Tripadvisor Inc (TRIP) 2025 Q4 法說會逐字稿

Hello and thank you for standing by. Welcome to Tripadvisor fourth-quarter 2025 conference call.

您好，感謝您的耐心等待。歡迎參加 TripAdvisor 2025 年第四季電話會議。

(Operator Instructions)

（操作說明）

I would now like to hand the conference over to Angela White, Vice President of Investor Relations. You may begin.

現在我將把會議交給投資者關係副總裁安吉拉懷特。你可以開始了。

Thank you, Tawanda. Good morning, everyone, and welcome to Tripadvisor's fourth-quarter and full-year 2025 financial results call.

謝謝你，塔萬達。各位早安，歡迎參加 Tripadvisor 2025 年第四季及全年財務業績電話會議。

Joining me today are Matt Goldberg, President and CEO, and Mike Noonan, CFO.

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。

Earlier this morning, we filed and made available our earnings release. In that release, you'll find reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure discussed on this call.

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, February 12, 2026. 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 2026 年 2 月 12 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 and good morning, everyone.

謝謝安琪拉，大家早安。

We're pleased with our 2025 results which reflected continued momentum in our Experiences and European dining marketplace offerings, which are increasingly replacing the declines in our legacy metasearch and media offerings. We achieved record high revenue of $1.9 billion, a result of 10% revenue growth and Experiences and 22% growth at TheFork, offsetting legacy revenue declines of 8% in our Hotels & Other segments.

我們對 2025 年的業績感到滿意，這反映出我們在體驗和歐洲餐飲市場業務方面持續保持成長勢頭，這些業務正日益取代我們傳統的元搜尋和媒體業務的下滑。我們實現了創紀錄的 19 億美元收入，這得益於體驗業務收入增長 10% 以及 TheFork 業務增長 22%，抵消了酒店及其他業務部門 8% 的傳統收入下降。

Group adjusted EBITDA was $319 million or 17% of revenue. Tripadvisor Group is fundamentally different today than it was three years ago. Our focus and investment are now deliberately centered on a large and growing marketplace opportunity, particularly in Experiences rather than on constrained SEO-dependent legacy offerings.

集團調整後 EBITDA 為 3.19 億美元，佔營收的 17%。如今的Tripadvisor集團與三年前相比已經發生了根本性的變化。我們現在的關注點和投資都集中在一個龐大且不斷成長的市場機會上，尤其是在體驗領域，而不是受限於 SEO 的傳統產品。

This shift is changing the composition of our revenue and profit profile. In 2025, our marketplace businesses represented 61% of group revenue and 35% of adjusted EBITDA. By contrast, in 2022, our legacy offerings generated 59% of revenue and all of the group's profit.

這種轉變正在改變我們的收入和利潤組成。到 2025 年，我們的市場業務佔集團收入的 61%，佔調整後 EBITDA 的 35%。相較之下，2022 年，我們的傳統產品創造了 59% 的收入和集團全部利潤。

In 2026, we expect this transition to advance further. Marketplace revenue is expected to deliver two-thirds of total group revenue and half of adjusted EBITDA, and Experiences on its own is expected to contribute more than 50% of our revenue and roughly 40% of our adjusted EBITDA, firmly establishing it as the group's primary value driver.

我們預計到 2026 年，這項轉變將進一步推進。預計市場收入將佔集團總收入的三分之二，調整後 EBITDA 的一半；而體驗業務本身預計將貢獻超過 50% 的收入和約 40% 的調整後 EBITDA，從而穩固確立其作為集團主要價值驅動力的地位。

Over the past year, we streamlined our corporate structure and made deliberate operational choices to concentrate on the areas of travel with the greatest long-term opportunity, grounded in our competitive advantages. As we enter 2026, our priorities are clear. We'll extend our leadership position and experiences globally, leverage our differentiated assets to position ourselves for an AI-enabled future, and simplify our legacy offerings while we continue to evaluate strategic options across the portfolio to unlock shareholder value.

過去一年，我們精簡了公司結構，並根據自身的競爭優勢，有意識地選擇了最具長期發展潛力的旅遊領域作為重點。進入2026年，我們的工作重點很明確。我們將拓展我們在全球的領導地位和經驗，利用我們差異化的資產為人工智慧賦能的未來做好準備，簡化我們的傳統產品，同時繼續評估整個投資組合中的策略選擇，以釋放股東價值。

As we concentrate the group more fully on becoming an experiences-first company, we're mindful that TheFork has more limited strategic synergies with where we're headed. At the same time, it's growing fast, diversifying its revenue, expanding profitability, and innovating as the only dining marketplace in Europe operating at scale across both B2B and B2C. We believe this is a uniquely valuable business with an attractive long-term growth profile which may be underappreciated in our portfolio given the market activity we've seen around the dining category.

隨著我們更加專注於將集團打造成為一家以體驗為先的公司，我們意識到 TheFork 與我們未來的發展方向在策略協同效應方面更加有限。同時，該公司發展迅速，收入來源多元化，盈利能力不斷提升，並作為歐洲唯一一家同時在 B2B 和 B2C 領域大規模運營的餐飲市場不斷創新。我們認為，鑑於餐飲業的市場活動，這家公司具有獨特的價值和有吸引力的長期成長前景，但在我們的投資組合中可能被低估了。

As a result, we've decided to explore strategic alternatives for TheFork as part of our broader portfolio review. We view this as one potential path to creating additional capacity for meaningful capital return to shareholders balanced with opportunities to invest further in our Experiences strategy.

因此，作為我們更廣泛的投資組合審查的一部分，我們決定探索 TheFork 的策略替代方案。我們認為這是為股東創造更多有意義的資本回報並兼顧進一步投資於我們的體驗策略的潛在途徑之一。

I'd like to spend most of my time today on Experiences, our highest strategic priority, and the area where we believe we have the assets, track record, and teams to be the global leader. We have a proven business model with growing customer loyalty driving improving unit economics in a highly attractive market. We see a durable long-term position ahead, thanks to tailwinds in consumer preferences and low online penetration, the fragmented long tail nature of the supply base, and the critical role our unique brands play in smoothing the friction between customers and small operators.

今天我想把大部分時間花在「體驗」這個主題上，這是我們最重要的策略重點，也是我們認為我們擁有成為全球領導者所需的資源、績效和團隊的領域。我們擁有成熟的商業模式，不斷增長的客戶忠誠度推動了單位經濟效益的提升，在一個極具吸引力的市場中，我們正處於蓬勃發展的階段。我們看到，由於消費者偏好和線上滲透率低等利好因素、供應鏈分散的長尾特性，以及我們獨特的品牌在緩解客戶與小型業者之間的摩擦方面發揮的關鍵作用，我們將擁有持久的長期地位。

Over the next few years, the online portion of the Experiences market is expected to slow by double-digits, and our profitability and scale provides us the flexibility to invest in capturing even more share and accelerate our growth at attractive ROIs. We've achieved meaningful scale. Our gross booking value or GBV, is rapidly approaching $5 billion with a majority of bookings coming from loyal repeat customers that spend more and increasingly return to us through direct channels. We're driving this growth profitably as we expanded adjusted EBITDA margins and Experiences to 10% in 2025 and see a clear path for healthy margin growth in the future.

未來幾年，體驗市場的線上部分預計將以兩位數的速度放緩，而我們的盈利能力和規模使我們能夠靈活地投資以獲取更大的市場份額，並以有吸引力的投資回報率加速增長。我們已經達到了相當可觀的規模。我們的總預訂額（GBV）正迅速接近 50 億美元，其中大部分預訂來自忠實的回頭客，他們消費更多，並且越來越多地透過直接管道再次光顧。我們正在以盈利的方式推動這一成長，我們將調整後的 EBITDA 利潤率和體驗提升至 2025 年的 10%，並且看到了未來健康利潤成長的清晰路徑。

Last year, our booking volume and GBV growth progressed quarter by quarter and we exited 2025 strong with 18% bookings growth and 16% GBV growth in Q4, a profile that suggests we're accelerating, taking share in our core markets, and entering 2026 with momentum. As we look forward, our priorities are to drive demand from a diverse set of channels, improve our product experience to lift conversion, and grow our supply base to attract new customers.

去年，我們的預訂量和總銷售額逐季增長，2025 年第四季度預訂量增長 18%，總銷售額增長 16%，這一強勁勢頭表明我們正在加速發展，在核心市場佔據份額，並以強勁勢頭進入 2026 年。展望未來，我們的首要任務是推動來自不同管道的需求，改善產品體驗以提高轉換率，並擴大供應基礎以吸引新客戶。

Let me walk through each of these elements of our flywheel briefly: demand, product, and supply.

讓我簡要地介紹我們飛輪的各個要素：需求、產品和供應。

We've made progress in our marketing efficiency by coordinating our two brands to capture more demand and improving ROIs. Our operating model changes have increased the combined click share in our core US performance marketing channels, outpacing other players.

我們透過協調旗下兩個品牌，提升了行銷效率，進而抓住更多需求，提升投資報酬率。我們的營運模式變革提高了我們在美國核心效果行銷管道的綜合點擊份額，超過了其他競爭對手。

This year, we will build on this playbook as we broaden our demand sources, expand investment in social media, and evolve our engagement with scaled strategic partners in AI while continuing to lower our marketing spend as a percent of revenue.

今年，我們將在此基礎上，擴大需求來源，增加對社群媒體的投資，並加強與人工智慧領域規模化策略合作夥伴的合作，同時持續降低行銷支出佔收入的比例。

Our product teams are aggressively accelerating experimentation velocity, ending 2025 with more than double our testing volume versus the prior year. This lift has resulted in a meaningful lift to conversion, a critical driver of improving unit economics. We drove higher conversion rates on the Tripadvisor point of sale quarter by quarter through last year and are now approaching the conversion rates of the Viator point of sale.

我們的產品團隊正在積極加快實驗速度，預計到 2025 年底，我們的測試量將比前一年翻一番以上。這項提升帶來了轉換率的顯著提高，這是提高單位經濟效益的關鍵驅動因素。去年，我們逐季提高了Tripadvisor銷售點的轉換率，現在正接近Viator銷售點的轉換率。

As we move into 2026, we're sustaining that pace, leveraging AI, machine learning, and predictive modeling to optimize the user experience in areas like personalization, merchandizing, and booking flexibility. Working with suppliers, we're also launching new tools to deliver the right price at the right time to travelers, benefiting both sides of the marketplace.

展望 2026 年，我們將繼續保持這一步伐，利用人工智慧、機器學習和預測建模來優化個人化、商品銷售和預訂靈活性等領域的使用者體驗。我們正與供應商合作，推出新的工具，以便在適當的時間為旅客提供合適的價格，從而使市場雙方都受益。

We're extending our supply coverage and quality across markets, leveraging the group's reach and customer signals. In 2025, we've grown supply in our core markets to more than 425,000 products from 70,000 suppliers, and our quality scores above 4.5 out of 5 stars are rising, up approximately 20% from last year. We'll continue to build on our supply to scale advantage, focusing on relevance and conversion to attract new customers.

