Tripadvisor Inc (TRIP) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tripadvisor Fourth 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.

美好的一天，感謝您的支持。歡迎參加 Tripadvisor 2023 年第四季電話會議。 （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。

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

謝謝你，喬許。大家早安，歡迎參加 Tripadvisor 2023 年第四季和全年財務績效電話會議。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。

Last night after market close, we filed and made available our earnings release. In that release, you'll find reconciliations of non-GAAP financial measures to the most comparable GAAP measure discussed on this call.

昨晚收盤後，我們提交並發布了收益報告。在此版本中，您將找到非 GAAP 財務指標與本次電話會議中討論的最具可比性 GAAP 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 views as of today, February 15, 2024. The 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. With that, I'll turn the call over to Matt.

在我們開始之前，我想提醒您，本次電話會議可能包含代表截至今天（2024 年2 月15 日）管理層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。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，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。這樣，我會將電話轉給馬特。

Thanks, Angela, and good morning, everyone. Before I begin, I'd like to address the press release we filed on Monday. We announced that our Board of Directors has formed a special committee to evaluate any proposals resulting from Liberty Tripadvisor Holdings' stated intention to engage in discussions with respect to a potential transaction. We appreciate your understanding that we won't address any questions on this topic today or provide further updates unless we have something definitive to share.

謝謝，安琪拉，大家早安。在開始之前，我想先談談我們週一提交的新聞稿。我們宣布，董事會已成立一個特別委員會，負責評估 Liberty Tripadvisor Holdings 表示有意參與潛在交易討論的任何提案。感謝您的理解，除非我們有明確的資訊可以分享，否則我們今天不會解決有關此主題的任何問題或提供進一步的更新。

Now I'd like to address our performance. We were pleased to exit the year with results that exceeded our expectations. Q4 revenue was $390 million, reflecting year-over-year growth of 10%. Q4 adjusted EBITDA was $84 million, 22% of revenue, exceeding expectations due to revenue outperformance at brand Tripadvisor and marketing efficiencies at both Brand Tripadvisor and Viator. For the full year, consolidated revenue grew by 20% to an all-time high of $1.8 billion and adjusted EBITDA grew 13% to $334 million.

現在我想談談我們的表現。我們很高興以超出我們預期的結果結束這一年。第四季營收為 3.9 億美元，年增 10%。第四季調整後 EBITDA 為 8,400 萬美元，佔營收的 22%，由於 Tripadvisor 品牌的營收表現出色以及 Tripadvisor 和 Viator 品牌的行銷效率超出預期。全年綜合營收成長 20%，達到 18 億美元的歷史新高，調整後 EBITDA 成長 13%，達到 3.34 億美元。

Last year, we made meaningful progress executing against our strategic priorities. We reinforced our market leadership position at Viator while sharpening our focus on smart user acquisition. Viator also finished the year at breakeven profitability, achieving the full year milestone a year earlier than anticipated. At Brand Tripadvisor, we invested in our strategy and delivered promising early proof points while maintaining financial discipline.

去年，我們在執行策略重點方面取得了有意義的進展。我們鞏固了 Viator 的市場領導地位，同時更重視智慧用戶獲取。 Viator 也以損益平衡的獲利方式結束了這一年，比預期提前一年實現了全年里程碑。在 Tripadvisor 品牌，我們對自己的策略進行了投資，並提供了有前景的早期證據，同時保持了財務紀律。

Finally, at the fork, we delivered revenue gains while significantly improving our profit margin through disciplined cost management and exited the year at breakeven for Q4. Our results also reflect how we're building a stronger, more diversified and defensible position in the large and growing global travel and experiences industry. We have a unique and leading position in the high-growth experiences category, given the breadth of Tripadvisor and the depth of Viator.

最後，在分叉點，我們實現了營收成長，同時透過嚴格的成本管理顯著提高了利潤率，並在第四季度實現了盈虧平衡。我們的業績也反映了我們如何在龐大且不斷發展的全球旅行和體驗產業中建立更強大、更多元化和更穩固的地位。鑑於 Tripadvisor 的廣度和 Viator 的深度，我們在高成長體驗類別中擁有獨特的領先地位。

Within brand Tripadvisor experiences, along with other partner offerings beyond our legacy Hotel meta offering, are now contributing almost half of the revenue versus less than 1/3 in 2015, reflecting our ability to diversify our monetization and reduce dependence on Hotel Meta revenue. And across the group portfolio, Viator and TheFork have grown to nearly 50% of our revenue in 2023 versus less than 10% in 2015. And they've each reached the scale to deliver increasing profitability.

在品牌Tripadvisor 體驗中，以及我們傳統的Hotel Meta 產品以外的其他合作夥伴產品，目前貢獻了近一半的收入，而2015 年這一比例還不到1/3，這反映出我們有能力實現貨幣化多元化並減少對Hotel Meta 收入的依賴。在整個集團的投資組合中，Viator 和TheFork 的收入占我們收入的比例到2023 年將增長到近50%，而2015 年這一比例還不到10%。而且它們都已達到了盈利能力不斷提高的規模。

Let me highlight our accomplishments and look ahead to 2024 priorities for each segment. At Brand Tripadvisor, we kicked off 2023 and by introducing a multiyear strategic vision that focuses on delivering world-class guidance products to deepen engagement with our audience and fuel diverse monetization paths. Over the course of the year, we delivered tangible progress through product innovation. We relaunched our Trips tool for creating itineraries and integrated generative AI deeply into the user experience.

讓我重點介紹我們的成就並展望每個細分市場 2024 年的優先事項。在 Tripadvisor 品牌，我們以 2023 年為開端，引入了多年戰略願景，專注於提供世界一流的指導產品，以加深與受眾的互動並推動多樣化的盈利路徑。一年來，我們透過產品創新取得了實際進展。我們重新推出了旅行工具，用於創建行程，並將生成式人工智慧深入整合到用戶體驗中。

I previously cited a few proof points that demonstrate the impact and we're pleased that each of these has continued to improve over time. First, the average revenue per Trips user shortly after launch was 3x higher than the average member. That has now increased to closer to 5x and our average member already monetizes at approximately 10x the rate of the average nonmember.

我之前引用了一些證明點來證明其影響，我們很高興這些證據隨著時間的推移而不斷改進。首先，推出後不久，每位 Trips 用戶的平均收入就比一般會員高出 3 倍。現在這個數字已經增加到接近 5 倍，我們的普通會員的貨幣化率已經是普通非會員的大約 10 倍。

Second, we saw a 100% increase in the number of daily users who generated and saved an itinerary, specifically with AI in the back half of the year with limited marketing efforts and the majority are now engaging with this tool in our app. Finally, we continue to see growth in the return rates for Trip users whose repeat rates are meaningfully higher than users who don't use the tool.

其次，我們看到產生並保存行程的每日用戶數量增加了 100%，特別是在今年下半年的 AI 行銷努力有限的情況下，大多數人現在都在我們的應用程式中使用此工具。最後，我們繼續看到 Trip 用戶的回頭率成長，他們的重複率明顯高於不使用該工具的用戶。

During the year, we also introduced generative AI-driven hotel review summaries, an important example of how we're uniquely positioned to use technology to draw differentiated insights from our proprietary database of quality content and behavioral data. Across the 30,000-plus hotels where this is currently available, we're seeing early but strong positive indicators. User satisfaction scores are nearly 75%, which is even higher than the strong initial scores for our Trips feature at launch.

在這一年中，我們還推出了生成式人工智慧驅動的飯店評論摘要，這是我們如何利用技術從我們的優質內容和行為數據專有資料庫中獲取差異化見解的獨特優勢的一個重要例子。在目前提供此服務的 30,000 多家酒店中，我們看到了早期但強勁的積極指標。用戶滿意度得分接近 75%，甚至高於我們的 Trips 功能推出時的強勁初始得分。

We continue to bring more travelers to our Experiences pages. In 2023, 180 million more travelers used Tripadvisor to shop for Experiences than in 2022. As a result, we drove revenue growth rates higher than any other category in the segment at approximately 45%. Importantly, this strong demand reflects the opportunity we have to match additional supply, adding relevant new inventory and partners across geographies and categories, representing meaningful upside for Experiences on Tripadvisor.

我們將繼續吸引更多旅客造訪我們的體驗頁面。與 2022 年相比，2023 年使用 Tripadvisor 購買體驗的旅客增加了 1.8 億。因此，我們的收入成長率高於該細分市場中的任何其他類別，約為 45%。重要的是，這種強勁的需求反映了我們必須匹配額外供應的機會，增加跨地區和類別的相關新庫存和合作夥伴，這代表了 Tripadvisor 體驗的有意義的優勢。

2024 will be a year of acceleration for brand Tripadvisor. Here are a few of our priorities. First, we'll deliver a differentiated experience in the mobile app. To put it simply, our existing app users are more engaged and more valuable than users on other services -- surfaces. They account for a relatively small percent of our total MAUs, but a disproportionate number of reviews and trips created at 30% and over 60%, respectively. Our aim is to deliver an essential app for travelers that convinces more of our audience to download and use the app as the best end-to-end trip companion powered by AI.

2024 年將是 Tripadvisor 品牌加速發展的一年。以下是我們的一些優先事項。首先，我們將在行動應用程式中提供差異化的體驗。簡而言之，我們現有的應用程式使用者比其他服務（表面）上的使用者更具參與度和更有價值。它們在我們的每月活躍用戶總數中所佔的比例相對較小，但所創建的評論和旅行數量卻不成比例，分別佔 30% 和 60% 以上。我們的目標是為旅行者提供一個必備的應用程序，說服更多受眾下載並使用該應用程序，將其作為人工智能驅動的最佳端到端旅行伴侶。

Second, will begin to shift our marketing in support of our engagement-led strategy. Historically, we've optimized everything from our paid search spend to CRM to drive immediate click and display led revenue. With the progress we've made against our product, we now have the opportunity to target higher-value audiences more directly and drive more users to sign up and sign in as members to download our app and to begin planning a trip because we know each of these behaviors is orders of magnitude more valuable to us than same-session clicks.

