Yelp Inc (YELP) 2023 Q1 法說會逐字稿

Hello, and welcome to the Yelp First Quarter 2023 Earnings Conference Call. My name is Elliot, and I will be coordinating your call today. (Operator Instructions) I'd now like to hand to Mr. James Miln, SVP of Finance and Investor Relations. The floor is yours. Please go ahead.

您好，歡迎參加 Yelp 2023 年第一季度收益電話會議。我叫埃利奧特，今天我將協調您的電話。 （操作員說明） 現在請財務和投資者關係高級副總裁 James Miln 先生髮言。地板是你的。請繼續。

Good afternoon, everyone, and thanks for joining us on Yelp's First Quarter 2023 Earnings Conference Call. Joining me today are Yelp's Chief Executive Officer, Jeremy Stoppelman; Chief Financial Officer, David Schwarzbach; and Chief Operating Officer, Jed Nachman. We published the shareholder letter on our Investor Relations website and with the SEC and hope everyone had a chance to read it. We'll provide some brief opening comments, and then turn to your questions.

大家下午好，感謝您參加 Yelp 2023 年第一季度收益電話會議。今天加入我的是 Yelp 首席執行官 Jeremy Stoppelman；首席財務官大衛·施瓦茨巴赫；和首席運營官傑德·納赫曼。我們在投資者關係網站以及美國證券交易委員會 (SEC) 上發布了這封股東信，希望每個人都有機會閱讀。我們將提供一些簡短的開場評論，然後回答您的問題。

Now I'll read our safe harbor statement. We'll make certain statements today that are forward-looking and involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. In addition, we are subject to a number of risks that may significantly impact our business and financial results. Please refer to our SEC filings as well as our shareholder letter for a more detailed description of the risk factors that may affect our results.

現在我將閱讀我們的安全港聲明。我們今天將做出某些前瞻性聲明，涉及許多風險和不確定性，可能導致實際結果出現重大差異。請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的意見，我們沒有義務根據新信息或未來事件修改或公開發布對這些前瞻性陳述的任何修改結果。此外，我們還面臨許多可能對我們的業務和財務業績產生重大影響的風險。請參閱我們向 SEC 提交的文件以及我們的股東信函，了解可能影響我們業績的風險因素的更詳細描述。

During our call today, we'll discuss adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures. These measures should not be considered in isolation from or as a substitute for financial information compared in accordance with Generally Accepted Accounting Principles. In our shareholder letter released this afternoon and our filings with the SEC, each of which is posted on our website, you will find additional disclosures regarding these non-GAAP financial measures as well as historical reconciliations of GAAP net income to both adjusted EBITDA and adjusted EBITDA margin. And with that, I will turn the call over to Jeremy.

在今天的電話會議中，我們將討論調整後 EBITDA 和調整後 EBITDA 利潤率，這些都是非 GAAP 財務指標。這些措施不應孤立地考慮或替代根據公認會計原則進行比較的財務信息。在我們今天下午發布的股東信函以及我們向 SEC 提交的文件（每份文件都發佈在我們的網站上）中，您將找到有關這些非 GAAP 財務指標的更多披露，以及 GAAP 淨利潤與調整後 EBITDA 和調整後 EBITDA 的歷史調節表。 EBITDA 利潤率。這樣，我會將電話轉給傑里米。

Thanks, James, and welcome, everyone. Yelp had a great start to the year with strong first quarter financial results and considerable product momentum. So far, we've already rolled out more than a dozen new product updates in 2023. Our performance-based ad products and high-intent audience continued to generate robust advertiser demand in the first quarter. Net revenue increased by 13% year-over-year to $312 million, representing a record for the sixth quarter in a row. We delivered this performance with a net loss of $1 million and adjusted EBITDA of $54 million.

