Tripadvisor Inc (TRIP) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Tripadvisor third quarter 2024 conference call. At this time, all participants are in a listen-only mode. (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 年第三季電話會議。此時，所有參與者都處於只聽模式。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker for today, Angela White, Vice President of Investor Relations. Angela, please go ahead.

現在我想將會議交給今天的第一位發言人，投資者關係副總裁安吉拉懷特 (Angela White)。安琪拉，請繼續。

Hey, Felicia, thank you. And good afternoon everyone and welcome to Tripadvisor’s third quarter 2024 financial results call. Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO.

嘿，費莉西亞，謝謝你。大家下午好，歡迎參加 Tripadvisor 2024 年第三季財務業績電話會議。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。

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

今天下午早些時候，市場收盤後，我們提交並發布了我們的收益報告。在此版本中，您將發現非 GAAP 財務指標與本次電話會議中討論的最具可比性的 GAAP 財務指標的調整表。

Before we begin, I’d like to remind you that this call may contain estimates and other forward-looking statements that represent management’s view as of today, November 6, 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管理層截至 2024 年 11 月 6 日的觀點的估計和其他前瞻性陳述。未來的事件或情況。請參閱我們的收益報告以及我們向美國證券交易委員會提交的文件，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 afternoon everyone. Our financial performance this quarter reflects the strong execution and operational focus of our teams across Tripadvisor Group. As we continue on our multiyear journey to transition from optimizing legacy offerings to scaling strategically focused growth drivers, we have the benefit of a diverse portfolio that we're managing for growth and profitability.

謝謝安琪拉，大家下午好。我們本季的財務表現反映了 Tripadvisor 集團團隊強大的執行力和營運重點。隨著我們繼續從優化傳統產品過渡到擴大策略重點成長動力的多年旅程，我們受益於我們正在管理的多元化投資組合，以實現成長和獲利。

For the third quarter, on a consolidated basis, we delivered $532 million in revenue, flat to last year and in line with our expectations, given the anticipated headwinds in our legacy hotel meta offering, offset by healthy growth at Viator and TheFork.

第三季度，在合併的基礎上，我們實現了 5.32 億美元的收入，與去年持平，符合我們的預期，因為我們傳統酒店元產品的預期阻力，被 Viator 和 TheFork 的健康成長所抵消。

Our adjusted EBITDA came in at $122 million, with all three of our segments delivering profitability, which gives us confidence in how our teams have delivered and to reaffirm our full year estimates. Mike will provide more details in his section.

我們調整後的 EBITDA 為 1.22 億美元，我們的所有三個部門都實現了盈利，這讓我們對團隊的交付方式充滿信心，並重申了我們的全年預期。麥克將在他的部分中提供更多詳細資訊。

I'd like to take this opportunity to reflect on the meaningful progress we've made and the opportunities ahead. I'll also cover how this comes together as we think about 2025, starting with the experiences category.

我想藉此機會回顧我們已經取得的有意義的進展以及未來的機會。我還將介紹我們在考慮 2025 年時如何將其結合在一起，從體驗類別開始。

Our ambition is to extend our leadership position in this large and expanding market with our scaled global platform and attractive financial profile. This is one of the most exciting opportunities in travel given the secular tailwinds, low online penetration and the growing recognition of experiences as the most meaningful and important part of travel.

我們的目標是透過規模化的全球平台和有吸引力的財務狀況，擴大我們在這個龐大且不斷擴大的市場中的領導地位。鑑於長期的順風車、較低的線上滲透率以及人們日益認識到體驗是旅行中最有意義和最重要的部分，這是旅行中最令人興奮的機會之一。

This positions experiences to grow faster than the travel industry as a whole over the foreseeable future. We still have much work to do, but with our unique assets, some of the most trusted brands in travel, sizable, high-intent audiences, the deepest source of supply online, extensive third-party distribution and the review platform of choice for operators, we're confident in our leadership position.

這使得在可預見的未來，體驗的成長速度將快於整個旅遊業。我們還有很多工作要做，但憑藉我們獨特的資產、一些最值得信賴的旅遊品牌、規模龐大、意願強烈的受眾、最深入的在線供應來源、廣泛的第三方分銷以及運營商首選的評論平台，我們對我們的領導地位充滿信心。

In the Viator segment, we've been balancing growth and investment to drive scale and contribute an increasingly larger share of revenue and profit to the group. As a reminder, this includes contributions from the Viator and Tripadvisor B2C points of sale as well as our B2B offerings for operators and third-party distributors.

在 Viator 領域，我們一直在平衡成長和投資，以擴大規模，並為集團貢獻越來越大的收入和利潤份額。請注意，這包括 Viator 和 Tripadvisor B2C 銷售點的貢獻以及我們為營運商和第三方經銷商提供的 B2B 產品。

In Q3, revenue was $270 million, growing 10% year-over-year and gross booking value, or GBV, grew 9% to approximately $1.1 billion. Adjusted EBITDA was $30 million or 11% of revenue. We believe we're still in the early innings in the experiences category, with meaningful distinct advantages to serve travelers.

第三季度，營收為 2.7 億美元，年增 10%，總預訂價值 (GBV) 成長 9%，達到約 11 億美元。調整後 EBITDA 為 3,000 萬美元，佔營收的 11%。我們相信，我們仍處於體驗類別的早期階段，在服務旅行者方面具有有意義的獨特優勢。

The Tripadvisor brand is one of the most trusted brands in travel and its largest and fastest-growing audience comes to the site to discover and book experiences. Its broad reach and position in guidance planning helps capture upper funnel travelers at the start of their planning journey.

Tripadvisor 品牌是旅遊領域最值得信賴的品牌之一，其最大且成長最快的受眾來到網站探索和預訂體驗。它在指導規劃中的廣泛影響力和地位有助於在規劃旅程開始時吸引漏斗上層的旅行者。

The Viator brand is well positioned to capture high intent travelers further down the funnel as the leading experiences marketplace with the most scaled source of supply and a strong foothold with US travelers. While each of these brands serves different audiences with unique products and distinct marketing strategies, the scale we've reached allows us to unlock new opportunities across product, supply, data and geographic expansion that leverage our combined assets and capabilities.

作為領先的體驗市場，Viator 品牌擁有最大規模的供應來源並在美國旅行者中站穩了腳跟，它處於有利位置，可以進一步吸引有意向的旅行者。雖然每個品牌都以獨特的產品和獨特的行銷策略為不同的受眾提供服務，但我們所達到的規模使我們能夠利用我們的綜合資產和能力，在產品、供應、數據和地理擴張方面釋放新的機會。

We've made good progress with our priority investments at Viator this year. Year-to-date, we've seen higher-than-average growth in bookings from direct and other low-cost channels, which reflects our increasing scale and our progress in building awareness beyond search. We continue to improve the products across the board, such as landing pages tailored to traffic sources that have improved the user experience and yielded conversion wins.

今年我們在 Viator 的優先投資取得了良好進展。今年迄今為止，我們發現直接管道和其他低成本管道的預訂量增長高於平均水平，這反映出我們的規模不斷擴大，以及我們在建立搜尋之外的認知度方面取得的進展。我們持續全面改進產品，例如根據流量來源客製化的登陸頁面，改善了使用者體驗並帶來了轉換。

Our effort to drive more bookings to the app is working. App bookings in Q3 grew faster than any other surface and the mix of app bookings has almost doubled since 2022. We're seeing strong and stable repeat booking growth, which combined with large cohorts of new customers that we expect to mature into repeat travelers, gives us confidence in our durable foundation for future growth.

我們為吸引更多應用程式預訂所做的努力正在發揮作用。第三季的應用程式預訂成長速度超過其他任何平台，自2022 年以來，應用程式預訂的組合幾乎翻了一番。為回頭客，讓我們對未來成長的持久基礎充滿信心。

We're also increasingly leveraging generative AI to improve our product and customer experience. Not only are we using the technology to better assist customer service agents in serving travelers but we're also leveraging GenAI to provide better product recommendations that drive higher conversion and generate communications for agent follow-up.

我們也越來越多地利用生成式人工智慧來改善我們的產品和客戶體驗。我們不僅使用該技術更好地協助客戶服務代理為旅行者提供服務，而且還利用 GenAI 提供更好的產品推薦，從而推動更高的轉換並為代理後續工作產生溝通。

Shifting to Brand Tripadvisor, where our teams continue to work to transform the business and shift from our historical reliance on the profitable but pressured legacy hotel meta offering. This transition is reflected in Brand Tripadvisor's Q3 financial performance, with revenue of $255 million, a year-over-year decline of 12%, which was within our expectations and adjusted EBITDA of $87 million or 34% of revenue, which came in above expectations due to the timing of certain investments. Mike will discuss this further shortly.

轉向品牌 Tripadvisor，我們的團隊繼續致力於業務轉型，並擺脫我們對盈利但壓力重重的傳統酒店元產品的歷史依賴。這種轉變反映在Tripadvisor品牌第三季的財務表現中，營收為2.55億美元，年減12%，符合我們的預期；調整後的EBITDA為8700萬美元，佔營收的34%，高於預期由於某些投資的時間安排。麥克很快就會進一步討論這個問題。

Our strategy is to address these well-known headwinds by innovating around travel planning and guidance, still one of the most labor-intensive and time-consuming parts of travel. We believe we're uniquely positioned to solve this pain point for travelers with our trusted brand, high-quality content and extensive data. And our indicators of traveler engagement with the new products we rolled out this year only strengthened our conviction.

我們的策略是透過圍繞旅行規劃和指導進行創新來解決這些眾所周知的不利因素，這仍然是旅行中最勞動密集和最耗時的部分之一。我們相信，我們擁有獨特的優勢，可以憑藉值得信賴的品牌、高品質的內容和廣泛的數據來解決旅行者的這種痛點。我們今年推出的新產品的旅行者參與度指標更加堅定了我們的信念。

Our monthly active users, or MAUs, have stabilized and returned to growth year-to-date. And importantly, our engagement trends in monthly active members and app users have continued to improve quarter-by-quarter. We see the benefits of this growth among our most engaged users in and our channel mix, where our direct channel has added more MAUs than any other year-to-date, achieving more than 30% growth versus 2023.