其次，將開始改變我們的行銷方式，以支持我們以參與為主導的策略。從歷史上看，我們已經優化了從付費搜尋支出到 CRM 的所有內容，以推動即時點擊和顯示主導收入。隨著我們在產品方面取得的進展，我們現在有機會更直接地瞄準更高價值的受眾，並推動更多用戶註冊並以會員身份登錄，下載我們的應用程式並開始計劃旅行，因為我們了解每個人這些行為對我們來說比同一會話點擊更有價值。

Finally, we'll leverage the investments we've made in data and AI to deliver a more personalized experience for our users, particularly our highly engaged members. This starts with recognizing them for their contributions to our community and extends to broader benefits and rewards we can offer through our free membership program. It also includes new ways to engage with our product, including on AI-driven conversational search experience and iterative Trip planning capabilities that better integrate commerce opportunities by helping travelers find the right hotel, experience or restaurant to round out their itinerary.

最後，我們將利用在數據和人工智慧方面的投資，為我們的用戶，特別是高度參與的會員提供更個人化的體驗。首先要表彰他們對我們社區的貢獻，然後延伸到我們可以透過免費會員計劃提供的更廣泛的福利和獎勵。它還包括與我們產品互動的新方式，包括人工智慧驅動的對話式搜尋體驗和迭代旅行規劃功能，透過幫助旅行者找到合適的酒店、體驗或餐廳來完善他們的行程，更好地整合商業機會。

Next, at Viator, in 2023, we made significant progress to reinforce our leadership position in experiences by investing and improving our product for both travelers and operators and continuing to drive our scale. This year was an impressive year of revenue growth at 49%, bringing Viator revenue to 41% of total group revenue. GBV grew to over 40% to more than $3.7 billion, and we also reached breakeven profitability for the full year earlier than anticipated. This milestone reflects the power of the model and the operating cost leverage our lean fixed cost structure affords.

接下來，在 Viator，我們將在 2023 年取得重大進展，透過為旅客和營運商投資和改進我們的產品，並繼續擴大我們的規模，鞏固我們在體驗方面的領導地位。今年是營收成長令人印象深刻的一年，成長了 49%，使 Viator 收入佔集團總收入的 41%。 GBV 成長超過 40%，達到 37 億美元以上，而且我們還比預期提前實現了全年盈虧平衡盈利。這一里程碑反映了該模型的力量以及我們精益固定成本結構所提供的營運成本槓桿。

On the demand side, we optimized our brand campaign, growing our awareness and reinforcing our position as the most well-known experiences brand in the U.S. We made improvements across nearly every part of the shopping experience on every surface. We've enhanced our sort for better discoverability, matured the app and grew its share of bookings and improved the post-booking experience across the board. These and other updates contributed to double-digit growth in conversion across the business.

在需求方面，我們優化了品牌活動，提高了我們的知名度，並鞏固了我們作為美國最著名的體驗品牌的地位。我們在每個表面上的購物體驗的幾乎每個部分都進行了改進。我們增強了類別以提高可發現性，使應用程式更加成熟，並增加了其預訂份額，並全面改善了預訂後體驗。這些和其他更新促成了整個業務的兩位數轉換率成長。

Our new rewards program, meanwhile, is driving value for customers. The early proof points drove mid-teens improvement in retention for travelers using the program. And our most loyal users are our fastest-growing customer segment. They're more likely to come through unpaid and immediately profitable channels and spend more than first-time users, driving improvement in our unit economics. For operators, we launched our latest version of the marketing program, Accelerate. We consulted more than 5,000 operators in its creation, and this consideration shows in the results. Well over 50% of eligible products participate in the program, which contributes -- which continues to support our healthy take rate.

同時，我們的新獎勵計劃正在為客戶創造價值。早期的證據推動了使用該計劃的旅行者的保留率提高了十幾歲。我們最忠實的用戶是我們成長最快的客戶群。他們更有可能透過無償且立即獲利的管道進入，並且比首次用戶花費更多，從而推動我們單位經濟效益的改善。對於營運商，我們推出了最新版本的行銷計劃 Accelerate。我們在創建過程中諮詢了 5,000 多家營運商，這種考慮在結果中得到了體現。超過 50% 的合格產品參與了該計劃，這將繼續支持我們健康的採用率。

With the largest product inventory and supply base available anywhere, the value we are driving for operators is clear. Churn rates are low and supplier and product counts are steadily increasing. In Viator, in 2024, we remain focused on growing our scale, balancing growth, profitability and market share as the global market leader in experiences. With an eye on profitable growth, we expect to drive improvements in unit economics through a combination of initiatives focused on lowering customer acquisition costs, increasing retention and enhancing lifetime value.

憑藉世界各地最大的產品庫存和供應基地，我們為營運商帶來的價值是顯而易見的。客戶流失率很低，供應商和產品數量正在穩定增加。在 Viator，到 2024 年，我們將繼續專注於擴大規模，平衡成長、獲利能力和市場份額，成為體驗領域的全球市場領導者。著眼於獲利成長，我們期望透過一系列旨在降低客戶獲取成本、提高保留率和提高終身價值的措施來推動單位經濟效益的改善。

On the demand side, our focus is on an improved experience along the customer journey from first-time interaction to long-standing returning customers. These are unique experiences for most travelers, so it's important that at first interaction, we begin to build our relationship of trust and value so they return back to book their next memorable experience.

在需求方面，我們的重點是改善從首次互動到長期回頭客的客戶旅程中的體驗。對於大多數旅客來說，這些都是獨特的體驗，因此重要的是，在第一次互動時，我們就開始建立信任和價值的關係，以便他們回來預訂下一次難忘的體驗。

We'll do this by leveraging our group customer data platform and delivering a more robust personalized experience for travelers. We'll also continue to focus on enhancing our app value proposition. We know that app users convert to bookers at a rate higher than desktop or mobile web users, so we'll continue to emphasize app engagement opportunities.

我們將利用我們的團體客戶數據平台並為旅行者提供更強大的個人化體驗來實現這一目標。我們也將繼續專注於增強我們的應用程式價值主張。我們知道應用程式用戶轉換為預訂者的速度高於桌面或行動網路用戶，因此我們將繼續強調應用程式參與機會。

We'll also continue to optimize marketing spend and our overall channel strategy, focused on acquiring the highest intent customers and continuing to drive awareness. We expect to see improvement in unit economics as our multichannel marketing investments gain traction. On the operator side, we'll continue to drive value through programs aimed at helping operators increase their exposure through features such as incremental performance tracking and insights. The combination of work to enhance the experience for both sides of the marketplace should help operators continue to see value and remain loyal over time.

我們也將持續優化行銷支出和整體通路策略，專注於獲取最高意向客戶並持續提高認知度。隨著我們的多通路行銷投資獲得牽引力，我們預計單位經濟效益將會有所改善。在營運商方面，我們將繼續透過旨在幫助營運商透過增量績效追蹤和洞察等功能增加曝光的計畫來推動價值。增強市場雙方體驗的結合應該有助於營運商繼續看到價值並隨著時間的推移保持忠誠度。

Finally, at TheFork in 2023, we began the transition to deliver profitable growth, leveraging past investments and improving our unit economics while maintaining our leadership position in dining in Europe. We grew revenue 19% in constant currency and also delivered significant margin improvement of 22 percentage points, a swing of $25 million in EBITDA as a result of disciplined cost management. During 2023, we continue to rationalize our footprint to focus on priority European markets, modernized our technology platform to drive speed of product innovation and launch new products and services for both diners and restaurant partners.

最後，在 2023 年，TheFork 開始轉型，以實現獲利成長，利用過去的投資並改善我們的單位經濟效益，同時保持我們在歐洲餐飲領域的領導地位。以固定匯率計算，我們的收入成長了 19%，由於嚴格的成本管理，利潤率也顯著提高了 22 個百分點，EBITDA 增加了 2,500 萬美元。 2023 年，我們將繼續合理化我們的業務佈局，重點關注歐洲優先市場，對我們的技術平台進行現代化改造，以加快產品創新速度，並為食客和餐廳合作夥伴推出新產品和服務。

The team shipped more features in the last 6 months than they had in the previous 6 years, resulting in a stronger value proposition for both sides of the marketplace. For diners, we focused on improving the app user experience, resulting in higher conversion rates, where 75% of our bookings are made. For restaurants, we stabilized churn and drove more than 20% growth in B2B revenue and new restaurant signatures by migrating our ERB to a single platform, introducing new features for payments and yield management and improving our sales efficiency.

該團隊在過去 6 個月內發布的功能比之前 6 年還要多，為市場雙方帶來了更強的價值主張。對於食客來說，我們專注於改善應用程式使用者體驗，從而提高轉換率，我們 75% 的預訂都是在這方面完成的。對於餐廳，我們透過將 ERB 遷移到單一平台、引入支付和收益管理的新功能以及提高銷售效率，穩定了客戶流失率，推動 B2B 收入和新餐廳招牌成長超過 20%。

At TheFork, in 2024, we'll continue to make steady transition to annual profitable growth by focusing on our largest opportunity markets, marketing efficiency, sales productivity and product-led innovation. We'll evolve our marketing strategy to increase our efforts around repeat diners while taking a measured approach to brand investments in prioritized markets. For diners, we will focus on driving app-based engagement and conversion through quality content, personalization, recommendations and incentives to return. For restaurants, we'll focus on value-add ERB features, value-based pricing options, revenue management features and the ability to market special offers to our growing base of high-intent diners.

在 TheFork，到 2024 年，我們將透過專注於我們最大的機會市場、行銷效率、銷售生產力和產品主導的創新，繼續穩步過渡到年度獲利成長。我們將改善行銷策略，增加圍繞回頭客的力度，同時在優先市場採取審慎的品牌投資方法。對於食客來說，我們將專注於透過優質內容、個人化、推薦和回頭客激勵來推動基於應用程式的參與度和轉換。對於餐廳，我們將重點關注增值 ERB 功能、基於價值的定價選項、收入管理功能以及向不斷增長的高意向食客群體推銷特別優惠的能力。

We expect our combined initiatives to drive growth in our average revenue per restaurant and continue to improve our unit economics as we leverage the benefit of a streamlined cost base.

我們預計，我們的聯合舉措將推動每家餐廳平均收入的成長，並利用精簡成本基礎的優勢，繼續改善我們的單位經濟效益。

To close, we're motivated by our progress in 2023, and we believe that our strategies are delivering results. In 2024, we'll continue to pursue a disciplined financial profile with investment for longer-term growth and transformation across the portfolio. We believe that travel has a sustainable long-term growth path ahead. In 2023, we saw healthy underlying demand despite the backdrop of macro uncertainty, which is testament to consumers prioritizing travel over other discretionary categories. Our traveler surveys reflect steady travel and spending intent in 2024 with a focus on Experiences as a central component.

