Tripadvisor Inc (TRIP) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Tripadvisor's fourth quarter 2024 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Tripadvisor 2024 年第四季電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的發言人，IR 副總裁 Angela White。請繼續。

Thank you, Michelle. Good morning, everyone, and welcome to Tripadvisor's fourth quarter and full year 2024 financial results call. Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO.

謝謝你，米歇爾。大家早安，歡迎參加 Tripadvisor 第四季和 2024 年全年財務績效電話會議。今天與我一起出席的還有總裁兼執行長 Matt Goldberg；以及財務長 Mike Noonan。

Earlier this morning, 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.

今天早些時候，我們提交並發布了收益報告。在該版本中，您將找到非 GAAP 財務指標與本次電話會議中討論的最具可比性的 GAAP 財務指標的對帳表。

Before we begin, I'd like to remind you that this call may contain estimates and other forward-looking statements that represent management's views as of today, February 20, 2025. 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階層截至 2025 年 2 月 20 日的觀點的估計和其他前瞻性陳述。Tripadvisor 不承擔更新這些聲明以反映未來事件或情況的義務。有關可能導致實際結果與這些前瞻性陳述存在重大差異的因素的信息，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。

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

說完這些，我會把電話轉給馬特。

Thanks, Angela, and good morning, everyone. Across Tripadvisor Group, we finished 2024 strong, with results that exceeded our expectations on both the top and bottom line for the fourth quarter and the full year. In Q4, consolidated revenue grew 5% to $411 million, a result of the healthy improvement in growth sequentially across all segments. Adjusted EBITDA was $73 million or 18% of revenue. For the full year, revenue reached $1.8 billion and adjusted EBITDA was $339 million.

謝謝，安琪拉，大家早安。在整個 Tripadvisor 集團，我們在 2024 年取得了強勁的成績，第四季度和全年的營收和淨利潤都超出了我們的預期。第四季度，綜合收入成長 5%，達到 4.11 億美元，這得益於所有部門的環比成長健康改善。調整後的 EBITDA 為 7,300 萬美元，佔營收的 18%。全年營收達 18 億美元，調整後 EBITDA 為 3.39 億美元。

In 2024, we delivered meaningful progress against our strategic priorities and strengthened our revenue and EBITDA mix. Importantly, for the first time, all three segments positively contributed to group profit. And now more than half of our revenue is coming from our growth marketplaces at Viator and TheFork, which together delivered $52 million of incremental adjusted EBITDA versus the prior year.

2024 年，我們在策略重點方面取得了重大進展，並增強了我們的收入和 EBITDA 組合。重要的是，三個部門首次都對集團利潤做出了積極貢獻。現在，我們一半以上的營收來自 Viator 和 TheFork 的成長市場，與前一年相比，這兩個市場的調整後 EBITDA 增量為 5,200 萬美元。

The experiences category is increasingly becoming the strategic and financial center of gravity of the group as we continue to position our unique assets to extend our leadership in this large and fast-growing market. Viator's segment results reflect our ability to grow market share by leveraging our scale, with GBV reaching nearly $4.2 billion in 2024. On the demand side, we continued on our journey to deliver profitable above-market growth, with revenue reaching 14% for the year in growth and accelerated to 16% in Q4.

隨著我們繼續定位我們的獨特資產以擴大我們在這個龐大且快速成長的市場中的領導地位，體驗類別正日益成為集團的策略和財務重心。Viator 的分部表現反映了我們利用規模擴大市場份額的能力，到 2024 年，GBV 將達到近 42 億美元。在需求方面，我們持續實現高於市場的獲利成長，全年營收成長 14%，第四季更是加速至 16%。

Direct booking volume on the Viator point-of-sale grew nearly 30% for the full year, which speaks to the consistent improvements we're making on unit economics as we continue to scale. We put more attention on driving marketing efficiency while investing in critical areas of the consumer-facing product to increase conversion and loyalty. We continue to focus on our mobile app, which was Viator's fastest-growing channel with booking volume up more than 80% for the full year.

Viator 銷售點的直接預訂量全年增長了近 30%，這表明我們在不斷擴大規模的同時，單位經濟效益也在不斷提高。我們更加重視提高行銷效率，同時投資面向消費者的產品的關鍵領域，以提高轉換率和忠誠度。我們繼續專注於我們的行動應用程序，這是 Viator 成長最快的管道，全年預訂量增加了 80% 以上。

On the supply side, the number of operators on our platform grew more than 15%, a testament to the value we provide them. Our supply advantage is a critical asset in driving our third-party partner revenue, which grew more than twice the rate of the overall segment in 2024.

在供給方面，我們平台上的營運商數量增加了15％以上，證明了我們為他們提供的價值。我們的供應優勢是推動我們第三方合作夥伴收入的關鍵資產，到 2024 年，該收入的成長率是整體分部成長率的兩倍以上。

At Brand Tripadvisor, we made significant progress on our engagement led strategy while navigating quarterly variability driven by our legacy offerings, most notably Hotel Meta. The momentum in our strategy and our conviction strengthened throughout the year, supported by tangible progress we saw across key metrics.

在 Brand Tripadvisor，我們在以參與度為主導的策略方面取得了重大進展，同時應對了由我們的傳統產品（尤其是 Hotel Meta）推動的季度變化。在關鍵指標取得實際進展的支持下，我們的策略和信念的勢頭在全年不斷增強。

For example, monthly active users stabilized through the year and grew in our core geographies, a reversal from declines in prior periods. Global monthly active members, an important indicator of engagement grew mid-single digits in 2024 and accelerated in each successive quarter. Monthly active members in the US, where we focus most of our testing and experimentation, grew twice the global rate. Each of these engagement improvements are driven by product changes, enhancements and new features that result in more persistent loyalty with our users, which we believe serves as the foundation for turning Tripadvisor back to near-term growth.

例如，每月活躍用戶數量全年保持穩定，並在我們的核心地區實現成長，扭轉了前期的下滑趨勢。全球每月活躍會員數是參與度的重要指標，2024 年該數量實現了中等個位數成長，且每季都呈現加速成長態勢。我們的測試和實驗主要集中在美國，而美國的每月活躍會員成長速度是全球的兩倍。每項參與度的提升均由產品變化、功能增強和新功能推動，從而讓我們的用戶更加忠誠，我們相信這是讓 Tripadvisor 恢復近期成長的基礎。

Our dining marketplace, TheFork segment, grew revenue a healthy 18% to $181 million and delivered full year profitability for the first time in its history, representing an adjusted EBITDA improvement of $19 million over the last year.

我們的餐飲市場 TheFork 部門營收健康成長 18%，達到 1.81 億美元，並有史以來首次實現全年獲利，調整後 EBITDA 較去年同期成長 1,900 萬美元。

This performance highlights meaningful strategic progress and an important inflection point in the financial trajectory of this business. TheFork is positioned as the leading brand in the European dining market, serving more than 70 million diners and driving nearly EUR2 billion of restaurant spend in 2024.

這項業績凸顯了有意義的策略進展和該業務財務軌跡的重要轉折點。TheFork 是歐洲餐飲市場的領導品牌，服務超過 7,000 萬食客，並在 2024 年推動近 20 億歐元的餐廳消費。

Turning to 2025. We entered the year with encouraging momentum and sharpened focus. Our plan positions the group on a multiyear path to sustainable revenue and EBITDA growth across each segment. We expect to drive the majority of our revenue and an increasing portion of our profit from our growth marketplaces at Viator and TheFork, while Tripadvisor stabilized and improved its financial profile throughout the year on its return to full year growth in 2026.

展望2025年。我們以令人鼓舞的勢頭和更清晰的重點進入新的一年。我們的計劃使集團走上在各部門實現永續收入和 EBITDA 成長的多年之路。我們預計，我們的大部分收入和不斷增長的利潤將來自 Viator 和 TheFork 這兩個成長市場，而 Tripadvisor 將在 2026 年恢復全年成長，從而穩定和改善其財務狀況。

This year, we also expect our experiences revenue to be the largest contributor of revenue to the group for the first time. This progress is consistent with our strategic vision that the experiences category has become increasingly essential to travel plans, and we are uniquely positioned to benefit from its durable secular tailwinds.

今年，我們也預期體驗收入將首次成為集團最大的收入貢獻者。這項進展符合我們的策略願景，即體驗類別對於旅行計劃變得越來越重要，我們處於獨特的位置，可以從其持久的長期順風中受益。

Our Group strategy for experiences is clear. We will enhance our competitive advantage by taking a holistic approach to the category, leveraging the full scope of assets and shared capabilities to build on our leadership position.

我們集團的體驗策略很明確。我們將採取整體方法，充分利用資產和共享能力，鞏固我們的領導地位，從而增強我們的競爭優勢。

This includes the leading OTA Viator, the largest global travel audience at Tripadvisor, and the depth and breadth of supply spanning nearly 400,000 bookable products from more than 65,000 operators globally, all fueled by a powerful data asset. Our teams at Viator and Brand Tripadvisor will accelerate their work together by taking advantage of our differentiators, such as our first-party data scale advantage, trusted global brands and supply relationships.

其中包括領先的 OTA Viator、Tripadvisor 上最大的全球旅行受眾群體，以及來自全球超過 65,000 家運營商的近 400,000 種可預訂產品的深度和廣度，所有這些都由強大的數據資產提供支援。Viator 和 Brand Tripadvisor 的團隊將利用我們的優勢（例如第一方資料規模優勢、值得信賴的全球品牌和供應關係）來加速他們的合作。

For 2025, our strategic focus at Viator starts with delivering the leading customer experience in the category to drive our conversion and loyalty. Last year, we prioritized our investment in product, user experience and data to deliver improvements in search, navigation and product matching, helping travelers more easily find experiences that perfectly meet their needs. As we continue our investments in product and data, we expect to see ongoing improvements in conversion, repeat rates and customer satisfaction.

展望 2025 年，Viator 的策略重點首先是提供同類產品中領先的客戶體驗，以推動我們的轉換率和忠誠度。去年，我們專注於產品、使用者體驗和數據，以改善搜尋、導航和產品匹配，幫助旅客更輕鬆地找到完全滿足他們需求的體驗。隨著我們繼續對產品和數據進行投資，我們期望看到轉換率、重複率和客戶滿意度的持續提高。

We'll continue to increase marketing efficiency by optimizing our marketing channels, attracting and converting high-intent customers and delivering better landing pages and other funnel improvements along the customer journey. We have many assets to leverage, including our cross-brand signals, relevant content and merchandising tools, which together will deliver a better shopping experience to fuel ongoing improvements in our unit economics.

