Tripadvisor Inc (TRIP) 2025 Q3 法說會逐字稿

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作人員指示）請注意，今天的會議正在錄音。

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

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

Thank you so much. Felicia. Good morning and welcome to Tripadvisor's third-quarter 2025 financial results call. Joining me today are Matt Goldberg, President and CEO, and Mike Noonan, CFO. 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 measure discussed on this call.

太感謝了。費利西亞。早安，歡迎參加 Tripadvisor 2025 年第三季財務績效電話會議。今天和我一起出席的有總裁兼執行長馬特·戈德堡和財務長麥克·努南。今天早些時候，我們提交並發布了盈利報告。在該新聞稿中，您將找到非 GAAP 財務指標與本次電話會議中討論的最可比較 GAAP 財務指標的調整表。

Before we begin, I'd like to remind you that this call may contain estimates and other forward-looking statements that represent management's views as of today, November 6, 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，我想提醒各位，本次電話會議可能包含估計和其他前瞻性陳述，這些陳述代表管理階層截至 2025 年 11 月 6 日的觀點。Tripadvisor 聲明沒有義務更新這些聲明以反映未來的事件或情況。有關可能導致實際結果與這些前瞻性聲明有重大差異的因素，請參閱我們的獲利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.

接下來，我將把電話交給馬特。

Thanks, Angela. Good morning, everyone. In Q3, we delivered consolidated revenue growth of 4%, to $553 million and adjusted EBITDA of $123 million or 22% of revenue. We were pleased with this performance, which beat our expectations on adjusted EBITDA and was within range for overall revenue growth. This week, we've initiated a set of changes that represent a fundamental shift in our operating model to support a more focused set of strategic priorities. These actions will sharpen our execution focus, which we expect to accelerate revenue growth, improve operating margins, and create a more durable financial profile. To do so, we'll focus on three priorities.

謝謝你，安吉拉。各位早安。第三季度，我們實現了4%的合併收入成長，達到5.53億美元，調整後EBITDA為1.23億美元，佔營收的22%。我們對這項業績感到滿意，調整後 EBITDA 超出了我們的預期，整體營收成長也達到了預期範圍。本週，我們啟動了一系列變革，這些變革標誌著我們營運模式的根本性轉變，以支持更集中的策略重點。這些舉措將使我們更加專注於執行，我們預計這將加速收入成長，提高營業利潤率，並創造更持久的財務狀況。為此，我們將重點放在三個優先事項上。

First, extending our leadership position and experiences to drive long-term growth by fully deploying our differentiated assets across Tripadvisor and Viator to win in this category. Second, leveraging our unique content, data, and brand trust for an AI-enabled future by powering our marketplaces and positioning Tripadvisor at the center of an emerging AI ecosystem.

首先，我們將鞏固我們的領導地位和經驗，透過在 Tripadvisor 和 Viator 上充分發揮我們的差異化優勢，推動長期成長，從而贏得這一領域的勝利。其次，我們將利用我們獨特的內容、數據和品牌信任，為人工智慧賦能的未來提供支持，透過增強我們的市場，並將 Tripadvisor 定位為新興人工智慧生態系統的中心。

And third, narrowing the focus of Brand Tripadvisor to support experiences at our AI future while managing our legacy offerings for profitability. These priorities reflect the shift from optimizing individual brand strategies to speed our transformation into an experiences-led and AI-enabled company. We will direct our focus, talent, and investments to what matters most, resulting in a simpler, leaner, and faster-moving organization.

第三，縮小 TripAdvisor 品牌的關注範圍，以支持我們人工智慧未來的體驗，同時管理我們的傳統產品以實現盈利。這些優先事項反映了我們從優化單一品牌策略轉向加速向體驗主導和人工智慧賦能型公司的轉型。我們將把精力、人才和投資集中到最重要的事情上，打造一個更精簡、更有效率、更快速發展的組織。

Our plan is expected to drive significant operational efficiencies of at least $85 million of annualized gross cost savings, which Mike will discuss shortly. But this is not just a cost-cutting exercise. We are aligning ourselves to drive accelerated growth going forward. This is an important moment in the evolution of Tripadvisor Group.

我們的計畫預計將帶來顯著的營運效率提升，每年至少可節省 8,500 萬美元的總成本，麥克稍後將對此進行討論。但這不僅僅是一項削減成本的措施。我們正在調整自身策略，以推動未來加速成長。這是Tripadvisor集團發展歷程中的重要時刻。

We're a very different company than we were three years ago, with a portfolio mix now anchored in high-growth marketplaces delivering more sustainable revenue and profit. In the past twelve months, Viator and TheFork accounted for almost 60% of group revenue, up from approximately 40% in the same period three years ago, representing a 27% CAGR over that period.

我們與三年前相比已經截然不同，現在我們的投資組合以高成長市場為基礎，能夠帶來更永續的收入和利潤。在過去的十二個月裡，Viator 和 TheFork 佔集團收入的近 60%，高於三年前同期的約 40%，在此期間的複合年增長率為 27%。

In that time, these businesses contributed an incremental gain of more than $150 million of adjusted EBITDA and now comprise 30% of overall group profitability. Today, we are far less dependent on a legacy model built on SEO with its well-known structural headwinds. These trends have reshaped our financial composition, and we expect them to continue.

在此期間，這些業務貢獻了超過 1.5 億美元的調整後 EBITDA 增量收益，目前佔集團整體獲利能力的 30%。如今，我們對以 SEO 為基礎的傳統模式的依賴程度大大降低，而 SEO 也存在著眾所周知的結構性阻力。這些趨勢已經重塑了我們的財務結構，我們預計這些趨勢還會持續。

Now let's walk through these priorities in more detail. Our first priority is extending our leadership position and experiences to drive long-term growth. Strategically, we're already well-positioned to win in experiences. We've achieved scale and established a clear track record of growing the top line while expanding profitability from breakeven in 2023 and now approaching double-digit adjusted EBITDA margins.

現在讓我們更詳細地了解這些優先事項。我們的首要任務是鞏固我們的領導地位和經驗，以推動長期成長。從戰略角度來看，我們已經在體驗領域佔據了有利地位，並有望贏得勝利。我們已經實現了規模化，並建立了清晰的業績記錄，在2023年實現盈虧平衡的同時，不斷提高收入，盈利能力也日益增強，目前已接近兩位數的調整後EBITDA利潤率。

Earlier this year, we shared that Experiences is becoming the strategic and financial center of gravity for the group. Over the last twelve months, we've achieved $4.6 billion in GBV driven by 17% items growth. And over that same period, for the first time, our total experiences revenue has surpassed the revenue from our legacy business lines.

今年早些時候，我們曾表示，體驗業務正在成為集團的策略和財務重心。過去十二個月，我們實現了 46 億美元的 GBV，這主要得益於 17% 的商品成長。同期，我們的體驗業務總收入首次超過了傳統業務線的收入。

Now experiences will become the unified focus of both Viator and Brand Tripadvisor. The global experiences TAM is expected to reach $350 billion in GBV by 2028, growing faster than any other category in travel. To date, we've been concentrating on the US as our primary source market and focusing mostly on tours and activities.

現在，體驗將成為Viator和Tripadvisor品牌的共同關注點。預計到 2028 年，全球體驗旅遊市場規模 (TAM) 將達到 3,500 億美元，成長超過旅遊業的任何其他類別。迄今為止，我們一直將美國作為我們的主要客源市場，並且主要專注於旅遊和活動。

We believe we can accelerate our growth by addressing new geographic markets and expanding into new categories while benefiting from the tailwinds of growing demand and the offline to online shift. This is a dynamic, fast-growing category without a global digital brand leader. Going after this opportunity will be our primary objective as a group.

我們相信，透過開拓新的地域市場和拓展新的產品類別，同時受益於不斷增長的需求和線下向線上轉變的利好因素，我們可以加速成長。這是一個充滿活力、快速成長的領域，但目前還沒有全球領先的數位品牌。抓住這個機會將是我們團隊的首要目標。

We believe that our strength to lead the experience category lies in the differentiated assets across our brands that are hard to replicate. At Viator, we're leading in the world's biggest market with the largest global catalog of experiences. Our improved storefront is driving uplift in conversion, repeat, and customer loyalty trends.

我們相信，我們在體驗領域中領先的優勢在於我們旗下各個品牌擁有難以複製的差異化資產。Viator 在世界最大的市場中處於領先地位，擁有全球最大的體驗目錄。我們改進後的店鋪形象正在推動轉換率、復購率和顧客忠誠度的提升。

Tripadvisor offers two key assets that we expect will drive growth and expansion in experiences: a trusted global brand and proprietary data on more trips and travelers than anyone else in the category. This combined reach, along with our third-party distribution, creates unmatched value for operators.

Tripadvisor 擁有兩項關鍵資產，我們預計這兩項資產將推動體驗業務的成長和擴張：值得信賴的全球品牌和比同類其他公司擁有更多旅行和旅客的專有數據。這種綜合覆蓋範圍，加上我們的第三方分銷管道，為營運商創造了無與倫比的價值。

Together, we believe these capabilities give us a unique advantage for our experiences business that we have not yet fully realized. In order to accelerate the next phase of growth, we're unifying our Viator and Tripadvisor experiences operations, unlocking the power of all our resources to focus squarely on this opportunity. This is a significant shift in our operating model designed to drive meaningful outcomes with more efficiency.

我們相信，這些能力共同賦予了我們在體驗業務方面獨特的優勢，而我們尚未充分發揮這種優勢。為了加速下一階段的成長，我們將整合 Viator 和 Tripadvisor 的體驗運營，釋放所有資源的力量，全力把握這項機會。這是我們營運模式的重大轉變，旨在以更高的效率取得更有意義的成果。

Our conviction to go all in on this opportunity is grounded in what we've learned from a period of increased coordination between the Viator and Tripadvisor teams across marketing, product, and supply over the past several months. Here are a few examples. From a demand perspective, as I shared last quarter, we've been experimenting with how Tripadvisor and Viator can operate together in a more coordinated manner. Not as two separate brands with different goals, one focused more on growth, the other focused more on profitability, but as a united team aimed at winning the experiences category.

我們之所以決心全力以赴抓住這個機會，是因為在過去的幾個月裡，Viator 和 Tripadvisor 團隊在行銷、產品和供應方面加強了協調，並從中吸取了經驗教訓。以下是一些例子。從需求角度來看，正如我上個季度分享的那樣，我們一直在嘗試讓 Tripadvisor 和 Viator 以更協調的方式共同運作。不是兩個目標不同的獨立品牌，一個更注重成長，另一個更注重獲利，而是作為一個團結的團隊，目標是贏得體驗類市場。

We began coordinated testing in marketing and found that we could compete more effectively on a combined basis to deliver more efficient marketing spend overall, improving revenue while maintaining profitability. This is just one experiment, but it demonstrates the power of treating our brands as complementary levers working together rather than as separate independent P&Ls.

我們開始在行銷方面進行協調測試，發現透過聯合起來，我們可以更有效地參與競爭，從而提高整體行銷支出的效率，在保持獲利能力的同時提高收入。這只是一個實驗，但它證明了將我們的品牌視為互補、共同運作的槓桿，而不是被視為各自獨立的損益表，能夠產生強大的力量。

We also believe there's an opportunity to lead with Tripadvisor to put our large global audience in service to experiences in key international markets while leveraging our high brand awareness to acquire more customers more efficiently in paid channels. From a product perspective, we've increased our experiment velocity and coordinated learnings across points of sale.

