Tripadvisor Inc (TRIP) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Janice, and I will be your conference operator today. At this time, I would like to welcome everyone to Tripadvisor's second quarter 2025 conference call. (Operator Instructions)

感謝您的耐心等待。我叫 Janice，今天將擔任您的會議主持人。現在，我歡迎大家參加 Tripadvisor 2025 年第二季電話會議。 （主持人指示）

I would now like to turn the conference over to Angela White, VP of IR. You may begin.

現在，我想將會議交給投資人關係副總裁 Angela White。您可以開始發言了。

Thank you, Janice. Good afternoon, and welcome to Tripadvisor's second quarter 2025 financial results call. Joining me today are Matt Goldberg, President and CEO; and Mike Noonan, CFO. Earlier this afternoon, we filed and made available our earnings release. In that release, you'll find reconciliations of non-GAAP financial measures to the most comparable GAAP measure discussed on this call.

謝謝 Janice。下午好，歡迎參加 Tripadvisor 2025 年第二季財務績效電話會議。今天和我一起參加會議的有總裁兼執行長 Matt Goldberg 和財務長 Mike Noonan。今天下午早些時候，我們提交並發布了業績報告。在這份報告中，您將看到非 GAAP 財務指標與本次電話會議上討論的最具可比性的 GAAP 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, August 7, 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.

在開始之前，我想提醒您，本次電話會議可能包含預估及其他前瞻性陳述，這些陳述代表了管理層截至2025年8月7日的觀點。 Tripadvisor 不承擔更新這些陳述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產生重大差異的因素，請參閱我們的財報以及我們向美國證券交易委員會 (SEC) 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 afternoon, everyone. We're pleased with our Q2 performance. Group revenue grew 7% or 5% in constant currency to $529 million at the upper end of our range. Adjusted EBITDA of $107 million or 20% of revenue exceeded our expectations. In a few minutes, Mike will provide more details on our financial performance and our view of the back half of the year. But first, I want to provide some context about where we're heading.

謝謝，安琪拉，大家下午好。我們對第二季的業績感到滿意。集團營收成長7%，以固定匯率計算成長5%，達到5.29億美元，處於我們預期的上限。調整後的EBITDA為1.07億美元，佔營收的20%，超出了我們的預期。幾分鐘後，麥克將詳細介紹我們的財務表現以及我們對下半年的展望。但首先，我想先介紹一下我們的發展方向。

We've made progress to transform Tripadvisor Group, as evidenced in the shift in our portfolio mix. Our revenue composition has changed meaningfully and is now majority driven by our growth marketplaces at Viator and TheFork. Over the last 12 months, they represented nearly 60% of our revenue, growing at an 18% CAGR and contributed more than $75 million of adjusted EBITDA versus two years ago for the comparable time period, when they represented less than half of our revenue and adjusted EBITDA loss of $61 million.

我們在Tripadvisor集團轉型方面取得了進展，這體現在我們投資組合的轉變上。我們的收入組成發生了重大變化，目前主要由Viator和TheFork這兩個成長平台驅動。在過去12個月中，這兩個平台貢獻了我們近60%的收入，複合年增長率達18%，貢獻了超過7500萬美元的調整後息稅折舊攤銷前利潤（EBITDA）。而兩年前的同期，這兩個平台貢獻了不到一半的收入，調整後息稅折舊攤提前利潤（EBITDA）虧損6,100萬美元。

At the same time, at Brand Tripadvisor, we reinforced our core assets even as we navigate long-standing headwinds to our legacy revenue streams. Tripadvisor's trusted brand, content, proprietary data and insights continue to be valuable assets for the group as we address the ongoing needs of travelers in a dynamic and evolving travel ecosystem.

同時，在Tripadvisor品牌，儘管我們傳統收入來源長期面臨阻力，但我們仍鞏固了核心資產。 Tripadvisor值得信賴的品牌、內容、專有數據和洞察，將繼續成為集團的寶貴資產，協助我們在充滿活力和不斷發展的旅遊生態系統中滿足旅客的持續需求。

As we look ahead, we see an opportunity to build on our momentum by sharpening our focus on experiences, the fastest-growing category in travel. Exploring cultural attractions, local tours and outdoor experiences has become the most important part of the trip. We believe this is a long-term, durable consumer trend, but the category is still fragmented and low awareness.

展望未來，我們抓住機遇，透過進一步聚焦體驗——旅遊業中成長最快的類別——來鞏固我們的發展勢頭。探索文化景點、當地行程和戶外體驗已成為旅行中最重要的部分。我們相信這是一個長期且持久的消費趨勢，但目前該類別仍較為分散，認知度較低。

And as a group, we're better positioned than anyone to win in experiences given our highly trusted consumer brands, differentiated product offerings powered by proprietary data and deep and unique supply with AI embedded at our core. We operate not one but two trusted brands in the category with Tripadvisor serving broad multi-category demand and Viator focusing squarely on the experiences vertical.

作為一個集團，我們憑藉著備受信賴的消費者品牌、由專有數據驅動的差異化產品，以及以人工智慧為核心的深度獨特供應，在體驗領域佔據領先地位。我們經營著不只一個，而是兩個值得信賴的品牌：Tripadvisor 服務於廣泛的多品類需求，而 Viator 則專注於垂直體驗領域。

To capture even more of the market, we see an opportunity to shift away from optimizing for individual brand strategies and operate with an eye towards deeper coordination. This enables us to leverage our group-wide assets across our marketing channels, customer traffic, supply relationships, product, data and technology to drive both growth and efficiency.

為了搶佔更多市場份額，我們意識到機會在於，不再局限於單一品牌策略的最佳化，而是著眼於更深層的協同營運。這使我們能夠充分利用集團在行銷管道、客戶流量、供應關係、產品、數據和技術方面的資產，從而推動成長和效率。

We started to see examples of how this aligned approach delivers real business results. This quarter, we began testing marketing optimization across Tripadvisor and Viator. As part of this effort, we've been exploring ways we can vary our investment by geography and channel, taking advantage of the relative strength of each brand market by market to drive the greatest impact across the group. While still early, these tests have yielded performance gains over our historical brand-centered approach that we're confident can scale.

我們開始看到這種協調一致的策略如何帶來實際的業務成果。本季度，我們開始在 Tripadvisor 和 Viator 上測試行銷優化。作為這項工作的一部分，我們一直在探索如何根據地理和管道調整投資，充分利用每個品牌在不同市場的相對優勢，在整個集團範圍內產生最大的影響。雖然這些測試尚處於初期階段，但相比我們過去以品牌為中心的策略，這些測試已取得了顯著的業績提升，我們相信這些改進可以規模化推廣。

Similarly, as we begin to ramp up our testing velocity, insights from Viator's high-performing booking funnel are improving the user experience and conversion on the Tripadvisor point of sale. Tripadvisor's global audience data and demand signals are helping us target high-intent audiences that drive conversion at Viator. And we're leveraging Tripadvisor's global audience data to better identify where and how to grow Viator's supply footprint.