我們將繼續透過優化行銷管道、吸引和轉換有強烈意向的客戶以及在客戶旅程中提供更好的登陸頁面和其他管道改進來提高行銷效率。我們有許多資產可以利用，包括跨品牌訊號、相關內容和行銷工具，這些資產將共同提供更好的購物體驗，推動我們單位經濟的持續改善。

Turning to our supply. We'll continue to focus on building the world's best experiences catalog, expanding choice in key destinations and filling geographic and category gaps to better serve our customers. We'll continue to enhance our tools to help suppliers participate in our marketplace and optimize their bookings. Given the importance supply plays in the travelers' value proposition, we expect investment in supply to benefit conversion and bookings across all points of sale over time.

轉向我們的供應。我們將繼續致力於打造全球最佳體驗目錄，擴大主要目的地的選擇，填補地理和類別空白，以更好地服務我們的客戶。我們將繼續增強我們的工具，以幫助供應商參與我們的市場並優化他們的預訂。鑑於供應在旅行者價值主張中發揮的重要作用，我們預計，隨著時間的推移，對供應的投資將有利於所有銷售點的轉換和預訂。

Finally, these investments will also benefit our ability to grow our third-party partnerships. We value our distribution partnerships as a key channel to reach incremental, profitable demand, that would otherwise be difficult to directly access. By extending the features and functionality of our partner API, we expect to enhance existing partnerships, unlock new relationships and continue to grow our third-party channel at high rates.

最後，這些投資也將有利於我們發展第三方合作關係的能力。我們重視分銷合作夥伴關係，將其視為獲得增量、有利可圖的需求的關鍵管道，否則很難直接獲得這些需求。透過擴展我們的合作夥伴 API 的特性和功能，我們希望加強現有的合作夥伴關係，建立新的關係，並繼續高速發展我們的第三方管道。

Turning now to the Brand Tripadvisor, where we expect 2025 to be the year we shift our trajectory and stabilize our financial profile. We've progressed our transformation methodically over the past few years, managing the known structural challenges of our legacy business, while setting the foundation for the future.

現在談談 Tripadvisor 品牌，我們預計 2025 年將是我們轉變軌跡和穩定財務狀況的一年。過去幾年，我們有條不紊地推動轉型，應對傳統業務已知的結構性挑戰，同時為未來奠定基礎。

In 2023, we focused on establishing the right leadership talent and aligning the organization. Last year, we delivered new product features, developed capabilities to scale our products, stabilize our audience and improved our engagement metrics.

2023年，我們專注於培養合適的領導人才和協調組織。去年，我們推出了新的產品功能，開發了擴展產品的能力，穩定了我們的受眾並提高了我們的參與度指標。

This year, we've continued to align our cost structure to heighten our focus on the areas where we have a high level of conviction to scale financial outcomes. As a starting point, we'll focus on accelerating experiences growth across Tripadvisor-branded services. With hundreds of millions of visitors to our site every month, we have the opportunity to convert more travelers to focus with improvements, including enriched guidance through more visual browsing, checkout enhancements and more relevant recommendations.

今年，我們持續調整成本結構，將重點放在我們堅信能擴大財務成果的領域。作為起點，我們將專注於加速 Tripadvisor 品牌服務的體驗成長。我們的網站每月有數億訪客，我們有機會透過改進吸引更多旅行者，包括透過更多視覺瀏覽、結帳增強功能和更多相關建議來豐富指導。

We will build marketing campaigns around the experiences category as we continue to drive awareness among our large and growing base of travelers looking to plan experiences. We'll also work across the Group to tap growing demand for experiences on Tripadvisor, across underpenetrated geographies and verticals.

我們將圍繞體驗類別開展行銷活動，繼續提高我們龐大且不斷增長的尋求規劃體驗的旅行者群體的認知度。我們也將在整個集團內合作，以滿足尚未普及的地區和垂直產業對 TripAdvisor 體驗日益增長的需求。

Second, we'll continue to drive adoption of our mobile where we provide comprehensive trip planning tools, trusted guidance and seamless multi-category booking capabilities. We plan to expand our hotel booking offering in our app and ramp the availability of bookable hotels focusing on conversion and rewards. We're leveraging AI to facilitate improved guidance and more relevant suggestions through personalized sort and our recently launched chat-based AI Travel Assistant, which surfaces personalized information that helps travelers take action faster. We expect to see our product improvements continue to drive growth in active app users and scale our booking revenue across categories.

其次，我們將繼續推動行動端的普及，提供全面的旅行規劃工具、值得信賴的指導和無縫的多類別預訂功能。我們計劃擴大我們應用程式中的酒店預訂服務，並增加可預訂酒店的可用性，重點關注轉換和獎勵。我們正在利用人工智慧透過個人化分類和我們最近推出的基於聊天的人工智慧旅行助理來提供更好的指導和更相關的建議，它可以提供個人化訊息，幫助旅行者更快地採取行動。我們期望看到我們的產品改進繼續推動活躍應用程式用戶的成長，並擴大我們各個類別的預訂收入。

And third, we'll differentiate and expand awareness of the benefits of our membership offering, which focuses on rewarding our most engaged travelers with personalized offers and the ability to earn and redeem awards across their bookings. We're also testing new content formats to drive traveler engagement that make contributions on our platform easier, such as tips, [lift] and community interactions.

第三，我們將差異化並擴大會員優惠的認知度，重點是透過個人化優惠以及在預訂過程中賺取和兌換獎勵的能力來獎勵我們最投入的旅客。我們也正在測試新的內容格式，以推動旅客參與，使他們更容易在我們的平台上做出貢獻，例如小費、[lift] 和社群互動。

To scale these initiatives, we'll invest in measurable full funnel marketing at Brand Tripadvisor, which we believe will drive financial impact this year while strengthening our trusted brand. Our testing over the last year has given us confidence in our ability to expand awareness of the products yielding deeper engagement and higher monetization, to diversify our acquisition channels and drive more direct traffic and mobile adoption.

為了擴大這些舉措的規模，我們將在 Tripadvisor 品牌上投資可衡量的全通路行銷，我們相信這將在今年帶來財務影響，同時加強我們值得信賴的品牌。過去一年的測試讓我們有信心，我們有能力擴大產品知名度，從而實現更深入的參與和更高的貨幣化，實現我們的獲取管道多樣化，並推動更多直接流量和行動應用。

Now turning to our dining marketplace, TheFork segment, where we'll continue to build on our leadership position in the European dining market while improving our financial profile. In 2025, we'll further leverage the operating efficiencies we achieved last year and accelerate our product innovation, driving balanced growth across both our diner and restaurant offerings.

現在轉向我們的餐飲市場 TheFork 部門，我們將繼續鞏固我們在歐洲餐飲市場的領導地位，同時改善我們的財務狀況。2025年，我們將進一步利用去年實現的營運效率，加速產品創新，推動餐廳和餐飲產品的均衡成長。

On the diner side, we'll focus on driving engagement and conversion through product improvements in our search rankings and bookings flow, including more personalized recommendations. We'll continue to balance marketing investment across social, performance marketing, brand awareness and our dining rewards program to enhance growth and long-term customer retention.

在餐廳方面，我們將專注於透過搜尋排名和預訂流程中的產品改進（包括更個人化的推薦）來推動參與度和轉換率。我們將繼續平衡社交、績效行銷、品牌知名度和餐飲獎勵計劃的行銷投資，以促進成長和長期客戶保留。

On the restaurant side, we'll continue to improve our supply quality, scaling acquisitions through more cost-effective, product-driven strategies to improve the onboarding experience. We've invested in enhancing and modernizing our ERB software, and we expect this to accelerate restaurant usage of the product, providing additional growth opportunities as we increase penetration in our existing and new supply base.

在餐廳方面，我們將繼續提高供應質量，透過更具成本效益、產品驅動的策略擴大收購，以改善入職體驗。我們已投資增強和現代化我們的 ERB 軟體，我們希望這將加速餐廳對該產品的使用，並在我們增加現有和新供應基地的滲透率時提供額外的成長機會。

We're also pleased with the ramping of new partnerships like the ones we recently announced at Mastercard and Vodafone that further diversify our revenue mix. These partnerships underscore the strength of our brand and the opportunity to attract and retain new diners we don't reach elsewhere.

我們也很高興看到新的合作關係的不斷增加，例如我們最近宣布與萬事達卡和沃達豐建立的合作夥伴關係，這進一步豐富了我們的收入結構。這些合作關係凸顯了我們品牌的實力以及吸引和留住我們在其他地方無法接觸到的新食客的機會。

Finally, across all areas of the group, we're leveraging our investment in data and AI to reinforce our unique and privileged position of trust. We believe our proprietary data, content assets and trusted brands will help us create substantial value through new products and meaningful partnerships in a fast-moving landscape. We sit on a treasure trove of data across all categories, from the first-party data of our large and growing logged-in audiences to strong signals of intent, engagement patterns and conversion data across multiple marketplaces.

最後，在集團的所有領域，我們都在利用對數據和人工智慧的投資來鞏固我們獨特且優越的信任地位。我們相信，我們的專有數據、內容資產和值得信賴的品牌將幫助我們在快速變化的環境中透過新產品和有意義的合作夥伴關係創造巨大的價值。我們擁有涵蓋所有類別的大量數據，從龐大且不斷增長的登入受眾的第一方數據，到強烈的意向訊號、參與模式以及跨多個市場的轉換數據。

Our teams have been quick to adapt to the pace of AI innovation, infusing it into a product, leveraging it in our operations to better provide service to our customers and operators, and delivering the most relevant insights and recommendations.

我們的團隊迅速適應了人工智慧創新的步伐，將其融入產品中，並在我們的營運中利用它為我們的客戶和營運商更好地提供服務，並提供最相關的見解和建議。

Across the AI landscape, we've been collaborating with a number of platforms to tap new incremental sources of traffic as we test and learn more about audience engagement and conversion opportunities across our category marketplaces. We're also exploring the intersection of our differentiated content and AI agents to create a seamless way to discover and book on our platform. Our teams are innovating and experimenting to expand our reach through strategic partnerships with select leaders in this dynamic space.

在整個人工智慧領域，我們一直在與多個平台合作，挖掘新的增量流量來源，同時測試並了解更多有關我們類別市場中的受眾參與度和轉換機會的資訊。我們也正在探索差異化內容與人工智慧代理的交集，以創建一種在我們的平台上發現和預訂的無縫方式。我們的團隊正在創新和嘗試，透過與這個充滿活力的領域的精英領導者建立策略合作夥伴關係來擴大我們的影響力。

In addition to the progress we've made across all areas of the business, we also made some important decisions related to capital allocation. And we're on the path to effectively repurchasing a significant portion of shares through an agreement we announced with our controlling shareholder in December. Mike will talk more about this shortly, but I want to be clear. Once this transaction closes, likely in Q2, we will move to a new chapter for Tripadvisor Group with accelerating momentum and strategic flexibility.

