四季的最大思考方式。

In terms of the buyback program, we are very excited about this. When we think about overall capital allocation, this is important part of that framework. We still want to provide adequate liquidity to think about value-accretive M&A. We've talked about that for some time this year as well as making sure we're maintaining a strong balance sheet and liquidity position.

就回購計劃而言，我們對此感到非常興奮。當我們考慮整體資本配置時，這是該框架的重要組成部分。我們仍然希望提供充足的流動性來考慮增值併購。今年我們已經討論了一段時間，並確保我們保持強勁的資產負債表和流動性狀況。

The buyback, we do want to execute opportunistically according to as we think about overall liquidity needs, and we do want to maintain a strong liquidity profile. So we'll be evaluating that as we progress over the next 2 years, where we see excess capital that we're generating from free cash flow that we could deploy to the buyback incrementally over time and are excited about the program.

我們確實希望根據我們對整體流動性需求的考慮來擇機執行回購，並且我們確實希望保持強勁的流動性狀況。因此，隨著未來兩年的進展，我們將對此進行評估，我們將看到從自由現金流中產生的過剩資本，我們可以隨著時間的推移逐步將其部署到回購中，並對這個計劃感到興奮。

The next question comes from the line of Jed Kelly of Oppenheimer.

下一個問題來自奧本海默的傑德凱利。

Great. Just circling back to some of the pricing commentary you had and the differences between Europe and the U.S. Was some of the pricing due to the European market just being so good and a lot of your partners receiving higher organic traffic? And should we expect like an improvement in next year? And then can you just give us an update on what your fixed cost baseline should be going into next year after the cost cuts?

偉大的。回到您的一些定價評論以及歐洲和美國之間的差異，部分定價是否是由於歐洲市場非常好並且您的許多合作夥伴獲得了更高的自然流量？我們是否應該期待明年會有改善？那麼您可否向我們介紹一下明年成本削減後固定成本基準的最新情況？

Yes. So on the pricing side, Jed, and good to hear from you. The pricing side for Q3, our pricing was better than anticipated, but still lags, I could say, other regions, U.S. and Europe. I think pricing is better in free than paid. The paid channel in Europe continues to be very competitive and the paid channel in Europe and globally, we continue to manage for profitability and ROAS targets as we -- as I said in my prepared remarks, which has remained stable year-over-year.

是的。所以在定價方面，傑德，很高興收到你的來信。第三季的定價方面，我們的定價好於預期，但我可以說仍然落後於其他地區，美國和歐洲。我認為免費的定價比付費的更好。歐洲的付費管道仍然非常有競爭力，在歐洲和全球的付費管道，我們繼續管理盈利能力和 ROAS 目標，正如我在準備好的演講中所說，同比保持穩定。

Hard to see how -- if that changes next year, I think we expect that to continue to be a competitive market. And as we sit today, we expect to continue to kind of approach that market in a similar way as well as how we approach other markets.

很難看出——如果明年這種情況發生變化，我認為我們預計這將繼續是一個競爭激烈的市場。當我們今天坐下來時，我們預計將繼續以類似的方式對待該市場以及我們對待其他市場的方式。

In terms of fixed cost base, I think I'd just repeat back kind of what I said before in my earlier remarks, when we think about Core, we are -- with the activities we did this year, we are excited about the opportunities to think about where we invest for growth and strategy, I'd say, and a long-term growth and the opportunities and decisions we make around how we think about that in savings.

就固定成本基礎而言，我想我只是重複我在之前的演講中所說的話，當我們考慮核心時，我們對今年所做的活動感到興奮我想說的是，要考慮我們在哪裡投資以促進成長和策略，以及長期成長以及我們圍繞如何看待儲蓄而做出的機會和決策。

We continue to be prudent as to where those savings came from in terms of headcount reductions, primarily in G&A and some of our sales and marketing functions, while protecting a lot of the areas around innovation that we've been making this year, which is very important to our long-term growth and health and underpin all the things that Matt has talked about earlier.

我們繼續謹慎地對待這些節省的人員減少的來源，主要是在一般管理費用以及我們的一些銷售和營銷職能方面，同時保護我們今年一直在進行的創新的許多領域，即對我們的長期成長和健康非常重要，並且支撐著馬特之前談到的所有事情。

So we're excited about the position we've put ourselves in. And again, we'll be making some of those trade-off decisions as we finalize planning in the next couple of months.

因此，我們對自己所處的位置感到興奮。同樣，在未來幾個月內完成計劃時，我們將做出一些權衡決定。

The next question comes from the line of Brian Fitzgerald of Wells Fargo.