謝謝詹姆斯，歡迎大家。 Yelp 憑藉強勁的第一季度財務業績和可觀的產品勢頭，今年開局良好。到目前為止，我們已經在 2023 年推出了十多項新產品更新。我們基於效果的廣告產品和高意向的受眾在第一季度繼續產生強勁的廣告客戶需求。淨收入同比增長 13%，達到 3.12 億美元，連續第六季度創下新紀錄。我們以 100 萬美元的淨虧損和 5400 萬美元的調整後 EBITDA 實現了這一業績。

In the first quarter, we leaned into our road map to deliver value to advertisers across our key categories. These efforts resulted in the recent launch of Yelp Guaranteed, which provides consumers with even greater confidence when hiring service pros. Advertising revenue growth from Services businesses accelerated from the fourth quarter of 2022 to 15% year-over-year. The Home Services category was particularly strong with 25% year-over-year revenue growth. Advertising revenue from Restaurants, Retail & Other businesses increased by 10% year-over-year. Our portfolio of down-funnel ad products resonated with SMB and multi-location advertisers in the first quarter, and we continue to make progress against our initiatives to drive sales through our most efficient channels. Self-serve revenue increased by approximately 25% year-over-year and multi-location revenue increased by approximately 15% year-over-year.

在第一季度，我們專注於為關鍵類別的廣告商提供價值的路線圖。這些努力促使 Yelp 保證最近推出，讓消費者在僱用專業服務人員時更有信心。服務業務的廣告收入同比增長從 2022 年第四季度加速至 15%。家庭服務類別尤其強勁，收入同比增長 25%。來自餐廳、零售及其他業務的廣告收入同比增長 10%。我們的下漏斗廣告產品組合在第一季度引起了中小型企業和多地點廣告商的共鳴，並且我們繼續在通過最有效的渠道推動銷售的舉措方面取得進展。自助服務收入同比增長約25%，多地點收入同比增長約15%。

After increasing our investment in the consumer experience in 2022, our teams hit the ground running in 2023 by introducing a number of exciting new product and feature updates to make Yelp even more engaging and useful for users. We've rolled out new ways for consumers to contribute to and interact with our trusted content, including interactive review topic suggestions, a video review format and new review reactions. AI presents a great opportunity to enhance our search and discovery experiences for consumers. Leveraging our rich first-party data set, we improved our search suggestions and applied LLM technology to surface even more relevant review highlights in the first quarter. We also added a 'surprise me' feature to assist with restaurant discovery. These updates represent the most significant product momentum we've had on the consumer side of our business in recent years, and we continue to have a robust pipeline of projects for the remainder of 2023 and beyond.

在 2022 年加大對消費者體驗的投資之後，我們的團隊在 2023 年開始投入運營，推出了許多令人興奮的新產品和功能更新，使 Yelp 對用戶更具吸引力和實用性。我們推出了新的方式，讓消費者能夠參與我們可信的內容並與之互動，包括交互式評論主題建議、視頻評論格式和新的評論反應。人工智能為增強消費者的搜索和發現體驗提供了絕佳的機會。利用我們豐富的第一方數據集，我們改進了搜索建議，並應用法學碩士技術在第一季度展示了更多相關的評論亮點。我們還添加了“給我驚喜”功能來幫助發現餐廳。這些更新代表了近年來我們在消費者業務方面所擁有的最重要的產品動力，並且我們在 2023 年剩餘時間及以後將繼續擁有強大的項目儲備。

In summary, Yelp's standout performance in the first quarter with faster revenue growth than many of our advertising peers demonstrates the value of our broad-based local ad platform. I'm incredibly proud of the Yelp team, which has established a track record of consistent execution. With our strong results and significant product innovation in the first quarter, I'm confident in our ability to drive long-term profitable growth. With that, I'd like to turn it over to David.