同樣，隨著我們開始加快測試速度，Viator 高效預訂漏斗的洞察正在提升 Tripadvisor 銷售點的用戶體驗和轉換率。 Tripadvisor 的全球受眾數據和需求訊號正在幫助我們鎖定高意圖受眾，從而推動 Viator 的轉換率。我們正在利用 Tripadvisor 的全球受眾數據，以更好地確定 Viator 的供應覆蓋範圍的擴展方向和方法。

We expect experiments like these to translate into market-leading efficiencies at scale. As we compound our wins, align our brand and marketing approach and coordinate our R&D and supply investments, we unlock more value at the group level. Our combined offering to travelers is unique, inspiration, planning, booking and reengagement, enhancing monetization and creating value for our partners.

我們期待此類實驗能轉化為市場領先的規模效率。隨著我們不斷累積成功經驗，整合品牌和行銷策略，並協調研發和供應投資，我們將在集團層面釋放更多價值。我們為旅客提供獨特的整合服務，涵蓋靈感、規劃、預訂和再互動，從而提升獲利能力，並為合作夥伴創造價值。

Over time, we expect this to drive additional operating leverage and strategic advantage. As we focus on growing our leadership position in experiences, we'll also benefit from our group-wide adoption of AI. This technology is redefining how travelers explore, plan and book their journeys, offering more intelligent and personalized experiences. We're not only successfully integrating AI into our products, we're actively shaping how AI will define the future of travel.

隨著時間的推移，我們預計這將帶來額外的營運槓桿和策略優勢。隨著我們專注於提昇在體驗領域的領導地位，我們也將受益於集團範圍內對人工智慧的採用。這項技術正在重新定義旅客探索、規劃和預訂旅程的方式，提供更智慧和個人化的體驗。我們不僅成功地將人工智慧融入我們的產品，還在積極塑造人工智慧如何定義旅行的未來。

From personalized recommendations to enhanced customer support and productivity across our teams, AI is enabling us to build better experiences faster. We're already bringing this vision to life across our business. For Brand Tripadvisor, AI is powering more intelligent search and discovery and helping travelers navigate our vast amount of content more easily.

從個人化推薦到增強的客戶支援和團隊效率，人工智慧讓我們能夠更快地打造更優質的體驗。我們已經在整個業務領域將這一願景付諸實踐。對於 Tripadvisor 品牌而言，人工智慧正在賦予更聰明的搜尋和發現，幫助旅客更輕鬆地瀏覽我們大量的內容。

At Viator, we're rolling out the use of AI to refine the relevance of search results, improving booking initiation and conversion. At TheFork, we're testing conversational AI to help diners quickly find the right restaurant match and expand our partner base. These enhancements are making our platform smarter, stickier and better tuned to the needs of our users. Our trusted brands, proprietary data and scale also make us a critical partner in the emerging AI search ecosystem, from ChatGPT to Perplexity to traditional search engines evolving their offerings.

在 Viator，我們正在推廣使用人工智慧來優化搜尋結果的相關性，從而提升預訂的啟動和轉換率。在 TheFork，我們正在測試對話式人工智慧，以幫助食客快速找到合適的餐廳，並擴大我們的合作夥伴群。這些增強功能使我們的平台更加智慧、更具黏性，並更好地滿足使用者的需求。我們值得信賴的品牌、專有數據和規模也使我們成為新興人工智慧搜尋生態系統中的關鍵合作夥伴，從 ChatGPT 到 Perplexity，再到正在不斷改進其產品的傳統搜尋引擎。

We recognize that the way consumers will discover and access online sites in the future is changing and we're positioning ourselves to serve them more effectively. Our long-standing expertise in SEO and content optimization gives us a head start as the lines blur between traditional and AI search. And we've been rapidly adapting our products and marketing to drive more direct traffic, engagement and mobile app use.

我們意識到，未來消費者發現和訪問網站的方式正在發生變化，因此我們正致力於更有效地為他們提供服務。在傳統搜尋和人工智慧搜尋界線日漸模糊的今天，我們在搜尋引擎優化 (SEO) 和內容優化方面的長期專業經驗，使我們佔據先機。我們一直在快速調整產品和行銷策略，以提升直接流量、用戶參與度和行動應用程式使用率。

Internally, AI is a catalyst for operational efficiency. We're deploying foundational AI tooling across the enterprise to streamline workflows and increase automation. From content moderation to customer service, we're seeing early productivity gains that we intend to scale. Let me now shift to a few reflections on the most recent quarter.

在公司內部，人工智慧是提升營運效率的催化劑。我們正在整個企業範圍內部署基礎人工智慧工具，以簡化工作流程並提高自動化。從內容審核到客戶服務，我們已經看到了早期的生產力提升，並計劃進一步推廣。現在，我想談談對最近一個季度的一些回顧。

First, in experiences, we've solidified our market position in North America and believe we're well-positioned to drive growth and profit globally. In Q2, experiences booked grew 15% and Viator's adjusted EBITDA more than tripled, strong signals that we're delivering value to our customers, suppliers and partners.

首先，在體驗方面，我們鞏固了在北美的市場地位，並相信我們有能力推動全球成長和獲利。第二季度，預訂的體驗成長了15%，Viator的調整後息稅折舊攤銷前利潤（EBITDA）成長了兩倍多，這有力地表明我們正在為客戶、供應商和合作夥伴創造價值。

On the customer side, Viator's marketing and product flywheel is taking hold. We're targeting high-intent travelers, delivering an improved user experience for them and converting them to bookers. We continue to make tangible gains that remove friction to the shopping experience and drive more travelers to stay, try and buy. This includes more personalized landing pages, sort and availability that are resulting in meaningful improvements in bounce rates, booking initiation rates and conversion. Our R&D efforts are also yielding more direct use. On the Viator point of sale, bookings from direct traffic, including the app, are outpacing other marketing sources.

在客戶方面，Viator 的行銷和產品飛輪正在蓬勃發展。我們瞄準目標客戶是高意願的旅行者，為他們提供更優質的用戶體驗，並將他們轉化為預訂者。我們持續取得實際的進展，消除購物體驗中的障礙，並吸引更多旅客留下來、嘗試並購買。這包括更個人化的落地頁、分類和房源信息，從而顯著降低了跳出率、預訂發起率和轉換率。我們的研發工作也帶來了更多直接使用。在 Viator 銷售點，來自直接流量（包括應用程式）的預訂量正在超過其他行銷管道。

Turning to supply. We continue to lead the category in our breadth, depth and quality of available experiences. We're widening our moat, expanding supply across categories and markets through a variety of operator-focused initiatives such as optimized lead generation, targeted sales and marketing campaigns.

