Tripadvisor Inc (TRIP) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tripadvisor First Quarter 2024 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Tripadvisor 2024 年第一季電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker for today, Angela White, VP of IR. Angela, please go ahead.

現在我想將會議交給今天的第一位發言人，IR 副總裁 Angela White。安琪拉，請繼續。

Thank you, Felicia. Good morning, everyone, and welcome to Tripadvisor's First Quarter 2024 Financial Results Call. Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO. This morning before the market opened, 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 2024 年第一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。今天早上開盤前，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, May 8, 2024. 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截至今天（2024 年5 月8 日）管理層觀點的估計和其他前瞻性陳述。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. We were pleased with our first quarter results, which represented a solid start to the year across the board. Revenue was $395 million, reflecting year-over-year growth of 6% and adjusted EBITDA was $47 million or 12% of revenue. Our results are a testament to our aligned strategy and a disciplined financial and operational execution of our teams.

謝謝安琪拉，今天加入我們的大家早安。我們對第一季的業績感到滿意，這代表了今年的全面良好開端。營收為 3.95 億美元，年增 6%，調整後 EBITDA 為 4,700 萬美元，佔營收的 12%。我們的業績證明了我們一致的策略以及我們團隊嚴格的財務和營運執行力。

Later in the call, Mike will provide more financial details, but first, I'll cover the progress we've made operationally. As a reminder, we're operating unique but complementary strategies across our segments. At Brand Tripadvisor, we're focusing on engagement and delivering world-class guidance products to diversify and fuel our monetization paths.

稍後在電話會議中，麥克將提供更多財務細節，但首先，我將介紹我們在營運方面取得的進展。提醒一下，我們在各個細分市場中實施獨特但互補的策略。在 Tripadvisor 品牌，我們專注於參與並提供世界一流的指導產品，以實現多元化並推動我們的獲利路徑。

At Viator, we're reinforcing our leadership position and experiences by investing in our brand, enhanced products and repeat bookings to drive LTV and improving unit economics. At TheFork, we're driving revenue growth with margin improvement by delivering value to both diners and restaurants as the leader in the European dining market.

在 Viator，我們透過投資品牌、增強產品和重複預訂來鞏固我們的領導地位和經驗，以提高生命週期價值並提高單位經濟效益。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，透過提高利潤來推動收入成長。

Starting with Brand Tripadvisor. We delivered revenue of $240 million, a decline of 2% and adjusted EBITDA of $78 million or 33% of revenue. Our results reflect the mix of growth and profit profiles within our segment portfolio as well as the initiatives we're prioritizing to return to sustainable growth. The foundation we built so far and the work we're pursuing in 2024 are expected to deliver clear strategic outcomes: drive continued scale in our global audience, generate additional members who are more loyal and come back to us more frequently through direct channels like the app and deliver sustainable growth across our diverse monetization path.

從品牌 Tripadvisor 開始。我們實現營收 2.4 億美元，下降 2%，調整後 EBITDA 為 7,800 萬美元，佔營收的 33%。我們的業績反映了我們細分市場投資組合中的成長和利潤狀況的組合，以及我們優先考慮的恢復可持續成長的舉措。我們迄今為止建立的基礎以及我們在 2024 年追求的工作預計將帶來明確的策略成果：推動我們的全球受眾規模持續擴大，產生更多更忠誠的會員，並透過直接管道（例如應用程式並在我們多元化的貨幣化路徑中實現永續成長。

These are the core elements to drive engagement-led opportunities across all our categories and key to reducing our overall dependence on flyby traffic and addressing the well-understood pressure on our legacy Meta business. We're measuring these outcomes across key metrics, including our overall audience, active members and app users and average revenue per user. For all of these, our year-over-year trends improved between Q4 2023 and Q1 of 2024 and we've seen positive trends emerge in monthly sequential changes over the last 6 months.

這些是在我們所有類別中推動以參與為主導的機會的核心要素，也是減少我們對飛行流量的整體依賴並解決我們傳統元業務所面臨的眾所周知的壓力的關鍵。我們正在透過關鍵指標來衡量這些結果，包括我們的整體受眾、活躍會員和應用程式使用者以及每個用戶的平均收入。對於所有這些，我們的同比趨勢在 2023 年第四季度至 2024 年第一季之間有所改善，並且我們看到過去 6 個月中每月連續變化出現了積極趨勢。

While we still have work to do continuing to transform this business, we're well positioned to accelerate our progress and exit 2024 with more momentum than we've had at any point in the past few years. As I mentioned on the last call, our 3 top priorities for Brand Tripadvisor this year are: one, differentiating the mobile app; two, shifting our marketing to reinforce our engagement-led strategy; and three, leveraging the investments we've made in data and AI to deliver a more personalized experience for our users.

雖然我們仍有工作要做，繼續推動這項業務轉型，但我們已做好充分準備，以比過去幾年任何時候都強勁的勢頭加速進展，並在 2024 年結束時實現這一目標。正如我在上次電話會議中提到的，我們今年品牌 Tripadvisor 的三大首要任務是：一是行動應用程式的差異化；第二，轉變我們的行銷方式，以強化我們以參與為主導的策略；第三，利用我們在數據和人工智慧方面的投資，為用戶提供更個人化的體驗。

Let me share a few of our accomplishments from Q1 across these 3 priorities and the proof points we continue to see that underscore how we can create more engagement and convert it into increased monetization. First, we scaled our Trip's itinerary tool from web to app where we incorporated learnings from the web-only launch last year. We continue to test and roll out new features, including the ability to book experiences through our trips tool and other commerce testing as part of trip planning.

讓我分享一下我們在第一季在這3 個優先事項方面取得的一些成就，以及我們繼續看到的證據點，這些證據點強調了我們如何創造更多的參與度並將其轉化為更多的貨幣化。首先，我們將 Trip 的行程工具從網路擴展到應用程序，其中我們吸收了去年僅在網路上推出的經驗教訓。我們繼續測試和推出新功能，包括透過我們的旅行工具預訂體驗的能力以及作為旅行計劃一部分的其他商業測試。

One critical area we've been exploring is how to best layer in bookable experiences at every stage in the trip planning journey. For example, in our AI-powered trip planning flow, when we ask users to select overall interest for their trip like hidden gems or historical landmarks, we now dynamically add destination-specific themes tied to the most relevant bookable experiences.

我們一直在探索的關鍵領域是如何在旅行規劃過程的每個階段最好地分層提供可預訂體驗。例如，在我們基於人工智慧的旅行規劃流程中，當我們要求使用者選擇旅行的整體興趣（例如隱藏的寶石或歷史地標）時，我們現在動態地添加與最相關的可預訂體驗相關的特定目的地主題。

So if you're using our AI feature to build an itinerary for Rome, you might see that it can skip the line tours or pasta-making classes, listed alongside the more general interest that apply across destinations. We're seeing that users who select one of these commerce-focused interests generate 50% higher average revenue than users who don't, which provides a fantastic signal of our ability to generate incremental demand and monetize it as users move through the journey.

因此，如果您使用我們的人工智慧功能來製定羅馬行程，您可能會發現它可以跳過排隊旅遊或麵食製作課程，並與適用於各個目的地的更普遍的興趣一起列出。我們發現，選擇這些以商業為中心的興趣之一的用戶所產生的平均收入比沒有選擇的用戶高出50%，這提供了一個極好的信號，表明我們有能力在用戶的旅程中產生增量需求並將其貨幣化。

Second. To reinforce our engagement strategy and lean into one of our core differentiators, we've been evaluating how free membership impacts a traveler's content contributions. In Q1, we began testing a new recognition program for members called achievements, which is based on our research that tells us that users are motivated to contribute reviews, photos, trips and other guidance specifically to help other travelers. Achievements recognizes travelers for their contributions to the community with badges that showcase the things they're passionate about, along with a new dashboard to track their progress.

第二。為了強化我們的參與策略並發揮我們的核心優勢之一，我們一直在評估免費會員資格如何影響旅行者的內容貢獻。在第一季度，我們開始測試一項名為成就的新會員認可計劃，該計劃基於我們的研究，該研究告訴我們，用戶有動力專門貢獻評論、照片、旅行和其他指南來幫助其他旅行者。成就表彰旅行者對社區的貢獻，徽章展示了他們熱衷的事物，並提供了一個新的儀表板來追蹤他們的進度。

Although it's early in testing, it has already delivered an increase of nearly 3x in content contributions per user. Importantly, this follows the strong growth we delivered last year including approximately 20% growth across UGC contributors, review submissions and photos. We believe we can continue to build on this momentum as we further expand achievements and enhance our membership with additional incentives to reward engagement.

儘管還處於測試初期，但每位用戶的內容貢獻量已經增加了近 3 倍。重要的是，這是繼我們去年實現強勁增長之後的結果，包括 UGC 貢獻者、評論提交和照片增長了約 20%。我們相信，我們可以繼續鞏固這一勢頭，透過額外的激勵措施來獎勵參與，進一步擴大成就並增強我們的會員資格。

Finally, on our last call, I talked about the introduction of GenAI-driven hotel review summaries and the early but strong positive indicators we've observed. We've continued to improve and expand this feature, measuring performance by the year-over-year change in revenue and engagement for hotels that have this feature versus those that don't. For hotels with AI-driven summaries, the year-over-year change in click-based revenue is 3 percentage points better than those without. The underlying engagement is also healthier. Review submissions are 3 percentage points better, photo submissions are 4 percentage points better and saves are 8 percentage points better.

最後，在我們的最後一次電話會議上，我談到了 GenAI 驅動的酒店評論摘要的引入以及我們觀察到的早期但強勁的積極指標。我們不斷改進和擴展此功能，透過具有此功能的飯店與沒有此功能的飯店的收入和參與度的同比變化來衡量績效。對於採用人工智慧驅動摘要的飯店來說，基於點擊的收入的同比變化比沒有人工智慧驅動摘要的飯店好 3 個百分點。潛在的參與度也更加健康。評論提交量提高了 3 個百分點，照片提交量提高了 4 個百分點，保存量提高了 8 個百分點。

We continue to expand the number of hotels with this feature, prioritizing recency and quality over quantity. We're also excited about our plans to scale this feature to our experiences and restaurant categories over time. I want to thank our teams for their relentless effort to transform Brand Tripadvisor. We're aligned on our strategy and focused on execution. We have a robust road map for 2024, and we have confidence we'll continue to provide travelers with indispensable products, increase customer lifetime value and create even more opportunities for our partners.

