Yelp Inc (YELP) 2024 Q2 法說會逐字稿

Hello, and welcome to the Q2 2024, for Yelp Inc. earnings conference call. [Operator Instructions] I would now like to turn the conference over to Kate Krieger, Director, Investor Relations. You may begin.

您好，歡迎參加 Yelp Inc. 2024 年第二季財報電話會議。[操作員指示] 我現在想將會議轉交給投資者關係總監 Kate Krieger。你可以開始了。

Good afternoon, everyone. And thanks for joining us on Yelp's second quarter 2024 earnings conference call. Joining me today are Yelp's Chief Executive Officer, Jeremy Schwarzbach; and Chief Operating Officer, Jed Nachman. We published a 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 2024 年第二季財報電話會議。今天加入我的是 Yelp 執行長 Jeremy Schwarzbach；和首席營運長傑德·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) 上發布了一封股東信，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.

現在我將閱讀我們的安全港聲明。今天我們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資訊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。

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.

此外，我們也面臨許多可能對我們的業務和財務表現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，以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 may discuss adjusted EBITDA, adjusted EBITDA margin and free cash flow, which are non-GAAP financial measures. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with Generally Accepted Accounting Principles.

在今天的電話會議中，我們可能會討論調整後 EBITDA、調整後 EBITDA 利潤率和自由現金流，這些都是非 GAAP 財務指標。這些措施不應孤立地考慮或取代根據公認會計原則編制的財務資訊。

In our shareholder letter release this afternoon and our filings with the SEC, each of which is posted on our Investor Relations website. You will find additional disclosures regarding these non-GAAP financial measures as well as historical reconciliations of GAAP net income or loss to both adjusted EBITDA and adjusted EBITDA margin and a historical reconciliation of GAAP cash flows from operating activities to free cash flow and with that, I will turn the call over to Jeremy.

在我們今天下午發布的股東信函以及我們向美國證券交易委員會提交的文件中，每份文件都發佈在我們的投資者關係網站上。您將找到有關這些非GAAP 財務指標的更多揭露，以及GAAP 淨利潤或虧損與調整後EBITDA 和調整後EBITDA 利潤率的歷史調節表，以及來自經營活動的GAAP 現金流量與自由現金流量的歷史調節表，我會把電話轉給傑瑞米。

Thanks, Kate, and welcome, everyone.

謝謝凱特，歡迎大家。

Yelp delivered record net revenue and strong profitability in the second quarter. Net revenue increased by 6% year over year to $357 million as we introduced more than 20 new features and updates in the quarter, reflecting our product-led strategy. With a disciplined approach, we expanded net income margin by 6 percentage points and adjusted EBITDA margin by 1 percentage point from the prior year period.

Yelp 在第二季度實現了創紀錄的淨收入和強勁的獲利能力。我們在本季推出了 20 多項新功能和更新，淨收入年增 6% 至 3.57 億美元，反映了我們以產品為主導的策略。透過嚴格的方法，我們將淨利潤率比去年同期提高了 6 個百分點，並將 EBITDA 利潤率調整了 1 個百分點。

Businesses in our restaurant, retail, and other categories continued to face a challenging operating environment in the second quarter, resulting in a decline in revenue for our RR&O of 3% year over year. At the same time, our services business which remains the focus of our product-led strategy in 2024, saw continued momentum. Services revenue increased by 11% year over year, making it the 13th consecutive quarter of double-digit growth, we saw even stronger performance in the home services category, which increased by approximately 15% year over year.

我們的餐廳、零售和其他類別的業務在第二季度繼續面臨充滿挑戰的經營環境，導致我們的 RR&O 收入年減 3%。同時，我們的服務業務仍是 2024 年產品主導策略的重點，並呈現持續成長動能。服務營收年增11%，連續第13季達到兩位數成長，我們看到家庭服務類別的表現更為強勁，較去年同期成長約15%。

Request to quote project growth accelerated from approximately 20% year-over-year in the first quarter to approximately 35% year-over-year in the second quarter. This acceleration resulted from both organic improvements as well as paid project acquisition. Regarding our paid project acquisition, we continue to see strong top of funnel metrics, including projects, ad clicks, and CPCs.

報價請求專案成長從第一季年比約 20% 加速至第二季年比約 35%。這種加速源於有機改進和付費項目收購。關於我們的付費項目獲取，我們繼續看到強勁的漏斗頂部指標，包括項目、廣告點擊和每次點擊費用。

As we scaled spend in the quarter, we also saw early indications of retention benefits among newer businesses, with fewer reviews, which often experience difficulty competing with established advertisers for leads, we plan to leverage this learning to become more precise in lead distribution, narrowing our focus towards the opportunities that we believe have the highest return.

隨著我們在本季度擴大支出，我們也看到了新業務保留效益的早期跡象，評論較少，這些業務通常很難與老牌廣告商競爭潛在客戶，我們計劃利用這種學習來更加精確地分配潛在客戶，縮小覆蓋範圍我們專注於我們認為具有最高回報的機會。

With just 20% of services revenue coming from multi-location businesses. We also see an opportunity to extend our success with SMBs in these categories to enterprise businesses. We have been adapting our services product offerings to better fit the needs of these larger advertisers. We recently launched requested quotes for brands and introduced a new leads ATI. This enables multi-location businesses to compete for the millions of Request-a-Quote projects available on Yelp and seamlessly manage leads across multiple business pages.

只有 20% 的服務收入來自多地點業務。我們也看到了將這些類別中的中小企業的成功擴展到企業業務的機會。我們一直在調整我們的服務產品，以更好地滿足這些較大廣告商的需求。我們最近推出了品牌報價請求並推出了新的 ATI 線索。這使得多地點企業能夠競爭 Yelp 上數百萬個報價請求項目，並跨多個業務頁面無縫管理潛在客戶。

More broadly, our product and engineering teams continued to leverage AI to further optimize advertisers' budgets by displaying the most relevant ad content to consumers. In the second quarter, ad clicks increased by 9% year over year while average CPC decreased by 1% year over year. We also rolled out a number of user experience and back end improvements to our website and introduced a number of new features to make Yelp more useful for consumers with accessibility needs.

更廣泛地說，我們的產品和工程團隊繼續利用人工智慧，透過向消費者展示最相關的廣告內容來進一步優化廣告商的預算。第二季度，廣告點擊次數較去年同期成長 9%，而平均每次點擊費用較去年同期下降 1%。我們也對網站進行了多項使用者體驗和後端改進，並引入了多項新功能，使 Yelp 對有無障礙需求的消費者更有用。

In summary, we were pleased with the continued progress on our product roadmap in the second quarter, particularly in services, while we delivered strong profitability. Overall, we remain confident in our strategy to drive profitable growth and shareholder value over the long term.