最後，我們對 2023 年的進展感到鼓舞，我們相信我們的策略正在取得成果。 2024 年，我們將繼續追求嚴格的財務狀況，並投資於整個投資組合的長期成長和轉型。我們相信旅遊業未來有可持續的長期成長道路。 2023 年，儘管宏觀不確定性的背景下，我們仍看到了健康的潛在需求，這證明消費者優先考慮旅行而不是其他可自由支配的類別。我們的旅行者調查反映了 2024 年穩定的旅行和消費意向，重點是體驗作為核心組成部分。

We believe this puts TripAdvisor Group in an advantaged position as we build on our vision to be the world's most trusted source for travel and experiences. And now I'll turn the call over to Mike.

我們相信，這將使 TripAdvisor 集團處於有利地位，因為我們致力於成為全球最值得信賴的旅遊和體驗來源。現在我將把電話轉給麥克。

Thank you, Matt, and good morning, everyone. I'll start by reviewing our Q4 and full year 2023 performance, and then I'll provide high-level thoughts on 2024. All growth rates for 2023 are relative to the comparable period in 2022, unless otherwise indicated. Q4 consolidated revenue was $390 million, reflecting growth of 10% or 8% on a constant currency basis.

謝謝你，馬特，大家早安。我將首先回顧我們的第四季和 2023 年全年業績，然後提供有關 2024 年的高層次想法。除非另有說明，2023 年的所有成長率均相對於 2022 年的可比時期。第四季合併收入為 3.9 億美元，以固定匯率計算成長 10% 或 8%。

Adjusted EBITDA was $84 million or 22% of revenue and 10 percentage points higher than last year. Consolidated performance was higher than our expectations, primarily due to a more favorable traffic mix at brand Tripadvisor and disciplined marketing spend at Viator. Turning to segment performance for the quarter, brand Tripadvisor delivered revenue of $218 million, approximately flat year-over-year. Revenue in branded hotels was $135 million, a decline of 4%, driven by a low single-digit decline in Hotel Meta and flat to slightly down performance in Hotel B2B.

調整後 EBITDA 為 8,400 萬美元，佔營收的 22%，比去年高出 10 個百分點。綜合績效高於我們的預期，主要是因為品牌 Tripadvisor 的流量組合更有利，以及 Viator 嚴格的行銷支出。至於本季的細分市場業績，Tripadvisor 品牌的營收為 2.18 億美元，與去年同期基本持平。品牌酒店的收入為 1.35 億美元，下降 4%，這是由 Hotel Meta 的低個位數下降和 Hotel B2B 的業績持平或略有下降推動的。

Hotel Meta performance was driven by sustained pricing strength in both free and paid channels, which was offset by lower click volumes, primarily in paid channels as we continue to manage these channels for profitability by maintaining consistent ROAS targets. From a revenue perspective, growth in Hotel Meta in the U.S. and Rest of World was flat to slightly up, while EMEA declined in line with prior quarters.

Hotel Meta 的表現受到免費和付費管道持續定價優勢的推動，但點擊量下降（主要是付費管道）抵消了這一影響，因為我們將繼續透過保持一致的 ROAS 目標來管理這些管道的獲利能力。從營收角度來看，美國和世界其他地區的 Hotel Meta 成長持平或略有上升，而歐洲、中東和非洲地區則與前幾季持平或略有下降。

Importantly, revenue from free channels remained stable. As a result, Hotel Meta contribution profit margin was slightly higher year-over-year. Media and advertising revenue grew 6% to $35 million. Growth in the quarter was more normalized, but a sequential step-down that we expected, primarily due to the recovery pattern in the broader media and advertising sector.

重要的是，免費頻道的收入保持穩定。因此，梅塔酒店的貢獻利潤率較去年同期略有上升。媒體和廣告收入成長 6%，達到 3,500 萬美元。本季的成長更加正常化，但出現了我們預期的連續下降，這主要是由於更廣泛的媒體和廣告行業的復甦模式。

Experiences and Dining revenue grew 12% to $38 million, with experiences revenue growing approximately 20% in the midst of a challenging macro environment. Dining revenue slightly declined as we continued realigning our sales model in our B2B business as discussed on our last call. Other revenue was flat year-over-year at $10 million. Growth in crews was 10% in the quarter, offset by sustained revenue pressure in our remaining category offerings due to our strategic deemphasis.

體驗和餐飲收入成長 12%，達到 3,800 萬美元，在充滿挑戰的宏觀環境中，體驗收入成長了約 20%。正如上次電話會議中所討論的那樣，隨著我們繼續調整 B2B 業務的銷售模式，餐飲收入略有下降。其他收入與去年同期持平，為 1,000 萬美元。本季船員數量增加了 10%，但由於我們不再重視策略，我們剩餘類別產品的持續收入壓力抵消了這一增長。

Adjusted EBITDA in the brand Tripadvisor segment was $69 million or 32% of revenue. Adjusted EBITDA margin improved by approximately 325 bps year-over-year due to strong revenue performance in our free channels as well as leverage in headcount and other fixed costs.

Tripadvisor 品牌細分市場的調整後 EBITDA 為 6,900 萬美元，佔營收的 32%。由於我們免費管道的強勁收入表現以及員工人數和其他固定成本的槓桿作用，調整後的 EBITDA 利潤率比去年同期提高了約 325 個基點。

Turning now to Viator. Q4 revenue was $161 million, reflecting growth of 27% or 25% on a constant currency basis. Gross booking value, or GBV, grew 20% to approximately $720 million, driven primarily by volume growth. The GBV and booking growth performance in the quarter was impacted by the onset of the Middle East conflict and its [ripple] effects in other European destinations where travel advisory warnings were issued.

現在轉向維阿托。第四季營收為 1.61 億美元，以固定匯率計算成長 27% 或 25%。總預訂價值 (GBV) 成長了 20%，達到約 7.2 億美元，這主要是由銷售成長推動的。本季的 GBV 和預訂成長表現受到中東衝突爆發及其對發布旅遊諮詢警告的其他歐洲目的地的[連鎖反應]影響。

We also drove some marketing efficiencies in the quarter that impacted GBV and booking growth. In Q4, GBV growth from repeat travelers substantially outpaced GBV growth from new travelers. Compared to our new travelers, our repeat travelers book more items per trip, they buy more expensive products, and they have higher propensity to repeat with us, all of which gives us growing confidence that our efforts increasing scale and growing travel lifetime value are working.

我們也在本季提高了一些行銷效率，這影響了 GBV 和預訂成長。第四季度，回頭客帶來的 GBV 成長大幅超過新旅客帶來的 GBV 成長。與我們的新旅行者相比，我們的回頭客每次旅行都會預訂更多商品，購買更昂貴的產品，並且更有可能重複使用我們的產品，所有這些都讓我們越來越有信心，我們擴大規模和提高旅行終身價值的努力正在發揮作用。

We will also continue to focus on acquiring large new traveler cohorts given the attractive size of the market opportunity and our track record of converting new travelers to repeat travelers over time. We will do so with a disciplined approach, responding to the quality of traffic we observe and remain flexible as we move through the year. Adjusted EBITDA at Viator is $15 million or 9% of revenue, a significant margin improvement year-over-year largely due to the profitability of flow-through from the aforementioned GBV mix in the quarter. As we have discussed in prior calls, Viator's profitability is impacted by the size and mix of new traveler acquisition. As future growth becomes increasingly driven by repeat bookers, we expect to see attractive and sustainable margin flow-through driven by these large and growing repeat cohorts.

鑑於市場機會規模巨大，以及我們隨著時間的推移將新旅行者轉變為回頭客的記錄，我們也將繼續專注於吸引大量新旅行者。我們將採取嚴格的方法來做到這一點，對我們觀察到的交通品質做出反應，並在全年中保持靈活性。 Viator 調整後的 EBITDA 為 1,500 萬美元，佔營收的 9%，利潤率較去年同期顯著提高，這主要是由於本季上述 GBV 組合的流通獲利能力。正如我們在之前的電話會議中討論的那樣，Viator 的盈利能力受到新旅行者收購規模和組合的影響。隨著未來的成長越來越受到回頭客的推動，我們預計這些龐大且不斷成長的回頭客群體將帶來有吸引力且可持續的利潤流動。

At TheFork, Q4 revenue was $39 million, reflecting growth of 18% and 10% on a constant currency basis. Revenue growth was driven by a balanced mix of both volume and pricing. Adjusted EBITDA was breakeven in the quarter, an improvement of $15 million year-over-year, which was driven by continued focus on improving unit economics on both the supply and demand side of the marketplace and prudent cost control.

TheFork 第四季營收為 3,900 萬美元，以固定匯率計算分別成長 18% 和 10%。收入成長是由數量和價格的平衡組合所推動的。本季調整後 EBITDA 達到損益平衡，年增 1,500 萬美元，這是由於持續關注改善市場供需雙方的單位經濟效益以及審慎的成本控制。

We are very pleased with the work the teams have done over the year to position this segment for profitable growth in 2024.

我們對團隊一年來所做的工作感到非常滿意，這些工作使該細分市場在 2024 年實現盈利增長。

Now turning to consolidated expenses for the quarter. Cost of revenue delevered modestly due to increased direct costs related to certain media campaigns and cloud migration-related expenses at brand Tripadvisor as well as the increased mix of Viator related costs as a percent of consolidated revenues. Sales and marketing costs as a percent of revenue were approximately 900 basis points lower, driven by more efficient marketing spend across each brand, most notably at brand Tripadvisor and TheFork as well as lower people costs across the brands.

現在轉向本季的綜合支出。由於Tripadvisor品牌的某些媒體活動和雲端遷移相關費用相關的直接成本增加，以及Viator相關成本佔合併收入的比例增加，收入成本略有下降。銷售和行銷成本佔收入的百分比降低了約 900 個基點，這得益於各品牌（尤其是 Tripadvisor 和 TheFork 品牌）更有效率的行銷支出以及各品牌人員成本的降低。

Technology and content costs as a percent of revenue were flat as investments in data and engineering resources in brand Tripadvisor and Viator remained in line with revenue growth. G&A expenses as a percent of revenue were approximately 400 basis points lower as a result of the cost savings actions we implemented at brand Tripadvisor and TheFork as well as the $8 million loss incurred in Q4 of 2024 related to a targeted payment fraud scheme, which did not reoccur in 2023 and accounted for half of the year-over-year leverage.