我們繼續擴大具有此功能的酒店數量，優先考慮新近程度和品質而不是數量。我們也很高興我們計劃隨著時間的推移將此功能擴展到我們的體驗和餐廳類別。我要感謝我們的團隊為改造 Tripadvisor 品牌所做的不懈努力。我們的策略保持一致，並專注於執行。我們制定了 2024 年穩健的路線圖，我們有信心繼續為旅客提供不可或缺的產品，提高客戶終身價值，並為我們的合作夥伴創造更多機會。

Turning now to Viator. As we noted on the last call, this year, we're focused on continuing to scale while balancing growth, profitability and market share. Investments to date have driven scale in our customer base and value to our supplier base, reinforcing our leading position in experiences.

現在轉向維阿托。正如我們在上次電話會議中指出的那樣，今年我們的重點是繼續擴大規模，同時平衡成長、獲利能力和市場份額。迄今為止的投資擴大了我們的客戶群規模和供應商群的價值，鞏固了我們在體驗方面的領先地位。

Viator has the advantage of the demand from hundreds of millions of visitors to the Tripadvisor site each month, including more than 100 million Tripadvisor users actively shopping for an experience. We continue to test and learn how best to capitalize on this relationship, given the cross team talent, deep industry knowledge and opportunities we have in our geographic and supply reach.

Viator 的優勢在於，Tripadvisor 網站每月有數億訪客的需求，其中包括超過 1 億的 Tripadvisor 用戶積極購買體驗。鑑於我們在地理和供應範圍內擁有的跨團隊人才、深厚的行業知識和機會，我們將繼續測試和學習如何最好地利用這種關係。

In Q1, Viator revenue grew 23% year-over-year, while gross booking value or GBV grew approximately 15%. In addition to the top line results, we were very pleased with the year-over-year improvement in adjusted EBITDA margin, a function of our operating leverage in sales and marketing and our commitment to operational efficiency. Mike will hit more on the details shortly, but this quarter was an example of the levers we manage in order to strike the right balance between growth and profitability, both near and long term.

第一季度，Viator 營收年增 23%，總預訂價值或 GBV 成長約 15%。除了營收結果外，我們對調整後 EBITDA 利潤率的同比改善感到非常滿意，這是我們在銷售和行銷方面的營運槓桿以及我們對營運效率的承諾的結果。麥克很快就會談到更多細節，但本季是我們管理槓桿的一個例子，以便在近期和長期的成長和獲利能力之間取得適當的平衡。

On the travelers side, we continue to work on building an experience that encourages repeat engagement and drives loyalty and lifetime value. This includes ongoing focus on every part of the journey. On acquisition, we're very pleased with our growth in brand health with meaningful increases in aided and unaided awareness as well as consideration. As we grow our customer base, we're making it easier for them to book more things, more often. We're matching travelers to products, expanding our rewards program and making significant improvements to checkout pages. These changes are designed to provide more confidence in booking for our users, and they're driving incremental lift in conversion and in revenue per visitor.

在旅行者方面，我們繼續致力於打造一種鼓勵重複參與並提高忠誠度和終身價值的體驗。這包括持續關注旅程的每個部分。在收購過程中，我們對品牌健康度的成長感到非常滿意，在輔助和獨立意識以及考慮度方面都有顯著提高。隨著我們客戶群的擴大，我們正在讓他們更容易、更頻繁地預訂更多商品。我們正在將旅行者與產品相匹配，擴大我們的獎勵計劃並對結帳頁面進行重大改進。這些變更旨在讓我們的用戶更有信心進行預訂，並推動轉換率和每位訪客收入的增量提升。

Further, as we grow our audience and improve the experience, we're increasingly serving our customers through our most efficient channel, the app. In Q1, we saw record high app downloads, year-over-year growth in conversion and a record high for app bookings, our most loyal and highest repeat service. On the supply side, the value we're driving is clear as we continue to see low supplier churn and growth in supplier GBV retention in each subsequent year on our platform.

此外，隨著我們受眾的成長和體驗的改善，我們越來越多地透過我們最有效的管道（應用程式）為客戶提供服務。在第一季度，我們看到應用程式下載量創歷史新高，轉換率年增，應用程式預訂量創歷史新高，這是我們最忠誠、重複率最高的服務。在供應方面，我們正在推動的價值是顯而易見的，因為我們繼續看到我們平台上的供應商流失率較低，並且供應商 GBV 保留率在隨後的每年都在增長。

Viator has generated nearly $4 billion in sales for its tour operators over the last year, and we're proud to be helping our operator partners access global demand to grow their businesses. We also see the value we're driving for our tour operators reflected in our take rate, which reached an all-time high in March driven by incremental benefit coming from our Accelerate program enhancements. With the largest supply base and set of products in the market, both of which continue to grow, we will remain focused on enhancing the value we add for our partners and expanding high-quality supply offerings.

去年，Viator 為其旅遊業者創造了近 40 億美元的銷售額，我們很自豪能夠幫助我們的營運商合作夥伴滿足全球需求以發展業務。我們也看到我們為旅行社帶來的價值反映在我們的接受率上，由於我們的 Accelerate 計劃增強帶來的增量收益，我們的接受率在 3 月達到了歷史新高。憑藉市場上最大的供應基地和產品系列，並且兩者都在持續成長，我們將繼續專注於提高為合作夥伴增加的價值並擴大高品質的供應產品。

Finally, at TheFork. In 2024, we're prioritizing our efforts to drive value to our diners and restaurant owners as we transition to annual profitable growth. As the clear leader in European dining reservations, our hybrid model, revenue based on seated diners as well as ERB revenue, positions us to capture even more opportunities.

最後，在TheFork。 2024 年，隨著我們向年度獲利成長過渡，我們將優先考慮為食客和餐廳業主創造價值。作為歐洲餐飲預訂領域明顯的領導者，我們的混合模式、基於就座食客的收入以及 ERB 收入，使我們能夠抓住更多機會。

Our Q1 results underscore that our past investment in technology and product with complete solutions to restaurants is paying off. Revenue at TheFork grew 17%, driven by a combination of bookings and pricing growth with meaningful margin improvement year-over-year. We also saw an opportunity during the quarter to balance the mix between brand and incentive marketing and performance marketing, given favorable returns in performance marketing channels. We were pleased with the growth we delivered and plan to continue to refine our marketing mix.

我們第一季的業績強調，我們過去對科技和產品以及餐廳完整解決方案的投資正在得到回報。在預訂和定價成長以及利潤率同比顯著改善的共同推動下，TheFork 的收入成長了 17%。鑑於績效行銷管道的良好回報，我們在本季度也看到了平衡品牌和激勵行銷與績效行銷之間組合的機會。我們對所實現的成長感到滿意，並計劃繼續完善我們的行銷組合。

On the B2B side, in Q1, growth in our net restaurant count was over 4%, excluding Australia, where we've exited the market, driven by healthy growth across markets with promising growth in new restaurant signatures. We believe that our updated sales approach and technology solutions are gaining more traction, thanks to the changes in our go-to-market strategy, including a more segmented approach and proactive outreach triggered by restaurant profile data. The investments we've made in technology and product are enabling more opportunities such as ERB-driven pricing solutions, promotions and yield management, which we believe can drive higher restaurant ARPU.

在 B2B 方面，第一季度，我們的淨餐廳數量增長超過 4%（不包括澳洲），在各個市場的健康成長以及新餐廳招牌的成長前景良好的推動下，我們已經退出了澳洲市場。我們相信，由於我們進入市場策略的變化，包括更細分的方法和由餐廳資料數據觸發的主動外展，我們更新的銷售方法和技術解決方案正在獲得更多關注。我們在技術和產品方面的投資帶來了更多機會，例如 ERB 驅動的定價解決方案、促銷和收益管理，我們相信這可以推動餐廳 ARPU 的提高。

Revenue we derive from ERP solutions is still a small portion of the total revenue of TheFork. However, given our leading position in the marketplace, we're confident that the right balance between a strategic sales approach, onboarding and management for these small businesses and their owners will help us capture more B2B share ahead.

我們從 ERP 解決方案獲得的收入仍然只佔 TheFork 總收入的一小部分。然而，鑑於我們在市場中的領先地位，我們相信，這些小型企業及其所有者的策略銷售方法、入職和管理之間的適當平衡將幫助我們在未來獲得更多的 B2B 份額。

Before I pass the call to Mike, I want to reiterate the conviction we have about the long-term opportunity in travel and the role we can play there. One thing we've learned over the past few years is that travel and experiences remain a high priority to consumers around the world.

在打電話給麥克之前，我想重申我們對旅遊業的長期機會以及我們可以在其中發揮的作用的信念。過去幾年我們學到的一件事是，旅行和體驗仍然是世界各地消費者的首要任務。

To date, we haven't identified notable changes in our behavioral data to suggest otherwise. Length of stay and share of hotels across star ratings have remained consistent despite ongoing inflationary pressures and geopolitical tensions. Our traveler surveys indicate that consumers still have a tremendous appetite for travel. 80% of travelers expect to travel this summer, an increase from 76% last summer and international travel interest remains high. We head into the high travel season, pleased with the work we've done to strengthen our positioning in this dynamic industry.

到目前為止，我們還沒有發現我們的行為數據有顯著變化來表明其他情況。儘管通膨壓力和地緣政治緊張局勢持續存在，但各星級飯店的入住時間和比例仍保持一致。我們的旅行者調查表明，消費者對旅行仍然有著巨大的興趣。 80% 的旅客預計今年夏天出遊，比例較去年夏天的 76% 增加，國際旅遊興趣依然很高。即將進入旅遊旺季，我們對為加強我們在這個充滿活力的行業中的地位所做的工作感到高興。

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 will start with a recap of the quarter, and then will provide some thoughts on near-term outlook and priorities for the remainder of the year. All growth rates are relative to the comparable periods in 2023 unless noted otherwise. We started the year with a solid quarter with revenue of $395 million, reflecting growth of 6%, adjusted EBITDA was $47 million or 12% of revenue and 300 basis points higher than last year. While we saw a slow start to the year in January, trends improved as we progressed through February and March.