除了我們在各個業務領域的進展之外，我們還做出了一些與資本配置相關的重要決策。而且，我們正透過去年 12 月與控股股東達成的協議有效地回購大量股份。麥克很快會就這個問題進行更多討論，但我想說清楚一點。一旦交易完成（可能在第二季），我們將以更快的發展動能和策略彈性開啟 Tripadvisor 集團的新篇章。

2025 is a pivotal year for us. And despite making some hard choices recently, our teams are already well on their way executing with energy, discipline and focus. I want to thank all our employees for their ongoing commitment to our vision to be the most trusted source for travel and experiences.

2025年對我們來說是關鍵的一年。儘管最近做出了一些艱難的選擇，但我們的團隊已經在以充沛的精力、紀律和專注力順利執行任務。我要感謝我們所有的員工，感謝他們始終致力於實現我們的願景，成為最值得信賴的旅行和體驗來源。

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

說完這些，我將把電話轉給麥克。

Thanks, Matt, and good morning. I'll start with a brief update on our new segment disclosures and revised P&L presentation, then I'll review the quarter and full year, and later, we'll provide our outlook for 2025 and Q1. As a reminder, all growth rates are relative to the comparable period of 2023, unless noted otherwise.

謝謝，馬特，早安。我將首先簡要介紹我們新的分部揭露和修訂後的損益表，然後回顧本季和全年，隨後我們將提供 2025 年和第一季的展望。提醒一下，除非另有說明，所有成長率都是相對於 2023 年可比較時期。

First, as part of our earnings release this morning, we provided a table that includes additional segment level details, reflecting our adoption of the new segment expense disclosure guideline. As part of this update, we'll use the opportunity to align our consolidated financials to the same line items, which we believe provides greater transparency between our segment and consolidated results. Now turning to the results for the fourth quarter.

首先，作為今天早上收益報告的一部分，我們提供了一個包含額外分部級別詳細資訊的表格，反映了我們採用了新的分部費用揭露指南。作為此次更新的一部分，我們將利用這個機會將我們的合併財務狀況與相同的項目進行調整，我們相信這將提高我們的分部和合併結果之間的透明度。現在來談談第四季的業績。

Consolidated revenue was $411 million or 5% growth and at the high end of our expectations. Consolidated adjusted EBITDA was $73 million or 18% of revenue and was higher than our expectations due to performance at both Brand Tripadvisor and Viator.

綜合營收為 4.11 億美元，成長 5%，達到我們預期的高點。合併調整後 EBITDA 為 7,300 萬美元，佔營收的 18%，由於 Tripadvisor 和 Viator 品牌的出色表現，該數字高於我們的預期。

At Viator, revenue grew 16% to $186 million, which represented 6 points of sequential growth. The number of experiences booked grew 20%, and gross bookings value, or GBV, grew 17% to approximately $840 million, reflecting healthy travel demand in the quarter, driven by the Viator point-of-sale, which grew faster than total segment experiences booked and GBV.

Viator 的營收成長 16%，達到 1.86 億美元，季增 6 個百分點。預訂體驗數量增加了 20%，總預訂價值 (GBV) 增加了 17%，達到約 8.4 億美元，反映了本季健康的旅遊需求，這主要得益於 Viator 銷售點的推動，其成長速度快於預訂的總分段體驗和 GBV。

As a reminder, total segment growth is a function of relative size, different growth and profit priorities across each point of sale. Our teams continue to leverage the strength of our brands to optimize our experiences offering globally, which we believe is an important differentiator in the category.

提醒一下，整體細分市場成長取決於每個銷售點的相對規模、不同的成長和利潤優先順序。我們的團隊繼續利用我們品牌的優勢來優化我們在全球範圍內提供的體驗，我們相信這是該類別的一個重要的差異化因素。

On the Viator point-of-sale, repeat bookings growth once again outpaced new bookings growth, supporting the ongoing progression of Viator brand's unit economics as these bookings come at lower acquisition costs. Viator adjusted EBITDA was $20 million or 11% of revenue and was slightly better than expectations, primarily due to a nonrecurring credit to expenses related to indirect taxes.

在 Viator 銷售點，重複預訂的成長再次超過新預訂的成長，由於這些預訂的獲取成本較低，支持了 Viator 品牌單位經濟的持續發展。Viator 調整後的 EBITDA 為 2000 萬美元，佔收入的 11%，略好於預期，主要歸因於與間接稅相關的費用的非經常性貸記。

At Brand Tripadvisor, revenue was $204 million, a decline of 6%. Branded hotels revenue was $125 million, a decline of 7% and an improvement over Q3, which exceeded our expectations due to more favorable pricing in Hotel Meta. We saw sequential improvement in both pricing and volume throughout the quarter, in particular in the paid channels.

Tripadvisor 品牌營收為 2.04 億美元，下降 6%。品牌飯店營收為 1.25 億美元，下降 7%，較第三季有所改善，由於 Hotel Meta 的定價更優惠，這超出了我們的預期。我們看到整個季度的價格和銷售都連續改善，特別是在付費管道。

By geography, all regions strengthened throughout the quarter with Rest of World posting the strongest performance with modest growth year-over-year. Media and advertising revenue grew 3% to $36 million. Growth in off-platform revenue, which includes creative offerings and programmatic advertising, more than offset declines in traditional display advertising that correlates to traffic volume, as well as the broader display advertising market, which is growing slower than other advertising formats.

從地理來看，本季所有地區均有所增強，其中世界其他地區表現最為強勁，較去年同期略有成長。媒體和廣告收入成長 3% 至 3,600 萬美元。包括創意產品和程序化廣告在內的平台外收入的增長，遠遠抵消了與流量相關的傳統展示廣告以及增長速度慢於其他廣告形式的更廣泛的展示廣告市場的下滑。

Experiences and dining revenue was $35 million, a decline of 8%. Performance and dining continues to reflect balancing the ongoing product-led transition to a self-service sales model. In experiences, revenue performance continued to be driven by Brand Tripadvisor's segment-specific marketing strategy and ROI targets, as well as the impact of funnel optimization testing we embarked on last year. Importantly, experiences contribution profit margin remained healthy, reflecting stable paid margin ROIs combined with a traffic mix profile that is predominantly free.

體驗和餐飲收入為 3500 萬美元，下降 8%。表演和餐飲繼續體現出平衡正在進行的產品主導向自助銷售模式的轉變。在體驗方面，收入表現持續受到品牌 Tripadvisor 特定細分市場的行銷策略和投資報酬率目標以及我們去年開始的通路優化測試的影響。重要的是，體驗貢獻利潤率保持健康，反映了穩定的付費利潤率投資回報率與以免費為主的流量組合狀況相結合。

Other revenue was $8 million, a decline of approximately $2 million, primarily due to a business model shift in our vacation rental offerings to merchandise supply, solely from partners.

其他收入為 800 萬美元，下降約 200 萬美元，主要原因是我們的度假租賃產品業務模式轉變為僅透過合作夥伴提供的商品供應。

Brand Tripadvisor adjusted EBITDA was $53 million, representing 26% of revenue. Relative to our outlook in November, adjusted EBITDA was higher than our expectations due to stronger volumes in Hotel Meta and prudent fixed cost management across personnel, G&A and technology.

品牌 TripAdvisor 調整後的 EBITDA 為 5,300 萬美元，佔營收的 26%。相對於我們 11 月的展望，調整後的 EBITDA 高於我們的預期，這得益於 Hotel Meta 的銷量強勁，以及在人員、一般及行政開支和技術方面審慎的固定成本管理。

At TheFork, revenue was $48 million or 23% growth and 26% growth in constant currency, up sequentially 6 points or 11 points in constant currency. Growth was driven by strong performance in both booking volumes as well as pricing. In Q4, booking volumes grew 9% with solid growth rates across all of our channels. Strong year-over subscription revenue growth was driven by higher adoption of paid plans and reflective of the meaningful product investments we have made over the past several quarters that's translating to an improved value proposition for our restaurant partners.

TheFork 的營收為 4,800 萬美元，成長 23%，以固定匯率計算成長 26%，比上一季成長 6 個百分點，以固定匯率計算成長 11 個百分點。成長的動力來自於預訂量和定價的強勁表現。第四季度，預訂量成長了 9%，所有通路的成長率都很穩健。強勁的同比訂閱收入成長得益於付費計畫的採用率提高，並反映了我們在過去幾個季度中進行的有意義的產品投資，這意味著我們為餐廳合作夥伴提供了更好的價值主張。

Additionally, Q4 performance benefited from the impact of partnerships with Vodafone and Mastercard, both of which initiated in the second half of 2024. Adjusted EBITDA was in line with expectations at breakeven for the quarter. The operating efficiencies we achieved with personnel and technology costs allowed us to make incremental investments in marketing that we believe will benefit growth in 2025.

此外，第四季的業績受益於與沃達豐和萬事達卡建立合作夥伴關係的影響，這兩家公司的合作均於 2024 年下半年啟動。調整後的 EBITDA 與本季盈虧平衡的預期一致。我們在人員和技術成本方面實現的營運效率使我們能夠在行銷方面進行增量投資，我們相信這將有利於 2025 年的成長。

Turning to consolidated expenses for the quarter. Cost of revenue was 7% of revenue, consistent with last year. Marketing was 30% of revenue, an increase of approximately 500 basis points due to growth in marketing spend at Viator and TheFork, which outpaced consolidated revenue growth. Personnel increased 100 basis points to 36% of revenue, including share-based compensation of approximately $28 million. Absent share-based compensation, personnel was 29% of revenue, flat year-over-year.

談到本季的綜合費用。收入成本佔收入的7%，與去年一致。行銷佔收入的 30%，由於 Viator 和 TheFork 的行銷支出成長而增加了約 500 個基點，其成長速度超過了合併收入的成長。人員支出增加了 100 個基點，達到收入的 36%，其中包括約 2,800 萬美元的股權激勵費用。除去股權激勵，人員支出佔營收的 29%，與去年同期持平。

The increase in share-based compensation of $4 million was primarily due to timing differences in vesting schedules for employee equity grants. The Q4 2023 run rate was lower than usual due to a onetime acceleration of the vesting period of our 2020 company-wide equity grants to two years from four years, as disclosed during 2020.