總而言之，我們對第二季產品路線圖的持續進展感到高興，特別是在服務方面，同時我們實現了強勁的獲利能力。整體而言，我們對長期推動獲利成長和股東價值的策略充滿信心。

With that, I'll turn it over to David.

有了這個，我會把它交給大衛。

Thanks, Jeremy. In the second quarter net revenue increased by 6% to a record $357 million, $2 million above the high end of our outlook range. Driven by our disciplined approach, net income was $38 million or $0.54 per share on a diluted basis, representing an 11% margin. Adjusted EBITDA reached $91 million, representing a 26% margin, putting at $16 million above the high end of our outlook range.

謝謝，傑里米。第二季淨收入成長 6%，達到創紀錄的 3.57 億美元，比我們預期範圍的上限高出 200 萬美元。在我們嚴謹的方法的推動下，淨利潤為 3800 萬美元，攤薄後每股收益為 0.54 美元，利潤率為 11%。調整後 EBITDA 達到 9,100 萬美元，利潤率為 26%，比我們預期範圍的上限高出 1,600 萬美元。

Continued strength in services categories drove this growth. Advertising revenue in services increased by 11% year-over-year to a record $223 million. As Jeremy mentioned, restaurants and retailers remain pressured in the quarter, resulting in a 3% year-over-year decline in our R&O revenue to $118 million. A decrease in our in our locations offset growth in services locations in the second quarter. This resulted in an overall decline of 6% year-over-year in paying advertising locations to 531,000.

服務類別的持續強勢推動了這一成長。服務廣告收入年增 11%，達到創紀錄的 2.23 億美元。正如 Jeremy 所提到的，餐廳和零售商在本季仍然面臨壓力，導致我們的 R&O 收入年減 3% 至 1.18 億美元。我們的地點減少抵消了第二季度服務地點的成長。這導致付費廣告位整體年減 6%，至 531,000 個。

We remain focused on driving growth through our most efficient channels. Self-serve continued its momentum, growing approximately 20% year-over-year in the second quarter. This makes it the 15th consecutive quarter with year-over-year growth at or above this level.

我們仍然專注於透過最有效的管道推動成長。自助服務持續保持成長勢頭，第二季度年增約 20%。這使其連續第 15 個季度同比增長達到或高於這一水平。

At the same time, multi-location revenue came in approximately flat year-over-year, reflecting continued softness in our R&O. Similarly, Yelp audience has maintained its annual run rate of approximately $45 million in the second quarter. We continued to see growth opportunities for Yelp audiences and recently expanded its reach to enable advertisers to connect with our high-intent audience through audio platforms along with additional connected TV platforms.

同時，多地點收入與去年同期基本持平，反映出我們的 R&O 持續疲軟。同樣，Yelp 受眾在第二季度保持了約 4500 萬美元的年運行率。我們繼續看到 Yelp 受眾的成長機會，最近擴大了其覆蓋範圍，使廣告主能夠透過音訊平台以及其他連網電視平台與我們的高意圖受眾建立聯繫。

Turning to expenses in the second quarter. We remained disciplined in our allocation of resources while focusing on opportunities that have the potential to drive incremental returns. This resulted in our net income margin improving by 6 percentage points year- over-year, and our adjusted EBITDA margin improving by 1 percentage point year-over-year. We achieved this even as we invested $12 million in paid services project acquisition during the quarter.

轉向第二季的支出。我們在資源分配方面保持嚴格，同時專注於有潛力推動增量回報的機會。這導致我們的淨利潤率年增 6 個百分點，調整後 EBITDA 利潤率較去年同期提高 1 個百分點。儘管我們在本季投資了 1,200 萬美元用於收購付費服務項目，但我們還是實現了這一目標。

In the second quarter. We also reduced stock-based compensation expense as a percentage of revenue by 1 percentage point year-over-year and remain focused on reaching less than 8% by the end of 2025. We expect these efforts to stack over time, improving the quality of our adjusted EBITDA and benefiting GAAP profitability in the years to come.

在第二季。我們也將股票薪酬費用佔收入的比例較去年同期降低了 1 個百分點，並持續致力於在 2025 年底前達到 8% 以下。我們預計這些努力會隨著時間的推移而發揮作用，提高調整後 EBITDA 的質量，並在未來幾年有利於 GAAP 盈利能力。

Returning capital to shareholders through share repurchases continues to be a key element of our capital allocation strategy. In the second quarter, we repurchased $63 million worth of shares at an average purchase price of $37.94 per share. As of June 30, 2024, we had $456 million remaining under our existing repurchase authorization. We plan to continue repurchasing shares in the second half of 2024, subject to market and economic conditions.

透過股票回購向股東返還資本仍是我們資本配置策略的關鍵要素。第二季度，我們以每股 37.94 美元的平均購買價格回購了價值 6,300 萬美元的股票。截至 2024 年 6 月 30 日，我們現有的回購授權剩餘 4.56 億美元。我們計劃根據市場和經濟狀況，在2024年下半年繼續回購股票。

Turning to our outlook in the second quarter, services revenue maintained double-digit growth while our R&O revenue remains impacted by a challenging operating environment for businesses in those categories with additional pressure as we move through the second half of the quarter.

談到我們對第二季的展望，服務收入保持了兩位數的成長，而我們的R&O 收入仍然受到這些類別企業充滿挑戰的營運環境的影響，隨著我們進入第二季的下半年，這些業務面臨額外的壓力。

As we look to the third and fourth quarters of the year.

當我們展望今年第三季和第四季時。

We expect these trends to persist in the third quarter. We expect net revenue to be in the range of $357 million to $362 million. For the full year, we now expect net revenue will be in the range of $1.4101 billion to $1.425 billion, a decrease of $12.5 million from the midpoint of our prior range.

我們預計這些趨勢將在第三季持續存在。我們預計淨收入將在 3.57 億美元至 3.62 億美元之間。我們現在預計全年淨收入將在 14.101 億美元至 14.25 億美元之間，比我們之前的範圍中位數減少 1250 萬美元。

Turning to margin, our business continues to demonstrate its underlying profitability and we remain dedicated to disciplined expense management. In addition, as Jeremy mentioned, we are narrowing the focus of our paid project acquisition efforts and now expect to spend approximately $35 million in total for the year on paid search, having spent $19 million in the first half of the year.