今年迄今為止，我們的每月活躍用戶（MAU）已經穩定並恢復成長。重要的是，我們的月度活躍會員和應用程式用戶的參與度趨勢逐季度持續改善。我們在我們最活躍的用戶和我們的管道組合中看到了這種成長的好處，其中我們的直接管道增加的每月活躍用戶數量比今年迄今為止任何其他管道都多，與2023 年相比實現了30 % 以上的成長。

As I've noted in prior quarters, we continue to see our strongest performance against these metrics in the US market, where we typically launch new products first, and we increasingly see fast follow markets outside the US following a similar trajectory.

正如我在前幾季所指出的，根據這些指標，我們繼續在美國市場看到最強勁的表現，我們通常首先推出新產品，並且我們越來越多地看到美國以外的快速跟進市場也遵循類似的軌跡。

Of course, this progress in our engagement strategy must translate to financial impact at scale. This means continuing to grow these audiences, innovating in our product and particularly in our hotels experiences marketplaces and actively managing the structural headwinds in hotel meta. We continue to shift our focus and resources to the areas where we are differentiated and have the highest conviction about future growth.

當然，我們參與策略的這項進展必須轉化為大規模的財務影響。這意味著繼續擴大這些受眾，對我們的產品進行創新，特別是在我們的酒店體驗市場中，並積極管理酒店元中的結構性阻力。我們繼續將重點和資源轉移到我們具有差異化並對未來成長抱持最高信念的領域。

Our execution will center on a few key pillars. First, we're focused on growing our mobile app, through a host of UX changes that have already resulted in higher engagement and repeat rates, evolving our trip planning feature and optimizing conversion in our hotels and experiences booking capabilities.

我們的執行將集中在幾個關鍵支柱上。首先，我們專注於透過一系列用戶體驗變化來發展我們的行動應用程序，這些變化已經帶來了更高的參與度和重複率，不斷發展我們的旅行規劃功能並優化我們酒店和體驗預訂功能的轉化。

As we continue to scale in-app hotel booking in the US, we're seeing higher click-through rates, 4 times better monetization per booker, and significantly higher experiences revenue and review and photo submissions versus in-app meta.

隨著我們在美國繼續擴大應用程式內酒店預訂規模，我們發現與應用程式內元數據相比，點擊率更高，每位預訂者的盈利提高了4 倍，體驗收入、評論和照片提交量也顯著提高。

Second, we're focused on accelerating experiences growth by more effectively serving the diverse global demand we see in Brand Tripadvisor's funnel. This includes improving discovery, cross-selling on hotel detail pages, and expanding supply partnerships in new categories and geographies.

其次，我們致力於透過更有效地滿足品牌 Tripadvisor 管道中多樣化的全球需求來加速體驗成長。這包括改善酒店詳情頁面的發現、交叉銷售以及擴大新類別和地區的供應合作夥伴關係。

We're also leading with experiences when we launch new guidance features like our chat-based AI assistant on destination pages, which is designed to help travelers navigate the best of our billion-plus reviews, forum posts, and other guidance content to find the most relevant things to do.

當我們在目的地頁面上推出基於聊天的人工智慧助理等新的指導功能時，我們也在體驗方面處於領先地位，該功能旨在幫助旅行者瀏覽我們數十億條評論、論壇帖子和其他指導內容中的最佳內容，以找到目的地最相關的事情要做。

Finally, we're focused on rolling out new membership enhancing features, including rewards, promotions, and an achievement program that are driving higher conversion and meaningful uplift in member contributions. This also includes member only capabilities like AI-powered trip planning and in-app hotel booking as well as leveraging our proprietary data to deliver more personalized cross-category recommendations to each member.

最後，我們致力於推出新的會員增強功能，包括獎勵、促銷和成就計劃，以推動更高的轉換率和會員貢獻的有意義的提升。這也包括僅限會員的功能，例如人工智慧驅動的旅遊規劃和應用程式內飯店預訂，以及利用我們的專有資料為每位會員提供更個人化的跨類別推薦。

Now, turning to the dining category, where we see ample opportunity for growth as evidenced in our Q3 results at TheFork, the segment's best financial performance on record. Revenue accelerated sequentially to $49 million or 17% year-over-year growth. Adjusted EBITDA in the quarter was $5 million or 10% of revenue, a significant improvement from last year. This is a strong trajectory, and we're well-positioned to sustain the momentum.

現在，轉向餐飲類別，我們看到了充足的成長機會，TheFork 第三季的業績證明了這一點，這是該領域有史以來最好的財務業績。營收季增至 4,900 萬美元，較去年同期成長 17%。本季調整後 EBITDA 為 500 萬美元，佔營收的 10%，比去年有顯著改善。這是一個強勁的發展軌跡，我們處於有利位置來維持這一勢頭。

We have a defensible position as the largest dining reservations platform in Europe, serving both diners and operators. Our unit economics continue to improve through a combination of marketing efficiency and sales productivity that are driving healthy growth in new and repeat diners as well as our restaurant base, providing a strong foundation for the future. Continuous product improvements at TheFork have positioned us well on both the B2C and B2B fronts, each of which are delivering strong growth.

作為歐洲最大的餐飲預訂平台，我們的地位穩固，為食客和經營者提供服務。透過行銷效率和銷售生產力的結合，我們的單位經濟效益不斷提高，推動新食客和回頭客以及我們的餐廳基礎的健康成長，為未來奠定了堅實的基礎。 TheFork 不斷的產品改進使我們在 B2C 和 B2B 領域都處於有利地位，每個領域都實現了強勁的成長。

For diners, our user experience, largely on app is increasingly personalized with more relevant content in AI-powered review summaries, tailored onboarding flows, and special offers, which are driving better conversion rates. We've also strengthened our B2B offering to provide more value for our restaurant operators, which is driving an uplift in ERB usage and accelerated growth. Our upgrades include AI-driven predictive analytics, better service and table views, mobile optimization, and enhanced revenue management insights.

對於食客來說，我們的用戶體驗（主要是在應用程式上）越來越個性化，人工智慧驅動的評論摘要中包含更多相關內容、客製化的入職流程和特別優惠，這些都推動了更高的轉換率。我們也加強了 B2B 服務，為我們的餐廳經營者提供更多價值，這推動了 ERB 使用率的提高和加速成長。我們的升級包括人工智慧驅動的預測分析、更好的服務和表格視圖、行動優化以及增強的收入管理洞察力。

Following our recently announced Vodafone partnership to introduce new diners to TheFork, we continue to gain traction with strategic partners as a trusted dining brand with a strong consumer value proposition. We recently entered into a relationship with Mastercard, and we'll work together to provide premium restaurant experiences across Europe and preferred treatment for Mastercard cardholders utilizing TheFork pay.

繼我們最近宣布與沃達豐合作以向 TheFork 引入新食客之後，我們作為具有強大消費者價值主張的值得信賴的餐飲品牌，繼續獲得戰略合作夥伴的青睞。我們最近與萬事達卡建立了合作關係，我們將共同努力在歐洲提供優質的餐廳體驗，並為使用 TheFork Pay 的萬事達卡持卡人提供優先待遇。

While this won't begin to scale fully until next year, this is a testament to our brand value and reliability in our payments technology. To further enhance this collaboration, Mastercard will also become the title sponsor of our annual event, TheFork Awards. Throughout 2024, we've delivered tangible evidence of the progress we're making across multiple categories in each of our segments, which we believe will set us up to deliver our desired financial profile going forward.

雖然這要到明年才能開始全面擴展，但這證明了我們的品牌價值和支付技術的可靠性。為了進一步加強這種合作，萬事達卡也將成為我們年度活動 TheFork Awards 的冠名贊助商。在整個 2024 年，我們已經提供了我們在每個細分市場的多個類別中取得的進展的實際證據，我們相信這將使我們能夠在未來實現我們期望的財務狀況。

This is a critical input for us as we solidify plans for 2025. While it's premature to provide specifics, I do want to take the opportunity to share some thoughts on our emerging priorities for the coming year. First, we will utilize all of our group assets and capabilities to extend our leadership in experiences, leveraging our marketing scale, brand value across geographies and B2B relationships with distributors and operators. Even with all the talk of normalized growth rates in travel, we believe this category will continue to outperform the industry with solid double-digit growth, contributing a higher mix of our overall revenue and profit and enhancing our group financial profile.

在我們制定 2025 年計劃時，這對我們來說至關重要。首先，我們將利用我們所有的集團資產和能力，利用我們的行銷規模、跨地區的品牌價值以及與經銷商和營運商的 B2B 關係，擴大我們在體驗方面的領先地位。儘管人們都在談論旅遊業的正常成長率，但我們相信該類別將繼續以兩位數的穩健成長跑贏產業，為我們的整體收入和利潤做出更高的貢獻，並改善我們的集團財務狀況。

Second, we expect Tripadvisor to be increasingly focused on a streamlined set of priorities, including further differentiating our brand and content around planning and guidance, driving booking growth in our experiences hotels categories, especially in-app, and enhancing our membership offering to reward engagement and drive monetization. We believe these priorities are most critical to translate our strategy into a sustainable, long-term financial profile.

其次，我們預計Tripadvisor 將越來越多地關註一系列精簡的優先事項，包括圍繞規劃和指導進一步區分我們的品牌和內容、推動體驗酒店類別（尤其是應用內酒店）的預訂增長，以及增強我們的會員服務以獎勵參與度並推動貨幣化。我們相信，這些優先事項對於將我們的策略轉化為可持續的長期財務狀況至關重要。

Third, we'll begin to build on the strong foundation at TheFork, growing both diners and restaurants, continuing to improve our products and driving diverse revenue growth across B2C and B2B, as we maintain this year's momentum, delivering growth and profitability. And finally, we'll ensure that our operating model supports our growth agenda across the group by balancing investment and profitability, including managing operating costs as we continue on our transformation journey.

第三，我們將開始以 TheFork 的堅實基礎為基礎，發展食客和餐廳，繼續改進我們的產品，推動 B2C 和 B2B 領域的多元化收入增長，同時保持今年的勢頭，實現增長和盈利。最後，我們將透過平衡投資和獲利能力，確保我們的營運模式支援整個集團的成長議程，包括在我們繼續轉型之旅時管理營運成本。

As always, we're monitoring what's happening on a macro level, although its future impact is difficult to predict. We continue to see healthy search data and strong consumer intent to travel and book experiences with overall stability in booking windows and average length of stay. We've observed some bifurcation of intent between higher and lower income travelers, but regardless of the fluctuations we may see periodically, I remain confident in the durability of growth in leisure travel. This is a sector that has continued to adapt, change and grow over the long term.