股權激勵費用增加 400 萬美元，主要是因為員工股權授予歸屬時間表的時間差異。2023 年第四季的運作率低於平時，原因是我們 2020 年全公司股權授予的歸屬期從四年一次性加速至兩年，如 2020 年所揭露的那樣。

Technology and G&A as a percent of revenue were flat year-over-year at 6% and 5%, respectively. As I'll discuss in a moment, we incurred restructuring costs of $21 million as a result of actions initiated in the fourth quarter.

技術和一般及行政費用佔收入的百分比與去年同期相比持平，分別為 6% 和 5%。正如我稍後將討論的那樣，由於第四季度採取的行動，我們產生了 2,100 萬美元的重組成本。

Turning briefly to the full year performance. Consolidated revenue was $1.8 billion or 3% growth. Revenue growth of 14% at Viator and 18% at TheFork was offset by an 8% revenue decline at Brand Tripadvisor. Our consolidated performance in 2024 illustrates our ongoing focus of diversifying our group revenue mix that will fuel long-term revenue and profit growth. In 2024, Viator and TheFork contributed 56% of Group revenue, up from 50% in '23 and 41% in 2022.

簡要回顧全年業績。綜合收入為 18 億美元，成長 3%。Viator 的營收成長了 14%，TheFork 的營收成長了 18%，但被 Brand Tripadvisor 8% 的營收下降所抵銷。我們 2024 年的綜合業績表明，我們持續致力於實現集團收入結構多元化，以推動長期收入和利潤成長。2024 年，Viator 和 TheFork 將貢獻集團收入的 56%，高於 2023 年的 50% 和 2022 年的 41%。

Full year consolidated adjusted EBITDA was $339 million or 18% of revenue, representing very modest deleverage of less than 50 basis points. As with revenue, we see a growing diversification in our consolidated adjusted EBITDA as Viator and TheFork continued incremental $52 million in 2024 versus 2023.

全年綜合調整後 EBITDA 為 3.39 億美元，佔營收的 18%，代表不到 50 個基點的溫和去槓桿率。與收入一樣，我們看到合併調整後 EBITDA 的多樣化程度不斷提高，因為 Viator 和 TheFork 在 2024 年的收入較 2023 年繼續增加 5,200 萬美元。

Adjusted EBITDA growth at Viator and TheFork was largely driven by marketing efficiencies at Viator and prudent personnel cost management at TheFork. Brand Tripadvisor delivered $301 million in adjusted EBITDA, a year-over-year decline due to the aforementioned revenue performance in Hotel Meta, combined with investments in data and AI that support our engagement-led strategy.

Viator 和 TheFork 的調整後 EBITDA 成長主要得益於 Viator 的行銷效率和 TheFork 審慎的人事成本管理。品牌 Tripadvisor 實現調整後 EBITDA 3.01 億美元，較上年同期有所下降，原因是上文提到的 Hotel Meta 的收入表現，以及對支持我們以參與為主導的戰略的數據和人工智能的投資。

Now turning to cash and liquidity. Q4 operating cash flow was negative $2 million and free cash flow was negative $25 million, an improvement of $10 million, driven by a refund from the previously described 2014 to 2016 IRS transfer pricing settlement and growth in deferred merchant payables, partially offset by interest payments and other working capital.

現在轉向現金和流動性。第四季營運現金流為負 200 萬美元，自由現金流為負 2,500 萬美元，改善了 1,000 萬美元，這得益於先前描述的 2014 年至 2016 年 IRS 轉讓定價結算的退款以及遞延商戶應付款的增長，部分被利息支付和其他營運資金所抵消。

For the full year, operating cash flow was $144 million and free cash flow was [$7 million]. The year-over-year decline in operating cash flow and free cash flow were driven primarily by changes in working capital and nonrecurring cash outflows related to the 2014, 2016 IRS transfer pricing settlement and other tax-related impact.

全年營運現金流為 1.44 億美元，自由現金流為[700萬美元]。營運現金流和自由現金流的年減主要是由於2014年、2016年美國國稅局轉讓定價結算和其他稅務相關影響導致的營運資本變動和非經常性現金流出。

We ended the year with approximately $1.1 billion in cash and cash equivalents. During the fourth quarter, we announced a planned merger agreement with Liberty Tripadvisor, which will result in the retirement of approximately 27 million shares and the subsequent issuance of approximately 3 million shares to the Ultra Preferred stockholders. As part of our agreement, we expect total outlays of approximately $400 million in cash. We anticipate the transaction to close in Q2 2025. Details regarding the transaction can be found in the presentation to be posted in December.

截至年底，我們的現金和現金等價物約為 11 億美元。在第四季度，我們宣布了與 Liberty Tripadvisor 達成的合併協議，該協議將導致約 2,700 萬股股票被註銷，並隨後向超優先股股東發行約 300 萬股股票。作為協議的一部分，我們預計總支出約為 4 億美元現金。我們預計交易將於 2025 年第二季完成。有關交易的詳細資訊可以在 12 月發布的簡報中找到。

Now I'd like to turn to recent trends and our outlook for the year. As Matt mentioned in his prepared remarks, our operating teams are focused on executing against a clear set of priorities in 2025 that we believe will position the group for consistent revenue and adjusted EBITDA growth in the medium term and continued diversification of our portfolio. Each segment is well positioned to accelerate its strategic ambition this year that lay the foundation to deliver this financial profile.

現在我想談談最近的趨勢和我們對今年的展望。正如馬特在其準備好的發言中提到的那樣，我們的營運團隊專注於在 2025 年執行一套明確的優先事項，我們相信這將使集團在中期內實現穩定的收入和調整後的 EBITDA 增長，並繼續實現投資組合的多元化。每個部門都已做好準備，在今年加速實現其戰略目標，為實現這一財務狀況奠定基礎。

At Viator, we're investing to improve our products, both travelers and operators, as well as strengthen the depth and breadth of our supply catalog, which we believe will enable durable growth with sustained improvement in marketing efficiency that will drive ongoing margin progression. At Brand Tripadvisor, we'll continue to manage near-term trade-off between growth and process with our strategy progression.

在 Viator，我們正在投資改進我們的產品（包括旅行者和營運商），並加強我們供應目錄的深度和廣度，我們相信這將實現持久增長，持續提高行銷效率，從而推動利潤率持續增長。在 Brand Tripadvisor，我們將繼續透過策略進步來管理成長與流程之間的短期權衡。

In Q4, we initiated a broad restructuring plan that will keep personnel costs flat relative to 2024, while enabling an investment in marketing to begin scaling product led growth initiatives across experiences, the app and membership that levers the product enhancements made last year. At TheFork, we will continue to leverage our investments in the product to drive growth while continuing to drive operating efficiencies to enable ongoing margin expansion.

在第四季度，我們啟動了一項廣泛的重組計劃，將人員成本保持在與 2024 年相比持平的狀態，同時透過對行銷的投資開始擴大以產品為主導的成長計劃，涵蓋體驗、應用程式和會員資格，並利用去年進行的產品增強功能。在 TheFork，我們將繼續利用對產品的投資來推動成長，同時繼續提高營運效率，以實現利潤率的持續擴大。

Now to our outlook. For 2025, we expect consolidated revenue growth of 5% to 7% and adjusted EBITDA margin of 16% to 18%. At Viator, we expect mid- to high-teens booking volume growth, which represents an acceleration from last year and reflects healthy underlying management. For revenue, we expect growth in the low to mid-teens, which incorporates approximately 2 points of FX headwinds at current rates.

現在談談我們的展望。預計 2025 年綜合營收成長率為 5% 至 7%，調整後 EBITDA 利潤率成長率為 16% 至 18%。在 Viator，我們預計預訂量將實現中高水準成長，這比去年同期有所加速，也反映了良好的基礎管理。就收入而言，我們預計成長率將在 15% 左右，按當前匯率計算，這涵蓋了約 2 個點的外匯逆風。

At Brand Tripadvisor, we expect an improvement year-over-year to low single-digit revenue declines. More specifically, we expect stronger year-over-year trends in the second half versus the first half due in part to the difficult first year -- first half year-over-year comps and the impact of our marketing sense. At TheFork, we expect revenue growth in the low double digits, which incorporates approximately 5 points of FX headwinds. On a constant currency basis, we expect stable year-over-year revenue growth.

在 Brand Tripadvisor，我們預期營收降幅將年比改善至個位數的低點。更具體地說，我們預計下半年的同比趨勢將比上半年更為強勁，部分原因是第一年很艱難——上半年的同比趨勢以及我們的行銷意識的影響。在 TheFork，我們預期營收成長率將在兩位數以下，其中包括約 5 個百分點的外匯逆風。以固定匯率計算，我們預期營收將年增。

For consolidated adjusted EBITDA, we expect Viator to nearly double adjusted EBITDA and TheFork to nearly (technical difficulty). At Brand Tripadvisor, the revenue pressure from our legacy offerings will impact margins this year but we continue to manage costs in order to fund incremental investments, which we believe will set us up to accelerate both revenue and adjusted EBITDA growth in 2026. On a consolidated basis, this plan sets a clear path for the Group to accelerate revenue growth and a return to EBITDA growth in 2026.

對於合併調整後 EBITDA，我們預計 Viator 的調整後 EBITDA 將成長近一倍，TheFork 的調整後 EBITDA 將成長近（技術難度）。對於 Tripadvisor 品牌而言，我們原有產品的收入壓力將影響今年的利潤率，但我們將繼續管理成本以資助增量投資，我們相信這將使我們在 2026 年加速收入和調整後 EBITDA 的成長。從綜合來看，該計劃為集團加速收入成長和在 2026 年恢復 EBITDA 成長制定了明確的道路。

Now turning to Q1 2025 guidance. For consolidated revenue, we expect flat to low single-digit decline, which includes currency and holiday timing headwinds of approximately 2 points of growth. For consolidated adjusted EBITDA, we expect margins of approximately 5% to 7% of revenue.

現在轉向 2025 年第一季指引。對於合併收入，我們預計下降幅度將持平至低個位數，其中包括貨幣和假期時間方面的不利因素，這將導致約 2 個點的成長。對於合併調整後 EBITDA，我們預期利潤率約為營收的 5% 至 7%。

At Viator, we expect booking volume growth of 14% to 16% and revenue growth of 9% to 11%, which includes a revenue headwind of approximately 3 points due to holiday timing and approximately 2 points due to FX. For adjusted EBITDA at Viator, we expect margin improvement of approximately 600 basis points.

