Travelzoo (TZOO) 2023 Q4 法說會逐字稿

Hello, everyone. Welcome to the Travelzoo fourth quarter 2023 financial results conference call. (Operator Instructions) Today's call is being recorded.

大家好。歡迎參加 Travelzoo 2023 年第四季財務業績電話會議。（操作員說明）今天的通話正在錄音。

The company would like to remind you that all statements made during this conference call and presented in the slides that are not statements of historical facts constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

本公司謹提醒您，本次電話會議期間以及幻燈片中提出的所有非歷史事實陳述的陳述均構成前瞻性陳述，並且是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。

Actual results could vary materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements are described in the company's Forms 10-K and 10-Q and other SEC filings. Unless required by law, the company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

實際結果可能與前瞻性陳述中所包含的結果有重大差異。該公司的 10-K 表格和 10-Q 表格以及其他 SEC 文件中描述了可能導致實際結果與前瞻性陳述中的結果有重大差異的因素。除非法律要求，本公司沒有義務公開更新任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。

Please refer to the company's website for important information, including the company's earnings press release issued earlier today. An archived recording of this conference call will be made available on the company's Investor Relations website at travelzoo.com/ir.

請參閱公司網站以了解重要訊息，包括今天早些時候發布的公司收益新聞稿。本次電話會議的存檔錄音將在公司投資者關係網站travelzoo.com/ir 上提供。

Now it's my pleasure to turn the floor over to Travelzoo's Global CEO, Holger Bartel [it's chair]; General Counsel, Head of Global Functions, CEO of ack's Fight Club, Christina Ciocca; and finance director Lijun Qi.

現在我很高興將發言權交給 Travelzoo 的全球執行長 Holger Bartel（主席）；總法律顧問、全球職能主管、ack's Fight Club 執行長 Christina Ciocca；和財務總監齊麗君。

Lijun will start us with an overview.

麗君首先為我們做一個概述。

Thank you, operator, and welcome to those of you joining us today. Please refer to the management presentation to follow along with our prepared remarks. The presentation in PDF format is available on our Investor Relations website at travelzoo.com/ir.

謝謝您，運營商，並歡迎你們今天加入我們。請參閱管理層的介紹以及我們準備好的評論。PDF 格式的簡報可在我們的投資者關係網站 Travelzoo.com/ir 上取得。

Let's begin with slide number 4. Travelzoo's revenue, operating profit and member count all increased year-over-year. Our consolidated Q4 revenue was $21.1 million, up 14% from $18.6 million in the prior year period. In constant currency, revenue was $20.8 million, an increase of 12% year over year. Operating income which weighed as management called operating profit increased 25% year over year. Q4 operating profit was $4.5 million or 21% of revenue, up from $3.6 million in the prior year. As of December 31, 2023, we had 31.1 million unduplicated members compared to 30.4 million as of December 31, 2022.

讓我們從第 4 張投影片開始。Travelzoo 的營收、營業利潤和會員數量均較去年同期成長。我們第四季的綜合營收為 2,110 萬美元，比去年同期的 1,860 萬美元成長 14%。以固定匯率計算，營收為 2,080 萬美元，年增 12%。管理層稱其為營業利潤的營業收入年增 25%。第四季營業利潤為 450 萬美元，佔營收的 21%，高於前一年的 360 萬美元。截至 2023 年 12 月 31 日，我們擁有 3,110 萬不重複會員，而截至 2022 年 12 月 31 日，我們擁有 3,040 萬不重複會員。

Slide 5 shows that strong revenue growth continued in our Europe segment and at Jack's Flight Club.

幻燈片 5 顯示我們的歐洲部門和傑克飛行俱樂部的收入持續強勁成長。

On slide 6, we go into more detail about the revenues and the operating profit of our 2 largest business segments, North America and Europe. North America Q4 segment revenue increased 5% year over year to $13.8 million from the prior year period. Operating profit in North America was $4.0 million in Q4 compared to an operating profit of $4.2 million a year ago. Europe Q4 segment revenue increased 34% year over year to $6.3 million from $4.7 million in the prior year period. Europe had an operating profit of $832,000 in Q4 compared to an operating profit of $42,000 in the prior year period.