談到供應。我們繼續在體驗的廣度、深度和品質方面引領業界。我們正在拓寬我們的護城河，透過一系列以營運商為中心的措施（例如優化潛在客戶開發、有針對性的銷售和行銷活動）擴大跨類別和市場的供應。

As we onboard new attractions and operators on our platform, we're delivering higher bookings in the first month, a signal that our demand-driven supply acquisition approach is working. Now shifting to our European dining offering. TheFork delivered a strong quarter, demonstrating both operational discipline and continued momentum. Revenue grew 28% or 22% in constant currency to $54 million with healthy performance across both B2C and B2B channels.

隨著我們平台上新增景點和營運商，首月預訂量有所提升，這表明我們以需求為導向的採購模式正在發揮作用。目前，我們正在轉向歐洲餐飲服務。 TheFork 本季業績強勁，展現了其嚴謹的營運紀律和持續的強勁成長勢頭。營收成長 28%，以固定匯率計算成長 22%，達到 5,400 萬美元，B2C 和 B2B 通路均表現良好。

Adjusted EBITDA margin more than doubled year-over-year, reflecting the leverage in the model as we continue to drive growth while managing fixed costs. On the diner side, our marketing investments are focused on optimizing the balance between new diner acquisition and repeat engagement. TheFork mix of performance marketing, brand and loyalty programs are working together effectively.

調整後EBITDA利潤率年增率逾一倍，反映出我們在持續推動成長的同時，在管理固定成本的同時，此模式的槓桿作用得以充分發揮。在餐廳方面，我們的行銷投入著重於優化新餐廳獲取與回頭客互動之間的平衡。 TheFork的績效行銷、品牌和忠誠度計劃組合正在有效協同。

Bookings on TheFork network grew in the low teens, while total bookings grew 9%. App adoption continues to deepen. Nearly 80% of our bookings now come through the app and from repeat diners, a reflection of both product stickiness and cohort quality. On the restaurant side, we continue to expand our offering and drive growth in B2B SaaS and other revenue streams.

TheFork 網路上的預訂量增加了兩位數，而總預訂量增加了 9%。應用程式的普及度持續提升。目前，我們近 80% 的預訂來自應用程式和回頭客，這體現了產品黏性和顧客群品質。在餐廳方面，我們持續拓展服務範圍，並推動 B2B SaaS 和其他收入來源的成長。

B2B revenue more than doubled year-over-year, driven by a growing portion of our restaurant base adopting our premium ERP subscription tier. Total subscription revenue continues to increase as a share of the overall mix, a testament to the value provided by our product and service offering. We also continue to make progress in partnerships, recently launching exclusive dining experiences with Mastercard across Europe. The partnership provides Mastercard holders and TheFork diners exclusive priority access to tables at top-tier restaurants and unique curated dining experiences, such as behind-the-scenes kitchen or cellar tours led by renowned chefs. The progress we've made in partnerships is a testament to our brand and offering in European dining.

B2B 營收年增逾一倍，這得益於越來越多的餐廳採用我們的高級 ERP 訂閱服務。總訂閱收入在整體收入中的佔比持續成長，證明了我們產品和服務的價值。我們也在合作關係方面不斷取得進展，最近與萬事達卡在歐洲各地推出了獨家餐飲體驗。此次合作為萬事達卡持卡人和 TheFork 食客提供了在頂級餐廳優先就餐的專屬權利，以及獨特的精心策劃的用餐體驗，例如由知名廚師帶領的幕後廚房或酒窖之旅。我們在合作關係方面取得的進展，充分證明了我們在歐洲餐飲領域的品牌和服務實力。

Finally, at Brand Tripadvisor, our travel planning and guidance platform. Q2 revenue was $242 million, and adjusted EBITDA was $66 million or 27% of revenue. As we've transitioned this business over the last two years, we've invested prudently to deliver a steady cadence of product improvements to engage our highest value travelers. These are the customers who come to us directly, log in as members, download our app, increasingly book with us and leave high-quality reviews.

最後，說到我們的旅行規劃和指導平台——Tripadvisor。第二季營收為2.42億美元，調整後息稅折舊攤提前利潤（EBITDA）為6,600萬美元，佔營收的27%。在過去兩年裡，隨著這項業務的轉型，我們謹慎投資，持續改進產品，以吸引最有價值的旅客。這些客戶會直接訪問我們的網站，以會員身份登錄，下載我們的應用程序，越來越多地透過我們預訂，並留下高品質的評論。

We see opportunities ahead to narrow our focus to the areas of this strategy that allow us to fully leverage Tripadvisor as a powerful cross-category demand and discovery platform. While we continue to see pressure on our legacy revenue, we've made visible progress in our engagement strategy, driving more members directly into our app, which is the fastest-growing part of our audience.

我們看到未來的機會，可以將重點集中在這項策略的各個領域，從而充分利用Tripadvisor作為強大的跨類別需求和發現平台的優勢。雖然我們傳統的收入仍然面臨壓力，但我們在互動策略方面取得了顯著進展，吸引了更多會員直接使用我們的應用程序，而這部分用戶是我們用戶群體中增長最快的部分。

We like the economics of these app members. While still a small portion of our total volume as they scale, they'll reduce our reliance on paid channels and their average revenue per user or ARPU continues to grow by double digits year-over-year. To deliver more value for our app users, we've also recently rolled out improvements to hotel shopping and our free membership in the US.

我們看好這些應用會員帶來的經濟效益。雖然他們仍占我們總用戶量的一小部分，但隨著規模的擴大，他們將減少我們對付費管道的依賴，而且他們的每位用戶平均收入（ARPU）也持續保持兩位數的同比增長。為了為我們的應用程式用戶帶來更多價值，我們最近也對美國地區的飯店購物和免費會員服務進行了改進。

Designed to be the most flexible rewards program in the travel industry, Tripadvisor Rewards recognizes and rewards travelers for planning, contributing and booking on Tripadvisor. The more travelers interact with the app, the more benefits they receive. TripCash accumulates while planning, booking and offering guidance to other travelers, rewarding their role in the community as well as their bookings across both hotels and experiences.

Tripadvisor Rewards 旨在打造旅遊業最靈活的獎勵計劃，旨在表彰和獎勵在 Tripadvisor 上規劃、貢獻和預訂的旅客。旅行者與應用程式互動越多，獲得的獎勵就越多。 TripCash 將在規劃、預訂和為其他旅客提供指導的過程中累積，獎勵他們在社區中做出的貢獻以及他們在酒店和體驗方面的預訂。

As we close, I want to reiterate why I believe Tripadvisor Group is exceptionally well-positioned to win in the evolving travel landscape. We have unique assets that bring together an unmatched combination of content and data, supply depth and global reach across key categories at different points of the travel journey. Our brands are rooted in trust, relevance and authenticity and millions of travelers rely on us to discover, plan and book their trips.