我們也認為，有機會藉助 Tripadvisor 的影響力，讓龐大的全球用戶群為主要國際市場的體驗提供服務，同時利用我們較高的品牌知名度，在付費管道更有效地獲取更多客戶。從產品角度來看，我們提高了實驗速度，並協調了各個銷售點的經驗教訓。

As a result, our conversion rate has continued to show improvement at both Viator and Tripadvisor. In this new formation, we will lean even harder into these dynamics, focusing on key conversion drivers like personalization, pricing, and availability with more resources deployed to scale our optimizations seamlessly across our full experiences offerings. From a supply perspective, we're expanding on our unmatched scale. Over 400,000 experiences globally and growing.

因此，我們在 Viator 和 Tripadvisor 上的轉換率都持續提升。在這種新的組織架構下，我們將更加重視這些動態，重點關注個人化、定價和可用性等關鍵轉換驅動因素，並部署更多資源，以便在我們所有的體驗產品中無縫擴展優化規模。從供應角度來看，我們正在擴大我們無可比擬的規模。全球已有超過 40 萬次體驗，而且還在持續成長。

In the last year, we've seen healthy double-digit growth in active products and suppliers. We're broadening our supply coverage in new categories and strengthening our presence in secondary and emerging destinations while building industry-leading connectivity with our recently updated APIs now enabling real-time and dynamic management of pricing and availability.

過去一年，我們的活躍產品和供應商都實現了兩位數的健康成長。我們正在擴大新類別的供應覆蓋範圍，並加強在二線和新興目的地的影響力，同時透過我們最近更新的 API 建立業界領先的連接，從而實現對價格和可用性的即時動態管理。

And we're using Tripadvisor data to identify where new supply is most needed, all while optimizing how new supply performs, improving conversion, refining pricing, and smoothing the experience for both travelers and operators. By unifying our teams behind experienced leadership, we'll build on our strong marketplace flywheel.

我們正在利用 TripAdvisor 數據來確定哪裡最需要新的供應，同時優化新供應的表現，提高轉換率，改善定價，並為旅客和營運商提供更流暢的體驗。透過在經驗豐富的領導下團結團隊，我們將鞏固我們強大的市場優勢。

Our product and supply optimizations accelerate our conversion wins to fuel more efficient and effective marketing, which in turn compounds the conversion gains, driving higher repeat rates and improved unit economics. And now we're unleashing the full power of the Tripadvisor brand and its unmatched global awareness in service of experiences. Our second priority is leveraging our assets to position ourselves for an AI-enabled future.

我們的產品和供應優化加速了轉換率的提升，從而推動了更有效率的行銷，進而提高了轉換率，帶來了更高的重複購買率和更好的單位經濟效益。現在，我們將充分發揮 TripAdvisor 品牌及其無與倫比的全球知名度，為用戶提供卓越的體驗。我們的第二個重點是利用自身優勢，為迎接人工智慧時代做好準備。

Tripadvisor is among the most trusted names in travel, built on decades of authentic contributions. Sitting at the privileged intersection of hundreds of millions of travelers and the operators who serve them, we have unique insights about how people make travel decisions.

Tripadvisor是旅遊業最值得信賴的品牌之一，這得益於其數十年來真正可靠的服務。我們身處數億旅行者和為他們服務的運營商的交匯點，因此對人們如何做出旅行決定有著獨特的見解。

A proprietary knowledge graph across experiences, hotels, and restaurants, which is unique in the industry. And a powerful foundation for what comes next. AI is collapsing discovery, planning, and booking into a single conversational moment. For travelers, it means less friction and faster decisions. In the space for Tripadvisor Group, it plays directly to our strengths. We helped invent helping people travel smarter.

一個涵蓋體驗、酒店和餐飲的專有知識圖譜，這在業界是獨一無二的。這為接下來的發展奠定了堅實的基礎。人工智慧正在將發現、規劃和預訂整合到一次對話中。對於旅行者而言，這意味著更少的摩擦和更快的決策。對 TripAdvisor 集團而言，這正好發揮了我們的優勢。我們幫助發明了讓人們更聰明出行的方式。

At a time when it's hard to know what information to trust, for a highly considered purchase decision like travel, we believe our first-party data, user-generated content, and decades of trust combined with supplier connectivity, detailed pricing information, and booking, gives us a unique advantage to lead in the age of AI.

在如今資訊紛繁複雜、難以辨別真偽的時代，對於像旅行這樣需要慎重考慮的購買決策，我們相信，憑藉我們的第一方數據、用戶生成的內容以及數十年的信任，再加上供應商連接、詳細的定價信息和預訂服務，我們擁有獨特的優勢，能夠在人工智能時代引領潮流。

Over the past several quarters, we've experimented with a broad set of efforts to learn how travelers use AI. We've built data science and machine learning capabilities to drive conversation and conversion. And we've explored the role of our content in the AI ecosystem. Here are a few things we've learned.

在過去的幾個季度裡，我們嘗試了多種方法來了解旅行者如何使用人工智慧。我們已建立數據科學和機器學習能力，以推動對話和轉換。我們也探討了我們的內容在人工智慧生態系統中的作用。以下是我們學到的一些經驗。

First, our content and data are unique and valuable. Internally, it's been the foundation of our product innovation and growing engagement. And Tripadvisor is already among the most cited sources by LLMs. According to a recent third-party study, Tripadvisor appeared as the number eight overall and the only travel company in the top 20.

首先，我們的內容和數據是獨特且有價值的。在公司內部，它一直是我們產品創新和用戶參與度不斷提高的基礎。而且，Tripadvisor 已經是法學碩士（LLM）引用次數最多的資訊來源之一。根據最近的一項第三方研究，Tripadvisor 總體排名第八，也是前 20 名中唯一的旅遊公司。

Second, travelers have a very specific problem. It's hard to make decisions. There are too many options, and getting it wrong means wasting time and money. That friction is why travelers come to Tripadvisor to inform and validate travel decisions. While LLMs do a good job of generating high-level trip plans, the opportunity lies in the underlying recommendations.

其次，旅行者面臨一個非常具體的問題。做決定很難。選擇太多，選錯就會浪費時間和金錢。正是這種摩擦促使旅行者來到 Tripadvisor 來獲取資訊和驗證旅行決策。雖然 LLM 在產生高層次的旅行計劃方面做得很好，但機會在於背後的建議。

Their social validation and actionability, which we are uniquely positioned to deliver, to help travelers make it happen. And finally, AI is raising customer expectations as they look to solve these problems. Customers are choosing AI-native products over legacy products with AI features.

他們的社會認可和可操作性，而我們擁有獨特的優勢來提供，可以幫助旅行者實現他們的目標。最後，人工智慧正在提高客戶的期望，因為他們希望解決這些問題。消費者更傾向於選擇原生人工智慧產品，而不是具有人工智慧功能的傳統產品。

They want technology to remove friction. We will follow the consumer and shift our focus from AI-powered features to a fully AI-native approach. Based on these learnings, we've identified a few specific AI opportunities, each of which we believe has the potential to become the primary way travelers engage. The first opportunity is in the planning phase.

他們希望利用科技消除摩擦。我們將跟隨消費者的腳步，把重心從人工智慧驅動的功能轉移到完全原生的人工智慧方法。基於這些經驗，我們發現了一些特定的 AI 機遇，我們認為每種機會都有可能成為旅客參與的主要方式。第一個機會出現在規劃階段。

When travelers have a rough idea of an itinerary and are trying to decide what's right for them amidst the unlimited options, Tripadvisor's first-party data and insights position us to curate the most personalized recommendations validated by relevant travelers and make them as immediately actionable as possible. The second opportunity is during the trip itself.

當旅客對行程有了大致的想法，並試圖在無限的選擇中決定什麼才是最適合自己的時，Tripadvisor 的第一方數據和洞察力使我們能夠精心策劃出由相關旅行者驗證的最個性化的推薦，並使其盡可能立即可操作。第二個機會是在旅行途中。

Travelers make a lot of last-minute decisions around what to do, see, and eat, but availability, pricing, and logistics are tricky, especially in experiences. So we'll leverage our assets to help travelers experience the destination better while traveling. This presents an opportunity to deploy geo-aware recommendation algorithms and deliver proactive offers with single-tap booking and access to real-time customer support.

旅行者經常在最後一刻決定要做什麼、看什麼、吃什麼，但可用性、價格和後勤安排都很棘手，尤其是在體驗方面。因此，我們將利用我們的資源，幫助旅行者在旅行期間更好地體驗目的地。這為部署基於地理位置的推薦演算法、提供主動式優惠、實現一鍵預訂以及存取即時客戶支援提供了機會。

We're advancing rapidly on these opportunities and expect to launch an AI-native MVP for the planning phase in the coming weeks in Q4. From there, we'll intend to build a strong foundation to scale and continuously iterate and enhance the customer experience. Of course, we're also exploring how Tripadvisor can deliver value to travelers as a deeply embedded partner with broader AI platforms.

我們正在快速推進這些機遇，預計將在第四季度接下來的幾週內推出用於規劃階段的 AI 原生 MVP。在此基礎上，我們將著手建立一個強大的基礎，以便擴大規模，並不斷迭代並提升客戶體驗。當然，我們也在探索Tripadvisor如何作為更廣泛的人工智慧平台的深度合作夥伴，為旅行者創造價值。

As part of our learning agenda, we're directly integrating our Tripadvisor and TheFork brands into ChatGPT through first-of-their-kind apps with a differentiated approach from others. We expect these to be live over the next few weeks. We've signed valuable licensing deals with the majority of the leading AI companies.

作為我們學習計劃的一部分，我們正在透過首創的應用程序，以與其他應用程式不同的方式，將我們的 Tripadvisor 和 TheFork 品牌直接整合到 ChatGPT 中。我們預計這些功能將在未來幾週內上線。我們已與大多數領先的人工智慧公司簽署了極具價值的授權協議。

And we're experimenting with use cases like AgenTic and multimodal AI. Ultimately, whether we scale AI value creation through on-platform innovation or off-platform partnerships will be decided by our customers. We believe that by focusing on where we are uniquely positioned to serve travelers, maximizing speed of execution, and continuing to fuel the content flywheel that is our most differentiated asset, we can position Tripadvisor at the center of the AI ecosystem in travel.

我們正在嘗試 AgentTic 和多模態人工智慧等應用案例。最終，我們是透過平台內創新還是平台外合作來擴大人工智慧的價值創造規模，將由我們的客戶決定。我們相信，透過專注於我們為旅客提供獨特服務的優勢領域，最大限度地提高執行速度，並不斷推動我們最具差異化的資產——內容飛輪的發展，我們可以將 Tripadvisor 定位為旅遊業人工智慧生態系統的中心。

Our final priority is narrowing Brand Tripadvisor's focus. Beyond experiences in AI, we'll optimize Brand Tripadvisor's portfolio to enhance profitability. Over the last few years, we've invested incrementally in Tripadvisor's broad engagement strategy designed to fuel new monetization paths and stabilize our legacy offerings.