在 Viator，我們預計預訂量將增長 14% 至 16%，收入將增長 9% 至 11%，其中包括由於假期時間導致的約 3 個百分點的收入下滑和由於外匯導致的約 2 個百分點的收入下滑。對於 Viator 的調整後 EBITDA，我們預期利潤率將提高約 600 個基點。

At Brand Tripadvisor, we've observed stable pricing sequentially quarter-to-date in Hotel Meta but expect revenue decline in the low double digits due largely to a difficult comparison where we had this unusually robust pricing dynamics, which was unique to Q1 2024. For adjusted EBITDA Brand Tripadvisor, we expect margins to decline by approximately 10 points, primarily due to revenue declines and related impact to contribution profit.

在 Brand Tripadvisor 中，我們觀察到 Hotel Meta 本季度迄今為止的定價環比穩定，但預計收入將下降兩位數以下，這主要是由於難以比較，我們遇到了這種異常強勁的定價動態，這是 2024 年第一季度獨有的。對於調整後的 EBITDA 品牌 Tripadvisor，我們預期利潤率將下降約 10 個百分點，主要原因是營收下降以及對貢獻利潤的相關影響。

At TheFork, we expect revenue growth in the low teens which includes headwinds of approximately 5 points from currency and approximately 1 point due to Easter and other calendar timing. For adjusted EBITDA at TheFork, we expect modest margin improvement of approximately 50 basis points. Adjusted EBITDA performance at both TheFork -- at Viator and TheFork reflects typical seasonal investment in marketing [space].

在 TheFork，我們預計收入成長率將在 10% 以下，其中包括貨幣帶來的約 5 個百分點的阻力以及復活節和其他日曆時間帶來的約 1 個百分點的阻力。對於 TheFork 的調整後 EBITDA，我們預計利潤率將小幅提高約 50 個基點。TheFork 的調整後 EBITDA 表現－Viator 和 TheFork 都反映了典型的季節性行銷投資[空間]。

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

說完這些，我想將電話轉回給接線生，開始問答環節。

Stephen Ju, UBS.

瑞銀（UBS）的 Stephen Ju。

Great. So Matt, it looks like you saw some acceleration in the Viator experiences available, growth from about 350,000 to 400,000 during the course of the year. I think that works out to about 4% supply growth. And your gross bookings in the fourth quarter grew about 17%. So can we talk about what might be happening behind the scenes between what might be things that you're doing from a product perspective to hopefully improve conversion rates versus what might be easier comparisons? Thank you.

偉大的。馬特，看起來你看到了 Viator 體驗的加速發展，一年內從約 35 萬增長到了 40 萬。我認為這相當於供應量增加 4% 左右。您第四季的總預訂量成長了約 17%。那麼，我們可以談談幕後可能發生的情況嗎？謝謝。

Yeah. So there's a lot going on at Viator that's driving growth. Obviously, we are starting to really think about how we work between Viator and Tripadvisor experiences together to attack the opportunity holistically. Now Viator is very focused on leaning into product. And so when they think about getting marketing efficiencies, it's both in the way that we're going to diversify our channel mix and the way the product is going to begin to really deliver that experience that will drive repeat and more direct traffic.

是的。Viator 正在進行許多活動來推動其成長。顯然，我們開始認真思考如何結合 Viator 和 Tripadvisor 的體驗，全面抓住機會。現在，Viator 非常注重產品。因此，當他們考慮提高行銷效率時，我們既要考慮如何實現通路組合多樣化，又要考慮如何讓產品真正開始提供能夠帶來重複和更多直接流量的體驗。

So they're focused on seamless product matching and making sure the travelers find the right experiences. That will get them to come back. They're focused on expanding and organizing that catalog as we grow, and that improves sort and recommendation and improves the ability to match supply and demand in as many geographies as possible. They're delivering an intuitive UX. All of that gets people to engage, book more efficiently and then return.

因此，他們專注於無縫產品匹配並確保旅行者找到正確的體驗。這會讓他們回來。他們專注於隨著我們的發展而擴大和組織目錄，從而改善分類和推薦，並提高在盡可能多的地區匹配供需的能力。他們正在提供直覺的使用者體驗 (UX)。所有這些都能讓人們參與、更有效地預訂並再次光臨。

And to enhance that, we're focused on improving our app. Now the app is direct traffic and highly repeating. And the app is all about UX improvements, search, making sure that we go after shared booking details and logistics. And as you said, we're continuing to enhance the supply catalog. And that's both in primary markets, but it's also going to secondary and tertiary markets, starting to think about what other geographies we really want to serve.

為了增強這一點，我們專注於改進我們的應用程式。現在該應用程式流量直接且重複性很高。該應用程式主要致力於用戶體驗 (UX) 改進和搜索，確保我們能夠共享預訂詳情和物流。正如您所說，我們正在繼續增強供應目錄。這不僅針對一級市場，也針對二級和三級市場，開始考慮我們真正想要服務的其他地區。

And of course, we're improving our operating experience and making it easier for operators to onboard and to efficiently participate, to get the data they need to drive their bookings as efficiently as possible. And finally, they are, like all of our teams, focused on leveraging AI in all of the innovation, across search, sorting and other product details.

當然，我們正在改善我們的營運體驗，讓營運商更容易加入並有效參與，以獲取他們所需的數據，以盡可能有效地推動預訂。最後，他們和我們所有的團隊一樣，專注於在所有創新中利用人工智慧，包括搜尋、排序和其他產品細節。

So we're pretty excited about the experiences category. We think we can continue in the long term to progress this at a strong and healthy double-digit CAGR for a long period to come as we expand margins on our path to OTA-like margins down the road.

所以我們對體驗類別感到非常興奮。我們認為，隨著我們不斷擴大利潤率，並在向類似 OTA 的利潤率邁進的道路上不斷前行，我們可以在未來很長一段時間內繼續以強勁而健康的兩位數複合年增長率發展。

Naved Khan, B. Riley Securities.

Naved Khan，B.Riley Securities。

Yes, thank you very much. I just had maybe a bigger picture question around the category. So Airbnb has been talking about launch of experiences this year, and wanted to get your thoughts on what does that mean for category growth and maybe growth for Viator as you have a new entrant kind of creating more awareness and what does it mean for you and how are you thinking about that?

是的，非常感謝。我可能只是對這個類別有一個更大的疑問。Airbnb 今年一直在談論推出體驗項目，想聽聽你們對這對類別成長以及 Viator 的成長意味著什麼的看法，因為你們有新進入者可以創造更多的知名度，這對你們來說意味著什麼，你們是如何看待這一點的？

The other question I have is just around maybe some clarification on Viator margins for 2025. Mike, did you provide some kind of guidance on how much expansion we can expect this year? And what will be the driver for that?

我的另一個問題是，也許需要澄清 2025 年 Viator 的利潤率。麥克，您是否對我們今年的擴張預期提供了一些指導？那麼，推動這現象的因素是什麼呢？

Hey Naved, good to hear from you. I'll take the first question about the category and then I think Mike will follow up with the margin question. Yes, we agree with Airbnb that this is a very big opportunity and we see massive size and growth ahead. We think the interest and the experiences category just speaks to the overall size of the opportunity, but also the customer traveler relevance, and it does, as you suggested, build category awareness, which we think we can benefit from.

嘿，Naved，很高興收到你的來信。我將回答有關類別的第一個問題，然後我想邁克將跟進利潤問題。是的，我們同意 Airbnb 的觀點，這是一個非常大的機會，我們看到未來巨大的規模和成長。我們認為興趣和體驗類別不僅說明了機會的整體規模，也說明了客戶旅客的相關性，而且正如您所說，它確實建立了類別意識，我們認為我們可以從中受益。

We also really like our positioning to continue to lead in the experiences category. We think that focused OTAs have an advantage, especially in this highly fragmented marketplace. We think we're advantaged with the largest scale supply. We've talked about the 400,000 experiences across 65,000 operators. That is not easy to build. Once you have it, you can really leverage it. You can leverage it in the way that you deliver it and match that supply with demand.

我們也非常喜歡我們的定位，並繼續在體驗類別中保持領先地位。我們認為專注的 OTA 具有優勢，尤其是在這個高度分散的市場中。我們認為，我們擁有最大規模供應的優勢。我們已經討論了 65,000 名操作員的 400,000 次體驗。這並不容易建立。一旦你擁有了它，你就可以真正利用它。您可以利用交付方式來發揮其優勢，並使供應與需求相符。

We also think that, as a Group, we have a unique position because we've got Tripadvisor and it's still the largest traveler audience available anywhere. We know that travelers searching for experiences is the largest portion of our traffic and the fastest-growing on Tripadvisor. And we match that with the Viator focus as an OTA, our third-party B2B business, which is growing rapidly, the [revtech] that we have to use, and we really think that we can take a comprehensive approach to this category like nobody else. Mike?

我們也認為，作為一個集團，我們擁有獨特的地位，因為我們擁有 Tripadvisor，而且它仍然擁有最大的旅行者受眾群體。我們知道，尋找體驗的旅行者佔據了我們流量的最大部分，也是 Tripadvisor 上成長最快的部分。我們將這一點與 Viator 作為 OTA 的重點、我們快速成長的第三方 B2B 業務以及我們必須使用的 [revtech] 相匹配，我們真的認為我們可以像其他人一樣對這一類別採取全面的方法。麥克風？

Hey Naved, on the EBITDA guide for full year for Viator, so just to be clear, we've not guided on margins. We were guiding more on a dollar amount, nearly doubled. So I think you can assume that there clearly is margin expansion within that comment. Obviously, margin wouldn't necessarily mean that would nearly double as well. But I think very focused on that dollar amount, particularly with FX headwinds which we anticipated to see this year. So that's how we're trying to frame that for folks.

嘿，Naved，關於 Viator 全年的 EBITDA 指南，需要明確的是，我們沒有對利潤率做出指引。我們的指導金額增加了近一倍。因此我認為您可以假設該評論中明顯存在利潤率擴大。顯然，利潤率並不一定意味著也會翻倍。但我認為重點關注的是美元金額，特別是我們預計今年會出現外匯逆風的情況。這就是我們試圖為人們建立的框架。

And I just want to remind everybody, we're really early in the experiences opportunity. And there's so many different ways to grow, right? The tailwinds that we see in general. But also, as importantly, we think our OTA is in early stages, we're just capturing a very small percentage, and there's opportunities geographically, there's opportunities in categories that we're not currently reaching. So we are very excited about the prospects for ongoing growth in the top and bottom line.

