TripAdvisor, Inc. (TRIP) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Tripadvisor's first quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Angela White, VP of IR. Please go ahead.

大家好，感謝您耐心等候。歡迎參加 Tripadvisor 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，投資人關係副總裁 Angela White。請開始。

Thank you, Fares. Good morning, everyone, and welcome to Tripadvisor's first quarter 2026 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 the non-GAAP financial measures to the most comparable GAAP financial measures discussed on this call.

謝謝你，Fares。各位早安，歡迎參加 Tripadvisor 2026 年第一季財務業績電話會議。今天與我一同出席的有總裁暨執行長 Matt Goldberg，以及財務長 Mike Noonan。今天稍早，我們已提交並公布了我們的財報新聞稿。在該新聞稿中，您將看到本次電話會議所討論之非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之調節表。

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, May 7, 2026. Tripadvisor disclaims any obligation to update these statements to reflect future events or circumstances.

在開始之前，我想提醒各位，本次電話會議可能包含估計及其他前瞻性陳述，代表管理層截至今日（2026 年 5 月 7 日）的觀點。Tripadvisor 不承擔更新這些陳述以反映未來事件或情況的任何義務。

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.

請參閱我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的文件，以了解可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

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

接下來，我把電話交給 Matt。

Thank you, Angela, and good morning, everyone. We're pleased with our Q1 performance, with group revenue in line with expectations and adjusted EBITDA ahead of expectations. We delivered this result despite the challenging macro backdrop that intensified late in the quarter, which Mike will take us through in detail shortly. As a reminder, last year, we made an important strategic shift.

謝謝你，Angela，各位早安。我們對第一季的表現感到滿意，集團營收符合預期，調整後 EBITDA 優於預期。儘管本季後段宏觀環境挑戰加劇，我們仍交出這樣的成果；稍後 Mike 會帶大家更詳細說明。提醒各位，去年我們做出了一項重要的策略轉向。

We reoriented Tripadvisor group around our objective to build the world's largest experiences marketplace. The experiences category represents the largest growth opportunity in travel. It's highly fragmented, still early to come online and supported by durable tailwinds for growth.

我們重新調整 Tripadvisor 集團，圍繞著打造全球最大體驗（experiences）市集的目標。體驗類別代表旅遊領域最大的成長機會。該市場高度分散，線上化仍處於早期階段，並受到具韌性的成長順風所支持。

It's a market where scale matters, and our scale advantage is reinforced by our high-intent travelers, trusted brands, industry-leading supply and long-established category authority. Along with our shift to experiences, we also set out to unlock the power of our data.

這是一個規模至關重要的市場，而我們的規模優勢又因高意圖旅客、值得信賴的品牌、業界領先的供給，以及長期建立的品類權威而更加鞏固。除了轉向體驗之外，我們也著手釋放數據的力量。

So Tripadvisor remains at the center of travel discovery, planning and booking as the journey evolves with AI and to simplify our portfolio of legacy offerings to optimize for profitability as we prioritize other growth opportunities.

因此，隨著 AI 推動旅遊探索、規劃與預訂旅程的演進，Tripadvisor 仍將處於旅遊發現的核心；同時我們也將簡化既有的傳統產品組合，以在優先投入其他成長機會的同時，最佳化獲利能力。

Today, I'll walk through the progress we're making across our strategy, beginning with experiences. Through the first two months of the quarter, our Experiences segment delivered particularly encouraging momentum with GBV growth accelerating from 16% in the prior quarter to 19% in January and February.

今天我將說明我們在各項策略上的進展，先從體驗業務開始。在本季前兩個月，我們的體驗事業部展現了特別令人鼓舞的動能，GBV 成長率由上一季的 16% 加速至 1 月與 2 月的 19%。

Viator, our largest point of sale was even stronger with bookings and GBV growing more than 20% in January and February. In late February, that momentum was interrupted by geopolitical events in the Middle East along with acute disruption in two key leisure markets, Mexico and Hawaii. Together, these factors drove a sharp decline in booking volumes and a spike in cancellations, which has since improved.

Viator 作為我們最大的銷售端表現更強，1 月與 2 月的預訂量與 GBV 成長皆超過 20%。2 月下旬，這股動能受到中東地緣政治事件影響，並伴隨兩個關鍵休閒市場（墨西哥與夏威夷）的急性干擾而中斷。這些因素共同導致預訂量大幅下滑與取消率飆升，而目前情況已有所改善。

Despite we saw experiences in January and February reflects both healthy underlying demand in the category as well as early evidence of the strategic changes we put in place last year. We're seeing that progress emerge across the full experiences marketplace, tighter coordination across demand, our storefront and supply is strengthening the flywheel and driving tangible results.

儘管如此，我們在 1 月與 2 月看到的體驗業務表現，反映出該品類健康的基本需求，也顯示出我們去年所推動策略調整的初步成效。我們看到這些進展在整個體驗市集中逐步顯現；需求端、我們的前台（storefront）與供給端之間更緊密的協同正在強化飛輪效應，並帶來具體成果。

On the demand side, we've unified the Viator and Tripadvisor marketing teams to drive alignment and long-term efficiencies across both headcount and partner spend. We're becoming more efficient and precise in how we allocate our marketing investment across channels.

在需求端，我們已整合 Viator 與 Tripadvisor 的行銷團隊，以推動一致性，並在員額與合作夥伴投放支出上實現長期效率。我們在跨渠道配置行銷投資方面，正變得更有效率且更精準。

We're operating our two brands together in our paid search portfolio and improving spend efficiency without compromising overall performance. We're also leveraging our intelligence across channels through improved testing and modeling giving us better visibility into where investment can work even harder across the broader marketing mix. This, in turn, helps us move more dollars into higher-return channels such as paid social and affiliates.

我們在付費搜尋投放組合中協同運作兩個品牌，在不犧牲整體表現的前提下提升投放效率。我們也透過更完善的測試與建模，運用跨渠道的洞察，讓我們更清楚看到在更廣泛的行銷組合中，投資可以在哪些地方發揮更大效益。這反過來幫助我們把更多預算轉向報酬率更高的渠道，例如付費社群與聯盟行銷（affiliates）。

And finally, we're driving incremental growth in direct and owned channels such as CRM and the app through product improvements, pricing capabilities and rewards. As traffic lands in our store fronts, our product work is simplifying the path to bookings, which drives incremental volume and compounding conversion gains. As an example, on the Tripadvisor point of sale, we've seen more than 20% growth in conversion over the last two quarters.

最後，我們也透過產品改進、定價能力與獎勵機制，推動 CRM 與 App 等直達與自有渠道的增量成長。當流量進入我們的前台時，我們的產品工作正在簡化預訂路徑，帶動增量交易量並形成疊加式的轉換率提升。例如，在 Tripadvisor 的銷售端，我們在過去兩個季度看到轉換率成長超過 20%。

Our velocity of experimentation is improving the overall product experience to help customers make more confident booking decisions. Through better review and product availability merchandising as well as an AI-enabled prebooking chat on the Viator app. And we're providing more flexible payment options to establish a stronger global payments foundation which we expect to drive further conversion gains as we lay the groundwork for international growth.

我們更快的實驗節奏正在改善整體產品體驗，協助客戶更有信心地做出預訂決策。這包括更好的評論與產品可用性呈現（merchandising），以及 Viator App 上由 AI 驅動的預訂前聊天功能。我們也提供更彈性的付款選項，以建立更強健的全球支付基礎；我們預期，隨著為國際成長奠定基礎，這將帶來進一步的轉換率提升。

Underpinning these efforts is our supply, a long-standing advantage that drives our conversion rates. We're focused on building the right inventory in the right places as quickly as possible by expanding into geographies and categories where we see unmet demand, and it's making an impact where we've added strategic supply over fast the bookings came from new customers, a strong leading indicator that is attracting incremental demand. We're also simplifying our onboarding process for these valuable new operators, leveraging AI-assisted sign-up to speed the process, which has more than doubled sign-up conversion.