談到利潤率，我們的業務繼續展示其潛在的盈利能力，並且我們仍然致力於嚴格的費用管理。此外，正如 Jeremy 所提到的，我們正在縮小付費項目收購工作的重點，目前預計今年在付費搜尋上的支出總額約為 3,500 萬美元，而上半年的支出為 1,900 萬美元。

we expect third quarter adjusted EBITDA to be in the range of $82 million to $87 million for the full year. We now expect adjusted EBITDA to be in the range of $325 million to $335 million, an increase of $10 million at the midpoint, despite continued RR&O headwinds in the second half of the year.

我們預計第三季調整後的全年 EBITDA 將在 8,200 萬美元至 8,700 萬美元之間。我們現在預計調整後的 EBITDA 將在 3.25 億美元至 3.35 億美元之間，中間增加 1000 萬美元，儘管下半年 RR&O 的阻力依然存在。

As a result of subleasing a portion of our Toronto office space in July, we expect to incur an impairment charge of approximately $4 million in the third quarter related to right-of-use assets and leasehold improvements associated with the underlying operating leases we expect third quarter net income to be reduced by the full amount of the charge, but do not expect it to impact adjusted EBITDA.

由於7 月轉租了部分多倫多辦公空間，我們預計第三季將產生約400 萬美元的減損費用，這些減損費用與使用權資產和與我們預期第三季相關營業租賃相關的租賃權改良有關。

In closing, Yelp's second quarter results reflect our ability to drive leverage in the business amid a challenging macro backdrop. We continue to believe in the significant growth opportunities ahead as we focus our investment on areas that we believe will drive business performance and shareholder value over the long term.

最後，Yelp 第二季業績反映了我們在充滿挑戰的宏觀背景下提高業務槓桿率的能力。我們仍然相信未來有重大成長機會，因為我們將投資重點放在我們認為將長期推動業務績效和股東價值的領域。

With that, operator, please open up the line for questions.

那麼，接線員，請開通提問線路。

Thank you. [Operator Instructions]

謝謝。【操作說明】

Eric Sheridan with Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks for taking the question. I know we'll talk a lot about the macro-environment tonight, but I wanted to ask maybe two bigger picture questions. First, Jeremy, you know that the AI landscape and what it might mean for search and Local services continues to evolve, and there's been a lot of announcements around data licensing in that environment as well. Wanted to get your most updated thoughts on the AI landscape and what that might mean for Yelp in the years ahead. That will be number one.

感謝您提出問題。我知道今晚我們會討論很多關於宏觀環境的問題，但我想問兩個更大的問題。首先，Jeremy，您知道人工智慧領域及其對搜尋和本地服務的影響不斷發展，而且在該環境中也有很多關於資料許可的公告。希望了解您對人工智慧領域的最新想法，以及這對 Yelp 在未來幾年可能意味著什麼。那將是第一。

And number two, obviously, there was the antitrust decision with respect to Alphabet recently, and I know we don't yet know what the remedies might be around that, but how do you think about that ruling? And again, what that means might mean over the medium or longer-term in terms of competition, the landscape of Search and Local services ? Thanks

第二，顯然，最近有關於 Alphabet 的反壟斷裁決，我知道我們還不知道對此可能有哪些補救措施，但您如何看待該裁決？再說一遍，這可能意味著中長期的競爭、搜尋和本地服務的格局？謝謝

Sure. Happy to take those. Eric, thanks for the questions. AI landscape, I would say very exciting. Obviously, we've already taken steps to leverage LLMs and find early wins. Obviously, within search, there's improvements that we've made summarizing business reviews, we've rolled that out.

當然。很高興接受這些。艾瑞克，謝謝你的提問。人工智慧的前景，我想說非常令人興奮。顯然，我們已經採取措施利用法學碩士並找到早期勝利。顯然，在搜尋中，我們在總結業務評論方面做出了改進，我們已經將其推出。

We've incorporated LLMs into our ad tech as well as leverage neural nets on. So within the business itself, there's so much that we're able to take advantage of Yelp Assistant comes to mind, obviously, a recent launch, and that helps walk people through make submitting a project, and that's really showing some promise. So very exciting from an on Yelp product standpoint.

我們已將法學碩士納入我們的廣告技術中，並利用神經網路。因此，在業務本身中，我們能夠利用 Yelp Assistant 的優勢有很多，顯然是最近推出的，它可以幫助人們完成提交項目的過程，這確實顯示出了一些希望。從 Yelp 產品的角度來看，這非常令人興奮。

And then when you look out at the wider landscape, I think really exciting opportunities for Yelp. One early search engine out there is Perplexity. When they were looking at where to get their local data and how to service their users with trusted local information, they turned to Yelp. And so that's a really good sign, obviously, the one of many companies that are working on this, we would hope to see many more of these flourish. And that, of course, ties into your antitrust question, which I could take it a second.

然後，當你放眼更廣闊的前景時，我認為 Yelp 擁有真正令人興奮的機會。Perplexity 是一種早期的搜尋引擎。當他們考慮從哪裡獲取本地數據以及如何使用可信任的本地資訊為用戶提供服務時，他們轉向了 Yelp。顯然，這是一個非常好的跡象，作為眾多致力於此的公司之一，我們希望看到更多這樣的公司蓬勃發展。當然，這與你的反壟斷問題有關，我可以先考慮一下。

On the data licensing side, we do have a significant data licensing business. There's lots of conversations going on in that area and we'll keep you posted. We do see a lot of opportunity there, both to grow our existing business as well as signed additional revenue streams through folks that are looking to leverage AI And of course, we also have AI API that we've put out there that was showing some early signs of promise.

在資料授權方面，我們確實擁有重要的資料授權業務。該領域正在進行許多對話，我們會及時通知您。我們確實在那裡看到了很多機會，既可以發展我們現有的業務，也可以透過那些希望利用人工智慧的人簽署額外的收入流。 ，展示了一些承諾的早期跡象。

And also when I think about the Yelp Assistant and the way that that product works, that lends itself quite well to a potential yet Yelp API application as well. And so you think about some of these next-generation search services when a user is asking something that has local intent, that's about a home services project that can be then hitting our API and matching that user with relevant businesses that has monetization built in. So I think that's a really exciting new area for us to pursue. Obviously, we haven't even built the thing, but just something on my mind. There is a clear vision and opportunity that we have there.