我只是想提醒大家，我們的體驗機會還處於早期階段。而且還有很多種不同的成長方式，對吧？我們總體上看到的順風。但同樣重要的是，我們認為我們的 OTA 還處於早期階段，我們只佔據了很小的份額，並且在地域上存在機會，在我們目前尚未觸及的類別中也存在機會。因此，我們對營業收入和利潤持續成長的前景感到非常興奮。

Got it. And maybe just to understand better the impact of FX, so, in Viator. So is it mostly US tourist kind of going overseas that you get the travel bookings for and that's how you get affected by FX there? Or how should I understand US versus non-US (technical difficulty) on the business?

知道了。也許只是為了更好地理解 FX 的影響，所以，在 Viator 中。那麼，你們的出國旅行預訂主要是美國遊客嗎？或者我該如何理解美國與非美國在業務上的技術難度？

Yeah, Naved, that's right. It's mainly with our euro-denominated business. We have a lot of out-of-the-US travelers that travel to Europe. It's our largest kind of corridor -- travel corridor, so to speak. And so where we may collect in dollars, we remit to operators in euros, and that's what creates the headwind there. And that's, again, not entirely, but it's our biggest order of business, and that's driving approximately 2 points of headwinds.

是的，Naved，沒錯。這主要涉及我們的以歐元計價的業務。我們有很多美國以外的遊客前往歐洲旅遊。可以說，這是我們最大的走廊－旅行走廊。因此，我們雖然以美元收款，但卻以歐元匯給營運商，這就是造成阻力的原因。再說一遍，這並非完全如此，但這是我們最大的業務訂單，這帶來了大約 2 個百分點的阻力。

Thank you, guys.

謝謝你們。

Richard Clarke, Bernstein.

理查克拉克、伯恩斯坦。

Hi, good morning. Thanks for taking my questions. Maybe just firstly, you talked in the opening remarks about growing your members at mid-double digits. And I think a bit later on, you talked about having redeemable rewards for members. So maybe you could just talk about your membership position? How many members do you have today? What percentage of your revenue it is? And who's funding those rewards? Is this a Tripadvisor investment? Or is this something that's coming from your suppliers?

嗨，早安。感謝您回答我的問題。也許首先，您在開場白中談到了以兩位數的中等速度增長會員數量。我想稍後您還會談到為會員提供可兌換的獎勵。那麼您是否可以談談您的會員資格？你們今天有多少名成員？這佔你的收入的百分之多少？那麼這些獎勵的資金由誰來提供呢？這是對 Tripadvisor 的投資嗎？還是這是來自你的供應商的東西？

Thanks, Richard. Appreciate the question. We're really excited about membership. As we mentioned, we have grown membership in the mid-single digit for the year. It's been accelerating quarter-by-quarter. We definitely finished the year in that double-digit growth segment of opportunity.

謝謝，理查。我很感謝你提出這個問題。我們對會員資格感到非常興奮。正如我們所提到的，今年我們的會員數量增加了中等個位數。這一成長速度逐季度都在加速。我們確實在兩位數的成長機會中結束了這一年。

We've talked about membership in the past and said that we had over 130 million members. So when we're talking about growth in membership, we're talking about growth on that base. Membership is something where it's really all about bringing together the reason you would come to the platform and engage, both to contribute and to benefit from those contributions. So our experimentation in the product is actually quite important there.

我們過去曾談到會員資格，並說過我們擁有超過 1.3 億會員。因此，當我們談論會員數量的增長時，我們談論的是基於會員數量的增長。會員資格的真正意義在於匯集您來到平台並參與的原因，既是為了做出貢獻，也是為了從這些貢獻中受益。因此我們對產品的實驗其實非常重要。

We are obviously investing in that space and leveraging AI to drive membership and personalization. And of course, we are adding bookings. We've been booking in experiences and we added hotel bookings, which we talked about last quarter. And we're really excited about what the hotel booking offer can do because the cross-category booking opportunity in our app has proven to be self-reinforcing and drive growth.

我們顯然正在該領域進行投資，並利用人工智慧來推動會員制和個人化。當然，我們正在增加預訂。我們一直在預訂體驗，並且添加了酒店預訂，我們上個季度討論過這個。我們對飯店預訂服務的功能感到非常興奮，因為事實證明，我們應用程式中的跨類別預訂機會能夠自我強化並推動成長。

The rewards are rewards where we take the full price and then return it. We are funding those rewards. And they're proving to be something that creates repeat and stickiness. So we're excited to continue to lean into rewards and expand it across the categories.

這些獎勵是我們收取全額然後回饋的獎勵。我們正在為這些獎勵提供資金。事實證明，它們能夠創造重複性和黏性。因此，我們很高興能夠繼續依靠獎勵並將其擴展到各個類別。

And so this membership, which we will formally launch with more features and functionality this year, should differentiate it for our most valuable travelers and we'll have product improvements, including a wallet, integrated across categories and linking to the web. We'll have these rewards and promotions and, of course, new content contribution formats to reengage our community. So membership is something that we think is critical to our engagement strategy, and we are seeing good growth there.

因此，我們今年將正式推出具有更多特性和功能的會員資格，這將為我們最有價值的旅行者提供差異化服務，並且我們將對產品進行改進，包括跨類別整合和連結到網路的錢包。我們將提供這些獎勵和促銷活動，當然還有新的內容貢獻格式來重新吸引我們的社群。因此，我們認為會員資格對於我們的參與策略至關重要，而且我們在這方面看到了良好的成長。

Just a follow-up. You said in your prepared remarks that once the ownership position is resolved, Tripadvisor will enter a new phase. Just what has been held back by the ownership position? What changes the other side in terms of what you can do running the business? What will do better?

只是後續行動。您在準備好的演講中說過，一旦所有權問題得到解決，Tripadvisor 將進入一個新階段。所有權地位到底阻礙了什麼？從經營業務的角度來看，另一方可以做些什麼改變呢？怎麼做會更好？

Yeah, thanks for asking the question. Without controlled ownership, our capital structure is much cleaner. It's simplified. We think it removes an overhang and gives us more flexibility for how we pursue our vision and our strategy. We are solving for a single class of shareholders.

是的，謝謝你提問。沒有了控制所有權，我們的資本結構就更清楚了。它很簡化。我們認為它消除了一個懸而未決的問題，並為我們追求我們的願景和策略提供了更大的靈活性。我們正在為單一類別的股東解決問題。

We no longer will have any limitations from a controlled shareholder that might have their own views of what level of investments we want to make and what that means for their shareholding. And we see many avenues to create shareholder value ahead, and we think there's a lot of different ways to drive that value in the future.

我們將不再受到受控股東的限制，他們可能對我們想要進行的投資水平以及這對他們的持股意味著什麼有自己的看法。我們看到了許多創造股東價值的途徑，我們認為未來還有很多不同的方法可以推動這種價值。

And we'll continue to operate the business as we always have, to maximize value for shareholders, and we'll always be open-minded about the best way to do that. We see opportunities for organic investments, we see opportunities for M&A. And certainly, we think we'll continue to be as efficient as we can in all of our capital allocation decisions.

我們將繼續一如既往地經營業務，為股東實現價值最大化，並且我們將始終以開放的心態尋找實現這一目標的最佳方式。我們看到了有機投資的機會，我們看到了併購的機會。當然，我們認為我們將繼續盡可能有效率地做出所有資本配置決策。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. Just back to Viator and experiences, the updated TAM figures they are suggesting you expect the category to persist in kind of low double-digit growth territory through '26 and, obviously, a greater shift to online, so maybe online piece growing 12% to 15%. If I heard your '25 guide correctly, high-teens growth implies some share gains there, but obviously, a focus on EBITDA dollars doubling as well. Why not manage that EBITDA dollar growth to a lower level and accelerate your growth there if this really is kind of one of the most attractive areas of online travel?

偉大的。回到 Viator 和體驗，更新後的 TAM 數據表明，預計到 26 年該類別將保持低兩位數增長，而且顯然會更大程度地轉向線上，因此線上部分可能增長 12% 至 15%。如果我沒聽錯，您的 25 年指南中，高十幾歲的增長意味著一些份額會增長，但顯然，EBITDA 美元也會翻倍。如果這確實是網路旅遊最具吸引力的領域之一，為什麼不將 EBITDA 增幅控制在較低水平，並加速成長呢？

And then second question, on the AI side, I think you partnered with Perplexity and it looks like possibly OpenAI with Operator as well. Can you just expand on those partnerships a bit in terms of what you give, what you get in return, anything around deal economics, duration of those arrangements and whether you would intend to do more of these partnerships? Thank you.

第二個問題，在人工智慧方面，我認為您與 Perplexity 合作了，而且看起來 OpenAI 也可能與 Operator 合作了。您能否稍微詳細說明一下這些合作關係，說明您付出了什麼、您得到了什麼回報、交易經濟方面的內容、這些安排的期限，以及您是否打算建立更多這樣的合作關係？謝謝。

Hey Trevor, it's Mike. I'll take the first part and Matt will take the second part. Yes. So it's a great question. We think about trade-offs in growth and profitability. I would say we are making decisions or attempting to make decisions on maximizing growth right? And that means what does that ROI look like on those -- and the customer acquisition, particularly the pay channels. And we think we're making an efficient decision around that, and that has certain payoffs and LTV associated with that acquisition.

嘿，特雷弗，我是麥克。我負責第一部分，馬特負責第二部分。是的。這是一個很好的問題。我們考慮成長和獲利之間的權衡。我想說我們正在做出決定或試圖做出最大化成長的決定，對嗎？這意味著這些方面的投資報酬率（尤其是付費管道的客戶獲取報酬率）是什麼樣的？我們認為我們正在做出有效的決定，而該收購具有一定的回報和 LTV。

So we feel like that spend is efficient. I think some of the margin progression you're seeing is inherent in the model, meaning exactly what we've been talking about, which is drive new user acquisition and get them to repeat. And when we get them to repeat, they come back to us cheaper.

因此我們認為這種支出是有效的。我認為您看到的部分利潤增長是模型所固有的，這意味著我們一直在談論的，即推動新用戶的獲取並讓他們重複消費。當我們讓他們重複購物時，他們會以更低的價格回到我們這裡。

So I think we're pretty happy with where we are on the efficiency scale of our acquisition dollars. And the margin -- I think the modest margin progression you're seeing is as much about the model and repeat dynamics than more about our leaving growth on the table per se. So I think we're pretty happy with the trade-off as we speak.

因此我認為，我們對收購資金的效率感到非常滿意。至於利潤率——我認為，您所看到的適度利潤率成長與模型和重複動態同樣重要，而不是因為我們本身放棄了成長。所以我認為我們對目前的權衡感到非常滿意。

And as we go into, as we've talked about for our 2025 priorities at Viator, we're very excited about the product -- the product investment, which have unfold a whole other way to leverage our marketing expense outside of acquisitions, right? So that's really focusing on conversion, bringing best supply, sorting in the right way, all the things that Matt talked about in his prepared remarks. So we are pretty excited about the continued progression of growth and profitability that really are outside of the market load. Matt?