由於對 Tripadvisor 和 Viator 品牌的數據和工程資源的投資與收入成長保持一致，技術和內容成本佔收入的百分比持平。由於我們在 Tripadvisor 和 TheFork 品牌實施了成本節約行動，以及 2024 年第四季度與定向付款詐欺計劃相關的 800 萬美元損失，G&A 費用佔收入的百分比降低了約 400 個基點2023 年不會再次發生，佔同比槓桿率的一半。

During the quarter, we also incurred approximately $4 million in restructuring expenses related to the previously announced actions we implemented at both brand Tripadvisor and TheFork. Now on to our cash and liquidity position. Operating cash flow was a deficit of $19 million and free cash flow was a deficit of $35 million, driven by normal seasonal trends in deferred merchant payables at Viator. During the quarter, we repurchased approximately 1.3 million shares at an average cost of $18.85 per share, totaling approximately $25 million under our current share repurchase program.

本季度，我們也因先前宣布的在 Tripadvisor 和 TheFork 品牌實施的行動而產生了約 400 萬美元的重組費用。現在談談我們的現金和流動性狀況。由於 Viator 遞延商家應付帳款的正常季節性趨勢，營運現金流赤字 1,900 萬美元，自由現金流赤字 3,500 萬美元。本季度，我們以每股 18.85 美元的平均成本回購了約 130 萬股股票，根據我們目前的股票回購計劃，回購總額約為 2,500 萬美元。

Turning now to our full year performance. Consolidated revenue grew 20% to $1.8 billion. As a reminder, year-over-year growth in the first quarter of the year benefited from an easier comparable. On a segment basis, brand Tripadvisor grew 7% to $1 billion, while Viator grew 49% to $737 million, and TheFork grew 22% to $154 million.

現在轉向我們的全年業績。綜合營收成長 20%，達到 18 億美元。提醒一下，今年第一季的年增得益於更容易的可比性。以細分市場來看，Tripadvisor 品牌成長 7%，達到 10 億美元，Viator 成長 49%，達到 7.37 億美元，TheFork 成長 22%，達到 1.54 億美元。

Consolidated adjusted EBITDA for the full year was $334 million or 19% of revenue or 100 basis points lower than '22 adjusted EBITDA margin. Sales and marketing and G&A costs as a percent of revenue were flat, while cost of revenue and technology and content slightly increased as a percent of revenue.

全年合併調整後 EBITDA 為 3.34 億美元，佔營收的 19%，比 22 年調整後 EBITDA 利潤率低 100 個基點。銷售和行銷以及一般管理費用佔收入的百分比持平，而收入、技術和內容成本佔收入的百分比略有上升。

Turning to segment EBITDA for the year. Brand Tripadvisor delivered $348 million in adjusted EBITDA or 34% of revenue. For the year, a combination of investment in data and engineering headcount, higher cost of revenue in media and advertising and higher cloud migration costs as a percent of revenue drove the approximately 200 basis point decline year-over-year. Viator adjusted EBITDA was breakeven for the full year, which was a 200 basis point improvement from last year with increased leverage from people costs and direct marketing costs, which includes both traffic and brand.

轉向本年度的 EBITDA 部分。 Tripadvisor 品牌的調整後 EBITDA 為 3.48 億美元，佔營收的 34%。今年，數據和工程人員的投資、媒體和廣告收入成本的上升以及雲端遷移成本佔收入的百分比上升，共同導致了同比下降約 200 個基點。 Viator 調整後的 EBITDA 全年實現損益平衡，比去年提高了 200 個基點，這得益於人員成本和直接行銷成本（包括流量和品牌）的槓桿作用的增加。

Finally, at TheFork, we saw a significant EBITDA improvement in 2023, moving to a loss of $14 million versus a loss of $39 million in 2022. The largest driver of this improvement was in sales and marketing with lower spend in performance and brand marketing as well as increased leverage from sales headcount. This was especially impressive given the COVID subsidy benefit of $11 million received in 2022.

最後，在 TheFork，我們看到 2023 年 EBITDA 顯著改善，虧損 1,400 萬美元，而 2022 年虧損 3,900 萬美元。這種改善的最大推動力是銷售和行銷，績效和品牌行銷支出較低，以及增加銷售人員的槓桿作用。考慮到 2022 年收到的 1,100 萬美元的新冠肺炎補貼，這一點尤其令人印象深刻。

Total operating cash flow for the year was $235 million and free cash flow was $172 million. We repurchased a total of 6 million shares this year at an average price of $16.51, totaling $100 million. In light of the announcement earlier in the week, for the time being, we've suspended our share repurchase program.

全年營業現金流總額為 2.35 億美元，自由現金流為 1.72 億美元。我們今年總共回購了600萬股股票，平均價格為16.51美元，總計1億美元。鑑於本週稍早的公告，我們暫時暫停了股票回購計畫。

We ended the quarter and year with approximately $1.1 billion in cash and equivalents.

本季度和本年度結束時，我們擁有約 11 億美元的現金和等價物。

As we discussed throughout the year, fiscal '23 operating cash flow and free cash flow were impacted by a net cash outflow of $64 million related to our previously disclosed settlements with the IRS for income tax returns for the years 2009 through 2011. In 2024, we expect a net cash outflow of approximately $80 million to $130 million related to the settlement for the years 2014 to 2016, resulting in an estimated increase in tax expense of approximately $30 million to $60 million, which we'll take in Q1.

正如我們全年討論的那樣，23 財年的營運現金流和自由現金流受到6,400 萬美元淨現金流出的影響，這與我們之前披露的2009 年至2011 年所得稅申報表與IRS 的和解有關。2024年，我們預計與2014 年至2016 年的和解相關的淨現金流出約為8,000 萬美元至1.3 億美元，導致稅收費用估計增加約3,000 萬美元至6,000 萬美元，我們將在第一季考慮這一點。

Now on to thoughts for 2024. In light of the formation of the special committee and evaluation of potential alternatives, we will not be providing a detailed outlook on this call. However, we will provide a framework as to how we are thinking about our priorities for the year. We will continue to invest and operate the brands in a way that strengthens and builds their long-term sustainable competitive advantage. We will do this against a backdrop of what we believe to be a healthy travel market, although we expect to see some normalization across travel this year versus last year.

現在談談 2024 年的想法。鑑於特別委員會的組建和對潛在替代方案的評估，我們不會對此電話會議提供詳細的展望。然而，我們將提供一個框架來說明我們如何考慮今年的優先事項。我們將繼續投資和經營這些品牌，以加強和建立其長期可持續的競爭優勢。我們將在我們認為健康的旅遊市場的背景下做到這一點，儘管我們預計今年的旅遊與去年相比會出現一些正常化。

As such, we expect to see some tougher comparisons this year, particularly in Q1, where we expect to see the lowest growth quarter of the year across the segments. At brand Tripadvisor, our priority is the long-term diversification of the portfolio. As we have said since launching our new strategy last year, we expect this to be a multiyear transformation, supporting sustainable future revenue and profit growth. We are aiming for stable revenue dollars for the year while continue to maintain flexibility for investment in our transformation.

因此，我們預計今年會出現一些更嚴格的比較，特別是在第一季度，我們預計該季度將是各細分市場今年成長最低的季度。在 Tripadvisor 品牌，我們的首要任務是產品組合的長期多元化。正如我們自去年推出新策略以來所說，我們預計這將是一個多年的轉型，支持未來可持續的收入和利潤成長。我們的目標是今年實現穩定的收入，同時繼續保持轉型投資的靈活性。

At Viator, our financial profile will reflect a balance between growth, profitability and market share gains. Combined with some normalization of travel growth, we expect a step down in revenue growth for the year relative to where we exited 2023. We continue to expect Viator to be profitable for the full year. At TheFork, we expect much of the groundwork we laid in 2023 will benefit us in 2024 as we continue to operate with more leverage and efficiency. Our balanced growth and profitability strategy is expected to result in a step down in growth from 2023 levels, but achieved full year profitability.

在 Viator，我們的財務狀況將反映成長、獲利能力和市場佔有率成長之間的平衡。結合旅行成長的一定程度的正常化，我們預計今年的收入成長相對於 2023 年結束時將有所下降。我們仍然預計 Viator 全年將實現盈利。在 TheFork，我們預計 2023 年奠定的大部分基礎將使我們在 2024 年受益，因為我們將繼續以更高的槓桿率和效率運作。我們的平衡成長和獲利策略預計將導致成長較 2023 年水準下降，但實現了全年獲利。

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) Our first question comes from Ben Miller with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的本·米勒（Ben Miller）。

We've talked a lot about the importance of mobile and app base logged in users. Anything you can share just on the top of funnel traffic and engagement you're seeing from that cohort? And anything on conversion of non-app non-logged-in members to members?

我們已經討論了很多關於行動和應用程式登入用戶的重要性。您可以在從該群體中看到的漏斗流量和參與度的頂部分享什麼嗎？還有什麼關於將非應用程式未登入會員轉換為會員的資訊嗎？

So obviously, each of our segments, Ben -- thanks for the question, has a different combination. I mentioned that 75% at TheFork are booking with us on the mobile app. Of course, we put a real focus on the app at Viator and are seeing increasing size of those audiences, and they're engaging further. We're putting this focus on Tripadvisor in a way that we really haven't in a while. I think I mentioned on one of our calls previously that we had refreshed the tech stack. It was modern and ready to go. And really, as we think about shifting to a mobile-first approach, we want that app to be an indispensable experience for travelers. And the way that we're going to do this is we're going to make sure we give good incentives to sign in and log in, which is something that we have already done at scale. We have more than 130 million members and then to convert them to download the app and engage there.

很明顯，本，謝謝你的提問，我們的每個細分市場都有不同的組合。我提到 TheFork 的 75% 的人透過行動應用程式向我們預訂。當然，我們真正關注 Viator 的應用程序，並且看到這些受眾的規模不斷擴大，而且他們的參與度也越來越高。我們以前所未有的方式將重點放在 Tripadvisor 上。我想我在之前的一次電話會議中提到我們已經更新了技術堆疊。它很現代，隨時可以使用。事實上，當我們考慮轉向行動優先的方法時，我們希望該應用程式成為旅行者不可或缺的體驗。我們要做到這一點，我們將確保給予登入和登入良好的激勵，這是我們已經大規模做的事情。我們擁有超過 1.3 億會員，然後將他們轉化為下載應用程式並參與其中。

And so what will wind up happening is they'll wind up spending time in the app. There will be -- it will feel like a closed experience where you can leverage AI to understand what your opportunities are as you're planning and what's around you when you're in destination. We think that will drive meaningful engagement. And then, of course, we will focus on how that converts through the funnel. Those numbers, I don't think we put mobile app users out publicly in the past, so I don't intend to do that here. But we think that when you look at the overall percentage of our total audience, there is significant headroom to drive people into the app. And then we think that once they're in the app, we know that the value to us is many, many multiples of what they would be in a web-based experience.