我們正在擴大在各個市場的供應覆蓋範圍和質量，利用集團的影響力和客戶回饋。到 2025 年，我們在核心市場的供應量已增長至超過 425,000 種產品，供應商數量達 70,000 家，而且我們 4.5 分（滿分 5 分）以上的質量評分也在上升，比去年增長了約 20%。我們將繼續利用我們的供應規模優勢，專注於相關性和轉換率，以吸引新客戶。

We have a clear signal that our efforts are stimulating new demand. As we've added new supply, we continue to improve the all-important rate to achieve the first booking, and a strong mix of the new Experiences are proving to be incremental. For 2026, this all adds up to higher quality of supply, driving more travelers, to more relevant Experiences, and increased revenue opportunities for our operators.

我們已經清楚地看到，我們的努力正在刺激新的需求。隨著我們增加了新的供應，我們不斷提高至關重要的首次預訂率，而一系列新的體驗也證明了其帶來的增量效益。到 2026 年，這一切都將帶來更高品質的供應，吸引更多旅客，提供更相關的體驗，並為我們的營運商帶來更多收入機會。

Looking forward, repeat bookers will continue to be our largest and fastest growing cohort, which is especially important given the impact these loyal customers have on our marketing leverage and profitability. We also see opportunities to target new customers by capturing more of the global TAM. This year, we'll build on our strengths by extending our marketing investment outside of our core US point of sale, leveraging the power of both brands, localizing our storefronts for non-English native language customers, and adding locally relevant new supply across geographies and categories.

展望未來，回頭客仍將是我們規模最大、成長最快的群體，考慮到這些忠實客戶對我們的行銷影響力和獲利能力的影響，這一點尤其重要。我們也看到了透過佔領更多全球潛在市場來吸引新客戶的機會。今年，我們將發揮自身優勢，將行銷投入擴展到美國核心銷售點以外的地區，充分利用兩個品牌的優勢，為非英語母語客戶在地化我們的門市，並在各個地區和類別中增加與當地相關的新供應。

Before turning to some commentary on our other segments, a quick word on how we'll continue to position ourselves for an AI-enabled future.

在對其他環節進行一些評論之前，先簡單談談我們將如何繼續為人工智慧賦能的未來做好準備。

Last quarter we mentioned that we would rapidly launch an AI native MVP in Q4, and we did just that. Our goal is simple, utilize the substantial data and content we have to make more relevant personalized recommendations, better matched to travel intent, and easier to book whether in the planning phase or in destination. Well, it's too early to say how or when this AI innovation will change our financial profile, we were pleased that we could deploy smaller teams working at higher velocity to go live quickly with a fully AI-first approach, so we can test and learn from the large audience at Tripadvisor.

上個季度我們提到，我們將在第四季迅速推出一款人工智慧原生MVP產品，而我們也確實做到了。我們的目標很簡單，利用我們擁有的大量數據和內容，做出更相關的個人化推薦，更好地匹配旅行意圖，讓預訂無論是在計劃階段還是在目的地都更加便捷。現在說這項人工智慧創新將如何或何時改變我們的財務狀況還為時過早，但我們很高興能夠部署規模更小、工作速度更快的團隊，以完全人工智慧優先的方式快速上線，這樣我們就可以在 Tripadvisor 上進行測試並從大量用戶中學習。

And the early data indicates that our MVP is outperforming our prior on-site AI efforts across key customer engagement and conversion metrics. And of course as we innovate on our own platforms, we're also taking advantage of direct relationship with key AI partners to experiment and learn across AI-first search and agentic AI through licensing and product integration.

早期數據顯示，我們的 MVP 在關鍵客戶互動和轉換指標方面都優於我們先前的網站 AI 工作。當然，在我們自主平台進行創新的同時，我們也利用與主要人工智慧合作夥伴的直接關係，透過授權和產品集成，在人工智慧優先搜尋和智慧人工智慧領域進行試驗和學習。

The Viator app in ChatGPT is now live as a proof of concept, joining our apps from Tripadvisor and TheFork. This cooperation has reinforced the value of our brand, content and data and suggests the power of the trust and travel category insight we provide. It's also resulting in significant increases in traffic coming from LLMs with higher revenue per visitor, although it's still small relative to other traffic sources. We believe there's a big opportunity ahead to scale our partnerships further by helping travelers close the trust gap between using AI for discovery and planning and using AI to book with confidence.

ChatGPT 中的 Viator 應用程式現已上線，作為概念驗證，與我們來自 Tripadvisor 和 TheFork 的應用程式一起，共同組成我們的應用程式庫。此次合作鞏固了我們品牌、內容和數據的價值，也體現了我們提供的信任和旅遊業洞察力的力量。這也導致來自訪客人均收入較高的LLM的流量顯著增加，儘管相對於其他流量來源而言仍然很小。我們相信，未來有很大的機會透過幫助旅客縮小使用人工智慧進行發現和規劃與使用人工智慧進行有信心的預訂之間的信任差距，來進一步擴大我們的合作夥伴關係。

Next, turning to TheFork.

接下來，我們來看看TheFork。

As I mentioned earlier, over the last few years we've strengthened our market position and financial profile. We diversified our revenue, improving our marketing efficiency, and leveraging our R&D investments to increase profitability. In our more mature B2C offering, more than 80% of our bookings are coming from repeat diners. And with nearly 80% of bookings coming through the mobile app, we're also bringing more diners direct, improving the unit economics and validating the long-term margin opportunity for this business at scale.

正如我之前提到的，在過去的幾年裡，我們加強了市場地位和財務狀況。我們實現了收入多元化，提高了行銷效率，並利用研發投資來提高獲利能力。在我們較成熟的 B2C 服務中，超過 80% 的預訂來自回頭客。由於近 80% 的預訂都來自行動應用程序，我們也直接吸引了更多食客，提高了單位經濟效益，並驗證了該業務規模化發展的長期利潤機會。

In our higher growth B2B subscription offering, our improved product is delivering strong growth in premium plan adoption, which in turn is driving higher than average revenue per restaurant within our base of more than 50,000 restaurants, a clear sign of the value in the B2B product.

在我們成長更快的 B2B 訂閱服務中，我們改進後的產品在高級計劃的採用率方面實現了強勁增長，進而推動了我們超過 50,000 家餐廳的每家餐廳收入高於平均水平，這清楚地表明了 B2B 產品的價值。

TheForks innovation agenda is expanding reach and conversion games through an engaging social feed while leveraging AI to improve search, matching, and conversion for diners and increasing productivity in customer service.

TheForks 的創新議程是透過引人入勝的社交動態擴大覆蓋率和轉換率，同時利用人工智慧來改善食客的搜尋、匹配和轉化，並提高客戶服務的效率。

Finally, we'll continue to simplify our Hotels & Other offerings as we streamline the cost base while leveraging Tripadvisor's heritage of trusted travel guidance to support our strategic objectives. We continue to hold a unique position in this space despite ongoing declines in fly by visitors to our site due to the changing search landscape and the rise of AI overviews.

最後，我們將繼續簡化酒店及其他服務，精簡成本結構，同時利用 Tripadvisor 值得信賴的旅行指導傳統來支持我們的策略目標。儘管由於搜尋​​環境的變化和人工智慧概覽的興起，我們網站的瀏覽量持續下降，但我們仍然在這個領域保持著獨特的地位。

Last year, a stable base of travelers shared nearly 80 million contributions on Tripadvisor, impressive and consistent volumes despite the traffic headwinds we've endured. This reflects a commitment of our most loyal travelers and the valuable proprietary data asset we'll deploy to advance our Experiences and AI priorities. At the same time, we'll run our Hotels & Other legacy offerings for profit. We'll continue to align costs with revenue, evaluate strategic partnerships to stabilize and add scale, or potentially exit certain business lines. Where we aren't driving value to our broad base of customers or partners, we'll continue to anchor on simplification.

去年，穩定的旅行者群體在 Tripadvisor 上分享了近 8,000 萬條內容，儘管我們經歷了流量逆風，但這一數字仍然令人印象深刻且穩定。這反映了我們最忠實旅客的承諾，以及我們將部署的寶貴專有數據資產，以推進我們的體驗和人工智慧優先事項。同時，我們將繼續經營酒店及其他傳統業務以獲取利潤。我們將繼續調整成本與收入，評估策略夥伴關係以穩定和擴大規模，或有可能退出某些業務線。如果無法為我們廣泛的客戶或合作夥伴創造價值，我們將繼續堅持簡化流程。

We just kicked off 2026, but we've hit the ground running with energy, focus, and confidence in our plans. We couldn't be more excited about our Experiences future, the innovation and execution across our teams, and the opportunity we see to catalyze shareholder value and drive sustainable long-term revenue growth and margin expansion ahead.

2026年才剛開始，但我們已經以飽滿的熱情、專注的精神和對計劃的信心迅速投入工作。我們對未來的體驗業務、團隊的創新和執行力感到無比興奮，也對未來提升股東價值、推動可持續的長期收入成長和利潤率擴張的機會充滿期待。

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

這樣，我就把電話交給麥克了。

Thanks, Matt, and good morning.

謝謝你，馬特，早安。

I'll start with a review of our financial performance and then provide more information on our outlook for 2026, each under our new segment reporting. As a reminder, all growth rates are relative to the comparable period in 2025, unless noted otherwise.

我將首先回顧我們的財務業績，然後根據我們新的分部報告方式，提供更多關於我們對 2026 年展望的資訊。需要提醒的是，除非另有說明，所有成長率均相對於 2025 年的同期水準。

Q4 consolidated revenue was $411 million flat with a year ago and in line with our expectations. Revenue growth and Experiences and TheFork came in at the high end of our guidance range but was offset by slightly lower revenue performance in Hotels & Others. Full-year consolidated revenue was $1.9 billion or 3% growth.

第四季合併營收為 4.11 億美元，與去年同期持平，符合我們的預期。收入成長和體驗業務以及 TheFork 業務均達到了我們預期範圍的高端，但被酒店及其他業務略低的收入表現所抵消。全年合併收入為19億美元，成長3%。

Q4 consolidated adjusted EBITDA was $45 million or 11% of revenue, which was at the low end of our expectations. In the quarter, we saw an opportunity to capture incremental demand through increased marketing investment which we believe will benefit Experiences' growth in 2026. Full-year consolidated adjusted EBITDA was $319 million or 17% of revenue. Experiences and TheFork, both delivered adjusted EBITDA margin expansion that was more than offset by deleverage from Hotels & Others.