正如我們在 Viator 討論的 2025 年優先事項中所說的那樣，我們對產品感到非常興奮——產品投資已經展現出另一種方式來利用我們在收購之​​外的營銷費用，對嗎？因此，這實際上側重於轉化，帶來最佳供應，以正確的方式分類，以及馬特在準備好的演講中談到的所有事情。因此，我們對超越市場負荷的成長和獲利的持續進步感到非常興奮。馬特？

Yeah. Thanks for the question. We are so excited about the prospects for AI. And I don't want to be Pollyannish about this, like any new technology with the speed of adoption like AI, it's going to impact every industry and every company in the world. And it definitely has the potential to propel an industry. And we've also seen areas of disruption. I think it's early, but we clearly see an opportunity for AI to be a tailwind both for travel and for us in the way that we innovate.

是的。謝謝你的提問。我們對人工智慧的前景感到非常興奮。我對此並不想過於樂觀，因為像人工智慧這樣發展速度很快的新技術，都會影響到世界上的每個產業和每一家公司。它確實有推動一個產業發展的潛力。我們也看到了一些混亂的領域。我認為現在還為時過早，但我們清楚地看到人工智慧有機會成為旅遊業和我們創新方式的順風。

We think that those companies that are most curious about the potential for AI to best serve customers who have the assets that match up well are going to have opportunities to innovate and grow. And we believe clearly that we're one of those companies for travel for many reasons.

我們認為，那些對利用人工智慧為擁有良好匹配資產的客戶提供最佳服務的潛力最感興趣的公司將擁有創新和發展的機會。我們堅信，由於多種原因，我們是這樣的旅遊公司之一。

We've been aligning the team, making investments in our data, putting AI at the heart of our product innovation and driving productivity across all our areas. And yes, exploring partnerships with the top players in the industry.

我們一直在協調團隊，對數據進行投資，將人工智慧置於產品創新的核心，並提高所有領域的生產力。是的，我們正在探索與產業頂尖企業建立合作關係。

We have advantages. We have a well-recognized and hugely trusted brand. We have the highest-quality content asset and a really strong POI database to leverage to create new opportunities. And we, of course, have our own proprietary first-party data that only we will use.

我們有優勢。我們擁有一個廣受認可和信賴的品牌。我們擁有最高品質的內容資產和真正強大的 POI 資料庫，可以利用它來創造新的機會。當然，我們擁有自己的專有第一方數據，只有我們使用。

And so we're going to do a lot on our own platforms and we're also going to look at partnerships because we think we have a strong position in the ecosystem to go after AI first traffic and search customers, incremental sources of demand and leverage our relationships with trust with our suppliers.

因此，我們將在自己的平台上做很多事情，我們也將考慮合作夥伴關係，因為我們認為我們在生態系統中擁有強大的地位，可以追逐人工智慧優先流量和搜尋客戶、增量需求來源，並利用我們與供應商的信任關係。

Now when you look at Perplexity, which you asked about, we're forging this partnership to leverage all of those assets to really think about the AI first funnel. We're connecting with the users that come through that channel to get access to our trusted guidance and an AI powered experience. We think it's incremental.

現在，當您查看所詢問的 Perplexity 時，我們正在建立這種合作夥伴關係，以利用所有這些資產來真正思考 AI 優先管道。我們正在與透過該管道的用戶建立聯繫，以獲得我們值得信賴的指導和人工智慧驅動的體驗。我們認為這是漸進的。

And I have to say, we're seeing -- and it's early, but we're seeing that this traffic is high intent and they convert higher than typical traffic that we get that is free like this. And so that deal, a deal that we are putting in place to build on. We're starting with hotels. We're going to add experiences and restaurants over time. And we think that we can both tap traffic as well as revenue share, increase brand awareness.

我必須說，我們看到——雖然還為時過早，但我們看到這種流量具有很高的意向性，而且它們的轉換率高於我們獲得的免費典型流量。這就是我們為進一步發展而達成的一項協議。我們從酒店開始。隨著時間的推移，我們將增加體驗和餐廳。我們認為，我們既可以利用流量，也可以增加收入份額，提高品牌知名度。

And yes, there's a licensing component to it. But you know what? We're not looking for short-term licensing dollars. We are looking for creating a long-term, durable position in this ecosystem, and that is what our partnerships are about. You're right. We're collaborating with OpenAI operator because we think there's a huge opportunity here. And we think collaborating allows us to be best positioned favorably as agentic AI emerges. We are going to learn and adapt everything we do to participate in that and bring our proprietary supply to the table, and we're really excited about that.

是的，它有一個許可組件。但你知道嗎？我們不尋求短期的許可資金。我們希望在這個生態系統中建立長期、持久的地位，這就是我們的合作關係的意義所在。你說得對。我們正在與 OpenAI 運營商合作，因為我們認為這裡有巨大的機會。我們認為，合作可以讓我們在代理人工智慧出現時佔據最有利的位置。我們將學習並調整我們所做的一切來參與其中，並提供我們的專有供應，我們對此感到非常興奮。

And yes, we will look at deals that focus on our long-term positioning, traffic, product innovation, a holistic exchange of monetization where we can forge partnerships with the companies that we choose, and we'll have more to announce in the not-so-distant future.

是的，我們將專注於那些專注於我們的長期定位、流量、產品創新、整體貨幣化交易的交易，我們可以與我們選擇的公司建立合作夥伴關係，在不久的將來我們還將宣布更多消息。

And so we're going to do a lot on our own platforms and we're also going to look at partnerships because we think we have a strong position in the ecosystem to go after AI first traffic and search customers, incremental sources of demand, and leverage our relationships of trust with our suppliers. Now when you look at perplexity which you asked about, we're forging this partnership to leverage all of those assets to really think about the AI first funnel.

因此，我們將在自己的平台上做很多事情，我們也將考慮合作夥伴關係，因為我們認為我們在生態系統中擁有強大的地位，可以追逐人工智慧優先流量和搜尋客戶、增量需求來源，並利用我們與供應商的信任關係。現在，當您考慮您所詢問的困惑時，我們正在建立這種合作夥伴關係，以利用所有這些資產來真正思考人工智慧優先管道。

We're connecting with the users that come through that channel to get access to our trusted guidance and an AI powered experience. We think it's incremental, and I have to say we're seeing it's early, but we're seeing that this traffic is high intent and it convert higher than typical. Traffic that we get that that is free like this and so you know that deal is a deal that we are putting in place to build on. We're starting with hotels. We're going to add experiences and restaurants over time and we think that we can both tap traffic as well as revenue share.

我們正在與透過該管道的用戶建立聯繫，以獲得我們值得信賴的指導和人工智慧驅動的體驗。我們認為它是增量的，而且我不得不說我們看到它還處於早期階段，但我們看到這種流量具有很高的意向性並且轉換率高於典型水平。我們獲得的流量是免費的，所以您知道這筆交易是我們正在達成的一項旨在繼續發展的交易。我們從酒店開始。隨著時間的推移，我們將增加體驗和餐廳，我們認為我們既可以利用流量，也可以利用收入份額。

Increase brand awareness and yes, there's a licensing component to it, but you know what? We're not looking for short term licensing dollars. We are looking for creating a long term durable position in this ecosystem, and that is what our partnerships are about. You're right, we're collaborating with OpenAI operator because we think there's a huge opportunity here, and we think collaborating allows us to be best positioned favor.

提高品牌知名度，是的，這其中有一個許可組成部分，但你知道嗎？我們不尋求短期許可資金。我們希望在這個生態系統中建立長期持久的地位，這就是我們的合作關係的意義所在。你說得對，我們正在與 OpenAI 運營商合作，因為我們認為這裡有一個巨大的機會，而且我們認為合作可以讓我們處於最有利的位置。

As agentic AI emerges, we are going to learn and adapt everything we do to participate in that and bring our proprietary supply to the table, and we're really excited about that. And yes, we will look at deals that focus on our long term positioning, traffic, product innovation, a holistic exchange of monetization. Where we can, forge partnerships with the companies that we choose, and we'll have more to announce, in the not so distant future.

隨著代理人工智慧的出現，我們將學習並調整我們所做的一切來參與其中，並提供我們的專有供應，我們對此感到非常興奮。是的，我們將專注於那些專注於我們的長期定位、流量、產品創新和整體貨幣化交易的交易。我們會盡力與我們選擇的公司建立合作關係，在不久的將來，我們還將宣布更多消息。

Great. Thank you both for all that.

偉大的。謝謝你們所做的一切。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Great. This is Dae for Doug. I have two. The first one, you talked about formally launching membership later this year. Could you talk about how that's different than the Tripadvisor Plus offering that you had in the past? And what you expect to include in the membership offering?

偉大的。這是 Dae 為 Doug 準備的。我有兩個。第一個問題，您談到將在今年稍後正式推出會員資格。您能談談這與您過去提供的 Tripadvisor Plus 服務有何不同嗎？您希望會員服務包含哪些內容？

And then secondly, on Brand Tripadvisor returning to positive growth in 2026, could you talk about what needs to happen in 2025 for this to happen? And does that return to growth assumption include a new monetization model?

其次，關於 Tripadvisor 品牌將在 2026 年恢復正成長，您能談談 2025 年需要做些什麼才能實現這一目標嗎？那麼恢復成長假設是否包括新的貨幣化模式？

So we've talked a bit about membership. And let's be clear, what we're talking about here is our free membership offer at Tripadvisor, which is giving those who come in, in a logged-in format, more value and more reasons to engage with us. It's very much about the way that we are evolving our products and content to serve them in a logged-in environment. It is about how we are bringing together cross-category booking that will be rewarded. And it's about giving them more ways to get value out of our platform across all of our all of our categories.

我們討論了一些關於會員資格的問題。讓我們明確一點，我們在這裡談論的是 Tripadvisor 提供的免費會員優惠，該優惠為以登入形式加入的會員提供了更多價值和更多與我們互動的理由。這很大程度上與我們改進產品和內容的方式有關，以便在登入環境中為他們提供服務。它是關於我們如何整合跨類別預訂並獲得獎勵。這是為了給他們更多方式從我們所有類別的平台中獲取價值。

And we feel like adding marketing about that and making people aware of the benefits of that membership is going to continue to drive growth, and we've obviously already seen over the last year really good, strong growth in our membership program.