總而言之，Yelp 第一季度表現出色，收入增長速度快於許多廣告同行，這證明了我們基礎廣泛的本地廣告平台的價值。我為 Yelp 團隊感到無比自豪，他們建立了一致執行的記錄。憑藉我們第一季度的強勁業績和重大產品創新，我對我們推動長期盈利增長的能力充滿信心。有了這個，我想把它交給大衛。

Thanks, Jeremy. First quarter net revenue increased by 13% year-over-year to $312 million, $2 million above the high end of our outlook range. Adjusted EBITDA increased by 12% year-over-year to $54 million, $4 million above the high end of our outlook range. Top line growth was predominantly driven by an increase in average revenue per location and to a lesser extent, an increase in paying advertising locations, which reached 554,000. In Services, ad revenue increased by 15% year-over-year to a record $184 million driven by balanced growth across paying advertising locations and average revenue per location. In RR&O, ad revenue increased by 10% year-over-year to $114 million driven by growth in average revenue per location, but partially offset by a decrease in paying advertising locations as restaurants and retailers continue to face elevated input costs. Recent volatility in our ad clicks and average CPC metrics further moderated in the first quarter. Ad clicks increased by 1% year-over-year, while average CPCs increased by 14% year-over-year.

謝謝，傑里米。第一季度淨收入同比增長 13%，達到 3.12 億美元，比我們預期範圍的上限高出 200 萬美元。調整後 EBITDA 同比增長 12%，達到 5,400 萬美元，比我們預期範圍的上限高出 400 萬美元。營收增長主要是由每個地點平均收入的增長推動的，其次是付費廣告地點的增加（達到 554,000 個）。在服務領域，廣告收入同比增長 15%，達到創紀錄的 1.84 億美元，這得益於付費廣告位置和每個位置平均收入的平衡增長。在 RR&O 中，受每個地點平均收入增長的推動，廣告收入同比增長 10%，達到 1.14 億美元，但由於餐館和零售商繼續面臨投入成本上升，付費廣告地點的減少部分抵消了廣告收入。第一季度，我們的廣告點擊次數和平均每次點擊費用指標的近期波動進一步放緩。廣告點擊次數同比增長 1%，平均每次點擊費用同比增長 14%。

Turning to expenses. First quarter expenses increased from the fourth quarter of 2022, in part, due to a number of seasonal expense drivers, including payroll taxes and marketing spend as well as relatively low employee attrition. Compared to the first quarter of 2022, total cost and expenses increased by 13%, largely reflecting our hiring efforts in 2022. While employee attrition has been trending lower than anticipated, we expect headcount to be approximately flat year-over-year by the end of 2023.

轉向開支。第一季度費用較 2022 年第四季度有所增加，部分原因是許多季節性費用驅動因素，包括工資稅和營銷支出以及相對較低的員工流失率。與 2022 年第一季度相比，總成本和費用增加了 13%，這在很大程度上反映了我們 2022 年的招聘工作。雖然員工流失趨勢低於預期，但我們預計到年底員工人數將與去年同期基本持平2023 年。

We further reduced our real estate footprint in the first quarter and incurred an impairment charge of approximately $4 million related to abandonment of the right-of-use asset and leasehold improvements of a portion of our San Francisco office space. We now expect the office space reductions we have completed to date will contribute an aggregate of approximately $26 million to $28 million of annual GAAP expense savings in 2023 and 2024, of which we realized approximately $6 million in the first quarter. We also remain focused on reducing stock-based compensation as a percentage of revenue to less than 8% by the end of 2025. To achieve this, we are focusing our product development hiring efforts outside of the Bay Area, particularly in the U.K. and Canada, as well as adjusting our overall mix of compensation.