最後，我想重申為什麼我相信Tripadvisor集團在不斷變化的旅遊格局中佔據著得天獨厚的優勢。我們擁有獨一無二的資產，將無與倫比的內容和數據、豐富的供應資源以及覆蓋旅行旅程各個階段的關鍵類別的全球影響力完美融合。我們的品牌根植於信任、相關性和真實性，數百萬旅行者依靠我們來發現、規劃和預訂他們的旅程。

As the world continues to adopt AI, we're leveraging its full potential to drive our product development, strengthen our position in the ecosystem and power our business. Together, these pillars, unique platform assets, brand trust and AI embedded in everything we do form the foundation of why we believe Tripadvisor Group is extremely well placed to achieve our vision to be the most trusted source for travel and experiences.

隨著全球人工智慧 (AI) 的持續普及，我們正在充分利用其全部潛力來推動產品開發，鞏固我們在生態系統中的地位，並賦能我們的業務。這些支柱、獨特的平台資產、品牌信任以及融入我們各項工作的人工智慧，共同構成了我們堅信 Tripadvisor 集團完全有能力實現「成為最值得信賴的旅行和體驗供應商」這一願景的基石。

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 afternoon. I'll start with a review of our financial performance and later, we'll provide our outlook for Q3 and the full year. As a reminder, all growth rates are relative to the comparable period in 2024, unless noted otherwise. Consolidated revenue in Q2 was in line with expectations at $529 million, a growth of 7% or 5% in constant currency. Consolidated adjusted EBITDA of $107 million or 20% of revenue exceeded expectations, primarily due to more favorable marketing efficiencies at Viator.

謝謝，馬特，下午好。首先，我將回顧我們的財務業績，之後我們將展望第三季和全年業績。提醒一下，除非另有說明，所有成長率均以2024年同期為基準。第二季合併營收符合預期，達5.29億美元，成長7%，以固定匯率計算成長5%。合併調整後EBITDA為1.07億美元，佔營收的20%，超出預期，主要得益於Viator更優的行銷效率。

At Viator, the number of experiences booked grew 15%, in line with expectations for the quarter. We saw stable volume growth sequentially in our largest origin market, North America, and accelerating growth in Europe, reflecting healthy demand. We continue to observe strong volume growth in our third-party points of sale that is outpacing overall segment growth, healthy growth at the Viator point of sale that was relatively in line with overall segment growth and improvements in growth sequentially at the Tripadvisor point of sale.

Viator 的預訂體驗數量增加了 15%，符合本季的預期。我們最大的出發地市場－北美，其銷售量較上季穩定成長，歐洲的成長也呈現加速趨勢，反映出市場需求的穩健成長。我們持續觀察到第三方銷售點的銷售量強勁成長，成長速度超過了整體分部的成長速度；Viator 銷售點的健康成長與整體分部的成長基本一致；Tripadvisor 銷售點的成長也較上季有所改善。

Gross booking value, or GBV, grew 13% or 10% on a constant currency basis to approximately $1.3 billion. Viator revenue grew 11% to $270 million or approximately 9% on a constant currency basis. The difference between the growth in the number of experiences booked and the constant currency revenue growth was primarily due to a higher mix of third-party merchant bookings relative to the second quarter of 2024.

總預訂價值（GBV）成長13%，以固定匯率計算成長10%，達到約13億美元。 Viator營收成長11%，達到2.7億美元，以固定匯率計算成長約9%。預訂體驗數量成長與以固定匯率計算收入成長之間的差異，主要原因是與2024年第二季相比，第三方商家預訂的比例有所提高。

Merchant bookings generally have a lower average booking value, which impacts GBV growth relative to volume growth and also have a lower implied take rate, which impacts revenue growth relative to GBV growth. As a reminder, the bookings that come through third-party merchant channels are immediately profitable and are largely sourced from regions outside of our core markets, which enable us to reach incremental travelers as we continue to scale.

商家預訂的平均預訂價值通常較低，這會影響GBV的成長（相對於預訂量的成長），同時其隱含佣金率也較低，這會影響收入的成長（相對於GBV的成長）。需要提醒的是，透過第三方商家管道獲得的預訂可以立即帶來利潤，而且主要來自我們核心市場以外的地區，這使我們能夠在不斷擴張的同時吸引更多的遊客。

As Matt noted, we see meaningful opportunities to deepen our operational coordination between our Viator and Tripadvisor brands in the experiences category. This extends across product, supply and marketing investments as we focus on accelerating our growth, profitability and competitive positioning with both brands in a way that will sustainably differentiate us in this category in the medium to long term.

正如Matt所言，我們看到了深化Viator和Tripadvisor品牌在體驗領域運作協調的重大機會。這涵蓋產品、供應和行銷投資，我們專注於加速兩個品牌的成長、獲利能力和競爭定位，從而在中長期內保持我們在體驗領域的持續差異化。

Viator's adjusted EBITDA of $32 million or 12% of revenue represented a margin improvement of nearly 800 basis points. Leverage was driven by more efficient marketing spend and continued strong repeat bookings growth on the Viator point of sale. App bookings remained strong and outpaced other channels, resulting in continued share gain in the segment's total booking mix. These trends continue to reinforce our confidence in the long-term margin opportunity for this business at scale.

Viator 調整後息稅折舊攤提前利潤 (EBITDA) 為 3,200 萬美元，佔營收的 12%，利潤率提升近 800 個基點。槓桿率的提升得益於更有效率的行銷支出以及 Viator 銷售點持續強勁的複購預訂成長。 App 預訂保持強勁，並超越其他管道，從而推動該部門整體預訂組合的份額持續成長。這些趨勢持續增強了我們對該業務長期規模化利潤成長機會的信心。

At Brand Tripadvisor, Q2 revenue was $242 million, a decline of 3%. Branded Hotels' revenue of $152 million reflected a growth of 1% and a significant step-up sequentially. Pricing during the quarter was healthy and remained consistent in July, which reflects ongoing product optimizations that are driving higher-value clicks to our partners.

品牌貓途鷹 (Brand Tripadvisor) 第二季營收為 2.42 億美元，下降 3%。品牌飯店 (Branded Hotels) 營收為 1.52 億美元，成長 1%，季減大幅提升。本季定價穩健，7 月保持穩定，這反映出我們持續進行的產品優化，為合作夥伴帶來了更高價值的點擊量。

Volume in paid channels was also healthy in part due to an easy comparable period, while we continue to witness headwinds in free channels, consistent with recent trends. Media and advertising revenue declined 13% to $36 million. Declines were driven by overall traffic volume headwinds and advertising market dynamics, both on and off platform.