在投影片 6 中，我們更詳細地介紹了我們兩個最大的業務部門（北美和歐洲）的收入和營業利潤。北美第四季營收較上年同期成長 5%，達到 1,380 萬美元。第四季北美地區的營業利潤為 400 萬美元，而一年前的營業利潤為 420 萬美元。歐洲第四季營收年增 34%，從去年同期的 470 萬美元增至 630 萬美元。歐洲第四季的營業利潤為 832,000 美元，而去年同期的營業利潤為 42,000 美元。

On slide 7, you can see that our GAAP operating margin was 21% in Q4, up from 19% year over year.

在投影片 7 上，您可以看到我們第四季的 GAAP 營業利潤率為 21%，高於去年同期的 19%。

Slide 8 shows that in North America, the GAAP operating margin remained high at 29%.

投影片 8 顯示，在北美，GAAP 營運利潤率仍維持在 29% 的高點。

On slide 9, we provide information on non-GAAP operating profit as we believe it better explains how Travelzoo's management evaluates financial performance. Q4 2023 non-GAAP operating profit was $5.2 million, that's 25% of revenue compared to non-GAAP operating profit of $4.8 million in the prior year period.

在幻燈片 9 中，我們提供了有關非 GAAP 營業利潤的信息，因為我們相信它可以更好地解釋 Travelzoo 管理層如何評估財務表現。2023 年第四季非 GAAP 營業利潤為 520 萬美元，佔營收的 25%，而去年同期非 GAAP 營業利潤為 480 萬美元。

Slide 10 provides more information about the items that are excluded in the calculation of non-GAAP operating profit.

幻燈片 10 提供了有關計算非 GAAP 營業利潤時排除的項目的更多資訊。

Please turn to slide 11. We maintained a solid cash position even after repurchasing 600,000 Travelzoo shares during the quarter. As of December 31, 2023, consolidated cash, cash equivalents and restricted cash was $16.4 million, a decrease of $3.0 million from December 31, 2022. Comparably, merchant payables which are future payments that we have to make to partners when vouchers are redeemed decreased by $10.7 million over the same period.

請翻到投影片 11。即使在本季回購了 60 萬股 Travelzoo 股票後，我們仍保持穩健的現金狀況。截至2023年12月31日，合併現金、現金等價物及限制性現金為1,640萬美元，較2022年12月31日減少300萬美元。相較之下，商家應付帳款（即我們在兌換優惠券時必須向合作夥伴支付的未來付款）同期減少了 1,070 萬美元。

Slide 12 and 13, detail of our revenues by business segment. The North America business segment saw a year-over-year revenue increase of 5% to $13.8 million. This was driven by revenue from travel. Revenues from local consisting of local entertainment experiences are still expected to recover from the pandemic.

幻燈片 12 和 13，按業務部門劃分的收入詳細資料。北美業務部門的營收年增 5%，達到 1,380 萬美元。這是由旅行收入所推動的。包括本地娛樂體驗在內的本地收入仍有望從疫情中恢復。

Turn to slide 13. The Europe business segment saw a year-over-year revenue increase of 34% to $6.3 million. This was driven by particular strength in travel.

轉到投影片 13。歐洲業務部門的營收年增 34% 至 630 萬美元。這是由旅行的特殊優勢所推動的。

Slide 14 shows our revenues compared to operating expenses. Most of the company's operating expenses, except for marketing are relatively fixed in the short to midterm. We believe we can keep fixed costs contained in the foreseeable future, while revenues are expected to grow. Higher revenues were just increased operating margin. For Q1 2024, we expect continued growth in revenue, albeit at a reduced pace from 2023.

幻燈片 14 顯示了我們的收入與營運支出的比較。除行銷費用外，公司的大部分營運費用在中短期內相對固定。我們相信，在可預見的未來，我們可以控制固定成本，同時收入預計會成長。收入的增加只是營業利潤率的增加。對於 2024 年第一季度，我們預計營收將持續成長，儘管成長速度較 2023 年有所放緩。

We expect a high cash flow from operating activities and a high profitability. We plan to continue our outstanding share repurchase program. In December 2023, we announced the introduction of a membership fee for Travelzoo beginning January 1, 2024. Existing members as of 20 -- December 31, 2023, are exempt from the fee during 2024. Therefore, we do not anticipate generating membership fee revenue from existing members before 2025.