第四季合併調整後 EBITDA 為 4,500 萬美元，佔營收的 11%，處於我們預期範圍的下限。本季度，我們看到了一個透過增加行銷投入來抓住增量需求的機會，我們相信這將有利於體驗業務在 2026 年的成長。全年合併調整後 EBITDA 為 3.19 億美元，佔營收的 17%。Experiences 和 TheFork 兩家公司都實現了調整後 EBITDA 利潤率的擴張，但這被 Hotels & Others 的去槓桿化所抵消。

But before discussing segment performance, I'd like to briefly review the key changes to our new segment reporting.

但在討論各細分市場表現之前，我想先簡單回顧一下我們新的細分市場報告的主要變化。

This morning, we posted materials with a detailed explanation of the changes in recasts of historical periods. I would like to make a few key points on the changes.

今天早上，我們發布了詳細解釋歷史時期重述變化的相關資料。我想就這些變化提出幾點關鍵意見。

In the Viator segment -- in the Experiences segment, revenue and all related metrics are the same as our prior Viator segment reporting. Adjusted EBITDA reflects all costs associated with the entirety of our Experiences business, including the fixed and variable costs for both the Viator and Tripadvisor points of sale. Therefore, there's no longer inter-segment Experiences' revenue because the new Experiences segment reflects the full P&L for both brands.

在 Viator 業務部門－在體驗業務板塊，收入和所有相關指標均與我們先前的 Viator 業務板塊報告相同。調整後的 EBITDA 反映了我們體驗業務的所有相關成本，包括 Viator 和 Tripadvisor 銷售點的固定成本和變動成本。因此，不再存在跨部門體驗收入，因為新的體驗部門反映了兩個品牌的全部損益。

In Hotels & Other segment, revenue and adjusted EBITDA includes all revenue and fixed and variable costs included in the prior brand Tripadvisor segment, less any revenue and costs associated with the Tripadvisor Experiences' point of sale.

在飯店及其他業務板塊中，收入和調整後的 EBITDA 包括先前 Tripadvisor 品牌板塊的所有收入以及固定和可變成本，減去與 Tripadvisor Experiences 銷售點相關的任何收入和成本。

The fourth segment remains unchanged.

第四部分保持不變。

Certain shared group costs are allocated across the segments consistent with our prior segment reporting approach.

某些集團共同成本將依照我們先前分部報告的方法分配到各分部。

Now turning to the results in each segment for Q4. In our Experiences' segment, the number of Experiences booked grew 18%, which was at the high end of our expectations. Bookings growth in our owned and operated platforms, Viator and Tripadvisor, accelerated faster than the overall segment as we continue to lead into the coordinated marketing investments across the brands driving increased conversion.

現在來看第四季各細分市場的結果。在我們的體驗項目板塊，體驗項目的預訂量增加了 18%，達到了我們預期的較高水準。我們自有營運平台 Viator 和 Tripadvisor 的預訂成長速度超過了整個行業的平均水平，因為我們繼續引領跨品牌的協調行銷投資，從而提高了轉換率。

In North America, our largest source market, we saw another quarter of sequential acceleration, a positive sign that our combined brand approach is delivering results. Bookings volume growth from third-party points of sale remained higher than overall segment, though it stepped down sequentially as we began lapping a period of high growth from third-party merchant partners that began scaling in Q4 2024.

在我們最大的客源市場北美，我們看到了另一個季度的環比成長，這是一個正面的訊號，顯示我們綜合品牌策略正在取得成效。儘管第三方銷售點的預訂量成長仍高於整體細分市場，但隨著第三方商家合作夥伴在 2024 年第四季開始擴大規模，其成長速度有所放緩，並逐漸結束了先前的高速成長期。

Experiences' gross booking value or GBV grew 16% in Q4, a modest sequential acceleration to approximately $980 million. We also saw faster GBV acceleration in our owned and operated points of sale. Q4 Experiences' revenue grew 10% to $204 million, a slight acceleration from 9% growth in Q3. The difference in growth between GBV bookings volume and revenue continues to be driven by higher bookings volume growth from third-party merchant partners, however, this gap narrowed in Q4.

體驗業務的總預訂價值（GBV）在第四季度增長了 16%，環比略有加速，達到約 9.8 億美元。我們也發現，在我們自有和經營的銷售點，性別暴力事件的加速成長速度也更快。第四季體驗業務收入成長 10% 至 2.04 億美元，較第三季 9% 的成長率略有加快。GBV 預訂量與收入之間的成長差異仍然主要由第三方商家合作夥伴的預訂量成長所驅動，然而，這一差距在第四季度有所縮小。

Changes in FX positively impacted both GBV and revenue growth by approximately 3 percentage points. Revenue for the full year grew 10% to $924 million. We were pleased with the sequential acceleration in both GBV and bookings volume growth through the year, with GBV reaching more than $4.7 billion for the full year.

外匯匯率的變動對公司帳面價值和收入成長都產生了約 3 個百分點的正面影響。全年營收成長10%，達9.24億美元。我們對全年GBV和預訂量成長的持續加速感到滿意，全年GBV超過47億美元。

While the progression of total GBV demonstrates our meaningful scale in the category, we are also operating with consistently improving unit economics. Repeat bookings continue to be our fastest growing cohort, comprising the majority of our GBV and represent our most profitable customer base. We are managing our business prudently to balance growth and profitability progression while investing for long-term competitive positioning. The financial performance we delivered in 2025 and the momentum we are carrying into 2026 reflect the resiliency of our financial model and the strength of loyal booker cohorts maturing at scale.

雖然總 GBV 的成長表明我們在該類別中具有顯著的規模，但我們的單位經濟效益也在不斷提高。回頭客仍然是我們成長最快的群體，占我們總銷售額的大多數，也是我們利潤最高的客戶群。我們審慎地管理業務，在維持成長和獲利能力提升的同時，投資於長期競爭地位。我們在 2025 年取得的財務業績以及我們延續到 2026 年的勢頭，反映了我們財務模式的韌性以及忠誠預訂者群體規模化發展的實力。

We believe the diversity of our brands and business model is an advantage and uniquely positions us for sustainable leadership in the category. Viator and Tripadvisor represent a significant majority of total segment GBV, with Viator contributing the bulk of GBV. Viator and Tripadvisor leverage a shared industry leading supply asset that we merchandise to each audience and increasingly in a more personalized way through data and AI.

我們相信，我們品牌和商業模式的多樣性是一項優勢，使我們在該領域擁有獨特的地位，並能夠保持可持續的領導地位。Viator 和 Tripadvisor 佔據了整個細分市場 GBV 的絕大部分份額，其中 Viator 貢獻了大部分 GBV。Viator 和 Tripadvisor 利用共享的行業領先的供應資產，透過數據和人工智慧，以越來越個人化的方式向每個受眾群體進行商品銷售。

We also leverage our supply to reach incremental audiences through third-party demand partners. This set of distribution channels is diverse and growing fast, serving thousands of partners globally, extending our reach beyond our core markets. Importantly, bookings from third-party partners are immediately profitable on every transaction. In terms of channel mix on our owned and operated platforms, our direct channels are growing the fastest as a result of our investments in supply and product that convert first-time bookers to loyal repeat cohorts.

我們也運用自身的供應能力，透過第三方需求夥伴觸達更多受眾。這套分銷管道種類繁多，發展迅速，服務全球數千家合作夥伴，將我們的業務範圍擴展到核心市場之外。重要的是，透過第三方合作夥伴進行的預訂，每筆交易都能立即獲利。就我們自有和經營平台的管道組合而言，由於我們對供應和產品的投資，將首次預訂者轉化為忠實的重複預訂者群體，因此我們的直接管道增長最快。

Importantly, unlike our legacy hotels offering where we faced SEO headwinds, SEO is not a large channel for us in Experiences, and we expect this channel to contribute less than 10% of GBV as you exit 2026. We will continue to leverage both of our brands in the pay channels to attract high intent new bookers while testing new pay channels that diversify our investment mix from SEM. Experiences' adjusted EBITDA in Q4 was $15 million or 7% of revenue, down from $29 million last year. We anticipated de-leverage in the quarter due to a known indirect tax benefit of approximately $4 million realized last year.

重要的是，與我們傳統的飯店業務（我們在飯店業務中面臨 SEO 阻力）不同，SEO 並不是我們體驗業務的主要管道，我們預計到 2026 年底，該管道對 GBV 的貢獻將不到 10%。我們將繼續利用我們的兩個品牌在付費管道吸引高意向的新預訂者，同時測試新的付費管道，使我們的投資組合從搜尋引擎行銷（SEM）多元化。Experiences 第四季的調整後 EBITDA 為 1,500 萬美元，佔營收的 7%，低於去年的 2,900 萬美元。由於去年實現了約 400 萬美元的已知間接稅收優惠，我們預計本季槓桿率將下降。

Additionally, in service of our strategic focus increasing our execution velocity as we enter 2026, we made incremental investments in the quarter to accelerate bookings while continuing to invest in engineering, data and AI to drive product and supply enhancements that we believe will benefit growth and competitive differentiation in the medium term.

此外，為了更好地實現我們在 2026 年提高執行速度的戰略目標，我們在本季度追加投資以加快預訂速度，同時繼續投資於工程、數據和人工智慧，以推動產品和供應方面的改進，我們相信這將有利於中期增長和競爭差異化。

For the full year, Experiences' adjusted EBITDA was $91 million or a 10% margin, which we believe makes us the most profitable scaled experiences platform in the world. This adjusted EBITDA profile demonstrates our financial discipline, exhibiting strong and improving unit economics while continuing to invest for future growth.

全年來看，Experiences 的調整後 EBITDA 為 9,100 萬美元，利潤率為 10%，我們相信這使我們成為世界上盈利能力最強的規模化體驗平台。經調整後的 EBITDA 指標顯示了我們的財務紀律，展現出強勁且不斷改善的單位經濟效益，同時繼續投資以實現未來的成長。

Turning now to TheFork.

現在轉向TheFork。

Revenue in Q4 was $57 million or 18% growth and 9% growth in constant currency. Total bookings on our B2C channel grew 9%, while a smaller contributor, our B2B subscription revenue, grew at a much higher rate, driven by ongoing restaurant adoption of higher price premium plans, highlighting the strong value proposition TheFork delivers to restaurants.

第四季營收為 5,700 萬美元，年增 18%；以固定匯率計算，年增 9%。B2C 通路的總預訂量成長了 9%，而貢獻較小的 B2B 訂閱收入成長速度更快，這主要得益於餐廳不斷採用價格更高的優質套餐，凸顯了 TheFork 為餐廳帶來的強大價值主張。

On a full-year basis, revenue was $221 million, representing 22% growth and 17% constant currency. Adjusted EBITDA of TheFork in Q4 was $1 million or 2% of revenue, approximately 150 basis points higher than last year, driven primarily by leverage in marketing and overall fixed costs. For the full year, adjusted EBITDA was $21 million or a margin of 9%, a meaningful improvement of over 600 basis points driven by prudent fixed cost management while delivering strong revenue growth.