支撐這些努力的是我們的供給端——這是我們長期以來的優勢，並推動我們的轉換率。我們專注於以最快速度在正確地點建立正確庫存，透過擴展至我們看到未被滿足需求的地理區域與品類；而這也正在產生影響——在我們新增策略性供給的地區，預訂中有很大一部分來自新客戶，這是一項強勁的領先指標，顯示我們正在吸引增量需求。我們也在簡化這些高價值新業者的上架流程，運用 AI 輔助註冊加速流程，使註冊轉換率提升至原來的兩倍以上。

Together, this work is creating a stronger and more coordinated experience flywheel. Our execution is delivering key metrics to improve our performance, better marketing efficiency, increasing experimentation velocity, higher conversion rates, stronger supply productivity and growing customer loyalty. All of these help improve our unit economics as evidenced by direct channel bookings growth in Q1 that was well above our segment average.

綜合而言，這些工作正在打造更強大且更協同的體驗飛輪。我們的執行正推動關鍵指標改善：更高的行銷效率、更快的實驗節奏、更高的轉換率、更強的供給生產力，以及更高的客戶忠誠度。這些都能改善我們的單位經濟效益；第一季直達渠道的預訂成長明顯高於事業部平均，即為明證。

Moving beyond experiences to our other marketplace, TheFork where the business outperformed against both top line growth and profitability. Revenue grew 23% or 11% in constant currency, with a healthy 8% EBITDA margin. We continue to diversify our revenue mix with B2B and partnerships revenue outpacing growth in the B2C marketplace.

從體驗業務延伸到我們的另一個市集 TheFork，其業務在營收成長與獲利能力兩方面皆優於預期。營收成長 23%，以固定匯率計為 11%，EBITDA 利潤率健康地達到 8%。我們持續多元化營收組合，其中 B2B 與合作夥伴營收的成長速度超過 B2C 市集。

Our restaurant base continues to skew premium as premium restaurant share grew approximately 500 basis points over last year, and nearly half of newly acquired restaurants are entering at premium tiers. We're continuing to drive an innovation agenda at TheFork that lays the foundation for the future.

我們的餐廳基礎持續偏向高端，因為高端餐廳占比相較去年約提升 500 個基點，且新取得的餐廳中近一半以高端等級加入。我們也持續推動 TheFork 的創新議程，為未來奠定基礎。

With 80% of diners now coming through the app, we continue to focus on improving the diner experience. Our AI assistant as the work is making restaurant discovery more intuitive through full content search across menus, photos and reviews. While still scaling, this feature is showing encouraging signals, improving recommendation relevance, engagement and conversion versus traditional search.

目前有 80% 的用餐者透過 App 進入，我們持續專注於提升用餐者體驗。我們的 AI 助理正在讓餐廳探索更直覺，能針對菜單、照片與評論進行全內容搜尋。雖然仍在擴展中，這項功能已展現令人鼓舞的訊號：相較傳統搜尋，可提升推薦相關性、互動度與轉換率。

And with TheFork Social, we're reshaping discovery from anonymous ratings to trusted community recommendations. This feature is already showing markedly higher conversion now accounting for roughly 10% of users and 15% of bookings.

此外，透過 TheFork Social，我們正將探索方式從匿名評分轉向可信賴的社群推薦。此功能已顯示出顯著更高的轉換率，目前約占 10% 的使用者與 15% 的預訂量。

We're also using AI to drive productivity across the business. with approximately 40% of B2C customer support queries now handled through AI. Together is execution points to a business that's well positioned for durable long-term growth and expanded profitability.

我們也運用 AI 來提升整體業務生產力，目前約有 40% 的 B2C 客服詢問已由 AI 處理。綜合而言，我們的執行顯示這是一項具備長期且可持續成長、並能擴大獲利能力的業務。

We're pleased with the performance we're seeing in our marketplace businesses, and we expect AI-driven productivity gains across our product and engineering organizations to further accelerate that progress. AI is now a critical part of our infrastructure, increasing the speed at which teams can build, test and deploy. As AI-enabled workflows become embedded across our R&D organization, we're seeing execution gains including a 5 times to 7 times increase in average engineering output in one of our recent AI-native pilots.

我們對旗下市場平台業務目前展現的表現感到滿意，並預期產品與工程組織在 AI 驅動的生產力提升將進一步加速這一進展。AI 現已成為我們基礎設施的關鍵組成部分，提升團隊建置、測試與部署的速度。隨著 AI 賦能的工作流程逐步嵌入我們的研發組織，我們看到執行效率提升，包括在近期一項 AI 原生試點中，平均工程產出提高了 5 倍至 7 倍。

And AI is increasingly embedded in our operational work, from improved booking experiences and simpler supply onboarding to increasing automation across customer support. Beyond productivity, we're also executing to ensure Tripadvisor remains central to travel as the consumer journey increasingly shift into AI-led discovery and planning.

同時，AI 也日益融入我們的營運工作，從改善預訂體驗、簡化供應端上架流程，到提升客服支援的自動化程度。除了生產力之外，我們也在推進相關工作，以確保隨著消費者旅程日益轉向由 AI 主導的探索與規劃，Tripadvisor 仍能維持在旅遊領域的核心地位。

This plays to one of Tripadvisor Group's greatest strength, our data with 1 billion reviews, photos, points of interest and diversified contributions across geographies and categories. It's not just that. It's also trusted, structured and constantly refreshed.

這呼應了 Tripadvisor Group 最大的優勢之一：我們的資料資產，包含 10 億則評論、照片、景點資訊，以及跨不同地理區域與類別的多元貢獻。不僅如此。這些資料同時具備可信度、結構化，且持續更新。

It reflects how travelers explore, compare and book across millions of businesses with much of that intelligence tied directly to experiences pricing and real-time availability. Our data assets enable us to work directly with the world's largest horizontal AI platforms. These partners include OpenAI, perplexity, Microsoft, Amazon and most recently, Anthropic, where we launched Tripadvisor and Viator apps within Quad.

這些資料反映旅客如何在數百萬家商戶之間探索、比較並完成預訂，其中大量洞察直接連結到體驗項目的定價與即時可用性。我們的資料資產使我們能與全球最大的通用型 AI 平台直接合作。這些合作夥伴包括 OpenAI、Perplexity、Microsoft、Amazon，以及最近的 Anthropic；我們已在其 Quad 內推出 Tripadvisor 與 Viator 應用程式。

Each of these partnerships gives us valuable early learnings about how these users engage and convert with an opportunity to scale the value of the relationship further. What we're seeing so far is encouraging. While the total volume from AI sources is still small, the conversion is already among the highest of any channel in our portfolio.

每一項合作都讓我們能及早獲得寶貴的學習，了解這些使用者如何互動並轉換，同時也有機會進一步擴大合作關係的價值。目前我們看到的結果令人鼓舞。雖然來自 AI 來源的總量仍然不大，但其轉換率已是我們渠道組合中最高的之一。

Beyond partnerships, we're using our data advantage to rapidly iterate on our own AI native experience. With the high volume of visitors who seek us for trusted advice, we have a scaled test bed that allows us to learn for multiple entry points across diverse use cases. We're testing, learning and expanding in a considered manner, serving half of our web traffic in English-speaking markets.

除了合作夥伴關係之外，我們也運用資料優勢，快速迭代自有的 AI 原生體驗。憑藉大量尋求可信建議的訪客，我們擁有可規模化的測試平台，能針對多個入口點與多元使用情境進行學習。我們以審慎的方式測試、學習並擴展，目前在英語系市場已服務我們一半的網頁流量。

As we innovate with AI to help travelers solve problems in real time by comparing options, validating preferences and making better booking decisions, we're putting the judgment of real travelers front and center. Wherever AI-led travel discovery ultimately lands. We believe the data layer that provides trust, relevance and confidence to transact will define the winners and we expect to be firmly among.

當我們以 AI 創新協助旅客即時解決問題——比較選項、驗證偏好並做出更好的預訂決策——我們將真實旅客的判斷置於核心。無論 AI 主導的旅遊探索最終落點為何。我們相信，能提供信任、相關性與交易信心的資料層將決定勝出者，而我們預期將穩居其中。

The final component of our strategic shift is to simplify our hotels and others business as we focus on growth opportunities elsewhere. This remains a profitable part of the portfolio, but one we recognize is structurally challenging. As we continue our transition from a subscale metasearch player to the leading experiences marketplace, we're managing this business, accordingly, reducing fixed costs, prioritizing areas where we can drive attractive returns and pursuing partnerships in categories where we aren't positioned to be the global leader.