我們在第一季度進一步減少了房地產足跡，並因放棄使用權資產和改善舊金山部分辦公空間的租賃權而產生了約 400 萬美元的減值費用。我們現在預計，迄今為止已完成的辦公空間削減將在 2023 年和 2024 年為年度 GAAP 費用節省總計約 2600 萬至 2800 萬美元，其中我們在第一季度實現了約 600 萬美元。我們還繼續致力於到 2025 年底將股票薪酬佔收入的比例降低至 8% 以下。為了實現這一目標，我們將產品開發招聘工作的重點放在灣區以外的地區，特別是英國和加拿大，以及調整我們的整體薪酬組合。

Returning capital to shareholders through share repurchases remains an important element of our overall capital allocation strategy. In the first quarter, we repurchased $50 million worth of shares at an average purchase price of $29.40. As of March 31, 2023, we had $232 million remaining under our existing share repurchase authorization. We plan to continue repurchasing shares throughout the remainder of the year, subject to market and economic conditions.

通過股票回購向股東返還資本仍然是我們整體資本配置策略的重要組成部分。第一季度，我們以 29.40 美元的平均購買價格回購了價值 5000 萬美元的股票。截至 2023 年 3 月 31 日，我們現有的股票回購授權剩餘 2.32 億美元。我們計劃根據市場和經濟狀況，在今年剩餘時間內繼續回購股票。

Turning to our outlook. We expect net revenue will be in the range of $320 million to $330 million in the second quarter as our product-led initiatives continue to drive robust advertiser demand. For the full year, we are raising our outlook range and now expect net revenue to be in the range of $1.295 billion to $1.315 billion, reflecting our first quarter outperformance balanced against continued macro uncertainties.

轉向我們的展望。我們預計第二季度的淨收入將在 3.2 億至 3.3 億美元之間，因為我們以產品為主導的舉措將繼續推動強勁的廣告商需求。對於全年，我們提高了展望範圍，目前預計淨收入將在 12.95 億美元至 13.15 億美元之間，反映出我們第一季度的優​​異表現與持續的宏觀不確定性相平衡。

Turning to margin. We expect second quarter expenses to be relatively consistent with the first quarter as lower payroll tax expense will be offset by lower-than-expected employee attrition and higher sales commissions reflecting strong advertiser acquisition trends. As a result, we anticipate adjusted EBITDA will grow sequentially to be in the range of $60 million to $70 million in the second quarter. In the second half of the year, we expect expenses will decrease from the first half due to seasonality, including lower sales and marketing expenses in the fourth quarter. Together with our expected revenue growth, we anticipate adjusted EBITDA will be in the range of $290 million to $310 million for the full year.

轉向邊距。我們預計第二季度的支出將與第一季度相對一致，因為較低的工資稅支出將被低於預期的員工流失率和較高的銷售佣金所抵消，這反映出強勁的廣告商收購趨勢。因此，我們預計第二季度調整後 EBITDA 將環比增長至 6000 萬至 7000 萬美元。下半年，我們預計由於季節性原因，費用將較上半年有所減少，包括第四季度銷售和營銷費用的下降。加上我們預期的收入增長，我們預計全年調整後的 EBITDA 將在 2.9 億美元至 3.1 億美元之間。

In closing, Yelp's first quarter results demonstrate the strength and resiliency of our broad-based local advertising platform and product-led strategy. We continue to be pleased by the execution of our teams, which has enabled us to deliver strong financial performance in the face of ongoing macro uncertainties and gives us continued confidence in our ability to drive shareholder value over the long term. With that, operator, please open up the line for questions.

最後，Yelp 第一季度的業績證明了我們基礎廣泛的本地廣告平台和產品主導戰略的實力和彈性。我們仍然對團隊的執行力感到滿意，這使我們能夠在面臨持續的宏觀不確定性的情況下實現強勁的財務業績，並使我們對長期推動股東價值的能力充滿信心。那麼，接線員，請開通提問線路。

(Operator Instructions) Our first question today comes from Colin Sebastian with Baird.