我們最終的優先事項是縮小 TripAdvisor 品牌的焦點。除了人工智慧的經驗之外，我們還將優化 TripAdvisor 品牌組合，以提高獲利能力。過去幾年，我們逐步投資於 Tripadvisor 的廣泛參與策略，旨在推動新的獲利途徑並穩定我們的傳統產品。

However, we recognize that the pace of impact from these investments has not been enough to offset increasing pressure from the shifting SEO landscape. So in our most mature legacy categories, we'll focus strictly on optimizing for profitability. We'll deprioritize the areas that we expect to be in secular decline in favor of shifting resources towards our marketplace growth opportunities while driving efficiency across areas more exposed to ongoing headwinds.

然而，我們也意識到，這些投資帶來的影響速度還不足以抵消不斷變化的搜尋引擎優化格局帶來的日益增長的壓力。因此，在我們最成熟的傳統品類中，我們將嚴格專注於優化獲利能力。我們將降低對預期會出現長期衰退的領域的重視程度，轉而將資源轉移到市場成長機會上，同時提高更容易受到持續不利因素影響的領域的效率。

Operationally, this will reduce our headcount and better align costs with revenue expectations. Let me be clear, taken together, these actions are not a deprioritization of the Tripadvisor brand. In fact, we believe Tripadvisor will play an even larger role in group-level value creation moving forward. Hotels and restaurants will continue to be an important part of planning a trip, and the hundreds of millions of travelers coming to Tripadvisor each month will still enjoy those features.

從營運角度來看，這將減少我們的員工人數，並使成本更好地與收入預期相符。我要明確指出，綜合來看，這些措施並不意味著降低 TripAdvisor 品牌的優先順序。事實上，我們相信，Tripadvisor 未來將在團體層面的價值創造中發揮更大的作用。酒店和餐廳仍將是旅行計劃的重要組成部分，每月訪問 Tripadvisor 的數億旅行者仍將享受這些功能。

Our partners will continue to benefit from access to these audiences. While this functionality isn't going away, we'll shift Tripadvisor's focus and resourcing to areas where we believe we can deliver the most value to customers. Leverage the brand and traffic to drive experiences growth, position our content and data at the center of the AI ecosystem, and enhance profit from the legacy portfolio. In addition to this set of priorities, TheFork will continue to execute on a financially disciplined growth strategy.

我們的合作夥伴將繼續受益於接觸這些受眾群體。雖然這項功能不會消失，但我們將 Tripadvisor 的重點和資源轉移到我們認為能為客戶帶來最大價值的領域。利用品牌和流量推動體驗成長，將我們的內容和數據置於人工智慧生態系統的中心，並提高傳統產品組合的利潤。除了上述優先事項外，TheFork 還將繼續執行財務紀律嚴明的成長策略。

This quarter, the segment continued its strong performance with growth of 28% and a 22% adjusted EBITDA margin, nearly double what it was last year at this time. We will continue to build on our position as the leader in European dining and prioritize the diversification in revenue across B2B and B2C while increasing profitability. We're also excited about the team's innovation agenda, which includes an AI-powered booking assistant that's driving an uplift in conversion and a social feed that allows diners to discover restaurants based on reviews and contributions from their contacts.

本季度，該業務部門持續保持強勁成長勢頭，成長28%，調整後EBITDA利潤率為22%，幾乎是去年同期的兩倍。我們將繼續鞏固我們在歐洲餐飲業的領先地位，優先考慮 B2B 和 B2C 收入多元化，同時提高獲利能力。我們也對團隊的創新計劃感到興奮，其中包括一個人工智慧驅動的預訂助手，它正在推動轉換率的提升；以及一個社交資訊流，它可以讓食客根據聯絡人的評論和貢獻來發現餐廳。

In summary, we believe that the priorities we shared today position us well for the future to drive value for shareholders. As part of this ongoing program of work, we will also take additional steps to review our group portfolio as we determine where we'll invest and where we'll simplify further through partnership or divestment.

總而言之，我們相信今天我們共同提出的優先事項將使我們在未來能夠為股東創造價值。作為這項持續工作計畫的一部分，我們還將採取額外措施審查我們的集團投資組合，以確定我們將投資的領域以及我們將透過合作或撤資進一步簡化的領域。

We are building a stronger Tripadvisor Group. Focused on faster-growing categories with large TAMs, durable transactional economics, and strong supply. We're prioritizing areas where we have a proven track record and the capabilities to win. We'll do fewer things better, move faster, and optimize the lines of business where our scale or competitive position can't lead the market.

我們正在打造更強大的Tripadvisor集團。專注於市場規模大、交易經濟效益穩定、供應充足的快速成長品類。我們將優先發展那些我們已經取得成功經驗並且有能力取得成功的領域。我們將把更少的事情做得更好，加快步伐，並優化那些我們的規模或競爭地位無法引領市場的業務線。

We believe that our actions will strengthen our financial profile by reducing costs, accelerating revenue growth, and growing profitability both in the experiences category and for the group as a whole. With that, I'll turn the call over to Mike.

我們相信，我們的行動將透過降低成本、加速收入成長和提高體驗類產品及整個集團的獲利能力，來增強我們的財務狀況。這樣，我就把電話交給麥克了。

Thanks, Matt, and good morning. I'll start with a review of our financial performance, and later, we'll provide more information on the cost savings program, what our operating model changes will mean for how we report our segments, and some thoughts on Q4.

謝謝你，馬特，早安。我將首先回顧我們的財務業績，之後，我們將提供更多關於成本節約計劃的信息，我們的營運模式變化將如何影響我們報告各業務板塊的方式，以及對第四季度的一些想法。

As a reminder, all growth rates are relative to the comparable period in 2024 unless noted otherwise. Q3 consolidated revenue was in line with our expectations of $553 million or 4% growth, and consolidated adjusted EBITDA exceeded our expectations at $123 million or 22% of revenue. In the Viator segment, the number of experiences booked grew 18%.

需要說明的是，除非另有說明，所有成長率均相對於 2024 年的同期水準。第三季合併營收符合我們預期的 5.53 億美元或成長 4%，合併調整後 EBITDA 超出我們預期，達到 1.23 億美元，佔營收的 22%。在 Viator 板塊，預訂體驗的數量增加了 18%。

Growth improved sequentially in both the Tripadvisor and Viator points of sale, while growth in third-party points of sale continued to outpace the overall segment. Importantly, the number of experiences booked through the Tripadvisor point of sale returned to growth this quarter.

Tripadvisor 和 Viator 銷售點的成長均較上季改善，而第三方銷售點的成長持續超過整個細分市場。值得注意的是，本季透過 TripAdvisor 銷售點預訂的體驗數量恢復了成長。

In North America, our largest source market, we saw bookings growth accelerate sequentially across both points of sale, which we believe is reflective of the strength of both of our brands as we scale our coordinated marketing efforts.

在北美這個我們最大的客源市場，我們看到兩個銷售點的預訂量都逐週加速成長，我們認為這反映了我們兩個品牌的實力，也體現了我們協調行銷工作的規模不斷擴大。

Gross booking value or GBV grew 15% to approximately $1.3 billion, and revenue grew 9% to $294 million. Changes in FX positively impacted GBV revenue growth by approximately three percentage points. The difference between the growth in the number of experiences booked and growth in revenue continues to be driven by the high growth of our third-party merchant bookings relative to 2024.

總預訂價值（GBV）成長 15% 至約 13 億美元，營收成長 9% 至 2.94 億美元。外匯匯率的變動對GBV的營收成長產生了約3個百分點的正面影響。與 2024 年相比，預訂體驗數量的成長與收入成長之間的差異，主要由第三方商家預訂的高速成長所驅動。

As a reminder, merchant bookings generally have a lower average booking value, which impacts GBV growth relative to volume growth. They also carry a lower implied take rate, which impacts revenue growth relative to GBV growth. While the implied take rate is lower than our owned and operated points of sale, third-party merchant bookings are both financially and strategically valuable. From a financial perspective, these bookings carry an attractive profitability profile.

需要提醒的是，商家訂單的平均訂單價值通常較低，這會影響 GBV 相對於交易量的成長。它們的隱含佣金率也較低，這會影響相對於 GBV 成長的收入成長。雖然隱含的佣金率低於我們自有和經營的銷售點，但第三方商家的預訂在財務和策略上都很有價值。從財務角度來看，這些預訂具有很有吸引力的獲利前景。

Strategically, these bookings are largely sourced from regions outside of our core markets, which enable us to reach incremental traveler demand as we continue to scale our new and repeat booker cohorts globally. Viator adjusted EBITDA was $50 million or 17% of revenue, a margin improvement of 550 basis points driven primarily by a more efficient marketing channel mix.

從策略角度來看，這些預訂主要來自我們核心市場以外的地區，這使我們能夠隨著我們在全球範圍內不斷擴大新舊預訂者群體，滿足不斷增長的旅客需求。Viator 調整後的 EBITDA 為 5,000 萬美元，佔營收的 17%，利潤率提高了 550 個基點，這主要得益於更有效率的行銷管道組合。

We continue to see outsized growth in our direct channels and in repeat bookings, each contributing to our profitable growth profile as repeat bookings cohorts continue to scale. In addition, growth in third-party merchant bookings, which come with no marketing spend, contributed to the segment's total marketing leverage.

我們的直接管道和回頭客預訂量持續大幅成長，隨著回頭客預訂群組規模的不斷擴大，這兩項成長都對我們的獲利成長做出了貢獻。此外，無需行銷支出的第三方商家預訂量的成長，也提高了該細分市場的整體行銷槓桿。

Lower marketing costs more than offset modest increases in personnel costs related to targeted investments in technology, product, and supply. Altogether, these trends continue to reinforce our belief in the long-term margin opportunity for this business at scale. At Brand Tripadvisor, Q3 revenue was $235 million, a decline of 8%, which was below our expectations. We experienced stronger than anticipated traffic headwinds that accelerated throughout the quarter, negatively affecting both free and paid channels. In branded hotels, revenue was $143 million, a decline of 5%. In Hotel Meta, strong pricing in both free and paid channels was more than offset by accelerating traffic volume headwinds.

行銷成本的降低足以抵消因對技術、產品和供應進行有針對性的投資而導致的人員成本的適度增加。總而言之，這些趨勢繼續強化了我們對該業務規模化發展具有長期利潤成長機會的信念。Tripadvisor品牌第三季營收為2.35億美元，下降8%，低於我們的預期。本季我們遭遇了比預期更強勁的流量逆風，而這種逆風愈演愈烈，對免費管道和付費管道都產生了負面影響。品牌酒店的收入為 1.43 億美元，下降了 5%。在 Hotel Meta 中，免費和付費管道的強勁定價被不斷增長的流量逆風所抵消。

Regionally, single-digit growth in US Hotel Meta revenue was more than offset by declines in Europe and APAC. As a reminder, we will continue to manage our branded hotels business for margin stability and not chase low-margin revenue in this category. We remain focused on improving the quality of our hotels and delivering highly qualified incremental demand to our partners.

從區域來看，美國飯店市場收入的個位數成長被歐洲和亞太地區的下滑所抵銷。再次提醒大家，我們將繼續管理品牌酒店業務，以保持利潤率穩定，不會在這個類別中追求低利潤率的收入。我們將繼續專注於提升飯店品質，並為合作夥伴帶來高品質的增量需求。

And we believe that success is evident by the sustained pricing growth we continue to witness. Media and advertising revenue declined 11% to $36 million, primarily due to the aforementioned traffic headwinds we incurred in the quarter. Experiences and dining revenue was up $47 million, a decline of 9%.