全年營收為 2.21 億美元，年增 22%，以固定匯率計算成長 17%。TheFork 第四季的調整後 EBITDA 為 100 萬美元，佔營收的 2%，比去年同期高出約 150 個基點，主要得益於行銷槓桿和整體固定成本的提高。全年調整後 EBITDA 為 2,100 萬美元，利潤率為 9%，較上年同期增長超過 600 個基點，這得益於審慎的固定成本管理，同時實現了強勁的收入增長。

In Hotels & Other, Q4 revenue was $151 million a decline of 15%, which we anticipated given the impact of structural demand headwinds in this category. As we mentioned last quarter, we're managing our hotels offering, offerings to optimize for profitability rather than chase low margin revenue. As a result of product improvements we've made, hotel meta pricing continues to be strong due to high-quality travel intent our platform is delivering to our hotels and OTA partners.

飯店及其他業務第四季營收為 1.51 億美元，下降 15%，考慮到該類別結構性需求逆風的影響，我們對此有所預期。正如我們上個季度提到的，我們正在管理我們的酒店產品，以優化盈利能力，而不是追求低利潤率的收入。由於我們對產品進行了改進，酒店元定價繼續保持強勁勢頭，這得益於我們的平台為酒店和OTA合作夥伴提供的高品質旅行意圖。

Structural traffic headwinds also continue to impact our media and advertising offerings, with revenue declining 17% in Q4 to $30 million. For the full year, Hotels & Other revenue declined 8% to $750 million. Adjusted EBITDA in the Hotel & Other category was nearly $30 million or 20% of revenue. Lower personnel costs related to our cost savings program we announced last quarter partially offset the lower revenues stemming from SEO headwinds, which is driving a higher mix of revenue from paid channels. Full-year adjusted EBITDA was $270 million or 28% of revenue.

結構性交通逆風也持續影響我們的媒體和廣告業務，第四季營收下降 17% 至 3,000 萬美元。全年來看，飯店及其他業務收入下降了 8%，至 7.5 億美元。酒店及其他類別的調整後 EBITDA 接近 3000 萬美元，佔收入的 20%。我們上季宣布的成本節約計畫降低了人員成本，部分抵消了 SEO 不利因素導致的收入下降，從而推動了付費管道收入佔比的上升。全年調整後 EBITDA 為 2.7 億美元，佔營收的 28%。

Turning to consolidate expenses starting with the quarter and for the full year.

從季度開始，逐步合併全年費用。

Costs of revenue in Q4 was 9% of revenue, up almost 200 basis points year over year due to the benefit of last year of indirect tax credit. For the full year, cost of revenue was 8% of revenue flat with last year. Marketing costs in Q4 were 43% of revenue, higher by approximately 500 -- 550 basis points year over year due to marketing investment in Experiences. For the full year, marketing was 42% of revenue, deleverage of approximately 200 basis points, which is largely driven by revenue headwinds at Hotels & Other. Importantly, Experiences improved its marketing leverage for the full year by approximately 130 basis points.

第四季營業成本佔營業收入的 9%，由於去年間接稅抵免的利好，較去年同期上升近 200 個基點。全年來看，營業成本佔營業額的 8%，與去年持平。第四季行銷成本佔營收的 43%，由於對體驗行銷的投資，年比增加了約 500 至 550 個基點。全年來看，行銷收入佔總收入的 42%，槓桿率下降了約 200 個基點，這主要是由於飯店及其他業務的收入逆風所致。重要的是，Experiences 的全年行銷槓桿提高了約 130 個基點。

Personnel costs in Q4 were 32% of revenue, lower by approximately 300 basis points year to year. Lower personnel costs were largely driven by the previously announced gross cost savings program, primarily impacting Hotels & Other. Absent share-based compensation, personnel costs as a present of revenue was lowered by approximately 200 basis points. For the full year, personnel costs were 30% of revenue, lowered by approximately 200 base points or 100 basis points absent shared-based compensation.

第四季人員成本佔營收的 32%，比去年同期下降約 300 個基點。人員成本降低主要得益於先前宣布的總成本節約計劃，該計劃主要影響酒店及其他行業。如果沒有股權激勵，作為收入的人員成本將降低約 200 個基點。全年來看，人員成本佔收入的 30%，如果扣除共享薪酬，則降低了約 200 個基本點或 100 個基點。

Technology costs in Q4 at 6% of revenue were approximately flat with last year. The full-year technology costs were flat with last year as well. G&A's percent of revenue in Q4 was approximately flat with last year. On a full year basis, G&A's percent of revenue was lower by a little over 100 basis points.

第四季技術成本佔營收的 6%，與去年同期基本持平。全年技術成本與去年持平。第四季一般及行政費用佔收入的比例與去年同期基本持平。以全年計算，一般及行政費用佔收入的百分比下降了略高於 100 個基點。

Now turning to cash and liquidity.

現在來說說現金和流動性問題。

For the full year, operating cash flow was $245 million and free cash flow was $163 million. The increase in operating cash flow and free cash flow was driven primarily by changes in working capital as a result of lapping the impact of last year's non-recurring tax settlement. Total cash and cash equivalents at December 31 were approximately $1 billion. Our cash balance includes approximately $350 million in term loan proceeds raised in the first quarter of 2025, which we plan to use to pay our outstanding convertible notes due in April of this year. After taking into account deferred merchant payables of approximately $308 million and a $350 million term loan, our remaining excess cash balance is approximately $377 million.

全年營運現金流為 2.45 億美元，自由現金流為 1.63 億美元。經營現金流和自由現金流的增加主要是因為去年非經常性稅收結算的影響消除，導致營運資本改變。截至12月31日，現金及現金等價物總額約10億美元。我們的現金餘額包括 2025 年第一季籌集的約 3.5 億美元定期貸款收益，我們計劃用這筆資金支付今年 4 月到期的未償還可轉換票據。扣除約 3.08 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 3.77 億美元。

During the fourth quarter, we repurchased 3.3 million shares at an average cost per share of $15.14 for a total of $50 million. Over the course of the year, we have repurchased 6.1 million shares pursuant to our program totaling approximately $90 million at an average price per share of $14.72. Today, we have approximately $110 million remaining in our share of purchase authorization.

第四季度，我們以每股平均成本 15.14 美元回購了 330 萬股股票，總計 5,000 萬美元。今年以來，我們根據回購計畫回購了610萬股股票，總額約9,000萬美元，平均每股價格為14.72美元。目前，我們剩餘的股票回購授權額度約為1.1億美元。

Combined with the [LTRIP] transaction earlier in the year, we've reduced share count by approximately 21% since the end of 2024. We believe that our current cash profile and net leverage levels reflect a strong capital structure with appropriate cash for operating needs.

加上今年稍早的 [LTRIP] 交易，自 2024 年底以來，我們的股份數量減少了約 21%。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 now to our outlook for 2026 in Q1.

現在讓我們來看看我們對 2026 年第一季的展望。

For the full year, we expect modest consolidated revenue growth, which reflects the ongoing mixed shift we are driving towards our growth marketplace businesses. Our marketplace growth, which we believe is outpacing the overall travel market and the category growth rates where we operate, continues to be offset by structural traffic headwinds impacting our legacy hotels and media advertising business. We expect the mix of our marketplace businesses to continue to grow meaningfully and represent approximately two-thirds of our consolidated revenue as we exit 2026.

我們預計全年綜合收入將實現溫和成長，這反映了我們正在推動向成長型市場業務轉型的持續混合策略。我們相信，我們的市場成長速度超過了整體旅遊市場以及我們所在地區的品類成長率，但這種成長速度仍然被影響我們傳統飯店和媒體廣告業務的結構性交通逆風所抵消。我們預計，到 2026 年底，我們的市場業務組合將繼續顯著成長，並占我們合併收入的三分之二左右。

Experiences' revenue alone is expected to comprise over 50% of our consolidated revenue. In addition, we expect quarterly performance throughout 2026 to reflect higher seasonality trends that are inherent in scaled travel marketplace businesses as Experiences in TheFork become a larger portion of our consolidated revenue.

預計僅體驗業務的收入將占我們合併收入的 50% 以上。此外，我們預計 2026 年全年的季度業績將反映出規模化旅遊市場業務固有的更高季節性趨勢，因為 TheFork 中的體驗業務在我們合併收入中所佔的比例越來越大。

Now, some brief commentary on each of the segments for the full-year 2026.

現在，對 2026 年全年的各個部分進行一些簡要評論。

Starting with Experiences, we expect accelerating growth in bookings, GBV, and revenue in our Viator and Tripadvisor points of sale and slowing growth in our 3P points of sale as we continue to lap the steep ramp in this channel. As a result of this mix shift, we expect approximately flat bookings volume growth in the year over year for the segment. We expect GBV and revenue growth to accelerate with revenue growth in the low teens. Importantly, we expect to exit the year at a higher revenue growth rate relative to the start of the year as combined marketing, product, and supply efforts gain momentum.

首先來看體驗業務，我們預計在 Viator 和 Tripadvisor 銷售點的預訂量、GBV 和收入將加速成長，而隨著我們繼續克服該管道的陡峭增長，3P 銷售點的成長速度將放緩。由於這種組合變化，我們預計該細分市場的預訂量將年增率將基本持平。我們預期GBV和營收成長將加速，營收成長將達到兩位數左右。重要的是，隨著行銷、產品和供應方面的綜合努力取得進展，我們預計今年年底的營收成長率將高於年初。

At TheFork, we expect revenue growth in the low- to mid-teens. This growth rate reflects solid volume-driven bookings growth in the B2C business and healthy expansion in our premium software, driving B2B growth above 20%. Segment growth expectations include an estimated currency benefit of approximately 400 basis points on current rates.

TheFork 預計營收成長將達到 10% 到 25% 左右。這一成長率反映了 B2C 業務中穩健的銷售驅動型預訂成長以及我們高端軟體的健康擴張，從而推動 B2B 業務成長超過 20%。此業務板塊的成長預期包括預期當前匯率下約 400 個基點的匯率收益。

In Hotels & Others, we have taken a prudent approach based on the more pronounced trends we observed in the second half of last year. As a result, our current expectations are for mid- to high-teens revenue declines, largely driven by SEO traffic headwinds and our focus on maintaining consistent ROIs in the paid channels within hotel meta. Our hotel meta performance is lapping a difficult comp in the first half of this year as we observed strong pricing last year. By the second half of the year, we expect to see some stabilization in segment revenue declines as we lap easier comps.

在飯店及其他行業，我們根據去年下半年觀察到的更明顯的趨勢，採取了謹慎的做法。因此，我們目前預計收入將下降 15% 到 10% 左右，這主要是由於 SEO 流量的不利因素以及我們專注於在酒店元數據的付費管道中保持穩定的投資回報率。由於去年價格強勁，我們飯店的整體業績在今年上半年超越了艱難的同業比較。預計到下半年，隨著年比基數降低，各業務板塊的營收下滑幅度將趨於穩定。

Turning to consolidated EBITDA, we expect to deliver flat to modest margin expansion alongside mid-single-digit growth EBITDA growth. Driven by our marketplace businesses and the in-year impact from our cost savings program we announced on our last call, offsetting anticipated declines in our Hotels & Other segments. We expect our marketplace businesses to contribute approximately 50% of our overall EBITDA, up from 35% in 2025, with Experiences' adjusted EBITDA alone expected to contribute approximately 40% of the total.