下一個問題來自富國銀行的布萊恩·菲茨傑拉德。

I know you guys kind of hit this a bit already. Maybe we want to try and parse out hotels meta in Europe a bit more. If you had to assign percentages of weightings for impacts or influences there from the consumer side versus from traveler partners and bidding dynamics, can you -- and I know they're all related, but could you talk to that dynamic? And maybe what's impacting the most with meta in Europe?

我知道你們已經有點接觸這個了。也許我們想嘗試更多解析歐洲的酒店元資料。如果您必須為來自消費者方面與來自旅行者合作夥伴和出價動態的影響或影響分配百分比權重，我知道它們都是相關的，但您能談談這種動態嗎？也許什麼對歐洲元影響最大？

Yes. So just to start, U.S. is our largest market, for sure. I'd say in Europe, the dynamics are similar. We saw good dynamics coming out of Q3. They were consistent as we moved into October. So October trends are very similar to what we saw in Q3. I think Europe remains a competitive marketplace in the paid channels. It's one that we are going to be very prudent as to how we approach that. And as I said earlier, be consistent in thinking about our ROAS targets.

是的。首先，美國無疑是我們最大的市場。我想說在歐洲，情況也是相似的。我們看到第三季出現了良好的動態。當我們進入十月時，它們是一致的。因此，十月的趨勢與我們在第三季看到的非常相似。我認為歐洲在付費管道方面仍然是一個競爭激烈的市場。我們將非常謹慎地對待這一問題。正如我之前所說，要始終如一地思考我們的 ROAS 目標。

Our volumes have been down in the paid channels, better in the free channels and that dynamic is not new there, Brian, though, and one that we continue to manage, we believe, for a profitable business in Europe. So we're -- I'd say, Europe remains very competitive, but we're very pleased of how we're executing against that backdrop.

我們的付費管道銷量有所下降，但免費管道的銷量有所增加，布萊恩，這種動態在這方面並不新鮮，我們相信，為了在歐洲實現盈利，我們將繼續管理這一動態。所以我們——我想說，歐洲仍然非常有競爭力，但我們對我們在這種背景下的執行方式感到非常高興。

And Brian, it's Matt. I just want to be clear, the bidding dynamics in the Auction are good, and the relationships with our Auction partners are strong. We meet regularly. We talk about how we can drive product enhancements that really help them achieve their goals. I think those dynamics are good.

布萊恩，是馬特。我只是想澄清一下，拍賣中的出價動態良好，並且與我們的拍賣合作夥伴的關係也很牢固。我們定期見面。我們討論如何推動產品改進，真正幫助他們實現目標。我認為這些動態很好。

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

Just you touched on supply and with Viator. I'm curious where ramping supply in area -- focus areas. Matt, you made a comment earlier about kind of the vanity metric. I think you related -- you're talking about kind of consumers or users. But curious whether that kind of view informs how you think about supply at all with Viator?

剛才您談到了供應和 Viator。我很好奇重點區域的供應量在哪裡增加。馬特，你之前對虛榮指標發表過評論。我認為您相關 - 您正在談論某種類型的消費者或用戶。但很好奇這種觀點是否影響了您對 Viator 供應的看法？

Yes. The vanity metric point, it was around Tripadvisor Core and how we think about really leaning into the most important users that come to us rather than the number of top funnel, which we're focused on. And Viator has the best supply team in the business. And they've proven that by ramping up supply, focusing on quality supply and really developing programs to deliver for suppliers and operators. And we try to be the best partner we can and supply is always a focus, and I think it is a continuous area to think about where do we see demand coming in and how do we have the right products and the right partners on our platform. And again, I think that the programs that they have been delivering with -- over time and the take rate is just a really clear example of the value that we are providing to suppliers even as we scale.

是的。虛榮指標，它圍繞的是 Tripadvisor 核心，以及我們如何真正關注來到我們這裡的最重要的用戶，而不是我們關注的頂級漏斗的數量。 Viator 擁有業界最好的供應團隊。他們已經透過增加供應、關注優質供應以及真正制定為供應商和營運商提供服務的計劃來證明這一點。我們盡力成為最好的合作夥伴，供應始終是一個重點，我認為這是一個持續的領域，需要思考我們在哪裡看到需求，以及我們如何在我們的平台上擁有合適的產品和合適的合作夥伴。再說一次，我認為他們一直在提供的計劃——隨著時間的推移和接受率只是我們為供應商提供的價值的一個非常明顯的例子，即使我們規模擴大了。

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 bit on the competitive landscape in Experiences with Viator, maybe characterize your position in Viator and any changes or how you see it developing?