付費頻道的流量也保持健康，部分原因是可比時期較為輕鬆，而免費頻道則持續遭遇阻力，這與近期趨勢一致。媒體和廣告收入下降13%，至3,600萬美元。下降的原因是整體流量逆風以及平台內外廣告市場的動態。

Experiences and dining revenue was $45 million, a decline of 7%. Experiences performance improved sequentially throughout the quarter, driven primarily by conversion rate improvements. We expect to see performance continue to improve in the second half of the year as we remain focused on optimization opportunities that we discussed earlier. Although we expect to drive growth increasingly through paid channels, this revenue line will remain profitable as we continue to test, learn and iterate our positioning of our collective assets in this category.

體驗及餐飲收入為4500萬美元，下降7%。體驗業務的業績在本季環比成長，主要得益於轉換率的提升。我們預計下半年業績將繼續改善，因為我們將繼續專注於先前討論過的優化機會。儘管我們預計將透過付費管道進一步推動成長，但隨著我們繼續測試、學習和迭代我們在這一類別中的整體資產定位，該收入線仍將保持盈利。

Brand Tripadvisor's adjusted EBITDA was $66 million, representing 20% of revenue. The deleverage is primarily driven by higher marketing expense as a percent of revenue as we saw a greater mix of paid channels in our hotel and experience offerings, which only was partially offset by lower personnel costs.

Tripadvisor 品牌的調整後息稅折舊攤提前利潤 (EBITDA) 為 6,600 萬美元，佔營收的 20%。去槓桿主要源自於行銷費用佔收入的比重上升，因為我們發現飯店和體驗產品中付費管道的混合度有所提升，但人員成本的下降僅部分抵消了這一影響。

At TheFork, Q2 revenue was $54 million or 20% growth and 22% growth in constant currency. In our B2C offering, total bookings volume grew 9% overall and 13% in TheFork branded channel. Strong performance in our B2B subscription revenue continues to be driven by greater adoption of our higher-priced premium plans. Our partnership with Vodafone that began ramping in the second half of last year is also contributing to the strong revenue performance in the quarter.

TheFork 第二季營收為 5,400 萬美元，成長 20%，以固定匯率計算成長 22%。 B2C 業務的整體預訂量成長 9%，TheFork 品牌通路的預訂量成長 13%。 B2B 訂閱營收的強勁表現持續得益於我們高價位付費方案的普及。我們與沃達豐的合作關係自去年下半年開始穩步發展，也為本季的強勁營收表現做出了貢獻。

In the second half of this year, we expect our Mastercard partnership will begin to ramp, which is another example of furthering revenue diversification within TheFork. Adjusted EBITDA at TheFork was $9 million or 16% of revenue, representing a margin improvement of nearly 900 basis points. Lower personnel costs was the most meaningful driver of leverage in the quarter.

我們預計今年下半年與萬事達卡的合作關係將開始加速發展，這也是 TheFork 內部進一步實現收入多元化的又一例證。 TheFork 的調整後息稅折舊攤銷前利潤 (EBITDA) 為 900 萬美元，佔營收的 16%，利潤率提升了近 900 個基點。人員成本的降低是本季槓桿率提升的最重要驅動因素。

Turning to consolidated expenses for the quarter. Cost of revenue was 8% of revenue, which was consistent with last year. Marketing costs were 41% of revenue, also consistent with last year. Leverage at Viator was offset by deleverage at Brand Tripadvisor due to the prepaid mix shift and a modest increase in marketing investment. Personnel costs as a percent of revenue decreased by approximately 300 basis points to 28% of revenue, including share-based compensation of approximately $29 million.

回顧本季的合併費用。收入成本佔收入的8%，與去年持平。行銷成本佔營收的41%，也與去年持平。 Viator的槓桿率被Brand Tripadvisor的去槓桿率所抵消，這得益於預付費組合的調整和行銷投入的適度增加。人員成本佔收入的百分比下降了約300個基點，降至28%，其中包括約2,900萬美元的股權激勵費用。

Absent share-based compensation, personnel costs were lower by over 100 basis points. Technology costs were 5% of revenue, consistent with last year. G&A as a percent of revenue was lower by approximately 200 basis points, primarily due to a favorable update on a potential settlement of a regulatory matter within our vacation rentals business.

扣除股權激勵費用後，人員成本下降超過100個基點。技術成本佔收入的5%，與去年持平。一般及行政費用佔收入的百分比下降約200個基點，主要原因是我們度假租賃業務中一項監管問題的潛在和解獲得了有利的更新。

Now turning to cash and liquidity. Q2 operating cash flow was $202 million and free cash flow was $177 million. The year-over-year increase in operating cash and free cash flow was primarily related to last year's Q2 outflow of approximately $140 million associated with the 2014 to 2016 IRS transfer pricing settlement we previously disclosed and finalized last year.

現在談談現金和流動性。第二季營運現金流為2.02億美元，自由現金流為1.77億美元。營運現金和自由現金流的年增率主要與去年第二季約1.4億美元的資金流出有關，這筆資金與我們去年披露並最終敲定的2014年至2016年美國國稅局轉讓定價和解協議有關。

As we mentioned on our last call, in April, we closed the Liberty Tripadvisor merger. In addition to the approximately $330 million paid for the redemption of the Liberty Tripadvisor exchangeable debenture settled in Q1, in Q2, we paid approximately $80 million in cash for payment to the LTRP preferred and common equity holders and for other expenses associated with the transaction.

正如我們在上次電話會議上所提到的，我們在4月完成了與Liberty Tripadvisor的合併。除了在第一季度支付約3.3億美元用於贖回Liberty Tripadvisor可交換債券外，在第二季度，我們還支付了約8,000萬美元現金，用於支付LTRP優先股和普通股股東的款項，以及支付與交易相關的其他費用。

The total cash outlay related to the transaction was $411 million. Also during the quarter, we repurchased 2.8 million shares at an average purchase price of $14.22 per share for a total amount of $40 million. We will continue to pursue a structured approach to our repurchases. We expect to continue to utilize a portion of our future cash flow to repurchase shares as we see attractive prices in the market and a stable macro environment.

與此交易相關的總現金支出為4.11億美元。此外，本季我們回購了280萬股股票，平均回購價格為每股14.22美元，總回購金額為4,000萬美元。我們將繼續採取結構化回購方式。鑑於市場價格具有吸引力且宏觀環境穩定，我們預計將繼續利用部分未來現金流進行股票回購。

We believe that our current cash profile and net leverage levels reflect a strong capital structure with appropriate cash for operating needs. Total cash and cash equivalents was approximately $1.2 billion. Our cash balance includes approximately $350 million in Term Loan B proceeds raised in the first quarter, which we plan to use to pay down our outstanding convertible notes before their April 2026 maturity. Excluding deferred merchant payables of $473 million and the $350 million term loan, our remaining cash balance is approximately $390 million.