就合併 EBITDA 而言，我們預計利潤率將保持平穩或略有成長，同時 EBITDA 將實現中等個位數的成長。受市場業務的推動，以及我們在上次電話會議上宣布的成本節約計劃的年度影響，抵消了酒店及其他業務板塊的預期下滑。我們預計，到 2025 年，我們的市場業務將貢獻我們整體 EBITDA 的約 50%，高於先前的 35%，其中體驗業務的調整後 EBITDA 預計將貢獻總額的約 40%。

On a segment basis for the full-year adjusted EBITDA.

按分部計算全年調整後 EBITDA。

In Experiences, we expect margins to expand between 300 and 400 basis points, which implies healthy adjusted EBITDA growth, primarily due to greater market efficiencies driven by strong repeat cohorts and by operating our two brands in a more coordinated manner. Adjusted EBITDA will be back halfway to do to the typical seasonality and marketing investment in Q1 relative to large seasonal travel period in Q3. At TheFork, we expect to deliver a margin expansion between 200 and 300 basis points, primarily due to more efficient marketing mix and continued fixed cost leverage. Finally, in Hotels & Other, we expect adjusted EBITDA margin to decline by between 150 and 250 basis points as we continue to manage this business on both variable and fixed cost despite the anticipated revenue declines.

在體驗業務方面，我們預計利潤率將擴大 300 至 400 個基點，這意味著調整後的 EBITDA 將實現健康的成長，這主要得益於強大的回頭客群體帶來的更高的市場效率，以及我們兩個品牌運作方式的更加協調。調整後的 EBITDA 將恢復到第一季典型的季節性和行銷投資的一半，而第三季則是旅遊旺季。TheFork 預計利潤率將提高 200 至 300 個基點，這主要得益於更有效的營銷組合和持續的固定成本槓桿作用。最後，在飯店及其他業務方面，儘管預期收入下降，但我們仍將繼續以可變成本和固定成本的方式管理該業務，預計調整後的 EBITDA 利潤率將下降 150 至 250 個基點。

Turning now to our outlook for Q1.

現在來談談我們對第一季的展望。

We expect consolidated revenue to be down by 3% to 5% year over year despite continued growth in our marketplace businesses. The anticipated declines in our legacy offering pressure overall growth, in particular, given that Q1 is seasonally low revenue in our marketplace offerings and therefore, it's waiting on consolidation -- consolidated revenue is lower. However, we expect to see consolidated revenue acceleration throughout the year as our marketplace businesses continue to increase their share of group revenue mix.

儘管我們的市場業務持續成長，但我們預計合併收入將年減 3% 至 5%。預計我們傳統產品的下滑將對整體成長構成壓力，尤其是考慮到第一季是我們市場產品收入的季節性低谷，因此，它正在等待整合——整合後的收入更低。不過，我們預期隨著我們的市場業務在集團收入組成中的份額不斷增加，全年綜合收入將加速成長。

On a segment basis, we expect Experiences' items growth in the low-teens, which is due to the lacking of strong 3P growth last year, despite solid growth in our Viator and Tripadvisor points of sale. Revenue is expected to accelerate by approximately 1% to 2% sequentially in part due to the aforementioned investment we made in Q4. We expect revenue growth at TheFork of between 20% and 22%, which includes a currency benefit of approximately 12 percentage points. We expect Hotels & Other declines of approximately 21% to 23% due to a continuation of recent trends and a more difficult year-over-year compare in pricing that we expect to [raise] in the second half.

從細分市場來看，我們預計體驗類商品的成長幅度在 10% 左右，這是因為去年第三方銷售管道 (3P) 的成長不夠強勁，儘管我們在 Viator 和 Tripadvisor 的銷售點實現了穩健成長。由於我們在第四季度進行了上述投資，預計收入將環比增長約 1% 至 2%。我們預計 TheFork 的營收成長將在 20% 到 22% 之間，其中包括約 12 個百分點的匯率收益。我們預計飯店及其他行業的降幅約為 21% 至 23%，這是由於近期趨勢的延續以及價格同比基數較高所致，我們預計下半年價格將有所上漲。

We expect consolidated Q1 adjusted EBITDA margin of approximately 3% to 5%. The step down is due to the aforementioned revenue headwinds in Hotels & Other segments, as well as growth investments and Experiences this quarter. In Experiences, we expected adjusted EBITDA margins to step back by approximately 200 basis points year over year, primarily due to an increased marketing investment. At TheFork, we expect margins to swing positive year over year, increasing approximately 800 basis points to about 1% of revenue, benefiting from marketing efficiencies expected in the quarter.

我們預計第一季合併調整後 EBITDA 利潤率約為 3% 至 5%。此次業績下滑是由於上述飯店及其他業務部門的收入逆風，以及本季成長投資和體驗業務所致。在體驗業務方面，我們預期調整後的 EBITDA 利潤率將年減約 200 個基點，主要原因是行銷投入增加。在 TheFork，我們預計利潤率將同比轉正，成長約 800 個基點，達到營收的 1% 左右，這得益於本季預計的行銷效率提升。

In Hotels & Others, we expect adjusted EBITDA margin between 21% and 23%, which reflects revenue headwinds previously discussed. We're excited about 2026 and the priorities we've established to continue to extend our leadership in global experiences. We expect to see the increased impact of its contribution to our group financial profile this year, establishing a foundation for multi-year group revenue acceleration while delivering healthy levels of profitability. We look forward to updating you on our progress on our next call.

在飯店及其他業務領域，我們預計調整後的 EBITDA 利潤率在 21% 至 23% 之間，這反映了先前討論過的收入不利因素。我們對 2026 年以及我們為繼續擴大我們在全球體驗領域的領先地位而製定的優先事項感到興奮。我們預計今年它將對集團財務狀況產生更大的影響，為集團未來多年的收入加速成長奠定基礎，同時實現健康的獲利水準。我們期待在下次通話中向您報告我們的進度。

With that, I turn the call back over to the operator for Q&A.

然後，我將電話轉回接線生進行問答環節。

(Operator Instructions)

（操作說明）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question. Sticking with the Experiences' side of the business, can you characterize how you're thinking about the incremental growth investments in the business, especially in the marketing side in response to two things, both the demand signal you think you're getting from the market in terms of Experiences' growing as a percentage of consumer spend and also in light of what might be different or stable elements of the competitive intensity in Experiences. We'd love to get some characterization on both against your growth investments. Thanks so much.

非常感謝您回答這個問題。繼續從體驗業務方面來看，您能否描述一下您是如何考慮業務的增量成長投資的，尤其是在行銷方面？這主要基於兩點：一是您認為從市場獲得的需求訊號，即體驗業務在消費者支出中所佔比例的成長；二是體驗業務競爭強度中可能存在的不同或穩定的因素。我們很想了解這兩項投資與您的成長投資之間的關係。非常感謝。

Yeah, thanks, Eric. I appreciate the question. It's Matt, and I'll take, the question and Mike can fill in as he likes.

謝謝你，埃里克。感謝您的提問。我是馬特，我來回答這個問題，麥克可以隨意補充。

We see the Experiences' market as very attractive. Obviously, it's growing faster than other travel categories. We saw from 19' to '25, the online portion growing at 13%. In that period we grew 22%. From '22 to '25, the market grew 16%; online, 22%. We grew 22% over that period. So we feel really good about our ability to grow not only in line with the online portion but to exceed it over time.

我們認為體驗式行銷市場非常有吸引力。顯然，它的成長速度比其他旅遊類別更快。從 2019 年到 2025 年，我們看到線上部分成長了 13%。在此期間，我們成長了22%。從 2022 年到 2025 年，實體市場成長了 16%；線上市場成長了 22%。在此期間，我們成長了22%。因此，我們對自身的發展能力感到非常滿意，不僅能夠與線上業務同步成長，而且隨著時間的推移，我們還有能力超越線上業務。

Looking forward, we think there are a number of reasons that we can really deliver here. The first is the scale we've already achieved, the position we have in our core market in the US, and the ability to extend that globally. You can see that in our GBV, that's accelerating and approaching $5 billion last year. You can see that in how our supply is growing and the relationship we have with operators, and you can see demand signals very, very clearly both in our Tripadvisor point of sale, where we're able to take that data and match supply and demand as we target the supply we want to go after. That's going to allow us to extend internationally.

展望未來，我們認為我們有很多理由可以真正在這裡取得成功。首先是我們已經達到的規模，我們在美國核心市場的地位，以及將這種地位擴展到全球的能力。從我們的GBV數據可以看出，這種情況正在加速，去年已接近50億美元。從我們的供應成長以及我們與營運商的關係中可以看出這一點，而且在我們的 TripAdvisor 銷售點，需求訊號也非常非常清晰地顯示出來，我們能夠利用這些數據來匹配供需，從而鎖定我們想要追求的供應。這將使我們能夠拓展國際業務。

We brought our team together to drive marketing efficiency, and we have a stronger competitive position there. We're leveraging our product and as I mentioned, supply across those brands and really smoothing the friction to get more conversion and ultimately driving our unit economics across the business. So that's driving profitability and as we see scale and accelerating growth with profitability, we really think that that gives us the flexibility to invest further to drive global leadership. So the operating model is helping. We see it in our data and you can obviously see it externally. Anybody you talk to in travel is talking about the power of Experiences and how that's driving all of the other categories. So we feel we sit bull's eye there.

我們把團隊凝聚在一起，以提高行銷效率，從而增強了我們在該領域的競爭優勢。我們正在利用我們的產品，正如我所提到的，我們利用這些品牌的供應，真正消除摩擦，以提高轉換率，並最終提高我們整個業務的單位經濟效益。因此，這推動了獲利能力的提升，隨著規模的擴大和獲利能力的提升，我們認為這將使我們有更大的靈活性進行進一步投資，從而鞏固全球領先地位。所以這種營運模式是有幫助的。在我們的數據中可以觀察到這一點，而且從外部觀察也很明顯。任何從事旅遊業的人都會談到體驗的力量，以及這種力量如何推動其他所有類別的發展。所以我覺得我們正處於最佳位置。

As we relate to others in this space, I think it's really interesting because when you look at where we stand, it's really, we're the most profitable experiences player in there. I think we come from the strongest market, which gives us an opportunity to extend that into other markets. Our unit economics are progressing and we just feel that between our ability to go after demand and meet that with supply, extend the TAM growth right by looking into new geographies and categories, we're really well positioned to double down in Experiences, add resources and investment that are going to accelerate both growth and profitability over time.