因此，最終會發生的事情是他們最終會在應用程式上花費時間。感覺就像是一種封閉的體驗，您可以利用人工智慧來了解您在計劃時的機會以及到達目的地時周圍的情況。我們認為這將推動有意義的參與。當然，我們將重點放在如何透過管道進行轉換。我認為我們過去沒有公開這些數字，所以我不打算在這裡這樣做。但我們認為，當你看看我們總受眾的總體百分比時，你會發現有很大的空間來吸引人們進入該應用程式。然後我們認為，一旦他們進入應用程序，我們就知道對我們的價值是他們在基於網路的體驗中的價值的許多倍。

So I think without disclosing further detail that we haven't done in the past, I think you get a sense that our strategy across the board is to drive direct users into the app, engage them deeply, give them an experience that not only is trusted, high quality. But then when they go and have that experience in the real world, it's only natural to come back to the app and, of course, pay it forward to other travelers by sharing their experience.

因此，我認為，在不透露我們過去沒有做過的進一步細節的情況下，我認為您會感覺到我們的全面戰略是推動直接用戶進入應用程序，深入吸引他們，為他們提供不僅是值得信賴，高品質。但當他們去現實世界並獲得這種體驗時，很自然地會回到應用程序，當然，也會透過分享他們的體驗來將其轉嫁給其他旅行者。

Our next question comes from Naved Khan with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Naved Khan。

Maybe just a high-level question for you, Matt. How does the formation of the special committee by the Board affect timing for a potential spin-off of Viator? And then secondarily, maybe just on Viator margins for 2024. How should we think about the scope for improvement there? Should we look at Q4 as a proxy in terms of the year-on-year gain? And how that might continue into '24? Just give us your high level thoughts there.

也許這對你來說只是一個高級問題，馬特。董事會組成特別委員會對 Viator 潛在分拆的時機有何影響？其次，也許只是 2024 年 Viator 的利潤率。我們應該如何考慮那裡的改進範圍？我們是否應該將第四季作為年成長的替代指標？這種情況如何持續到 24 世紀？請告訴我們您的高層次想法。

Yes, thanks, Naved. Appreciate the question. I'll take the first, and I know Mike will take the second. Since I joined the company, of course, this notion of a spin-off of Viator has just not been something that we've spent a lot of time and energy on given the markets that we've been in. We've been focused on the business. And I think you can see that our focus on the traveler, the experiences they have with us and the way that our product delivers over and over for them again has really shown itself to prove out in the results that we've seen to date. And that remains true. We're totally focused on the business. The announcement this week doesn't change that. I'm focused on moving things forward and focused on our strategies, which I think are clear and really delivering. And I know that our teams are doing the same. Mike?

是的，謝謝，納維德。感謝這個問題。我會選擇第一個，我知道麥克會選擇第二個。當然，自從我加入公司以來，考慮到我們所處的市場，我們並沒有花費大量時間和精力來考慮分拆 Viator 的想法。我們一直專注於關於業務。我認為您可以看到，我們對旅行者的關注、他們與我們的體驗以及我們的產品一次又一次為他們提供服務的方式確實在我們迄今為止看到的結果中得到了證明。這仍然是事實。我們完全專注於業務。本週的公告並沒有改變這一點。我專注於推動事​​情向前發展，並專注於我們的策略，我認為這些策略是明確且真正有效的。我知道我們的團隊也在做同樣的事情。麥克風？

Naved, on your second question, again, avoiding kind of specific guidance as for my earlier commentary. Listen, I think we -- and this is the statement we've made consistently in the past, we are, I think, on a path to seeing Viator move in direction of its long-term potential margins, right, which we've talked about. I'm not going to peg next year to what we're thinking -- what happened in Q4 other than to say that's the broad trajectory we'd expect the business to pursue. Secondly, I would say, and this will reflect in some of my comments, we're going to be supple as we think about this. We're going to be prudent and disciplined as we think about our marketing investment that means we want to pursue high-quality traffic. That means we're not going to pursue lower quality traffic, right? So really have a disciplined approach and be nimble as we move through the year.

納維德，關於你的第二個問題，再次避免了我之前評論中的具體指導。聽著，我認為我們 - 這是我們過去一貫發表的聲明，我認為我們正在走上一條道路，讓 Viator 朝著其長期潛在利潤的方向發展，對吧，我們已經做到了討論過。我不會將明年與我們的想法——第四季發生的事情掛鉤，而是說這是我們期望企業追求的大致軌跡。其次，我想說，這將反映在我的一些評論中，我們在考慮這個問題時會保持靈活。當我們考慮我們的行銷投資時，我們將保持謹慎和自律，這意味著我們想要追求高品質的流量。這意味著我們不會追求較低品質的流量，對吧？因此，在這一年中，我們確實要採取嚴格的方法並保持靈活。

So again, I would just say we want this business to be on that trajectory, on that arc for what we believe achieving long-term margin potential over the near term.

再說一次，我只想說，我們希望這項業務能夠走上這條軌道，走上我們認為在短期內實現長期利潤潛力的弧線。

Our next question comes from Richard Clarke with Bernstein.

我們的下一個問題來自伯恩斯坦的理查德·克拉克。

If I can maybe just ask that previous question a slightly different way. If I look at Q4 at Viator, you made a $34 million of additional revenue year-on-year, $18 million of additional EBITDA. So that's like a contribution margin of 53%. I mean is that what's achievable on growth? Or is there anything else that's gone into that big improvement? Is that now the unit economics? And then maybe just secondly, I guess, Expedia last week talking about leaning back in and maybe spending a bit more on marketing. Are you seeing any benefit of that? Is any of that [flowing through to Trip line?]

如果我可以的話，也許可以用稍微不同的方式問上一個問題。如果我看看 Viator 第四季度，你會發現比去年同期增加了 3400 萬美元的額外收入，額外的 EBITDA 增加了 1800 萬美元。所以邊際貢獻率為 53%。我的意思是，這就是成長所能實現的嗎？或者說還有其他什麼重大改進嗎？這就是現在的單位經濟學嗎？然後，我想，也許只是第二點，Expedia 上週談到了重新調整，可能會在行銷上花更多的錢。你看到這有什麼好處嗎？其中有[流經 Trip line 嗎？ ]

Great, thanks, Richard. I'll take those. I think I heard the last question is a little light, but we can come back to that in a second. So just on Q4, let's be clear, like we -- Q4 was a tough quarter from a macro perspective. We have a lot of things kind of happening as we said, with the Mideast conflict, certainly brought some headwinds to the market. We also were very much in discipline in terms of thinking about how we want to acquire new users, right? And getting back to the comment I just made, really targeting high-quality traffic and being maybe a bit more discerning. So both those impacts really affected new user growth, right? And so you saw really come through, I think, the power or the model, which is large repeat cohorts, more prominently providing revenue there.

太好了，謝謝，理查德。我會接受那些。我想我聽說最後一個問題有點簡單，但我們可以稍後再回到這個問題。因此，就第四季而言，我們要明確一點，從宏觀角度來看，第四季是一個艱難的季度。正如我們所說，發生了很多事情，中東衝突肯定給市場帶來了一些阻力。我們在思考如何獲得新用戶方面也非常有紀律，對吧？回到我剛剛發表的評論，真正針對的是高品質的流量，並且可能更具洞察力。那麼這兩個影響確實影響了新用戶的成長，對吧？所以我認為，你看到了真正的力量或模型，這是大量的重複群體，更重要的是在那裡提供了收入。

So I think Q4 was a bit more of -- and I'll point -- and I'll also point to, Richard, we had revenue of 27% growth, but GBV growth was 20%, right? So there's a difference there and some timing -- rev rec timing differences there that you should just maybe just read through that incremental margin. But it's really more of an impact of we saw the flow-through from lower new user acquisition due to some of the macro and marketing discipline we had in the quarter versus the flow-through of EBITDA from the repeat cohorts. And then the second question...

所以我認為第四季的成長有點多了——我會指出——理查德，我們的營收成長了 27%，但 GBV 成長了 20%，對嗎？因此，那裡存在差異，並且存在一些時間差異 - 轉速記錄時間差異，您可能應該只是閱讀增量裕度。但這實際上更多的是我們看到由於本季度的一些宏觀和行銷紀律導致的新用戶獲取量下降帶來的流量與重複群體的 EBITDA 流量相比的影響。然後第二個問題...

It was around Expedia, and maybe I'll lead off and -- look, we obviously don't comment on particular participants in the auction. But clearly, the bidding dynamics are healthy. I've said in the past, we take those relationships quite seriously. And so we spend a lot of time working with our partners to make sure that we are optimizing the way that we can deliver for their marketing objectives. And I think as Expedia makes an announcement like that and others respond, I think you can expect that, that's something we will look to take advantage of, but the bidding dynamics are healthy.

這是圍繞著 Expedia 的，也許我會帶頭——看，我們顯然不會對拍賣中的特定參與者發表評論。但顯然，競標動態是健康的。我過去說過，我們非常重視這些關係。因此，我們花費大量時間與合作夥伴合作，以確保我們正在優化實現其行銷目標的方式。我認為，當 Expedia 發布這樣的公告並且其他人做出回應時，我認為您可以預料到，這是我們希望利用的東西，但出價動態是健康的。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

This is Dae Lee on for Doug. I had two. First one, I think Mike, you said you're expecting stable revenue dollars at brand Trip. If that's true, could you talk about what's affecting that outlook? And then secondly, you guys saw very strong leverage out of sales and marketing in 4Q. And it sounds like you face greater emphasis on higher value users. (inaudible) there any else to call out on that marketing efficiency in 4Q? And looking ahead to 2024, should we expect marketing to be a social leverage?