我們預期經營活動產生的現金流量較高，獲利能力較高。我們計劃繼續我們的已發行股票回購計劃。2023 年 12 月，我們宣布自 2024 年 1 月 1 日起開始收取 Travelzoo 會員費。截至2023年12月20日至12月31日的現有會員在2024年期間免繳費用。因此，我們預計 2025 年之前不會從現有會員中產生會員費收入。

Now I turn the discussion over to Holger.

現在我把討論交給霍爾格。

Thank you, Lijun. Q4 concluded a strong year for Travelzoo, with each quarter achieving year-over-year revenue growth, profitability, and positive cash flow from operations. We will continue to leverage Travelzoo's global reach, our trusted brand and strong relationships with top travel suppliers to negotiate more exclusive offers for our members. It is in times of large increases in travel prices that Travelzoo is most valuable for consumers.

謝謝你，麗君。第四季為 Travelzoo 帶來了強勁的一年，每個季度都實現了同比收入成長、盈利能力和營運現金流。我們將繼續利用 Travelzoo 的全球影響力、我們值得信賴的品牌以及與頂級旅遊供應商的牢固關係，為我們的會員協商更多獨家優惠。在旅遊價格大幅上漲的時期，Travelzoo 對消費者來說最有價值。

Travelzoo members enjoy high-quality travel experiences that represent outstanding value. With more than 30 million members, 8 million mobile app users, and 5 million social media followers, Travelzoo is loved by travel enthusiasts who are affluent, active and open to new experiences.

Travelzoo 會員享有代表卓越價值的高品質旅遊體驗。Travelzoo 擁有超過 3000 萬會員、800 萬行動應用用戶和 500 萬社交媒體粉絲，深受富裕、活躍且樂於接受新體驗的旅行愛好者的喜愛。

Slide 15 provides more information about Travelzoo members. 91% say they are open to new destinations and travel ideas. We are indeed the club of travel enthusiasts.

投影片 15 提供了更多有關 Travelzoo 會員的資訊。 91% 的人表示他們對新的目的地和旅行想法持開放態度。我們確實是旅行愛好者的俱樂部。

Slide 17 provides an overview of what management and our global team are focused on. We want to grow the number of Travelzoo members, leverage our strong existing relationships with top travel suppliers, and add new relationships to negotiate more exclusive offers, utilize higher operating margins to increase EPS, grow Jack's Flight Club's revenue and develop Travelzoo META with discipline.

投影片 17 概述了管理層和我們的全球團隊關注的重點。我們希望增加Travelzoo 會員的數量，利用我們與頂級旅遊供應商之間牢固的現有關係，並增加新的關係來協商更多獨家優惠，利用更高的營業利潤來增加每股收益，增加Jack's Flight Club 的收入並嚴格發展Travelzoo META。

At this point, I'd like to turn over to Christina for a quick update on Jack's Flight Club and Travelzoo META.

現在，我想請 Christina 快速介紹一下 Jack's Flight Club 和 Travelzoo META 的最新情況。

Thank you, Holger. Jack's Flight Club had a strong year in 2023, closing Q4 with a 29% increase in revenue year over year and a 21% increase in premium members. In 2024, we are excited to keep up this momentum with continued investment in member growth, including in new markets like Canada, implementation of an inflationary price increase for new members and further refinement of our value proposition, all of which we believe will help us to find better marketing efficiencies and grow profitably.

謝謝你，霍爾格。Jack's Flight Club 在 2023 年表現強勁，第四季營收年增 29%，高級會員數成長 21%。2024 年，我們很高興能夠透過持續投資於會員成長來保持這一勢頭，包括在加拿大等新市場、對新會員實施通貨膨脹價格上漲以及進一步完善我們的價值主張，所有這些我們相信都將幫助我們尋找更好的行銷效率並實現獲利成長。

Now I'd like to speak about Travelzoo META. Exciting news from Travelzoo META is that we are close to producing the first Metaverse travel experience. There will be browser-enabled. We expect to bring that experience in more new immersive travel experiences to founding members of Travelzoo META on the new Travelzoo META app. As stated in previous earnings calls, we are conscious of developing Travelzoo META in a financially disciplined way. We will provide additional updates in due time.