謝謝馬特，大家早安。我將首先回顧本季度，然後提供一些關於近期前景和今年剩餘時間優先事項的想法。除非另有說明，否則所有成長率均相對於 2023 年可比時期。今年伊始，我們的季度業績表現強勁，營收達 3.95 億美元，成長 6%，調整後 EBITDA 為 4,700 萬美元，佔營收的 12%，比去年高出 300 個基點。雖然一月開局緩慢，但隨著二月和三月的進展，趨勢有所改善。

Turning to segment performance for the first quarter. Brand Tripadvisor delivered revenue of $240 million, which is a decline of 2%. Branded hotel revenue was $159 million, a decline of 5%, driven by similar declines in both Hotel Meta and our B2B revenue. Hotel Meta performance was driven by sustained pricing strength across most of our geos in both free and paid channels, which was more than offset by lower click volumes.

轉向第一季的部門業績。 Tripadvisor 品牌營收為 2.4 億美元，下降 2%。品牌酒店營收為 1.59 億美元，下降 5%，主要受到 Hotel Meta 和 B2B 收入類似下降的推動。 Hotel Meta 業績的推動因素是我們大多數地區的免費和付費管道的持續定價優勢，但點擊量的下降足以抵消這一影響。

Our ROAS was slightly up year-over-year, which led to a marginally higher Hotel Meta contribution margin compared to last year. From a revenue perspective, Hotel Meta in the U.S. declined slightly, Rest of World declined modestly with APAC up slightly and EMEA declined in line with prior quarters. In B2B, revenue growth was impacted by decisions to deemphasize less incremental advertising products as well as flat performance in our subscription product as we began the transition to a self-service model that will serve our customers more effectively and efficiently going forward.

我們的 ROAS 年比略有上升，這導致 Hotel Meta 的貢獻率比去年略有提高。從營收角度來看，美國的 Hotel Meta 略有下降，世界其他地區略有下降，其中亞太地區略有成長，歐洲、中東和非洲地區則與前幾季持平。在 B2B 領域，隨著我們開始向自助服務模式轉型，該模式將在未來更有效和高效地為客戶提供服務，我們不再強調增量廣告產品的決定以及訂閱產品表現平平，影響了收入成長。

Media and advertising revenue grew 10% to $33 million. Better-than-expected growth was a result of higher contribution from our off-platform or creative media spend and by better-than-expected programmatic spend. We also saw some timing benefit from some campaigns realized this quarter that will negatively impact growth in Q2. Experiences in dining revenue grew 9% to $36 million. Experiences grew 17%, while dining revenue declined year-over-year in connection with transitioning B2B from a sales led to a self-service approach.

媒體和廣告收入成長 10%，達到 3,300 萬美元。比預期的成長好是由於我們的平台外或創意媒體支出的貢獻增加以及好於預期的程序化支出的結果。我們也看到本季實現的一些活動帶來了一些時機優勢，這將對第二季的成長產生負面影響。餐飲體驗收入成長 9%，達到 3,600 萬美元。由於 B2B 從銷售轉向自助服務方式，體驗成長了 17%，而餐飲收入則較去年同期下降。

Finally, Other revenue was $12 million, which was down 8% year-over-year. We continue to see growth in our cruise offering, which grew 6% this quarter, though declines in our deemphasized offerings more than offset this growth. Adjusted EBITDA in the Brand Tripadvisor segment was $78 million or 33% of revenue. The 300 basis point expansion versus Q1 of last year was primarily due to increased contribution profit and experiences and lower people costs in sales and marketing and G&A, which more than offset year-over-year increases in tech and content headcount costs to support our strategy as well as higher cloud and licensing costs.

最後，其他收入為 1,200 萬美元，年減 8%。我們的郵輪產品持續成長，本季成長了 6%，儘管我們淡化的產品的下降足以抵消這一成長。 Tripadvisor 品牌細分市場的調整後 EBITDA 為 7,800 萬美元，佔營收的 33%。與去年第一季相比成長了300 個基點，主要是由於貢獻利潤和經驗的增加以及銷售、行銷和一般管理費用方面的人員成本降低，這遠遠抵消了支持我們策略的技術和內容人員成本的同比增長以及更高的雲端和許可成本。

Now turning to Viator, where we delivered better-than-expected revenue growth of 23% or $141 million with healthy growth across all points of sale. The timing of Easter holiday as well as leap year contributed approximately $4 million or 3 points of growth in Q1. The majority of this benefit was related to Easter, which resulted in a pull forward of revenue from the second quarter as compared to last year.

現在轉向 Viator，我們的營收成長超過預期，達到 23%，即 1.41 億美元，所有銷售點均實現健康成長。復活節假期和閏年為第一季貢獻了約 400 萬美元或 3 個百分點的成長。這項收益大部分與復活節有關，導致第二季營收比去年有所成長。

Gross booking value or GBV grew 15% to approximately $1 billion, driven primarily by volume growth. The difference between revenue and GBV growth was partly due to the holiday timing, which impacted revenue positively for GBV negatively in the quarter. We continue to prudently balance growth with investment marketing spend. Performance marketing spend as a percent of GBV was flat year-over-year as we leaned into opportunities to drive growth in the quarter. We continue to acquire new customers at scale while consistently growing our repeat customers faster than our new ones.

總預訂價值 (GBV) 成長了 15%，達到約 10 億美元，這主要是由銷售成長推動的。營收和 GBV 成長之間的差異部分是由於假期時間造成的，這對本季的 GBV 收入產生了正面的負面影響。我們繼續審慎地平衡成長與投資行銷支出。由於我們尋求推動本季成長的機會，效果行銷支出佔 GBV 的百分比與去年同期持平。我們持續大規模獲取新客戶，同時我們的回頭客成長速度始終快於新客戶。

We also see higher-than-average growth in bookings that come to us directly, including our app, and customers who booked with us more than 3x who are our most loyal and profitable users. These trends reinforce our confidence in our customer acquisition strategy and our ability to drive long-term profitable growth as we build category leadership. Adjusted EBITDA loss at Viator was $27 million or negative 19% of revenue, an improvement versus last year's margin of negative 26%. While margin benefited by approximately 200 basis points from the timing of the holiday revenue in Q1, excluding this impact, we saw solid leverage in variable costs, including performance marketing costs and fixed costs, including people and brand costs.

我們還看到，直接向我們進行的預訂（包括我們的應用程式）的成長高於平均水平，以及透過我們預訂超過 3 倍的客戶，他們是我們最忠誠和最有利可圖的用戶。這些趨勢增強了我們對客戶獲取策略的信心，以及我們在建立品類領導地位時推動長期獲利成長的能力。 Viator 調整後的 EBITDA 損失為 2,700 萬美元，佔營收的負 19%，比去年負 26% 的利潤率有所改善。雖然利潤率因第一季假期收入的時間表而提高了約200 個基點（排除此影響），但我們看到可變成本（包括績效行銷成本）和固定成本（包括人員和品牌成本）的穩固槓桿作用。

At TheFork, revenue grew 17% as reported and 16% in constant currency terms to $41 million. Growth in booking volume of approximately 10% and pricing growth drove the solid performance. Adjusted EBITDA loss of TheFork of $4 million or negative 10% of revenue was a significant improvement from last year's loss of $9 million or negative 26% of revenue. The largest driver of this improvement was lower people costs and direct costs which more than offset higher cost of sales relating to a contract renegotiation that reduced costs in Q1 2023.

據報道，TheFork 的營收成長了 17%，以固定匯率計算成長了 16%，達到 4,100 萬美元。預訂量成長約 10% 和價格成長推動了穩健的業績。 TheFork 調整後 EBITDA 虧損 400 萬美元，即營收負 10%，較去年虧損 900 萬美元，即負收入 26% 有了顯著改善。這項改善的最大推動力是人員成本和直接成本的降低，這足以抵消與合約重新談判相關的銷售成本上升，從而降低了 2023 年第一季的成本。

Turning to consolidated expenses for the quarter. Cost of revenue increased by 100 basis points due to higher cloud and media production costs at Brand Tripadvisor and the deleverage at TheFork as just mentioned. Sales and marketing as a percent of revenue was lower by approximately 300 basis points due to lower direct marketing spend and lower people costs across all segments. Technology and content costs as a percent of revenue were approximately 100 basis points higher, primarily due to higher people costs at Brand Tripadvisor and Viator.

轉向本季的綜合支出。由於品牌 Tripadvisor 的雲端和媒體製作成本上升以及剛才提到的 TheFork 的去槓桿化，收入成本增加了 100 個基點。由於直接行銷支出減少以及所有細分市場的人員成本降低，銷售和行銷佔收入的百分比下降了約 300 個基點。技術和內容成本佔收入的百分比大約高出 100 個基點，主要是由於 Tripadvisor 和 Viator 品牌的人員成本較高。

G&A expenses as a percent of revenue increased by approximately 100 basis points year-over-year due to the impact of a $10 million accrual related to a potential settlement of regulatory matter with our Vacation Rentals business. Not including this impact, G&A was down by approximately 100 basis points year-over-year due to lower people costs at Brand Tripadvisor.

由於與我們的度假租賃業務可能達成的監管問題相關的 1000 萬美元應計費用的影響，一般管理費用佔收入的百分比同比增加了約 100 個基點。不包括此影響，由於品牌 Tripadvisor 的人員成本降低，G&A 年比下降約 100 個基點。

Now to cash and liquidity. Operating cash flow was $139 million and free cash flow was $123 million, driven by the timing of working capital and also normal seasonal trends and deferred merchant payables at Viator. We ended the quarter with nearly $1.2 billion of cash and cash equivalents, an increase of $104 million from December 31, 2023. As discussed in our last call, in Q1, we recorded an income tax expense related to the 2014-2016 IRS transfer pricing settlement, which totaled $46 million. We estimate the net cash outflow will be in the $110 million to $120 million range and will be substantially settled in Q2. This concludes all open IRS transfer pricing audits under the mutual agreement procedure, or MAP.