一如既往，我們正在宏觀層面上監控正在發生的事情，儘管其未來的影響很難預測。我們繼續看到健康的搜尋數據和強烈的消費者旅行和預訂體驗意願，預訂窗口和平均停留時間大致穩定。我們觀察到高收入旅行者和低收入旅行者之間的意圖存在一些分歧，但無論我們可能會定期看到波動，我仍然對休閒旅遊成長的持久性充滿信心。這是一個長期持續適應、變化和發展的行業。

Across Tripadvisor Group, we are well positioned for enhanced growth as we continue to build trust with travelers, innovate our offerings. And as the experiences category continues to emerge as an increasingly central and durable part of the travel budget.

在 Tripadvisor 集團，隨著我們不斷與旅行者建立信任、創新我們的產品，我們已經做好了促進成長的準備。隨著體驗類別不斷成為旅行預算中越來越核心和持久的部分。

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 afternoon. I'll start with a review of the quarter, and then we'll provide our outlook for the remainder of the year. As a reminder, all growth rates are relative to the comparable period in 2023, unless noted otherwise. Third quarter revenue was $532 million, reflecting flat growth and in line with our expectations. Adjusted EBITDA was $122 million or 23% of revenue and meaningfully higher than expected due to Brand Tripadvisor contribution, which I will cover in a moment.

謝謝，馬特，下午好。我將首先回顧本季度，然後我們將提供今年剩餘時間的展望。提醒一下，除非另有說明，所有成長率均相對於 2023 年可比時期。第三季營收為 5.32 億美元，成長平穩，符合我們的預期。調整後 EBITDA 為 1.22 億美元，佔營收的 23%，由於品牌 Tripadvisor 的貢獻（我稍後會介紹這一點），大大高於預期。

Turning to segment performance for the third quarter. Brand Tripadvisor delivered revenue of $255 million, a decline of 12%. Performance was in line with expectations, which anticipated a sequential step down. In branded hotels, revenue declined 17% to $151 million, driven primarily by hotel meta.

轉向第三季的部門業績。 Tripadvisor 品牌營收為 2.55 億美元，下降 12%。業績符合預期，預期會連續下降。在品牌酒店中，營收下降 17% 至 1.51 億美元，主要由酒店元推動。

As anticipated, we witnessed a softer pricing environment in hotel meta, particularly in the US, which stepped back meaningfully from prior quarters, but we believe is reflective of the overall normalization of travel trends.

正如預期的那樣，我們目睹了酒店元價格環境的疲軟，尤其是在美國，其價格較前幾個季度大幅回落，但我們認為這反映了旅行趨勢的整體正常化。

For the quarter, overall volume trends remained under pressure year-over-year and continued to be our largest headwind, but we're better than we witnessed in Q2. Revenue declines in Hotel meta peaked in July and then saw consistent improvement throughout the quarter.

本季度，整體銷售趨勢仍同比面臨壓力，並繼續成為我們最大的阻力，但我們比第二季度看到的要好。 Hotel Meta 的收入下降在 7 月達到頂峰，然後整個季度持續改善。

Media and advertising revenue grew 5% to $40 million, growth in our off-platform sales and creative offerings from our Wanderlab Studio and programmatic advertising offset declines in direct advertising revenue.

媒體和廣告收入成長 5%，達到 4,000 萬美元，平台外銷售和 Wanderlab Studio 創意產品以及程式化廣告的成長抵消了直接廣告收入的下降。

Experiences and dining revenue was $51 million, a decline of 7%, driven by the ongoing transition to self-serve sales model and our restaurant B2B offering and a sequential deceleration in experiences revenue. In experiences, performance this quarter was driven primarily by Brand Tripadvisor segment-specific marketing strategy to emphasize profitability.

體驗和餐飲收入為 5,100 萬美元，下降 7%，這是由於向自助銷售模式和餐廳 B2B 服務的持續轉型以及體驗收入的連續減速所致。根據經驗，本季的業績主要由品牌 Tripadvisor 細分市場的營銷策略推動，以強調獲利能力。

Finally, other revenue declined 19% to $13 million, in line with expectations. We continue to deemphasize our flights, car rental, and vacation rentals offerings to focus on initiatives more aligned to our stated strategy.

最後，其他收入下降 19% 至 1,300 萬美元，符合預期。我們持續淡化我們的航班、汽車租賃和度假租賃服務，轉而專注於更符合我們既定策略的舉措。

Adjusted EBITDA at Brand Tripadvisor was $87 million or 34% of revenue. Year-over-year deleverage of approximately 400 basis points was related primarily to higher headcount costs as a percent of revenue, despite lower headcount dollars year-over-year due to lower Hotel meta revenue.

Brand Tripadvisor 的調整後 EBITDA 為 8,700 萬美元，佔營收的 34%。儘管飯店元收入下降導致員工人數較去年同期減少，但年比去槓桿化約 400 個基點主要與員工成本佔收入的比例較高有關。

Relative to our outlook in August, we came in higher than expectations due to operational outperformance, normal quarterly true-ups of certain expenses, and the decision to delay certain growth investments until 2025. While the delayed growth investment was a benefit to Q3 adjusted EBITDA, postponing it, also reduces our expected Q4 revenue and adjusted EBITDA versus the outlook we provided in August.

相對於我們8 月的展望，由於營運表現優異、某些費用的正常季度調整以及將某些成長投資推遲到2025 年的決定，我們的業績高於預期。調整後的EBITDA與我們八月提供的展望相比，推遲它也降低了我們預期的第四季度收入和調整後的 EBITDA。

Turning to Viator, Q3 revenue grew 10% to $270 million and gross booking value, or GBV, grew 9% to approximately $1.1 billion. Viator point-of-sale growth for GBV outpaced total GBV growth, while Brand Tripadvisor point-of-sale grew below total GBV growth. Viator segment growth is a function of different growth and profit priorities between the different points of sale, which is reflected in the relative growth rates.

至於 Viator，第三季營收成長 10%，達到 2.7 億美元，總預訂價值 (GBV) 成長 9%，達到約 11 億美元。 Viator 的 GBV 銷售點成長超過了 GBV 整體成長，而 Tripadvisor 品牌銷售點的成長低於 GBV 整體成長。 Viator 細分市場的成長是不同銷售點之間不同成長和利潤優先順序的函數，這反映在相對成長率中。

As Matt mentioned, we believe our unique assets Brand Tripadvisor's broad reach in large upper funnel, combined with Viator's ability to capture high intent travelers as an OTA, provide us a distinct advantage as we look to capitalize on this large market opportunity.

正如Matt 所提到的，我們相信我們獨特的資產品牌Tripadvisor 在大型上層管道中的廣泛影響力，加上Viator 作為OTA 捕獲高意向旅行者的能力，為我們尋求利用這一巨大市場機會提供了獨特的優勢。

Viator adjusted EBITDA was $30 million or 11% of revenue. Year-over-year margin leverage of over 400 basis points was driven by higher contribution profit and lower fixed and discretionary expenses as a percent of revenue, which include brand marketing and people costs.

Viator 調整後 EBITDA 為 3,000 萬美元，佔營收的 11%。利潤率年增超過 400 個基點，原因是貢獻利潤增加，固定和可自由支配費用佔收入的比例降低，其中包括品牌行銷和人員成本。

While we continue to see healthy growth in our paid marketing channels, our direct channels beyond search are growing faster. We continue to drive strong growth in repeat bookings, and this growth has been consistent quarter-over-quarter. Importantly, repeat bookings come with lower marketing costs than new bookings.

雖然我們的付費行銷管道持續健康成長，但我們搜尋以外的直接管道成長速度更快。我們繼續推動重複預訂的強勁成長，這種成長與上一季保持一致。重要的是，重複預訂的行銷成本比新預訂更低。

At TheFork, revenue was $49 million or 17% growth and 15% in constant currency terms. Growth was driven by a combination of both bookings, volume and pricing, despite headwinds from Olympics and Euro Cup as well as strong growth in our B2B revenue.

TheFork 的營收為 4,900 萬美元，成長 17%，以固定匯率計算成長 15%。儘管奧運和歐洲盃帶來了阻力，而且我們的 B2B 收入強勁成長，但成長是由預訂、銷售和定價共同推動的。

Sequential acceleration was also due to a benefit from the Vodafone partnership we noted last quarter and higher B2C revenue due to some incremental marketing spend in the quarter. Our B2B business, while a smaller contributor to overall revenue at TheFork, is growing faster than our reservation revenue as we capitalize on our product investments to drive an enhanced value proposition to restaurant operators.

連續加速的原因還在於我們上季度注意到的沃達豐合作夥伴關係的好處以及由於本季度行銷支出增加而導致的 B2C 收入增加。我們的 B2B 業務雖然對 TheFork 整體收入的貢獻較小，但其成長速度快於我們的預訂收入，因為我們利用我們的產品投資來推動餐廳營運商增強價值主張。

Importantly, the team continues to drive greater efficiencies, particularly through reduced restaurant acquisition costs. Adjusted EBITDA at TheFork was $5 million or 10% of revenue, an improvement of 12 percentage-points year-over-year and represents the highest margin the business has ever achieved. This leverage is primarily due to lower fixed and discretionary costs which include people and brand marketing costs.

重要的是，該團隊繼續提高效率，特別是透過降低餐廳收購成本。 TheFork 調整後 EBITDA 為 500 萬美元，佔營收的 10%，年增 12 個百分點，是該業務有史以來實現的最高利潤率。這種槓桿作用主要是由於固定成本和可自由支配成本較低，其中包括人員和品牌行銷成本。

Now turning to consolidated expenses for the quarter. Cost of revenue was 9% of revenue, an increase of 100 basis points, primarily due to higher Viator transaction costs as a percent of consolidated revenue and higher cloud and media production costs at Brand Tripadvisor. Sales and marketing was 51% of revenue and was flat as a percent of revenue year-over-year. Deleverage from Viator and TheFork sales and marketing costs as a percent of consolidated revenue is mostly offset by leverage from Brand Tripadvisor.

現在轉向本季的綜合支出。收入成本佔收入的 9%，增加了 100 個基點，主要是由於 Viator 交易成本佔合併收入的百分比較高，以及品牌 Tripadvisor 的雲端和媒體製作成本較高。銷售和行銷佔營收的 51%，佔營收的百分比與去年同期持平。 Viator 和 TheFork 銷售和行銷成本佔合併收入的比例大部分被 Tripadvisor 品牌的槓桿所抵銷。

Technology and content costs were 14% of revenue, approximately 100 basis points higher, primarily due to higher cost of Brand Tripadvisor and Viator in support of product development to advance their respective strategies. G&A expense as a percent of revenue was 10%, flat year-over-year as a percent of revenue.