（操作員說明）今天我們的第一個問題來自貝爾德的 Colin Sebastian。

I have a couple of questions. I guess, first off, looking at the trend lines in CPCs and clicks as they converge a bit. It looks like at least on track to converge over the next couple of quarters. Is that the right way to think about it? And are your initiatives there still continuing to try to drive higher impression volumes and lower prices? And then on Home Services, just trying to understand perhaps the disparity between Request-a-Quote and overall Home Services strength and the acceleration there. If you could talk about maybe the dynamic between those 2 factors.

我有一些問題。我想，首先，看看每次點擊費用和點擊次數的趨勢線，因為它們有所收斂。看起來至少有望在接下來的幾個季度內實現融合。這是正確的思考方式嗎？您的舉措是否仍在繼續嘗試推動更高的展示量和更低的價格？然後在家庭服務方面，只是想了解報價請求與整體家庭服務實力之間的差異以及那裡的加速。如果您可以談談這兩個因素之間的動態。

Colin, it's David. Starting off on CPCs and Clicks, we were definitely pleased to see clicks and CPCs moderate and for clicks to return to growth in the first quarter. As you know, advertisers provide us with budget, and then we run an auction to find the market clearing price for a given visitor at a given time in a given category in a given geography. And we are focused on ensuring that we're delivering value to advertisers and optimizing the deployment of their budget. So we have made significant investments, as you can tell from these results, and continuing to refine the mechanism by which we run those auctions and all of the data that we ingest in order to ensure that we're doing it as efficiently as possible.

科林，我是大衛。從每次點擊費用和點擊次數開始，我們非常高興看到點擊次數和每次點擊費用有所下降，並且點擊次數在第一季度恢復增長。如您所知，廣告商為我們提供預算，然後我們進行拍賣，以找到給定訪問者在給定時間、給定地理位置、給定類別的市場出清價格。我們致力於確保為廣告商提供價值並優化他們的預算部署。因此，正如您從這些結果中可以看出的那樣，我們進行了大量投資，並繼續完善我們運行這些拍賣的機制以及我們獲取的所有數據，以確保我們盡可能高效地進行拍賣。

So we do believe that we have a significant road map of additional initiatives to continue to drive value. But I just want to underscore that we will continue to allow the auction to optimize the price and number of clicks. So that will play out over the coming quarters. And of course, we believe that delivering value to advertisers is fundamental to ensuring that they not only stay with us, but they increased their budget. And I'd just end on one point. We continue to see very strong revenue per paying advertising location -- average revenue per paying advertising location in the first quarter. So we think that continues to reflect value that we're delivering.

因此，我們確實相信，我們有一個重要的路線圖，可以採取其他舉措來繼續推動價值。但我只是想強調，我們將繼續允許拍賣來優化價格和點擊次數。因此，這將在未來幾個季度發揮作用。當然，我們相信，為廣告商提供價值對於確保他們不僅留在我們身邊，而且增加預算至關重要。我只想以一點結束。我們繼續看到每個付費廣告位置的收入非常強勁——第一季度每個付費廣告位置的平均收入。因此，我們認為這繼續反映了我們正在提供的價值。

Colin, this is Jeremy. I'll take a stab at your second question around Home Services. Appreciate you calling that out. That was a real bright spot in Q1. We saw revenue up 25% year-over-year. And in the Services category more broadly, it was 15% year-over-year. So we're feeling really great about advertiser demand. Clearly, they're seeing that our leads are high quality, are down funnel, that the consumers that they're interacting with are motivated. But that said, we're also working on the product side to continually improve our offering, both on the ad matching side, which is underlying Request-a-Quote, but then also on Request-a-Quote itself, streamlining things. You may have seen our product announcements in there with password-less login. So that reduces friction.