我們策略轉型的最後一個組成部分，是在將重心放在其他成長機會的同時，簡化我們的飯店及其他業務。這仍是投資組合中具獲利性的部分，但我們也認知其在結構上具有挑戰。隨著我們持續從規模不足的比價搜尋（metasearch）業者轉型為領先的體驗市場平台，我們也相應地管理該業務：降低固定成本、優先投入能帶來具吸引力回報的領域，並在我們不具備成為全球領導者定位的類別中尋求合作夥伴關係。

We began to see the initial financial benefit of that approach in Q1, with total fixed costs down approximately 14% and personnel costs down 18% year-over-year. We expect that run rate benefit to continue as we move through 2026. The focus is straightforward, align our cost base with our revenue profile and optimize hotels and other for contribution profit while leveraging our trusted brand, reach and data for experiences and AI.

我們在第一季已開始看到該做法帶來的初步財務效益：總固定成本年減約 14%，人事成本年減 18%。我們預期這項以執行率（run rate）計的效益將在邁入 2026 年的過程中持續。重點很明確：讓成本基礎與營收結構相匹配，並在善用我們可信的品牌、觸及規模與資料以支持體驗與 AI 的同時，將飯店及其他業務最佳化以提升貢獻利潤。

Before I pass to Mike, I want to step back and reconnect our strategy to what you're now beginning to see in our results. We've made three deliberate choices. First, to put experiences at the center of the company. Second, to position Tripadvisor Group for an AI-driven shift in travel. And third, to simplify the legacy business and manage it for profitability. As we've started to execute on this path, we're making visible progress in each of these areas.

在交棒給 Mike 之前，我想先退一步，將我們的策略與你們現在開始在成果中看到的表現重新連結起來。我們做出了三項有意識的選擇。第一，把體驗置於公司的核心。第二，讓 Tripadvisor Group 為旅遊業的 AI 驅動轉變做好定位。第三，簡化既有業務並以獲利為導向進行管理。隨著我們開始沿著這條路徑執行，我們在上述各領域都取得了可見的進展。

We accelerated our experiences growth ahead of the market disruption. We're leveraging AI to speed our execution, improve our products and add partnerships with every major platform LLM platform. And we've made progress simplifying our legacy business to create the focus, capacity and room to invest in our experiences future.

我們在市場擾動發生之前就加速了體驗業務的成長。我們運用 AI 加快執行、改善產品，並與每一家主要平台的 LLM 平台新增合作夥伴關係。同時，我們也在簡化既有業務方面取得進展，以創造聚焦、能力與投資空間，投入我們的體驗未來。

In short, we're becoming an experience first company built for sustainable growth and profitability. Last quarter, we noted that we were formally exploring alternatives for TheFork, and we continue to make good progress.

簡而言之，我們正成為一家以體驗為先、為永續成長與獲利而打造的公司。上季我們提到，已正式探索 TheFork 的替代方案，而我們持續取得良好進展。

While we have no definitive announcement at this time, the work has reinforced our view that this is a highly attractive asset whose value may not be fully reflected within the current portfolio, and we expect to provide an update in the near term. We continue to review our portfolio and explore all options to deliver the simplicity, focus and scale that we believe will catalyze meaningful shareholder value ahead.

雖然目前尚無明確公告，但相關工作強化了我們的看法：這是一項極具吸引力的資產，其價值在現有投資組合中可能尚未被充分反映；我們預期將在近期提供更新。我們持續檢視投資組合並探索所有選項，以實現我們相信能在未來催化顯著股東價值的簡化、聚焦與規模。

So we had a strong start to 2026. Despite the external disruptions, we remain confident in travel's resilience and the long-term growth profile of the areas we're prioritizing. With that, I'll turn it over to Mike.

因此，我們在 2026 年有一個強勁的開局。儘管外部擾動存在，我們仍對旅遊業的韌性以及我們優先領域的長期成長輪廓保持信心。接下來我把時間交給 Mike。

Thanks, Matt, and good morning. I'll start with a review of our financial performance and then provide more information than what we saw in April and our outlook for Q2 and the full year. As a reminder, all growth rates are relative to the comparable period in 2025 unless noted otherwise. Q1 consolidated revenue was $382 million, a decline of 4% and in line with expectations.

謝謝 Matt，大家早安。我將先回顧我們的財務表現，接著提供比我們在四月所見更多的資訊，以及對第二季與全年展望的說明。提醒一下，除非另有說明，所有成長率皆相對於 2025 年的可比期間。第一季合併營收為 3.82 億美元，年減 4%，符合預期。

Consolidated adjusted EBITDA was $22 million or 6% of revenue, slightly above our expectations. We're pleased with this performance considering the macro volatility that started in late February. Experiences began the first quarter with strong momentum, progressing through late February when growth slowed significantly in cancellation rates spiked with the onset of several macroeconomic events.

合併調整後 EBITDA 為 2,200 萬美元，約占營收 6%，略高於我們的預期。考量二月下旬開始的總體環境波動，我們對此表現感到滿意。體驗業務在第一季初展現強勁動能，並延續至二月下旬；隨後在多項總體經濟事件發生之際，取消率飆升、成長顯著放緩。

In Mexico and Hawaii, two of our larger destination markets, civil unrest and severe flooding caused a surge in booking cancellations and a deceleration in forward bookings growth for those destinations. In March, we also saw the conflict in the Middle East begin to weigh on performance. While a direct exposure to the region is limited, the complex influence other key travel corridors, such as European International and US Europe routes, leading to heightened cancellations and tepid demand.

在墨西哥與夏威夷這兩個較大的目的地市場，社會動盪與嚴重洪災導致預訂取消激增，並使這些目的地的未來預訂成長放緩。三月我們也看到中東衝突開始對表現造成壓力。雖然我們對該地區的直接曝險有限，但其複雜影響波及其他關鍵旅遊走廊，例如歐洲國際航線以及美國—歐洲航線，導致取消增加且需求疲弱。

Taken together, these events most acutely impacted revenue growth in March given revenue is impacted by both cancellations and demand softness, whereas GBV and bookings volume are gross of cancellations that are impacted by demand.

綜合而言，這些事件在三月對營收成長的影響最為明顯，因為營收同時受到取消與需求走弱影響；相較之下，GBV 與預訂量是以取消前（gross of cancellations）計算，主要受需求影響。

For the quarter, the number of experienced book grew 11%, finishing just shy of our low teens expectation. We estimate approximately 3 points of growth headwinds to these macro events. Before the disruptions, January and February showed strong momentum with the segment growing bookings 15% and Viator our largest point of sale accelerated to approximately 20% growth during that same period. However, following the onset of these macro events, demand softened leading to total segment bookings growth of mid-single digits in March.

本季體驗預訂量成長 11%，略低於我們原先預期的低十位數成長。我們估計這些總體事件帶來約 3 個百分點的成長逆風。在擾動發生前，一月與二月動能強勁，該分部預訂成長 15%，而作為我們最大銷售點的 Viator 在同期間加速至約 20% 成長。然而，在這些總體事件發生後，需求轉弱，導致三月整體分部預訂成長降至中個位數。

In key destinations like Hawaii in Mexico, growth in experiences book shift from well over 20% in January and February to a double-digit growth deceleration in March. Other regions, including the US also experienced a step down, particularly among international travelers. While US domestic and US to Caribbean routes also slowed from January and February, they still achieved healthy mid-teens growth in March.

在夏威夷與墨西哥等關鍵目的地，體驗預訂成長從一月與二月遠高於 20%，轉為三月出現雙位數的成長降速。其他地區（包括美國）也出現下滑，尤其是在國際旅客方面。雖然美國國內以及美國至加勒比海航線相較一月與二月也有所放緩，但三月仍達成健康的中十位數成長。

Gross booking value or GBV grew 13% and to approximately $1.2 billion. We estimate changes in currency were a tailwind to growth of approximately 5%. GBV growth was in line with our bookings volume pattern, which was impacted by decelerating demand. GBV growth was strong in January and February at 19% and an acceleration from 16% growth in Q4.