現在是現金和流動性。營運現金流為 1.39 億美元，自由現金流為 1.23 億美元，這是由營運資金的時間表以及 Viator 的正常季節性趨勢和遞延商家應付帳款推動的。本季結束時，我們擁有近12 億美元的現金和現金等價物，比2023 年12 月31 日增加了1.04 億美元。與2014-2016 年IRS 轉讓定價相關的所得稅費用和解金額總計 4,600 萬美元。我們預計淨現金流出將在 1.1 億美元至 1.2 億美元之間，並將在第二季基本解決。相互協議程序（MAP）下的所有公開 IRS 轉讓定價審計到此結束。

Turning to thoughts on Q2. We started the quarter with some unevenness in April as we faced weaker demand trends, some of which we believe were due to the Q1-Q2 timing of the Easter holiday. We also witnessed a wide-reaching update to the travel serve that extended for a more prolonged period of time than typical updates that we have seen in the past. This update drove noticeable impact to SEO rankings across categories. While we have progressed at mitigating these changes as we exited the month, we did see an impact April and early May results. Incorporating these trends into our Q2 outlook, we expect consolidated revenue growth to be flat to up slightly year-over-year.

轉向對第二季的想法。由於需求趨勢疲軟，我們在 4 月開始時出現了一些不平衡的情況，我們認為其中一些原因是第一季至第二季的復活節假期所致。我們也見證了旅行服務的一次廣泛更新，其持續時間比我們過去看到的典型更新更長。此更新對跨類別的 SEO 排名產生了顯著影響。雖然我們在本月結束時在緩解這些變化方面取得了進展，但我們確實看到了 4 月和 5 月初結果的影響。將這些趨勢納入我們的第二季展望中，我們預計綜合收入成長將與去年同期持平或略有上升。

At Brand Tripadvisor, we expect year-over-year declines of approximately high single digits. At Viator, we expect revenue growth to step down a couple of points below the GBV growth we saw in Q1. The impact of Easter revenue pull forward into Q1 from Q2 is estimated to negatively impact Q2 revenue growth by approximately 100 to 200 basis points.

在 Tripadvisor 品牌，我們預期將年減幅度約為個位數。在 Viator，我們預計營收成長將比第一季的 GBV 成長低幾個百分點。復活節收入從第二季提前到第一季的影響預計將對第二季營收成長產生約 100 至 200 個基點的負面影響。

At TheFork, we expect a step down in growth sequentially to low- to mid-teens year-over-year growth due to Easter timing impacts between Q1 and Q2. For Q2, we expect consolidated adjusted EBITDA margins to be close to 100 basis points down from last year's comparable period with declining margins at Brand Tripadvisor offsetting the improvement in margins at both Viator and TheFork versus last year. Turning to expectations for the year. Given expected Q2 trends, we're taking a more cautious view for the full year. We now expect consolidated revenue to grow in the low- to mid-single digits and adjusted EBITDA of flat to low single-digit growth.

在 TheFork，由於第一季和第二季之間復活節時間的影響，我們預計將同比增長將環比下降至中十幾位。對於第二季度，我們預計綜合調整後 EBITDA 利潤率將比去年同期下降近 100 個基點，其中 Brand Tripadvisor 利潤率的下降抵消了 Viator 和 TheFork 利潤率較去年同期的提高。談到今年的預期。鑑於預期的第二季趨勢，我們對全年持更加謹慎的看法。我們現在預計合併收入將以低至中個位數成長，調整後的 EBITDA 將持平至低個位數成長。

I'll take a moment to touch base on what this means for each segment. Starting with Brand Tripadvisor. With a little over 12 months behind us since the launch of our strategy, we're seeing momentum in our operational execution, and we are driving positive trends in our key metrics, which Matt referenced earlier. We maintain confidence in our transformation agenda that we believe will meaningfully impact important drivers of our financial profile as we exit 2024 and translate into improved financial performance in 2025.

我將花點時間來談談這對每個細分市場意味著什麼。從品牌 Tripadvisor 開始。自從我們的策略啟動以來，已經過去了 12 個多月，我們看到了營運執行的勢頭，並且我們正在推動關鍵指標的積極趨勢，正如馬特之前提到的那樣。我們對我們的轉型議程保持信心，我們相信，隨著我們退出 2024 年，該議程將對我們財務狀況的重要驅動因素產生有意義的影響，並轉化為 2025 年財務業績的改善。

We expect in the meantime that 2024 will continue to be a period of transition as we have previously indicated. As such, we expect revenue declines of mid-single digits. While we anticipate stable contribution margins, we expect adjusted EBITDA margins to step back from 2023 levels given investment in people, marketing and technology as we execute on our strategic transformation work.

同時，我們預計 2024 年將繼續是一個過渡期，正如我們之前指出的那樣。因此，我們預期收入將出現中個位數下降。雖然我們預計貢獻利潤率將保持穩定，但考慮到我們在執行策略轉型工作時對人員、行銷和技術的投資，我們預計調整後的 EBITDA 利潤率將從 2023 年的水平回落。

At Viator, we are prioritizing the balance between growth, profitability and market share gains. We continue to expect a step down in revenue growth for the year relative to where we exit 2023, which reflects a tough growth comparable 2023, our transition to full year profitability and incorporates our outlook for Q2 that we just provided.

在 Viator，我們優先考慮成長、獲利能力和市場佔有率成長之間的平衡。我們仍然預計今年的收入成長將較 2023 年結束時有所下降，這反映了與 2023 年相比的艱難增長、我們向全年盈利能力的過渡，以及我們剛剛提供的對第二季度的展望。

Finally, at TheFork, we expect our profile to reflect our priorities for balanced growth and profitability. We continue to expect a step down in revenue growth from last year, but to achieve full year profitability this year. We are excited about the year and the opportunities ahead of us. We are confident that we're making the right investments to drive sustainable profitable growth across all of our brands.

最後，在 TheFork，我們希望我們的形象能反映我們平衡成長和獲利能力的優先事項。我們仍預期營收成長將較去年下降，但今年將實現全年獲利。我們對這一年和未來的機會感到興奮。我們相信，我們正在做出正確的投資，以推動我們所有品牌的可持續獲利成長。

With that, I'll turn the call back over to Matt for a few words.

這樣，我會將電話轉回給馬特幾句話。

Thanks, Mike. Before we wrap up, I'd like to provide a brief update on the work our Board's special committee has been doing. You'll recall that in our last earnings call, we noted that Tripadvisor's Board of Directors had formed a special committee to evaluate proposals resulting from Liberty Tripadvisor Holdings' stated intention to engage in discussions with respect to a potential transaction or other alternatives.

謝謝，麥克。在結束之前，我想先簡單介紹一下董事會特別委員會一直以來所做的工作。您可能還記得，在我們上次的財報電話會議中，我們注意到 Tripadvisor 董事會成立了一個特別委員會來評估 Liberty Tripadvisor Holdings 表示有意參與有關潛在交易或其他替代方案的討論所產生的提案。

The special committee has determined that at this time, there is no transaction with a third party that is in the best interest of the company and its stockholders. The special committee will continue to evaluate proposed alternatives as appropriate. There can be no assurance that any transaction will result, and we appreciate your understanding that we will not take any questions on this topic today, will provide further updates unless we have something definitive to share.

特別委員會已確定，目前不存在符合公司及其股東最佳利益的與第三方的交易。特別委員會將繼續酌情評估擬議的替代方案。無法保證任何交易都會產生，我們感謝您的理解，我們今天不會回答有關此主題的任何問題，除非我們有明確的資訊可以分享，否則我們將提供進一步的更新。

I want to emphasize that the management team and our Board of Directors are excited about the company's business and prospects and the meaningful value that we can create through continued execution of our plan, as underscored by our solid first quarter results and the initiatives we've discussed today.

我想強調的是，管理團隊和董事會對公司的業務和前景以及我們透過持續執行我們的計劃可以創造的有意義的價值感到興奮，正如我們第一季的穩健業績和我們所採取的舉措所強調的那樣今天討論的。

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

這樣，我想將電話轉回接線員以開始問答。

(Operator Instructions) The first question comes from the line of Naved Khan of B. Riley Securities.

（操作員說明） 第一個問題來自 B. Riley Securities 的 Naved Khan。

A couple of questions. Maybe the first one on Viator. So we've seen a slowdown in Viator bookings for several quarters now and trying to figure out in your language about balancing growth and profitability, how much of the slowdown is really from that versus maybe some other changes you might have made, including marketing mix or channel mix or maybe distribution partner channels that might have pulled back?

有幾個問題。也許是 Viator 上的第一個。因此，我們現在已經看到Viator 預訂量放緩了幾個季度，並試圖用您的語言來了解平衡增長和盈利能力的情況，到底有多少放緩是真正來自於此，而不是您可能做出的其他一些改變，包括行銷組合或通路組合或可能已經撤回的經銷合作夥伴管道？

The second question I have is just around the commentary around the impact from SEO changes. How much of that is related from the implementation of the Digital Market Act in Europe? Or maybe if that is unrelated then have you seen any changes due to the DMA?

我的第二個問題是關於 SEO 變化影響的評論。其中有多少與歐洲數位市場法案的實施有關？或者如果這不相關，那麼您是否看到 DMA 帶來的任何變化？

Great. Naved, it's Mike. I'll take the first one. Yes, so the Viator, I think a couple of things happening. One, on the growth rate, listen, we're still pleased with the growth rate. We're still operating in a very large market that is coming online gradually and has very low awareness, right?

偉大的。納維德，是麥克。我就拿第一個。是的，對於 Viator，我認為發生了一些事情。一，關於成長率，聽著，我們仍然對成長率感到滿意。我們仍然在一個非常大的市場中運營，這個市場正在逐漸上線，但認知度非常低，對吧？

And these are things we've been saying for some time. And so we're going to continue to try to drive awareness and drive these users to our services. On the growth rate itself, I'd say a couple of things. We are seeing tough comp, right, as we move through the year, particularly the first half those comps do ease as we move into the second half of the year.