現在我想談談 Travelzoo META。來自 Travelzoo META 的令人興奮的消息是，我們即將推出第一個元宇宙旅行體驗。將會有瀏覽器啟用。我們希望在新的 Travelzoo META 應用程式上為 Travelzoo META 的創始成員帶來更多全新的沉浸式旅遊體驗。正如先前的財報電話會議中所述，我們意識到以財務上嚴格的方式開發 Travelzoo META。我們將及時提供更多更新。

Now I'm handing over to the operator for questions for Holger, Lijun and myself.

現在我將交給接線員詢問 Holger、Lijun 和我自己的問題。

The floor is now open for questions. (Operator Instructions)

現在可以提問。（操作員說明）

Michael Kupinski, Noble Capital.

麥可‧庫平斯基，《貴族資本》。

Thank you. Thank you for taking the questions and congratulations on a good fourth quarter and a strong 2023. I just have a couple of questions here. You indicated that there seems to be -- in 2023, there was this pent-up demand for people willing to travel following the pandemic, I think that's what you said. What are the dynamics that you're seeing, especially in North America because, obviously, we didn't -- we saw a slower growth there versus Europe, which is continuing quite strong? Can you just kind of give us the dynamics or what's happening between those 2 continents?

謝謝。感謝您提出問題，並祝賀第四季度的良好業績和 2023 年的強勁表現。我這裡只有幾個問題。您表示，在 2023 年，人們在疫情後願意出行的需求似乎被壓抑了，我想這就是您所說的。您看到的動態是什麼，特別是在北美，因為很明顯，我們沒有看到那裡的成長速度較慢，而歐洲的成長仍然相當強勁？您能為我們介紹一下這兩個大陸之間的動態或正在發生的事情嗎？

Hello?

你好？

Michael, (inaudible) Please go ahead now.

邁克爾，（聽不清楚）請繼續。

Were they able to hear my questions? So I was just asking about the pent-up demand for people traveling. What -- what -- I know that in 2023, we had the kind of people pent-up demand for following the pandemic. What are we seeing now versus North America and Europe? What are the dynamics at play here?

他們能聽到我的問題嗎？所以我只是想問一下人們被壓抑的旅行需求。我知道，在 2023 年，我們有一群人在疫情後被壓抑的需求。與北美和歐洲相比，我們現在看到了什麼？這裡的動力是什麼？

Holger your line working? Sorry, Michael.

霍爾格，你的路線正常嗎？對不起，麥可。

Hello, Michael. So it looks like there was a technical difficulty, but I could hear you. Okay. Speaking about the industry, it looks like 2024 will be another strong year for travel, not quite as strong as 2022 and '23. As we said, the pent-up demand is slowly ebbing. We are hearing from our partners that in North America, bookings from the partners are good. Europe made a little bit less and that might have to do with the wars that are going on in Ukraine and in Gaza, Israel. So overall, probably still a positive year. Overall we are seeing stronger growth in Europe, as you saw growth in North America slowing down a bit, but in general, should be a similar year than before.

你好，麥可。看來有技術困難，但我能聽到你的聲音。好的。談到該行業，2024 年似乎將是旅遊業又一個強勁的一年，但不如 2022 年和 23 年那麼強勁。正如我們所說，被壓抑的需求正在慢慢消退。我們從合作夥伴那裡得知，在北美，合作夥伴的預訂量很好。歐洲的收入減少，這可能與烏克蘭和以色列加薩正在發生的戰爭有關。總的來說，可能仍然是積極的一年。總體而言，我們看到歐洲的成長更為強勁，而北美的成長則略有放緩，但總體而言，今年的情況應該與之前相似。

So do you anticipate that North America is going to pick up the pace a little bit? Or do you think that, that -- that you're anticipating that North America will lag Europe again in 2024?

那麼您預計北美會加快腳步嗎？還是您認為北美將在 2024 年再次落後於歐洲？

Europe is slightly catching up as we expected. So we are very happy to see that. North America indeed was a little bit slower in Q4. And -- the reason for that was that a couple of advertisers were just becoming cautious, a bit more cautious because of the wars that I just spoke about. I think this is just a temporary situation. So we will see how the rest of 2024 will develop. We are optimistic.