總預訂價值（Gross Booking Value，GBV）成長 13%，達到約 12 億美元。我們估計匯率變動為成長帶來約 5% 的順風。GBV 成長與我們的預訂量走勢一致，而該走勢受到需求放緩的影響。1 月與 2 月的 GBV 成長強勁，分別為 19%，且較第四季 16% 的成長有所加速。

On the Viator point of sale, which accounts for the majority of the segment's total GBV a growth was even faster, exceeding 20% in the first two months of the quarter. However, segment GBV growth also slowed to mid-single digits in March as a result of the softer demand environment. Experiences revenue grew 8% and 4% in constant currency, slightly below our expectations due to an estimated four-point growth headwind from heightened cancellations and softer demand.

在 Viator 的銷售端（point of sale）上（其占該分部總 GBV 的大多數），成長更快，在本季前兩個月超過 20%。然而，由於需求環境轉弱，該分部的 GBV 成長在 3 月也放緩至中個位數。體驗（Experiences）營收成長 8%，以固定匯率計成長 4%，因取消率上升與需求轉弱帶來估計 4 個百分點的成長逆風，略低於我們的預期。

Revenue growth in January and February was strong at approximately 15% before moderating to approximately flat in March. EBITDA for the Experience segment was a loss of $19 million or negative 11% of revenue which was in line with our expectations and reflects typical seasonality. Deleverage was driven by increased investment in marketing, which offset lower personnel costs. Importantly, marketing cost as a percent of GBV were flat year-over-year.

1 月與 2 月的營收成長強勁，約為 15%，之後在 3 月放緩至約持平。體驗分部的 EBITDA 為虧損 1,900 萬美元，約占營收的負 11%，符合我們的預期，並反映典型的季節性。槓桿惡化主要由行銷投資增加所致，抵銷了人事成本下降的效益。重要的是，行銷成本占 GBV 的比例與去年同期持平。

Our coordinated marketing strategy across Viator Tripadvisor is yielding strong results, particularly in high intent paid channels. GBV growth in the paid channels for the combined points of sale peaked at 24% in January and February before the onset of these macro events.

我們在 Viator 與 Tripadvisor 的協同行銷策略正帶來強勁成果，尤其是在高意圖的付費渠道。在這些宏觀事件發生之前，合併銷售端的付費渠道 GBV 成長於 1 月與 2 月達到 24% 的高峰。

Over the long term, we expect to realize marketing leverage through improved ROIs in paid channels as well as through loyalty programs, product enhancements and a greater volume of direct bookings as repeat cohorts continue to scale.

長期而言，我們預期可透過付費渠道 ROI 的改善，以及忠誠度計畫、產品強化與更多直接預訂量來實現行銷槓桿；隨著回訪客群持續擴大，這些效益將逐步顯現。

Repeat customer growth remains healthy, and we continue to observe lower acquisition costs for traveler cohorts beyond their first booking. Additionally, we are steadily increasing the share of bookings from direct channels, such as our app which demonstrated significantly higher growth compared to other channels.

回購客戶的成長仍然健康，我們也持續觀察到旅客客群在首次預訂之後的獲客成本較低。此外，我們正穩步提高來自直接渠道的預訂占比，例如我們的 App，其成長顯著高於其他渠道。

Turning to TheFork. Q1 revenue was $57 million, representing 23% growth or 11% in constant currency. Total B2C channel bookings grew 6%. While revenue mix continues to be weighted towards B2C monetization, we are encouraged by the ongoing progress of our B2B strategy and the value restaurants find in our premium software, where B2B revenue grew over 50%, which includes currency tailwinds of approximately 12 points.

接著談 TheFork。第一季營收為 5,700 萬美元，成長 23%，以固定匯率計成長 11%。B2C 渠道總預訂量成長 6%。雖然營收組合仍偏向 B2C 變現，但我們對 B2B 策略的持續進展感到鼓舞；餐廳在我們的高階軟體中看到價值，B2B 營收成長超過 50%，其中包含約 12 個百分點的匯率順風。

Adjusted EBITDA for TheFork in Q1 was $5 million or approximately 8% of revenue, reflecting margin expansion of over 15-percentage-points. The leverage was driven by lower marketing and fixed costs as well as the phasing of certain other marketing costs from Q1 into Q2.

TheFork 第一季調整後 EBITDA 為 500 萬美元，約占營收的 8%，反映利潤率擴張超過 15 個百分點。槓桿改善主要來自較低的行銷與固定成本，以及部分其他行銷成本由第一季遞延至第二季的時點安排。

Turning now to our Hotels & Other segment. Q1 revenue was $158 million, a 20% decline. Better-than-expected performance was driven by strong pricing in paid channels with our -- within our hotel meta offering. While pricing growth was strong, it was offset by sustained volume headwinds. Media and Advertising revenue reached $28 million, a 9% decline represents a sequential improvement due to growth in off-platform revenue.

現在轉到我們的「飯店與其他」（Hotels & Other）分部。第一季營收為 1.58 億美元，下降 20%。優於預期的表現主要由付費渠道在我們的飯店比價（hotel meta）產品中的強勁定價所帶動。儘管定價成長強勁，但仍被持續的量能逆風所抵銷。媒體與廣告營收達 2,800 萬美元，下降 9%；由於站外（off-platform）營收成長，較前一季有所改善。

Adjusted EBITDA in Hotels and Others was $37 million or 23% of revenue. Margin compression was primarily driven by lower revenue and the ongoing shift in prepaid channel mix. Fixed costs declined by approximately 14% but increased as a percentage of the revenue. We expect the cost reductions announced in Q4 2025 to more fully benefit personnel expenses in the second half of '26.

「飯店與其他」分部的調整後 EBITDA 為 3,700 萬美元，約占營收的 23%。利潤率下滑主要由營收下降以及預付（prepaid）渠道組合持續轉移所致。固定成本約下降 14%，但占營收的比例上升。我們預期於 2025 年第四季宣布的成本削減，將在 2026 年下半年更充分地反映在人事費用上。

Turning to consolidated expenses. Cost of revenue in Q1 was 9% of revenue, an increase of approximately 190 basis points. This was primarily driven by the growing mix of Expenses related transaction costs within consolidated revenue, along with a higher mix of off-platform media advertising costs in hotels and others. Marketing costs were 46% of revenue, an increase of approximately 330 basis points.

接著看合併費用。第一季營收成本占營收 9%，增加約 190 個基點。這主要是由於合併營收中「體驗」相關交易成本的占比提高，以及「飯店與其他」中站外媒體廣告成本占比提高所致。行銷成本占營收 46%，增加約 330 個基點。

This was driven by growth in experience in marketing spend, which more than offset declines in both TheFork and Hotels and Others. Personnel costs were 34% of revenue, lower by approximately 220 basis points. Lower personnel costs in H&O more than offset growth in personnel costs in experiences and the work. Absent share-based compensation, Personnel costs were approximately 28% of revenue, lower by approximately 60 basis points. Lower year share-based compensation expense was primarily due to the forfeitures related to our cost savings program announced in Q4 2025.

這主要由體驗業務行銷支出成長所帶動，且其增幅超過 TheFork 與「飯店與其他」的下降幅度。人事成本占營收 34%，下降約 220 個基點。「飯店與其他」較低的人事成本，超過了體驗與 TheFork 人事成本的成長。若不含股份基礎給付（share-based compensation），人事成本約占營收 28%，下降約 60 個基點。股份基礎給付費用較去年降低，主要是因 2025 年第四季宣布的成本節省計畫所導致的沒收（forfeitures）。

Technology costs in Q1 were 7% of revenue, an increase of approximately 80 basis points, primarily driven by higher licensing fees and data center costs. G&A costs of approximately 4% of revenue, lower by 60 basis points. This figure includes the recovery of costs associated with an external fraud incident from late 2022. And and expenses related to shareholder activism, both of which were excluded from our adjusted EBITDA results.

第一季技術成本占營收 7%，增加約 80 個基點，主要由較高的授權費與資料中心成本所致。一般與行政（G&A）成本約占營收 4%，下降 60 個基點。此數字包含與 2022 年底外部詐欺事件相關成本的回收。以及與股東行動主義（shareholder activism）相關的費用，兩者皆已自我們的調整後 EBITDA 結果中排除。

Now turning to cash and liquidity. In Q1, operating cash flow was $118 million and free cash flow was $101 million. The increase in operating cash flow and free cash flow was due to changes in working capital related to the timing of receivable and vendor payments. which more than offset lower net income.