就我們與該領域其他公司的關係而言，我認為這真的很有趣，因為當你審視我們所處的位置時，你會發現，我們實際上是該領域盈利能力最強的體驗提供者。我認為我們來自最強大的市場，這給了我們向其他市場擴張的機會。我們的單位經濟效益正在不斷提高，我們感覺憑藉我們追逐需求並用供應滿足需求的能力，透過開拓新的地域和品類來擴大TAM成長，我們完全有能力加倍投入體驗業務，增加資源和投資，這將隨著時間的推移加速增長和盈利能力。

Yeah, the only thing I add on to that, Eric, would be a little bit about specifically in the marketing approach to add on.

是的，艾瑞克，我唯一要補充的是，在行銷方法方面需要再補充一點。

No, I think a few fundamental things about the category. One, we believe, obviously it's very large as Matt said, but the awareness is still relatively low. And so I think it is how you find intent, how you convert that intent (technical difficulty). And you know we see that intent primarily through the pay channels and I think we have exceedingly good teams that are good at those conversions and importantly importing that those wins over to both our points of sale advisor and Tripadvisor.

不，我認為這個類別有一些基本特點。我們認為，正如馬特所說，這個問題顯然非常嚴重，但人們的意識仍然相對較低。所以我認為關鍵在於如何發現意圖，以及如何轉化這個意圖。（技術難題）你知道，我們主要透過付費管道看到這種意圖，我認為我們擁有非常優秀的團隊，他們擅長這些轉化，更重要的是，他們能夠將這些轉化成果引入到我們的銷售點顧問和Tripadvisor平台。

And so really we have to follow that intent and convert that where we can and that is really the basis of how we think about our ROIs and the paid channels, we understand that there's an investment in a new user, particularly a new user in the category, and that's all then how you drive that repeat behavior. And how we target those ROIs is just based on where we see our long-term margin progression and target margin can be over the long period of time, and that's the formation of how we think about our ROIs.

所以，我們必須順應這個意圖，盡可能地將其轉化為實際行動。這正是我們思考投資報酬率和付費管道的基礎。我們明白，獲得一個新用戶，尤其是該類別的新用戶，就意味著一項投資。而這正是推動用戶重複購買行為的關鍵。我們如何設定這些投資報酬率目標，取決於我們對長期利潤率發展和長期目標利潤率的預期，這就是我們思考投資報酬率的方式。

Naved Khan, B. Riley Securities.

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

I have a question on the Experiences' margin expansion. I think you're guiding to a few 100 basis points of EBITDA margin expansion Experiences and my question is about the fact that you mentioned repeat bookings set up from the previously acquired cohorts. Why not double down on customer acquisition versus giving back some on the EBITDA margin, why not just optimize for long-term customer growth and maximize the potential there?

我有一個關於體驗專案利潤率擴張的問題。我認為您指的是 EBITDA 利潤率擴張幾百個基點的經驗，我的問題是，您提到了從先前收購的客戶群中獲得的重複預訂。為什麼不加大客戶獲取力度，而要犧牲一些 EBITDA 利潤率呢？為什麼不優化長期客戶成長，最大限度地發揮其潛力？

And then second question is, I think you mentioned that you expect that SEO will be less than 10% of the traffic for 2026. How should we think about that and your long-term sort of margin view of maybe this business operating at around mid-20s EBITDA margin? Just give us your thoughts there.

第二個問題是，我想您提到過，您預計到 2026 年，SEO 的流量佔比將低於 10%。我們應該如何看待這一點，以及您對這家企業長期利潤率的看法，假設其 EBITDA 利潤率在 20% 左右？請把你的想法寫下來。

Thank you.

謝謝。

Yeah, I'll hit both and Matt can chime in.

是的，我會兩個都點一下，Matt 也可以補充一下。

So I think, the question on growth and profitability, which you're getting at for, so I think the profitability this year in Experiences are driven by two factors. One, which we believe we can continue to drive efficiencies in our -- in marketing driven by really product-driven conversion growth, operating two teams -- operating two platforms as one. We can drive a lot of efficiencies there. We're excited about that. And then two, as you said, Naved, the natural repeat cohorts that are building in the business. I would just say when we think about our growth profit trade-off, we are not targeting profitability over growth. I think what we have to look at and continue to look at is what is that incremental ROI and marginal ROI for new users which I said -- as I just said, is an investment and we're continuing to look at where we can be smarter and make trade-offs. We made some trade-offs in Q4 that we liked, and so you've seen us demonstrate that in the Q4 and we'll continue to be flexible and do that as we move through the year.

所以，我認為，你提到的成長和獲利能力問題，我認為今年體驗業務的獲利能力是由兩個因素驅動的。我們相信，我們可以繼續提高我們的效率——在以產品驅動的轉化成長為導向的行銷中，經營兩個團隊——將兩個平台作為一個整體來運作。我們可以在那裡大幅提高效率。我們對此感到興奮。然後，正如你所說，Naved，還有兩個方面，那就是企業中自然形成的重複購買群體。我想說的是，當我們考慮成長與利潤之間的權衡時，我們並非以獲利為目標而犧牲成長。我認為我們必須關注並繼續關注的是，新用戶的增量投資報酬率和邊際投資報酬率是多少。正如我剛才所說，這是一種投資，我們正在繼續尋找可以更明智地進行權衡的地方。我們在第四季度做出了一些我們滿意的權衡取捨，你們也看到了我們在第四季度的表現，我們將繼續保持靈活，並在今年繼續這樣做。

But listen, when we are sitting primarily in a North American market where new users are, we are always looking at that marginal incremental ROI to see where we can drive more growth at profit levels that makes sense based on repeat rates we see. Part of the algorithm we talked about this last call we mentioned again this call about how we are expanding our TAM, our addressable TAM, by looking at new regions outside of North America and we're very excited about the work that's underway there. And there's a great example where you could see us leaning into marketing spend as we are growing more aggressively in a new geo, and we will absolutely update you with that with our progress as we move forward with that but I think we're remaining very nimble and open minded as we think about the growth algorithm.

但是，聽著，當我們主要面向北美市場（新用戶聚集地）時，我們總是關注邊際增量投資回報率，看看我們能否在合理的利潤水平下，根據我們看到的重複購買率，推動更多增長。我們在上次通話中討論的演算法的一部分，這次通話中我們再次提到了我們如何透過關注北美以外的新地區來擴大我們的TAM（可觸達TAM），我們對那裡正在進行的工作感到非常興奮。一個很好的例子是，隨著我們在新的地區更積極地發展，我們可能會增加行銷投入。我們會隨時向您報告進展情況，但我認為，在思考成長演算法時，我們會保持非常靈活和開放的心態。

Secondly, on SEO. Yeah, I think it's just very important that we do see the Experiences' business not having a major reliance on SEO, and most of the SEO is coming through the CA channel today, but we are expecting on a combined basis to be that below 10% as I mentioned on the call. So when we think about long-term margin progression, we're not relying on SEO to hit our long-term margin target. What we are relying on is continued progress and all the things we just talked about, which is marketing leverage, two platforms being able to leverage, the brands more effectively in the page hands wherever they may be, finding new pay channels outside of SEM, which we're excited about the progress there and it's the continued maturation of our repeat cohorts that are building very nicely. So, all those ladder up to we believe feel very strongly still about our long-term margin progression and we're excited about the growth trade-offs we have to make to get there.

其次，關於搜尋引擎優化。是的，我認為非常重要的一點是，我們希望體驗業務不要過度依賴 SEO，目前大部分 SEO 都是透過 CA 管道實現的，但正如我在電話會議上提到的，我們預計兩者加起來的比例將低於 10%。所以，當我們考慮長期利潤成長時，我們並不指望 SEO 能實現我們的長期利潤目標。我們所依賴的是持續的進步以及我們剛才討論的所有內容，即行銷槓桿作用，兩個平台能夠更好地利用這些優勢，讓品牌無論出現在何處都能更有效地觸達用戶，並在搜尋引擎行銷之外尋找新的付費管道，我們對這方面的進展感到興奮，而且我們的回頭客群體也在不斷成熟，發展勢頭良好。所以，我們相信所有這些層層遞進的因素仍然對我們的長期利潤成長充滿信心，並且我們對為實現這一目標必須做出的成長權衡感到興奮。

Nafeesa Gupta, Bank of America.

納菲薩古普塔，美國銀行。

Hi, Matt. Could you tell us more about this AI native MVP that you launched in the fourth quarter and how that is different from your earlier TripPlanet, and then I have one more after this.

嗨，馬特。您能否詳細介紹一下您在第四季推出的這款 AI 原生 MVP，以及它與您之前的 TripPlanet 有何不同？之後我還有一個問題。

Yeah, did you say you had a second question? Go ahead and ask it.

對，你剛剛說你還有第二個問題？問吧。

Yeah, so I just want to understand about the economics that you're seeing from the large AI platforms in terms of user acquisition and also how are you thinking about monetizing your user review data that you have from Tripadvisor core.

是的，所以我想了解大型人工智慧平台在用戶獲取方面的經濟效益，以及您打算如何將您從 TripAdvisor 核心平台獲得的用戶評論資料貨幣化。

Okay, thanks. Yeah, so on the AI native MVP what we wanted to do was to shift the way that we deliver AI products to our customers and so we wanted to be AI first, AI native, use the tools, and really reimagine what Tripadvisor could be in a fully AI native world. So we're going back to our roots. We want to help people validate their travel choices with better recommendations that understand who they are, drive personalization that these recommendations can be better explained through social proof and that they can immediately be more actionable.

好的，謝謝。是的，所以在 AI 原生 MVP 中，我們想要改變向客戶交付 AI 產品的方式，因此我們希望以 AI 為先，採用 AI 原生技術，利用各種工具，真正重新構想 Tripadvisor 在完全 AI 原生的世界中會是什麼樣子。所以我們要回歸本源。我們希望透過更了解用戶個性的個人化推薦，幫助人們驗證他們的旅行選擇，推動個人化，並透過社會認同更好地解釋這些推薦，並使其更具可操作性。

And so we've been learning off the last quarters and years of our investment in our AI infrastructure and our products which we're really adding on to our existing product. Now we're going fully AI native to reinvent. And so we like the data that we're learning. We believe that we can build trust in the why behind travel choices. We believe that our UGC, which, as I said, is stable and we intend to really drive growth there, gives the social proof that users want before they're willing to book and we think that we can ultimately become that trust layer whether it be on our own products and services or in partnership with a scaled AI partner.