我是道格 (Doug) 的戴李 (Dae Lee)。我有兩個。第一個，我想麥克，你說過你期望 Trip 品牌的收入穩定。如果這是真的，您能談談是什麼影響了這種前景嗎？其次，你們在第四季看到了銷售和行銷的強大槓桿作用。聽起來您更重視高價值用戶。 （聽不清楚）第四季的行銷效率還有什麼值得稱讚的嗎？展望 2024 年，我們是否應該預期行銷成為一種社會槓桿？

Yes. I mean as you broke up a little bit, let me try to parse through it. I think your first question was around stable revenue at core? Again, I wouldn't show what your specific question was. I would just say that we want to stay away and understand away from specific guidance. And we want to be -- give you some view of the shape of how we're thinking about the year but did want to stay away from any specific guidance due to the recent announcements.

是的。我的意思是，當你們分手了一點之後，讓我試著解析一下。我認為您的第一個問題是圍繞核心穩定收入？再說一次，我不會顯示你的具體問題是什麼。我只想說，我們希望遠離具體指導並理解。我們希望讓您了解我們對這一年的看法，但由於最近的公告，我們確實希望避免提供任何具體指導。

Secondly, the only color I would give on that to you, Doug, is that you can imagine, we've talked from the beginning about a multiyear strategy to transform a business. And when you do that, you're focusing on diversifying your revenues. And I think we are very pleased with how that diversification is going. I tried to reinforce that in my comments upfront. We see replacement dollars from categories that are growing very quickly. And of course, we're all familiar with the secular challenges in some of our revenue streams. So when you balance all that, that sort of comes together in that kind of a shape. It's what we expected, and we feel like we're making really good progress. And the second question was around marketing dollars and whether we'll see...

其次，道格，我對此的唯一看法是，你可以想像，我們從一開始就討論了一項業務轉型的多年戰略。當你這樣做時，你就專注於實現收入多元化。我認為我們對多元化的進展感到非常滿意。我試圖在前面的評論中強調這一點。我們看到成長速度非常快的品類帶來了替代品。當然，我們都熟悉一些收入來源的長期挑戰。因此，當你平衡所有這些時，它們就會以某種形狀組合在一起。這是我們所期望的，我們感覺我們正在取得非常好的進展。第二個問題是關於行銷資金以及我們是否會看到...

Can you repeat that?

你可以再說一次嗎？

Yes, why don't you repeat the second question because we are not sure we got that one.

是的，你為什麼不重複第二個問題，因為我們不確定我們是否得到了第二個問題。

Yes, sorry. Second one was on marketing leverage that you saw in 4Q. It sounds like you guys placed greater emphasis on higher-quality users, but wondering if there's anything else to call out on the efficiency you saw in 4Q and if we should expect marketing to be a source of leverage in 2024?

是的，抱歉。第二個是你在第四季看到的行銷槓桿。聽起來你們更重視高品質的用戶，但想知道第四季度的效率是否還有其他值得稱讚的地方，以及我們是否應該期望行銷成為 2024 年的槓桿來源？

And again, are you referring to Viator in your comment?

再說一遍，您在評論中指的是 Viator 嗎？

I mean total sales and marketing, you guys saw a very strong leverage. It sounds like you guys saw that across brand Trip and Viator so just across both platforms.

我的意思是總銷售和行銷，你們看到了非常強大的槓桿作用。聽起來你們在 Trip 和 Viator 品牌上都看到了這一點，所以就在這兩個平台上。

Yes. Yes. So just to unpack on both platforms, I think the leverage is really across brand Tripadvisor and Viator. I already talked about Viator on the last answer. Brand Tripadvisor, we just saw a very healthy free channel mix in the quarter. That very much impacts that leverage result. Just credit to the teams at brand Tripadvisor who really work every day on optimizing all our channels, but particularly on the free channels, whether it's CRM, SEO, or other direct channels. We continue to see good results there. We saw a nice pricing versus our expectations and certainly good pricing on a year-over-year basis. That certainly was the driving factor at brand Tripadvisor. All the teams are focused on how we continue to drive that forward. As you know, when you think about that, that was in both -- just to clarify, that was in both Hotel Meta as well as our experiences business. These are things that the teams will continue to drive into next year, very dynamic markets, both in the free and paid markets, particularly with how we advertise in the paid markets and -- as well as in the free channels, but they will be working hard to continue to advance the ball next year.

是的。是的。因此，只要在兩個平台上進行分析，我認為Tripadvisor 和Viator 品牌的槓桿作用確實存在。我已經在上一個答案中談到了 Viator。 Tripadvisor 品牌在本季剛剛看到了非常健康的免費管道組合。這很大程度影響了槓桿結果。這要歸功於 Tripadvisor 品牌的團隊，他們每天都在努力優化我們的所有管道，尤其是免費管道，無論是 CRM、SEO 或其他直接管道。我們繼續在那裡看到良好的結果。我們看到了一個不錯的定價，超出了我們的預期，而且與去年同期相比，定價當然也不錯。這無疑是 Tripadvisor 品牌的驅動因素。所有團隊都專注於我們如何繼續推動這項進程。如你所知，當你想到這一點時，這兩者都存在——只是澄清一下，這既存在於梅塔酒店，也存在於我們的體驗業務中。這些是團隊明年將繼續推進的事情，非常活躍的市場，無論是在免費市場還是付費市場，特別是我們如何在付費市場以及免費管道中做廣告，但它們將是努力爭取明年繼續推進球。

And Doug, I just want to say marketing is an area that we put a lot of focus and attention on in 2023. And I think it is becoming an increasing source of strength for us. We are at each business, thinking about how to leverage basically the full funnel of marketing approach. And so at Tripadvisor, we'll be able to adapt that to really back our engagement-led strategy by being more up and down the funnel and being more targeted, leveraging data in our marketing like never before because of our data investments. Obviously, Viator had spent some time in 2022 really getting their cross-channel and fuller funnel approach going, and that is continuing to gain traction and will continue to be optimized. And I think really serve that business as it continues to scale and drive leverage.

Doug，我只想說，行銷是我們在 2023 年重點關注的一個領域。我認為它正在成為我們日益增長的力量來源。我們在每個業務中都在思考如何基本上利用整個管道的行銷方法。因此，在Tripadvisor，我們將能夠透過在管道上更加上下、更有針對性地調整這一點，真正支持我們以互動為主導的策略，並透過我們的數據投資，在我們的行銷中以前所未有的方式利用數據。顯然，Viator 在 2022 年花了一些時間真正讓他們的跨渠道和更完整的漏斗方法得以實施，而這種方法正在繼續獲得關注並將繼續優化。我認為，隨著該業務不斷擴大規模並提高槓桿率，真正為該業務提供服務。

And then at TheFork, we are very focused on the marketing we want to do across all of our priority markets and thinking about how and when do we focus on new and really leaning into repeat this year and thinking more about -- being prudent about some of the awareness stuff that we used to do in the past everywhere and really focusing on priority markets. So I think what you're seeing is just a much sharper, more strategic, data-driven approach to the full funnel for each segment, and it's going to deliver.

然後在TheFork，我們非常專注於我們想要在所有優先市場中進行的營銷，並思考我們如何以及何時專注於新的、真正傾向於今年重複的營銷，並更多地思考——對一些問題保持謹慎。我們過去在各地所做的宣傳工作，並真正專注於優先市場。因此，我認為您所看到的是針對每個細分市場的完整管道的一種更敏銳、更具策略性、數據驅動的方法，並且它將交付。

Our next question comes from James Lee with Mizuho.

我們的下一個問題來自瑞穗的詹姆斯李。

Two over here. First on media and advertising business and you seem to have a pretty good position given the size of your audience here. Can you talk about the investment you're making in tech stack that will make your product even more engaging? And second, at user experience, I think historically, you guys were looking to reduce the number of steps to get to conversion. And can you talk about the progress on that, please?

兩個在這裡。首先是媒體和廣告業務，考慮到這裡的受眾規模，您似乎佔據了相當不錯的地位。您能否談談您在技術堆疊方面所做的投資，這些投資將使您的產品更具吸引力？其次，在使用者體驗方面，我認為從歷史上看，你們一直在尋求減少實現轉換的步驟數。能談談這方面的進展嗎？

Okay. I'll take the first, and then I think Michael will take the second. So the media and advertising part of our business is one that we, obviously, have a fantastic high intent audience and it's highly qualified and it's contextually relevant and it's interested in travel. And that audience is interesting both for endemic and non-endemic advertisers. And I think over the years, it's really been a siloed business. It's existed on its own, and it's been in maybe competition with other areas of the product. Our opportunity, of course, is to integrate that opportunity more holistically into the overall experience and come up with solutions that are not only great for advertisers and partners, but can be part of the traveler experience that's value.

好的。我會選擇第一個，然後我認為邁克爾會選擇第二個。因此，我們業務的媒體和廣告部分顯然擁有大量高意向受眾，他們素質很高，與環境相關，並且對旅行感興趣。對於地方性和非地方性廣告商來說，這些受眾都很有趣。我認為多年來，這確實是一項孤立的業務。它是獨立存在的，並且可能與產品的其他領域競爭。當然，我們的機會是將這種機會更全面地融入整體體驗中，並提出不僅對廣告商和合作夥伴有利的解決方案，而且可以成為有價值的旅行者體驗的一部分。

Now the media and advertising business had a good year in 2023. I think overall 20 -- 12%, 13% growth, which I think was strong by category standards and even stronger when you consider that much of that growth is coming from formats where we have constraints. It's mostly display. We're not as deep as we can and will be in a few categories like video, mobile and social. But it's also an area that's going to benefit from our engagement-led approach and our investment in data. So overtime, we have not prioritized big, meaningful significant investments in media and advertising in 2023 and that's an area that we are focusing on and we think about what are the formats that we want to deliver for the future? How do we think about the way that we want to serve advertisers in new and unique ways? What's the difference between an enterprise client and a small, medium-size client? And our goal is to get efficiency in our go-to-market productivity in our sales organizations and an integrated offering that I think will drive meaningful bigger, longer deals that are really focused on the value of this audience. And we saw some good traction in '23, and I think we're going to continue to lean into that for '24.