這些是我們已經說過一段時間的事情了。因此，我們將繼續努力提高意識並吸引這些用戶使用我們的服務。關於成長率本身，我想說幾件事。隨著今年的進展，我們看到了艱難的競爭，對吧，特別是上半年，隨著我們進入下半年，這些競爭確實有所緩解。

I think secondly, from a channel perspective, we continue to see a very good growth in our core channels SEM, Matt, mentioned earlier that our app growth is very, very strong right now. We have seen, as we called out in the call, some weakness in SEO, and that's relating to a lot of the changes that have been happening in the travel serve. That takes time to work through, as you know, and that has been one of the impacts.

其次，我認為，從通路的角度來看，我們繼續看到我們的核心通路 SEM 取得了非常好的成長，馬特之前提到我們的應用程式成長現在非常非常強勁。正如我們在電話中指出的那樣，我們已經看到 SEO 方面的一些弱點，這與旅行服務中發生的許多變化有關。如您所知，這需要時間來解決，這也是影響之一。

When we look at everything, we still feel very good about where we are with Viator. When we look at the metrics on our dashboard around, like I said, growth in our main channels, our pay channels. We look at conversion rates, we look at our repeat rates, we look at where we are playing in the auction rankings, we look at our brand awareness, we all feel good about all those metrics.

當我們審視一切時，我們仍然對 Viator 的處境感到非常滿意。當我們查看儀表板上的指標時，就像我說的，我們的主要管道、我們的付費管道的成長。我們專注於轉換率，我們專注於我們的重複率，我們專注於我們在拍賣排名中的表現，我們專注於我們的品牌知名度，我們都對所有這些指標感到滿意。

So I think the growth rate is just more of a factor of some of those things. And again, as we always have an eye on moving and keeping the consistent profitability as well, it's really more of those factors.

所以我認為成長率只是其中一些因素的一個因素。再說一遍，由於我們始終關注移動並保持穩定的盈利能力，所以實際上更多的是這些因素。

Yes. And I just think the growth, you do see some external demand that's going to be playing out in travel. Viator continues to make, I think, smart marketing investments, and we're very excited about the impact of the brand spend, and we're seeing really good, particularly in Q1 results on that spend that give us a full funnel point of view on how to think about that marketing mix.

是的。我只是認為成長，你確實看到一些外部需求將在旅遊業中發揮作用。我認為 Viator 繼續進行明智的行銷投資，我們對品牌支出的影響感到非常興奮，我們看到了非常好的結果，特別是在第一季的支出結果中，這給了我們一個完整的漏斗視角關於如何考慮行銷組合。

And I think not only are we driving aided-unaided awareness and consideration hitting our goals for the year in very short order, very efficient spend and driving real impact over the last 3 months. We believe we're outperforming others in the space on that spend and expect that, that performance is going to accelerate as we enter the high season.

我認為，我們不僅在很短的時間內推動了無輔助的意識和考慮，實現了今年的目標，而且在過去 3 個月裡，支出非常高效，並產生了真正的影響。我們相信，我們在這一支出方面的表現優於該領域的其他公司，並預計，隨著我們進入旺季，這種表現將會加速。

But you're finding a place, we've come in off of 49% growth last year. And so you're finding a place we're getting the mix right and thinking about what is the right level of growth to balance those 3 things, growth, profitability and market share. So we feel good about the choices that we are making there and the various channels.

但你正在找到一個位置，去年我們的成長率為 49%。因此，您會找到一個地方，我們可以進行正確的組合，並思考什麼是正確的成長水平，以平衡這三件事：成長、獲利能力和市場份額。因此，我們對我們在那裡所做的選擇和各種管道感到滿意。

Now you asked about Google. And I would just say on Google, there's a ton of stuff going on. There's the surf change. There is, of course, the implementation in Europe around the DMA. And of course, there's a whole host of other things that happen in that product all the time.

現在你問的是Google。我只想說，在谷歌上，有很多事情正在發生。這是衝浪的變化。當然，歐洲也圍繞著 DMA 進行實施。當然，該產品中一直會發生很多其他事情。

As it relates to the DMA, in particular, we've been monitoring it from the start, we're fascinated to see how the European Commission is investigating on Google's compliance with the prohibition on self-preferencing. And of course, our teams are always adapting and adjusting in real time very quickly. And I think they do a very good job to mitigate impacts very quickly.

由於它與 DMA 相關，我們從一開始就一直在監控它，我們很想知道歐盟委員會如何調查谷歌是否遵守自我偏好的禁令。當然，我們的團隊總是非常快速地即時適應和調整。我認為他們在快速減輕影響方面做得非常好。

But we can't put the DMA changes and directly correlate the impact on us. What we do is we try to optimize our position with that important partner and continue to drive our strategy, which is actually about diversifying and driving our product to get more engagement, so more people come direct, download our app and engage with us and fuel our monetization. So we feel like we're on a very good path there. Thanks, Naved.

但我們無法將 DMA 的變化與對我們的影響直接關聯起來。我們所做的就是嘗試優化我們與這個重要合作夥伴的地位，並繼續推動我們的策略，這實際上是關於多元化和推動我們的產品獲得更多參與度，以便更多的人直接來，下載我們的應用程式並與我們互動並燃料我們的貨幣化。所以我們覺得我們正走在一條非常好的道路上。謝謝，納維德。

(Operator Instructions) The next question comes from the line of Ron Josey of Citi.

（操作員說明）下一個問題來自花旗銀行的 Ron Josey。

This is Robert on for Ron. Two questions on Viator. I guess, first, how should we be thinking about the puts and takes on Viator's take rate in the near term? And then as the platform continues to scale and kind of becomes the larger part of the company, how do you see take rates evolving over the medium term?

這是羅伯特替羅恩演的。關於 Viator 的兩個問題。我想，首先，我們應該如何考慮近期 Viator 的買入和賣出比率？然後，隨著該平台不斷擴大規模並成為公司的更大組成部分，您如何看待中期內的收費率變化？

Robert, it's Mike. I'll take it, and Matt can chime in. So like, listen, I think take rates are indicative of a lot of things. They're indicative, I think, of the value that we provide to our suppliers and our ability as a platform to bring far-reaching users to our suppliers and operators that couldn't reach them otherwise and we do that with marketing, we do that with sophisticated tools, we do that with investment to make that process easy and discoverable.

羅伯特，是麥克。我會接受，馬特可以插話。我認為，它們表明了我們為供應商提供的價值，以及我們作為一個平台為我們的供應商和運營商帶來影響深遠的用戶的能力，而這些用戶是透過其他方式無法接觸到的，我們透過行銷來做到這一點，我們做到了借助先進的工具，我們進行投資，使過程變得簡單且易於發現。

And so I think the value is a tremendous value we give to a lot of small businesses and operators. And I think, first and foremost, that's reflected in that take rate. We also -- and I think some of the take rate movements upward, I would say, over the past year, have been around a lot of programs, additional programs we have been doing that give even more power to the operator to say, "Hey, I have more choice and ability to choose around what I want to pay for different advertise options on our platforms."

因此，我認為我們為許多小型企業和營運商提供了巨大的價值。我認為，首先也是最重要的是，這反映在接受率上。我想說，在過去的一年裡，我們還——我認為一些採取率的上升，圍繞著很多計劃，我們一直在做的額外計劃賦予了運營商更多的權力，讓他們能夠說：“嘿，我有更多的選擇和能力來選擇我想要為我們平台上的不同廣告選項支付的費用。

And we've seen tremendous uptake in those products where our suppliers voluntarily pay us higher for different advertising opportunities. And so I think it really just gets back to that value equation that at the most fundamental level, what we're bringing the demand we're bringing to the operators and then their ability to manage their demand on our platform. We feel really good about and we think that's sustainable, right? We think that's sustainable. And we're continuing every day to work on how we provide value to the operators, how we make their business better. We monitor that very closely and are happy with the progress thus far.

我們已經看到這些產品得到了巨大的採用，我們的供應商自願為不同的廣告機會向我們支付更高的費用。因此，我認為這實際上回到了價值等式，在最基本的層面上，我們為營運商帶來了什麼需求，然後是他們在我們的平台上管理需求的能力。我們感覺非常好，並且認為這是可持續的，對吧？我們認為這是可持續的。我們每天都在繼續致力於如何為營運商提供價值，如何讓他們的業務變得更好。我們非常密切地關注這一情況，並對迄今為止的進展感到滿意。

Yes. And the only thing I would add is take rates are not an objective function in and of themselves. We are not targeting a particular take rate. It is an output, and it is an indicator of the value that is being delivered. And so as Accelerate, the program has been innovated over time, we're able to give more demand, more control, better insights, competitive intelligence, detailed performance metrics and the ability to dial up and down participation at any time which is valuable and is what's really driving those take rates. So that's how we think about it.

是的。我唯一要補充的是，採用率本身並不是一個目標函數。我們的目標不是特定的採用率。它是一種輸出，也是所交付價值的指標。因此，隨著時間的推移，加速計劃不斷創新，我們能夠提供更多的需求、更多的控制、更好的洞察、競爭情報、詳細的績效指標以及隨時提高和降低參與度的能力，這是有價值的，才是真正推動這些轉換率的因素。這就是我們的想法。

Got it. That's helpful. And then second one, just on supply trends. Can you maybe elaborate on recent supply trends across? Are there any reasons in particular that you would call out versus unexpected growth? Any color there would be really helpful.

知道了。這很有幫助。第二個是關於供應趨勢。能否詳細說明一下最近的供應趨勢？對於意外的成長，您有什麼特別需要指出的理由嗎？任何顏色都會很有幫助。

I'm sorry, Robert, we didn't hear the question. What trends you're asking? We just couldn't hear you clearly?

抱歉，羅伯特，我們沒有聽到這個問題。您要問什麼趨勢？我們只是聽不清楚？

Yes, supply trends. Just any color that you're seeing by geography or more broadly would be really helpful there.

是的，供應趨勢。只要是你在地理上或更廣泛地看到的任何顏色都會非常有幫助。

Look, we don't talk in too terribly much detail at a granular level about our supply trends. But obviously, we have the largest supply available anywhere for experiences in digital world, and it's a factor of multiples to the next closest. We don't think that quantity is the final answer. We actually think quality is incredibly important. And so we are very focused on making sure that we have the highest quality supply.