接著談現金與流動性。第一季營運現金流為 1.18 億美元，自由現金流為 1.01 億美元。營運現金流與自由現金流的增加，來自與應收款及供應商付款時點相關的營運資金變動，且其影響超過淨利下降的影響。

Total cash and equivalents at March 31, were approximately $1.1 billion. Subsequent to quarter end, on April 1, we repaid our convertible notes, which reduced both cash and short-term debt by approximately $345 million. Excluding our deferred merchant payables of approximately $406 million, our excess cash balance after repayment of the notes was approximately $369 million and our total debt was approximately $838 million.

截至 3 月 31 日，現金及約當現金總額約為 11 億美元。在季末之後的 4 月 1 日，我們償還了可轉換公司債，使現金與短期負債各減少約 3.45 億美元。若排除約 4.06 億美元的遞延商戶應付款（deferred merchant payables），在償還票據後，我們的超額現金餘額約為 3.69 億美元，總負債約為 8.38 億美元。

During the quarter, we had no share purchase activity. While the program remains active, we were unable to purchase shares in the public market due to our ongoing portfolio review. We will continue to evaluate opportunities for share repurchases, balancing our capital requirements, market conditions and other relevant factors.

本季我們沒有進行任何股票回購。雖然該計畫仍然有效，但由於我們正在進行投資組合檢視（portfolio review），因此無法在公開市場買回股票。我們將持續評估股票回購機會，並在資本需求、市場狀況及其他相關因素之間取得平衡。

Turning now to our outlook for 2026 in Q2. In the month of April, cancellation rates improved after spiking in March, while booking demand began to recover as we exited the month. We expect bookings and GBV to continue to recover throughout the quarter, reaching normalized levels as we exit Q2. Due to book travel timing in Q2, we expect revenue growth to lag bookings and GBV growth.

現在談我們對 2026 年第二季的展望。4 月取消率在 3 月飆升後有所改善，而預訂需求在月底時開始回升。我們預期預訂量與 GBV 將在本季持續復甦，並在第二季結束時回到常態化水準。由於第二季的「預訂到出行」（book-to-travel）時點因素，我們預期營收成長將落後於預訂量與 GBV 的成長。

While we are encouraged by the early signs of recovery in April, macro uncertainty remains a key consideration for the rest of the year. Our current outlook assumes that the leisure travel environment continues to normalize through the peak summer season, however, our outlook does not incorporate any further deteriorating of macroeconomic conditions or full disruptions.

雖然我們對 4 月初步復甦跡象感到鼓舞，但宏觀不確定性仍是今年剩餘期間的重要考量。我們目前的展望假設休閒旅遊環境將在夏季旺季期間持續常態化；然而，我們的展望未納入宏觀經濟情勢進一步惡化或全面性中斷的情境。

Given the discretionary nature of travel, we will continue to monitor the macro environment as we manage the business moving forward. As a result, -- our Q2 outlook anticipates consolidated revenue down by mid-single digits. On a segment basis, we expect Experience bookings growth of approximately 5% to 8% and revenue growth of approximately 2% to 5%.

鑑於旅遊屬於可自由支配的消費，我們將在後續經營管理中持續監測宏觀環境。因此，-- 我們對第二季的展望預期合併營收將下降中個位數百分比。以分部來看，我們預期體驗業務預訂量成長約 5% 至 8%，營收成長約 2% 至 5%。

Macro headwinds and resulting impact of cancellations will most meaningfully impact Q2 revenue growth given the compounding effect of higher cancellations and lower demand. We expect growth to reaccelerate in the second half of the year. We expect revenue growth at TheFork of approximately 10% to 13%, which includes approximately 400 basis points of currency benefit based on recent exchange rates.

宏觀逆風及其導致的取消影響，將因取消增加與需求走弱的疊加效應，對第二季營收成長造成最顯著的衝擊。我們預期下半年成長將再度加速。我們預期 TheFork 的營收成長約為 10% 至 13%，其中包含依近期匯率估算約 400 個基點的匯兌利多。

In Hotels and other, we expect declines of approximately 21% to 24%, after which we expect to lap easier comparisons in the second half of the year. We expect Q2 consolidated adjusted EBITDA margin of approximately 15% to 17%. In experiences, we expect margins of approximately 12% to 14%, approximately flat with last year.

在飯店及其他業務方面，我們預期將下滑約 21% 至 24%，之後在下半年我們預期將面臨較容易的比較基期。我們預期第二季合併調整後 EBITDA 利潤率約為 15% 至 17%。在體驗業務方面，我們預期利潤率約為 12% 至 14%，與去年大致持平。

At TheFork we expect margins of approximately 11% to 13% lower versus last year due to the aforementioned timing shift of marketing spend from Q1 to Q2. First half adjusted EBITDA margin is expected to be higher than last year by approximately 500 basis points.

在 TheFork，我們預期利潤率約為 11% 至 13%，較去年下降，原因是前述行銷支出由第一季移轉至第二季的時點變動。上半年調整後 EBITDA 利潤率預期將較去年提高約 500 個基點。

In Hotels and Others, we expect margins of approximately 22% to 24%, lower versus last year. Lower fixed costs more than offset by hotels prepaid channel mix skewing more towards paid channels and increased media costs due to higher mix of off-platform revenue.

在飯店及其他業務方面，我們預期利潤率約為 22% 至 24%，較去年下降。固定成本降低的效益，將被飯店預付通路組合更偏向付費通路，以及因站外營收占比提高而增加的媒體成本所抵銷。

For the full year, we've adjusted our outlook based on the impact of these macro events are expected to have on the first half of the year but have left the second half of the year unchanged given the level of uncertainty that still exists today.

就全年而言，我們已根據這些宏觀事件預期對上半年造成的影響調整展望，但鑑於目前仍存在的不確定性程度，我們維持下半年展望不變。

However, updating for the impact of these macro events have on the first half alone would result in approximately flat consolidated revenue growth and approximately flat adjusted EBITDA margin for the full year. It's still early in the quarter and the macro environment remains dynamic, but we continue to see strong traction in our Experiences business and our belief in the size of this opportunity remains unchanged.

然而，若僅就這些宏觀事件對上半年的影響進行更新，則全年合併營收成長將約為持平，全年調整後 EBITDA 利潤率也將約為持平。目前仍在本季初期且宏觀環境持續變動，但我們在體驗業務仍持續看到強勁動能，且我們對此機會規模的信念不變。

We remain focused on extending our category leadership and accelerating revenue growth while expanding profitability. We will monitor developing trends and provide an update on our next call. With that, I'd like to turn the call back to the operator for the Q&A.

我們仍專注於延伸我們的類別領導地位並加速營收成長，同時擴大利潤能力。我們將監測發展中的趨勢，並在下一次電話會議提供更新。接下來，我想把電話交回接線員進行問答。

(Operator instructions)

(接線員指示)

Richard Clarke, Bernstein.

Richard Clarke，Bernstein。

Hi, good morning. Thanks for taking my question. Just you mentioned you're sort of tracking geopolitical risks through the back end of the year. Should we take that to mean the Middle East continued weak demand in Mexico? Or are you also sort of beginning to see some signs of that geopolitical sort of macro risk coming into the US as well? I know you mentioned domestic bookings of Viator were also down in March. So are you seeing some sort of macro weakness maybe beyond the sort of geopolitical evidence you're also seeing.

嗨，早安。謝謝讓我提問。你剛提到你們某種程度上在追蹤今年下半年一路延伸的地緣政治風險。我們是否可以理解為：中東情勢，以及墨西哥需求持續疲弱？或者你們也開始看到這類地緣政治的宏觀風險也影響到美國？我知道你提到 Viator 的國內訂單在三月也下滑。所以你們是否看到某種宏觀疲弱，可能不僅僅是你們所看到的地緣政治證據所致？

Thanks, Richard. I'll take it off, and if Mike wants to add anything. We were referencing tracking the broad macro, which includes both how the consumer behaves as well as geopolitical, and of course, we've all seen varying levels of disruption over the years and every situation is different. The one thing we know is that the travel consumer has always been resilient in the face of external disruptions.

謝謝你，Richard。我先回答，如果 Mike 想補充也可以。我們提到的是追蹤廣泛的宏觀環境，其中包含消費者行為以及地緣政治；當然，這些年來我們都看過不同程度的干擾，而且每種情況都不一樣。我們知道的一件事是：面對外部干擾，旅遊消費者一向具有韌性。

And travel always bounces back. We're confident of that. The question is when and how. And so what we want to do is to focus on the things that we can control to enable travelers as they're looking to discover plan and book, and we think we're well positioned to continue to serve them.