您能否談談 Viator 體驗中的競爭格局，或者描述一下您在 Viator 中的地位以及任何變化，或者您如何看待它的發展？

Yes. So obviously, the Experiences category is large and growing. It gets a lot of attention. It's a competitive market. I think I've spoken in past calls about how it's largely broken down by region. And we are very focused on building out a global platform. Now we've seen a lot of players come in and go out.

是的。顯然，體驗類別規模很大，而且還在持續成長。它受到了很多關注。這是一個競爭激烈的市場。我想我在過去的電話會議中已經談到過它在很大程度上是如何按地區細分的。我們非常專注於建立一個全球平台。現在我們看到很多球員進來又出去。

And of course, we're always watching what's happening in the ecosystem. But we actually think that the competition is just a good signal that this is a really interesting market.

當然，我們一直在關註生態系統中發生的事情。但我們實際上認為競爭只是一個很好的訊號，表明這是一個非常有趣的市場。

And so as the market leader, we want to be focused on innovation and really differentiating the way that we deliver as we scale. The largest competitor in this market is probably still the majority offline bookings rather than some other company in the space.

因此，作為市場領導者，我們希望專注於創新，並在規模擴張時真正實現差異化的交付方式。該市場最大的競爭對手可能仍然是大多數離線預訂公司，而不是該領域的其他公司。

And so our teams are just so focused on how we bring the traveler online, how we drive awareness to the category and to what we're doing in the category at Viator and the behaviors that we think are going to emerge and really helping make it easy. This is how the category is going to be one. And our performance suggests we are on the right path.

因此，我們的團隊非常關注如何讓旅行者上網，如何提高對該類別的認識，以及我們在 Viator 的該類別中所做的事情，以及我們認為將會出現並真正幫助實現這一目標的行為簡單的。這就是該類別的樣子。我們的表現顯示我們走在正確的道路上。

The last question comes from the line of John Colantuoni from Jefferies.

最後一個問題來自 Jefferies 的 John Colantuoni。

This is Chris on for John. Curious about the different components of the restructuring charge we incurred in the quarter and are expecting for the fourth quarter. Can you just give us some more color on the individual pieces of that $18 million? How much of it is kind of severance versus other things that you're doing? And is that breakdown consistent across Core, Viator and TheFork?

這是克里斯替約翰發言。我們對本季發生的重組費用的不同組成部分感到好奇，並預計第四季度會發生這種情況。您能否為我們詳細介紹一下這 1800 萬美元的各個部分？與您正在做的其他事情相比，其中有多少是遣散費？ Core、Viator 和 TheFork 的細分情況是否一致？

Yes. Good question. So yes, the restructuring charge, as I mentioned in my prepared remarks, a majority of that is really around TA Core. Now TA Core is really around -- the vast majority of that is headcount-related. So it will be severance costs and severance payments, things like that. And as I mentioned earlier, a majority of that is in around G&A functions and sales and marketing.

是的。好問題。所以，是的，重組費用，正如我在準備好的演講中提到的，其中大部分實際上是圍繞 TA Core 的。現在 TA Core 確實存在了——其中絕大多數與員工人數有關。所以這將是遣散費和遣散費之類的事情。正如我之前提到的，其中大部分是在 G&A 職能以及銷售和行銷方面。

We did keep investment in areas like technology and content for our longer-term strategy. Similarly, for TheFork, I would say, a similar type of breakdown, I think, a little bit more diverse, but really headcount-related and Viator was really around restructuring of moving some product teams into low-cost locations. So not a savings for Viator, but really a reallocation, a long-term savings, I think from a more efficiency perspective, the reallocation of resources to a more efficient location.

為了實現我們的長期策略，我們確實在技術和內容等領域進行了投資。同樣，對於 TheFork，我認為是類似類型的細分，更加多樣化，但確實與員工數量相關，而 Viator 實際上是圍繞將一些產品團隊轉移到低成本地點進行重組。所以對Viator來說，這不是節省，而是真正的重新分配，長期的節省，我認為從更效率的角度來看，將資源重新分配到更有效的位置。

At this time, I'd like to turn the call back over to CEO, Matt Goldberg.

此時，我想將電話轉回給執行長馬特·戈德堡。

Thanks, Felicia, and thanks again to everyone joining us today. We're excited about the progress we're making on our stated strategy in each of our segments and focused on closing out the year strong as we look forward to 2024. See you soon. Thanks.

謝謝費利西亞，再次感謝今天加入我們的所有人。我們對每個細分市場的既定策略所取得的進展感到興奮，並專注於以強勁的表現結束這一年，展望 2024 年。很快再見。謝謝。

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。這確實結束了該程式。您現在可以斷開連線。