科林，這是傑里米。我將回答你關於家庭服務的第二個問題。感謝您指出這一點。這是第一季度的一個真正亮點。我們看到收入同比增長 25%。在更廣泛的服務類別中，同比增長 15%。因此，我們對廣告商的需求感到非常滿意。顯然，他們看到我們的銷售線索質量很高，處於漏斗下方，與他們互動的消費者很積極。但話雖如此，我們也在產品方面不斷改進我們的產品，無論是在廣告匹配方面（這是請求報價的基礎），還是在請求報價本身，從而簡化事情。您可能已經在其中看到了我們的無密碼登錄產品公告。這樣就減少了摩擦。

There's also a really big initiative that we've started rolling out called Yelp Guaranteed, where we stand behind service providers, advertisers and help them close that business with consumers by offering Yelp Guaranteed. You can imagine, this could particularly help a newer business that maybe hasn't had the chance to build up the reputation in the same way as someone more established. So we do have a lot of investments in that area to continue to grow the overall number of Request-a-Quotes. Obviously, macro plays a role here. And I think if you look across the peer group of companies, there's soft trends out there. But even despite the overall consumer demand, I think we're making really good progress on the product side, and we're certainly seeing the demand from businesses remain quite strong and gaining share there.

我們還開始推出一項非常大的計劃，稱為“Yelp 保證”，我們為服務提供商、廣告商提供支持，並通過提供“Yelp 保證”幫助他們與消費者完成業務。您可以想像，這對可能沒有機會像老企業那樣建立聲譽的新企業尤其有幫助。因此，我們確實在該領域進行了大量投資，以繼續增加報價請求的總數。顯然，宏觀在這裡發揮了作用。我認為，如果你縱觀同類公司，就會發現其中存在軟趨勢。但即使總體消費者需求旺盛，我認為我們在產品方面也取得了非常好的進展，而且我們當然看到企業的需求仍然相當強勁，並且在那裡獲得了份額。

(Operator Instructions) We now turn to Justin Patterson with KeyBanc Capital Markets.

（操作員說明）我們現在求助於 KeyBanc Capital Markets 的 Justin Patterson。

This is Sergio Segura on for Justin. We had 2 questions. Thanks for the color in the letter about the product initiatives. I'm wondering if you could talk about which products you're most excited about in 2023, maybe from a revenue perspective, which ones are expected to provide the most growth there. And then secondly, just on the Self-serve channel, you noted strength in record customer acquisition in that channel. I was hoping you could talk about your expectations later in the year. Do you expect continued strength there just amid the weakening macro?

我是賈斯汀的塞爾吉奧·塞古拉。我們有 2 個問題。感謝信中關於產品計劃的色彩。我想知道您能否談談您對 2023 年哪些產品最感興趣，也許從收入的角度來看，哪些產品預計將帶來最大的增長。其次，就自助服務渠道而言，您注意到該渠道在創紀錄的客戶獲取方面的實力。我希望你能在今年晚些時候談論你的期望。在宏觀經濟疲軟的情況下，您預計該市場將繼續走強嗎？

All right. Maybe I can take a stab at your first question here. This is Jeremy again. Thanks, Sergio. Product initiatives that I'm most excited about in 2023, well, we obviously listed out a whole bunch of things that launched in Q1, and that's just Q1. So we're really just getting started here. Product velocity, I would say, is outstanding. Really proud of the product and engineering team coming out of the gate this year really strong. And I think that's reflected in some of the projects that you see there. Yelp Guaranteed, top of the list, very exciting, reducing friction with password-less login; and adding video to the review flow. I mean the list goes on, so I won't rattle them off. But certainly, if you haven't delved in there, take a look at that.

好的。也許我可以在這裡回答你的第一個問題。這又是傑里米。謝謝，塞爾吉奧。 2023 年我最興奮的產品計劃，我們顯然列出了第一季度推出的一大堆產品，而這只是第一季度。所以我們真的才剛剛開始。我想說，產品速度非常出色。為今年強大的產品和工程團隊感到自豪。我認為這反映在你在那裡看到的一些項目中。 Yelp 保證，名列前茅，非常令人興奮，減少了無密碼登錄的摩擦；並將視頻添加到審核流程中。我的意思是這個清單還在繼續，所以我不會逐一列舉。但當然，如果您還沒有深入研究過，請看一下。