我們相信，持續的價格成長就證明了這一成功。媒體和廣告收入下降 11% 至 3,600 萬美元，主要原因是本季我們遇到了上述的流量不利因素。體驗和餐飲收入增加了 4700 萬美元，下降了 9%。

Growth in Brand Tripadvisor's experiences revenue lags unit volume growth, which returned to growth in the quarter, as I mentioned earlier. Experiences revenue performance was largely stable sequentially, and going forward, we expect experience revenue growth on Tripadvisor point of sale to accelerate as a result of our new operating model.

品牌 Tripadvisor 的體驗收入成長落後於銷售成長，而銷售成長在本季已恢復成長，正如我之前提到的。體驗收入表現基本上保持穩定，展望未來，我們預計隨著我們新的營運模式的實施，Tripadvisor 銷售點的體驗收入成長將會加速。

Brand Tripadvisor adjusted EBITDA was $59 million and 25% of revenue, which exceeded our expectations. Despite accelerating traffic headwinds in the quarter, placing additional pressure on revenue, the team did a good job managing the growing reliance on paid channels with fixed cost prudence to exceed margin expectations. Despite pressure on adjusted EBITDA.

Tripadvisor品牌調整後的EBITDA為5,900萬美元，佔營收的25%，超出了我們的預期。儘管本季流量逆風加劇，給收入帶來了額外壓力，但團隊在管理日益增長的對付費管道的依賴方面做得很好，透過謹慎控制固定成本，超出了利潤預期。儘管調整後 EBITDA 面臨壓力。

At TheFork, Q3 revenue was $63 million or 28% growth and 20% growth in constant currency. B2C bookings volume grew 11% across all channels and 13% on TheFork's branded direct channel. The strength of B2B subscription revenue growth continues to be driven by restaurants adopting higher-priced premium plans, ongoing evidence of the strength of the feature set and overall value proposition delivered to restaurants.

TheFork 第三季營收為 6,300 萬美元，較去年同期成長 28%；以固定匯率計算，較去年同期成長 20%。所有管道的 B2C 預訂量增加了 11%，TheFork 品牌直銷管道的預訂量增加了 13%。B2B 訂閱收入成長強勁，主要得益於餐廳採用價格更高的優質套餐，這持續證明了該套餐的功能集和整體價值主張對餐廳的吸引力。

While still a minority of TheFork's total revenue, B2B subscription revenue is contributing an increasingly share of the overall revenue mix, which we expect to continue in the future as the team executes on its business model diversification strategy.

雖然 B2B 訂閱收入在 TheFork 的總收入中仍然只佔一小部分，但其在整體收入組成中所佔的比例越來越大，我們預計隨著團隊執行其商業模式多元化戰略，這種情況未來還將繼續。

Adjusted EBITDA at TheFork was $14 million or 22% of revenue, representing a margin improvement of approximately 10 percentage points driven primarily by leverage in personnel costs. Turning to consolidated expenses for the quarter. Cost of revenue was 7% of revenue, an improvement of 10 basis points. Marketing costs were 41% of revenue, higher by 150 basis points.

TheFork 的調整後 EBITDA 為 1,400 萬美元，佔營收的 22%，利潤率提高了約 10 個百分點，主要得益於人員成本的槓桿作用。接下來來看看本季的合併費用。營業成本佔營業收入的7%，改善了10個基點。行銷成本佔營收的 41%，比去年同期成長了 150 個基點。

Modest leverage at Viator was offset by deleverage at Brand Tripadvisor due to the aforementioned traffic headwinds. Personnel cost as a percent of revenue improved by 100 basis points. Investment in Viator personnel offset lower personnel costs at Brand Tripadvisor. Absent share-based compensation, personnel costs were approximately flat as a percent of revenue.

由於上述流量逆風，Viator 的適度槓桿作用被 TripAdvisor 品牌的去槓桿作用所抵消。人員成本佔收入的百分比提高了 100 個基點。對 Viator 人員的投資抵消了 TripAdvisor 品牌較低的人員成本。如果沒有股權激勵，人員成本佔收入的比例基本上保持不變。

Technology costs at under 5% of revenue were approximately flat with last year. G&A as a percent of revenue improved by approximately 70 basis points driven primarily by lower real estate costs. Now turning to cash and liquidity. Q3 operating cash flow was $45 million and free cash flow was $26 million.

技術成本佔收入的比例不到 5%，與去年基本持平。管理費用佔收入的百分比提高了約 70 個基點，主要原因是房地產成本降低。現在來說說現金和流動性問題。第三季經營現金流為 4,500 萬美元，自由現金流為 2,600 萬美元。

On an LTM basis, operating cash flow was $347 million and free cash flow was $261 million, which represents significant improvement from last year due to a more favorable working capital and one-time cash tax settlement charges in the comparable period last year. Total cash and cash equivalents at September 30 were approximately $1.2 billion.

以過去 12 個月計算，營運現金流為 3.47 億美元，自由現金流為 2.61 億美元，較去年同期有顯著改善，這主要得益於營運資本狀況更為有利以及去年同期一次性現金稅款結算費用。截至9月30日，現金及現金等價物總額約12億美元。

Our cash balance includes approximately $350 million in term loan B proceeds raised in 2025, which we plan to use to pay our outstanding convertible notes due in April 2026. After taking into account deferred merchant payables of approximately $393 million and the $350 million term loan, our remaining excess cash balance is approximately $175 million.

我們的現金餘額包括 2025 年籌集的約 3.5 億美元 B 類定期貸款收益，我們計劃用這筆資金支付 2026 年 4 月到期的未償還可轉換票據。扣除約 3.93 億美元的遞延商戶應付款項和 3.5 億美元的定期貸款後，我們剩餘的超額現金餘額約為 1.75 億美元。

During the third quarter, we did not repurchase shares given the operating model changes and cost savings programs we were contemplating. However, we expect to restart our open market repurchases this quarter with our previously communicated programmatic approach, subject to a stable macro environment. Today, we have approximately $160 million remaining in our authorization. We believe that our current cash profile and net leverage levels reflect a strong capital structure with appropriate cash for operating needs.

第三季度，鑑於我們正在考慮的營運模式變革和成本節約計劃，我們沒有回購股票。但是，我們預計在本季將按照先前公佈的程序化方式重啟公開市場回購，前提是宏觀環境穩定。目前，我們的授權額度還剩下約 1.6 億美元。我們認為，我們目前的現金狀況和淨槓桿水準反映了我們穩健的資本結構，並擁有充足的現金以滿足營運需求。

Turning to the gross savings program. Matt mentioned in his prepared remarks. At the group level, we are sharpening our strategic focus in order to accelerate our ambition in the areas where we believe we have differentiated assets and that can drive meaningful shareholder value. We believe that realigning our strategy, our resources, and our brand and data assets across Viator and Brand Tripadvisor into a new operating model provides an attractive opportunity to accelerate growth and innovation.

接下來是總儲蓄計劃。馬特在他的準備好的演講稿中提到了這一點。在集團層面，我們正在加強策略重點，以加快我們在我們認為擁有差異化資產並能為股東創造有意義價值的領域的雄心壯志。我們相信，將 Viator 和 TripAdvisor 品牌的策略、資源、品牌和數據資產重新整合到一個新的營運模式中，將為加速成長和創新提供極具吸引力的機會。

This operating model change will result in a greatly simplified organization and allow us to operate more efficiently. We will be launching an annualized gross cost savings program of $85 million in Q4 that we intend to execute throughout 2026 and expect to fully realize by 2027.

這種營運模式的改變將大大簡化組織結構，並使我們能夠更有效率地運作。我們將於第四季啟動一項年度總成本節約計劃，目標金額為 8,500 萬美元，我們計劃在 2026 年全年執行該計劃，並預計在 2027 年全面實現。

This savings program will primarily include reductions in headcount spanning Brand Tripadvisor, corporate G&A, and Viator by approximately 20%. But will also include other operating expense efficiencies as a result of our operating model change. In 2026, the net impact of our savings program is expected to be lower than $85 million due to the timing of these actions. For example, we expect approximately $10 million of the savings to be recognized in Q4 of this year. And as I mentioned earlier, our plan to invest behind reaccelerating experience growth in 2026 may offset a portion of the savings impact.

該節約計畫將主要包括裁減 TripAdvisor 品牌、公司一般及行政部門和 Viator 的員工人數，裁減幅度約為 20%。但同時也將包括因我們營運模式的改變而帶來的其他營運費用效率提升。由於這些措施的實施時機，預計到 2026 年，我們的節約計畫的淨影響將低於 8,500 萬美元。例如，我們預計今年第四季將確認約 1000 萬美元的節省。正如我之前提到的，我們計劃在 2026 年投資以重新加速體驗成長，這可能會抵消部分節省成本的影響。

While it's too early to provide detailed guidance for next year, our preliminary estimate today on this program's impact to fiscal '26 would be an improvement of approximately 100 basis points to consolidated adjusted EBITDA margin. We will provide another update next quarter given we're still finalizing the '26 plan. Next quarter, we also intend to update our reportable segments to align with our updated operating model and resource allocation strategy. We expect to maintain three segments, which we anticipate will be experiences, hotels and other, and TheFork.

雖然現在提供明年的詳細指導還為時過早，但我們今天對該計劃對 2026 財年的影響的初步估計是，合併調整後的 EBITDA 利潤率將提高約 100 個基點。鑑於我們仍在最終確定 2026 年計劃，我們將在下個季度提供另一份更新報告。下個季度，我們還計劃更新我們的報告分部，以與我們更新的營運模式和資源分配策略保持一致。我們預計將維持三個業務板塊，分別是體驗、酒店及其他，以及 TheFork。

We believe updating our reportable segments will provide investors with a clearer understanding of the growth and margin performance and future opportunity of our entire experiences business, as well as more clearly highlight how we'll manage our legacy businesses. Let me take a moment to quickly explain the major changes that bridge our existing segment structure to our planned updates. In the experiences segment, the definition and disclosure of unit volume, GBV, and revenue will be consistent and unchanged from the way the Viator segment reports today.

我們相信，更新我們的報告分部將使投資者更清楚地了解我們整個體驗業務的成長和利潤率表現以及未來機遇，並更清楚地突出我們將如何管理我們的傳統業務。讓我花一點時間快速解釋一下，我們現有的細分結構與我們計劃的更新之間有哪些重大變化。在體驗業務板塊，單位銷售、GBV 和收入的定義和揭露將與 Viator 板塊目前的報告方式保持一致，不會改變。

However, the cost profile will change to include all fixed and variable expenses related to both brands for experiences, which have been split between the Brand Tripadvisor and Viator segments. By doing this, there will no longer be a need for intersegment eliminations related to experiences, which today is recognized as an affiliate marketing expense in the Viator segment and intercompany revenue for Brand Tripadvisor. The hotels and other segment will effectively be the current Brand Tripadvisor segment but without experiences-related revenue and expenses.