而且當我想到 Yelp Assistant 以及該產品的工作方式時，它也非常適合潛在的 Yelp API 應用程式。因此，當用戶詢問具有本地意圖的內容時，您會想到一些下一代搜尋服務，即有關家庭服務項目的內容，該項目可以訪問我們的 API 並將該用戶與內建貨幣化的相關業務相匹配。所以我認為這對我們來說是一個非常令人興奮的新領域。顯然，我們甚至還沒有建造出這個東西，而只是我腦海中的一些東西。我們在那裡擁有清晰的願景和機會。

On the antitrust decision side, DOJ versus Google, obviously, that's a huge our watershed moment, I would say for the anti-trust. And certainly we're very excited about it. This is something that we've been calling for scrutiny of Google regulation and anti intra antitrust enforcement. So, you know, we're very excited. Obviously, the wheels of justice turn slowly, I testified in front of the Senate in 2011, so it's been a long time that we've been advocating for scrutiny of Google and its illegal monopolistic practices. And so it's great that we've reached this moment.

在反壟斷決策方面，司法部與Google的對決，顯然，我想說，對於反壟斷而言，這是我們的一個巨大的分水嶺時刻。當然，我們對此感到非常興奮。這是我們一直呼籲對谷歌監管和反內部反壟斷執法進行審查的事情。所以，你知道，我們非常興奮。顯然，正義的車輪轉得很慢，我在 2011 年在參議院作證時說，所以很長一段時間以來，我們一直在倡導對谷歌及其非法壟斷行為進行審查。所以很高興我們能走到這一刻。

I do think it is going to breathe a lot of oxygen into the search space. It's going to create opportunities for startups. It's going to create opportunities for innovation for smaller companies like Yelp and others. So it's very exciting and there's a lot of factors at play here. It's hard to predict exactly what might the remedies be, how will it play out? Obviously, Google will do its best to delay things as well as likely appeal, et cetera, et cetera. So it's going to take some time to fully play out. But I think a very positive development for Yelp.

我確實認為它會給搜索空間帶來大量氧氣。這將為新創企業創造機會。它將為 Yelp 等小型公司創造創新機會。所以這非常令人興奮，並且有很多因素在起作用。很難準確預測補救措施是什麼，效果會如何？顯然，谷歌將盡最大努力推遲事情以及可能的上訴，等等。因此，還需要一些時間才能完全發揮作用。但我認為 Yelp 的發展非常正面。

Thank you.

謝謝。

Jason Kreyer with Craig-Hallum Capital Group.

賈森·克雷爾 (Jason Kreyer) 與克雷格·哈勒姆資本集團 (Craig-Hallum Capital Group)。

This is Cal on for Jason. So first question on, can you just kind of walk us through what you're seeing in paid search? It looks like you might be pulling back on budget a little bit this year. But just curious the thoughts on your confidence in that opportunity and whether you're seeing any early signs of users returning to the platform after you've acquired them through paid search and more engagement. I'm just kind of curious your thoughts there.

這是卡爾為傑森代言的。那麼第一個問題，您能否向我們介紹一下您在付費搜尋中看到的內容？看來今年您可能會稍微縮減預算。但只是好奇你對這個機會的信心，以及在你透過付費搜尋和更多參與度獲得用戶後，你是否看到用戶返回該平台的任何早期跡象。我只是有點好奇你的想法。

Yes Cal, I can take that question. So to set the stage a little, we're talking about Yelp driving up projects through paid search as this project shop is Request-A-Quote. And if you look at the top of funnel metrics, Request-A-Quote projects up 35%, you can see that impact there. So we're really excited about what we've learned. I sure enough there is a large pool of untapped leads that we can bring into the Yelp ecosystem and what we think are pretty reasonable prices. So that's a really exciting first step.

是的，卡爾，我可以回答這個問題。因此，為了做好準備，我們討論的是 Yelp 透過付費搜尋來推動項目，因為這個項目商店是 Request-A-Quote。如果您查看漏斗指標的頂部，請求報價項目增加了 35%，您可以看到那裡的影響。所以我們對所學到的東西感到非常興奮。我確信我們可以將大量未開發的潛在客戶帶入 Yelp 生態系統，並且我們認為價格相當合理。所以這是非常令人興奮的第一步。

As we saw those projects flowing through our system where we saw the most opportunity was in the businesses that seem to be reacting to those additional leads. The fastest seem to be businesses with fewer reviews. So no reviews or just a few reviews facing. Do you really picking up on the additional value. And so as a result, as we go into the back half year, we're going to be focusing on that lead distribution, trying to drive those leads to the businesses that are most likely to change their behavior, whether it's upping their budget retaining for a longer period, et cetera.

當我們看到這些項目流經我們的系統時，我們發現最大的機會出現在似乎對這些額外線索做出反應的企業中。最快的似乎是評論較少的企業。所以沒有評論或只有一些評論。您真的意識到了附加價值嗎？因此，當我們進入下半年時，我們將專注於潛在客戶的分配，試圖將這些潛在客戶推向最有可能改變其行為的企業，無論是增加他們的預算保留更長時間等等。

So I think, yes, it's still a very exciting area for us. We've learned a lot. And so we're honing in on where the ROI is. And obviously, we want to be thoughtful with our shareholders' money and drive a healthy ROI over the long term.

所以我認為，是的，這對我們來說仍然是一個非常令人興奮的領域。我們學到了很多。因此，我們正在研究投資報酬率。顯然，我們希望充分考慮股東的資金，並在長期內實現健康的投資報酬率。

Perfect. Makes sense. And then secondly, can you just kind of give any additional color on the progression of some of these are now proof of pressures throughout Q2 and how that's kind of progressed into Q3?

完美的。有道理。其次，您能否就其中一些現在已經證明整個第二季度壓力的進展以及如何進展到第三季度提供任何額外的信息？

Sure Cal.This is Jed. I can I can take that. Yes,Certainly, as we move to the back half of the second quarter, we saw some additional pressure on the restaurant, retail, and Other category. And that was a continuation as well from what we saw kind of in the first quarter, really our large restaurant retail and other customers have felt the impact of declining transactions and not really being able to really take price like they're able to do over the last couple of years. And that's reflective in some of the current marketing budgets.

當然，卡爾。我可以我可以接受。是的，當然，隨著我們進入第二季後半段，我們看到餐廳、零售和其他類別面臨一些額外的壓力。這也是我們在第一季看到的情況的延續，我們的大型餐廳零售和其他客戶確實感受到了交易量下降的影響，並且無法像他們能夠做到的那樣真正接受價格過去幾年。這反映在當前的一些行銷預算中。

We do believe that we are in a cyclical moment for now. And while the timeframe for recovery is unknown, we expect consumer spending to return and are well positioned to participate in that recovery when that happens. In the meantime, we are laser focused on some of the services opportunity within multi-location.