看，我們並沒有詳細討論我們的供應趨勢。但顯然，我們在數位世界中擁有最大的體驗供應，而且是最接近的倍數。我們認為數量並不是最終的答案。我們實際上認為品質非常重要。因此，我們非常注重確保我們擁有最高品質的供應。

And actually, when we look at our ratings and we see the way that customers are rating them and coming back, which is typically between 4 and 5 stars on average, we think that we actually are the highest quality supply available anywhere on the web. And so you combine those 2 and then you think about how we're able to provide coverage globally. And then, of course, by geography, market by market, it really gives us an advantage in our ability to deliver coverage and so they continue to grow. It continues to be strategic for us. And we are very focused on supply-demand matching. And so we're really excited and I just want to complement the teams for the work they do every day to make sure that we are leading the pack.

事實上，當我們查看我們的評級並看到客戶對它們進行評級並返回的方式（通常平均在4 到5 顆星之間）時，我們認為我們實際上是網路上任何地方可用的最高品質的供應。因此，您將這兩者結合起來，然後考慮我們如何能夠在全球範圍內提供覆蓋。當然，根據地理位置、市場的不同，它確實為我們提供了提供覆蓋範圍的能力的優勢，因此它們不斷增長。它對我們來說仍然具有戰略意義。我們非常注重供需匹配。所以我們真的很興奮，我只是想補充團隊每天所做的工作，以確保我們處於領先地位。

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

下一個問題來自伯恩斯坦的尼爾·米切爾森。

Could you sort of delve into how you plan to tackle the Liberty Tripadvisor structure? I mean you've got a reasonable cash position on your balance sheet. Could you do a buyout of the [Trips' stake] book, maybe a special dividend? Is there something we can do that and sort of help collapse that structure?

您能否深入了解您計劃如何處理 Liberty Tripadvisor 結構？我的意思是你的資產負債表上有合理的現金部位。你能買斷[Trips 的股份]帳簿，也許是特別股息？我們可以做些什麼來幫助瓦解這個結構嗎？

Niall, this is Mike. Yes, I think we're going to avoid kind of diving into those types of questions. Obviously, we heard the announcement we just make on the special committee process. They're still evaluating their alternatives, but that's really all where we can really to say at this point. And certainly, I don't want to speculate on what could or could it be on that.

尼爾，這是麥克。是的，我認為我們將避免深入探討此類問題。顯然，我們聽到了我們剛剛就特別委員會程序發布的公告。他們仍在評估他們的替代方案，但這就是我們目前能說的全部內容。當然，我不想猜測這可能會發生什麼。

Yes. I mean the special committee continues to do its work. I think what we are doing is making sure that we have no distraction and that we continue to drive our business forward and the consistency with which our teams have continued to deliver has really just given me great confidence that we will deliver on our plans. And when I think about what we said we were going to do, as we built out a foundation, as we developed our strategies, this is a year where we continue to look at what's working and how we accelerate it and really around the corner going into the next year and a multiyear strategy situation for Tripadvisor and then, of course, continuing to drive growth and leadership in our growth businesses at Viator and TheFork. So for us, it's about staying focused, consistent and continuing to build confidence in where these businesses are going.

是的。我的意思是特別委員會繼續進行工作。我認為我們正在做的是確保我們沒有分心，並繼續推動我們的業務向前發展，我們的團隊持續交付的一致性確實給了我很大的信心，我們將實現我們的計劃。當我想到我們所說的我們要做的事情，當我們建立基礎，當我們制定我們的策略時，今年我們將繼續研究哪些是有效的，以及我們如何加速它，並且真正指日可待進入明年和Tripadvisor 的多年策略形勢，然後，當然，繼續推動Viator 和TheFork 成長型業務的成長和領導地位。因此，對我們來說，關鍵在於保持專注、始終如一，並持續對這些業務的發展方向建立信心。

(Operator Instructions) The next question comes from the line of Doug Anmuth of JPMorgan.

（操作員指令）下一個問題來自摩根大通的 Doug Anmuth。

This is Dae on for Doug. I have 2. First one, appreciate the color you guys gave on Viator revenue and understand the Easter dynamic there, but could you talk a little bit more about how Viator GBV growth has been trending and if that should be accelerating in 2Q and especially into back half?

這是道格的戴昂。我有 2. 第一個，感謝你們對 Viator 收入的評價，並了解那裡的復活節動態，但是您能否多談談 Viator GBV 增長的趨勢，以及第二季度是否應該加速，特別是進入後半部？

Yes. Dae, it's Mike. We don't guide to GBV. Well, listen, GBV is going to be obviously a more forward-looking metric. We do think it's going to be trending roughly is in line with how we think about revenue growth for the year, right? Obviously, with some timing differences quarter-to-quarter, as you're well aware of. So I don't think that there was going to be over a longer period of time, call it the full year a big discrepancy between the GBV growth and the revenue growth other than normal things around cancel rates and things like that. So I think that's just the way we're thinking about it.

是的。戴伊，是麥克。我們不引導 GBV。好吧，聽著，GBV 顯然將是一個更具前瞻性的指標。我們確實認為它的趨勢大致與我們對今年收入成長的看法一致，對吧？顯然，正如您所知道的，每個季度之間存在一些時間差異。因此，我認為除了取消率等正常情況之外，GBV 成長和收入成長之間不會在更長的時間內（稱之為全年）出現巨大差異。所以我認為這就是我們思考的方式。

And you just have to remember that we're playing in such an exciting total addressable market with real durable secular trends, and there are multiple levers for growth. And just to shift from off-line to online and the opportunity for OTAs to step in and structure and unstructured fragmented market, that opportunity continues. It's ahead of us. There are geographic expansion opportunities. They are a category opportunities, and we just really like our positioning and the sort of -- what we're seeing from consumers as we continue to look at these cohorts. So that continues to be very exciting for us.

你只需要記住，我們正在一個如此令人興奮的總體目標市場中競爭，具有真正持久的長期趨勢，並且有多種成長槓桿。只是為了從線下轉向線上，以及 OTA 介入並建立非結構化碎片化市場的機會，這種機會仍在繼續。它就在我們前面。有地域擴張的機會。它們是一個類別的機會，我們真的很喜歡我們的定位以及當我們繼續關注這些群體時我們從消費者那裡看到的東西。所以這對我們來說仍然非常令人興奮。

Got it. And as a follow-up, looking at Brand Tripadvisor, could you remind us what's going on clicks volume in more medium term. How should we think about -- I guess, how should the work you're doing to transform the thought of the business show up in your Brand Tripadvisor results?

知道了。作為後續行動，看看品牌 Tripadvisor，您能否提醒我們中期點擊量的變化。我們該如何思考—我想，您為轉變企業理念所做的工作應該如何出現在您的品牌 Tripadvisor 結果中？

Yes. So I'll take the first part around what's weighing on click volume and Matt, we can talk about the strategy piece. So I think we've been pretty consistent around click volume and this is different than obviously, traffic, but the click volumes at Brand Tripadvisor. You've got a couple of things, right? One, as we think about all the SEO changes that have been made through the years, that puts just kind of secular pressure on the clicks and the free channels. When you think about the paid channels over time, you've had 1 more and more paid products; and two, more and more kind of competitive intensity in those, which again puts pressure on that.

是的。因此，我將圍繞點擊量的影響進行第一部分，馬特，我們可以討論策略部分。因此，我認為我們在點擊量方面一直非常一致，這明顯不同於流量，而是品牌 Tripadvisor 的點擊量。你有幾件事，對吧？第一，當我們考慮這些年來所做的所有搜尋引擎優化變化時，這給點擊和免費管道帶來了某種長期壓力。隨著時間的推移，當您考慮付費管道時，您會發現付費產品越來越多；第二，這些領域的競爭強度越來越大，這再次給這方面帶來了壓力。

I'd say a third big point, and we've said this consistently too, which is a lot of the -- some of the pressure we put on clicks is done by ourselves, meaning we introduce products or features that may put pressure on actual clicks, but what it does is it results in a higher qualified clicker that comes through. That higher quality clicker should push through higher pricing. And we have seen consistently, and we've been talking about this for some time, while we've had pressure on volumes clicks, we've had very nice price increases year-over-year, and we continue to see that even in Q1. So again, some of that is very much strategically borne by us. That's the fact.

我想說第三個要點，我們也一直在說這一點，這在很大程度上是我們對點擊施加的一些壓力是我們自己造成的，這意味著我們推出的產品或功能可能會給點擊帶來壓力。更高品質的答題器應該會推動更高的定價。我們一直看到，我們已經討論這個問題有一段時間了，雖然我們在點擊量方面面臨壓力，但我們的價格同比增長非常好，而且我們仍然看到，即使在Q1.再說一次，其中一些在很大程度上是由我們策略性地承擔的。事實就是如此。

I don't know, Matt, I'll turn over you talk about the strategy.

我不知道，馬特，我會轉交你談策略。

Yes. And I think you put your finger on exactly what excites us most about the transformation work that we're doing because we've all known for a long time that Meta is not going to be the growth driver of our business. That's been clear for nearly a decade now. As we brought that business back coming out of the pandemic, and we realized that it is highly relevant, highly qualified traffic for our partners, and they will continue to lean into it.

是的。我認為您指出了我們正在進行的轉型工作中最讓我們興奮的是什麼，因為我們很長時間以來都知道 Meta 不會成為我們業務的成長動力。近十年來，這一點已經很清楚了。當我們從疫情中恢復該業務時，我們意識到這對我們的合作夥伴來說是高度相關、高品質的流量，他們將繼續依賴它。

We've identified a strategy where we reinforce the relevance of the Meta business, drive the value through product changes by leveraging data, thinking geography by geography how we can be the best partner to our partners in Meta, while focusing on a strategy that you can see the results in our product and the changes that are happening around how we are looking at engaging travelers, we are now focused on the highest value users coming to our site, and that's people who come and our members who have 5x -- rather, I should say, 10x the value of nonmembers.

我們已經確定了一項策略，即我們加強Meta 業務的相關性，透過利用數據、逐個地理地思考我們如何成為Meta 合作夥伴的最佳合作夥伴的方式，透過利用數據的產品變化來推動價值，同時專注於您可以選擇的策略。會員，他們擁有5 倍——而不是，我應該說，是非會員價值的 10 倍。

We're focused on those users who are going to be downloading and using our app and really thinking about how we diversify and fuel through that very high-value in a lifetime value perspective on those users where they are engaging, they're driving monetization through media, where we have not even started the meaningful work to diversify our media business yet. That business has been growing in double digits last quarter and last year.