因此，我們一直在從過去幾個季度和幾年對人工智慧基礎設施和產品的投資中吸取經驗，並將這些經驗真正添加到我們現有的產品中。現在我們要全面採用人工智慧原生技術進行革新。因此，我們很喜歡我們正在學習到的數據。我們相信，我們可以透過解釋旅行選擇背後的原因來建立信任。我們相信，正如我所說，我們的用戶生成內容 (UGC) 穩定且我們打算真正推動其成長，它能提供用戶在預訂前想要的社會證明，我們認為，無論是在我們自己的產品和服務上，還是與規模化的 AI 合作夥伴合作，我們最終都能成為信任層。

So we're taking a very different approach. The teams have been running really fast. They're extraordinarily lean and we're iterating on live customer behavior to understand how we can improve and drive that conversion and that revenue.

所以我們採取了一種截然不同的方法。各隊跑得都非常快。他們非常精簡，我們正在根據實際客戶行為進行迭代，以了解如何改善並提高轉換率和收入。

I will say, we're live to a slice of our of our audience, so it's still early, but in Q4, we saw that the approach drove multiple higher engagement with users than our prior AI travel assistant on the site and had good early monetization signals.

我想說的是，我們目前只面向部分受眾進行了上線，所以還處於早期階段，但在第四季度，我們發現這種方法比我們網站上之前的 AI 旅行助手帶來了更高的用戶參與度，並且有了良好的早期盈利跡象。

Now that can be applied to whether you're planning or whether you're in destination. So you know when travelers are in destination, they have a lot of last-minute decisions around what they want to do, what they want to see, what they want to eat, but availability, pricing, and logistics are tricky, especially in Experiences. So we're leveraging our assets there to help travelers experience the destination better and really testing what's around me now, geo-aware recommendations, proactive offers to drive incremental demand, make it much easier to book, and access real-time customer support, and we think that's going to drive some good activity.

無論你是規劃行程還是已經到達目的地，這個方法都適用。所以你知道，當旅客到達目的地時，他們會在最後一刻決定想做什麼、想看什麼、想吃什麼，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，我們正在利用我們在那裡的資源，幫助旅行者更好地體驗目的地，並真正測試我周圍的情況，例如基於地理位置的推薦、主動提供的服務以推動增量需求、使預訂更容易以及獲得實時客戶支持，我們認為這將帶來一些良好的業績。

And your second question was, how are we going to leverage our -- I think our UGC to drive -- can you just repeat the second question?

你的第二個問題是，我們將如何利用我們的——我認為是我們的UGC來推動——你能再重複第二個問題嗎？

Yeah, I just want to understand what kind of traffic that you're seeing from large platforms and how are you -- what's the economics behind that compared to traditional SEO? And then how do you think about monetizing your, user review data that you have like the large data that you have from users on Tripadvisor?

是的，我只是想了解你們從大型平台獲得的流量是什麼樣的，以及與傳統 SEO 相比，這種流量背後的經濟效益如何？那麼，您打算如何將您擁有的用戶評論資料（例如您在 TripAdvisor 上獲得的大量用戶資料）貨幣化呢？

Yes, as I mentioned, the UGC data continues to be solid and we continue to have both the contributors who are slightly up year on year and the contributions which have been relatively stable year on year as a really differentiated quality content and data asset to leverage. We're using that both on our own platforms as well as in our partnerships and what we're seeing is that as AI traffic comes in, it tends to be higher intent -- tends to be these long queries, tend to help us get the answers more quickly and so we are seeing the conversions to be a bit stronger because it's relatively higher intent we think lower down the funnel.

是的，正如我所提到的，UGC 數據依然穩健，我們既有貢獻者貢獻數量逐年略有增長的，也有貢獻數量相對穩定的，這些都是真正具有差異化的高質量內容和數據資產，我們可以加以利用。我們在自己的平台以及合作夥伴中都使用了這項技術，我們發現，隨著人工智慧流量的到來，其意圖往往更高——往往是較長的查詢，這有助於我們更快地獲得答案，因此我們看到轉換率有所提高，因為我們認為這是漏斗底部相對較高的意圖。

Now that traffic that we're driving through that AI-first approach is a lower relative percentage of our overall traffic, but it's growing much, much faster and we're pretty excited about what we can do there both on our products and through our partnerships ahead. So, more to come there.

現在，我們透過人工智慧優先的方式帶來的流量在我們整體流量中所佔的比例雖然較低，但成長速度卻快得多，我們對未來在產品和合作夥伴關係方面能夠取得的成就感到非常興奮。所以，後續還會有更多內容。

Stephen Ju, UBS.

Stephen Ju，瑞銀集團。

So I think for Viator, I think there was a push for a number of years and it's not from yourself, but generally, across the segment to make it progressively less episodic by maybe asking your users to use it in their home market. So is that proving to be more challenging or is it just an awareness factor? Are you getting that activity picking up currently? And because with folks thinking that maybe they should only open up Viotor only when they travel. Thanks.

所以我覺得對於 Viator 來說，我認為多年來一直有一種推動力，雖然不是來自你個人，但總體而言，整個行業都在努力讓內容逐漸減少階段性，例如要求用戶在他們自己的市場中使用它。所以，這是否更具挑戰性，還是只是意識層面的問題？你那邊最近活動量有增加嗎？因為有人認為或許應該只在旅行時才打開 Viotor。謝謝。

Yeah, thanks. We're definitely continuing our work to attract customers who are interested in Experiences wherever they may be whether that's on a long haul trip, a domestic short haul trip closer to home, or even an experience that they want to have over a long weekend and of course, our supply is the largest supply available anywhere, so we think that matching that kind of demand is something that we can do now.

嗯，謝謝。我們肯定會繼續努力吸引對體驗感興趣的顧客，無論他們身在何處，無論是長途旅行、國內短途旅行，還是想在長週末享受體驗。當然，我們的供應量是任何地方都最大的，所以我們認為滿足這種需求是我們現在可以做到的。

We are growing our supply and it will depend on really going after more local experiences and that's something that as we continue to invest in supply we can continue to add. I would say that our primary focus right now has been to enter new geos but as we enter new categories and think about extending that supply, going deeper perhaps into attractions, maybe that local supplier who you rent a canoe from to go down the river with your kids, that will be something we will continue to do. So it's an area of future growth.

我們正在擴大供應，這取決於我們是否真正追求更多本地體驗，隨著我們不斷投資供應，我們可以繼續增加這方面的供應。我想說，我們目前的主要重點是進入新的地理區域，但隨著我們進入新的類別並考慮擴大供應，或許會更深入地進入景點領域，例如你租獨木舟帶孩子順流而下的當地供應商，這將是我們繼續做的事情。所以這是一個未來有成長潛力的領域。

I wouldn't say that it's the priority we're driving hardest at otherwise, we would have called it out, but it's definitely something that we believe our platform can deliver on. So there will be more there to discuss going forward.

我不會說這是我們目前最優先考慮的事情，否則我們會明確指出，但這絕對是我們相信我們的平台能夠實現的事情。所以接下來還會有更多的問題需要討論。

Lloyd Walmsley, Mizuho.

勞埃德‧沃姆斯利，瑞穗銀行。

I've got two questions. First, just drilling into the geographic expansion for Experiences. Like how much of that is building supply in new markets and demand in new markets versus maybe selling North American experiences into new points of sale where you don't need new supply. It's more marketing, just anything you can help us understand on the plan for geographic expansion.

我有兩個問題。首先，讓我們深入探討一下體驗的地理擴張。例如，其中有多少是在新市場建立供給和需求，又有多少是在新市場銷售北美體驗，而這些銷售點並不需要新的供應。這更多的是行銷方面的問題，您能否幫助我們了解一下地域擴張計劃？

And then the second one was just you sort of hinted at the potential for evolution in the partnerships with the larger AI search platforms. Like anything you can tell us either specifically or just should we expect evolution there this year in any meaningful way. Anything you could share there would be great. Thanks.

然後第二個問題，你只是暗示了與大型人工智慧搜尋平台合作的潛在發展方向。請問您能否具體告訴我們一些訊息，或告訴我們今年我們是否應該期待這方面會有任何實質的發展？如果你能分享一些訊息，那就太好了。謝謝。

Yeah, thanks, Lloyd.

是啊，謝謝你，勞埃德。

On the geo expansion, it's a combination of both, but of course you know we're already serving US and North American customers going to international destinations. We think we do that relatively well. Of course we can continue to improve as we think about specific supply in particular locations, but I think going after the geo expansion is very much about the supply that will appeal to international source markets that we haven't served in the past. We've done some in English language, but I would say we are under optimized as we think about that native traveler from international source markets.

關於地理擴張，這是兩者的結合，但當然您也知道，我們已經為前往國際目的地的美國和北美客戶提供服務。我們認為我們在這方面做得還不錯。當然，我們可以繼續改進，考慮特定地點的具體供應情況，但我認為，追求地理擴張的關鍵在於提供能夠吸引我們過去未曾服務過的國際貨源市場的供應。我們已經用英語做了一些工作，但我認為，考慮到來自國際客源市場的本土旅行者，我們的工作還不夠優化。

So think about a different kind of experience that they may want to have relative to an American, that is supply we will go out. We have the Tripadvisor, a brand which is highly trusted and huge awareness in Europe and Asia, and obviously we can leverage that. We can use those signals of intent to go target the right supply. We can use AI to localize through translation and do that relatively quickly. And then of course, we can leverage all of our data to go and target through our marketing channels in those geographic locations. So think local sourcing of new markets as a meaningful opportunity for us ahead, which we're just getting going on and we're excited about that with more to come.

所以想想他們可能想要體驗的與美國人不同的經歷，那就是我們將要提供的服務。我們擁有 TripAdvisor 這個品牌，它在歐洲和亞洲擁有極高的信譽度和知名度，顯然我們可以利用這一點。我們可以利用這些意圖訊號來鎖定合適的供應來源。我們可以利用人工智慧進行在地化翻譯，而且速度相對較快。當然，我們也可以利用所有數據，透過我們的行銷管道在這些地理位置進行精準行銷。因此，將本地採購新市場視為我們未來的重要機會，我們才剛開始，對此我們感到非常興奮，未來將有更多機會。

In the second question, about our partnership opportunities. We are very excited about what's ahead in our partnership opportunities. I would say that 2025 was very much about establishing a foundation. We wanted to learn from partners what worked, what didn't, what we had that was valuable, and really get a set of partners going. So you saw us working with OpenAI, with Tripadvisor and TheFork apps, and we just announced today that this week the Viator app is there. We're learning a lot through that integration about Agentic AI. We've got a licensing arrangement there. Companies like Amazon and Snap, we're exploring a multimodal AI. We've explored marketplace data with Microsoft, and we're playing with others around new AI form factors and devices like glasses where you'll hear more about that in the future.