我們確實相信我們目前正處於一個週期性時刻。儘管復甦的時間表尚不清楚，但我們預計消費者支出將會回歸，並且在這種情況發生時我們有能力參與復甦。同時，我們專注於多地點的一些服務機會。

Right now, service only 20% of services revenue is multi-location. And we recently was launched a bunch of improvements to the business on our platform that allow for streamlined handling of leads on the Yelp platform as well as releasing a leads API that gives enterprise customers the ability to ingest Yelp leads into their own CRM and work within their own internal processes.

目前，只有 20% 的服務收入來自多地點服務。我們最近在我們的平台上推出了一系列業務改進，可以簡化 Yelp 平台上潛在客戶的處理，並發布潛在客戶 API，使企業客戶能夠將 Yelp 潛在客戶引入他們自己的 CRM 並在其中工作他們自己的內部流程。

We've also created a playbook for multi-location customers. You utilize the Request-A-Quote system for the first time. And although we are running full speed ahead on that opportunity, while we wait for a full recovery. I will say we are keeping up relationship and certainly on the restaurant, retail and other side and feel that those are very strong and we'll be well-positioned.

我們也為多地點客戶創建了一本手冊。您是第一次使用請求報價系統。儘管我們正在全速前進，等待這個機會，但我們仍在等待全面復甦。我想說的是，我們正在保持關係，當然在餐廳、零售和其他方面，我覺得這些都非常強大，我們將處於有利地位。

Great. Thank you.

偉大的。謝謝。

Colin Sebastian with Baird.

科林·塞巴斯蒂安與貝爾德。

Thanks. Good afternoon, everybody. Nice quarter, guys. Maybe just to follow up a bit on the outlook revision for the second half and the decision to pare back on the paid project acquisition. Was there more of a general decision to favor profitability over growth given macro are there considerations? Or is it really just a reallocation of priorities? And I think related to that, I guess if you're pleased with the levels of retention, do you have confidence that other ways of engaging consumers and service providers will kind of give you that same level of, I guess, lifetime value? Thank you.

謝謝。大家下午好。夥計們，這個季度不錯。也許只是為了跟進下半年的前景修正以及削減付費項目收購的決定。考慮到宏觀因素，是否有更多的普遍決定傾向於獲利而非成長？或者這真的只是優先順序的重新分配？我認為與此相關的是，我想如果您對保留水平感到滿意，您是否有信心吸引消費者和服務提供者的其他方式會給您帶來相同水平的終身價值？謝謝。

Hi Colin, it's David. I'll answer the first part of that on the outlook, the decision around paid search was very much independent of the overall profitability that we saw in the second quarter and the outlook for the year, and the impact of what's happened in the RR&O on revenue. So there they're actually very separate. I want to underscore that we think that we can use to become even more efficient and so we are driving that underlying profitability. And that's what put us in a position to to raise the guide for the full year.

嗨科林，我是大衛。我將回答關於前景的第一部分，圍繞付費搜尋的決定在很大程度上獨立於我們在第二季度看到的整體盈利能力和今年的前景，以及 RR&O 發生的事情對收入。所以他們其實是非常分開的。我想強調的是，我們認為我們可以提高效率，因此我們正在推動潛在的獲利能力。這就是我們能夠提高全年指南的原因。

And then, you know, when we think about the LTV of these, the opportunity with advertisers. we as Jeremy said, we are really looking for the folks who are going to be most responsive. And there's work to do in order to ensure that we're actually funneling those leads directly to the advertisers that are most responsive.

然後，你知道，當我們考慮這些的生命週期價值時，也就是廣告商的機會。正如傑里米所說，我們確實在尋找反應最快的人。為了確保我們真正將這些潛在客戶直接輸送給反應最快的廣告商，我們還有很多工作要做。

And what we did see was that folks who are on reviewed only have a few reviews. They do respond when they come when they get those leads. So we're directing it there, but there's more work to do. We're going to keep you posted and we'll come back obviously on the Q3 call to provide the next update in on, we're going to continue to refine.

我們確實看到，接受評論的人只有很少的評論。當他們得到這些線索時，他們確實會做出回應。所以我們正在將其引導到那裡，但還有更多的工作要做。我們將隨時向您通報情況，顯然我們會在第三季度的電話會議上回來提供下一次更新，我們將繼續完善。

Okay. Thanks, David.

好的。謝謝，大衛。

Sergio Segura with KeyBanc.

Sergio Segura 與 KeyBanc。

Great. Thank you for taking the questions. I wanted to return back to the RR&O weakness you guys saw in the quarter. So the shareholder letter mentions competition from food delivery as a secondary reason for the weakness in that category. I guess, given the solid results those food delivery platforms reported this quarter, just what gives you the confidence that competition is any more significant factor than the challenge -- for the challenges that you're seeing within that category?

偉大的。感謝您提出問題。我想回到你們在本季看到的 RR&O 弱點。因此，股東信中提到，食品配送的競爭是該類別疲軟的第二個原因。我想，考慮到這些食品配送平臺本季報告的可靠結果，是什麼讓您相信競爭是比挑戰更重要的因素——對於您在該類別中看到的挑戰？

Thanks, Sergio. I can take that. This is Jed. Certainly at the margins there are some pressures from the delivery ad platforms. But our belief is it is largely macro. And in talking to customers, their posture in light of what's happening to the consumer these days and spending habits, and what is a volatile outlook for the second half of the year, then it largely falls in the camp of macro. That's not to say there's not a marginal competitive dynamic coming in from these delivery ad platforms. A lot of that had been baked in kind of from prior years as consumer behavior changed.

謝謝，塞爾吉奧。我可以接受。這是傑德。當然，在邊緣，投放廣告平台也存在一些壓力。但我們相信這很大程度上是宏觀的。在與客戶交談時，他們根據消費者目前的情況和消費習慣以及下半年不穩定的前景所採取的態度，很大程度上屬於宏觀方面。這並不是說這些投放廣告平台不存在邊際競爭動力。隨著消費者行為的變化，其中許多都是從前幾年開始的。

Understood. And then maybe a second one. I was hoping if you could just talk about the EBITDA outperformance for the quarter, that came in nicely above the outlook you gave. So just wondering what was the primary driver behind that or what was different versus your initial outlook? Was it more finding efficiencies in the business or just a shift in investment spend to the second half? Just any color behind the EBITDA outperformance for the quarter would be helpful. Thanks..