而旅遊總是會反彈。我們對此有信心。問題在於何時以及如何反彈。因此我們想做的是專注在我們可控的事情上，讓旅客在探索、規劃與預訂時更順利，而我們認為自己具備良好條件持續服務他們。

We don't see why resilience won't be part of the equation. Now there's uncertainty in the macro. And that's why we say we're going to track it. And we're monitoring this, right? It's not just the Middle East conflict, it's its impact on energy prices, potential fuel shortages, capacity and how that all plays out.

我們不認為韌性不會成為方程式的一部分。現在宏觀環境存在不確定性。這也是我們說會持續追蹤的原因。我們正在監測這些情況，對吧？不只是中東衝突，還包括其對能源價格、潛在燃料短缺、運能，以及這一切如何演變的影響。

And consumer confidence, we know has been at a lower point and it got worse in March when the conflict started. And we combine that with other factors like inflation and unemployment. But what we know is that travelers are going to go out and find a way to travel. Even if they adjust to being closer to home and shorter stays.

而消費者信心我們知道一直處於較低水準，且在衝突於三月爆發時進一步惡化。我們也把通膨與失業等其他因素一併納入考量。但我們知道旅客仍會出門並找到旅行的方法。即使他們調整為更靠近住家、停留時間更短。

And that's, in fact, what we actually saw even in March and into April as demand shifted up from maybe long-haul across regional corridors into domestic and intra-regional corridors, which was more resilient, we saw booking windows contracting, length of stay dipping a bit, but the US traveler has been the most resilient on a relative basis, really across the Board. And so we're watching what happens with long-haul travel, how domestic share increases.

而這其實就是我們在三月乃至四月所看到的：需求從可能是跨區域走廊的長程旅行，轉向國內與區域內走廊；後者更具韌性。我們看到預訂提前期縮短、停留天數略有下降，但相對而言，美國旅客的韌性在各方面都是最強的。因此我們在觀察長程旅行會如何發展，以及國內占比如何提高。

And of course, we've got great supply as domestic is more of a priority. And we will watch that and adjust accordingly. But we feel that there will be build back through Q2. And again, it's hard to predict the back half of the year. But we are confident that in the medium to long term, travelers are going to bounce back.

當然，隨著國內成為更優先的選項，我們也有很好的供給。我們會持續觀察並相應調整。但我們認為第二季會逐步回升。同樣地，下半年很難預測。但我們有信心，中長期而言旅客會反彈。

Naved Khan, B. Riley Securities.

Naved Khan，B. Riley Securities。

Great. Thank you very much. Just a couple of questions from me. One, on the -- I think in your prepared commentary, you said that more than half the bookings are from new bookers. So when do we -- when should we start to see sort of the older cohorts start to layer in and account for a bigger chunk of your bookings? And then maybe just on the cancellations and sort of you spoke about macro impact. Can you maybe -- it seems like there are a few things going on, right?

很好。非常感謝。我有幾個問題。第一個，關於——我想在你們事先準備的講稿中，你提到超過一半的預訂來自新預訂者。那我們何時——我們應該何時開始看到較早期的客群（cohorts）開始疊加進來，並在你們的預訂中占更大比重？另外關於取消以及你提到的宏觀影響，你能否——看起來有幾件事同時在發生，對吧？

So you mentioned Hawaii, you mentioned Mexico and obviously, there's a conflict in West Asia. Maybe can you just isolate for us the impact from West Asia and how big was that? -- versus the others. I think in total, I think, Mike, you said, 300 basis points of impact, but just kind of parse it out for us. Thank you.

你提到夏威夷、你提到墨西哥，當然還有西亞的衝突。你能否幫我們把西亞的影響單獨拆出來，規模有多大？——相較於其他因素。我想整體而言，我記得 Mike 你說影響是 300 個基點，但希望你能幫我們拆解一下。謝謝。

Yeah, I'll let me parse this a little bit, Naved. So I think the key point that we're saying around new bookers is important. I think Matt's commentary, that was really around the supply piece and really how we think about supply -- strategic supply and how we use that to attract new bookers. And that's kind of inherent in our formula how we acquire and these booker cohorts will grow over time. And this is the formula of how we think about new acquisition booking and a piece of that important aspect of new acquisition.

好的，Naved，我來稍微拆解一下。我認為我們強調新預訂者這點很重要。我想 Matt 的評論主要是圍繞供給面，以及我們如何看待供給——策略性供給，以及我們如何用它來吸引新預訂者。而這也內建在我們的模式中：我們如何獲取用戶，而這些預訂者客群會隨時間成長。這就是我們思考新增獲客預訂的方式，而其中一部分就是新增獲客的重要面向。

As it relates to your cancel rate question, I would say a couple of things. As you pointed out, the macro impact on bookings growth was about 3 points in Q1, 4 points on the revenue, bigger on revenue because of the cancel impact.

至於你問到的取消率，我會說幾點。如你所指出，第一季宏觀因素對預訂成長的影響約 3 個點，對營收的影響約 4 個點；營收端更大，因為有取消的影響。

And so the cancel impact in Q1 was probably a little bit greater because we saw a lot of those cancels in March. For us, we had two kind of -- as Matt said in the first question, two very distinct events. We had the Mid East event, but then also these unique events to us, which is really Mexico and Hawaii.

因此第一季取消的影響可能稍微更大一些，因為我們在三月看到很多取消。對我們而言，正如 Matt 在第一個問題中所說，有兩個非常不同的事件。我們有中東事件，但也有對我們而言較為特殊的事件，也就是墨西哥與夏威夷。

Mexico and Hawaii are meaningful destination geos for us, each in kind of the mid-single digits or greater. And so when we think about impacts that has a meaningful impact. I think they will normalize over time because these are more unique events in themselves. But again, they are important to us.

墨西哥與夏威夷對我們而言是具重要意義的目的地市場，各自大約落在中個位數百分比或更高。因此當我們思考其影響時，確實會帶來顯著影響。我認為隨著時間推移它們會趨於正常化，因為這些本身是較為特殊的事件。但再說一次，它們對我們很重要。

Got it. Thank you.

了解。謝謝。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

Great. This is Dae on for Doug. I have two. The first one on AI LLM traffic. I know you guys said you're still early and small, but you also noted higher conversion. So what do you believe is driving that uplift? And what other near-term behavioral differences are you seeing versus traditional channels?

很好。我是代替Doug提問的Dae。我有兩個問題。第一個關於AI LLM流量。我知道你們說目前仍在早期、規模也小，但你們也提到轉換率更高。那麼你們認為是什麼在推動這個提升？以及相較於傳統渠道，你們在短期內還觀察到哪些行為差異？

And then secondly, in the release, Mike, you talked about disciplined investments -- could you talk about like what that means for the Experiences segment? How are you prioritizing incremental dollars across marketing versus product versus data or AI in experiences? And what are the one or two internal milestones you'll be using to judge the success in 2026? Thank you.

第二個，在新聞稿中，Mike，你談到有紀律的投資——能否談談這對「體驗」業務部門意味著什麼？在體驗業務中，你們如何在行銷、產品、資料或AI之間分配新增投入的資金優先順序？以及你們將用哪一兩個內部里程碑來判斷2026年的成功？謝謝。

Thanks. I'll take the first, and Michael will take the second. On AI-first traffic, we are seeing that it is relatively small. It's a relatively small percent of the mix. It's growing quickly, and these are relatively high intent because of the way that conversational search works, right? You wind up getting answers to a variety of questions and then being potentially interested in what you've learned to go and book.

謝謝。第一個我來回答，第二個由Michael回答。關於AI優先（AI-first）流量，我們看到它相對較小。在整體組合中占比不高。它成長很快，而且由於對話式搜尋的運作方式，這類流量的意圖相對更高，對吧？你會先得到各種問題的答案，然後可能因為你所了解的內容而產生興趣，進而去預訂。

The challenge, of course, with these sources and our strategy has been to weave this AI product development through our own products and services to drive the flywheel and improve the metrics that I described in my opening remarks and also to begin to connect that intent with the ability to book. When you think about these sources coming in, that is the biggest gap is that intent and the work that's happening and people experimenting with a new way of discovering and planning to booking which is lagging.