技術和內容成本佔收入的 14%，高出約 100 個基點，主要是由於 Tripadvisor 和 Viator 品牌支援產品開發以推進各自策略的成本較高。 G&A 費用佔營收的百分比為 10%，與去年同期持平。

The Q3 year-over-year increase in share-based compensation of $7 million was primarily due to differences in vesting schedules for our employee equity grants, resulting in additional expense recognized in Q3 2024 versus Q3 2023.

第三季股票薪酬年增 700 萬美元，主要是由於我們的員工股權授予的行使時間表存在差異，導致 2024 年第三季與 2023 年第三季相比確認了額外費用。

SBC expense was impacted primarily due to a one-time acceleration of the vesting period of our 2020 company-wide equity grants to two years from four years as disclosed during 2020, resulting in lower than usual run rate for Q3 2023.

SBC 費用受到影響的主要原因是我們 2020 年全公司股權授予的歸屬期從 2020 年期間披露的四年一次性加速到兩年，導致 2023 年第三季度的運行率低於正常水平。

Now to cash and liquidity. Operating cash flow was negative $44 million and free cash flow was negative $64 million, reflecting our typical seasonality. Other drivers of the year-over-year decline were changes in other working capital, including seasonally lower deferred merchant payables and last year's refund of approximately $49 million related to the 2009, 2011 IRS transfer pricing settlement.

現在是現金和流動性。營運現金流為負 4,400 萬美元，自由現金流為負 6,400 萬美元，反映了我們典型的季節性。其他年比下降的驅動因素是其他營運資金的變化，包括季節性降低的遞延商戶應付帳款以及去年與 2009 年和 2011 年 IRS 轉讓定價和解相關的約 4,900 萬美元的退款。

We continue to expect net cash inflows of $50 million to $60 million in the next 12 months related to the 2014 through 2016 IRS transfer pricing settlement. The total net outflow of the 2014 through 2016 IRS transfer pricing settlement is expected to be approximately $100 million to $110 million in 2024 versus the net cash outflow from that 2009 through 2011 IRS transfer pricing settlement of approximately $60 million last fiscal year.

我們繼續預計未來 12 個月內與 2014 年至 2016 年 IRS 轉讓定價和解相關的淨現金流入將達到 5,000 萬至 6,000 萬美元。到2024 年，2014 年至2016 年IRS 轉讓定價和解的淨流出總額預計約為1 億至1.1 億美元，而上一財年2009 年至2011 年IRS 轉讓定價和解的淨現金流出約為6,000 萬美元。

We ended the quarter with nearly $1.1 billion of cash and cash equivalents, an increase of $45 million from December 31, 2023. During the quarter, we had no share repurchase activity. Although we have not terminated the program, we have been in the past and may continue to be limited in our ability to purchase shares in the public market due to ongoing consideration of a variety of potential strategic alternatives. We will continue to look for opportunities to repurchase shares, taking into account our capital needs, market conditions, and other relevant factors.

截至本季末，我們擁有近 11 億美元的現金和現金等價物，比 2023 年 12 月 31 日增加了 4,500 萬美元。儘管我們尚未終止該計劃，但我們過去曾終止過該計劃，並且由於不斷考慮各種潛在的戰略替代方案，我們在公開市場購買股票的能力可能會繼續受到限制。我們將根據我們的資金需求、市場狀況和其他相關因素，繼續尋找回購股票的機會。

Turning now to recent trends and our outlook for Q4. In October, we saw positive trends in Viator with meaningful acceleration from where we exited the third quarter. At Brand Tripadvisor, our October performance was in line with our third quarter growth rate, with Hotel meta performing largely consistent with where we exited the quarter, which was an improvement from early Q3 trends.

現在談談最近的趨勢和我們對第四季的展望。十月份，我們看到了 Viator 的積極趨勢，在第三季結束時出現了有意義的加速。在 Tripadvisor 品牌，我們 10 月份的業績與第三季的成長率一致，飯店元的業績與我們本季結束時的情況基本一致，這比第三季初期的趨勢有所改善。

Given what we've seen quarter-to-date, our full year 2024 revenue and adjusted EBITDA on a consolidated basis are in line with our previous outlook in August. We expect high single-digit revenue declines at Brand Tripadvisor, while Viator and TheFork will deliver revenue growth higher than expected in our last update. For consolidated adjusted EBITDA, we expect 100 basis points of deleverage year-over-year.

鑑於我們本季迄今所看到的情況，我們的 2024 年全年營收和調整後的 EBITDA 合併後與我們先前 8 月的預期一致。我們預計 Tripadvisor 品牌的收入將出現個位數大幅下降，而 Viator 和 TheFork 的收入成長將高於我們上次更新的預期。對於合併調整後 EBITDA，我們預期去槓桿化將比去年同期下降 100 個基點。

As a result, we expect a sequential acceleration of consolidated revenue growth in Q4 to low to mid-single-digits year-over-year. At Brand Tripadvisor, revenue declines are expected to be flat sequentially, while we expect Viator to accelerate sequentially to mid-teens growth and TheFork to accelerate sequentially to mid-20s growth.

因此，我們預期第四季綜合營收年增速將連續加速至低至中個位數。 Tripadvisor 品牌的收入預計將環比持平，而我們預計 Viator 將環比加速至 10 多歲左右的增長，TheFork 則將環比加速至 20 多歲左右的增長。

For consolidated adjusted EBITDA margin in Q4, we continue to expect deleverage year-over-year. We expect Brand Tripadvisor margins to be approximately 20%, which is primarily due to lower revenue in branded hotels, combined with the lapping of last year's cost actions that drove lower people costs and other discretionary costs.

對於第四季度綜合調整後 EBITDA 利潤率，我們繼續預期年比將去槓桿化。我們預計 Tripadvisor 品牌利潤率約為 20%，這主要是由於品牌酒店收入下降，再加上去年的成本行動推動了人員成本和其他可自由支配成本的下降。

For Viator, we expect margins in the high single digits. And for the fourth, we expect margins roughly flat with Q4 of last year as we are making some incremental growth investments that will largely benefit us next year.

對於 Viator，我們預計利潤率將達到高個位數。對於第四季度，我們預計利潤率與去年第四季大致持平，因為我們正在進行一些增量成長投資，這將在明年使我們受益匪淺。

With that, I'd like to turn the call back over 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) Ben Miller, Goldman Sachs.

（操作員指令）Ben Miller，高盛。

Thanks so much for taking my questions. Just on Brand Trip margins, can you expand on some of the drivers of the margin performance in Q3 and the qualitative puts and takes as we look out into next year, understanding, it sounds like some of the investments were pushed out a bit? Thanks.

非常感謝您回答我的問題。就品牌旅行的利潤率而言，您能否詳細介紹一下第三季度利潤率表現的一些驅動因素以及我們展望明年的定性看跌期權和收益，理解，聽起來有些投資被推遲了一些？謝謝。

Yeah, hey Ben, it's Mike. Yeah, so for Q3, there were a couple of puts and takes in there that we want to call out and be transparent on. I think when we saw the outperformance, it's really was driven by three things, all of relatively equal weighting.

是的，嘿本，我是麥克。是的，所以對於第三季度，我們想要指出並保持透明的一些看跌和接受。我認為，當我們看到表現出色時，它實際上是由三件事驅動的，所有這些因素的權重都相對相等。

One, we certainly did see some outperformance across the assets at Brand Tripadvisor. But two, we saw some -- and two, we saw some normal kind of quarterly accruals that we adjusted that we see in the normal course of business. And three, we did have some market investments that we did build into our forecast that we ultimately ended on not executing on.

第一，我們確實看到了 Tripadvisor 品牌的各項資產表現優異。但第二，我們看到了一些——第二，我們看到了一些正常的季度應計項目，我們根據正常業務過程中的情況進行了調整。第三，我們確實有一些市場投資，我們確實將這些投資納入了我們的預測中，但最終我們沒有執行。

And really that's a result of us being very thorough in our testing and making sure that we continue to have very high conviction in the dollars we roll out. These marketing investments were really in social mid-funnel that we are still very excited about, but we're going to make sure we get it right before we roll these out and would move into -- really into 2025.

事實上，這是我們進行非常徹底的測試並確保我們繼續對我們推出的資金充滿信心的結果。這些行銷投資實際上是在社群管道的中間階段，我們仍然對此感到非常興奮，但我們將確保在推出這些投資之前做好準備，並進入 2025 年。

And again, as I pointed out, it did have a knock-on effect as we think about Q4 as well. Too early to think about the impact to margin for 2025. That's the work we're doing right now. But again, we want to make sure we're transparent with the Q3 movements.

正如我所指出的，當我們考慮第四季時，它確實產生了連鎖反應。考慮 2025 年利潤率的影響還為時過早。但同樣，我們希望確保第三季的走勢是透明的。

Great. And then just as a follow-up. I was curious if you could expand on some of the early learnings from launching the bookable hotel inventory in the app. And -- just any color you can share on what adoptions look like or penetration of the member base that's actually engaged and made a booking?

偉大的。然後作為後續行動。我很好奇您是否可以擴展從在應用程式中啟動可預訂酒店庫存中獲得的一些早期經驗。並且 - 您可以分享任何關於實際參與和預訂的會員基礎的採用情況或滲透情況的顏色嗎？

Yeah. Thank you, Ben. It's Matt. We're excited about what we're doing in the app, and we think that we're taking a differential approach to this. And as we engage with the ecosystem, we're getting good feedback. And so while it's really early, we're seeing some promising signs as we roll out.

是的。謝謝你，本。是馬特。我們對我們在應用程式中所做的事情感到很興奮，我們認為我們正在對此採取不同的方法。當我們參與生態系統時，我們得到了良好的回饋。因此，雖然現在還很早，但我們在推出時看到了一些有希望的跡象。

Members have demonstrated that they really have a preference for hotel booking over the Meta product. And we see that in meaningfully higher click-through rates when they're presented with a booking option and that results in higher revenue per booker, which is multiples higher than a Meta shopper.