但是，成本結構將發生變化，將包括與這兩個品牌體驗相關的所有固定和可變費用，這些費用已在 Tripadvisor 和 Viator 品牌細分市場中分開。透過這種方式，將不再需要與體驗相關的部門間抵消，而目前這部分費用在 Viator 部門被確認為聯盟行銷支出，在 Tripadvisor 品牌中則被確認為公司間收入。飯店及其他業務部門實際上將與目前的 TripAdvisor 品牌板塊相同，但不包括與體驗相關的收入和支出。

Finally, TheFork segment will remain unchanged from today's disclosure. Given these changes are still in process, I will provide guidance for the fourth quarter and full year consistent with our existing segment structure. Turning to our outlook for Q4. Our expectations for the quarter include the benefit of approximately $10 million to adjusted EBITDA from our aforementioned cost savings program impacting both Brand Tripadvisor and Viator but do not assume any revenue benefits from our new organizational structure, which we are implementing this quarter and expect to drive benefits throughout 2026.

最後，TheFork板塊將與今天披露的內容一致。鑑於這些變化仍在進行中，我將根據我們現有的業務板塊結構，對第四季度和全年業績提供指導。接下來展望第四季。我們對本季度的預期包括，上述成本節約計劃將為調整後的 EBITDA 帶來約 1000 萬美元的收益，該計劃將同時影響 TripAdvisor 和 Viator 品牌，但我們並未假設新的組織結構將帶來任何收入收益，我們正在本季度實施該結構，並預計該結構將在 2026 年全年帶來收益。

For Q4, we expect consolidated revenue to be approximately flat to last year and consolidated adjusted EBITDA margin of approximately 11% to 13%, which implies the following for each brand: Advisor, we expect total bookings growth in Q4 of approximately 16% to 18%, driven by an acceleration at the Viator and Tripadvisor points of sale.

對於第四季度，我們預計合併收入將與去年基本持平，合併調整後 EBITDA 利潤率約為 11% 至 13%，這意味著每個品牌的情況如下：顧問，我們預計第四季度總預訂量將增長約 16% 至 18%，這主要得益於 Viator 和 Tripadvisor 銷售點的加速增長。

We expect some sequential pressure in GBV growth due to the impact of promotions and a higher mix of lower-priced tickets to average booking value. We expect revenue growth to be in line to slight acceleration with Q3 growth. Adjusted EBITDA margin is expected to be approximately 100 basis points lower due to a non-recurring indirect tax credit incurred last year.

我們預計，由於促銷活動的影響以及低價票在平均預訂價值中所佔比例較高，GBV 成長將面臨一定的連續性壓力。我們預計營收成長將與第三季成長持平，並略有加速。由於去年產生了一筆非經常性間接稅抵免，預計調整後的 EBITDA 利潤率將下降約 100 個基點。

Absent that one-time benefit, we would expect Viator's adjusted EBITDA margin to increase by approximately 200 basis points. At Brand Tripadvisor, our current expectation is for revenue to decline in the low teens, which assumes Q3 traffic headwinds persist. Adjusted EBITDA margin is expected to decline approximately 900 basis points, driven primarily by pressure in the Hotel Meta free channels as well as planned marketing spend resulting from ongoing coordinated efforts and experiences. At TheFork, we expect revenue growth in the mid-teens, which reflects a currency benefit of approximately 10 percentage points.

如果沒有那筆一次性收益，我們預計 Viator 的調整後 EBITDA 利潤率將增加約 200 個基點。在Tripadvisor品牌方面，我們目前的預期是營收將下降兩位數，這是假設第三季的交通逆風持續下去。調整後的 EBITDA 利潤率預計將下降約 900 個基點，主要原因是 Hotel Meta 免費管道的壓力以及持續協調努力和經驗帶來的計劃行銷支出。TheFork 預計營收成長將達到 15% 左右，這反映了約 10 個百分點的匯率收益。

The sequential step down in growth is expected as we are now lapping the scaled growth initiatives in B2B and partnership we began realizing in Q4 of last year. Adjusted EBITDA is expected to be approximately flat year over year. Given our Q4 outlook, we now expect full-year consolidated revenue growth of 3% to 4%. However, our adjusted EBITDA margin expectations remain unchanged at 16% to 18%. We are excited about our strategic direction as we finish the year and believe that the operating model changes and cost savings actions will sharpen our focus and allow us to grow consolidated revenue and adjusted EBITDA and improve adjusted EBITDA margin in fiscal year 2026.

隨著我們目前在 B2B 和合作夥伴關係方面實現的規模化成長計畫逐漸收窄，成長速度的逐步放緩是意料之中的，因為我們現在已經超越了去年第四季開始實施的規模成長計畫。調整後 EBITDA 預計與去年同期基本持平。根據我們對第四季的展望，我們現在預計全年合併收入將成長3%至4%。然而，我們調整後的 EBITDA 利潤率預期仍維持在 16% 至 18% 不變。我們對今年的策略方向感到興奮，並相信營運模式的改變和成本節約措施將使我們更加專注於目標，使我們能夠在 2026 財年實現合併收入和調整後 EBITDA 的成長，並提高調整後 EBITDA 利潤率。

In Experiences, our targeted investments will unlock a larger TAM and position us to accelerate revenue growth and grow adjusted EBITDA. At TheFork, we will continue to execute a financially disciplined growth strategy, and we expect to optimize our legacy offerings and deliver cost savings to maximize profitability in the face of structural headwinds.

在體驗領域，我們的有針對性的投資將釋放更大的潛在市場規模，並使我們能夠加速收入成長和提高調整後 EBITDA。在 TheFork，我們將繼續執行財務紀律嚴明的成長策略，並期望優化我們的傳統產品和服務，降低成本，以在結構性不利因素面前實現利潤最大化。

Over the past few years, we've made notable progress driving a deliberate business model diversification strategy to grow the mix of revenue and adjusted EBITDA from our marketplace businesses. As Matt stated earlier, this year, revenue from Viator and TheFork, our marketplace businesses, are expected to represent 60% of total consolidated revenue and 30% of total adjusted EBITDA in our current segment reporting.

過去幾年，我們透過推行有意識的商業模式多元化策略，提高了市場業務的收入和調整後 EBITDA 佔比，取得了顯著進展。正如 Matt 之前所說，今年，我們市場業務 Viator 和 TheFork 的收入預計將占我們當前分部報告中合併總收入的 60% 和調整後 EBITDA 的 30%。

Under our new operating model and segment reporting structure, we expect this revenue mix shift to steadily continue and the mix of adjusted EBITDA to surpass 50% consolidated EBITDA in fiscal 2026, which we believe reflects our strength as an experiences and AI-enabled company and our overall marketplace mix. We look forward to sharing more detail with you on our Q4 earnings call next year.

根據我們新的營運模式和分部報告結構，我們預計這種收入結構轉變將穩步持續，調整後 EBITDA 佔比將在 2026 財年超過合併 EBITDA 的 50%，我們認為這反映了我們作為一家體驗和人工智慧賦能型公司的優勢以及我們整體的市場組合。我們期待在明年的第四季財報電話會議上與您分享更多細節。

I'll pass the call back over to Matt briefly.

我稍後會把電話轉回給馬特。

Thanks, Mike. Before we start Q&A, I wanted to take a moment and welcome Alex Dichter to our Board of Directors. Alex joins us with many years of experience as an adviser and operator with deep travel industry knowledge and an extensive background working with organizations across multiple travel verticals to transform and scale their businesses. This is the first step to bringing on fresh perspectives from independent directors, and we're excited to have Alex join the board. He joins us as Greg O'Hara departs, and I want to thank Greg for his contributions and leadership over the years. With that, I'd like to turn the call back to the operator for Q&A.

謝謝你，麥克。在開始問答環節之前，我想花一點時間歡迎 Alex Dichter 加入我們的董事會。Alex 加入我們，他擁有多年作為顧問和運營商的經驗，對旅遊業有著深刻的了解，並且在與多個旅遊垂直領域的組織合作以轉型和擴大其業務方面有著廣泛的背景。這是引入獨立董事帶來新鮮視角的第一步，我們很高興 Alex 加入董事會。他加入我們是因為格雷格·奧哈拉即將離開，我要感謝格雷格多年來的貢獻和領導。那麼，我想把電話轉回接線生進行問答環節。

(Event Instructions) Richard J. Clarke, Bernstein.

（活動說明）理查德·J·克拉克，伯恩斯坦。

Hi, there. Thanks for taking my questions. Just maybe like to ask a question on your revenue growth assumptions going forward. I think you said you think you can accelerate growth. I'm just wondering what the shape of that will be. If you're investing even less in the sort of meta and Brand Tripadvisor product, is the revenue growth, you know, can you still stabilize better than the mid-teens guide you've set out for Q4?

你好呀。謝謝您回答我的問題。我想問一下關於未來營收成長預期方面的問題。我想你說過你認為你可以加速成長。我只是好奇它會是什麼形狀。如果你對像Tripadvisor這樣的元分析和品牌產品投入更少，那麼營收成長還能比你為第四季設定的十幾個百分點的目標更穩定嗎？

And with the new organizational structure, would you expect your experiences segment to be able to grow faster than the 9%, sort of high single digits that Viator's doing at the moment? What's the kind of shape of revenue growth going forward?

有了新的組織架構，您是否預期您的體驗業務板塊能夠比 Viator 目前 9% 左右的高個位數成長率更快？未來營收成長的走勢會是怎樣的？

Yeah. Hey, Richard. It's Mike. I'll take this. In terms of thinking about the longer-term shape of revenue and as reflective of our operating model, I'll say a few things. As we set ourselves up, you know, in experiences, we do think the operating model and how we're allocating investment to experiences, we are expecting our experiences in our new segment to reaccelerate next year.

是的。嘿，理查德。是麥克。我要這個。從長遠角度考慮收入結構以及它如何反映我們的營運模式，我想說幾點。你知道，隨著我們在體驗領域的佈局，我們認為營運模式以及我們對體驗的投資分配方式，我們預計明年我們在新領域的體驗業務將再次加速成長。

Right? And that is both a focus on two things. One, geo TAM expansion, looking at new source markets to acquire bookers. Very important in that equation. And category expansion. As we think about other opportunities to bring other types of things to commercialize in the storefront. Think of attractions, right, for example.

正確的？這其實是關注兩件事。第一，拓展地理TAM，尋找新的客源市場來獲取預訂用戶。在這個等式中，這一點非常重要。以及品類拓展。我們正在考慮其他機會，將其他類型的商品引入店面進行商業化銷售。例如，想想旅遊景點。

So those are two important things as we think about that reacceleration statement next year. We also then, I think, as we think about our hotels and other category, would be our other second new segment, I think we're taking a very pragmatic view of what this looks like.

所以，在考慮明年重新加速經濟成長的聲明時，這兩件事都很重要。我認為，當我們考慮酒店和其他類別時，這將是我們的第二個新細分市場，我們對它的發展前景持非常務實的態度。

We are, when you think about the traffic headwinds we've seen particularly accelerating in the free channels, and then you take that with how we will be investing, you know, in growth, meaning we're not going to be prioritizing growth necessarily in the paid channels just for growth. We're going to really divert those resources to experiences. We would expect continued revenue headwinds next year.

考慮到我們看到的流量逆風，尤其是在免費管道中加速蔓延，再加上我們將如何投資於成長，這意味著我們不會僅僅為了成長而優先考慮付費管道的成長。我們將把這些資源真正投入到體驗式行銷中。我們預計明年營收將持續面臨不利因素。

And then in TheFork, just to round out in terms of the growth, we are continuing to expect that TheFork's gonna grow nicely with continued margin evolution. So when you take that all in, when we think about where we sit today, and to be clear, we will be refining our plans as we move to the next three months. From a consolidated perspective, we would expect that we would grow both revenue and EBITDA next year.