當然，這些來源的挑戰，以及我們的策略，是要把這些AI產品開發編織進我們自己的產品與服務中，以推動飛輪效應，並改善我在開場談到的指標，同時也開始把這個意圖與可完成預訂的能力連結起來。當你想到這些來源帶來的流量時，最大的落差就在於：意圖已經存在，但從探索與規劃到完成預訂的這個新方式仍在發展中、進度相對落後，大家也還在嘗試。

And we think that to bridge that gap is really all about the data, the content, the trust and the inventory, which we feel really good about our position for experiences and beyond to provide that trust layer, that human judgment to bridge that gap.

我們認為要彌合這個落差，關鍵在於資料、內容、信任與庫存（供給）。我們對自己在體驗以及更廣泛領域的定位感到很有信心，能提供那層信任——以人的判斷來補上這個缺口。

And so we're -- we recognize it's early innings. We think it's exciting. We spend a lot of time thinking about GEO and how our teams can adjust all the work we've always done to drive this AI-first traffic, and that's going well, and we think we have a lot of capabilities there. But we -- it's small but high intent, and we see it as a meaningful opportunity ahead.

因此我們——我們知道現在還在早期階段。我們覺得這很令人興奮。我們花很多時間思考GEO，以及我們的團隊如何調整過去一直在做的所有工作，來推動這種AI優先流量；目前進展良好，我們也認為自己在這方面有很多能力。但它——規模雖小、意圖很高，我們把它視為未來一個重要的機會。

Yeah. And on the experience investment question, I would say when we look at investment experiences, we look at it across all phases of the flywheel, so to speak, product supply and demand. On the product side, as you can imagine, it's all things of how you drive conversion rates. So that's the key KPI that we use to manage and measure effectiveness of the investment there. How you drive -- and that's across all aspects of the storefront on all the surfaces.

是的。關於體驗投資的問題，我會說當我們看體驗方面的投資時，我們會從飛輪的各個階段來看，也就是產品、供給與需求。在產品端，如你所想，重點在於如何提升轉換率。因此這是我們用來管理並衡量投資成效的關鍵KPI。如何推動——而且這涵蓋所有介面上、所有觸點的店面呈現各個面向。

On the supply side, this is what Matt touched upon in his prepared remarks, it's not just adding the most supply or more supply, it's adding strategic supply in the key word strategic and that means, is it adding to the flywheel? Is it adding to conversion rate? Is it driving incremental bookings for us? And that's the key KPI that we're using to measure the incrementality of that supply driving incremental bookings.

在供給端，這也是Matt在事先準備的發言中提到的：不只是增加最多的供給或更多供給，而是要增加「策略性供給」，關鍵就在「策略性」這三個字——也就是它是否能推動飛輪？是否能提升轉換率？是否能為我們帶來增量預訂？而我們用來衡量這些供給是否帶來增量預訂的關鍵KPI，就是增量性（incrementality）。

And on the demand side, it's really around how we have organized ourselves starting last year of combining the teams, managing the 2 points of sale in a unified coordinated way, how are you using those investments in tooling, channel diversification to drive growth and ROI.

在需求端，重點在於我們自去年起如何重新組織：把團隊整合起來，以一致且協同的方式管理兩個銷售點；以及如何運用在工具、渠道多元化上的投資來推動成長與投資報酬率（ROI）。

And those changes -- there's trade-offs in that, obviously. We've given ourselves a position to make those trade-off choices on growth and profitability.

而這些改變——顯然也伴隨取捨。我們讓自己處在一個位置，能在成長與獲利之間做出這些取捨選擇。

Nafeesa Gupta, BofA Securities.

Nafeesa Gupta，美國銀行證券（BofA Securities）。

Hi, good morning. Thanks for taking my question. So on the Experiences outlook revenue growth of 2% to 5%, building in almost like a 5 point decel versus first quarter. Is that mostly on Middle East now? And are you -- is that 5 point totally Middle East versus 3 points of the first quarter headwind? And is there any impact of Mexico and Hawaii in that?

嗨，早安。謝謝讓我提問。關於體驗業務的展望，營收成長指引為2%到5%，相較第一季幾乎隱含約5個百分點的減速。這主要是因為中東的情況嗎？而且——這5個百分點是否完全來自中東，相較第一季3個百分點的逆風？另外，墨西哥與夏威夷對此是否也有影響？

And my second question, on the fourth, could you maybe tell us a little bit where the process stands today and whether a transaction is still an active priority? And in case that comes through, how would you prioritize the use of proceeds? Thank you.

第二個問題，關於第四項（TheFork），你們能否談談目前流程進展到哪裡，以及交易是否仍是積極的優先事項？如果交易成案，你們會如何優先運用所得款項？謝謝。

Great. I'll take the first question. Matt can take the second one. Yes. So on the experiences guide for Q2, revenue guide for Q2, the base assumption is that we build up through the quarter and then as we exit the quarter, we get back to a more normalized levels.

很好。第一個問題我來回答。第二個Matt可以回答。是的。關於第二季體驗業務的指引、第二季營收指引，我們的基本假設是：整個季度會逐步走高，而在季度末離開時，回到較為正常化的水準。

Implicit in that guide is the fact that we would continue to have impacting the business, Mexico, Hawaii and broader Middle East during that quarter. The broader Middle East conflict would probably be the larger of those three impacts.

該指引隱含的前提是：在該季度內，墨西哥、夏威夷以及更廣泛的中東地區仍會持續對業務造成影響。在這三項影響之中，更廣泛的中東衝突可能是影響最大的一項。

But yes, they would -- assumption would be we gradually have recovery as we move through the quarter. The impact, as we said, it's 4 points in Q1. You can't really size the impact in Q2. Obviously, if you look back to what our previous expectations would be, it would be much higher than 4 points impact in Q2 for sure.

但沒錯——我們的假設是，隨著季度推進會逐步復甦。如我們所說，第一季的影響是4個百分點。你無法真正量化第二季的影響。顯然，如果回頭看我們先前的預期，第二季的影響肯定會遠高於4個百分點。

Yeah, and on the second question related to TheFork, in our strategic pivot last year, we said we'd focus on experiences and simplify our portfolio. And of course, we also announced that we're conducting an ongoing portfolio review, and we've made good progress to date. And of course, TheFork is a great asset. It's performing well.

是的，至於第二個與TheFork相關的問題，在我們去年進行的策略轉向中，我們表示將聚焦體驗並簡化投資組合。當然，我們也宣布正在進行持續的投資組合檢視，目前已取得良好進展。而且TheFork是一項很棒的資產。它的表現很好。

It has a really bright future. We also recognize we don't have to own it to deliver on our strategy. We can have a commercial relationship and so we are making good progress. And of course, we'll provide an update if and when we have something definitive to announce.

它有非常光明的未來。我們也認知到，為了落實我們的策略，我們不一定必須擁有它。我們可以建立商業合作關係，因此我們正在取得良好進展。當然，若且當我們有明確可宣布的事項時，我們會提供更新。

As it relates to proceeds, if we were -- had additional cash as an outcome of that process, we would have flexibility and choices to make about expanding our capacity for capital return to shareholders, whether that be additional share repurchases or to pare back debt.

至於所得款項，如果我們——在該流程的結果下獲得額外現金，我們將有彈性與選擇，來擴大對股東的資本回饋能力，不論是進一步回購股票，或是償還部分債務。

And we'd also have an opportunity to invest further in our experiences strategy, and we could see both organic and inorganic opportunities there. And so given our free cash flow profile is healthy, it gives us the flexibility to focus on both.

我們也會有機會進一步投資於我們的體驗策略，並且在其中同時看到有機與無機的機會。因此，鑑於我們的自由現金流狀況健康，這讓我們能同時聚焦於兩者。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO Capital Markets。

Thanks for the questions. Maybe two quick ones. Maybe you could elaborate a little bit more on your strategy for monetizing your proprietary data, the over 1 billion reviews through collaborations with the major AI platforms. And then separately, maybe on Viator, what trends are you seeing in terms of repeat booking behavior and long-term customer retention on that asset? Thank you.