會員已經證明，與 Meta 產品相比，他們確實更喜歡酒店預訂。我們發現，當向他們提供預訂選項時，點擊率會顯著提高，從而為每個預訂者帶來更高的收入，比 Meta 購物者高出好幾倍。

We're also seeing a strong propensity to repeat. And the conversion rates are 5 times higher than new users. And so when somebody books, they actually want to book again. And these shoppers are also engaging with other categories as well. So hotel bookers drive material incremental experiences revenue. And they also engage more. They create more trips, they leave more reviews. And so our testing is showing that we can meaningfully drive higher levels of conversion, which has already grown since we launched it. And as we scale, we're not only holding that conversion we have identified opportunities to even drive that conversion higher. So early, but feeling good about it so far.

我們也發現了強烈的重複傾向。且轉換率比新用戶高5倍。因此，當有人預訂時，他們實際上想再次預訂。這些購物者也參與其他類別的購物。因此，飯店預訂者可以推動實質的增量體驗收入。他們也參與得更多。他們創造了更多的旅行，留下了更多的評論。因此，我們的測試表明，我們可以有意義地推動更高水準的轉化，自我們推出以來，轉換率已經在成長。隨著我們規模的擴大，我們不僅保持了這種轉化，而且還發現了甚至可以提高轉化的機會。雖然還早，但到目前為止感覺還不錯。

Great. Thanks so much.

偉大的。非常感謝。

Richard Clarke, Bernstein Richard.

理查德·克拉克，伯恩斯坦·理查德。

Hi. Good afternoon. Thanks for taking my question. I guess if I look at your slide deck you've put out with the release there, on slide 15, it looks like you're expecting online experiences as a market to grow by about a 17% CAGR, but Viator's bookings just growing at about half that at the moment. So just wondering how you're balancing sort of growth versus profitability in that business? And what you expect you can kind of catch up to that what you're putting out as the market level of growth for online experiences?

你好。午安.感謝您提出我的問題。我想，如果我看一下您在幻燈片 15 上發布的幻燈片，您似乎預計在線體驗市場將以 17% 的複合年增長率增長，但 Viator 的預訂量僅以目前大約是這個數字的一​​半。那麼只是想知道您如何平衡該業務的成長與獲利能力？您期望什麼能夠趕上您所公佈的線上體驗市場成長水平？

Yeah, Richard, it's Mike. I'll answer it and Matt can chime in. So listen, I think we all agree that the experiences as a category is growing and expected to grow faster than overall travel for the foreseeable future for some of the obvious reasons around online -- offline to online penetration and moving more online. And so we're very -- and then just general awareness of the category. So, we are excited about the kind of long-term growth nature of the category.

是的，理查德，是麥克。我會回答這個問題，馬特可以插話。 所以聽著，我想我們都同意，體驗作為一個類別正在增長，並且在可預見的未來，由於在線和離線的一些明顯原因，預計將比整體旅行增長得更快在線滲透並更多地轉向在線。因此，我們對該類別的認識非常普遍。因此，我們對該類別的長期成長性質感到興奮。

I'd say a couple of things around experiences for us were large and really as it comes through at Viator, one, when you think about our growth rate this year, I would say, our growth rate, we're pleased with, and a lot of it is very expected. As we've come through a period, particularly last year, where we lapped some meaningful price increases throughout the system. Again, we knew that this year was in line with how we were expecting to grow.

我想說，圍繞我們的經歷的一些事情對我們來說是很大的，而且確實是在Viator 所經歷的，一，當你想到我們今年的成長率時，我會說，我們的成長率，我們感到滿意，而且其中很多都是非常令人期待的。正如我們經歷的一段時期，特別是去年，我們在整個系統中經歷了一些有意義的價格上漲。同樣，我們知道今年的成長符合我們的預期。

And then secondly, which we've talked before, our second revenue in Viator is a mix between a lot of different market strategies, particularly at one of our largest channels being Tripadvisor. And as they really manage for management profitability, they are growing at lower rates than what Viator is.

其次，我們之前已經討論過，我們在 Viator 的第二個收入是許多不同市場策略的結合，特別是在我們最大的通路之一 Tripadvisor。由於他們真正致力於管理盈利，因此他們的成長速度低於 Viator。

So, that's a bit of the history. I think as we look forward, a couple of things. We are pretty pleased about the reacceleration we're seeing in Q4. Some of that clearly is an easier comp on some of the Mid-East activities last year, but we're also seeing good demand. And so we're heartened by that.

所以，這就是歷史的一部分。我認為，當我們展望未來時，有幾件事。我們對第四季度看到的重新加速感到非常高興。其中一些顯然比去年的一些中東活動更容易，但我們也看到了良好的需求。所以我們對此感到鼓舞。

We feel very strong around our ability to capture share next year with ongoing development, both at TA and the optimization work we're doing on that brand as well as the opportunities we have to lap this year and move into the work we're doing across the product at Viator as well, which is funnel optimization, supply extension, et cetera. So, we feel very strongly our ability to capture and play in a meaningful role and grow in line with these -- with the industry.

我們對明年透過持續發展奪取市場份額的能力感到非常強大，無論是在 TA 還是我們正在對該品牌所做的優化工作，以及我們今年必須抓住的機會並進入我們正在做的工作Viator 的產品也是如此，包括通路優化、供應擴展等等。因此，我們非常強烈地感受到我們有能力抓住並發揮有意義的作用，並與這些作用——與行業一起成長。

Yeah. And the only thing I would add is I think industry growth rates right now, last report I saw was in the 10% range. And so if you look at that, online is going to grow faster than off-line and OTAs are going to go faster than online as a whole. And we think we're really well-positioned with the assets that we brought, as I discussed in my prepared remarks. So, we feel really good about the growth trajectory for Viator.

是的。我唯一要補充的是，我認為目前的產業成長率在 10% 的範圍內。因此，如果你仔細觀察，你會發現線上的成長速度將快於線下，而 OTA 的整體發展速度也會快於線上。正如我在準備好的演講中所討論的那樣，我們認為我們所帶來的資產確實處於有利位置。因此，我們對 Viator 的成長軌跡感到非常滿意。

And the last thing I would say from a technical perspective, Richard, is that I think that growth rate includes APAC, which is obviously growing at a faster rate than our target markets.

理查德，從技術角度來看，我要說的最後一件事是，我認為成長率包括亞太地區，該地區的成長速度顯然比我們的目標市場更快。

Understood. And maybe just as a follow-up. You mentioned that there were some restrictions maybe being placed on your ability to buy back shares at the moment. Just any extra color on what that might entail? And any timeframe on when that might be resolved?

明白了。也許只是作為後續行動。您提到目前您回購股票的能力可能受到一些限制。只是可能需要什麼額外的顏色嗎？以及什麼時候可以解決這個問題？

Yeah, Richard, let me try to respond to that one to the best of my ability. Obviously, given our limited participation, we just want to be clear that there are a variety of reasons at any given time why we might be limited in our ability. And one of these reasons is the ongoing consideration of a variety of potential strategic alternatives.

是的，理查德，讓我盡我所能回應這個問題。顯然，鑑於我們的參與有限，我們只是想弄清楚，在任何特定時間，都有多種原因導致我們的能力受到限制。這些原因之一是不斷考慮各種潛在的策略選擇。

But we really can't get into any of the details more than what we've said. We will always look for opportunities to repurchase shares, taking into account our capital needs market conditions and other factors. And I'm sure you can understand, it's very challenging for us to comment any further than this. I hope that's helpful to you.

但除了我們所說的之外，我們確實無法進一步了解任何細節。我們將始終考慮我們的資本需求、市場狀況和其他因素，尋找回購股票的機會。我相信您能理解，對我們來說，對此進行進一步評論是非常具有挑戰性的。我希望這對你有幫助。

No, that’s great. Thanks very much.

不，那太好了。非常感謝。

(Operator Instructions) Naved Khan, B Riley Securities.

（操作員指令）Naved Khan，B Riley Securities。

Good. Thanks so much. So Matt, on your commentary about 2025 and sort of high-level outlook for experiences to grow like the double-digits. If I have to kind of think about balancing growth and profitability and your ability to kind of continue to show margin improvement, what's the right way to think about that for -- specifically for Viator?

好的。非常感謝。馬特，請談談您對 2025 年的評論以及對體驗以兩位數增長的高層展望。如果我必須考慮平衡成長和獲利能力以及您繼續顯示利潤率改善的能力，那麼思考這個問題的正確方法是什麼——特別是對於 Viator？

And then in terms of things you're doing in the Tripadvisor app, maybe just talk about rewards, how are you thinking about that? Is it pretty limited testing you're doing? Or what are you seeing so far with respect to that? Thanks.

然後，就您在 Tripadvisor 應用程式中所做的事情而言，也許只是談論獎勵，您對此有何看法？您正在進行的測試非常有限嗎？或者到目前為止您對此有何看法？謝謝。

Yeah. So let me kick off and then Mike can add on 2025. What I was talking about and what I said was we believe that the category is going to have solid double-digit growth. We also believe that our participation in the category can contribute a higher mix of our overall revenue and profit and really enhance our group financial profile. And we are very excited about the progress that we are making.

是的。那麼，讓我開始，然後麥克可以補充一下 2025 年的情況。我們也相信，我們參與該類別可以為我們的整體收入和利潤做出更高的貢獻，並真正改善我們的集團財務狀況。我們對所取得的進展感到非常興奮。

We're also identifying opportunities that we think we can really attack this category in a different way across areas of product and leveraging our data and thinking about conversion and supply acquisition and international growth. And these are all things where we have multiple assets and capabilities, not the least of which is the Tripadvisor demand in lots of territories where, frankly, in the past, we haven't had the ability to expose the demand to supply that they might want in those territories. So we're really excited about adding supply geographically and categorically to drive that. Mike, do you want to add anything on Viator before I move on to Tripadvisor?

我們還在尋找機會，我們認為我們可以在產品領域以不同的方式真正攻擊這個類別，並利用我們的數據並思考轉換和供應獲取以及國際成長。這些都是我們擁有多種資產和能力的事情，其中​​最重要的是 Tripadvisor 在許多地區的需求，坦白說，在過去，我們沒有能力暴露他們可能提供的需求。因此，我們非常高興能夠在地理上和類別上增加供應來推動這一目標。 Mike，在我前往 Tripadvisor 之前，您想在 Viator 上添加任何內容嗎？

No, I think you covered it well. And again, these are all the investment and growth choices we're working through now, Naved. But again, I emphasize that Matt said around a belief in the category and our assets there.