正如我們預期的那樣，歐洲正在略微迎頭趕上。所以我們很高興看到這一點。北美第四季的成長率確實有點慢。而且——原因是一些廣告商因為我剛才談到的戰爭而變得謹慎，更加謹慎。我認為這只是暫時的情況。所以我們將看看 2024 年剩下的時間將如何發展。我們很樂觀。

Got you. And then it seems in 2023 that you throttled back a little bit on your sales and marketing spend. I think it was like 45% of revenues. It was 47% in 2022. Can you talk a little bit about your outlook for sales and marketing spend in 2024?

明白你了。然後，到 2023 年，您似乎稍微縮減了銷售和行銷支出。我認為這大約是收入的 45%。2022 年這一比例為 47%。您能談談您對 2024 年銷售和行銷支出的展望嗎？

In Q4, our marketing spend tends to be a bit lower because we don't see it as a good quarter or environment for advertising travel offers. For 2024, I cannot really comment much because we now moved to a paid membership model. So it's really not -- I'm really not able right now to predict what we will see in 2024.

在第四季度，我們的行銷支出往往會略低，因為我們認為它不是旅遊優惠廣告的好季度或環境。對於 2024 年，我無法發表太多評論，因為我們現在轉向付費會員模式。所以這真的不是——我現在真的無法預測 2024 年我們會看到什麼。

I got you. In general, do you anticipate that, that will adversely affect margins as you kind of move towards more of a paid subscription model?

我接到你了。總的來說，您是否預計，隨著您轉向更多的付費訂閱模式，這會對利潤率產生不利影響？

What are your thoughts in general? I really cannot comment right now. Maybe next quarter, we will know more. But right now, I can't -- I just can't comment on that.

您的整體想法是什麼？我現在真的無法發表評論。也許下個季度，我們會知道更多。但現在，我不能——我只是不能對此發表評論。

Okay. Fair enough. And I believe -- I know the answer to this question, but I'm going to ask it anyway. The merchant liabilities came down dramatically, about $12 million and was relatively -- the cash was relatively stable. Can you just kind of give us what are the dynamics going on right now to account for that? And I know that you've indicated in the past that there were some of these merchant liabilities that probably won't be used, but I was just wondering if you can just kind of give us an idea of what the dynamics are there.

好的。很公平。我相信——我知道這個問題的答案，但無論如何我都會問。商人負債大幅下降，約 1200 萬美元，而且現金相對穩定。您能否告訴我們目前正在發生什麼動態來解釋這一點？我知道您過去曾表示，其中一些商業負債可能不會被使用，但我只是想知道您是否可以讓我們了解其中的動態。

Yes. Thank you. We’re very happy with the improvements of the balance sheet. And we expect that merchant payables will normalize around the level where we are right now and where they have been before the pandemic.

是的。謝謝。我們對資產負債表的改善感到非常滿意。我們預計，商家應付帳款將在我們現在的水平以及大流行之前的水平附近正常化。

That's all I have for now. Thank you.

這就是我現在所擁有的一切。謝謝。

Sure. You're welcome, Michael.

當然。不客氣，麥可。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

Good morning. I was wondering what sort of experience you've had so far since you've gone through a paid model. Have you been attracting sign-ups? And do you have any expectations for the take rate for the existing subs becoming paid subscribers, and how you might treat the existing subs who choose not to? I think you've talked in the past about maybe giving them occasional e-mails or something of that nature. But I wonder if you might have [fleshed] out that strategy at all.

早安.我想知道自從您經歷了付費模式以來，到目前為止您有什麼樣的經歷。您吸引了註冊嗎？您對現有訂閱者成為付費訂閱者的接受率有何期望？您將如何對待選擇不這樣做的現有訂閱者？我想您過去曾談到偶爾給他們發電子郵件或類似的東西。但我想知道你是否已經[充實]了這個策略。

Hi Jim. Yes, we do see, of course, sign-ups of paid members, members who are paying the membership fee and the number is a bit higher than what we anticipated. So we're happy about that. But in general, it's just too early for me to provide a lot of comments. I hope I can provide more next quarter, but right now, I'm just not able to provide a lot of comments on this.