感謝提問。我這邊可能有兩個簡短的問題。也許您可以再多談一點，關於你們透過與主要 AI 平台合作，將你們的專有資料（超過 10 億則評論）變現的策略。另外，關於 Viator，就重複預訂行為與該資產的長期客戶留存而言，你們觀察到哪些趨勢？謝謝。

Thanks, Brian. I'll take the first and maybe Mike will break down the second. So we're excited about our partnership discussions with AI. And last year, we really established a very strong foundation to learn what partners wanted from us, and we did that across a set of partners to learn. And of course, there was value exchange there.

謝謝，Brian。第一題我來回答，第二題可能請 Mike 來拆解。我們對與 AI 的合作夥伴洽談感到很興奮。去年我們確實建立了非常扎實的基礎，去了解合作夥伴希望從我們這裡得到什麼；我們也在一組合作夥伴之間進行這件事以累積學習。當然，其中也有價值交換。

And I think I've said in the past that it was meaningful and growing and we signed deals with OpenAI, putting our all three of our brands, Viator Tripadvisor and TheFork apps and ChatGPT through product integration there. We experimented around Agentic. We've got a licensing deal. We did an early deal with Proplexity around AI-first search to learn there. And of course, Amazon and Microsoft and others are now phanthropic, which we are excited to get working with.

我想我過去也提過，這是有意義且在成長的；我們與 OpenAI 簽了協議，透過產品整合把我們三個品牌的 Viator、Tripadvisor 與 TheFork App 帶進 ChatGPT。我們也在 Agentic 方面做了實驗。我們有一項授權協議。我們也與 Perplexity 就 AI 優先搜尋做了早期合作，以便從中學習。當然，Amazon、Microsoft 等其他夥伴現在也在接洽中，我們很期待能開始合作。

Each one of these relationships comes with value, and it also comes with a learning agenda, and we are in conversations about how we can deepen and scale because we believe we have many of the things that they are looking for. Here's what we've learned. Our data is valuable and it's incremental.

這些關係每一個都帶來價值，也都帶來一個學習議程；我們正在討論如何加深並擴大合作，因為我們相信我們擁有他們正在尋找的許多要素。以下是我們學到的。我們的資料很有價值，而且是增量性的。

We haven't -- we block if we don't have a relationship. And as we continue to add, the freshest material has to come through one of these transactions. The data is structured, and it helps address customer problems through judgment and real traveler insight.

我們沒有——如果沒有合作關係，我們會封鎖。而隨著我們持續新增，最新鮮的內容必須透過其中一筆交易取得。資料是結構化的，並且能透過判斷與真實旅客洞察來協助解決客戶問題。

And so we bring all of that along with our knowledge of the category. And there's a real opportunity to go further and think about would we be willing to allow some of these partners to train with our data because that hasn't been a part of our relationship in the past.

因此，我們把這一切再加上我們對該品類的理解一併帶入。而且確實有機會更進一步，去思考我們是否願意讓部分合作夥伴使用我們的資料進行訓練，因為過去這並不是我們合作關係的一部分。

We are looking at different business models that could make sense in different objective functions. And so we've got good conversations going. We think we can do something better and bigger with one or more of these. And that conversation is a big opportunity because of the gap I described between the number of travelers who are experimenting with AI and the small number who actually book with AI.

我們正在評估不同的商業模式，看看在不同目標函數下哪些是合理的。因此我們有一些良好的對話正在進行。我們認為，我們可以與其中一個或多個合作夥伴做出更好、更大的合作。而這個對話是一個很大的機會，因為我先前描述過：嘗試使用 AI 的旅客數量，與實際透過 AI 完成預訂的少數人之間存在落差。

And we think that gap gets closed by bringing a judgment layer, which and trust that comes from our brand content and data at scale going deep. So we're excited about the conversations. We continue to execute. Of course, we'll update as we go further.

我們認為，縮小這個落差的方法，是加入一層判斷力，以及來自我們品牌內容與大規模資料的信任，並且做得更深。所以我們對這些對話感到很興奮。我們會持續執行。當然，隨著進展我們也會更新。

Yeah, Brian. And on the second point, while we didn't really call it out specifically in prepared remarks on the repeat behavior, it is still a very fundamental point of how we think about margin for our long-term margin profile. Our repeat cohorts are growing faster than the average, which has been the case for some time. Our retention rates remain very consistent.

是的，Brian。第二點，雖然我們在事先準備的講稿中沒有特別點出重複行為，但這仍然是我們看待長期毛利率結構時非常根本的一點。我們的重複預訂客群（cohort）成長速度快於平均水準，這種情況已經持續一段時間。我們的留存率仍然非常一致。

And so we're very pleased with the continued steady progress here. As I said, these cohorts take time to build but are a key underpinning to our long-term margin target.

因此我們對這裡持續穩健的進展感到非常滿意。如我所說，這些客群需要時間建立，但它們是我們長期毛利率目標的重要支撐。

Great. Thank you so much.

很好。非常感謝。

Tom White, D.A. Davidson & Company.

Tom White，D.A. Davidson & Company。

Hey, this is Wyatt on for Tom. Thanks for taking the question. I've got one on AI. With one of the major LLMs now allowing advertisers, and I realize it's still early, but how do you think about that channel going forward versus the existing ad channels? And can you share any early takeaways on that? Thanks.

嗨，我是代替 Tom 的 Wyatt。謝謝讓我提問。我有一題關於 AI。目前其中一家主要的 LLM 已開始允許廣告主投放；我知道現在還很早期，但你們如何看待這個通路未來相對於既有廣告通路的發展？以及你們能否分享任何早期觀察重點？謝謝。

Yeah, so we're testing with that party that you described. It's early, but we were a launch test partner so that we could really understand it. The volume isn't particularly high, but we do think it could be an interesting channel because there's a great amount of intent through those channels that I mentioned earlier.

是的，我們正在和你提到的那一方進行測試。目前還很早，但我們是首批上線測試的合作夥伴之一，這樣我們才能真正理解它。量體並不是特別大，但我們確實認為這可能是一個有趣的通路，因為我先前提到的那些通路具有很高的意圖（intent）。

And so it makes it interesting for us and we think of it as an expansive ad platform for the future for those who choose to do it that way, and we think we can capture the intent now. We'll continue to test and scale as we would with any other high potential platform.

因此這對我們而言很有吸引力；我們把它視為未來可擴張的廣告平台，對於選擇以這種方式操作的人來說，我們認為我們現在就能捕捉到這些意圖。我們會像對待任何其他高潛力平台一樣，持續測試並擴大規模。

And for those who aren't choosing to put advertising on their platform, we think that there's a real opportunity to monetize by bringing our market-leading experiences inventory into these channels and really drive both volume of demand and conversion given the intent. So we think there are multiple ways to win. We think we're well set up to do that.

而對於那些不選擇在其平台上放置廣告的業者，我們認為也有很大的變現機會：把我們市場領先的體驗（experiences）庫存帶入這些通路，並在意圖明確的情況下，真正推動需求量與轉換率。因此我們認為有多種致勝方式。我們也認為我們已做好充分準備。

Got it. Thank you.

了解。謝謝。

(Operator instructions) I'm showing no other questions at this time. So I would now like to turn it back to Matt Goldberg for closing remarks.

（接線員指示）目前顯示沒有其他問題。接下來我想把時間交回給 Matt Goldberg 做結語。

Thanks for joining us this morning. Before closing out, I want to briefly welcome our newest Board members, Andy Cates and Dhiren Fonseca, who joined the Board late in the first quarter. Andy and Dhiren each bring energy experience and insights from both inside and out of the travel sector that I have no doubt will be valuable ahead. We're excited to execute through peak travel season to capture demand and deliver on our strategy, and we look forward to our next update. Thank you all.

感謝各位今天早上加入我們。在結束之前，我想簡短歡迎我們最新的董事會成員 Andy Cates 與 Dhiren Fonseca，他們在第一季末加入董事會。Andy 與 Dhiren 各自帶來了活力、經驗與洞見，涵蓋旅遊產業內外；我毫不懷疑這些都將在未來發揮價值。我們很期待在旅遊旺季期間持續執行，以掌握需求並落實我們的策略，也期待下一次向各位更新。謝謝大家。

Goodbye. Thank you for your participation in today's conference. You may now disconnect.

再見。感謝您參與今天的電話會議。您現在可以掛線。