不，我認為你覆蓋得很好。再次強調，這些都是我們現在正在努力的投資和成長選擇，Naved。但我再次強調，馬特所說的是對這個類別和我們在那裡的資產的信念。

Yes, I think you asked about what we're doing with the Tripadvisor app. And we're really excited about how the app is progressing. And I think I've said this a couple of times in the past. But when I pick up the app, which I do just about every day, it continues to evolve, and it looks very different than it did just a year ago. We are continuing to scale in app booking for hotels for members. We think that the use case of doing it in context with trip planning is proving to drive engagement and monetization.

是的，我想您問過我們正在使用 Tripadvisor 應用程式做什麼。我們對應用程式的進展感到非常興奮。我想我過去已經說過好幾次了。但當我拿起這個應用程式時（我幾乎每天都會這樣做），它會繼續發展，而且看起來與一年前有很大不同。我們正在繼續擴大會員酒店應用程式預訂的規模。我們認為，在旅行計劃的背景下進行此操作的用例已被證明可以推動參與和貨幣化。

We're doing a lot to leverage AI there. And of course, all of that drives us into the ability to drive bookings of both experiences and hotels. Now the rewards piece is a really important piece. And it's a component of what we've said for a long time, which is a free membership is going to be an important part of our engagement strategy. So we've launched the first elements. It enables travelers to earn rewards.

我們正在做很多事情來利用人工智慧。當然，所有這些都促使我們有能力推動體驗和酒店的預訂。現在獎勵部分是非常重要的部分。這是我們長期以來所說的一個組成部分，即免費會員資格將成為我們參與策略的重要組成部分。所以我們推出了第一個元素。它使旅行者能夠獲得獎勵。

And that's different than trying to do something that starts with discounting. And that's, I think, one of the reasons that the ecosystem has responded really well is because we're allowing travelers to earn cash back when they make hotel bookings, we have the ability to do that across categories. We're also testing time Booker offers to incentivize trial. And of course, we're seeing higher levels of conversion and with the associated repeat.

這與嘗試從打折開始做某事不同。我認為，這就是為什麼生態系統反應良好的原因之一，因為我們允許旅客在預訂酒店時賺取現金返還，我們有能力跨類別做到這一點。我們也測試了 Booker 提供的激勵試用的時間。當然，我們看到了更高層次的轉換和相關的重複。

So we feel like that is a really exciting part of what we are delivering, and we're going to continue to test and learn as we scale this out. And this is something we feel really excited about. So watch the app space from here.

因此，我們覺得這是我們所提供的內容中非常令人興奮的部分，我們將在擴大規模的同時繼續測試和學習。這是我們感到非常興奮的事情。因此，請從這裡觀察應用程式空間。

Thank you.

謝謝。

(Operator Instructions) Ron Josey, Citi.

（操作員指令）Ron Josey，花旗銀行。

Hi. This is Robert on for Ron. Thanks for taking the question. First one is on Viator. I know you guys called out strong growth in repeat bookings in the quarter. Can you maybe just elaborate on Viator's direct traffic trends? And then perhaps talk to how you expect Viator's advertising spend to evolve heading into next year?

你好。這是羅伯特替羅恩演的。感謝您提出問題。第一個是 Viator。我知道你們都提到了本季重複預訂的強勁成長。能否詳細說明一下 Viator 的直接流量趨勢？然後也許可以談談您預計 Viator 明年的廣告支出將如何發展？

Yeah. Hey, it's Mike. I'll address this. So listen, I think our repeat growth rate has been fairly consistent for several quarters now, which we're very excited about. And it goes back to what we've been talking about for some time, which is the flywheel of new user acquisition and then working really hard to give those users a great experience and get them to come back to us. And generally, when they do that over time, it becomes cheaper and cheaper.

是的。嘿，這是麥克。我會解決這個問題。所以聽著，我認為我們的重複成長率已經連續幾個季度相當穩定，我們對此感到非常興奮。這又回到了我們一段時間以來一直在討論的問題，即獲取新用戶的飛輪，然後努力為這些用戶提供良好的體驗並讓他們回到我們身邊。一般來說，隨著時間的推移，當他們這樣做時，它會變得越來越便宜。

I would say when we think about our -- I think your question was more around direct cost, I think we have been doing that at very consistent [roas], which we're excited about, and it proves that we're able to continue to again, perpetuate that flywheel.

我想說，當我們考慮我們的- 我認為你的問題更多地圍繞直接成本，我認為我們一直在以非常一致的[投資回報率]做到這一點，我們對此感到興奮，並且它證明我們能夠再次繼續，使飛輪永存。

So, again, an important part of what we're doing. We realize that user acquisition or new users and repeat users, they come to us through many different channels, and we have to be where they are and where they're seeking. And again, we will look to acquire the highest continuation as we possibly can.

因此，這也是我們正在做的事情的重要組成部分。我們意識到，用戶獲取或新用戶和重複用戶，他們透過許多不同的管道找到我們，我們必須在他們所在的地方以及他們正在尋找的地方。再次，我們將尋求盡可能獲得最高的延續性。

On your second question, repeat that again for me, please?

關於你的第二個問題，請再重複一遍，好嗎？

The second question was just how you expect advertising spend to evolve Viator into 4Q and then into 2025 as well?

第二個問題是，您預計 Viator 的廣告支出將如何發展到第 4 季度，然後再發展到 2025 年？

I got it. Thanks. Yeah, so 2025, we're in the plans of thinking through strategies and looking at as it goes back to Naved's question, growth and profitability and what those look like, and we have a lot of choices to do that. I think we've been driving very -- I think, we believe, very good strong growth this year through our diverse marketing strategies.

我得到了它。謝謝。是的，所以到 2025 年，我們計劃思考策略，並考慮回到 Naved 的問題、成長和盈利能力以及這些是什麼樣子，我們有很多選擇來做到這一點。我認為我們今年透過多元化的行銷策略推動了非常強勁的成長。

I think traffic acquisition will continue to be an important part of how we will acquire new and repeat users. I think we're going to be continuing to do more and experiment with more outside of traditional SEM, like mid-funnel and social connected TV, et cetera, and that will continue, we think, be a bigger part of our spend going forward.

我認為流量獲取將繼續成為我們獲取新用戶和回頭客的重要組成部分。我認為我們將繼續在傳統搜尋引擎行銷之外做更多的事情和嘗試更多的事情，例如中間漏斗和社交連接電視等等，我們認為這將繼續成為我們未來支出的更大一部分。

So I think -- I guess, we have very good teams. We've got to go where the intent is, and we'll continue to find those pockets of tent in the lowest cost we possibly can and feel good about the teams doing it.

所以我認為——我想，我們有非常好的團隊。我們必須去我們的意圖所在，我們將繼續以盡可能低的成本找到這些帳篷，並對團隊這樣做感到滿意。

I mean, the only color I want to add is that this is all about this flywheel. It's going and finding the right customers who are going to be high intent, get them onto our product, particularly the app where we're putting focus. And I referenced I referenced because you asked about direct, that we're making real progress there in the fastest growing surface for bookings, and it's almost doubled since 2022.

我的意思是，我唯一想添加的顏色是，這都是關於這個飛輪的。它正在尋找有高度意願的合適客戶，讓他們使用我們的產品，特別是我們重點關注的應用程式。我提到我之所以提到，是因為您詢問了直接預訂的情況，我們在預訂成長最快的領域取得了真正的進展，自 2022 年以來幾乎翻了一番。

And that's because the product is doing the work. So we got to lean into getting the product to do the work. And then, of course, we need to think about how we enhance supply so that flywheel gets rolling. And we feel really good about the progress we're making and our ability to continue to lean into that in a way that will drive the continued accelerated growth that we're starting to see here in the first part of this quarter.

那是因為產品正在發揮作用。因此，我們必須努力讓產品發揮作用。然後，當然，我們需要考慮如何增強供應以使飛輪運轉。我們對我們正在取得的進展以及我們繼續努力的能力感到非常滿意，這將推動我們在本季度第一部分開始看到的持續加速成長。

Great. Thanks a lot.

偉大的。多謝。

(Operator Instructions) Trevor Young, Barclays.

（操作員指示）Trevor Young，巴克萊銀行。

Great. Thanks. First, just tying in to some of the earlier questions around US experiences in particular. It seems like a large competitor is aiming to scale meaningfully here in the US in that category. How is that impacting trends at Viator? Or are you seeing any impact from that at all?

偉大的。謝謝。首先，回答一些早期的問題，特別是關於美國的經驗。似乎一個大型競爭對手的目標是在美國該類別中實現有意義的擴張。這對 Viator 的趨勢有何影響？或者您是否看到了任何影響？

And then second one, just to your comments on international and building inventory there as one lever to flex on the go forward. How should we think about potential order of magnitude of investments to help scale in certain international markets and how that's going to impact margin trajectory in Viator next year and beyond? Thank you.

然後是第二個，只是您對國際和建立庫存的評論，作為前進的槓桿。我們應該如何考慮潛在的投資規模，以幫助擴大某些國際市場的規模，以及這將如何影響 Viator 明年及以後的利潤軌跡？謝謝。

Thanks, Trevor. We've seen competitors getting more vocal about their intentions to aim to take share in our home market. And that's no secret. And we've seen the investment that comes along with it. To an extent, it helps the category as a whole because as travelers become more aware of the experiences category. We think that -- that's a good thing in general because we're going to participate in that growth. But we really think it's important to address our opportunity with discipline and get the right balance of how we think about market share growth and profitability.

謝謝，特雷弗。我們看到競爭對手越來越直言不諱地表達了他們想要在我們的國內市場佔據份額的意圖。這不是什麼秘密。我們已經看到了隨之而來的投資。在某種程度上，它有助於整個類別，因為隨著旅行者對體驗類別的了解越來越多。我們認為，總的來說，這是一件好事，因為我們將參與這種成長。但我們確實認為，有紀律地抓住我們的機會並在我們對市場份額增長和盈利能力的看法之間取得適當的平衡非常重要。

I think the market is certainly large enough to support multiple players. It's not a zero-sum game. We feel really good about our progress. And I think it really helps because we have not only that strong foothold but the largest operator base and really highly-rated products, which we think position us well. And of course, we're taking advantage of the scale demand that the Brand Tripadvisor brings, and we can continue to test learn how to grow the relationship between these two brands.