現在，媒體和廣告業務在2023 年度過了美好的一年。我認為總體增長為20% - 12%、13%，按照類別標準，我認為這一增長勢頭強勁，而且當你考慮到大部分增長來自於以下格式時，這一增長幅度甚至更大：我們有限制。主要是展示。我們的深度還不夠深入，我們將專注於影片、行動和社交等幾個類別。但這也是一個將從我們以參與為主導的方法和對數據的投資中受益的領域。因此，隨著時間的推移，我們並沒有在 2023 年優先考慮對媒體和廣告進行大規模、有意義的投資，這是我們關注的一個領域，我們會考慮未來想要提供的格式是什麼？我們如何考慮以新穎獨特的方式為廣告主提供服務的方式？企業客戶和中小型客戶有什麼不同？我們的目標是提高銷售組織的上市生產力和整合產品的效率，我認為這將推動真正關注受眾價值的有意義的更大、更長的交易。我們在 23 年看到了一些良好的牽引力，我認為我們將在 24 年繼續傾向於這一點。

Yes. And then your question on kind of user experience and conversion. It's a broad question, and it cuts across a lot of our brands, primarily at brand Tripadvisor and Viator. Brand Tripadvisor, we're really excited about some of the strategy work we've been working on this year, particularly as it relates to data personalization, I know you've heard us talk about this for some time, but really the ability, I think, to impact both our Hotel Meta and our experiences business at brand Tripadvisor, making sure that we are targeting the right people with the right ad or supply for hotel meta that has very definitive conversion impacts. We're excited about what we've seen there. And we've done so much fun of work on the experiences product at brand Tripadvisor, right?

是的。然後是關於用戶體驗和轉換的問題。這是一個廣泛的問題，涉及我們的許多品牌，主要是 Tripadvisor 和 Viator 品牌。 Tripadvisor 品牌，我們對今年開展的一些策略工作感到非常興奮，特別是與數據個性化相關的工作，我知道您已經聽我們談論這個問題有一段時間了，但實際上我們的能力，我認為，為了影響我們的Hotel Meta 和Tripadvisor 品牌的體驗業務，我們需要確保我們針對正確的人群，提供正確的廣告或供應具有非常明確的轉換影響的酒店Meta。我們對在那裡看到的一切感到興奮。我們在 Tripadvisor 品牌的體驗產品上做了許多有趣的工作，對嗎？

And as you know, we continue to experiment with how do we optimize that user experience in that funnel. And there's a lot of shared learnings between the Viator teams and the brand Tripadvisor teams. And at Viator, funnel optimization is core of what they do. We had very solid conversion gains this year, very proud of the teams and the work they've put in there. That goes to everything from getting the right supply and we do have the largest supply base in Experiences market, using data to get the right supply to offer when the person comes and visits us. So making sure we were presenting the right type of supply or supply diversity at the right price and making it seamless to really to get to book. And that's really what the teams were all about.

如您所知，我們將繼續嘗試如何優化該頻道中的使用者體驗。 Viator 團隊和 Tripadvisor 品牌團隊之間有很多共同的經驗教訓。在 Viator，通路優化是他們工作的核心。今年我們取得了非常可觀的轉換效益，對團隊和他們所做的工作感到非常自豪。這涉及到一切，從獲得合適的供應，我們確實擁有體驗市場最大的供應基地，利用數據在人們來訪時獲得合適的供應。因此，確保我們以正確的價格提供正確的供應類型或供應多樣性，並使其能夠無縫地真正預訂。這確實是團隊的全部意義。

And we're excited about other things we're working on this year. Matt mentioned loyalty program at Viator. These are all things that we think that are really going to enhance that -- those conversion benefits. So a lot of progress been made across the teams. We think there's more progress to be had and we're excited about it.

我們對今年正在做的其他事情感到興奮。馬特提到了 Viator 的忠誠度計劃。我們認為這些都是真正能夠增強轉換效益的事情。因此，各個團隊都取得了巨大的進步。我們認為還有更多進展，我們對此感到興奮。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自傑德·凱利和奧本海默。

Can you just talk about the competition you're seeing in performance marketing channels with some of your competitors, both with Viator and with core Tripadvisor? Seems like some of your competitors recently have indicated they're still going to spend a lot going into '24.

您能否談談您在效果行銷管道中看到的一些競爭對手（包括 Viator 和核心 Tripadvisor）的競爭？似乎您的一些競爭對手最近表示他們仍將在 24 世紀投入大量資金。

Yes, Jed, so I'd say, as you know, these markets are extremely competitive, different competitors in different areas. Viator -- the Experiences space is a competitive one. You do have a broad competitive dynamics in the paid channels. Obviously, there's a few operators that are larger and more at scale that tend to show up in those paid channels more regularly, but you still have a pretty broad kind of long tail of others that are bidding in that market, fewer so that are in the brand campaigns. Again, there's more of the scaled operators in Experiences that are actually marketing and branding very specific to the Experiences. We'd assume that it would continue and that's where we, again, getting back to being disciplined about our acquisition, make sure we're using our dollars wisely to users that we think will convert, but not just convert, we'll come back. And that's the key, as you know, we've said for some time to how we think about the economic model.

是的，傑德，所以我想說，正如你所知，這些市場競爭非常激烈，不同領域有不同的競爭對手。 Viator－體驗領域是一個競爭激烈的領域。您在付費管道中確實擁有廣泛的競爭動力。顯然，有一些規模更大、規模更大的運營商往往會更頻繁地出現在這些付費管道中，但仍然有相當廣泛的長尾其他人在該市場中競標，因此參與競價的運營商較少。品牌活動。同樣，體驗中還有更多的規模化運營商，他們實際上是針對體驗進行行銷和品牌推廣。我們假設這種情況會繼續下去，這就是我們再次對收購進行嚴格約束的地方，確保我們明智地將資金用於我們認為會轉化的用戶，但不僅僅是轉化，我們會來的後退。如你所知，這就是我們如何看待經濟模型的關鍵。

At brand Tripadvisor, when you think about primarily Hotel Meta, that is a very competitive marketplace. And you think about where we are competing against in the paid channels are all the players you would imagine in the hotel ecosystem. And that's why, again, we have to be very disciplined in our approach. We have been very disciplined by, as we said many times, maintaining our marketing ROASs. We are excited about the investments that Matt really alluded to in his prepared remarks around thinking about using data and personalization around, again, acquiring the right type of users that we believe can really convert -- not just convert, but actually have a sustainability and LTV to it, right, that we believe can get to the app, we believe can get to some of the goodness that Matt talked about that we see in our app ecosystem and are starting to really think about how we use our data to acquire those right users that have those attributes and promote that behavior. So we're excited about where that can lead us this year. And again, we'll continue to be nimble as we move through the year on both areas.

對於 Tripadvisor 品牌，當您主要考慮 Hotel Meta 時，您會發現這是一個競爭非常激烈的市場。你想想我們在付費管道中的競爭者是你能想像到的飯店生態系統中的所有參與者。這就是為什麼我們的方法必須非常嚴格。正如我們多次說過的那樣，我們一直非常嚴格地保持行銷廣告支出回報率。我們對馬特在他準備好的演講中真正提到的投資感到興奮，圍繞考慮使用數據和個性化，再次獲得我們認為可以真正轉化的正確類型的用戶——不僅僅是轉化，而且實際上具有永續性和LTV，對，我們相信可以進入應用程序，我們相信可以獲得馬特談到的一些優點，我們在應用程式生態系統中看到了這些優點，並且開始真正考慮如何使用我們的數據來獲取這些優點具有這些屬性並促進這種行為的正確使用者。因此，我們對今年的發展感到興奮。再說一次，我們將在這一年裡在這兩個領域繼續保持靈活性。

Our next question comes from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的布萊恩·菲茨傑拉德。

A quick follow-up on Viator. Nice quarter. (inaudible) grow to 25%. Can you talk a little bit about -- you talked about the competition and it being a competitive space. Is that sequential decel there? Is it a factor of that consumer demand? Or is it competition you talk to? Or is it really -- it sounded like from the main call, it's just a normalization of pent-up demand in prior periods. So if you can kind of parse out, hey, it's consumer demand macro. Hey it's competition. Hey, it's normalization. Hey, it's 1/3 of each of those. And then experiences in dining revenue on brand Trip was up 12% year-over-year. So we're seeing nice growth there. How much runway is there? And how would you assess your ability to cross-sell inventory across the travel and Dining and Experiences? Is there more runway to drive Experiences and Dining out of brand Trip?

Viator 的快速跟進。不錯的季度。 （聽不清楚）成長至 25%。您能談談競爭以及這是一個競爭性的空間嗎？那裡有順序減速嗎？這是消費者需求的因素嗎？或者你正在談論的是競爭對手嗎？或者真的是——聽起來像是主要的呼籲，這只是前期被壓抑的需求的正常化。所以，如果你能分析一下，嘿，這是宏觀消費者需求。嘿，這是競爭。嘿，這是常態化。嘿，這是每個的 1/3。 Trip品牌的餐飲體驗收入較去年同期成長12%。所以我們在那裡看到了良好的成長。有多少跑道？您如何評估您在旅遊、餐飲和體驗領域交叉銷售庫存的能力？ Trip 品牌是否有更多的空間來推動體驗和餐飲？

Yes. Great. I'll take the first one and Matt take the second. Yes. So when you think about -- and I think the question is really around Q4 decel. I think it's really two big areas, right? One, it's really, as we said, a slowdown in new bookings. And that was really driven by two things: One, macro. There was a lot of volatility in the quarter and it just -- it was a dampening of demand as we came out of some of that volatility. Two, we are going to be -- and it said, thoughtful -- very thoughtful about acquiring the right type of user, and we're very careful about our marketing spend in the quarter.

是的。偉大的。我選第一個，馬特選第二個。是的。因此，當你思考時，我認為問題實際上是圍繞著第四季度的減速。我認為這確實是兩個大領域，對嗎？第一，正如我們所說，新預訂量確實在放緩。這其實是由兩件事驅動的：一是宏觀。本季出現了很大的波動，當我們擺脫了一些波動時，需求受到了抑制。第二，我們將非常謹慎地獲取合適類型的用戶，而且我們對本季的行銷支出非常謹慎。

And then secondly, I would say, we are lapping when you think about the funnel, we're lapping some prices and margin impacts that have helped revenue, right, through the year in 2023. And these are things that, as we look forward, you wouldn't expect would be as big a contributor to revenue. So when you think about that, if we had a kind of a new user demand was a little bit lower because of some of the macro and the things we said, yes, I think that you'd have a knock-on effect as you move into the new year, but we feel pretty good about where we are in our -- in the position that we have, kind of where we're starting the year. But yes, that would be a factual statement. So second question...

其次，我想說，當你考慮漏斗時，我們正在研究一些價格和利潤影響，這些影響對收入有幫助，對吧，直到 2023 年。這些都是我們期待的事情，你不會想到它對收入的貢獻如此之大。因此，當你想到這一點時，如果我們有一種新的用戶需求，因為一些宏觀因素和我們所說的事情，會稍微低一些，是的，我認為你會產生連鎖反應，因為你進入新的一年，但我們對自己所處的位置感覺很好，就像我們今年開始的位置一樣。但是，是的，這將是一個事實陳述。那麼第二個問題...