嗨吉姆。是的，當然，我們確實看到付費會員、支付會員費的會員註冊，而且這個數字比我們預期的要高一些。所以我們對此感到高興。但總的來說，我現在發表很多評論還為時過早。我希望下個季度我能提供更多信息，但現在我無法對此提供很多評論。

Okay. I noticed Jack's Flight Club had a little bit of a step-up, too. I wonder if you might talk about your promotional plans for continuing that process and gaining some greater subscriber base for JFC.

好的。我注意到傑克飛行俱樂部也有了一些進展。我想知道您是否可以談談您的促銷計劃，以繼續這一過程並為 JFC 贏得更多訂閱者基礎。

Yes, we're happy how this develops. Christina can answer your question.

是的，我們很高興事情的發展。克里斯蒂娜可以回答你的問題。

Sure. So in 2024, we're looking to add a couple of additional promotional activities in sales. We typically have one in January and one in July and one in November, and we are thinking to add 1 or 2 additional to see how that does over the course of the year. We try to obviously space them out so we don't cannibalize ourselves with each of the sales.

當然。因此，在 2024 年，我們希望在銷售中添加一些額外的促銷活動。我們通常在一月份舉辦一次，在七月舉辦一次，在十一月舉辦一次，我們正在考慮再添加 1 到 2 個，看看一年中的效果如何。我們試圖將它們明顯地分開，這樣我們就不會因為每次銷售而蠶食自己。

We're also, as I mentioned, looking to expand into new markets. Our first will be Canada, and we're looking forward to seeing the metrics and numbers for that new market. We anticipate that we'll find kind of better marketing efficiencies there, which will allow us to grow well and grow profitably.

正如我所提到的，我們也尋求拓展新市場。我們的第一個市場將是加拿大，我們期待看到這個新市場的指標和數據。我們預計，我們會在那裡找到更好的行銷效率，這將使我們能夠良好發展並實現獲利成長。

Maybe my final question. To the extent that you now have a subscription plan for both the core service and Jack's Flight Club, is there any thinking about potentially creating a dual or kind of like a combination membership where someone might be able to get, say, a discount on some of -- both of them and then gain access to both and then you pick up subscriber base that way?

也許是我的最後一個問題。如果您現在擁有核心服務和傑克飛行俱樂部的訂閱計劃，是否考慮創建雙重或類似組合會員資格，讓某人可以獲得某些商品的折扣兩者的，然後獲得兩者的訪問權，然後你就以這種方式獲得訂閱者基礎？

Yes, it’s a great idea, Jim. We don't do it yet, but we are looking to it for the future. Very good idea, of course.

是的，這是個好主意，吉姆。我們還沒有這樣做，但我們正在展望未來。當然，這是個好主意。

Okay. I'll leave it at that for now. Thanks.

好的。我暫時就這樣吧。謝謝。

Thanks.

謝謝。

Steve Silver, Argus Research.

史蒂夫·西爾弗，阿格斯研究中心。

Thank you operator, and congratulations to everybody on the strong results in Europe and the return to profitability there. It's great to see. My question is also about the (technical difficulty) back now. Holger, you had mentioned a little while ago that might be some near-term softness, particularly in North America as a result of the conflict in the wars going on, both in Ukraine and now in Israel and the Middle East. Just trying to get a sense as to the timing of your announcement of the membership model.

感謝營運商，並祝賀大家在歐洲取得了強勁的業績並恢復了盈利能力。很高興看到。我的問題也是關於現在的（技術難度）。霍爾格，您不久前曾提到，近期可能會出現一些疲軟，特別是在北美，這是由於烏克蘭、以色列和中東地區持續不斷的戰爭衝突造成的。只是想了解你們宣布會員模式的時間。

I know spoken about it over the past several years since the Jack's Flight Club acquisition was first announced, that the company would be looking to move towards a subscriber model over time. But given the fact that there is just a lot of turmoil in certain regions around the world, I was just wondering if there's any insight you could share in terms of the thought process as to -- moving to the membership fee now as compared to possibly just seeing how the global situation unfolds over time.