最後，就成長而言，我們預計 TheFork 將持續成長，利潤率也將持續提高。所以，當我們把所有這些因素考慮進去，當我們思考我們目前的處境時，需要明確的是，在接下來的三個月裡，我們將不斷完善我們的計劃。從整體來看，我們預計明年營收和 EBITDA 都將成長。

When we take into consideration the cost savings program that we've enacted, that really stops the growth of fixed cost in both the Viator and Brand Tripadvisor segments, which would deliver about, we said, about a point of margin improvement to the consolidated financial profile next year. So, again, important moves we're making today that we believe are important for growth and margin for next year, but not just next year. It's really how we set ourselves up for the next several years and driving the experiences opportunity we have in front of us.

考慮到我們已經實施的成本節約計劃，這確實阻止了 Viator 和 TripAdvisor 品牌部門固定成本的增長，正如我們所說，這將使明年的合併財務狀況的利潤率提高約 1%。所以，我們今天採取的一些重要舉措，我們認為對明年的成長和利潤率至關重要，但不僅僅是明年。這實際上關係到我們如何為未來幾年做好準備，以及如何掌握擺在我們面前的各種機會。

Okay. Makes sense. Thank you.

好的。有道理。謝謝。

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Great. Thank you very much. A lot to digest here and make some of the steps here. That you described, Matt, do make sense. I'm just wondering, as you look to reaccelerate growth in the Viator business or the experiences business, is it possible to kind of get kind of closer to your closest competitor? I think they recently disclosed around 30%.

偉大的。非常感謝。這裡有很多東西需要消化，而且需要採取一些步驟。馬特，你描述的情況確實有道理。我只是想知道，當您尋求重新加速 Viator 業務或體驗業務的成長時，是否有可能更接近您最接近的競爭對手？我認為他們最近披露了大約 30%。

And, also, you have kind of expanded margins very nicely in this segment. Is it possible to remain on this margin expansion trajectory as you accelerate growth? How give us your thoughts on how we think between the trade-off between growth reacceleration versus margins.

而且，你們在這個領域的利潤率也提升得相當不錯。在加速成長的同時，是否有可能保持利潤率不斷擴張的趨勢？請分享您對我們如何權衡成長加速與利潤率之間利弊的看法。

Thanks, Naved. And I think you've hit right at the core of why we are so enthusiastic about this fundamental shift to our operating model because we believe it allows us to do just that. Reaccelerate growth while we continue to expand margins. And, you know, we are already really leading the category today. You can look at it in many different ways and make judgments about, you know, who's got the best profile. But here let me tell you what I'm excited about our profile. We believe we're in a real position to shape what comes next as the global brand leader in this category.

謝謝你，納維德。我認為你已經一針見血地指出了我們為何對這種營運模式的根本性轉變如此熱衷的原因，因為我們相信它能夠讓我們做到這一點。在持續擴大利潤率的同時，重新加速成長。而且，你知道，我們目前在這個領域已經處於領先地位。你可以從很多不同的角度來看這個問題，並做出判斷，例如，誰的條件最好。但讓我在這裡告訴你，我對我們的個人資料感到興奮的是什麼。身為該品類的全球品牌領導者，我們相信我們有能力塑造未來的發展方向。

You know, together with Tripadvisor, it's the category's largest, most trusted, and most profitable platform, and we are building it for sustained growth. Why do I say largest? It's largest because of our scale and reach. You know, we're the global leader in scale with unmatched supply and reach. 400,000 experiences, 65,000 operators, and, of course, we can more fully tap the hundreds of millions of travelers using Tripadvisor monthly. Giving that supply more visibility and more demand that really no competitor can replicate. And the proof points in my mind are, you know, the last twelve months, GBV of $4.6 billion and 17% items growth. And we believe we can accelerate off that. Being trusted has an advantage.

你知道，它和 Tripadvisor 一起，是該類別中規模最大、最值得信賴、盈利能力最強的平台，我們正在努力實現持續成長。我為什麼說是最大的？之所以規模最大，是因為我們的規模和覆蓋範圍。你知道，我們在規模上是全球領先者，擁有無可比擬的供應能力和覆蓋範圍。 40萬種體驗，6.5萬家運營商，當然，我們還可以更充分地利用每月使用Tripadvisor的數億旅行者。賦予該供應更高的可見度和更大的需求，這是任何競爭對手都無法複製的。在我看來，最有力的證明就是過去十二個月的業績，總銷售額達到 46 億美元，商品銷售額成長了 17%。我們相信我們可以藉此加速發展。獲得信任是一種優勢。

You know, we've got this global reputation of trust, and it's a foundation to grow experiences globally. A very good percentage of our audience from Tripadvisor is coming out of the US even though Viator has primarily focused on the US source market. So that gives us immediate credibility to expand experiences into new markets. We think there'll be lower barriers to adoption in those source markets where travelers already know and use Tripadvisor. And we think that it signals sort of a reliability, which is critical for the emerging category. And, you know, in Europe alone, we have 70% brand awareness, and it's relatively unmonetized today.

你知道，我們擁有全球範圍內的信任聲譽，這是我們在全球範圍內發展體驗的基礎。儘管 Viator 主要專注於美國客源市場，但我們在 Tripadvisor 上的受眾中有相當大一部分來自美國。這讓我們立即獲得了將經驗拓展到新市場的信譽。我們認為，在旅客已經了解並使用Tripadvisor的客源市場，採用Tripadvisor的門檻會更低。我們認為這表明了一種可靠性，這對新興類別來說至關重要。你知道，光是在歐洲，我們的品牌知名度就達到了 70%，但目前還沒有將其轉化為實際收益。

So by focusing Tripadvisor on experiences, we have many, many times more visitors to go, take advantage of than others. And finally, profitability. You know, we are driving this performance with financial discipline. And what we've shown is that the category can scale profitably, and we're the only ones who have shown that. We're doing it with efficiency and with discipline and performance. And so, you know, Viator was profitable since 2023. Last year, we delivered a mid-single-digit margin. The last twelve months, we have a high single-digit margin, and we are approaching double-digit margin.

因此，透過將 Tripadvisor 的重點放在體驗上，我們獲得了比其他公司多得多的遊客，讓他們能夠充分利用這些遊客的優勢。最後，是盈利能力。你知道，我們正是憑藉嚴明的財務紀律來推動這項業績的。我們已經證明，這個品類可以獲利性規模化，而且我們是唯一證明這一點的公司。我們以高效、嚴謹和出色的表現來完成這項工作。所以，你知道，Viator 自 2023 年以來一直盈利。去年，我們的利潤率達到了個位數中段。過去十二個月，我們的利潤率一直保持在個位數以上，並且正在接近兩位數利潤率。

And as we move from regional strength to building a global platform, we think that leadership is within our capability, and we're gonna go after it. So thanks for the question. We're super enthusiastic about reaccelerating growth and expanding margins.

隨著我們從區域實力邁向建立全球平台，我們認為我們有能力成為領導者，我們將努力爭取。謝謝你的提問。我們對重新加速成長和擴大利潤率充滿熱情。

And I'll just add the second point here quick. Yeah. That's alright. And just to underscore a few points that Matt said. We are really pleased with the unit growth. And I think, you know, I wanna make sure that we all focus on the most important metric we think is that. Because it's a statement of real customer conversion, and it's a statement of you have the ability to bring back customers on a repeat basis.

我再快速補充第二點。是的。沒關係。我還要強調一下馬特提到的幾點。我們對銷量成長非常滿意。而且我認為，我想確保我們所有人都專注於我們認為最重要的指標。因為它體現了真實的客戶轉換率，也反映了你有能力讓客戶不斷回頭光顧。

And that's super important. And so we'll continue to really focus on driving that scale and that unit volume growth. And the margin, I would say, you know, this model, as we continue our disciplined new user acquisition, is really around growing margins. And I think we will continue to think about particularly as we're excited about reaccelerating next year into new geos, you know, there'll be some modest investment into that. But all in all, expect to continue to see the model produce margin enhancement.

這一點至關重要。因此，我們將繼續專注於推動規模和銷售成長。而利潤率，我想說，你知道，隨著我們繼續有條不紊地獲取新用戶，這種模式的真正核心在於不斷提高利潤率。我認為我們會繼續考慮這個問題，尤其是在我們對明年重新加速進軍新地區感到興奮的情況下，我們將對此進行一些適度的投資。但總而言之，預計該模式將持續帶來利潤率提升。

Thank you, Mike.

謝謝你，麥克。

Ronald Josey, Citi.

羅納德‧喬西，花旗銀行。

Hi. This is Robert on for Ron. Thanks for taking the question here. Can you maybe give us a sense of new user trends at Viator as you continue to expand into these secondary and tertiary markets and into newer categories, help us understand your approach to growing supply in each of these newer markets.

你好。這裡是羅伯特替羅恩報道。感謝您接受這個問題。您能否為我們介紹一下 Viator 在不斷拓展二級和三級市場以及新類別時，用戶的新趨勢，並幫助我們了解您在每個新市場中增加供應的方法。

Yeah, Rob. I'll take that real quick, and Matt can chime in. Great question because it does tie directly to how we're thinking about the reacceleration point. You know, in the US and North America, which is our core market, we continue to see very high repeat revenue growth rate from our repeat customers. Very important. Because that is, you know, long-term customers, they generally the more times they come, the less we're reliant they are on paid channels. It's part of our core flywheel. On new users, we are very disciplined. Right?

是的，羅布。我這就簡單說一下，馬特可以補充。這是一個很好的問題，因為它直接關係到我們如何看待重新加速點。你知道，在美國和北美，也就是我們的核心市場，我們的回頭客持續帶來非常高的重複收入成長率。非常重要。因為你知道，對於長期客戶來說，他們光顧的次數越多，我們對付費管道的依賴就越少。這是我們核心飛輪的一部分。對於新用戶，我們管理非常嚴格。正確的？

And it does explain some of the overall growth profile because we are looking at new user acquisition in light of do those ROIs make sense, and do they contribute to our long-term margin targets? So we're very disciplined in terms of that new user acquisition. We do believe that a core tenant of the geo expansion and Matt mentioned some of this around, you know, where we would think to go would be hey.

這確實解釋了整體成長情況的一些原因，因為我們從投資報酬率的角度來審視新用戶獲取情況，以及這些投資報酬率是否合理，以及它們是否有助於實現我們的長期利潤目標。因此，我們在獲取新用戶方面非常注重紀律。我們確實相信地理擴張的核心原則，Matt 也提到一些這方面的內容，你知道，我們認為應該去的地方是…

Where is our Brand Tripadvisor, for example, well known, a lot of traffic volumes, which is in Europe. Gives us the opportunity to grow that new user base at attractive ROIs, and we're excited about that. And, again, as a key principle to how we're thinking about that reacceleration comment.

例如，我們的品牌 Tripadvisor 在歐洲非常有名，流量很大。這讓我們有機會以可觀的投資報酬率發展新的用戶群體，我們對此感到非常興奮。再次強調，這是我們思考「重新加速」這一評論的關鍵原則。

Yeah. And look, I just want to add, Rob, that the marketplace flywheel that we have working between how we generate demand across both of our brands and do that with an ROI-driven acquisition strategy, the way we expand geographically, bring those new users into our store and give them a better experience, where we're leveraging AI to do personalization and matching, and our sort to be far more relevant for them, and then making sure that we have the right supply in those secondary tertiary markets, in new categories.