第二個問題是關於我們的合作機會。我們對未來的合作機會感到非常興奮。我認為2025年對於奠定基礎而言至關重要。我們想從合作夥伴那裡了解哪些做法有效，哪些無效，我們擁有哪些有價值的東西，並真正讓一群合作夥伴開始行動。所以你們看到了我們與 OpenAI 合作開發 Tripadvisor 和 TheFork 應用，而我們今天剛剛宣布，Viator 應用程式也將在本週上線。透過這種整合，我們學到了很多關於智能體人工智慧的知識。我們與當地有許可協議。像亞馬遜和Snap這樣的公司，我們正在探索多模態人工智慧。我們已經與微軟一起探索了市場數據，並且正在與其他公司合作，探索新的 AI 外形和設備，例如眼鏡，未來你們會聽到更多相關資訊。

We generated meaningful revenue through these in a diverse way. I don't think we've broken that out publicly, but we expect it's been growing and we expect that to continue growing across licensing revenue, link back traffic, and integrating our products. We also learned a lot. I think what we learned is that our data is valuable, it's incremental, and it's structured and so it can really help address customer problems. We're just getting started there. We bring a deep knowledge of the category that I think is very helpful to these horizontal players because specialization and vertical focus is helpful.

我們透過這些途徑以多種方式創造了可觀的收入。我認為我們還沒有公開披露這方面的數據，但我們預計它一直在增長，並且我們預計它在授權收入、反向連結流量和產品整合方面將繼續增長。我們也學到了很多。我認為我們了解到，我們的數據很有價值，它是漸進式的，而且是結構化的，因此它真的可以幫助解決客戶問題。我們才剛起步。我們對該領域有著深入的了解，我認為這對這些橫向發展的企業非常有幫助，因為專業化和縱向專注是有益的。

And as we put our foundation together, we were limited in how we wanted our brand, our content and data to be used. We were more looking to understand the value ahead and so we are having meaningful conversations about doing something bigger that would be less constrained, and we think we have the assets to be a deeper partner with a select partner because what they need is a trust layer. They need cross-category content. They need the data, and of course leading supply in experiences is very helpful too.

在籌建公司的時候，我們對品牌、內容和數據的使用方式受到了限制。我們更希望了解未來的價值，因此我們正在就開展規模更大、限制更少的項目進行有意義的對話，我們認為我們有能力成為特定合作夥伴的更深入的合作夥伴，因為他們需要的是一個信任層。他們需要跨類別的內容。他們需要數據，當然，在體驗領域擁有領先的供應能力也很有幫助。

And so what we think we can do there is to really close what I call the confidence gap between planning and booking. And let me explain why that's such a big opportunity. Almost 50% of travelers use AI to plan trips, but less than 10% of them are actually booking with AI. And the gap represents a huge amount of unrealized value, and we think it exists because we need -- there needs to be an improvement in trust and there needs to be an execution capability in the current tools and so we think that nobody figured that out or cracked it yet and we think that we bring brand, content, data and scale to help make that happen. It's an execution challenge and that's where we think our role is really compelling because we bring trusted human judgment, scaled Experiences' supply and a transaction layer that you know with our 8 million-plus POIs and our and our sort of social proof through our UGC that may be missing and so we're going to go after it. We also think that trust and being neutral and being able to work with a broad player is an opportunity ahead.

因此，我們認為我們可以做的，是真正彌合我所說的計劃和預訂之間的信心差距。讓我來解釋為什麼這是一個如此大的機會。近 50% 的旅客使用人工智慧來規劃行程，但只有不到 10% 的人實際使用人工智慧進行預訂。這一差距代表著巨大的未實現價值，我們認為它的存在是因為我們需要——需要提高信任度，需要提升現有工具的執行能力，所以我們認為還沒有人弄清楚或解決這個問題，而我們認為我們能夠帶來品牌、內容、數據和規模來幫助實現這一目標。這是一個執行上的挑戰，而我們認為我們的作用正是在這裡顯得尤為重要，因為我們帶來了值得信賴的人類判斷、規模化的體驗供給以及交易層，我們擁有超過 800 萬個興趣點，並通過用戶生成內容 (UGC) 獲得了某種程度的社會證明，而這些可能是其他方面所缺乏的，所以我們將努力彌補這一不足。我們也認為，信任、保持中立以及能夠與廣泛的參與者合作，是未來的機會。

Jed Kelly, Oppenheimer & Company.

傑德凱利，奧本海默公司。

Just drilling down to Experiences, obviously the marketing was up quite a bit in fourth quarter. Can you just talk about the competitive intensity around that or is that more from you testing new channels? Now, the other thing with Experiences, have you looked into getting into more partnerships that could actually drive more repeat traffic such as like event ticketing?

深入分析體驗部分，很明顯，第四季的行銷投入大幅成長。能談談這方面的競爭激烈程度嗎？還是說這比較是您在測試新管道時遇到的問題？關於體驗方面，你們有沒有考慮過建立更多合作夥伴關係，例如活動門票，以真正帶來更多回頭客流量？

Thank you.

謝謝。

Yeah, I'll take the first one. Matt, take the second one.

好的，我要第一個。馬特，拿第二個。

Listen, I think, in terms of the marketing spend in Q4, one, no change in approach. As I was talking earlier with Naved, we are looking and driving a very disciplined set of ROIs and a marketing spend. And where we think we can drive growth we'll look to do so based on the same set of criteria.

我認為，就第四季的行銷支出而言，第一，方法沒有改變。正如我之前和納維德談過的那樣，我們正在尋求並推動一套非常嚴格的投資回報率和行銷支出方案。而對於我們認為能夠推動成長的領域，我們將根據同樣的標準來尋求成長。

I would say, when you're accelerating that deleverage as a percent of revenue is going to show through for sure. When you look at our marketing as a percent of GBV, it's pretty flat year over year. So, in our minds, the marketing spend was kind of in line to our historical discipline approach the way we approach it.

我認為，當你加速去槓桿化時，收入百分比肯定會有所反映。如果以 GBV 的百分比來衡量我們的行銷支出，會發現它與往年相比基本持平。所以，在我們看來，行銷支出與我們以往的嚴謹作風和我們對待行銷的態度是一致的。

And as I said earlier, we're going to be flexible and as we approach as we move through the year. We always are going to be seeking ways to grow, accelerate, take share, but we're going to do it in a way that's disciplined that ladders up to a long-term target market and again I think as we open up our geo expansion that opens up a different set of really exciting choices for us.

正如我之前所說，我們將保持靈活，並隨著今年的進展不斷調整。我們將始終尋求發展、加速和擴大市場份額的方法，但我們將以一種有紀律的方式進行，逐步實現長期目標市場。我認為，隨著我們拓展地域範圍，這將為我們帶來一系列令人興奮的選擇。

Yeah, and on your second question, Jed, around partnerships to drive repeat booking, absolutely, we are always talking with a variety of partners. We have a strong B2B team and a partnerships team. Live events, and ticketing as you just described is one area. Earlier, we were talking about local activities that we could go after, so it's a combination of partnerships and supply and absolutely that is something we're focused on. We think there's any number of additional opportunities to go after. I don't want to get ahead of ourselves and start talking about those now, but we talked about two of them, and I think you can expect to hear more from us on some of those opportunities ahead.

是的，關於你的第二個問題，Jed，關於透過合作關係來促進重複預訂，當然，我們一直在與各種合作夥伴進行洽談。我們擁有一支強大的B2B團隊和一支合作夥伴關係團隊。現場活動和票務，正如你剛才所描述的，就是其中一個面向。之前我們討論過可以開展的本地活動，所以這涉及到合作關係和供應，而這絕對是我們關注的重點。我們認為還有很多其他機會可以追求。我不想操之過急，現在就開始談論這些，但我們已經談到了其中兩個，我想你們以後會聽到更多關於這些機會的消息。

Tom White DA, Davidson & Company.

Tom White DA，Davidson & Company。

Hey, this is Wyatt on for Tom. Thanks for taking our question.

大家好，我是 Wyatt，替 Tom 報道。感謝您回答我們的問題。

Just given the heavy fragmentation in Experiences, is that technically better insulated from potential AI disintermediation, and I'd like to hear your thoughts on maybe how Experiences are maybe uniquely positioned in the travel space.

鑑於體驗領域高度分散，從技術上講，這是否能更好地抵禦潛在的人工智慧去中介化？我想聽聽您對體驗在旅遊領域獨特定位的看法。

Yeah, I think that Tom (sic - Wyatt), thanks for the question. I think your commentary about the long tail of fragmented supply with all of those hundreds of thousands of small businesses that are out there to go after and we feel really good about our penetration there. I think you're right. I think that does insulate AI disintermediation. There's a couple of other reasons why I think it's insulated and durable ahead.

是的，我想是湯姆（原文如此－懷亞特），謝謝你的提問。我認為你關於分散供應的長尾現象的評論很有道理，因為有成千上萬的小企業等待我們去爭取，我們對我們在該領域的滲透率感到非常滿意。我覺得你說得對。我認為這確實能防止人工智慧去中介化。我覺得它具有隔熱性和耐用性還有其他幾個原因。

First, as Mike was saying earlier, it's much less dependent on the structurally challenged SEO traffic.

首先，正如麥克之前所說，它對結構性SEO流量的依賴性要低得多。

Second, I think it's really hard to bring that structure to the supply base and connect them directly to consumers taking friction out of the journey, putting in place all of the infrastructure as a marketplace, applying customer service, dealing with the logistical challenges.

其次，我認為要將這種結構引入供應鏈並直接與消費者連接起來，消除購買過程中的摩擦，建立市場的所有基礎設施，提供客戶服務，應對物流挑戰，這真的很難。

And then I think, the way that we've been competing effectively in these high -- intent demand channels in getting these repeat economics going is also an installation there, so we think that positions us really well. And of course, we will continue to drive that flywheel and only strengthen the durability and potential to defend, so it's a good question and that's exactly how we're approaching it.

而且我認為，我們一直在這些高意向需求管道中有效地競爭，並推動重複消費，這也是一種優勢，所以我們認為這讓我們處於非常有利的地位。當然，我們會繼續推動這一進程，不斷增強球隊的耐久性和防守潛力，所以這是一個很好的問題，而這正是我們解決它的方式。

Ladies and gentlemen, due to the interest of time, I would now like to turn the call back over to Matt Goldberg for closing remarks.

女士們、先生們，由於時間有限，我現在想把電話轉回給馬特·戈德堡，請他做總結發言。

Yeah, thanks for that and thanks, everyone, for joining us today. We covered a lot on this morning's call.

是的，謝謝。也謝謝大家今天收看我們的節目。今天早上的電話會議我們討論了很多內容。

I think the most important thing is we are excited about 2026 and executing on our priorities. We think it will drive durable, sustained, long-term shareholder returns. I also just want to take a moment to thank all of our employees for their good work to deliver on our clear priorities ahead. We're looking forward to 2026 and updating you on our progress and plans on the next call.

我認為最重要的是，我們對 2026 年充滿期待，並正在積極推進我們的各項優先事項。我們認為這將為股東帶來持久、持續的長期回報。我還要藉此機會感謝所有員工為實現我們明確的未來優先事項所付出的辛勤努力。我們期待著2026年的到來，並將在下次電話會議上向您報告我們的進度和計劃。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。