我們認為，我們目前的現金狀況和淨槓桿水準反映了強勁的資本結構，並擁有足以滿足營運需求的充足現金。現金及現金等價物總額約12億美元。我們的現金餘額包括第一季籌集的約3.5億美元定期貸款B的收益，我們計劃用這筆資金在2026年4月到期前償還未償還的可轉換債券。扣除4.73億美元的遞延商戶應付款和3.5億美元的定期貸款，我們剩餘的現金餘額約為3.9億美元。

Turning to our outlook for Q3 and the full year. As I discussed earlier, we are accelerating the operational coordination in our experiences offerings across Viator and Brand Tripadvisor. While these brands serve very different travelers and at very different moments in the traveler journey, we are thinking much more holistically about how we leverage product, supply and marketing investments across both brands to better optimize growth, profitability and market share in our core as well as new markets.

展望第三季及全年業績。正如我之前所討論的，我們正在加快Viator和Tripadvisor品牌體驗產品的營運協調。雖然這兩個品牌服務於截然不同的旅行者，並且服務於旅行者旅程的不同階段，但我們正在更全面地思考如何利用兩個品牌在產品、供應和行銷方面的投資，以更好地優化我們在核心市場和新興市場的成長、獲利能力和市場份額。

As a result, we will continue to make investment decisions that we believe will benefit our combined experience revenue growth. While certain decisions in paid channels may result in a shift of profit between Viator and Brand Tripadvisor, we expect any decisions in the second half of this year to be neutral on a consolidated adjusted EBITDA basis. This approach is reflected in our Q3 and full-year guidance.

因此，我們將繼續做出我們認為有利於我們綜合體驗收入成長的投資決策。儘管付費管道的某些決策可能會導致Viator和Tripadvisor品牌之間的利潤轉移，但我們預計今年下半年的任何決策都將對合併調整後EBITDA（息稅折舊攤銷前利潤）產生中性影響。這項策略已反映在我們的第三季和全年業績指引中。

For Q3, we expect consolidated revenue growth of 4% to 6% and an adjusted EBITDA margin of between 19% and 21%. This implies the following for each brand. At Viator, we expect 16% to 18% growth in the number of experiences booked and total segment revenue growth in the high single digits. Our expectations for revenue growth relative to the growth in bookings is mainly impacted by a higher mix of third-party merchant bookings as well as lower bookings growth we witnessed in June, which impacts our recognized revenue in Q3.

我們預期第三季綜合營收成長4%至6%，調整後EBITDA利潤率在19%至21%之間。這意味著每個品牌的業績表現如下。 Viator預計預訂體驗數量將成長16%至18%，分部總收入將達到高個位數成長。我們對營收成長相對於預訂量成長的預期主要受到第三方商家預訂比例增加以及6月份預訂量成長放緩的影響，這影響了我們第三季的確認收入。

Bookings growth in July has improved relative to June, and we expect to see revenue growth reaccelerate in Q4. In Q3, we expect an adjusted EBITDA margin of approximately 14% to 16%. At Brand Tripadvisor, we expect revenue declines of approximately 3% to 4%, mostly reflective of the ongoing free traffic headwinds impacting our channel mix that I mentioned earlier. We expect adjusted EBITDA margins of approximately 22% to 24%.

7月份的預訂量成長較6月份有所改善，我們預期第四季營收成長將再次加速。我們預計第三季調整後的EBITDA利潤率約為14%至16%。對於Brand Tripadvisor，我們預計收入將下降約3%至4%，這主要反映了我之前提到的持續的免費流量逆風對我們通路組合的影響。我們預計調整後的EBITDA利潤率約為22%至24%。

At TheFork, we expect revenue growth of approximately 25% to 27%, which includes approximately 8 percentage points of currency benefit at current rates. We expect the adjusted EBITDA margin to improve sequentially to the high teens. For the full year, we are maintaining our consolidated full year guidance provided last quarter, which is 5% to 7% revenue growth and 16% to 18% adjusted EBITDA margin.

在TheFork，我們預期營收成長約為25%至27%，其中包括以當前匯率計算約8個百分點的匯率收益。我們預計調整後的EBITDA利潤率將較上季提升至15%左右。對於全年，我們維持上季提供的合併全年預期，即營收成長5%至7%，調整後的EBITDA利潤率達到16%至18%。

The revenue range assumes the impact of traffic headwinds at Brand Tripadvisor remains stable. This outlook does not change with the investment decisions we're making in experiences, which may impact each individual segment, but not the consolidated results.

收入範圍假設 Tripadvisor 品牌的流量逆風影響維持穩定。此預期不會因我們在體驗方面的投資決策而改變，這些投資決策可能會影響各部門，但不會影響合併績效。

With that, I'd like to turn the call back over to the 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。

(Operator Instructions)

（操作員指示）

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Hi, thanks for taking my question. I guess just firstly, your comments around some of that free traffic headwinds on Brand Tripadvisor and whether this would change your view that 2026 can be the year of stabilization for Brand Tripadvisor given those headwinds? And then if I can offer a follow-up as well, just any comments on your two new shareholders, levels of engagement, anything you've sort of received from them or your openness to engage in discussions with those two new shareholders?

您好，感謝您回答我的問題。首先，我想問您對 Tripadvisor 品牌免費流量面臨的一些不利因素的看法，以及考慮到這些不利因素，這是否會改變您認為 2026 年可能是 Tripadvisor 品牌穩定之年的觀點？然後，我能否再問一個問題，您對兩位新股東的參與程度有何評價？您從他們那裡得到了什麼？還是您願意與這兩位新股東進行討論？

Yeah. Hey, Richard, it's Mike. I'll take the first one, let Matt take the second. Yeah, I think as we sit here today and as we've talked this year about returning Tripadvisor to growth and reflecting the headwinds in the free traffic. I'd say, certainly, as we sit here today, some of the free traffic headwinds has persisted.

是的。嘿，理查德，我是麥克。我來回答第一個問題，馬特來回答第二個問題。是的，我認為，正如我們今天在這裡討論的那樣，正如我們今年討論的那樣，Tripadvisor 恢復增長，並在免費流量中反映出逆風。我想說，當然，正如我們今天在這裡討論的那樣，一些免費流量的逆風仍然存在。

I don't think we are necessarily -- it's too early to call 2026 because we are excited about continuing the work we're doing, particularly in the experience side as we just reviewed. And that's the work we're underway now. So again, I think we are acknowledging maybe things are a bit different than we sat at the beginning of the year, but look forward to doing the work and thinking about how we improve operational efficiencies as we look to our planning, which we are in the middle of right now.

我認為我們不一定——現在說2026年還為時過早，因為我們對繼續我們正在做的工作感到興奮，尤其是在體驗方面，正如我們剛剛回顧的那樣。這就是我們現在正在進行的工作。所以，我再次強調，我們承認情況可能與年初有所不同，但我們期待著開展工作，並在規劃過程中思考如何提高營運效率，而我們現在正處於規劃階段。

Yeah, Richard, I'll take that second question. Thanks for asking. As you can appreciate, we can't go into too much detail about who we talk to or what they say to us when it comes to specific shareholders. We value constructive engagement with all of our shareholders and appreciate their feedback. We always listen.