明白了。然後也許還有第二個。我希望您能談談本季 EBITDA 的優異表現，該業績遠高於您給出的預期。所以只是想知道背後的主要驅動因素是什麼，或者與您最初的展望有何不同？是更多地尋找業務效率還是只是將投資支出轉移到下半年？本季 EBITDA 優異表現背後的任何顏色都會有所幫助。謝謝..

Sure. Thanks for the question. So in terms of the second quarter, we did see increased efficiency in our marketing spend. So, while we spent $12 million on paid search across our other marketing spend, we've been able to actually improve the results that we're seeing. And so we got leverage there that was a significant factor. Another, probably on the more technical side, relates to capitalized software CapDev. We had more projects that we were able to capitalize, so that contributed.

當然。謝謝你的提問。因此，就第二季而言，我們確實看到行銷支出的效率有所提高。因此，雖然我們在其他行銷支出中花費了 1200 萬美元用於付費搜索，但我們實際上已經能夠改善我們所看到的結果。所以我們在那裡獲得了影響力，這是一個重要因素。另一個可能是技術性較強的方面，與資本化軟體 CapDev 相關。我們有更多能夠利用的項目，因此做出了貢獻。

There are, third, just the normal puts and takes from a forecasting perspective around things like healthcare that have some variance to them that ended up being positive. So when you combine those things -- and again, just to underscore what I was saying to Colin, we do think that we are continuing to be even more efficient as a business.

第三，從預測的角度來看，圍繞醫療保健等問題的正常看跌期權和拿走期權有一些差異，但最終結果是積極的。因此，當你將這些事情結合起來時——再次強調我對科林所說的話，我們確實認為我們作為一個企業將繼續提高效率。

So we took those, and maybe just to clarify what I said in response to Colin's question, certainly the reduction of $5 million from the prior expectation of $40 million of spend in 2024 to $35 million contributes to the higher EBITDA, even though those decisions, again, are quite independent. So, that is a contributor. But fundamentally, we just see ourselves continuing to get better and better at delivering against our roadmap and against our marketing targets.

因此，我們採取了這些措施，也許只是為了澄清我在回答Colin 問題時所說的話，當然，將2024 年支出預期從4000 萬美元減少到3500 萬美元，減少500 萬美元有助於提高EBITDA，儘管這些決定，再次，非常獨立。所以，這是一個貢獻者。但從根本上說，我們只是看到自己在實現路線圖和行銷目標方面不斷變得越來越好。

When you take those things together, I think the 26% adjusted EBITDA in the second quarter, again, it is yet another proof point of the continued leverage that we think we're putting in the business.

當你把這些因素放在一起時，我認為第二季調整後的 EBITDA 為 26%，這再次證明我們認為我們正在為業務投入持續的槓桿作用。

Understood. Thank you.

明白了。謝謝。

Josh Beck with Raymond James.

喬許·貝克和雷蒙德·詹姆斯。

Thanks for taking the question. Maybe to go back to Eric's earlier question about generative AI, I'm kind of curious on how you maybe disect the data licensing benefit from just potential traffic. It certainly seems like, just with Perplexity, that you're featured quite heavily when it's local or review-oriented query. And I'm just wondering, which one of those two dimensions do you see as the most important? And a little bit related, we've got a pretty good idea of what the Apple intelligence system will look like with iPhone 16 and beyond. Does that kind of create any opportunity for you within the Apple ecosystem?

感謝您提出問題。也許回到埃里克之前關於生成人工智慧的問題，我很好奇你如何從潛在流量中剖析數據許可的好處。就 Perplexity 而言，當它是本地或面向評論的查詢時，您的功能確實非常突出。我只是想知道，您認為這兩個維度中哪一個最重要？與此相關的是，我們已經非常了解 iPhone 16 及更高版本的蘋果智慧系統將會是什麼樣子。這會給你在蘋果生態系統中創造任何機會嗎？

Hi, Josh, happy to answer those questions. On how do we think about data licensing versus traffic, I mean, this is the age old question for Yelp. We've had lots of these structures in the past. And I think the fact of the matter is, we have very unique data. We have very accurate information on local businesses. We have sort of attributes about them. We have hours, things like that. And then we have all the subjective information around ratings and reviews with incredible depth.

你好，喬什，很高興回答這些問題。我的意思是，關於我們如何考慮資料許可與流量，這是 Yelp 的老問題了。我們過去有很多這樣的結構。我認為事實是，我們擁有非常獨特的數據。我們擁有有關當地企業的非常準確的資訊。我們對它們有一些屬性。我們有時間，諸如此類的事情。然後我們就擁有了有關評級和評論的所有主觀信息，具有令人難以置信的深度。

And so, if you are an AI player looking to do a search experience in local, we are a natural partner to turn to. And of course there's Google out there, but they're competing with everyone else. And so I think that plays into our positioning as a go-to source of information in the coming years. So I think it's an exciting opportunity for us.

因此，如果您是人工智慧玩家，並希望在本地提供搜尋體驗，那麼我們就是您自然而然的合作夥伴。當然還有谷歌，但他們正在與其他人競爭。因此，我認為這將影響我們作為未來幾年首選資訊來源的定位。所以我認為這對我們來說是一個令人興奮的機會。

There's different ways that we can work with some of these potential partners, we can provide APIs, we're happy to do that. We have some APIs out there, we're going to continue building that out. For certain experiences, it may make more sense to license data. We certainly do that already in a variety of non-AI applications. So that's a possibility as well. So, it's a target-rich environment. It's rapidly developing. It's hard to say how big it will be and what it means.

我們可以透過不同的方式與其中一些潛在合作夥伴合作，我們可以提供 API，我們很樂意這樣做。我們已經有了一些 API，我們將繼續對其進行建置。對於某些體驗，許可資料可能更有意義。當然，我們已經在各種非人工智慧應用中做到了這一點。所以這也是一種可能性。因此，這是一個目標豐富的環境。它正在迅速發展。很難說它有多大以及意味著什麼。

But I think the thing that we can all come back to is, Yelp is an incredible resource for local information, for helping people to connect with businesses. And so, to the extent that we are the best channel for that kind of information, the best place to go, I think that will position us well for whatever develops in the AI space.

但我認為我們大家都可以回顧一下，Yelp 是一個令人難以置信的在地資訊資源，可以幫助人們與企業建立聯繫。因此，就我們是此類資訊的最佳管道、最佳去處而言，我認為這將使我們在人工智慧領域的任何發展中處於有利地位。

And then for pivoting to the Apple question. We have a great relationship with Apple. Our data is incorporated throughout their Maps application. You may have noticed, Request-a-Quote has been added recently to Apple Maps. And so that's great. As far as what their plans are in the future, I have no idea. Obviously, we're a resource to them. So to the extent there's opportunities we're always -- the doors are open for that. But really can't comment on the direction that Apple's going to take things in from an AI perspective.