是的。羅布，我還要補充一點，我們打造的市場飛輪效應體現在我們如何透過投資回報率驅動的獲客策略，在兩個品牌之間創造需求，如何拓展地域版圖，如何將新用戶引入我們的商店並為他們提供更好的體驗（我們利用人工智能進行個性化和匹配，使我們的分類更加貼合用戶需求），以及如何確保我們在二級和三級市場的分類中如何確保我們在二級和三級市場中擁有充足的供應品如何確保我們在二級和三級市場中擁有充足的供應品如何確保我們在二級和三級市場中擁有充足的供應品如何確保我們在二級和三級市場中擁有充足的供應品如何確保我們在二級和三級市場中擁有充足的產品如何確保我們在二級和三級市場中擁有充足的企業。

All of that works together to attract new users, get them coming in, converting, and then being more loyal so you get the new and repeat working really well together. And we think that our marketing tests, and the tests we've done on our product and with our supply across the two brands allow us to do that with more efficiency than we've ever been able to do it before, and we're going to scale that.

所有這些因素共同作用，吸引新用戶，讓他們進來，轉換用戶，然後提高用戶忠誠度，從而使新用戶和回頭客更好地協同運作。我們認為，透過行銷測試，以及我們對兩個品牌的產品和供應進行的測試，我們可以比以往任何時候都更有效率地做到這一點，我們將擴大規模。

Got it. That's great. Thank you. And then as a quick follow-up, Matt, you had mentioned a few months ago that AI was already making a difference financially. Across the business today. So can you maybe elaborate on how AI is driving cost efficiencies across the business? And then given your focus on AI going forward, help us understand how you're thinking about the potential revenue opportunities and licensing deals ahead.

知道了。那太棒了。謝謝。然後，馬特，我想快速追問一下，你幾個月前曾提到人工智慧已經在經濟上產生了影響。今天整個業務都是如此。那麼，您能否詳細說明一下人工智慧是如何提高整個企業的成本效益的？鑑於您未來將專注於發展人工智慧，請幫助我們了解您如何看待未來的潛在收入機會和授權交易。

Yeah. Thanks, Rob. So we're deploying AI fully across the organization and every part of our organization. And from an efficiency and product perspective, you know, we've done it in a lot of enterprise use cases across customer service where we're making major strides in our content moderation and fraud detection, the way we localize, the way we think about driving our marketing teams. It's giving us a lot of advantage, and we will continue to roll that out in every area of the business.

是的。謝謝你，羅伯。因此，我們正在整個組織及其各個部門全面部署人工智慧。從效率和產品角度來看，我們已經在客戶服務的許多企業用例中實現了這一點，我們在內容審核和詐欺檢測、本地化方式以及我們思考如何驅動行銷團隊等方面都取得了重大進展。這給我們帶來了很大的優勢，我們將繼續在業務的各個領域推廣這項技術。

In fact, you know, as we're planning for next year, one of the things we want to do is really measure that very clearly so that we can see not only the pilots making sense, but the way we scale that making sense. And, you know, I think we've rolled out the tools to do that, and we're excited about how that will continue. More importantly, right, is the way that we are using it in our product to drive innovation. And we've learned a lot over the last couple of years. We've built the AI infrastructure and we've leveraged it for our product enhancements.

事實上，你知道，在為明年做計劃時，我們想做的一件事就是非常清楚地衡量這一點，這樣我們不僅可以看到試點計畫是否合理，還可以看到我們擴大規模的方式是否合理。而且，你知道，我認為我們已經推出了實現這一目標的工具，我們對未來的發展感到興奮。更重要的是，我們是在產品中運用這種技術來推動創新。過去幾年我們學到了很多。我們已經建立了人工智慧基礎設施，並利用它來改進我們的產品。

And, you know, we've shown in succession how we can work with trips and planning and itineraries to the way that we summarize and synthesize our content through to a travel assistant, which we recently learned. And these were all efforts that are leading us to a place where we can go fully AI native and really serve the customer however and wherever they want to engage with that.

而且，你知道，我們已經陸續展示了我們如何利用旅行、計劃和行程安排，以及如何總結和綜合我們的內容，最終形成旅行助手，這是我們最近才了解到的。所有這些努力都是為了讓我們能夠完全實現人工智慧原生化，真正以客戶希望的方式和地點為他們提供服務。

So we're building on those learnings from our AI innovation, and we are setting ourselves up to put a deep focus on that and not get distracted by trying to chase other things that might not make as much sense at the expense of being able to do it.

因此，我們將以人工智慧創新中汲取的經驗為基礎，並讓自己能夠專注於此，而不會因為試圖追求其他可能意義不大的事情而分心，從而影響到我們實現這一目標的能力。

That's why, you know, we're going to launch an AI-native MVP in the coming weeks, and we're excited to continue that. I will say, I also believe that the way that we are doing partnerships has been differentiated, and we're learning. We're seeing good value exchange, and we believe that going forward, we can really scale that opportunity. So we're always having conversations to do that. So feeling real good about the AI future.

所以，你知道，我們將在未來幾週內推出一個 AI 原生 MVP，我們很興奮能繼續這項工作。我想說，我也相信我們合作的方式已經有所不同，而且我們正在不斷學習。我們看到了良好的價值交換，我們相信，展望未來，我們可以真正擴大這一機會。所以我們一直在討論如何做到這一點。所以我對人工智慧的未來感到非常樂觀。

Great. Thanks, Matt.

偉大的。謝謝你，馬特。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Morning. This is Daisy on for Doug. Thanks for taking the questions. I have two. Firstly, with the reset to an experience-led strategy, will the consumer experience on Tripadvisor change? And how do you expect Tripadvisor and Viator brands to be for consumer shopping for experience going forward?

早晨。這是黛西替道格播報。謝謝您回答問題。我有兩個。首先，隨著 TripAdvisor 策略調整為以體驗為主導，消費者的體驗會改變嗎？您認為Tripadvisor和Viator這兩個品牌未來將如何服務消費者的體驗式購物體驗？

Yeah. So thanks for that. Absolutely. The user experience will change because we are going to primarily be focused on how the experiences category can play on Tripadvisor. You know, we will continue to offer the features that we've had in the past, but our primary focus as we allocate resources, as we set goals, with all of our KPIs is going to be driving that experience's future.

是的。謝謝。絕對地。使用者體驗將會改變，因為我們將主要關注體驗類別在 Tripadvisor 上的表現。你知道，我們將繼續提供過去已有的功能，但我們在分配資源、設定目標以及所有關鍵績效指標時，主要關注點將是推動這種體驗的未來發展。

And we do believe that bringing it together under one team, which we've already proved that we can do with our product, all of the work we're doing in the store, to optimize the funnel, to take friction out, all the myriad of little things we do to drive conversion and loyalty and repeat will benefit both brands, both points of sale, which will come together in a more seamless fashion so that consumers can engage with us wherever it makes the most sense for them. And I think that will drive that flywheel we were talking about, which once you get it going, really has a lot of potential to accelerate our revenue.

我們堅信，將所有工作整合到一個團隊中（我們已經用我們的產品證明了這一點），我們在門市所做的一切工作，例如優化銷售漏斗、消除摩擦，以及我們為提高轉換率、忠誠度和復購率所做的無數小事，都將使兩個品牌、兩個銷售點受益，它們將以更無縫的方式結合在一起，讓消費者可以在任何對他們來說最合適的地方與我們互動。我認為這將驅動我們之前提到的飛輪效應，一旦啟動，它就有很大潛力加速我們的收入成長。

I just add a few things onto that, Daisy, which is, you know, this work has not been a cold start. We've been doing this work. And you've seen us talk about the coordinated bidding as an example of this. And the learnings we've gotten from that have enabled us to lean in and actually gain increasing confidence around what we can do under the Tripadvisor points of sale. So we're very excited, and it's a key point of how we think about experiences reacceleration.

黛西，我還要補充幾點，那就是，你知道，這份工作並不是從零開始的。我們一直在做這項工作。您也看到我們以協調投標為例來討論這一點。我們從中獲得的經驗使我們能夠更加積極主動，並對我們在 TripAdvisor 銷售點開展的工作越來越有信心。所以我們非常興奮，這也是我們思考體驗再加速的關鍵。

Alright. And as a follow-up to that, what's been driving the acceleration in volume growth at Viator? And then for you guys for 4Q, what will drive acceleration, especially given the tough 4Q comps? Are there any specific channels, products, or regions that are driving the acceleration?

好吧。那麼，是什麼因素推動了 Viator 交易量的成長加速呢？那麼對你們來說，在第四季度，什麼因素將推動成長，尤其是在第四季競爭激烈的同期背景下？是否存在某些特定的通路、產品或地區正在推動這種加速成長？

Yeah. On the unit side, it's really been the 3P mixing higher. And that's been growing very fast, albeit on a much smaller base, but growing very fast. You know, I think we've consistently said around the other channels, you know, Viator, which is by far the largest channel, and TA and Viator are the vast majority of that. You know, Viator has been generally growing around the average. And Tripadvisor has been growing lower than average. And earlier in the year, it was actually declining year over year. But that has been improving largely because of the efforts around product that Matt just mentioned. Largely because of the efforts around coordinated bidding.

是的。從單位方面來看，3P混合比例確實較高。雖然基數小得多，但成長速度非常快。你知道，我認為我們一直都說，在其他管道，例如 Viator（迄今為止最大的管道），TA 和 Viator 佔據了絕大多數份額。你知道，Viator 的成長總體上一直處於平均水平附近。Tripadvisor的成長速度低於平均值。今年早些時候，這一數字實際上還在同比下降。但這種情況已經有所改善，這主要歸功於 Matt 剛才提到的產品的努力。主要歸功於協調投標的努力。

And this quarter, we just mentioned that both channels accelerated in the quarter. The Tripadvisor point of sale actually turned to positive growth in the quarter. Again, reflective. And these are all on a unit basis. Clear. All reflective of that. And so, you know, as we move forward, we are very excited about our merchant 3P business.

正如我們剛才提到的，本季這兩個管道的成長速度都加快了。本季Tripadvisor的銷售點實際上實現了正成長。再次陷入沉思。以上價格均為單位價格。清除。這一切都反映了這一點。所以，你知道，隨著我們不斷向前發展，我們對我們的第三方商家業務感到非常興奮。

For all the reasons we've talked historically. And we'll continue to work with our partners to advance that. But, you know, the work very much continues on our owned and operated channels at both Viator and Tripadvisor points of sale, and we're going to continue to work on those. And we expect our Q4 guide would be expectations of both the TA and Viator channels have modest acceleration again.

出於我們過去討論過的所有原因。我們將繼續與合作夥伴共同推動這項工作。但是，你知道，我們在 Viator 和 Tripadvisor 銷售點的自有和營運管道的工作仍在繼續，我們將繼續努力。我們預期第四季業績指引將基於TA和Viator通路再次小幅加速成長的預期。

Yeah. Just remember, Tripadvisor experiences previously been a drag on growth. That's going to shift, and it'll no longer be a drag on growth, and we'll get these things working really well. We have marketing products, supply, data plans to do that.

是的。但請記住，Tripadvisor 的體驗曾經拖累了成長。這種情況將會改變，它將不再阻礙成長，我們將使這些事情運作得很好。我們擁有行銷產品、供應和數據方案來實現這一點。

Thank you.