是的，理查德，我來回答第二個問題。謝謝你的提問。如你所知，當涉及具體股東時，我們無法透露太多我們與誰溝通，或他們跟我們說了什麼。我們重視與所有股東的建設性溝通，並感謝他們的回饋。我們始終傾聽。

And of course, we're totally focused on creating shareholder value and achieving our vision and driving these strategies. So that's about all I can say for now other than what was reported.

當然，我們完全專注於創造股東價值，實現我們的願景，並推動這些策略。除了之前報道的內容之外，我現在能說的就這些了。

Okay. Thank you.

好的。謝謝。

Thanks, Richard.

謝謝，理查。

Nafeesa Gupta, Bank of America Securities.

Nafeesa Gupta，美國銀行證券公司。

Hi, thank you. Two questions from me. Could you provide any color on what is your mix between 3P, Viator Origin and Trip Origin for experiences? And my second question is that in your outlook, you mentioned you expect revenue growth to reaccelerate in 4Q for Viator, but it does have tough comps. So what gives the confidence on that reacceleration? Thank you.

嗨，謝謝。我有兩個問題。您能否具體說明一下，在體驗方面，您的第三方平台（Viator Origin 和 Trip Origin）是如何組合的？我的第二個問題是，您在展望中提到，預計 Viator 的營收成長將在第四季再次加速，但其可比營收確實不高。那麼您對 Viator 營收成長再次加速的信心是什麼呢？謝謝。

Yeah. It's Mike. I'll take both. I just want to clarify the first question was color on the 3P mix origin mix. Is that correct?

是的。我是麥克。我兩個問題我都答應。我只是想澄清一下，第一個問題是3P混音Origin混音的顏色問題。對嗎？

Yeah.

是的。

Yeah. 3P is a diverse channel. It has certainly merchants, which are the OTAs. It has travel agents as well. The growth in 3P channel, as we've said, is being driven by our OTA merchant partners. And listen, this is an important channel for us, as we've said many times. They are scaling fast and they are immediately profitable for us, and they are incremental.

是的。第三方平台是一個多元化的管道。它當然有商家，也就是OTA。當然也有旅行社。正如我們所說，第三方平台的成長是由我們的OTA商家合作夥伴所推動的。聽著，這對我們來說是一個重要的管道，我們多次說過。他們正在快速擴張，並且能立即為我們帶來利潤，而且他們的業務還在持續成長。

And so we do look at incrementality very closely. We see a lot of them are coming outside of our core North American market, which gives us confidence in incrementality. So for us, these are additive to revenue growth. They're also highly accretive to our profitability and are allowing us to continue to invest within experiences, which we have been doing this year. And so an important part of that equation.

因此，我們確實非常關注增量。我們發現很多新客戶來自我們核心的北美市場之外，這讓我們對增量充滿信心。因此，對我們來說，這些新客戶能夠促進收入成長，也大大提升了我們的獲利能力，並使我們能夠繼續投資體驗，就像我們今年一直在做的那樣。所以，體驗是這個等式的重要組成部分。

And then as you think about that, I would just add a reminder that the significant majority of our revenue is coming from the Viator point of sale first, followed by Tripadvisor and followed by third-party non-Tripadvisor. So just as a reminder.

說到這兒，我想提醒一下，我們絕大部分的收入首先來自Viator的銷售點，其次是Tripadvisor，然後是Tripadvisor以外的第三方。所以，只是提醒一下。

Yeah. Thanks Matt.

是的。謝謝馬特。

The next question was just about revenue growth in Q4.

下一個問題是關於第四季的收入成長。

Yeah. So revenue growth in Q4, I think when we look at our bookings, which has remained very healthy and the volumes have remained very healthy. We see good bookings that are extending in past Q3 into Q4. understanding it is a tougher comp, but we like where the booking windows are and where those bookings are coming in and the health of our new bookings. So we feel pretty confident about that as we turn to Q4.

是的。所以，我認為第四季的營收成長，從我們的預訂量來看，一直非常健康，交易量也一直非常健康。我們看到良好的預訂量從第三季延續到了第四季。要理解這一點比較困難，但我們對預訂窗口的現狀、這些預訂的來源以及新預訂的健康狀況感到滿意。因此，在展望第四季時，我們對此充滿信心。

And I would just add, of course, I spent a fair amount of time to talk about the opportunity we have between the two brands to drive meaningful uplift in revenue working together across marketing, product, supply, data, leveraging AI. And we saw some good early test results in Q2, and we see an opportunity to extend that into the back half and really get some momentum in some of those other areas beyond just the marketing efficiencies that I mentioned. So excited about how that's going to drive our performance as well.

當然，我還要補充一點，我花了相當多的時間來討論我們兩個品牌在行銷、產品、供應、數據和人工智慧等領域的合作，如何推動收入的顯著提升。我們在第二季度看到了一些良好的早期測試結果，並且看到了將這種合作延續到下半年的機會，並在我提到的營銷效率之外的其他一些領域獲得一些真正的發展動力。我很期待這將如何推動我們的業績成長。

Thank you.

謝謝。

Vince Ciepiel, Cleveland Research Company

文斯·西皮爾（Vince Ciepiel），克里夫蘭研究公司

Hi, thanks for taking my question. I was curious if you could talk a little bit more on the changes with the app recently. Maybe remind us kind of what percent of Brand Tripadvisor traffic comes from the app and how the approach to monetization is changing there? And if there's a thought to roll this out to other geographies and maybe the timeline associated with that.

您好，感謝您回答我的問題。能否請您進一步談談最近這款應用程式的變化？能否介紹一下 Tripadvisor 品牌的流量中有多少比例是來自這款應用？以及它的獲利方式發生了哪些變化？您是否考慮將這項服務推廣到其他地區，以及相關的時間表？

And are you speaking specifically about the Tripadvisor app right now? Is that what you wanted to cover, Vince?

現在您具體是在談論 TripAdvisor 的應用嗎？ Vince，這是您想要討論的內容嗎？

Yes, please.

是的，請。

Great. Yes. So we're really excited about the work that we're doing in the Tripadvisor app. Obviously, it's helpful that we can get customers there to be direct with us, engage with us, plan with us, contribute. And while we don't break out the actual percentage as a total -- as a function of the total, we are seeing growth there really strong.

太好了。是的。我們對Tripadvisor App的開發工作感到非常興奮。顯然，這很有幫助，因為可以讓顧客直接聯繫我們，與我們互動，一起制定計劃，並做出貢獻。雖然我們沒有公佈具體的佔比——但作為整體的函數，我們看到Tripadvisor App的成長非常強勁。

And so app users and members using the app are both growing. What we've done with the app, and we did this last quarter, we actually made meaningful improvements. It was a relaunch that really focused on being the world's best travel companion. So a kind of app companion that has data and truly understands who's coming, that offers smart, personalized recommendations that are more relevant and in context, where you can kind of plan and book effortlessly.