我們認為增加相關行銷並讓人們意識到會員資格的好處將繼續推動成長，而且我們在過去的一年中顯然已經看到我們的會員計畫取得了非常好的、強勁的成長。

Mike, do you want to hit the second question?

麥克，你想問第二個問題嗎？

Yeah. So if I heard you say, Dae, like kind of what do we see as the key drivers for 2026 EBITDA margin growth at Brand Tripadvisor. It's really a couple of things. And some of them are related to investments. Some of them are -- as we move through investment [pages]. So one is obviously stabilizing Hotel Meta. And I think we continue to work on product, work with our partners to create a great offering there. And that is part of that piece.

是的。所以如果我聽到您說，Dae，我們認為 2026 年 Tripadvisor 品牌 EBITDA 利潤率成長的關鍵驅動因素是什麼。這確實是幾件事。其中一些與投資有關。其中有些是──隨著我們進行投資[頁]。因此顯然一個目標是穩定 Hotel Meta。我認為我們將繼續致力於產品開發，並與我們的合作夥伴一起創造出更出色的產品。這就是那篇文章的一部分。

Second is getting our hotel commerce beginning to scale, and that is what Matt talked about our booking capabilities, hotel capabilities. So getting some modest scale in that will be contributing to margin.

第二是我們的飯店商務開始擴大規模，這就是馬特談到的我們的預訂能力和飯店能力。因此，獲得適度的規模將有助於提高利潤。

Secondly, getting experiences sort back at Brand Tripadvisor. It's a very, very important platform for us. And we spent, as we said in our prepared remarks, we have been spending a lot of time on how to optimize that point of sale, that surface. It's a very different traffic than Viator. It's a massive, massive funnel. It's global, and we've been spending a lot of time of optimizing growth there.

其次，在 Brand Tripadvisor 上取得經驗排序。對我們來說這是一個非常非常重要的平台。正如我們在準備好的發言中所說，我們花了很多時間研究如何優化銷售點和表面。這與 Viator 的交通方式截然不同。這是一個龐大無比的漏斗。它是全球性的，我們花了大量時間來優化其成長。

We have a kind of a tough comp in the first half of the year in experiences growth. but we get past that in the second half of the year this year. And then next year, we're looking to -- in 2026, we'll be looking to -- for that to be a solid contributor to that EBITDA story.

我們在經驗增長方面上半年經歷了一段艱難時期。但我們在今年下半年就克服了這個困難。然後，我們希望在明年——在 2026 年——這能為 EBITDA 做出堅實的貢獻。

Third, it's really -- or fourth is really getting half, and through some of the investments we have been ongoing through data, AI, these are a lot of investments we've had in the last two years that fund all the investments and the things that Matt was talking about in terms of the app, in terms of membership, obviously, as part of that experiences. So getting to that.

第三，或者第四個實際上是獲得一半，透過我們一直在進行的一些投資，透過數據、人工智慧，這些都是我們在過去兩年中進行的大量投資，這些投資為所有投資以及馬特所談論的應用程式、會員方面的事情提供資金，顯然，這是體驗的一部分。所以就這樣吧。

And then lastly, just really comes on a lot of these legacy offerings. We've been saying pretty consistently the last many quarters that we have focused over the last few years. We have deprioritized some of the -- a lot of the legacy business we've had, whether it's car rentals. We just talked about changing our business model in vacation rentals. These create not insignificant EBITDA headwinds. And so we will be lapping and getting past those in 2026.

最後，真正體現在許多這些傳統產品上。我們在過去幾個季度中一直在非常一致地表示，我們重點關注的是過去幾年的情況。我們已經降低了部分——許多遺留業務的優先級，例如汽車租賃。我們剛剛談到改變度假租賃的商業模式。這些都會對 EBITDA 造成不小的阻力。因此，我們將在 2026 年超越這些目標。

So I think we are excited about what we're doing this year. We're excited about how it sets us up for that progression in 2026.

所以我認為我們對今年所做的事情感到非常興奮。我們很高興能看到它為我們在 2026 年的進步做好準備。

All right. Thank you.

好的。謝謝。

James Lee, Mizuho Securities USA.

瑞穗證券美國公司的詹姆斯李 (James Lee)。

Great. Thanks for taking my questions. First one is more big picture, Matt, I was thinking then maybe you could talk about the long-term view on Hotel Meta search. It's clearly a highly debated topic given all the challenges seen over the last couple of years. So how do you think the industry would navigate? And can you talk about maybe the further transformation needed for Tripadvisor?

偉大的。感謝您回答我的問題。首先是更大的圖景，馬特，我在想也許你可以談談對酒店元搜尋的長期看法。考慮到過去幾年所面臨的種種挑戰，這顯然是一個備受爭議的議題。那麼您認為該產業將會如何發展？能談談 Tripadvisor 可能需要進一步轉型嗎？

And second question is about Viator. You guys previously talking about wanting to elaborate, to expand your B2B strategy specifically. Does it make sense to expand kind of beyond OTA, for example, maybe credit card companies to [redeem points]. Thanks.

第二個問題是關於 Viator 的。你們之前談到想要詳細說明，具體擴展你們的 B2B 策略。除了 OTA 之外，還有沒有其他的擴張方式？ 例如，信用卡公司可以[兌換積分]。謝謝。

Hey James, look, in the long term, we think that Meta continues to be a relevant product. And we've said in the past that as long as we are delivering high-quality traffic to our partners and giving them a good investment opportunity, they're going to continue to come. And we've obviously had variability in that line. But I do believe that we've done a lot of good work to stabilize revenue from hotel shoppers across both Meta and hotel booking in the app.

嘿，詹姆斯，看，從長遠來看，我們認為 Meta 仍然是一款相關的產品。我們過去曾說過，只要我們為合作夥伴提供高品質的流量並為他們提供良好的投資機會，他們就會繼續來。而我們在這方面顯然存在著變化。但我相信，我們已經做了很多出色的工作來穩定來自 Meta 和應用程式飯店預訂的飯店購物者的收入。

In Meta, we've done product work that has driven price advantage. Why? Because we're figuring out how to deliver higher-quality leads to our partners, and they are willing to pay more for that. And so I think you will continue to see us lean into that and identify ways that Meta and booking in the app work together, which we also think can drive really good unit economics and average revenue per user.

在 Meta，我們所做的產品工作已經提升了價格優勢。為什麼？因為我們正在研究如何為我們的合作夥伴提供更高品質的潛在客戶，而且他們願意為此支付更多費用。因此，我認為您將繼續看到我們傾向於此並找到 Meta 和應用程式預訂協同工作的方式，我們也認為這可以推動真正良好的單位經濟和每個用戶平均收入。

So we're enthusiastic about it. We think in the long term, it is a player. But we've also said it's not our future growth driver. So as we stabilize the revenue from hotel shoppers, as we accelerate our growth at Tripadvisor experiences, as we scale the impact of our product improvements that are driving engagement and unit economics, we think that, together, that's the profile. We are not trying to return to some kind of a paid -- consumer-paid subscription or anything like that. This is a very thoughtful integrated strategy that we are seeing is working. And so we're enthusiastic about.

因此我們對此充滿熱情。我們認為從長遠來看，這是一個參與者。但我們也說過這不是我們未來的成長動力。因此，隨著我們穩定來自飯店購物者的收入，隨著我們加速 TripAdvisor 體驗的成長，隨著我們擴大推動參與度和單位經濟的產品改進的影響，我們認為，總的來說，這就是概況。我們並不是想恢復某種付費——消費者付費訂閱或類似的東西。這是一個非常周到的綜合策略，我們看到它正在發揮作用。因此我們對此充滿熱情。

Now on Viator, you're right, we have a B2B business that we haven't broken out in the past, but it is growing. And I think I said in my prepared remarks, it grew at twice the rate of the segment as a whole. And we think that we can grow B2B very quickly. We think it's one of our unique advantages. And it's really interesting because we think it's incremental, we think it's additive, it's profitable.

現在關於 Viator，您說得對，我們有一個 B2B 業務，過去我們從未突破過，但它正在成長。我想我在準備好的發言中說過，它的成長速度是整個領域的兩倍。我們認為我們可以非常快速地發展B2B。我們認為這是我們的獨特優勢之一。這真的很有趣，因為我們認為它是漸進的、附加的、有利可圖的。

We think we give tremendous value to our partners. And our supply advantage, which we continue to accelerate, is a key part of bringing people to the table, have a conversation with us, that would be different from anybody else in the world to offer this opportunity. And we think we can continue to enhance our current relationships, add new partners.

我們認為我們為合作夥伴提供了巨大的價值。我們將繼續加速提升我們的供應優勢，這是吸引人們參與、與我們對話的關鍵部分，這與世界上任何其他人提供的機會都不同。我們認為我們可以繼續加強我們目前的關係，並增加新的合作夥伴。

And yes, there are many categories, thanks for mentioning some of them. I tend not to put the new categories to focus out publicly because that's how we're going to grow and I don't necessarily want to signal that to anybody else. But you're absolutely right. There are many, many industries and categories that we have to go to, and geographies, and many of them would be customers that would be hard to reach and acquire and retain on our own. So we're very excited about our third-party B2B business.

是的，有很多類別，感謝您提到其中一些。我傾向於不公開關注新的類別，因為這就是我們的發展方式，我不一定想向任何人表明這一點。但你完全正確。我們需要涉足很多行業、很多類別、很多地區，其中許多客戶是我們自己很難接觸、取得和留住的。因此，我們對我們的第三方 B2B 業務感到非常興奮。

Thank you. And I would like to hand the conference back over to Matt Goldberg for closing remarks.

謝謝。現在我想將會議交還給馬特·戈德堡 (Matt Goldberg) 來做結束語。

Thank you all for joining us on this morning's call. As I think you can see, we're really excited about what 2025 represents for us. In many ways, it's an inflection point in setting the Group up with renewed momentum and strategic flexibility and plans across every part of this business that I know and we're all excited about. I couldn't be more proud of the work we do every day. We're more optimistic about the next phase of growth at Tripadvisor Group. We look forward to seeing you at the next update. Thanks, everyone.

感謝大家參加我們今天上午的電話會議。我想您也看到了，我們對 2025 年帶給我們的意義感到非常興奮。從許多方面來看，這是一個轉捩點，將為集團帶來新的發展動力和戰略靈活性，並為集團業務的各個部分制定計劃，這些我都了解，也都為此感到興奮。我對我們每天所做的工作感到無比自豪。我們對 Tripadvisor 集團下一階段的成長更加樂觀。我們期待在下次更新中見到您。謝謝大家。

This concludes today's conference. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。