然後轉向蘋果問題。我們與蘋果公司有著良好的關係。我們的數據已納入他們的整個地圖應用程式中。您可能已經注意到，請求報價最近已添加到 Apple 地圖中。這太好了。至於他們未來的計劃是什麼，我不知道。顯然，我們是他們的資源。因此，就我們一直存在的機會而言，大門是敞開的。但真的無法評論蘋果從人工智慧角度考慮的方向。

Okay. Yeah, I think we all await anxiously. And maybe more of a just financial framework question. EBITDA margins have kind of roughly been low to mid-20s for the last three to four years. Is that somewhat of a line that you would look to hold depending on various macro scenarios as we think about '25? And then just anything else that we need to be mindful of in terms of trends as we're thinking about key factors for growth next year?

好的。是的，我想我們都在焦急地等待。也許更多的是一個公正的財務框架問題。過去三、四年來，EBITDA 利潤率大致低至 20 多歲。當我們考慮 25 年時，您是否會根據各種宏觀情景來持有這條線？那麼，當我們考慮明年成長的關鍵因素時，我們還需要注意哪些趨勢？

Josh, thanks for the question. And obviously we'll have a lot more to share when we get to the Q4 call next year. But fundamentally, I just want to underscore again, we think that a product-led strategy will enable us to deliver margin leverage over time. And I'd say over the past several years, margins actually have increased. And then, what we have done is taken the opportunity, as we were doing with paid search, to invest in the business. So, we're always looking at ways to drive top line performance.

喬什，謝謝你的提問。顯然，當我們明年召開第四季電話會議時，我們將有更多內容要分享。但從根本上講，我想再次強調，我們認為以產品為主導的策略將使我們能夠隨著時間的推移提供保證金槓桿。我想說的是，在過去的幾年裡，利潤率實際上有所增加。然後，我們所做的就是抓住這個機會，就像我們在付費搜尋方面所做的那樣，投資這項業務。因此，我們一直在尋找提高營收績效的方法。

And a theme for us most definitely has been tapping into all of this off-Yelp traffic, whether it's through paid search, whether it's through syndication on sites like Facebook, and whether it's monetizing our own audience of off-Yelp through something like Yelp Audiences.

對我們來說，一個主題無疑是利用所有Yelp 之外的流量，無論是透過付費搜索，還是透過Facebook 等網站上的聯合組織，以及是否透過Yelp Audiences 等方式將我們自己的Yelp 之外的受眾貨幣化。

So we're going to continue to look for those opportunities and we're very disciplined. If we think there's an ROI to be had, then we're going to make that incremental investment. But again, what we have been able to do over the past number of years is to continue to drive margins up and take time along the way to continue to invest in the business.

因此，我們將繼續尋找這些機會，而且我們非常自律。如果我們認為可以獲得投資回報，那麼我們就會進行增量投資。但同樣，過去幾年我們能夠做的是繼續提高利潤率，並花時間繼續投資業務。

So, the whole time we've been talking about profitable growth, our commitment is to deliver long term profitable growth. And we're always evaluating the best way to run the business that takes into account the trade-offs between top line growth and delivering EBITDA. That's something that we'll continue to do and we'll look forward to sharing more about '24 when we get there, I mean, excuse me, for '25 when we get there.

因此，我們一直在談論獲利成長，我們的承諾是實現長期獲利成長。我們始終在評估經營業務的最佳方式，同時考慮到營收成長和 EBITDA 之間的權衡。這是我們將繼續做的事情，我們將期待在我們到達那裡時分享更多關於 24 年的信息，我的意思是，對不起，當我們到達那裡時，分享更多關於 25 年的信息。

That's super helpful color.

這是超級有用的顏色。

Dion Lee with Evercore.

迪翁李與 Evercore。

Great. Thanks for taking the question. First, I have a just to follow-up on the AI search again for the, you mentioned Perplexity. But maybe at a high level, do you have a sense of whether the traffic through these AI search engines have better conversion or higher intent? If you can just kind of share any color around what you've seen in user behavior around Yelp content and then AI search context?

偉大的。感謝您提出問題。首先，我剛剛再次跟進人工智能搜索，你提到了困惑。但也許在較高的層面上，您是否知道透過這些人工智慧搜尋引擎的流量是否具有更好的轉換或更高的意圖？您是否可以分享您在 Yelp 內容和人工智慧搜尋上下文中的使用者行為中看到的任何顏色？

This is Jeremy, I can take that one. Again, I think AI search represents an exciting opportunity for Yelp as a partner to the ecosystem that develops here. I think it's really too early to sort of describe the characteristics or know what it means. The players that are out there, Perplexity or otherwise, are all pretty small still. And if you step back and look at the overall search industry, it's still very much structured the same way it always has been, which is Google is completely dominant and an abusive monopoly as the court recently ruled.

這是傑里米，我可以接受那個。我再次認為，人工智慧搜尋對於 Yelp 作為這裡發展的生態系統的合作夥伴來說是一個令人興奮的機會。我認為現在描述這些特徵或了解其含義還為時過早。那裡的玩家，無論是困惑還是其他，都還很小。如果你退後一步，看看整個搜尋行業，它的結構仍然與以往一樣，即谷歌完全佔據主導地位，並且正如法院最近裁定的那樣，是一種濫用壟斷。

So unfortunately, that structure remains. How AI search develops and infuses competition is an interesting possibility. And I think antitrust could also play into that. So depending on how that all plays out, that could breathe oxygen into the environment and create a lot of new and interesting competitors for Google.

不幸的是，這種結構仍然存在。人工智慧搜尋如何發展並注入競爭是一個有趣的可能性。我認為反壟斷也可以發揮作用。因此，根據這一切的進展情況，這可能會向環境中註入氧氣，並為Google創造許多新的、有趣的競爭對手。

Got it. And second question, just on ad pricing. If you can parse out the CPC trends for services and RR&O separately, I'm assuming that you're seeing more pricing pressure on RR&O side, if you can double click on that. And also, just given the improvement you've made in the ad tech stack, should we expect this to be reflected in ad pricing improvement maybe to counter or to offset some of the macro pressure as you're able to drive greater ROAs from the ad stack improvement? Thank you.