我們專注於那些將下載和使用我們的應用程式的用戶，並真正思考我們如何透過終身價值角度的非常高的價值來實現多元化並推動這些用戶的參與，他們正在推動貨幣化通過媒體，我們甚至還沒有開始有意義的工作來實現媒體業務多元化。該業務上個季度和去年一直以兩位數成長。

And so we can do that as well as become much better at matching supply and demand. And I think you've seen it in the growth we've delivered in experiences, you've heard the proof points that we're talking about around trip planning, being able to match supply and demand. And of course, as we see a diverse set of travelers coming to us for hotels, experiences and restaurants, understanding what they're coming to us for and then driving the monetization by being more predictive and leveraging data and analytics to drive that. And again, the proof points that I have laid out consistently and built upon quarter-by-quarter, suggests that, that engagement is happening, it's flowing through to higher levels of monetization.

因此，我們不僅可以做到這一點，還可以更好地匹配供需。我認為您已經在我們提供的體驗成長中看到了這一點，您已經聽到了我們正在談論的圍繞旅行計劃以及能夠匹配供需的證據。當然，當我們看到各種各樣的旅行者來到我們這裡入住酒店、體驗和餐廳時，我們會了解他們來我們這裡的目的，然後透過更具預測性並利用數據和分析來推動盈利。再說一次，我一貫提出並逐季度建立的證據表明，這種參與正在發生，它正在流向更高水平的貨幣化。

And your question is a great one, which is how does that grow to be the diversified set of revenue streams that's going to drive sustainable growth in the future.

你的問題是一個很好的問題，那就是如何發展成為多元化的收入來源，從而推動未來的永續成長。

And I think we've been clear, this is the year which is the transitional year, and we prove out this strategy, and we go into the coming year and really see the impact in our financials. That's why we introduced our KPIs that we're starting to track, and you'll hear us talk more about that in quarters to come. So we're super enthusiastic. We recognize that it may not happen as fast as some out there might wish. But again, just over 12 months into this strategy, we're making good progress.

我認為我們已經很清楚，今年是過渡年，我們證明了這一策略，我們進入來年並真正看到了對我們財務的影響。這就是為什麼我們引入了我們開始追蹤的 KPI，您將在未來幾季聽到我們更多地談論這一點。所以我們非常熱情。我們認識到，這可能不會像一些人希望的那麼快發生。但同樣，該策略實施僅 12 個多月後，我們就取得了良好進展。

(Operator Instructions) The next question comes from the line of Jed Kelly of Oppenheimer.

（操作員說明）下一個問題來自奧本海默的傑德·凱利（Jed Kelly）。

Great. Just 2, if I may. Just sort of some of the trends you called out in Tripadvisor core, have you seen any change in travelers' behavior or any change that kind of implies like some weakness in the consumer? And then just on Viator growth, can you help us parse out where we should expect on a geographical basis the growth to come from? Is it still going to be in the U.S.? Or are you seeing better traction to Europe?

偉大的。如果可以的話，就 2 個。就您在 Tripadvisor 核心中提出的一些趨勢而言，您是否看到旅行者的行為發生任何變化，或者是否有任何暗示消費者弱點的變化？關於 Viator 的成長，您能幫助我們分析一下我們應該在地理基礎上預期成長來自哪裡嗎？它仍然會在美國嗎？或者您認為歐洲有更好的吸引力嗎？

Thanks, Jed. Appreciate the question. I'll take the first one around the consumer. As I mentioned, we haven't seen anything in our proprietary data that suggests that behavior is changing. There is a healthy demand data suggesting that the summer high season that the intent to travel is very high, and we've seen some of those key metrics that we look at hold. Of course, we continue to monitor the macro.

謝謝，傑德。感謝這個問題。我將圍繞消費者採取第一個。正如我所提到的，我們在專有數據中沒有看到任何表明行為正在改變的資訊。有健康的需求數據表明，夏季旺季的旅行意願非常高，而且我們已經看到我們關注的一些關鍵指標保持不變。當然，我們還是繼續關注宏觀。

And I think we mentioned we saw some unevenness in April with the start to Q2 around demand trends and a whole bunch of things that are hard to parse between algorithms and overall macro and some of the things we're actually doing to progress our product that we know can create noise.

我想我們提到我們在四月份看到了一些不平衡，從第二季度開始圍繞需求趨勢以及演算法和整體宏觀之間難以解析的一大堆事情以及我們實際上正在做的一些事情來改進我們的產品我們知道會產生噪音。

But I think as we look ahead and we watch what's happening with inflation and cost of living and how consumers are likely to behave based on their own personal balance sheets. And we also, like everyone else, see the same mixed signals and potentially a normalizing growth environment for travelers, we still see intent to travel high and the data suggests that the high season is going to be an exciting one like in the past couple of years.

但我認為，當我們展望未來時，我們會觀察通貨膨脹和生活成本的變化，以及消費者根據自己的個人資產負債表可能會如何行事。和其他人一樣，我們也看到了同樣的混合信號，並可能為旅行者提供一個正常化的增長環境，我們仍然看到了旅遊旺季的意願，並且數據表明，旺季將是一個令人興奮的季節，就像過去幾年一樣年。

Yes. On question 2, for Viator growth by geo. So our primary markets are still English-speaking markets and primary market is North America and obviously, the U.S. And we remain very focused on growing that market. It's the larger travel market, making sure that we continue our wide margin of competitive leadership here. And so we're very focused on that.

是的。關於問題 2，Viator 會依地理位置成長。因此，我們的主要市場仍然是英語市場，主要市場是北美，顯然是美國，我們仍然非常專注於發展該市場。這是更大的旅遊市場，確保我們在這裡繼續保持廣泛的競爭領先地位。所以我們非常關注這一點。

And so our comments are really more around the North American geo, Jed. I think we certainly have the opportunity to think about how we move into other geos and think deeply about that, and we want to do that in the right way and think about that in terms of maintaining a financial profile that is attractive, but that's more of a future state for it now.

所以我們的評論實際上更多地圍繞北美地理，傑德。我認為我們當然有機會思考如何進入其他地區並深入思考這一點，我們希望以正確的方式做到這一點，並考慮保持有吸引力的財務狀況，但更多的是現在的未來狀態。

(Operator Instructions) The next question comes from the line of Vince Ciepiel from Cleveland Research Company.

（操作員說明）下一個問題來自克里夫蘭研究公司的 Vince Ciepiel。

Curious if you could touch on the cost save plan that was lined out for this year. I think most of it flowing through Brand Tripadvisor and then some TheFork as well. That's still in place? And then based on the guidance commentary today, it feels like there might be a number of offsets in terms of investment areas and maybe you could speak to what those are?

很好奇您能否談談今年制定的成本節約計畫。我認為大部分都流經了 Tripadvisor 品牌，還有一些 TheFork。那個還在嗎？然後根據今天的指導評論，感覺在投資領域方面可能會有一些抵消，也許你可以談談這些是什麼？

Hello Vince. Yes, we have basically 2 programs at both brands. The $35 million that we cited last year was at Brand Tripadvisor about $10 million at TheFork. TheFork, we do expect and are seeing those savings flowing through, and that's an important part of the their profit journey this year. At Brand Tripadvisor, we think -- hopefully we've been very consistent on this, is that we made some very difficult choices last year that really gave us room to execute on our strategy, right? And a lot of the cost savings were around some of our go-to-market areas that we talked about and referenced in the script even.

你好文斯。是的，我們兩個品牌基本上都有 2 個項目。我們去年引用的 Tripadvisor 品牌的 3500 萬美元約為 TheFork 的 1000 萬美元。 TheFork，我們確實預計並正在看到這些節省的資金流轉，這是他們今年利潤之旅的重要組成部分。在 Tripadvisor 品牌，我們認為，希望我們在這一點上保持一致，去年我們做出了一些非常困難的選擇，這確實給了我們執行策略的空間，對嗎？大量成本節省是圍繞著我們在腳本中討論和引用的一些進入市場領域進行的。

And then we sit back and think about how do we think about what we need to execute on our strategy? And while those savings gave us the ability to think about redeploying in areas that we need to execute on our strategy. So that would be things like data scientists, engineers as we were really ramping up our test and learn environment. We're really ramping up product development in ways that I don't think we've seen before here.

然後我們坐下來思考我們如何考慮我們需要執行什麼策略？雖然這些節省使我們能夠考慮在需要執行策略的領域進行重新部署。因此，這將是像資料科學家、工程師之類的事情，因為我們正在真正加強我們的測試和學習環境。我們確實正在以我認為我們以前從未見過的方式加快產品開發。

And so the strategy, the savings, I think, are very much being used in a way through new hires, through backfills, backfills into different roles into the some of the data engineering technology roles and as well as we've referenced, we are on a continued journey of migrating more into a cloud-based environment with a more modern tech stack across some of our businesses. And that's some areas we will continue to invest in over time. So we think it was the right move. It gave us the ability to be flexible to balance into some areas on people costs that we needed to lean into, and we are continuing to do that.

因此，我認為，該策略和節省的費用在很大程度上透過新員工、回填、回填到某些資料工程技術角色的不同角色來使用，我們已經提到過，我們正在繼續將更多業務遷移到基於雲端的環境，並在我們的一些業務中使用更現代的技術堆疊。隨著時間的推移，我們將繼續在這些領域進行投資。所以我們認為這是正確的舉動。它使我們能夠靈活地平衡我們需要關注的某些人員成本領域，我們將繼續這樣做。

Yes. And you're seeing it show up in strategy in the form of, obviously, the humans that can do the things that we are starting to do that are new and unique, but also the ability to generate LTV-based marketing programs. You have to have your data and your data science in place to do that, and we expect that to deliver performance for us over time.

是的。你會看到它以明顯的形式出現在策略中，人類不僅能夠做我們正在開始做的新穎而獨特的事情，而且還能夠制定基於生命週期價值的行銷計劃。您必須擁有適當的數據和數據科學才能做到這一點，我們希望隨著時間的推移，這將為我們帶來績效。

And as we modernize our tech stack, obviously, that allows us to move faster. You always want to be as agile and fast moving as you possibly can. Well, those kinds of investments are required to get to the speed that you want to get to. So it's something we've thought very carefully about. We didn't do these things haphazardly. And I think we were very consistent that our goal here was to maintain the flexibility to deliver on this strategy.