據我所知，自從首次宣布收購傑克飛行俱樂部以來，過去幾年人們一直在談論該公​​司將尋求隨著時間的推移轉向訂閱模式。但考慮到世界上某些地區存在著許多動蕩的事實，我只是想知道您是否可以在思考過程方面分享任何見解——與可能的情況相比，現在轉向會員費只是看看全球局勢隨著時間的推移如何發展。

Yes, Steve, one is not really related to the order at all. In fact, as I said, we saw a couple of advertisers becoming a bit more cautious because of the wars in Ukraine and Israel. However, we still see strong demand and interest from our members in this -- in general in traveling. So it didn't really affect our decision. And we're very happy that we made the decision to move to this new paid model so far. We are -- yes -- we are really fine with the timing. So I didn't have any -- I didn't really see any connection of the two.

是的，史蒂夫，一個與訂單根本沒有關係。事實上，正如我所說，我們看到一些廣告商因為烏克蘭和以色列的戰爭而變得更加謹慎。然而，我們仍然看到我們的會員對此有強烈的需求和興趣——總的來說是在旅行方面。所以這並沒有真正影響我們的決定。我們很高興到目前為止我們決定轉向這種新的付費模式。我們——是的——我們對時機非常滿意。所以我沒有任何東西——我真的沒有看到兩者之間有任何關聯。

Okay. That's helpful. And just one more. I know you had mentioned the share repurchases and that you expect that to continue moving forward and just the concept that you've spoken about over time in terms of META being grown very diligently and with discipline. I'm just trying to get a sense, as META does ramp up, do you expect to be able to grow META to where you want it to go while maintaining modest investment levels? Or would you expect that at the appropriate time, there would be more resources put into META to eventually grow that unit to where you want it to be?

好的。這很有幫助。還有一個。我知道您已經提到了股票回購，並且您希望繼續向前推進，並且隨著時間的推移，您談到的 META 的概念正在非常努力和有紀律地發展。我只是想了解一下，隨著 META 的發展，您是否期望能夠在保持適度投資水平的同時將 META 發展到您想要的水平？或者您期望在適當的時候，會有更多的資源投入到 META 中，最終將該部門發展到您想要的水平？

It’s the first. We have always said we want to manage it and grow it financially in a prudent manner, and we will continue to do so. We are generating good cash flow. So that’s why we are planning to complete our share repurchase program.

這是第一個。我們一直說我們希望以審慎的方式管理它並實現財務成長，我們將繼續這樣做。我們正在產生良好的現金流。這就是我們計劃完成股票回購計畫的原因。

Okay. Thanks for the color and congratulations.

好的。謝謝你的顏色和祝賀。

Thanks, Steve.

謝謝，史蒂夫。

Ed Woo, Ascendiant.

艾德吳，上升者。

Congratulations on the quarter. Two areas in the travel industry that's growing really rapidly is alternative accommodations as well as bookings for activities. Can you talk about how you guys are trying to be active in that space?

恭喜本季。旅遊業中成長非常迅速的兩個領域是替代住宿和活動預訂。您能談談你們是如何努力活躍在這個領域的嗎？

It was not an area that we actually did much in the past, but now that we are up and we are paid membership model, we are speaking with some companies about partnerships in the future. So we are better positioned now to enter this conversation. So thanks for asking this, Ed.

這不是我們過去實際做的很多的領域，但現在我們已經崛起並且我們是付費會員模式，我們正在與一些公司討論未來的合作夥伴關係。因此，我們現在處於更好的位置來進入這場對話。謝謝你提出這個問題，艾德。

Great. That's all the questions I have. I wish you guys good luck. Thank you.

偉大的。這就是我的所有問題。祝你們好運。謝謝。

Thank you.

謝謝。

Okay. I'll now turn the call over back to Mr. Holger Bartel.

好的。我現在將把電話轉回霍爾格·巴特爾先生。

Dear investors, thank you so much for your time and support today. We look forward to speaking with you again next quarter. Have a great day.

親愛的投資者，非常感謝您今天的寶貴時間和支持。我們期待下個季度再次與您交談。祝你有美好的一天。

Thank you, ladies and gentlemen. This concludes today's teleconference. You may disconnect your lines at this time. Have a nice day.

謝謝你們，女士們、先生們。今天的電話會議到此結束。此時您可以斷開線路。祝你今天過得愉快。