知道了。第二個問題，關於廣告定價。如果您可以分別解析服務和 RR&O 的 CPC 趨勢，我假設您會看到 RR&O 方面的定價壓力更大（如果您可以雙擊該趨勢）。而且，鑑於您在廣告技術堆疊中取得的改進，我們是否應該期望這會反映在廣告定價的改進中，也許可以抵消或抵消一些宏觀壓力，因為您能夠從廣告堆疊中改進？謝謝。

Thanks for the question. Just zooming out for one second if I can. We have built an auction system for matching consumers with advertisers. That auction system takes into account a very large number of parameters. And what we're really doing is finding the market clearing price at a moment in time for that visitor in the category they're searching for, in the geography at that time of the year.

謝謝你的提問。如果可以的話，就縮小一秒鐘。我們建立了一個拍賣系統來配合消費者和廣告商。此拍賣系統考慮了大量的參數。我們真正要做的是在一年中的那個時間的地理區域中及時找到該訪客在他們正在搜尋的類別中的市場出清價格。

And what we're always striving to do is to get better and better at doing that matching. And fundamentally what we believe is that when we do that well, we drive incremental value to the advertisers in terms of cost per lead, and we drive incremental value to the consumer in the form of relevance.

我們一直在努力做的就是在配對方面做得越來越好。從根本上說，我們相信，當我們做得好時，我們會以每個線索的成本為廣告商帶來增量價值，並以相關性的形式為消費者帶來增量價值。

So, the trends over the past several quarters has been around the same level of growth, which is 9% click growth with about flat CPC growth. Now, I just want to underscore, we did see real strength in growth in clicks in the second half of next year. So, over the coming two quarters, we do expect that CPCs will moderate and that is to go up a few percentage points. Click growth will come down a few percentage points. But obviously, it's clicks time CPC, and that's what supports the guide that we've given you.

因此，過去幾季的趨勢一直處於相同的成長水平，即點擊量成長 9%，每次點擊費用成長基本上持平。現在，我只想強調，我們確實看到明年下半年點擊量成長的真正強勁勢頭。因此，在未來兩個季度，我們確實預期每次點擊費用將會放緩，即上升幾個百分點。點擊成長將下降幾個百分點。但顯然，這是點擊次數每次點擊費用，這就是支持我們為您提供的指南的依據。

Now, what are the things that we're concerned with in terms of being able to continue to deliver value with continuing to also deliver on the revenue targets? That is where we're always trying to drive, and again I just want to underscore, cost per lead. If we have a more relevant lead, then we do believe that advertisers would be willing to pay more on a cost-per-click basis. So, that's something that we track very closely. It's something that we've been able to do in the past. And we do have quite a robust roadmap to continue to drive improvements in the ad tech stack.

現在，在能夠繼續創造價值並繼續實現收入目標方面，我們關心的是哪些事情？這就是我們一直努力推動的方向，我只想再次強調，每個線索的成本。如果我們有更相關的線索，那麼我們確實相信廣告商願意在每次點擊費用的基礎上支付更多費用。所以，這是我們非常密切跟踪的事情。這是我們過去能夠做到的事。我們確實有一個相當強大的路線圖來繼續推動廣告技術堆疊的改進。

Thank you.

謝謝。

[Operator Instructions]

【操作說明】

George Anderson with Wolfe Research.

沃爾夫研究中心的喬治·安德森。

Hi, I'm on for Shweta Khajuria, and I just had a question in relation to your guidance for the full year. What kind of -- what's giving you confidence that you can raise EBITDA by $10 million? And how do you really plan to offset this weakness in RR&O that we've talked about so far?

大家好，我是 Shweta Khajuria，我剛剛有一個關於您全年指導的問題。是什麼讓您有信心將 EBITDA 提高 1000 萬美元？您究竟打算如何彌補我們迄今為止討論過的 RR&O 的這一弱點？

Thanks for the question, Georgia. Fundamentally, there are a couple of things that are happening simultaneously that do give us the confidence to be able to raise the EBITDA guide. The first is, again, notwithstanding the fact that we have spent $12 million on paid search in the second quarter and still have, so that's $90 million in the first half, we've revised our estimate to $35 million. So even as we spend $60 million in the second half, we believe that the improvements that we've been able to make to the way that we build our advertising programs, that those will persist.

謝謝你的提問，喬治亞。從根本上說，有幾件事同時發生，確實讓我們有信心提高 EBITDA 指南。首先，儘管我們在第二季度在付費搜尋上花費了 1,200 萬美元，而且上半年仍然花費了 9,000 萬美元，但我們已將預估修正為 3,500 萬美元。因此，即使我們在下半年花費了 6000 萬美元，我們也相信我們在建立廣告計劃的方式上所做的改進將會持續下去。

And there's something I did want to underscore that's very important about our broad effort around paid search, something that we've said in the past which is, as we have built out our capability to purchase leads at scale, and as we've worked to do that efficiently and generate a ROAs, we've made numerous improvements to the site from the experience, whether it's new account creation, magic links for login, the way that we buy those ads, the landing pages that we land folks to, we're now embarked on improving the way that we direct those leads. That has benefit not just for paid search around consumer acquisition, but more broadly, all of the marketing that we're doing in paid search, for instance, around business acquisition. And then broadly enabling consumers to use Yelp in a more seamless way.

我確實想強調一點，這對於我們在付費搜尋方面的廣泛努力非常重要，我們過去曾說過，因為我們已經建立了大規模購買潛在客戶的能力，並且我們一直在努力為了有效地做到這一點並產生ROA，我們根據體驗對網站進行了許多改進，無論是新帳戶創建、登入的神奇連結、我們購買這些廣告的方式、我們將人們帶到的登陸頁面，我們現在開始改進引導這些線索的方式。這不僅有利於圍繞消費者獲取的付費搜索，更廣泛地說，也有利於我們在付費搜尋中所做的所有行銷，例如圍繞業務獲取的行銷。然後廣泛地讓消費者能夠以更無縫的方式使用 Yelp。

It also rolls over to the Request-a-Quote side where we've continued to make improvements. So, you take this focus on continuous improvement, you combine it with very, very strong discipline around incremental spend, and we feel that that supports, obviously, the guide that we've provided for the second half of the year.

它還會轉移到“請求報價”方面，我們在那裡繼續進行改進。因此，您將重點放在持續改進上，並將其與圍繞增量支出的非常非常嚴格的紀律相結合，我們認為這顯然支持我們為今年下半年提供的指南。

That's helpful. Thank you.

這很有幫助。謝謝。

This concludes the question and answer session. That concludes today's conference call. Thank you for joining, and you may now disconnect your lines.

問答環節到此結束。今天的電話會議到此結束。感謝您的加入，您現在可以斷開線路了。