I loved the question about the Experiences opportunity. And you talked about Experiences and Dining, really Experiences is proving out what we've talked about as being able to diversify Tripadvisor and take advantage of marketplace economics and really think about how to match supply and demand. And so the $180 million incremental experience shoppers that I mentioned is an example of that, really understanding why our audience comes to our site. And when we have that kind of scale, being thoughtful about how we leverage data, understanding identity and really leading them on the path that they are there to transact on or search for that next opportunity. And so that's going to drive, I think, meaningful upside.

我很喜歡關於體驗機會的問題。您談到了體驗和餐飲，實際上體驗正在證明我們所說的能夠使 Tripadvisor 多元化並利用市場經濟並真正考慮如何匹配供需。因此，我提到的價值 1.8 億美元的增量體驗購物者就是一個例子，他們真正理解我們的受眾為何來到我們的網站。當我們擁有這種規模時，請認真考慮如何利用數據、理解身份並真正引導他們走上進行交易或尋找下一個機會的道路。因此，我認為這將帶來有意義的上漲。

Now today, we've proven it out largely through the relationship with Viator, and we're really excited because Tripadvisor offers this really broad guidance platform. And of course, Viator offers this deep well of opportunities, deeper than anywhere else you can find. And being able to bring those two together has driven tremendous growth, and we are finding new and different ways for those to -- businesses to work together to really drive that growth. But at Tripadvisor, there is an opportunity to bring in more inventory to think about matching by geography, by category and maybe even categories that Viator doesn't represent today that we can find elsewhere is something we can do. And that will drive significant upside for a long time to come.

今天，我們主要透過與 Viator 的關係證明了這一點，我們非常興奮，因為 Tripadvisor 提供了這個非常廣泛的指導平台。當然，Viator 提供了比您能找到的任何其他地方更深的機會。能夠將這兩者結合在一起推動了巨大的成長，我們正在尋找新的、不同的方式來讓企業共同努力，真正推動這種成長。但在Tripadvisor，我們有機會引入更多庫存，以考慮按地理位置、按類別進行匹配，甚至可能是Viator 今天無法代表的類別，而我們可以在其他地方找到這些類別，這是我們可以做的事情。這將在未來很長一段時間內推動顯著的上漲。

I also think you're right. As we think about engaging our highest-value audience as members and increasingly on our mobile app, the cross-sell of wanting to do a full itinerary starting with generative AI and identifying that thing that is most relevant and being able to make it happen right there in the app, gives us tremendous cross-sell opportunities and the opportunity to create tremendous value through that relationship.

我也認為你是對的。當我們考慮讓最高價值的受眾成為會員並越來越多地使用我們的行動應用程式時，交叉銷售希望從生成人工智慧開始製定完整的行程，並確定最相關的事情並能夠使其正確發生應用程序中為我們提供了巨大的交叉銷售機會以及透過這種關係創造巨大價值的機會。

As I said, I think over the last year, we've articulated this from the start. Quarter-by-quarter, we've said what we've done in product the proof points, the indicators that, that engagement can happen. And I think you are seeing the emerging view of what this strategy can do to drive the diversification of Tripadvisor. So thanks for the question. We're really excited about it.

正如我所說，我認為在過去的一年裡，我們從一開始就明確了這一點。每個季度，我們都說過我們在產品中所做的事情是可以實現參與的證據和指標。我認為您正在看到這項策略可以如何推動 Tripadvisor 的多元化的新觀點。謝謝你的提問。我們對此感到非常興奮。

And if I could, real quickly, as a follow-up because you both mentioned they were -- we're using data and AI to pursue high-quality versus low-quality traffic. And so we're informing ourselves in that regard. And then Matt, you just mentioned, hey, we're using data to better match and to cross-sell. Could you really quickly assess your current strength or how much runway we have in terms of, hey, we're in the early days of taking data and applying it to both optimize our CAC or optimize our matching. Where are we on the spectrum of, hey, we've still got a lot of data that we're not bringing to bear yet?

如果可以的話，很快，作為後續行動，因為你們都提到過——我們正在使用數據和人工智慧來追求高品質和低品質的流量。因此，我們正在這方面告知自己。然後馬特，你剛才提到，嘿，我們正在使用數據來更好地匹配和交叉銷售。您能否真正快速評估您目前的實力或我們有多少跑道，嘿，我們正處於獲取數據並將其應用於優化我們的 CAC 或優化我們的匹配的早期階段。我們處於什麼階段，嘿，我們仍然有很多數據尚未付諸實施？

Yes. I mean it's early days. Remember, when I first arrived, it was when we articulated the vision of -- that we could do more with data. We proceeded to put a unified group data platform in place. We flowed all of our data into that. It now has over 3 billion profiles. And then we created the opportunity and the tools for all of the segments to leverage that data with the appropriate governance and privacy to begin to target. So it's very early innings there. And we are using that same data asset and all -- it's not only identity, it's behavioral data, click stream data, it's the booking data where we have it. We have the ability to bring on second-party data now that we didn't have before. And of course, a third-party data.

是的。我的意思是現在還為時過早。請記住，當我第一次到達時，我們闡明了我們可以利用數據做更多事情的願景。我們著手建立統一的集團數據平台。我們將所有數據都投入其中。現在它擁有超過 30 億個個人資料。然後，我們為所有細分市場創造了機會和工具，透過適當的治理和隱私來利用這些數據來開始定位。所以現在還很早。我們正在使用相同的數據資產和所有數據——這不僅是身份，還有行為數據、點擊流數據，還有我們擁有的預訂數據。我們現在有能力引入以前沒有的第二方資料。當然，還有第三方數據。

So we are beginning to get a data stack with the appropriate marketing tech tools to begin to target and to begin to use that in all areas of our product development and really that's what allowed us to move quickly on putting AI at the center of it. And -- because if you have a brand of our size and you have a set of content data and first-party behavioral data with your audience, you can create more relevance, more personalization, but it is early. These are not things that you do immediately overnight. These are things that stack quarter-by-quarter, and we're in that process of stacking. So I think you'll see us continue to progress that over time.

因此，我們開始獲得具有適當行銷技術工具的數據堆疊，以開始瞄準並開始在我們產品開發的所有領域中使用它，這確實使我們能夠快速採取行動，將人工智慧置於其中心。而且——因為如果你擁有我們這樣規模的品牌，並且擁有一組內容數據和受眾的第一方行為數據，你就可以創造更多的相關性、更多的個人化，但現在還為時過早。這些不是你一夕之間就能做的事情。這些都是按季度堆積的東西，我們正處於堆積的過程中。所以我想你會看到我們隨著時間的推移繼續取得進展。

Our next question comes from Trevor Young with Barclays.

我們的下一個問題來自巴克萊銀行的特雷弗楊。

Just on Viator, what are the 2 or 3 hurdles that keep new customers from coming back? And what steps are you doing to kind of retain those customers and get them to start behaving more like those repeat customers with more items per trip and higher price per item. Is it those efforts to just try to distill down to those higher-quality customers day 1? Is it going to be the loyalty program? Is it expanding the supply and better surfacing the right supply like you mentioned a couple of minutes ago?

就 Viator 而言，阻礙新客戶回頭的 2 或 3 個障礙是什麼？您正在採取哪些措施來留住這些客戶，並讓他們開始表現得更像那些回頭客，每次行程更多的商品，每件商品的價格更高。這些努力只是為了在第一天就提煉出那些更高品質的客戶嗎？這將是忠誠度計劃嗎？是否像您幾分鐘前提到的那樣擴大供應並更好地提供合適的供應？

Yes. Look, thanks for the question. I think Viator was on to this very early. The single biggest hurdle is that most of this transacting still happens offline. And so there's an awareness that the category exists. When we talk to travelers, almost all of them would love to book a great relevant experience easily online. And then like 3/4 of those don't even realize that the category exists. So we're excited about the awareness that is rising for the category in general. And I think we're excited that Viator is getting attached to it as we really leaned into that.

是的。聽著，謝謝你的提問。我認為 Viator 很早就意識到了這一點。最大的障礙是大部分交易仍然在線下進行。因此人們意識到該類別的存在。當我們與旅客交談時，幾乎所有人都願意在線上輕鬆預訂精彩的相關體驗。然後大約 3/4 的人甚至沒有意識到該類別的存在。因此，我們對該類別的整體意識不斷提高感到興奮。我認為我們很高興 Viator 能夠加入它，因為我們真的很喜歡它。

The second thing is probably just giving them a really easy, smooth experience that works. And the Viator team has been on top of this. They've been focused on scaling their customer base, making the very first end-to-end booking, a trusted, valuable experience with a reason to return, creating the kinds of tools and relevance that make it a habit to come back to Viator. And then, of course, on the other side, making sure that they create real value for operators through strategic programs. And we get excited when our operator counts are the largest in the industry, and we have multiples more product represented on our category. Because if we can figure out the sort and have the right data to match to somebody's interest, that just means we're going to do a better job and ultimately be the default choice not only for our partners, but also for consumers.

第二件事可能只是給他們一個真正簡單、流暢、有效的體驗。 Viator 團隊一直在這方面處於領先地位。他們一直專注於擴大客戶群，進行首次端到端預訂，提供值得信賴、有價值的體驗，讓您有理由再次光顧，創建各種工具和相關性，讓用戶再次使用 Viator 成為一種習慣。當然，另一方面，確保他們透過策略計劃為營運商創造真正的價值。當我們的營運商數量達到行業最高水平並且我們的類別中的產品數量多出數倍時，我們會感到很興奮。因為如果我們能夠找出排序並擁有與某人的興趣相符的正確數據，那就意味著我們將做得更好，最終不僅成為我們合作夥伴的預設選擇，而且成為消費者的預設選擇。

Thank you. I would now like to turn the call back over to Matt Goldberg for any closing remarks.

謝謝。我現在想將電話轉回給馬特·戈德堡，請他發表結束語。

Thank you, and thanks again to everyone for joining us today. We made great progress in 2023. Our talented teams are focused on executing on clear strategies for 2024 and we look forward to the next update. Thank you.

謝謝大家，並再次感謝大家今天加入我們。我們在 2023 年取得了巨大進步。我們才華橫溢的團隊專注於執行 2024 年明確的策略，我們期待下一次更新。謝謝。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。