謝謝。

Jed Kelly, Oppenheimer & Co.

傑德凱利，奧本海默公司

Hey. Thanks for taking my question. Just two. Will the go-to-market strategy for your experiences, will that be built more around the Viator brand? Or the Tripadvisor brand? And then can you talk about, you know, how you think potentially expanding into other experiences and into other regions, particularly Western Europe? Thanks.

嘿。謝謝您回答我的問題。只有兩個。你們的體驗產品上市策略是否會更圍繞著 Viator 品牌？或Tripadvisor品牌？那麼，您能否談談您認為未來可能會如何拓展到其他領域和其他地區，特別是西歐？謝謝。

Yeah. So the go-to-market strategy is something that we can continue to work on, and we think that, you know, it will be where we believe we have the strongest ability to go. Now both brands can exist in both markets because they do different things. They are different products. Right? Viator is a very focused vertical when you kind of already know I want an experience. And I want the best way to book it.

是的。因此，市場進入策略是我們能夠繼續努力的方向，我們認為，在這個領域，我們擁有最強大的能力。現在這兩個品牌可以同時存在於兩個市場，因為它們經營的是不同的業務。它們是不同的產品。正確的？Viator 是一個非常專注的垂直平台，適合已經知道自己想要某種體驗的人。我想要最佳的預訂方式。

Tripadvisor still is a broad planning and recommendation platform across multiple categories, and that's not going to necessarily change where we'll put our focus and energy is in making sure that if you come to, you know, find your hotel, we're also doing a really good job to cross-market experiences to you in a fundamental way.

Tripadvisor 仍然是一個涵蓋多個類別的廣泛規劃和推薦平台，這不一定會改變我們關注的重點和精力所在，那就是確保當你來這裡尋找酒店時，我們也能以一種根本的方式為你提供非常好的交叉營銷體驗。

If you're thinking about where you want to eat, there's probably a really interesting tour around that restaurant that we want to make sure you know about and book. So it will depend category by category in experiences and market by market how we go to market. We think both brands can be there. We may choose to lead with one or the other depending on the market.

如果您正在考慮去哪裡吃飯，那家餐廳附近可能有一個非常有趣的參觀路線，我們希望您能了解並預訂。因此，我們將根據不同的體驗類別和不同的市場來制定我們的市場策略。我們認為這兩個品牌都可以進駐。我們可以根據市場狀況選擇優先推出其中一種產品或另一種產品。

Yeah. And I'll follow up on that point, which is your second question on geo expansion. So particularly as we think about, we are excited about geo expansion. You know, accelerating growth in new users. We look at the geos, obviously, we want to look for large threshold TAM. And look for areas we actually have a competitive advantage in Europe. Clearly is that. When we think about the large TAM size. But we also think about, and this is where it's so critical about the operating model change. The traffic and brand awareness of Tripadvisor is very large there.

是的。我將就這一點繼續探討，也就是你關於地域擴張的第二個問題。因此，尤其是在我們考慮擴張的時候，我們對地域擴張感到興奮。你知道，就是加速新用戶成長。顯然，我們會查看地理位置，我們希望尋找具有較大閾值的 TAM。並尋找我們在歐洲真正具有競爭優勢的領域。顯然就是這樣。當我們考慮到龐大的TAM規模時。但我們也考慮到，而這正是營運模式變革的關鍵所在。Tripadvisor 在當地的流量和品牌知名度都非常高。

And so our ability to really enhance and tighten our focus around experiences leveraging the Tripadvisor brand is very important to how we think about that expansion. And that doesn't mean, and that, you know, Viator will always play a point, and we have two brands to think about how we want to grow in the new market. So a lot of work underway as we're working on this, but we're very excited about that expansion opportunity.

因此，我們能否真正加強並專注於打造利用 Tripadvisor 品牌的體驗，對於我們如何考慮這種擴張至關重要。但這並不意味著，你知道，Viator 將永遠發揮作用，我們有兩個品牌需要考慮如何在新的市場中發展。所以，我們正在為此做很多工作，但我們對這個擴張機會感到非常興奮。

Thank you.

謝謝。

Nafeesa Gupta, Bank of America.

納菲薩古普塔，美國銀行。

Hi. Thank you. So my first question is on Metasearch. How are you thinking about the legacy business now that you're consolidating both the experiences in Viator and Tripadvisor? Will that business still have investments that you were planning for the last couple of quarters? And the second one is in TheFork. There are reports going around regarding exploring the sale of TheFork. Any thoughts on that? And how should we think about TheFork revenue growth in 2026? Given the B2B lapping? Thank you.

你好。謝謝。所以我的第一個問題是關於元搜尋的。既然您正在將 Viator 和 Tripadvisor 的體驗整合起來，您是如何看待傳統業務的？那家企業還會繼續進行你過去幾季計畫的投資嗎？第二個在 TheFork 上。有報導稱，TheFork 正在考慮出售。對此有什麼看法？那我們該如何看待 TheFork 在 2026 年的營收成長呢？考慮到B2B重疊？謝謝。

Well, thanks for those questions. First of all, on our meta business and our hotel business, the hotel product continues to provide real value for both travelers and partners. You know, we have the best advice, the most photos, and we're trusted really over everyone else in the space. And we recognize that, you know, with Google taking more and more share of the search traffic for themselves, we're just not going to be able to grow that business at the level of profitability that we'd like. So, you know, we know that it's an important part of the journey. That travelers find value in price compare. We're able to send our partners really good quality leads.

謝謝你們的提問。首先，就我們的元業務和酒店業務而言，酒店產品繼續為旅行者和合作夥伴提供真正的價值。你知道，我們擁有最好的建議、最多的照片，而且在這個領域，我們比任何人都更值得信賴。我們意識到，隨著Google佔據越來越多的搜尋流量份額，我們將無法達到我們期望的獲利水平。所以，你知道，我們知道這是旅程中重要的一部分。旅行者會透過價格比較來發現價值。我們能夠為合作夥伴提供非常優質的銷售線索。

And we've done some really good product work there to drive conversion rates higher, and we're, you know, I think we're still focused on that. But what we won't do is we're not going to continue to invest incrementally. You could think of it as an add-on or incremental product to our primary focus that we will make sure maintains the quality for both travelers and partners. Now as it relates to your question about TheFork, you know, TheFork is a great business that is performing really well. We are excited about the path of sustainable growth. And the improving profitability profile that really benefits the group.

我們在這方面做了一些非常出色的產品工作，提高了轉換率，而且，你知道，我認為我們仍然專注於此。但我們不會繼續逐步增加投資。您可以將其視為我們主要業務的附加產品或增量產品，我們將確保其對旅客和合作夥伴都保持品質。至於你問的關於 TheFork 的問題，你知道，TheFork 是一家非常優秀的企業，業績也非常好。我們對永續發展之路感到興奮。獲利能力的提升確實有利於集團的發展。

But, of course, you know, we consistently evaluate all options to unlock value in all of our assets, and that includes TheFork. Our primary focus is what's going to drive the most shareholder value ahead. Nothing's off the table. We see it's a leader in core European markets. We have a good mix of B2C and with growing B2B. And that's giving us advantage.

當然，您也知道，我們會持續評估所有選項，以釋放我們所有資產的價值，這其中也包括 TheFork。我們首要關注的是如何為股東創造最大價值。一切皆有可能。我們看到它在歐洲核心市場處於領先地位。我們擁有良好的 B2C 和不斷成長的 B2B 業務組合。這給我們帶來了優勢。

And as the leading European dining, we know it's a valuable asset both for global and regional travelers. It is run separately. There's optionality there. And we recognize there have been precedent transactions out there that suggest TheFork is a highly valuable asset, especially given its unique scale position in Europe. So optionality, and we are focused on it. We love what the team's doing there.

作為歐洲領先的餐飲品牌，我們深知它對全球和區域旅客來說都是一筆寶貴的財富。它是獨立運作的。這其中存在選擇餘地。我們意識到，先前已有交易先例表明，TheFork 是一項極具價值的資產，尤其考慮到它在歐洲獨特的規模地位。所以，我們注重的是選擇權。我們非常欣賞該團隊在那裡所做的一切。

Thank you. Just on the revenue growth for TheFork, how should we think about that going ahead? I know this last couple of quarters, there was a lot of FX tailwind as well, and how should we think about next year?

謝謝。單就TheFork的營收成長而言，我們該如何看待它未來的發展？我知道過去幾季外匯市場也有很多利多因素，那我們該如何看待明年呢？

Oh, yeah. Sorry about that. Yeah. Listen. I think a couple of things are important to understand the growth for TheFork. Big picture one but still expect nice growth and profit improvement next year, for sure. We will have a bit harder comp next year because we're comping and we're seeing some of this before. We're comping, you know, some very strong growth in B2B.

哦，是的。抱歉。是的。聽。我認為要了解 TheFork 的發展，有兩件事很重要。總體而言，明年仍有望實現良好的成長和利潤提升。明年的競爭會更激烈一些，因為我們之前已經參加過類似的比賽，也遇到一些類似的情況。你知道，我們在B2B領域實現了非常強勁的成長。

As well as some of the partnership initiatives we put in place. So we would expect a step down in growth year over year, but we still believe we're very excited about the revenue diversification strategy. We're very excited about the B2B business. And the ability to continue to grow, you know, into our existing restaurant base, new restaurant base, more and more premium plans, those all offer a very, very nice upside.

以及我們實施的一些合作計劃。因此，我們預計年增長率會有所下降，但我們仍然對收入多元化策略感到非常興奮。我們對B2B業務感到非常興奮。而且，我們有能力繼續發展壯大，無論是在我們現有的餐廳基礎、新的餐廳基礎，還是越來越多的高級套餐方面，這些都帶來了非常非常好的好處。

As well as, we continue to see very healthy growth, volume growth, in our B2C business, particularly in our proprietary network. So, you know, I think, yes, they'll probably there will be we expect a step down in growth from what we saw this year. But still very healthy as we move into next year.

此外，我們的 B2C 業務，特別是我們自有的網絡，也持續保持著非常健康的成長和銷售成長。所以，你知道，我認為，是的，他們可能會，我們預計成長速度會比今年有所放緩。但展望明年，我們的健康狀況依然非常良好。

Thank you.

謝謝。

Excuse me. This concludes the question-and-answer session. I would now like to turn it back to Matt Goldberg for closing remarks.

打擾一下。問答環節到此結束。現在我謹將發言權交還給馬特‧戈德堡，請他作總結發言。

Thank you all for joining us on this morning's call. The changes we walk through today represent a meaningful shift in our strategic focus and how we'll deliver value for shareholders ahead. We're excited to move into this new phase of our growth for the group. Before I close out, I also want to take a moment to acknowledge the impact these decisions have on our teams. We're grateful for their continued hard work and dedication. We look forward to updating you on our progress and plans for 2026 on the next call. Thanks, everyone.

感謝各位參加今天上午的電話會議。我們今天所經歷的變革，標誌著我們策略重點的重大轉變，以及我們未來為股東創造價值的方式的轉變。我們很高興能夠進入集團發展的新階段。在結束發言之前，我還想花一點時間談談這些決定對我們團隊的影響。我們感謝他們一直以來的辛勤工作和奉獻精神。我們期待在下次電話會議上向您報告我們的進展和 2026 年的計劃。謝謝大家。

Goodbye.

再見。