顯然，隨著我們對技術堆疊進行現代化改造，這使我們能夠更快地採取行動。您總是希望盡可能敏捷和快速行動。嗯，需要進行這些類型的投資才能達到您想要的速度。所以這是我們非常仔細考慮的事情。我們做這些事情並不是隨意的。我認為我們非常一致，我們的目標是保持實現這項策略的靈活性。

Great. And then maybe one more on the cost side and zooming in a little bit closer to the Viator segment. Last year, I think revenue growth is really impressive, but the costs were up about as much. I think it was $240-ish million or something like that. And we almost saw a similar dynamic here in the first quarter, where I think revenue was maybe up $26 million, but total costs were up $23 million. So just as we move through the course of this year, would you expect cost growth to pace close to in line with the dollar revenue growth that you envision? And I hear you on profitable for the year, but profitable could mean a lot of different things for Viator.

偉大的。然後也許還有一個成本方面的問題，並且更接近 Viator 細分市場。去年，我認為收入成長確實令人印象深刻，但成本也上漲了同樣多。我想大概是 2.4 億美元左右。我們在第一季幾乎看到了類似的動態，我認為收入可能增加了 2,600 萬美元，但總成本增加了 2,300 萬美元。那麼，正如我們今年的進程一樣，您是否預計成本成長將與您設想的美元收入成長接近？我聽說您今年實現盈利，但對於 Viator 來說，盈利可能意味著很多不同的事情。

Yes. So a couple of things. We are expecting margins obviously to improve, right? So that tells you a little bit just on the relative growth rates. Yes, I think when you look at that compared analysis just compare year-over-year, I think just got to remember, there's a couple of things there. It's not all just marketing dollars in terms of performance channels, right? There are other things that we're doing to continue to invest in Viator.

是的。有幾件事。我們預期利潤率會明顯改善，對嗎？這只是告訴你一些相對成長率的資訊。是的，我認為當你查看比較分析時，只需逐年比較，我想你必須記住，有幾件事。這不僅僅是績效管道方面的行銷費用，對吧？為了繼續投資 Viator，我們還在做其他事情。

That could be more some of the fixed and discretionary costs like brand marketing and like people and products. So we are continuing on a journey. As Matt talked about, there's a ton of just product innovation, we're continuing to push at Viator, which we're very excited about. And we are hiring people and advancing technology in those areas. So there are investments still being made along product, supply and not just all variable costs in marketing and I think that's the point.

這可能更多是一些固定和可自由支配的成本，例如品牌行銷、人員和產品。所以我們正在繼續旅程。正如 Matt 所說，有大量的產品創新，我們將繼續推動 Viator，對此我們感到非常興奮。我們正在這些領域招募人員並推進技術。因此，我們仍在對產品、供應進行投資，而不僅僅是行銷中的所有可變成本，我認為這就是重點。

Yes, you'll see us continue to be very strategic in our approach about how we trade off those various investments. And we obviously are excited about acquiring new customers and what's happening with our cohort. So we'll do that. We're thinking about the way that we look at marketing mix over time. But the product investments are also a very exciting area for Viator, right?

是的，您會看到我們在如何權衡這些不同的投資方面繼續採取非常具有策略性的方法。顯然，我們對獲得新客戶以及我們的團隊所發生的事情感到興奮。所以我們會這麼做。我們正在考慮隨著時間的推移我們看待行銷組合的方式。但產品投資對 Viator 來說也是一個非常令人興奮的領域，對吧？

We're very focused on leveraging the data asset that we have across Tripadvisor Group, where there's 3 billion profiles to leverage, and that will really help Viator drive personalization and I think drive conversion. Very focused on the app because of its ability to really drive that kind of loyalty and repeat and conversion. Obviously, focused on rewards program that rewards repeat behavior, thinking about supply and how we really serve our suppliers and the operators.

我們非常注重利用我們在 Tripadvisor 集團擁有的數據資產，其中有 30 億份個人資料可供利用，這將真正幫助 Viator 推動個人化，我認為這將推動轉換。非常關注該應用程序，因為它能夠真正提高忠誠度、重複率和轉換率。顯然，重點是獎勵重複行為的獎勵計劃，考慮供應以及我們如何真正為供應商和營運商提供服務。

And then, of course, thinking about how to take advantage of AI and drive that to deliver both productivity and enhancement. So there's a lot of excitement there. And I think what you're seeing is, when we say balanced growth, profitability and market share, we really mean it. We're in this for the long haul and Viator it can and will be a winner in experiences for the long term.

當然，然後也要考慮如何利用人工智慧並推動其提高生產力和增強能力。所以那裡有很多令人興奮的事情。我認為你所看到的是，當我們說平衡成長、獲利能力和市場份額時，我們是認真的。我們致力於長期發展，而 Viator 能夠而且將會成為長期體驗的贏家。

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

（操作員說明）下一個問題來自 D.A. 的 Tom White。戴維森公司

Just wanted to follow up on the travel changes you touched on. Curious whether that's impacting Viator at all this quarter? And I guess on Viator, how are you guys feeling about kind of the direct traffic mix or mobile app mix for that asset. How does that kind of rank up relative to maybe Brand Tripadvisor? And how do you improve that going forward?

只是想跟進您提到的旅行變化。好奇這是否會影響本季的 Viator？我想在 Viator 上，你們對該資產的直接流量組合或行動應用程式組合感覺如何。相對於 Tripadvisor 品牌而言，這種排名如何？未來你將如何改進？

Yes. Thanks, Tom. It's Mike. I'll take it. On the changes. So listen, there's been a lot that's been happening on this. And they just had some updates even at the end of last year. So we've been kind of seeing a lot of these changes flowing through. When anything impacts kind of SEO, it's going to impact our brands to play that, right, and look at -- and the traffic that comes to that for sure. We have great teams that work and do great work to mitigate and work through this, and they're in the process of doing that and Brand Tripadvisor has been doing that for some time.

是的。謝謝，湯姆。是麥克。我要買它。關於變化。聽著，這方面已經發生了很多事。即使在去年年底，他們也剛剛進行了一些更新。所以我們已經看到很多這樣的改變正在發生。當任何事情影響搜尋引擎優化時，它都會影響我們的品牌發揮作用，對吧，看看——以及肯定會帶來的流量。我們擁有優秀的團隊，他們致力於緩解和解決這個問題，他們正在努力做到這一點，而 Tripadvisor 品牌已經這樣做了一段時間了。

But it takes time, right? And it takes time to readjust when things change like that. So I would say, yes, the changes have impacted SEO, and I cited that a bit earlier. And we're, again, still very pleased with what we're seeing in other channels. And as you get to what you referenced, our app channel is growing very fast. Our main SCM channel is still growing fast. And again, that's a big channel for us to acquire new users, right, and start the process of new user to a repeat user. So we still see healthy performance across the other channels. But do note, yes, there are some headwinds in the SEO.

但這需要時間，對嗎？當事情發生這樣的變化時，就需要時間來重新調整。所以我想說，是的，這些變化影響了搜尋引擎優化，我之前引用過這一點。我們仍然對在其他管道中看到的內容感到非常滿意。當您了解您所引用的內容時，我們的應用程式管道正在快速成長。我們的主要SCM管道仍在快速成長。再說一次，這是我們獲取新用戶的重要管道，對吧，並開始從新用戶到回頭客的過程。因此，我們仍然看到其他管道的健康表現。但請注意，是的，搜尋引擎優化存在一些阻力。

On Google, I got to just say we are a partner to them as well. And I want to say we talk to them all the time. So we feel that if you're going to react to how Google is making changes, we're in a very good position to do it across the group, and that's true to think about how we work with them in the future organically for both Tripadvisor and Viator and I think that's an advantage of the group.

在谷歌，我只能說我們也是他們的合作夥伴。我想說我們一直在和他們交談。因此，我們認為，如果您要對Google 做出的改變做出反應，我們處於非常有利的位置，可以在整個集團內做到這一點，考慮到我們未來如何與他們有機地合作，這也是事實。

You also have to remember on the channels for Viator. I said it in my upfront comments, Viator benefits from this direct relationship with Tripadvisor where more than 1/3 of our many hundreds of millions of travelers each month are coming shopping for experiences. And really leaning into that channel and how to optimize it over time is one that creates, I think, tremendous opportunity and upside for us.

您還必須記住 Viator 的頻道。我在前面的評論中說過，Viator 受益於與 Tripadvisor 的直接關係，每月有數億旅客中有超過 1/3 前來購買體驗。我認為，真正傾向於該管道以及如何隨著時間的推移對其進行優化可以為我們創造巨大的機會和優勢。

And of course, we're also doing a lot of product work and investing to make sure that the app, which is our fastest-growing surface, our most loyal surface. We're seeing healthy improvement in app conversion, it's still a smaller base, but again, tremendous upside and headroom for us for the future. And our app downloads are growing at a very high rate and the performance on the app is going well. So we really, really like that and plan to lean into it. Thanks for the question.

當然，我們也在做大量的產品工作和投資，以確保該應用程式（我們成長最快的介面）成為我們最忠誠的介面。我們看到應用程式轉換率得到了健康的改善，雖然基數仍然較小，但同樣，這為我們的未來帶來了巨大的上升空間和空間。我們的應用程式下載量正在以非常高的速度成長，應用程式的效能也進展順利。所以我們真的非常喜歡這個併計劃投入其中。謝謝你的提問。

Thank you. We've met our time commitment, our time limit. So now I'd like to turn the call back over to Matt Goldberg for closing remarks.

謝謝。我們已經達到了我們的時間承諾和時間限制。現在我想將電話轉回給馬特·戈德堡（Matt Goldberg）做總結發言。

Thanks again to everyone for joining us today. We're looking forward to executing on our 2024 plan and continuing to drive our initiatives forward. See you with the next update.

再次感謝大家今天加入我們。我們期待執行 2024 年計劃並繼續推動我們的計劃向前發展。下次更新再見。

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。