Beyond that, there continue to be themes, areas that we have considerable investment. And as far as what can have impact, we've always seen really great return from investing in our ad tech stack. So making ads more efficient, better matching, works better for consumers but creates inventory out of thin air. So there's a lot of leverage in that area, and we keep finding more and more opportunity. I think it's also worth noting, the way that we're investing is not just quarter-to-quarter or even year-to-year. We do have a pipeline that extends over multiple years. So we're thinking about things on what can we deliver next quarter. But then we're also thinking about what are we going to deliver in '24, and we have projects even that go beyond that. So it's really an overall portfolio approach.

除此之外，我們仍然在一些主題和領域進行了大量投資。就可以產生的影響而言，我們一直看到投資廣告技術堆棧帶來了巨大的回報。因此，讓廣告變得更高效、更好匹配，對消費者來說效果更好，但卻會憑空產生庫存。因此，該領域有很多槓桿作用，我們不斷尋找越來越多的機會。我認為還值得注意的是，我們的投資方式不僅僅是按季度甚至按年。我們確實有一條持續多年的管道。因此，我們正在考慮下季度我們可以提供什麼。但我們也在思考我們將在 24 年交付什麼，我們甚至還有超越這一目標的項目。所以這實際上是一種整體投資組合方法。

And now we have a several quarter track record of delivering revenue growth led by product and engineering. So we feel really great about where we're at. And I think also, if you look at the employee retention side, like we're keeping a lot of our senior folks. The market for engineering, labor has really changed dramatically. And that means we have well-trained people that have been around Yelp that know how to operate, executing. And I think that's part of what's behind all the innovation you're seeing today.

現在，我們已經在產品和工程的帶動下實現了幾個季度的收入增長。所以我們對自己所處的位置感覺非常好。我還認為，如果你看看員工保留方面，就會發現我們保留了很多高級人員。工程、勞動力市場確實發生了巨大變化。這意味著我們在 Yelp 周圍擁有訓練有素的人員，他們知道如何運營和執行。我認為這就是您今天所看到的所有創新背後的部分原因。

Great. And this is Jed, Sergio. I can take that question on Self-serve. Obviously, overall, we were really pleased with the results in the self-serve channel during the first quarter. 25% year-over-year growth was a standout there. And I would say, as a part of our product and engineering growth strategy, we've continued to improve on that self-serve offering: improving the conversion flows; demonstrating the value without the need to engage with the salesperson; experimented with some various push strategies and email strategies over the quarter, which showed some positive retention results and spend results. And we've also focused on delivering value to advertisers through high-quality ad clicks, and we talked about that quality a lot.

偉大的。這是傑德，塞爾吉奧。我可以在自助服務上回答這個問題。顯然，總的來說，我們對第一季度自助服務渠道的結果非常滿意。 25% 的同比增長非常引人注目。我想說，作為我們產品和工程增長戰略的一部分，我們不斷改進自助服務：改善轉化流程；無需與銷售人員接觸即可展示價值；在本季度嘗試了一些不同的推送策略和電子郵件策略，顯示出一些積極的保留結果和支出結果。我們還專注於通過高質量的廣告點擊為廣告商提供價值，我們經常談論這種質量。

And it's one thing to get an ad click, but we want to make sure those customers actually feel the impact of that ad click. And there's -- as Jeremy mentioned, we do have a strong pipeline. We not only have things that we're going to be working on in the near term, but a pretty broad toolbox to go after over the coming quarters. So we feel really strong about where we stand with the self-service channel.

獲得廣告點擊是一回事，但我們希望確保這些客戶真正感受到廣告點擊的影響。正如傑里米提到的，我們確實擁有強大的渠道。我們不僅有短期內要處理的事情，而且還有一個相當廣泛的工具箱可以在未來幾個季度進行。因此，我們對自助服務渠道的立場非常有信心。

(Operator Instructions) We have a follow-up question from Justin Patterson.