我認為市場肯定足夠大，足以支持多個參與者。這不是一場零和遊戲。我們對自己的進步感到非常滿意。我認為這確實有幫助，因為我們不僅擁有強大的立足點，而且擁有最大的運營商基礎和真正受到高度評價的產品，我們認為這使我們處於有利地位。當然，我們正在利用品牌 Tripadvisor 帶來的規模需求，我們可以繼續嘗試了解如何發展這兩個品牌之間的關係。

And I'll kick off on the geographic expansion point. We do think there are opportunities to leverage both brands think about adjacent international markets. We can go and look beyond the US consumer. We already have meaningful pockets of demand and frankly, Tripadvisor, the majority of its traffic is ex-US. And there are pockets demand there that we are not meeting today. The Tripadvisor brand is relevant. We know that Viator brings some of that supply. We think we can partner and acquire other elements of supply.

我將從地理擴展點開始。我們確實認為有機會利用這兩個品牌來考慮鄰近的國際市場。我們可以超越美國消費者。我們已經擁有大量需求，坦白說，Tripadvisor 的大部分流量來自美國以外的地區。還有一些我們今天無法滿足的零散需求。 Tripadvisor 品牌具有相關性。我們知道 Viator 帶來了部分供應。我們認為我們可以合作並獲得其他供應要素。

And I think, it's a little early to talk about levels of investment for 2025 because we're doing the work now. I think you will see that be a growth lever and one that we will go after in a thoughtful disciplined way, but we're excited because we can see real growth opportunity.

我認為，現在談論 2025 年的投資水準還為時過早，因為我們現在正在做這項工作。我認為你會看到這是一個成長槓桿，我們將以深思熟慮、紀律嚴明的方式追求這一成長槓桿，但我們很興奮，因為我們可以看到真正的成長機會。

The only thing I'd add to that, you asked specifically about international inventory. I would say, a couple of things. One, we do have a large inventory of experience OTAs out there. EMEA is our largest area of supply makes sense as our North American bookers spend most time in Europe. US a second, and then we have other inventory really throughout the world that we're proud of.

我唯一要補充的是，您特別詢問了國際庫存。我想說，有幾件事。第一，我們確實擁有大量經驗豐富的 OTA。歐洲、中東和非洲地區是我們最大的供應區域，因為我們的北美預訂者大部分時間都在歐洲度過。美國其次，然後我們在世界各地都有其他庫存，我們對此感到自豪。

I think -- as Matt said, we're going to let the data of our users tell us where to build and focus on -- where we focus our supply, and that could be a lot of different things. Our users could tell us that building supply out in certain regions, maybe not inside the biggest cities is very interesting. As Matt said, we have a very interesting opportunity. I think when you think about EMEA since we already have a very large supply base there, do we think more deeply around acquiring EMEA bookers in the region? I think that's something very interesting.

我認為——正如馬特所說，我們將讓用戶的數據告訴我們在哪裡建立和關注——我們將供應重點放在哪裡，這可能是很多不同的事情。我們的用戶可能會告訴我們，在某些地區（也許不在最大的城市內）建立供應是非常有趣的。正如馬特所說，我們有一個非常有趣的機會。我認為，當您考慮歐洲、中東和非洲地區時，因為我們已經在那裡擁有非常龐大的供應基地，我們是否會更深入地考慮收購該地區的歐洲、中東和非洲預訂商？我認為這是非常有趣的事情。

And so we are very focused across investments and experiences around supply, letting data tell us where to go and where to build out for the supply building out in the app and the product experience, and thirdly, smart acquisition, which we do think we can get efficiencies on as we move into next year.

因此，我們非常關注圍繞供應的投資和體驗，讓數據告訴我們該去哪里以及在哪裡構建應用程序和產品體驗中的供應，第三，智能收購，我們確實認為我們可以做到這一點當我們進入明年時，提高效率。

Great. Thank you, both for all that.

偉大的。謝謝你們，謝謝你們。

Yeah, thanks Trevor.

是的，謝謝特雷弗。

(Operator Instructions) Jed Kelly, Oppenheimer.

（操作員說明）傑德·凱利，奧本海默。

Hey, great. Thanks for taking my question. Just going back to some of the things you're seeing in Brand Tripadvisor. Can you help us parse out what's being driven by normalization? And then -- I mean, are you seeing anything from the SEO headwinds that some people have caught some other companies have called out in Google? And then on experiences, just if I kind of try to understand your comments, are you planning on higher investment to reaccelerate growth into '25 for Viator? Thanks.

嘿，太棒了。感謝您提出我的問題。回到您在品牌 Tripadvisor 中看到的一些內容。您能幫助我們解析標準化所驅動的是什麼嗎？然後——我的意思是，你是否從一些人發現的其他公司在谷歌中呼籲的 SEO 逆風中看到了什麼？然後就經驗而言，如果我想嘗試理解您的評論，您是否計劃增加投資以加速 Viator 進入 25 年的成長？謝謝。

Yeah, I'll start. So, on Brand TA, there's really -- and I mean, I'm assuming you're talking about Hotel meta, Jed, and if you want to expand on the experiences piece, please just let me know. But on Hotel meta, there's really not -- there's no incremental we're calling out this call. I think it's well understood around headwinds, both in the paid and free side with the travel serve I think we have been saying for some time, managing this asset for profitability, which we continue to do.

是的，我要開始了。所以，在 Brand TA 上，確實有——我的意思是，我假設你正在談論酒店元，傑德，如果你想擴展體驗部分，請告訴我。但在 Hotel Meta 上，確實沒有——我們沒有增量地呼籲這項呼籲。我認為，在旅遊服務的付費和免費方面，人們已經很好地理解了逆風，我想我們已經說過一段時間了，管理這項資產以實現盈利，我們將繼續這樣做。

But we also continue to find areas to innovate and create a better product for our operators as well. But I don't think that, that we foresee that necessarily changing, but it's all about how we manage this appropriately and think about scaling the growth investments that Matt alluded to earlier.

但我們也持續尋找創新領域，為我們的營運商創造更好的產品。但我不認為我們預見到這種情況一定會改變，但這完全取決於我們如何適當地管理這一點，並考慮擴大馬特之前提到的成長投資。

On experiences, I think if your question is around writ large investments, I just alluded to earlier, I think we have continued -- have had good and sizable investment in the category at Viator. We continue to believe we have a lot of opportunity, particularly in supply and the app. We continue to accelerate the flywheel of smart acquisition into supply, give them a great experience and haven't come back.

關於經驗，我認為如果你的問題是關於巨額投資，我剛才提到過，我認為我們已經在 Viator 的類別中繼續進行了良好且可觀的投資。我們仍然相信我們有很多機會，特別是在供應和應用程式方面。我們繼續加速智慧採購的飛輪進入供應，為他們帶來了很好的體驗，而且還沒有回來。

I think that a lot of the investment is going to depend on locations and targets and where we want to geographically expand, if any. And these are the things we're wrestling with -- or going through in our planning process. I would just say there's a lot of great opportunity we see in front of us, and we have to be disciplined in how we approach it.

我認為許多投資將取決於地點和目標以及我們想要進行地理擴張的地區（如果有的話）。這些都是我們正在努力解決的問題，或者說是我們在規劃過程中正在經歷的事情。我只想說，我們面前有很多巨大的機會，我們必須嚴格對待它。

Yeah, the only thing, Jed, that I would add, it's Matt, is when we think about how we manage through some of those known traffic issues, our history is to be one of the best in the world at optimizing SEO. And I think that we've got a fantastic team, and they do a great job. So, that's going to continue. We're going to continue to optimize that.

是的，傑德，我要補充的唯一一件事是，馬特，當我們思考如何管理一些已知的流量問題時，我們的歷史是成為世界上優化 SEO 最好的之一。我認為我們有一支出色的團隊，他們做得很好。所以，這將繼續下去。我們將繼續優化這一點。

But let's face it's exactly why we put the strategy in place. So, we can address those known issues and really engage people and get them coming and repeating and using our app. So, that feels really good. On experiences, we see multiple growth paths ahead. There are source market opportunities beyond our foothold in the US. There are supply categories where we are underpenetrated. There are geographic opportunities through partnership. And of course, there's also B2B opportunities, additional services for operators and partners. So we see a lot of opportunity there, and we're doing our planning now. But I got to tell you, there is a lot of excitement and enthusiasm about how we're positioned and what 2025 will bring.

但讓我們面對這正是我們制定該策略的原因。因此，我們可以解決這些已知問題並真正吸引人們並讓他們重複使用我們的應用程式。所以，這種感覺真的很好。在經驗方面，我們看到了未來多種成長的路徑。除了我們在美國的立足點之外，還有客源市場機會。在某些供應類別中，我們的滲透率還不夠。透過夥伴關係可以獲得地理機會。當然，還有 B2B 機會以及為營運商和合作夥伴提供的附加服務。所以我們在那裡看到了很多機會，我們現在正在製定計劃。但我必須告訴你們，對於我們的定位以及 2025 年將會帶來什麼，人們充滿了興奮和熱情。

Thank you.

謝謝。

(Operator Instructions) James Lee, Mizuho.

（操作員說明）James Lee，Mizuho。

Great. Thanks for taking my question. One is on overall kind of broader travel trends in general. You guys noted stable booking windows stay. I was wondering any differences by geo, maybe in the US, Europe and APAC? Are you seeing any change in terms of consumer behavior in terms of trading down?

偉大的。感謝您提出我的問題。一是整體上更廣泛的旅行趨勢。你們注意到穩定的預訂窗口保持不變。我想知道地理上有什麼差異，也許是在美國、歐洲和亞太地區？您是否發現消費者在降價消費方面的行為發生了任何變化？

And my second question is more on, Matt, I think you recently commented on the [SCIT] conference that Tripadvisor is shifting from arbitrage economics to engagement economics. Can you maybe a little bit elaborate on that progress and investment you need to make to transition your business? Thanks.

我的第二個問題是，Matt，我想您最近在 [SCIT] 會議上評論說 Tripadvisor 正在從套利經濟學轉向參與經濟學。您能否詳細說明您的業務轉型所需的進展和投資？謝謝。

Thanks, James. All right. You've given me real work to respond to these very detailed and excellent questions. On the macro, overall leisure demand is clearly stable and travel intent remains healthy. Our surveys suggest almost three quarters of travelers intend to travel this winter. And we are seeing and have expected travel to normalize, but booking windows are holding mostly flat. There's some nuance by region. There's some nuance by domestic and international. So we see domestic booking windows have ticked up marginally. International booking windows have contracted very slightly. But we think these things are very slight, likely a function of normalization.