因此，應用程式用戶和會員數量都在增長。我們對應用程式進行了改進，尤其是在上個季度，我們確實做出了有意義的改進。這次重新發布，真正專注於成為全球最佳旅行伴侶。它是一款擁有數據、真正了解旅行對象的應用程式伴侶，能夠提供更貼近實際場景的智慧個人化推薦，讓您輕鬆規劃和預訂。

We've reimagined how the map can be a lens onto what's around you for things you might want to do and change, as maybe the weather changes or your plans change. And we think we can deliver significant value, both planning ahead of the trip and throughout the trip. And so that also would bring back users to then guide others. And now we're adding a rewards program in the app, which just launched as our free membership that I talked about earlier.

我們重新構想了地圖，讓它成為您觀察周圍環境的鏡頭，讓您了解可能想做的事情，並根據天氣變化或計劃變化做出調整。我們認為，無論是在旅行前規劃還是在整個旅行過程中，我們都能提供巨大的價值。這也能吸引用戶回頭，為其他人提供指導。現在，我們正在應用程式中添加一個獎勵計劃，該計劃剛剛以我之前提到的免費會員形式推出。

And of course, rolling out in-app hotel bookings where we're actually seeing some good activity and driving good response and conversion. And so together, these things, we think will be meaningful. As you said, we're in the US, but we think we'll roll that out further over time. And I think between navigation, onboarding flow, the way we're conceiving of the home screen to be highly contextualized and then, of course, being AI native so that the AI review summaries come to the surface that there's an AI trip builder that's integrated in the onboarding workflow.

當然，我們也推出了應用程式內飯店預訂功能，目前我們確實看到了一些不錯的用戶活躍度，並推動了良好的反響和轉換率。所以，我們認為這些舉措將會意義非凡。正如您所說，我們目前在美國開展業務，但我們認為我們會隨著時間的推移進一步推廣這項服務。我認為，在導航、使用者引導流程以及我們設想的主螢幕高度情境化方面，我們都會採用AI原生技術，以便AI點評摘要能夠自動呈現，並且在使用者引導流程中整合了AI行程規劃器。

And of course, our AI travel assistant coming into the app for a more intuitive experience, all of this, we think, can work together to have a meaningful impact. And we've seen some good early indicators. We've also supported it with a modest marketing campaign around planning in the app, which was successful and has driven some downloads and some engagement at a really good ROAS.

當然，我們的AI旅行助理也將加入應用，帶來更直覺的體驗。我們認為，所有這些功能可以協同作用，產生有意義的影響。我們已經看到了一些很好的早期指標。我們也圍繞著應用程式內的規劃功能開展了適度的行銷活動，取得了成功，帶來了一些下載量和參與度，並獲得了相當不錯的ROAS（廣告支出回報率）。

And we expect that this is going to have an opportunity to grow over time. And again, as it scales, reduces our dependence on paid media and drives a really good ARPU of those users who are using our trip planning in our app. So we're enthusiastic about it, and I think you'll see us doing more with it over time.

我們預計這項服務將有機會隨著時間的推移而成長。而且，隨著它的規模擴大，我們對付費媒體的依賴會減少，並且會為使用我們應用的旅行計劃服務的用戶帶來非常可觀的每用戶平均收入 (ARPU)。所以我們對此充滿熱情，我相信隨著時間的推移，您會看到我們利用它取得更多成果。

Great, thanks. That's really helpful there. And then I know the full year revenue growth guidance was reaffirmed of 5% to 7%. Just curious in the last 90 days, any change to maybe how Brand Trip versus Viator contributes to the full year company revenue guidance. I think at one point, Brand Trip was expected to be down low singles for the year and Viator grow low to mid-teens. Curious if that's still the case or if there's been any shift in either there?

太好了，謝謝。這真的很有幫助。我知道全年營收成長預期被重申為5%到7%。我只是好奇，在過去的90天裡，Brand Trip和Viator對公司全年營收預期的貢獻有什麼改變嗎？我記得曾經一度預期Brand Trip全年收入會下降到10%左右，而Viator的收入會成長到10%左右。想知道現在情況是否仍然如此，或者兩者之間是否有任何變化？

Yeah, Vince, I'll take that. I would say for our full guide this year that we provided at the beginning of the year, a couple of things. One, as you would expect, we provide that guide with some degree of prudence. I'd say our first half of the year, we saw pretty good performance. We did not raise guide on our last call, largely due to the macro that was upon us at the time.

是的，文斯，我接受。我想說的是，對於我們年初提供的今年的完整業績指引，有幾點需要注意。首先，正如你所料，我們提供這份指引時是經過一定程度審慎的。我想說，我們上半年的業績表現相當不錯。上次電話會議中，我們沒有調高業績指引，主要是因為當時宏觀經濟情勢嚴峻。

I think as we sit here today, there's definitely puts and takes around the back half of the year. I just mentioned we have at Tripadvisor a bit more probably traffic -- free traffic pressure than we had at the beginning of the year. And listen, I would say at Viator, we're still seeing very strong bookings growth.

我認為，我們今天坐在這裡，下半年肯定會有一些起伏。我剛才提到，Tripadvisor 的流量——免費流量的壓力可能比年初更大。至於 Viator，我想說的是，我們的預訂量仍然保持著非常強勁的成長動能。

The flow-through to revenue is a little less in terms of that mix because of the third party as well as some of the cancel rate trends we've been seeing this year. But with that being said, still very strong performance. So these factors are incorporated in our reaffirmation. And as we sit here today, still feel good about that range.

由於第三方以及我們今年看到的一些取消率趨勢，該組合的流向收入略有減少。但儘管如此，業績仍然非常強勁。因此，這些因素都已納入我們的重申中。今天，我們仍然對這一範圍感到滿意。

Great. Thank you.

太好了，謝謝。

Thank you. I will now turn the call back over to Matt Goldberg, CEO, for closing remarks. Please go ahead.

謝謝。現在我將把電話轉回給執行長馬特‧戈德堡（Matt Goldberg），請他致閉幕詞。請大家發言。

Thank you all for joining us on today's call. We're looking forward to the back half of the year. And I just want to say we're really pleased with the work our teams are doing to position us for the future. And I just want to thank them for their tireless efforts to drive our momentum. Look forward to the next update. Thank you.

感謝大家參加今天的電話會議。我們期待下半年的到來。我想說的是，我們對團隊為未來發展所做的工作感到非常滿意。我還要感謝他們為推動我們的發展動能所付出的不懈努力。期待下次更新。謝謝。

That concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。