（操作員說明）賈斯汀·帕特森向我們提出了後續問題。

We'd love to talk a little bit more about just the new Yelp Guaranteed product. It seems like something that could be pretty meaningful in terms of both the user experience and the advertiser. So I'd love to hear any initial learnings you have from that one.

我們很想多談談新的 Yelp 保證產品。這對於用戶體驗和廣告商來說似乎都非常有意義。所以我很想听聽您從中獲得的任何初步經驗。

Justin, this is Jeremy. Yes, Yelp Guaranteed, we're really excited about it. It's been in development for a while. We're now in a number of different markets with it rolling out nationwide this summer. And I think what you're pointing to is exactly right, Yelp getting involved in the sense of standing behind businesses and saying, "Hey, if you go through Request-A-Quote, you're going to have a great experience and we're guaranteeing that up to $2,500." I think it really -- it adds value to both sides of the marketplace. And I think early results that we've seen from it in very early testing are that, yes, it resonates with consumers, and it should resonate with business owners as well. So it's early days, obviously. And really, the way I would think about it is it's an enhancement to our Request-A-Quote offering. Fundamentally, it's not some totally new different direction. It's simply part of our effort to make Request-a-Quote a better and better experience for consumers and business owners.

賈斯汀，這是傑里米。是的，Yelp 保證，我們對此感到非常興奮。它已經開發了一段時間了。我們現在已經進入了許多不同的市場，並於今年夏天在全國范圍內推出。我認為你所指的是完全正確的，Yelp 參與到為企業提供支持的意義上，並說：“嘿，如果你通過請求報價，你將獲得很棒的體驗，我們保證高達 2,500 美元。”我認為這確實是——它為市場雙方都增加了價值。我認為我們在早期測試中看到的早期結果是，是的，它引起了消費者的共鳴，而且也應該引起企業主的共鳴。所以顯然現在還為時尚早。事實上，我認為它是對我們的請求報價服務的增強。從根本上來說，這並不是什麼全新的不同方向。這只是我們努力為消費者和企業主提供越來越好的報價請求體驗的一部分。

Got it. And then just a quick follow-up for David. Looking at gross margin, there's some nice sequential progression within there. Anything unique driving that for this quarter?

知道了。然後是大衛的快速跟進。從毛利率來看，其中有一些不錯的連續進展。本季度有什麼獨特的推動因素嗎？

Thanks for the question, Justin. I wouldn't say anything unique. Obviously, we have continued to be very disciplined about expenses, and we are continuing to balance between investment and delivering adjusted EBITDA. One of the things that we've said many times is we believe that our product-led strategy will enable us to drive margin expansion over the long term. And once again, what you saw in the first quarter was as revenue performed better, we were able to flow that through to adjusted EBITDA. So -- and we've seen that in a number of quarters in '22 and even in '21. So overall, very consistent, I think, with the overall approach that we've taken and definitely pleased with the results for the first quarter.

謝謝你的提問，賈斯汀。我不會說什麼獨特的事情。顯然，我們對費用仍然非常嚴格，並且我們將繼續在投資和提供調整後的 EBITDA 之間取得平衡。我們多次說過的一件事是，我們相信我們以產品為主導的戰略將使我們能夠長期推動利潤率擴張。再一次，你在第一季度看到的是，隨著收入表現更好，我們能夠將其轉化為調整後的 EBITDA。所以——我們在 22 年甚至 21 年的多個季度都看到了這一點。總的來說，我認為與我們採取的總體方法非常一致，並且對第一季度的結果非常滿意。

We have no further questions. So this concludes our Q&A and today's conference call. We'd like to thank you for your participation. You may now disconnect your lines.

我們沒有其他問題了。我們的問答和今天的電話會議到此結束。我們衷心感謝您的參與。您現在可以斷開線路。