謝謝，詹姆斯。好的。你們給了我真正的工作來回答這些非常詳細和出色的問題。從宏觀來看，整體休閒需求明顯穩定，旅遊意願保持健康。我們的調查顯示，近四分之三的旅客打算在今年冬天旅行。我們看到並預計旅行將恢復正常，但預訂窗口基本上持平。不同地區有一些細微差別。國內和國際有一些細微差別。因此，我們看到國內預訂窗口略有增加。國際預訂窗口略有收縮。但我們認為這些事情非常輕微，可能是正常化的結果。

Experiences booking windows are flat. Length of stay has increased year-on-year, but it has moderated from earlier in the year, but there's marginal growth overall. It's -- we don't see clear trends of trading down. There could be some bifurcation, as I mentioned in my prepared remarks, in travel intent between high-income travelers and middle or low-income travelers.

體驗預訂窗口持平。停留時間年增，但較年初有所放緩，但整體略有成長。我們沒有看到明顯的下跌趨勢。正如我在準備好的發言中提到的，高收入旅行者和中低收入旅行者之間的旅行意圖可能存在一些分歧。

There may be some slowdown in family travel, but look, hotel class Star is stable. And frankly, while price per night growth has trended lower, the declines are moderating in recent months. So I think the macro signals, it's just hard to predict. We've got normalizing inflation, maybe recession risk is declining and traveler concern in some of these areas seem to be subsiding as well. So I think that's the picture. It feels stable and healthy.

家庭出遊可能會有所放緩，但看，酒店星級是穩定的。坦白說，雖然每晚價格成長趨勢有所下降，但近幾個月降幅正在放緩。所以我認為宏觀訊號很難預測。我們已經實現了通貨膨脹正常化，經濟衰退風險可能正在下降，而其中一些地區的旅客擔憂似乎也在消退。所以我認為這就是圖片。給人一種穩定、健康的感覺。

In terms of our shift from arbitrage economics to engagement economics, thank you for asking. We are making progress on Brand Tripadvisor strategy. It's important to remember we're in the middle of a multiyear strategy. And we started off clearly by getting ourselves in a position to deliver and test and learn. We then moved into delivering our product improvements and scaling those improvements, and we are driving engagement. And of course, that is what we are looking to scale to financial impact.

關於我們從套利經濟學轉向參與經濟學的轉變，謝謝您的提問。我們正在 Tripadvisor 品牌策略方面取得進展。重要的是要記住，我們正處於多年戰略之中。我們首先明確地讓自己能夠交付、測試和學習。然後，我們開始提供產品改進並擴大這些改進，並且我們正在推動參與。當然，這就是我們希望擴大財務影響力的目標。

Now some parts of the strategy are delivering that financial impact. I think the experiences category has been a good proof point. And other parts of the strategy are contributing, but just not at the scale where they move the needle and they're early in rollout or they're indirectly contributing by delivering growth and engagement. But we feel really good that we have stabilized and returned to growth, our monthly active users. We like the quarter-to-quarter improvements we're seeing in monthly active members and app users.

現在，該策略的某些部分正在產生財務影響。我認為體驗類別就是一個很好的證明。該策略的其他部分也在做出貢獻，但只是沒有達到他們所推動的規模，而且他們還處於推出的早期，或者他們透過提供成長和參與度來間接做出貢獻。但我們感覺非常好，我們的月度活躍用戶已經穩定並恢復成長。我們喜歡每月活躍會員和應用程式用戶的逐季度改善。

And as I said, we can see that strategy progress in North America, where we've been rolling out our product work and it's fast following in non-US as we roll out further. So it feels like we're in progress. And of course, we are all impatient to translate that into financial performance at scale.

正如我所說，我們可以看到該策略在北美取得了進展，我們一直在北美推出我們的產品工作，隨著我們進一步推出，它在非美國地區也迅速跟進。所以感覺我們正在進步。當然，我們都迫不及待地將其轉化為大規模的財務表現。

Great. Thanks so much.

偉大的。非常感謝。

(Operator Instructions) Kevin Kopelman, TD Cowen.

（操作員說明）Kevin Kopelman，TD Cowen。

Great. Thanks a lot. Could you give us your early thoughts on 2025 for Brand Tripadvisor and how you're thinking about managing the growth versus margins in that segment? Thanks.

偉大的。多謝。您能否向我們介紹一下您對 2025 年 Tripadvisor 品牌的早期想法以及您如何考慮管理該細分市場的成長與利潤？謝謝。

Hey, Kevin, it's Mike. I'll provide a few things. Yeah, so when we think about -- I'll take a step back, when we think about growth in 2025, we're obviously still early, working through our plans. And we very much think about our consolidated as -- our consolidated results as a portfolio, and we see really nice growth prospects for both Viator and TheFork we've talked about.

嘿，凱文，我是麥克。我會提供一些東西。是的，所以當我們考慮 2025 年的成長時，我會退後一步，我們顯然還處於早期階段，正在製定我們的計劃。我們非常重視我們的綜合績效——我們的綜合績效作為一個投資組合，我們看到了我們討論過的 Viator 和 TheFork 的非常好的成長前景。

For TA, this is a continuation of our strategy, which we are getting through the midpoint of right now. And this year was a very big and important year for a lot of product development. And we did a lot of great work developing our planning tool, revamping our app. All of these things we're very excited about. And so when we think about next year, I think there's two basic things we look at.

對 TA 來說，這是我們策略的延續，我們目前正在實施該策略。今年對於許多產品開發來說是非常重要的一年。我們在開發規劃工具、改進我們的應用程式方面做了很多出色的工作。所有這些事情我們都感到非常興奮。因此，當我們考慮明年時，我認為我們會考慮兩個基本問題。

One, we have to acknowledge we would expect there to be continued structural headwinds in our core meta business or we certainly would say would expect volatility there. And then it really turns to how we think about our strategic investments, meaning, the app booking capabilities and experiences, experiences on Tripadvisor.

第一，我們必須承認，我們預期我們的核心元業務將持續存在結構性阻力，或者我們肯定會預期該業務會出現波動。然後，它真正轉向我們如何看待我們的策略性投資、意義、應用程式預訂功能和體驗、Tripadvisor 上的體驗。

And as Matt just said, we have tremendous excitement around what we can drive in these investment areas. And so as such, it's really balancing level of investment and expected growth. We really want to be able to scale the right way with high conviction. It's the reason why we pushed some of the Q3 investment into 2025, because we continue to really iterate and want to get that right, which we are.

正如馬特剛才所說，我們對在這些投資領域能夠推動的事情感到非常興奮。因此，這確實是在投資水準和預期成長之間取得平衡。我們確實希望能夠以正確的方式以堅定的信念擴展。這就是我們將第三季的部分投資推遲到 2025 年的原因，因為我們繼續迭代並希望做到這一點，而我們確實做到了。

And so I think as we think about, certainly, ambition is to return to growth as quickly as possible. It's really around investment levels around that. When you think about some investments that are more LTV-based leaning into faster growth is more investment and more upfront expense.

因此，我認為，正如我們所思考的那樣，我們的目標當然是盡快恢復成長。這實際上與投資水準有關。當你考慮一些更基於生命週期價值的投資時，傾向於更快的成長意味著更多的投資和更多的前期費用。

And so I think these are the things we are putting together as we speak to think about that very important balance between growth and profitability. But we do believe in what we've done this year, the foundation we've laid experimentation work we've done gives us a very good base to think about how we get back to growth in the next few years. I don't know, Matt, do you have anything to add to that?

因此，我認為，當我們思考成長和獲利能力之間非常重要的平衡時，我們正在整理這些內容。但我們確實相信今年所做的事情，我們所做的實驗工作奠定了基礎，為我們思考如何在未來幾年恢復成長奠定了良好的基礎。我不知道，馬特，你還有什麼要補充的嗎？

No, I think that's good.

不，我認為這樣很好。

Thanks Mike, and maybe just a quick follow-up. Yeah, is there anything to call out on the comps with regards to some of the changes that have taken place at Google that may have affected TA in the coming quarters?

謝謝邁克，也許只是一個快速的跟進。是的，關於 Google 發生的一些可能在未來幾季影響 TA 的變化，有什麼值得指出的嗎？

Yeah. I think, Kevin, Google continue to do what Google does. I don't think we really -- we're not calling out anything new or incremental this quarter. They've continued to do a bunch of algos and updates through the year. Our teams are really good at source into those, particularly on the SEO side.

是的。我認為，凱文，谷歌會繼續做谷歌所做的事情。我認為我們本季並沒有提出任何新的或增量的內容。他們全年繼續進行大量演算法和更新。我們的團隊非常擅長這些方面，特別是在 SEO 方面。

And as a brand, TA is a brand that has some of the deepest and most connected content out there. We continue to do really good work around that. But Google continues to put paid ads in the serve. That's a headwind to SEO, and it's an opportunity on the paid side.

作為一個品牌，TA 是一個擁有一些最有深度、最緊密的內容的品牌。我們將繼續圍繞這個問題做出色的工作。但谷歌繼續在服務中投放付費廣告。這對 SEO 來說是一個阻力，但在付費方面卻是一個機會。

On the paid side, we continue to think about relevancy, how we acquire high intent traffic at TA, but with the right cost, right? We've been very disciplined in how we think about our ROIs and that spend. We'll continue to do so as we manage that asset that way, particularly as we want to set ourselves up for thinking about scaling the growth assets that I just mentioned.

在付費方面，我們繼續考慮相關性，如何在 TA 上獲得高意圖流量，但成本合適，對嗎？我們在考慮投資回報率和支出方面一直非常嚴格。當我們以這種方式管理該資產時，我們將繼續這樣做，特別是當我們想要考慮擴大我剛才提到的成長資產時。

Thanks, Matt.

謝謝，馬特。

Yeah. Thanks, Kevin.

是的。謝謝，凱文。

Thank you. This concludes the question-and-answer session. I would now like to turn it back over to Matt Goldberg, CEO, for closing remarks.

謝謝。問答環節到此結束。現在我想將其轉回給執行長 Matt Goldberg 致閉幕詞。

Thanks again, everyone, for joining us today. We look forward to closing the year strong and finalizing our plans for next year. Until then, travel safe.

再次感謝大家今天加入我們。我們期待以強勁的勢頭結束這一年，並最終確定明年的計劃。在那之前，請先安全出行。

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。